:root{--navy:#002f6c;--navy2:#00142e;--navy3:#194a87;--red:#c8102e;--ink:#172033;--muted:#667085;--line:#c3d3e8;--paper:#fff;--wash:#f4f6f9;--bluewash:#edf3fa}
*{box-sizing:border-box}html{scroll-behavior:smooth}body{margin:0;color:var(--ink);background:#eceff3;font-family:"Microsoft YaHei","PingFang SC","Noto Sans CJK SC",Arial,sans-serif;font-size:15px;line-height:1.68}.topline{height:5px;background:linear-gradient(90deg,var(--navy) 0 82%,var(--red) 82%)}.wrap{width:min(1160px,calc(100% - 40px));margin:0 auto}.masthead{background:#fff;border-bottom:1px solid var(--line)}.masthead-inner{height:122px;display:flex;align-items:center;justify-content:space-between}.masthead h1{font-size:34px;line-height:1.15;margin:0;color:var(--navy2);letter-spacing:.04em}.meta{margin:13px 0 0;color:var(--muted);font-size:14px}.stamp{border-left:4px solid var(--red);padding:8px 0 8px 18px;text-align:right;color:#536070;font-size:13px}.stamp strong{font-size:16px;color:var(--navy)}.section-nav{position:sticky;top:0;z-index:20;background:var(--navy);box-shadow:0 3px 12px rgba(0,29,69,.16)}.nav-scroll{display:flex;overflow:auto;scrollbar-width:none}.nav-scroll::-webkit-scrollbar{display:none}.nav-scroll a{flex:0 0 auto;color:#dce8f6;text-decoration:none;font-size:12px;padding:12px 14px;border-right:1px solid rgba(255,255,255,.12)}.nav-scroll a:hover,.nav-scroll a.active{background:#fff;color:var(--navy)}.report{background:var(--paper);padding:24px 40px 54px;box-shadow:0 5px 25px rgba(16,35,65,.08)}.lead-grid{display:grid;grid-template-columns:repeat(4,1fr);gap:12px;margin-bottom:18px}.lead-card{border:1px solid var(--line);border-top:3px solid var(--navy);padding:16px;background:#fff;min-height:136px}.lead-card.accent{border-top-color:var(--red)}.lead-card span{display:block;color:var(--muted);font-size:12px}.lead-card strong{display:block;color:var(--navy2);font-size:23px;margin:7px 0 10px;line-height:1.25}.lead-card small{display:block;color:#667085;font-size:11px;line-height:1.55}.chapter{scroll-margin-top:48px;padding:27px 0 26px;border-top:1px 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var(--line);margin-bottom:15px}.kpi-row>div{padding:13px;border-right:1px solid var(--line)}.kpi-row>div:last-child{border:0}.kpi-row label,.valuation-intro label{display:block;color:var(--muted);font-size:12px}.kpi-row b,.valuation-intro b{display:block;color:var(--navy2);font-size:20px;margin:5px 0}.kpi-row em{font-style:normal;color:#555;font-size:11px}.table-wrap{overflow:auto;border:1px solid var(--line)}table{width:100%;border-collapse:collapse;min-width:760px}th{background:var(--navy);color:#fff;font-size:12px;text-align:left;padding:10px 12px;white-space:nowrap}td{padding:10px 12px;border-bottom:1px solid var(--line);vertical-align:top;font-size:13px}tbody tr:nth-child(even){background:#fafbfc}tr.highlight td:first-child{border-left:4px solid var(--red);font-weight:700;color:var(--navy2)}.analysis-strip{display:grid;grid-template-columns:115px 1fr;margin-top:13px;background:#fff8f8;border:1px solid #ecd3d8}.analysis-strip b{background:var(--red);color:#fff;padding:13px}.analysis-strip span{padding:12px 14px}.source-boundary{background:#f7f8fa;border:1px dashed #9aa5b1;padding:10px 13px;margin:0 0 14px}.focus-list{list-style:none;padding:0;margin:0;counter-reset:item}.focus-list li{display:grid;grid-template-columns:220px 1fr;gap:20px;padding:12px 6px;border-bottom:1px solid var(--line)}.focus-list b{color:var(--navy);font-size:15px}.pipeline-legend{font-size:12px;color:var(--muted);text-align:right;margin:-38px 