What the Grade Is 评级是什么
The Aurelian Grade is a letter and a score from 0 to 100. A listed company is graded when it can be ranked against its industry peers and clears the size floor. Each financial ratio comes from the company's latest report and is ranked as a percentile among its industry peers. Brokers' forecast revisions for the company are ranked against the whole market. A factor's score is the average of its percentiles. The grade is the weighted average of the factors that could be scored, and a factor that could not be scored is left out.
金源评级由字母和 0 到 100 的分数组成。上市公司可与同业排名且达到规模门槛时才评级。每项财务比率取自公司最新报告，在同业中按百分位排名；券商对该公司的预测调整则在全市场排名。因子得分为其各项百分位的平均值；评级为可评分因子的加权平均，无法评分的因子不计入。
On File 当前数据 7,514 companies are graded and 812 are withheld, out of 8,438 live listings. The other 112 have no record. The graded companies are ranked in 152 peer groups by industry. The last run was 24 Sep 2026 21:00.
The Factors 评级因子
Of the 6 factors, 5 are ranked within the company's peer group and 1 is ranked against the whole market.
6 项因子中，5 项在同业组内排名，1 项在全市场排名。
Revenue Growth measures how fast the company's revenue and net profit are growing compared with its peers. The inputs are year-on-year revenue growth, year-on-year net profit growth, and year-on-year revenue growth in the latest single quarter. Each input is ranked among the industry peers that report it. The score is the average of the ranks of the inputs the company reports.
营收增长衡量公司营收和净利润相对同业的增速。输入为营收同比、净利润同比和最新单季营收同比。每项输入在披露该项的同业中排名，得分为公司已披露输入的排名平均值。
On File 当前数据 The factor abstained for 1 of 1,992 Hong Kong companies and 0 of 5,522 Mainland companies. Scored on all 3 inputs: 0 of 1,991 in Hong Kong and 5,514 of 5,522 on the Mainland. Not reported by any graded Hong Kong company: Latest quarter revenue year on year.
Margins measures how much profit the company keeps from each unit of revenue. The inputs are gross margin and net margin. Each is ranked within the industry, and the score is the average of the ranks. A company that reports no gross margin, as banks often do not, is scored on net margin alone. If neither margin is reported, the factor abstains and its weight is dropped from the grade.
利润率衡量公司从每单位营收中留下多少利润。输入为毛利率和净利率，各自在行业内排名，得分为排名平均值。未披露毛利率的公司（银行常如此）只按净利率评分；两项都未披露时，该因子弃权，其权重从评级中剔除。
On File 当前数据 The factor abstained for 19 of 1,992 Hong Kong companies and 1 of 5,522 Mainland companies. Scored on both inputs: 1,802 of 1,973 in Hong Kong and 5,420 of 5,521 on the Mainland.
Balance Sheet measures financial strength and short-term solvency. The inputs are debt to assets, the current ratio and interest cover. Debt to assets is total liabilities over total assets. Interest cover is EBIT over gross interest expense. Each input is ranked within the industry. Lower debt to assets ranks higher, and a higher current ratio always ranks higher. The score is the average of the ranks of the inputs the company reports.
资产负债表衡量财务实力和短期偿付能力。输入为资产负债率、流动比率和利息保障倍数。资产负债率为总负债除以总资产，利息保障倍数为息税前利润除以利息支出总额。各项在行业内排名：资产负债率越低排名越高，流动比率越高排名越高。得分为公司已披露输入的排名平均值。
A company with no interest cover figure is scored on the other inputs. A negative interest cover is read with the publisher's EBIT figure, as the table shows. A cover that is not ranked is also left out of the peers' population, and the company's page shows the reported figure and the reason.
没有利息保障倍数的公司按其余输入评分。利息保障倍数为负时按下表以息税前利润判读；不参与排名的倍数同样不计入同业总体，公司页面显示披露值及原因。
| Interest Cover 利息保障倍数 | EBIT 息税前利润 | Ranking 排名方式 |
|---|---|---|
| Positive 正 | Any 任意 | Ranked as reported 按披露值排名 |
| Negative 负 | Below zero 小于零 | Ranked as 0, tied for the lowest rank on this input 按 0 排名，并列最低 |
| Negative 负 | Above zero 大于零 | Not ranked, because interest expense was below zero in the period 不排名：当期利息支出为负 |
| Negative 负 | No figure 无数据 | Not ranked 不排名 |
On File 当前数据 The factor was scored for every graded company: 1,992 in Hong Kong and 5,522 on the Mainland. Scored on all 3 inputs: 0 of 1,992 in Hong Kong and 5,159 of 5,522 on the Mainland. Not reported by any graded Hong Kong company: Interest cover. 5,169 graded companies report interest cover. For 1,190 of them the figure is negative with EBIT below zero and is ranked as 0. For 10 it is negative with EBIT above zero or missing and is not ranked.
