{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b95-fadcd74692d3", "slug": "37215fe80674", "title": "Focus Media Holding Ltd. (FMCN)", "subtitle": "Muddy Waters, LLC · 2011-12", "author": "Muddy Waters, LLC", "date": "2011-12-09 00:00:00", "pageCount": 12, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Focus Media Holding Ltd.", "targetTicker": "FMCN", "document": { "id": "019dd923-622c-750b-8b95-fadcd74692d3", "slug": "37215fe80674", "title": "Focus Media Holding Ltd. (FMCN)", "rawTitle": "MW FMCN Toilet Paper 120911", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters, LLC", "authorDisplay": "Muddy Waters, LLC", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2011-12-MW_FMCN_Toilet-Paper_120911.pdf", "sourceUrl": null, "sourceDate": "2011-12-09 00:00:00", "presentationDate": "2011-12-09 00:00:00", "ingestedAt": "2026-04-22 19:03:52+00", "status": "ready", "pageCount": 12, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Focus Media Holding Ltd.", "targetTicker": "FMCN", "metadata": { "local_root": "/tmp/legacy-images/37215fe80674", "activist_firm": "Muddy Waters, LLC", "origin_corpus": "contrarian", "extraction_seconds": 131.90896725654602 } }, "coverage": { "pageCount": 12, "pagesIndexed": 12, "pagesWithImages": 12, "pagesWithMetadata": 12, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 73, "chartCount": 0, "metricSlides": 0, "toolMatches": 3, "documentToolMatches": 3, "frameworkMatches": 4, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "evidence": "The document follows a problem-agitate-solution structure, highlighting the problem with verification in China, agitating it by exposing contradictions, and implying a solution by presenting evidence", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:57:41.279996+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem (Identify pain)", "beatId": "b4fdc310-a128-435f-a8bc-0b2926e0e653", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The executive summary and first expose contradiction slides set up the problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Solution (Provide relief)", "beatId": "d29179a9-a335-45d3-8b9a-1ddc7d5c5136", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The appendix and disclaimer slides provide a conclusion and potential next steps", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e064cef0-5d43-401f-9c2d-3b5ac4a9a0ba", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "c4874213-d363-458b-8b41-720cef167cb4", "evidence": "CTR Market Research (with iResearch and Sinomonitor International as co-conflicted 'independent' research firms)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "230abb5e-ff29-4b84-9ab1-eefc3ceca330", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "9d4f8823-1135-4d80-a395-b131127bb792", "evidence": "The slide explicitly links a company's (FMCN) proposed verification process to a known past fraud (CCME) to discredit the verification.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "fraud-exposure" }, { "matchId": "46515824-193a-44e8-abbe-99506ef28ed4", "evidence": "The text systematically deconstructs the credibility of third-party research firms to expose potential fraud in the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" }, { "matchId": "116ff377-182f-45b7-892b-2d774bec35ed", "evidence": "The slide systematically deconstructs the credibility of third-party research firms used by Chinese companies to validate their business models.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" }, { "matchId": "fff72a90-a714-4931-9e0e-bb1929e96520", "evidence": "The slide explicitly contrasts reported data with reality to expose false claims.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:52:45.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Word-style memo with embedded screenshots, not a designed deck. Cover headline 'Is \"Independent\" Verification in China Better than Toilet Paper?' is a memorable rhetorical hook. Argument pattern is guilt-by-association: CCME was a fraud → CTR confirmed CCME's fake network → FMCN cites CTR as reputable → therefore any CTR/peer verification of FMCN is worthless. Uses FMCN's own 2010 20-F language ('reputable third-party market research firms, such as Nielsen Media Research, CTR Market Research and Sinomonitor') against it. Short position disclosed in header note and disclaimer but no percentage given. No price target; reward framing is implicit (stock decline) rather than quantified. No named human villain — blame is assigned to research firms by institution name. Section on p.7-11 is a template of mini before/after reveals: CTR table vs. bus operator's own website showing 5-10x smaller fleet, repeated across five operators.", "kpisCited": [ { "detail": "178,382 screens across 100+ cities (to be verified within two weeks)", "metric": "FMCN claimed LCD network size" }, { "detail": "CTR reported 2,127 buses / 5,114 screens; reality was no more than 296 buses / 315 screens", "metric": "CCME Shanghai bus network — CTR vs reality" }, { "detail": "13,673 contracted vehicles / 30,354 on-bus LCD screens nationwide", "metric": "CCME total network — CTR reported" }, { "detail": "CTR: 428 buses / 928 LCD screens; website: 58 buses", "metric": "Beijing Long Xiang A-er-sha buses — CTR vs website" }, { "detail": "CTR: 207 buses / 439 LCD screens; website: 20 buses", "metric": "Beijing A-er-sha buses — CTR vs website" }, { "detail": "CTR: 128 buses / 268 LCD screens; website: 32 buses", "metric": "Fujian San-Fu Express buses — CTR vs website" }, { "detail": "CTR: 