Earnings Review

Earnings Review

Event-driven, never scheduled. Run this when an issuer reports, when a commitment comes due, or before a thesis review that needs first-party numbers. It is not part of any cron path.

The output is not a report. It is memory/earnings/<TICKER>/<period>.json, and the Markdown you write afterwards is a rendering of that file.

What the code owns and what you own

Never assert a computed number in prose. Run the script and quote its output.

Step 1 — collect first-party documents

Source order is not negotiable:

• US — SEC filing (10-K/10-Q/8-K) or issuer IR first; clawock filings supplies the structured XBRL numbers used to verify them.
• HK — HKEX announcement or issuer IR first; clawock fundamentals (Eastmoney) is a secondary structured source, never a substitute for a footnote.
• A third-party summary may only fill a gap, and it lowers the grade.

Record each document once in documents[] with its source_class, a stable locator, retrieved_at, and whether it covers_period. Store a short paraphrase and the locator — never long transcript passages.

Grades are mechanical: A needs a covering primary document plus a structured dataset; B has the dataset but no covering primary document; C is third-party only. B/C disable every footnote claim, and the validator enforces that. A low grade describes the sources, not the company.

Step 2 — build the comparable history

At least four comparable quarters (or four half-years, or three annual periods). basis, currency and unit must be identical across every comparable — a GAAP/non-GAAP or currency switch mid-history is a validation error, not a caveat. revenue, net_income and ocf are mandatory per period; anything else you omit becomes an explicit unavailable with a reason instead of a number.

Step 3 — promises and capital allocation

Carry the previous period's ledger forward; a promise may never be dropped, and met/partial/missed are terminal.

clawock earnings promises \
  memory/earnings/TICKER/<previous>.json memory/earnings/TICKER/<current>.json

An overdue promise with no reported result becomes missed when this reporting period covers its due date, and unverifiable when the due date has merely passed with no covering report yet. Log buybacks, dividends, M&A, leverage changes, divestitures and new-business spend in capital_allocation[].

Step 4 — provenance and release

Every published number needs two independent sources in provenance (see clawock.provenance). The release gate refuses the artifact when any number is single-sourced or the two sources disagree beyond tolerance.

clawock earnings validate memory/earnings/TICKER/<period>.json
clawock earnings review   memory/earnings/TICKER/<period>.json

review prints the source grade, the provenance verdict, the quality metrics and anomaly_flags. A non-zero exit means the artifact is not releasable — fix the artifact, do not narrate around it.

Step 5 — hand evidence to the thesis, not a verdict

clawock earnings thesis-evidence memory/earnings/TICKER/<period>.json

This emits evidence[] rows in the thesis registry's shape plus dimension_suggestions. It deliberately carries no thesis state. To change a thesis, append these evidence rows to a new version of memory/theses/<thesis-id>.json and run the registry's own drift evaluator:

clawock thesis drift old.json new.json

The registry re-checks freshness itself and will reject a dimension change that leans on evidence older than the last check.

Hard limits

• No persona scoring and no aggregate "master score" — a red-line or integrity failure is never averaged away by good numbers elsewhere.
• No trade from a single earnings classification. Sizing stays with the existing decision and risk contracts.
• A price move or a headline is not a filing fact.
• Missing documents lower the grade. They never justify a fabricated number.