Free Cash Flow measures whether reported revenue and profit turn into cash. The inputs are operating cash flow to revenue and operating cash flow to net profit. Capital spending is not deducted. Each input is ranked within the industry, and the score is the average of the ranks of the inputs the company reports.
自由现金流衡量账面营收和利润是否转化为现金。输入为经营现金流/营收和经营现金流/净利润，不扣除资本开支。各项在行业内排名，得分为公司已披露输入的排名平均值。
On File 当前数据 The factor abstained for 1,992 of 1,992 Hong Kong companies and 1 of 5,522 Mainland companies. Scored on both inputs: 4,138 of 5,521 on the Mainland.
Capital Allocation measures how much the company earns on its capital and how quickly it turns over working capital. The inputs are return on equity, return on invested capital, and the operating cycle, which is inventory days plus receivable days. Each input is ranked within the industry, and a shorter operating cycle ranks higher. The score is the average of the ranks of the inputs the company reports. A company that reports only one input is scored on that one, and the factor keeps its full weight. Dividends and buybacks are not measured.
资本配置衡量公司的资本回报和营运资金周转速度。输入为净资产收益率、投入资本回报率和营业周期（存货天数加应收天数）。各项在行业内排名，营业周期越短排名越高。得分为已披露输入的排名平均值；只披露一项的公司按该项评分，因子权重不变。分红和回购不在衡量之列。
On File 当前数据 The factor was scored for every graded company: 1,992 in Hong Kong and 5,522 on the Mainland. Scored on all 3 inputs: 0 of 1,992 in Hong Kong and 5,321 of 5,522 on the Mainland. Not reported by any graded Hong Kong company: Return on invested capital · Operating cycle, days.
Estimate Revisions measures whether sell-side analysts are raising or cutting their earnings-per-share forecasts. The input is the median percentage change in EPS forecasts among brokers who published both before and after a recent cut-off date. Each broker's forecast is compared with the same broker's earlier forecast, and a forecast that crossed zero is left out. The result is ranked against every company in the market with a matched revision, and a higher figure ranks higher. The factor abstains when there is no matched revision or too few matched brokers.
预测调整衡量卖方分析师是在上调还是下调每股收益预测。输入为在近期截止日前后均有发布的券商中，每股收益预测变动的中位数。每家券商与自身此前的预测比较，跨越零的预测剔除。结果在全市场有匹配调整的公司中排名，数值越高排名越高。没有匹配调整或匹配券商过少时，该因子弃权。
On File 当前数据 The factor abstained for 1,992 of 1,992 Hong Kong companies and 5,112 of 5,522 Mainland companies. No matched-broker revision: 6,023. Fewer than 2 matched brokers: 1,081. The grade uses the latest forecast year on file, FY2028. 1,003 companies have a matched revision for that year and form the ranking population. 592 of them have fewer than 2 matched brokers and are not scored. Companies with an FY2028 consensus: Shanghai 750 · Shenzhen 615 · Beijing 133 · Hong Kong 0.
How the Factors Combine 因子如何合成
The composite score is the weighted average of the factors that could be scored. A factor that abstained is left out of both the weighted sum and the total weight. A factor that is missing an input is scored on the inputs it has. The composite is rounded to one decimal place, and the letter is the highest band whose threshold the rounded score meets. A company receives a letter even when only one factor could be scored. Coverage, shown on each stock page, is the share of total factor weight that was scored. A factor scored on only one of its inputs counts in full.
综合得分为可评分因子的加权平均。弃权的因子既不计入加权和，也不计入总权重；缺少某项输入的因子按已有输入评分。综合得分四舍五入到一位小数，字母为得分达到门槛的最高档。只要有一项因子可评分，公司即获得字母评级。各公司页面显示的覆盖度，是已评分因子权重占总权重的比例；只按一项输入评分的因子按全额权重计。
| Letter 评级 | Composite Score 综合得分 | Companies 公司数 | Share 占比 | Distribution 分布 |
|---|---|---|---|---|
| A | 85 to 100 | 47 | 0.6% | |
| B | 70 to under 85 | 835 | 11.1% | |
| C | 50 to under 70 | 3,088 | 41.1% | |
| D | 30 to under 50 | 2,629 | 35.0% | |
| E | 0 to under 30 | 915 | 12.2% |
| Factors That Abstained 未评分因子 | Coverage 覆盖度 | Companies 公司数 |
|---|---|---|
| Estimate Revisions 盈利预测调整 | 77% | 5,111 |
| Free Cash Flow 现金流 · Estimate Revisions 盈利预测调整 | 62% | 1,972 |
| All factors scored 全部评分 | 100% | 410 |
| Margins 盈利能力 · Free Cash Flow 现金流 · Estimate Revisions 盈利预测调整 | 46% | 20 |
| Revenue Growth 营收增长 · Free Cash Flow 现金流 · Estimate Revisions 盈利预测调整 | 46% | 1 |
When It Abstains 何时不评级
A company gets no grade, and no record is stored, when it has no financial report, when it has no industry assigned, or when its industry has too few companies to rank. The same applies when none of its factors can be scored.