50 buses / 104 LCD screens; website: 9 buses", "metric": "Fujian Min-shen-fa buses — CTR vs website" }, { "detail": "CTR: 122 buses / 252 LCD screens; website: 50 buses", "metric": "Tianjin A-er-sha buses — CTR vs website" }, { "detail": "17.6x more theaters claimed under contract than actually existed in China", "metric": "FMCN prior theater network overstatement" }, { "detail": "27 Chinese companies cited iResearch in SEC filings in the past year", "metric": "iResearch SEC citations" }, { "detail": "YOKU market cap is 6x TUDO, despite Sinomonitor calling TUDO the 'most valuable online brand in China'", "metric": "YOKU vs TUDO market cap" } ], "closingAsk": "Rather than engage paid 'independent' verifiers of screen counts, FMCN should explain its phantom acquisitions, overpayments, self-dealing, and 17.6x-inflated theater network — an independent verification it cannot game.", "extraction": { "at": "2026-04-22 19:03:52+00", "model": "unknown-legacy", "runId": null, "seconds": 131.90897, "promptVersion": null }, "scqaReward": "Not quantified — the reward is avoiding losses by refusing to take comfort from conflicted verification and ultimately seeing FMCN's stock repriced once substantive fraud concerns are addressed rather than deflected.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "CTR validated CCME's fabricated LCD network: 2,127 Shanghai buses vs only 296 real", "iResearch is owned by FMCN's former subsidiary Allyes — deep conflict of interest", "Sinomonitor is a Dentsu JV and Dentsu is FMCN's former JV partner" ], "scqaSituation": "FMCN, China's dominant out-of-home LCD advertising network, has announced it will engage two 'reputable' Chinese research firms to independently verify the 178,382 screens across 100+ cities it claims to operate.", "thesisSummary": "Muddy Waters' follow-up to its November 21, 2011 short report dismisses FMCN's announcement that two 'reputable' Chinese research firms will independently verify its 178,382-screen LCD commercial display network. The note argues that Chinese 'independent verification' is worthless because CTR Market Research — which FMCN itself cites in its 2010 20-F as a premier research firm — previously validated the fraudulent LCD network of China MediaExpress (CCME), confirming 2,127 buses and 5,114 screens in Shanghai when only 296 buses existed. Muddy Waters documents similar conflicts at iResearch (owned by FMCN former subsidiary Allyes, now SilverLake) and Sinomonitor (a Dentsu JV). Screenshots pair CTR's inflated bus counts against operators' own websites — 428 vs 58, 207 vs 20, 128 vs 32 — and the note pivots to demand answers on phantom acquisitions, self-dealing, and the 17.6x-inflated theater network.", "primaryDemands": [ "Reject the forthcoming 'independent' verification of FMCN's 178,382-screen LCD network as unreliable", "Demand FMCN address substantive concerns about phantom acquisitions, overpayments for acquisitions, and management self-dealing", "Explain the prior 17.6x overstatement of theaters under contract in the theater network" ], "scqaResolution": "Investors should dismiss any forthcoming verification as unreliable and instead pressure FMCN to address phantom acquisitions, consistent overpayments, management self-dealing, and the previously disclosed 17.6x overstatement of its theater network.", "thesisOneLiner": "FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.", "precedentsCited": [ "CCME (China MediaExpress) fraud — CTR's research rubber-stamped fabricated bus LCD network; auditor DTT resigned", "CCME AAA credit rating commissioned after delisting — showing Chinese 'independent' ratings are equally compromised" ], "scqaComplication": "'Independent verification' in China is compromised: CTR — cited by FMCN itself as premier — previously confirmed CCME's entirely fabricated bus LCD network, and iResearch and Sinomonitor both have direct conflicts with FMCN via Allyes and Dentsu.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 7, 9, 11 ], "peerCompaniesCited": [ "China MediaExpress Holdings (CCME)", "Tudou Holdings (TUDO)", "Youku (YOKU)", "Allyes Advertising (FMCN former subsidiary)", "iResearch", "Sinomonitor International", "Dentsu", "CTR Market Research", "Nielsen Media Research", "Deloitte Touche Tohmatsu (DTT)", "SilverLake" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a provocative, satirical tone to frame the credibility of third-party auditors in China.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/mh7A9ql9SOliyU4Ert3CpLzGExoWFRd1kErmC_bSajA/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zNzIxNWZlODA2NzQvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 9, "textChars": 1556, "nDataPoints": 0, "notes": "The slide uses a provocative, satirical tone to frame the credibility of third-party auditors in China.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.864+00", "seconds": 3.947, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/1", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "No. Although independent verification reports in China and toilet paper are often intended to hold the same substance, our research indicates that investors are much better off sticking with 2-4 ply toilet paper in the bathroom.