0 12px}.dot{display:inline-block;width:8px;height:8px;border-radius:50%;margin:0 5px 0 12px}.dot.red{background:var(--red)}.dot.blue{background:var(--navy)}.dot.gray{background:#a7afb8}.pipeline-board{border:1px solid var(--line);overflow:auto}.pipe-row{display:grid;grid-template-columns:1.1fr .9fr 1.15fr .95fr .75fr 1.7fr;min-width:980px;border-bottom:1px solid var(--line);min-height:58px}.pipe-row:last-child{border:0}.pipe-row>div{padding:9px 10px;border-right:1px solid var(--line);font-size:12px;display:flex;align-items:center;flex-wrap:wrap;align-content:center}.pipe-row>div:last-child{border:0}.pipe-row b{display:block;color:var(--navy);font-size:14px;width:100%}.pipe-row small{display:block;color:var(--muted);width:100%}.pipe-head{background:var(--navy2);color:#fff;min-height:38px}.pipe-head>div{font-weight:700}.pipe-row.hot>div:first-child{border-left:5px solid var(--red)}.pipe-row.hot>div:last-child strong{color:var(--red);margin-right:4px}.stage{margin:6px;background:var(--bluewash);color:var(--navy);justify-content:center!important;text-align:center;border-radius:2px}.stage.on{background:var(--navy);color:#fff}.stage.p3{background:#fff1f3;color:#9e1028}.stage.p2,.stage.p1{background:#edf3fa}.footnote{margin:9px 0 0}.moat-grid,.management-grid{display:grid;grid-template-columns:repeat(2,1fr);gap:12px}.moat-grid article,.management-grid article{border:1px solid var(--line);padding:15px 17px;background:#fff}.moat-grid h3,.management-grid h3{margin:0 0 6px;color:var(--navy);font-size:16px}.moat-grid p,.management-grid p{margin:0}.management-grid{grid-template-columns:repeat(3,1fr)}.management-grid article>b{display:block;color:var(--red);font-size:12px;margin-bottom:9px}.evidence-line{margin-top:12px;background:var(--wash);padding:10px 13px;font-size:12px;color:var(--muted)}.valuation-intro{display:grid;grid-template-columns:repeat(4,1fr);border:1px solid var(--line);margin-bottom:11px}.valuation-intro>div{padding:13px;border-right:1px solid var(--line)}.valuation-intro>div:last-child{border:0}.valuation-intro small{color:var(--muted)}.model-note{margin:0 0 12px}.valuation-table .total{background:var(--navy2)!important;color:#fff;font-weight:700}.split-list{display:grid;grid-template-columns:1fr 1fr;gap:15px}.split-list>div{border-top:3px solid var(--navy);background:var(--wash);padding:15px 18px}.split-list .risk{border-top-color:var(--red)}.split-list h3{margin:0 0 8px;color:var(--navy)}.split-list ul{list-style:none;margin:0;padding:0}.split-list li{padding:9px 0;border-bottom:1px solid var(--line)}.split-list time{display:inline-block;min-width:74px;color:var(--red);font-weight:700;font-size:11px}.questions{display:grid;grid-template-columns:1fr 1fr;border-top:1px solid var(--line);border-left:1px solid var(--line)}.questions>div{display:grid;grid-template-columns:42px 1fr;gap:10px;padding:12px;border-right:1px solid var(--line);border-bottom:1px solid var(--line)}.questions b{color:var(--red);font-size:13px}.questions p{margin:0;font-size:13px}.sources ul{margin:0;padding-left:20px}.sources li{margin-bottom:7px;font-size:12px;color:#495366}.sources a{color:var(--navy)}.disclosure{font-size:11px;color:var(--muted);background:var(--wash);padding:10px;margin-top:12px}footer{background:var(--navy2);color:#cbd6e6;padding:20px 0;font-size:11px}footer .wrap{display:flex;justify-content:space-between;gap:20px}