公司没有财务报告、未分配行业，或所在行业公司数过少无法排名时，不评级也不存记录；所有因子都无法评分时同样如此。
A grade is withheld, and the reason is stored, when market capitalisation or the latest reported revenue is below the size floor. The floor keeps letters off shells and dormant listings. A figure that is missing does not fail the test. Both tests use the company's own currency, with no exchange-rate conversion.
市值或最新披露营收低于规模门槛时，暂不评级并记录原因。门槛用于把空壳和休眠上市公司挡在字母评级之外。数据缺失不算未通过。两项测试均以公司自身货币计，不作汇率换算。
The revenue test reads the latest report for the period that report covers, from a single quarter to a full year. The same revenue floor is therefore harder to clear for a company whose latest report covers one quarter.
营收测试读取最新报告所覆盖期间的数值，从单季到全年不等，因此最新报告只覆盖一个季度的公司更难达到同一营收门槛。
A withheld company stays in its peer group. Its ratios still count in the percentiles of the peers that are graded.
暂不评级的公司仍留在同业组中，其比率仍计入已评级同业的百分位。
| Rule 规则 | Threshold 门槛 | What Happens 结果 | On File 当前数据 |
|---|---|---|---|
| Peer group size 同业数量 | At least 5 companies with a report 至少 5 家有报告的公司 | Group not graded, nothing stored 该组不评级，不存记录 | 19 listings in 6 groups 6 组 19 只 |
| Market cap 总市值 | 2.00亿, in the company's own currency 以公司自身货币计 | Grade withheld, reason stored 暂不评级，记录原因 | 707 withheld 暂不评级 |
| Revenue, latest period 最新一期营收 | 3,000.0万 for the period reported, in the company's own currency 按披露期间计，以公司自身货币计 | Grade withheld, reason stored 暂不评级，记录原因 | 263 withheld 暂不评级 |
| Matched brokers 匹配券商数 | At least 2 至少 2 家 | Estimate Revisions abstains, grade stands 该因子弃权，评级照常 | 1,081 abstained 弃权 |
On File 当前数据 812 grades are withheld: 549 on market cap alone, 105 on revenue alone and 158 on both. By exchange: Hong Kong 790 · Beijing 8 · Shanghai 7 · Shenzhen 7. 3,468 of the 7,514 graded companies are ranked in one of the 47 peer groups that hold a withheld company.
On File 当前数据 112 live listings have no grade and no withheld record: 9 with no financial report, 84 with a report but no industry assigned and 19 in peer groups of fewer than 5.
One Grade Worked Through 一个评级的完整推导
Example 实例 Kweichow Moutai 贵州茅台 600519.SH is one of 19 companies in the 白酒Ⅱ peer group. It is graded on the period to 30 Jun 2026, in the run of 24 Sep 2026 21:00. The first table ranks each input and averages the ranks into factor scores. The second weights the factor scores into the composite.
Percentile 分位 (Companies with a lower figure + half of those with the same figure, the company included) ÷ companies reporting the input × 100. The result is subtracted from 100 where a lower figure ranks higher.