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-e408fb55f315", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.48 }, "kind": "paragraph", "text": "CTR is regarded, including by FMCN, as one of China’s premier independent market research firms. Yet CTR’s research was integral in selling the China MediaExpress Holdings, Inc. (OTC: CCME) fraud to investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85152dbe-73ff-4395-98ca-94bfaca44b0f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.34 }, "kind": "paragraph", "text": "In response to Muddy Waters’s disclosure in our November 21, 2011 report that FMCN’s LCD commercial display network media kits show far fewer screens than FMCN claims to have in its filings, FMCN announced that it would commission independent verification of its network size.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5f6b883-a23f-41cc-b65c-91bc36b69252", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.24 }, "kind": "paragraph", "text": "No. Although independent verification reports in China and toilet paper are often intended to hold the same substance, our research indicates that investors are much better off sticking with 2-4 ply toilet paper in the bathroom.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eca78e95-e101-468f-9743-0eb6666576fa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "DTT has informed the Company in its resignation letter that it was no longer able to rely on the representations of management and that it had lost confidence in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. — Deloitte Touche Tohmatsu (DTT)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-e8f16ccfc335", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.72, "x": 0.14, "y": 0.56 }, "kind": "source-note", "text": "Footnotes 1-4 detailing the basis for the claims regarding CTR and the CCME fraud.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3577bd86-1f20-4a00-9a81-90dc45543d49", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "source-note", "text": "Note: You should assume we have a short position in FMCN as of this report – prior to reading this report see important disclaimer on the last page (page 12).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4b3aa04-85fa-4b54-a109-9e0937bd3312", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.12, "x": 0.14, "y": 0.31 }, "kind": "title", "text": "Introduction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e750766f-f1d6-4047-b202-b531ec28dbbc", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.19 }, "kind": "title", "text": "Is “Independent” Verification in China Better than Toilet Paper?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f271c15a-5d95-4706-846e-976565363ec7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9d4f8823-1135-4d80-a395-b131127bb792", "evidence": "The slide explicitly links a company's (FMCN) proposed verification process to a known past fraud (CCME) to discredit the verification.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:43.864+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem (Identify pain)", "beatId": "b4fdc310-a128-435f-a8bc-0b2926e0e653", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The executive summary and first expose contradiction slides set up the problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "thumbSrc": "https://imgproxy.kitesheet.com/3oZfaI7niT4rgNqRkwkUbNuX78MbcuYS32m66sbV5xc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zNzIxNWZlODA2NzQvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/GWGB9l6VotHW29d3NT0fhjNFPzRtgGsBkwG3K28i-dc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zNzIxNWZlODA2NzQvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/3VqG_w7ljvEAn-qgzbv0WArI0Ly7vfO7OePG89KZfWY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zNzIxNWZlODA2NzQvcDAwMS5qcGc" }, { "page": 2, "type": "tension", "title": "This is a page from a short-seller research report (likely Muddy Waters or similar) exposing fraudulent practices in Chinese companies listed in the US.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 7, "textChars": 1077, "nDataPoints": 0, "notes": "This is a page from a short-seller research report (likely Muddy Waters or similar) exposing fraudulent practices in Chinese companies listed in the US.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.194+00", "seconds": 3.272, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/2", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:22+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-10d3c335ac29", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.198 }, "kind": "paragraph", "text": "FMCN has left open a number of critical issues from our reports, including issues associated with the phantom acquisitions, its consistent overpayments for acquisitions, and management self-dealing that continues to this day.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04314112-9692-4b3e-a5ec-e533fb71cd06", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.497 }, "kind": "paragraph", "text": "We have concerns about China internet sector research produced by iResearch, which is owned by former FMCN subsidiary Allyes. We counted 27 Chinese internet companies that have cited iResearch in their SEC filings in the past year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6eda866a-46a4-4fab-b37e-ea45a9a22351", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.093 }, "kind": "paragraph", "text": "essentially get whatever result it wants from “independent” verifications in China – particularly when it comes to confirming the existence tens of thousands of LCD screens.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3b1d34c-b213-4e2f-85b8-a02c3d42df04", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.356 }, "kind": "paragraph", "text": "Although much of this report focuses on CTR’s farcical research for CCME, the point is not about CTR. Much independent research in China can produce similarly inaccurate results.