@media(max-width:900px){.wrap{width:min(100% - 24px,1160px)}.report{padding:18px 22px 40px}.lead-grid{grid-template-columns:repeat(2,1fr)}.two-col{grid-template-columns:1fr}.kpi-row{grid-template-columns:repeat(2,1fr)}.kpi-row>div:nth-child(2n){border-right:0}.management-grid{grid-template-columns:repeat(2,1fr)}.valuation-intro{grid-template-columns:repeat(2,1fr)}.valuation-intro>div:nth-child(2n){border-right:0}.focus-list li{grid-template-columns:1fr;gap:4px}.pipeline-legend{margin:0 0 8px;text-align:left}}
@media(max-width:600px){body{font-size:14px}.masthead-inner{height:auto;padding:25px 0;align-items:flex-start}.masthead h1{font-size:26px}.stamp{display:none}.report{padding:15px 14px 35px}.lead-grid,.moat-grid,.management-grid,.split-list,.questions{grid-template-columns:1fr}.lead-card{min-height:auto}.chapter-head h2{font-size:20px}.kpi-row,.valuation-intro{grid-template-columns:1fr}.kpi-row>div,.valuation-intro>div{border-right:0;border-bottom:1px solid var(--line)}.analysis-strip{grid-template-columns:1fr}.analysis-strip b{padding:8px 12px}.fact-list>div{grid-template-columns:75px 1fr}.pipeline-legend{display:none}footer .wrap{flex-direction:column}}
@media print{body{background:#fff}.section-nav{display:none}.report{box-shadow:none;padding:0}.chapter{break-inside:avoid}.lead-card,.moat-grid article,.management-grid article{break-inside:avoid}a{color:inherit;text-decoration:none}}

/* BeOne research-note visual alignment: dark masthead and full-width section bars. */
body{background:#eef2f5}
.wrap{width:min(1380px,calc(100% - 40px))}
.topline{height:3px;background:var(--red)}
.masthead{color:#fff;background:linear-gradient(120deg,#00142e 0%,#002153 58%,#002f6c 100%);border-bottom:0}
.masthead-inner{height:126px;padding:0 38px}
.masthead h1{padding-left:15px;border-left:5px solid var(--red);color:#fff;font-size:clamp(31px,3.2vw,43px);font-weight:700;letter-spacing:.03em}
.meta{margin-top:12px;padding-left:20px;color:#cbd8e5}
.stamp{border-left:4px solid var(--red);color:#d8e4ee}
.stamp strong{color:#fff}
.section-nav{background:#00142e;border-bottom:2px solid var(--red);box-shadow:none}
.nav-scroll{padding:0 38px}
.nav-scroll a{padding:11px 14px;color:#dce7ef}
.nav-scroll a:hover,.nav-scroll a.active{color:#fff;background:#002f6c}
.report{padding:24px 38px 54px;box-shadow:0 10px 32px rgba(16,44,70,.08)}
.lead-card{background:#f7fafc;border-color:#aebbc5}
.chapter{padding:31px 0 30px;border-top:0;border-bottom:1px solid #d8e0e6}
.chapter-head{gap:10px;margin-bottom:20px;padding:8px 12px 8px 7px;color:#fff;background:var(--navy);border-left:5px solid var(--red);border-radius:3px}
.chapter-head>span{width:27px;height:27px;background:var(--navy3);font-size:12px;border-radius:0}
.chapter-head h2{color:#fff;font-size:22px;line-height:1.2;letter-spacing:.02em}
.pipeline-legend{margin:-48px 13px 18px;color:#dce7ef;position:relative;z-index:1}
.dot.gray{background:#c3cfda}

@media(max-width:900px){
  .wrap{width:min(100% - 24px,1380px)}
  .masthead-inner{padding:0 24px}
  .nav-scroll{padding:0 12px}
  .report{padding:18px 22px 40px}
  .pipeline-legend{margin:0 0 9px;color:var(--muted)}
}
@media(max-width:600px){
  .topline{height:2px}
  .masthead-inner{padding:27px 19px}
  .masthead h1{padding-left:12px;border-left-width:4px;font-size:29px}
  .meta{padding-left:16px;color:#cbd8e5}
  .section-nav{border-bottom-width:2px}
  .nav-scroll{padding:0}
  .report{padding:15px 14px 35px}
  .chapter-head{padding:7px 10px 7px 6px;border-left-width:4px}
  .chapter-head>span{width:25px;height:25px;font-size:11px}
  .chapter-head h2{font-size:19px}
}