In detail / 02 · RESEARCH
One question, taken to the evidence.
Ask with material and context: read the filing, pull the multi-year data, check the original announcement — and write conclusions with their basis and verification stated. Verified, inferred and doubtful claims stay separate; guesses never pose as facts.
- Analyze filingsStart from one quarter's numbers: what is operating improvement, what is one-off, and what a single quarter cannot answer.
- Pull dataRevenue, margins, capex and more, listed year by year — with differing calculation bases reconciled and the gaps explained.
- Track holdingsAgainst the original SEC 13F filings: adds and trims are judged on share counts, and value moving the other way is flagged as price.
- Check the original filingAnnouncements and prospectuses verified against the original document, with links so you can recompute yourself.
- Sessions that persistMaterial and dialogue stay in place; the next research session continues where the last one ended, with its basis one look away.
Scene 01 / Analyze filings
“How did Apple do on revenue and profit last quarter — and what can one quarter not answer?”
Facts pulled from the filing
Apple FY2026 Q3 (ended 2026-06-27): revenue $109.417B, net income $29.789B. Next come segment breakdown, cash flow and the year-ago quarter — two numbers alone cannot price a business.
FMP · AAPL income-statement · USD, quarterly; filed 2026-07-31
The structure of a real answer
Take “Research Unitree Robotics with a value-investing lens”: the answer verifies the facts first, then sets price against business, then lists the counterevidence — every part with its source and basis.
- Verified factsRevenue 2023–2025: ¥159M → ¥393M → ¥1.70B; gross margin 44.2% → 60.1% (from the prospectus, read in full)
- Price vs businessMarket cap ≈ ¥208.3B, PS(2025)≈123x — the price bets on an 'embodied-AI platform', not current earnings
- Margin of safetyQ1 2026 adjusted profit −52.6% YoY; buying here means believing revenue grows an order of magnitude — otherwise the margin is thin
- CounterevidenceDecelerating growth and falling profit coincide; more large share-based payment charges are still being recognized (per the prospectus)
Excerpted from a real research answer (Unitree Robotics).
What research does not do
- No buy/sell signals and no promised returns — research supports your judgment, it does not replace it.
- Evidence carries its grade: verified, inferred and doubtful stay separate; guesses never pose as facts.
- Technical progress alone is not an investment opportunity — price, uncertainty and the business still require investigation.