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b9237a-5b5f-4f24-8623-07fcd69582b4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.723 }, "kind": "source-note", "text": "Footnotes 5-8 detailing specific sources and corporate ownership structures.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f358f95-98fa-4085-95a0-af9fc3de51d0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.14, "y": 0.32 }, "kind": "title", "text": "Whose Research Can Investors Trust?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd39f30b-a552-46a3-b59e-824ecb077a40", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "46515824-193a-44e8-abbe-99506ef28ed4", "evidence": "The text systematically deconstructs the credibility of third-party research firms to expose potential fraud in the subject company.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:43.194+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Problem (Identify pain)", "beatId": "b4fdc310-a128-435f-a8bc-0b2926e0e653", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The executive summary and first expose contradiction slides set up the problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "tension", "title": "This is a page from a short-seller research report (Muddy Waters) exposing fraudulent practices in Chinese companies.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 2897, "nDataPoints": 0, "notes": "This is a page from a short-seller research report (Muddy Waters) exposing fraudulent practices in Chinese companies.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:45.99+00", "seconds": 5.866, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/3", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Private sector conflicts of interest – and outright private sector corruption – are too significant in China for investors to put any faith in market research commissioned by research subjects – it is anything but independent.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-6e496738080e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Sinomonitor International is another firm that publicly traded Chinese companies cite in support of their business models. Sinomonitor International performed research for Tudou Holdings Ltd. (NASDAQ: TUDO) that concludes TUDO is “the most valuable online brand in China” and Tudou.com is the “most favored and recommended online video website” in China. Yoku.com (NASDAQ: YOKU), TUDO’s direct competitor, might dispute Sinomonitor International’s research. YOKU’s market cap is 6x that of TUDO. FMCN has cited Sinomonitor International in the past to support is claims regarding penetration of the poster frame market. However, Sinomonitor International is a joint venture between a Chinese firm and global advertising agency Dentsu. Dentsu is also former joint venture partner of FMCN.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1f8cc7f-6f23-43b8-8afd-3b223ed3f5d2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.72, "x": 0.14, "y": 0.58 }, "kind": "paragraph", "text": "Further, FMCN has previously used CTR to verify the scope of FMCN’s LCD network. CTR’s research erroneously confirmed two bus operators CCME fraudulently claimed were in its LCD network. In fact, neither of these two operators ever had CCME screens on any of their buses. (Ironically, CCME had claimed that one of these companies was the largest operator in its network.) In instances in which CCME actually did business with operators, CTR often grossly overstated the numbers of buses the companies operated and the numbers of LCD screens. In several of these cases, quick searches of the operators’ websites would have revealed greatly numbers greatly different than those CTR calculated. CTR’s research on CCME’s LCD network was worthless, and we", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9a64e94-d8d8-46f5-bd26-ab87d53468d5", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.72, "x": 0.14, "y": 0.28 }, "kind": "paragraph", "text": "Private sector conflicts of interest – and outright private sector corruption – are too significant in China for investors to put any faith in market research commissioned by research subjects – it is anything but independent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d212c2f7-33e9-4c62-8290-53b2c5e8e3ec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.41 }, "kind": "paragraph", "text": "Muddy Waters has direct experience with independent research that significantly inflated the size of a digital out-of-home advertising LCD network. When we wrote our initial report on CCME, we showed that the research CCME had commissioned CTR to provide on CCME’s LCD network was utterly useless. Note that FMCN is a fan of CTR’s research – in its 2010 20-F, FMCN wrote:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb372c71-8534-4e04-a6ba-6f967c2fc146", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.6, "x": 0.2, "y": 0.51 }, "kind": "quote", "text": "We also purchase or commission studies containing relevant market study data from reputable third-party market research firms, such as Nielsen Media Research, CTR Market Research and Sinomonitor.