| Factor 因子 | Input 输入 | Reported 报告值 | Companies Reporting 报告公司数 | Percentile 分位 |
|---|---|---|---|---|
| Revenue Growth 营收增长 | Revenue year on year 营收同比 | 1.30 | 19 | 81.6 |
| Net profit year on year 净利润同比 | −1.95 | 19 | 76.3 | |
| Latest quarter revenue year on year 最新季度营收同比 | −5.23 | 19 | 71.1 | |
| Factor score 因子得分 | 76.3 | |||
| Margins 盈利能力 | Gross margin 毛利率 | 89.56 | 19 | 97.4 |
| Net margin 净利率 | 50.75 | 19 | 97.4 | |
| Factor score 因子得分 | 97.4 | |||
| Balance Sheet 资产负债 | Debt to assets 资产负债率 | 15.19 | 19 | 92.1 |
| Current ratio 流动比率 | 5.59 | 19 | 92.1 | |
| Interest cover 利息保障倍数 | 2,921.83 | 18 | 86.1 | |
| Factor score 因子得分 | 90.1 | |||
| Free Cash Flow 现金流 | Operating cash flow to revenue 经营现金流/营收 | 0.78 | 19 | 97.4 |
| Operating cash flow to profit 经营现金流/净利润 | 1.54 | 16 | 90.6 | |
| Factor score 因子得分 | 94.0 | |||
| Capital Allocation 资本回报 | Return on equity 净资产收益率 | 16.75 | 19 | 97.4 |
| Return on invested capital 投入资本回报率 | 16.35 | 19 | 97.4 | |
| Operating cycle, days 营业周期（天） | 1,165.81 | 19 | 55.3 | |
| Factor score 因子得分 | 83.3 | |||
| Estimate Revisions 盈利预测调整 | Matched revision %, FY2028, 11 matched brokers 匹配调整 %，11 家匹配券商 | −0.42% | 1,003 market-wide | 43.6 |
| Factor 因子 | Score 得分 | Weight 权重 | Score × Weight 加权 |
|---|---|---|---|
| Revenue Growth 营收增长 | 76.3 | 1.0 | 76.30 |
| Margins 盈利能力 | 97.4 | 1.0 | 97.40 |
| Balance Sheet 资产负债 | 90.1 | 1.0 | 90.10 |
| Free Cash Flow 现金流 | 94.0 | 1.0 | 94.00 |
| Capital Allocation 资本回报 | 83.3 | 1.0 | 83.30 |
| Estimate Revisions 盈利预测调整 | 43.6 | 1.5 | 65.40 |
| Total 合计 | 6.5 | 506.50 |
506.50 ÷ 6.5 = 77.92, rounded to 77.9. The letter is B, the band from 70 to under 85. Coverage is 6.5 ÷ 6.5 = 100% of factor weight. This matches the stored grade.
506.50 ÷ 6.5 = 77.92，四舍五入为 77.9，字母为 B（区间 70 to under 85）；覆盖度 6.5 ÷ 6.5 = 100%。
What the Grade Cannot See 局限
The grade does not use P/E, price-to-book, dividend yield or price momentum. Price enters only through market capitalisation, in the size floor.
评级不使用市盈率、市净率、股息率或价格动量；价格只通过市值进入规模门槛。
Ratios are ranked as the publisher reports them, with no plausibility check. The exception is a negative interest cover, set out under Balance Sheet. Growth from a loss, cash flow against a negative profit and return on negative equity are ranked as reported. A withheld company stays in its peers' populations, so a shell can still move its peers' percentiles.
比率按数据发布方的披露值排名，不作合理性检查；例外是负的利息保障倍数，见资产负债表部分。亏损基数上的增长、负利润下的现金流和负净资产下的回报均按披露值排名。暂不评级的公司仍在同业总体中，因此空壳公司仍会影响同业的百分位。
Each company is graded on its most recent financial report, however old that report is.
每家公司按其最新财务报告评级，无论该报告多久以前。
On File 当前数据 24 of 7,514 graded companies were scored on a report dated more than a year before the run (Hong Kong 24). The oldest period scored is 30 Jun 2024.
Each company is ranked on its own latest report, so peers can be compared across different periods and fiscal year-ends.
每家公司按自身最新报告排名，因此同业比较可能跨越不同期间和财年截止日。
On File 当前数据 The most common period scored is 30 Jun 2026. 331 of 7,514 graded companies were scored on another period, across 11 other periods.
Industry classifications are not mapped between markets. Hong Kong and Mainland companies are peers only where the two classifications share a name.
行业分类未在市场间映射，港股和内地公司只有在两套分类同名时才互为同业。
On File 当前数据 1 of the 152 peer groups holds both Hong Kong and Mainland companies: 半导体.
A factor scored on some of its inputs carries the same weight as one scored on all of them. A company whose publisher supplies fewer ratios is graded on fewer.
只按部分输入评分的因子与按全部输入评分的因子权重相同；数据发布方提供的比率越少，公司评分依据的输入也越少。
On File 当前数据 Average coverage is 61% of factor weight across 1,992 Hong Kong companies and 79% across 5,522 Mainland companies. Free Cash Flow and Estimate Revisions abstain for every Hong Kong company. Hong Kong companies report at most 2 of 3 inputs for Revenue Growth, 2 of 3 inputs for Balance Sheet and 1 of 3 inputs for Capital Allocation.
Past grades are not kept. Each run replaces the last.
不保留历史评级，每次运行覆盖上一次。
Grades are computed when a run is started. There is no fixed schedule.
评级在启动运行时计算，没有固定时间表。
On File 当前数据 The last run was 24 Sep 2026 21:00.