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f213a1ea-3fa4-413c-af6f-3a31ced369ea", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We also purchase or commission studies containing relevant market study data from reputable third-party market research firms, such as Nielsen Media Research, CTR Market Research and Sinomonitor. — FMCN 2010 20-F", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-70274c14da06", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.72, "x": 0.14, "y": 0.79 }, "kind": "source-note", "text": "9-15 Footnotes detailing sources for the claims.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "821b358b-def8-410c-8fcd-36c75d022830", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.35 }, "kind": "title", "text": "Anatomy of Fecal Grade “Independent” Verification of an LCD Network – CCME and CTR", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25b19b6b-088a-432f-a81d-6db76c3001cb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "116ff377-182f-45b7-892b-2d774bec35ed", "evidence": "The slide systematically deconstructs the credibility of third-party research firms used by Chinese companies to validate their business models.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:52:45.99+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "analysis", "title": "The slide is part of a critical research note questioning the reliability of data provided by companies commissioned by FMCN.", "function": "analyze_data", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 9, "textChars": 1119, "nDataPoints": 0, "notes": "The slide is part of a critical research note questioning the reliability of data provided by companies commissioned by FMCN.", "elementsJson": [ "paragraph", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.62+00", "seconds": 3.39, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/4", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "CTR warranted that its research on CCME’s bus-based LCD network was “actual, reliable”:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-38177d57a050", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.12, "x": 0.632, "y": 0.223 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73aa6073-80f3-4cab-9131-0f66bc0a4959", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.1, "x": 0.233, "y": 0.516 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc34450f-79fb-4993-976d-5e61a53d3621", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.25, "x": 0.258, "y": 0.361 }, "kind": "list", "text": "Time Period: 2008-7-21 to 2008-7-31", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3391742a-8bac-4312-b56d-84b9382cd872", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.484, "x": 0.258, "y": 0.258 }, "kind": "list", "text": "Method: through questionnaire survey CTR gather the basic data from bus companies and AV Center under the Ministry of Communication, all the data we collect and submit are actual, reliable, also match the requirement for the research.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b45fa8f-3881-49c4-ae2a-13606a1735af", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.484, "x": 0.258, "y": 0.419 }, "kind": "list", "text": "1、 Amount of contracted vehicles, LCD screens and monthly sum of passengers – data provided by related bus companies. 2、 Statistical data of advertising inter-city buses, LCD screens, harddisk playback mode and monthly sum of passengers in the whole china – data provided by AV Center under the Ministry of Communication.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58c51bde-711c-4520-a34b-738abdc1b5ae", "parentComponentId": null }, { "bbox": { "h": 0.056, "w": 0.708, "x": 0.146, "y": 0.094 }, "kind": "paragraph", "text": "expect nothing more from the companies that FMCN commissions to verify the size of its LCD network. CTR warranted that its research on CCME's bus-based LCD network was \"actual, reliable\":", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3b22c76-9ea6-4ac2-acba-0566c4fff17a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Method: through questionnaire survey CTR gather the basic data from bus companies and AV Center under the Ministry of Communication, all the data we collect and submit are actual, reliable, also match the requirement for the research. — CTR", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-3fad6fab2557", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.135, "x": 0.206, "y": 0.223 }, "kind": "title", "text": "Research Method", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.62+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f807d065-5e53-42de-88c4-90caac8072ff", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "title": "The slide uses a table of data attributed to CTR to highlight inflated figures, followed by text debunking the claims.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 4, "textChars": 531, "nDataPoints": 45, "notes": "The slide uses a table of data attributed to CTR to highlight inflated figures, followed by text debunking the claims.", "elementsJson": [ "paragraph", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:45.4+00", "seconds": 5.058, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/5", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "CTR stated that CCME’s LCD network had 2,127 buses in Shanghai with 5,114 screens. In reality, CCME had no more than 296 buses with 315 screens in Shanghai.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-84254fa96c2e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.72, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "CTR stated that CCME had two Shanghai-based bus operators in its network; however, in reality CCME never had contracts with either of these operators.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1218d32c-7808-47c1-8c50-4dd890777329", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "CTR stated that CCME's LCD network had 2,127 buses in Shanghai with 5,114 screens. In reality, CCME had no more than 296 buses with 315 screens in Shanghai.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88272271-5a3a-4885-bbbd-7102699a14c6", "parentComponentId": null }, { "bbox": { "h": 0.39, "w": 0.48, "x": 0.26, "y": 0.23 }, "kind": "table", "text": "Table showing bus counts, LCD screens, and passenger numbers by city.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "646a3e8e-bd3e-48c6-a310-ec597f89dceb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fff72a90-a714-4931-9e0e-bb1929e96520", "evidence": "The slide explicitly contrasts reported data with reality to expose false claims.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:52:45.4+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "analysis", "title": "The slide presents two distinct data tables for two different bus operators, showing passenger counts segmented by travel duration.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 4, "textChars": 558, "nDataPoints": 36, "notes": "The slide presents two distinct data tables for two different bus operators, showing passenger counts segmented by travel duration.", "elementsJson": [ "paragraph", "data_table", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:42.757+00", "seconds": 2.327, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/6", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite the ease of discovering that CCME did not have agreements with either of these operators, CTR’s research concluded that both operators are in CCME’s network, and represented 2,127 buses with 5,114 CCME LCD screens.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-b6c7a4449c52", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "Despite the ease of discovering that CCME did not have agreements with either of these operators, CTR's research concluded that both operators are in CCME's network, and represented 2,127 buses with 5,114 CCME LCD screens.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9dc53b1a-569d-486e-b886-8ba41848e312", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.54, "x": 0.23, "y": 0.55 }, "kind": "table", "text": "Shanghzi Zi-xing Passenger Transportation Co.,Ltd. data table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26daf674-6a27-413f-b699-2dc1e54ec08b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.54, "x": 0.23, "y": 0.0017 }, "kind": "table", "text": "Shanghai Ba-Shi(Group) Industrial Co.,Ltd. data table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb36f171-1869-49fa-a8f7-cb680b639aec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 7, "type": "tension", "title": "The slide uses a comparison of two data sources to cast doubt on the accuracy of the CTR research report.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 5, "textChars": 415, "nDataPoints": 14, "notes": "The slide uses a comparison of two data sources to cast doubt on the accuracy of the CTR research report.", "elementsJson": [ "paragraph", "data_table", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:42.805+00", "seconds": 2.304, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/7", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Beijing Long Xiang A-er-sha's website showed that it only owned 58 buses.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-9d6b4e0c83dc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.64, "x": 0.18, "y": 0.565 }, "kind": "image", "text": "Screenshot of the Alsa website showing 'Beijing Long Xiang A-er-sha owns 58 buses'.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "242db47b-32ad-40d5-8461-e6454f055086", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.72, "x": 0.14, "y": 0.535 }, "kind": "paragraph", "text": "Beijing Long Xiang A-er-sha's website showed that it only owned 58 buses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "554b25cf-6604-40da-bfb2-a5ab4478f60a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "CTR concluded bus operator Beijing Long Xiang A-er-sha had 428 buses and 928 LCD screens in CCME's LCD network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ece1c637-9f0c-414d-8c55-1c897e99ad8e", "parentComponentId": null }, { "bbox": { "h": 0.224, "w": 0.528, "x": 0.236, "y": 0.224 }, "kind": "table", "text": "Table showing bus count, LCD count, and passenger travel time distribution.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:42.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60724934-93b2-4f58-8291-b1fec638664d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 8, "type": "tension", "title": "The slide uses a 'before-after' or 'side-by-side' comparison to highlight a discrepancy in asset ownership claims.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 26, "componentCount": 5, "textChars": 366, "nDataPoints": 16, "notes": "The slide uses a 'before-after' or 'side-by-side' comparison to highlight a discrepancy in asset ownership claims.", "elementsJson": [ "paragraph", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.283+00", "seconds": 2.776, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/8", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Beijing A-er-sha’s website showed that it only owned 20 buses.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad8-cc43b7ebf2b1", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.72, "x": 0.14, "y": 0.55 }, "kind": "image", "text": "Screenshot of Beijing A-er-sha website highlighting 20 buses.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba203f1f-da3b-4f8d-84ba-6b7495a25194", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "CTR concluded Beijing A-er-sha owned 207 buses and 439 LCD screens in CCME’s LCD display network.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d2dca78-2a14-424f-82ad-5f3c30d1ca91", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "Beijing A-er-sha’s website showed that it only owned 20 buses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7c74a53-3d0b-44bc-a920-91c72ca0e80b", "parentComponentId": null }, { "bbox": { "h": 0.31, "w": 0.54, "x": 0.23, "y": 0.16 }, "kind": "table", "text": "Table showing 207 buses and 439 LCD screens with passenger travel time distribution.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9243171b-cb20-4c1b-b27c-450fe96effac", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "analysis", "title": "The slide highlights a discrepancy between CTR's research (128 buses) and the company's website (32 buses).", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 7, "textChars": 401, "nDataPoints": 18, "notes": "The slide highlights a discrepancy between CTR's research (128 buses) and the company's website (32 buses).", "elementsJson": [ "data_table", "screenshot", "paragraph", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:45.79+00", "seconds": 5.269, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/9", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The company has 32 buses. 三十二 is the chinese character for 32", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad9-160deefbef0e", "parentComponentId": null }, { "bbox": { "h": 0.885, "w": 0.675, "x": 0.162, "y": 0.567 }, "kind": "image", "text": "Website screenshot showing 'The company has 32 buses'", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abc6163c-2b5e-4dfc-b4e0-9d534ec1d3bd", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "bus count: 32", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad9-1b5fcf1687a8", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.811, "x": 0.144, "y": 0.093 }, "kind": "paragraph", "text": "CTR concluded Fujian San-Fu Passenger Express owned 128 buses with 268 CCME LCD screens.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72deb6e6-c1bb-4610-a652-ede403c9f475", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.144, "y": 0.531 }, "kind": "paragraph", "text": "Fujian San-Fu's website showed it owned 32 buses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c0dd4a5-ce6f-411a-808a-fbc70825b43a", "parentComponentId": null }, { "bbox": { "h": 0.435, "w": 0.512, "x": 0.238, "y": 0.224 }, "kind": "table", "text": "Contracted inter-city buses: 128; On-bus LCD: 268; Travel time distribution table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff9b9d0f-5d56-4716-99da-1ebe23a59b3a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.488, "x": 0.205, "y": 0.17 }, "kind": "title", "text": "Fujian San-fu Express Passenger Transportation Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:45.79+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b2a4df4-8e1d-4abe-a3f5-413a09204912", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "tension", "title": "The slide uses a screenshot of a website and a data table to contrast two conflicting sources of information.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 6, "textChars": 586, "nDataPoints": 4, "notes": "The slide uses a screenshot of a website and a data table to contrast two conflicting sources of information.", "elementsJson": [ "data_table", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.12+00", "seconds": 2.483, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/10", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "CTR concluded that Fujian Min-shen-fa Express Passenger Transportation owned 50 buses with 104 LCD screens.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad9-4d425f8501e2", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.68, "x": 0.16, "y": 0.56 }, "kind": "image", "text": "Screenshot of the Fujian Provincial Communication Transportation Group website.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "014daa5d-a1b2-4955-a3d5-86cd88d4e5e0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.14, "y": 0.53 }, "kind": "paragraph", "text": "Fujian Min-shen-fa's website showed it owned nine buses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2829012d-d979-462d-8a65-a4483c0c32d8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "CTR concluded that Fujian Min-shen-fa Express Passenger Transportation owned 50 buses with 104 LCD screens.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d71b2b60-7f03-4980-870a-f4644ad98670", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.47, "y": 0.46 }, "kind": "source-note", "text": "Data source: CTR through questionnaire survey collecting data from bus companies and AV Center under the Ministry of Communication.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b90200c-59cd-413b-9ec3-dcf00825b304", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.52, "x": 0.24, "y": 0.17 }, "kind": "table", "text": "Table showing 50 contracted inter-city buses and 104 on-bus LCDs, with passenger travel time distribution.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.12+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d967ac4e-6c7f-4e40-9988-80ed04a7c4da", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Agitate (Make it worse)", "beatId": "25f66109-4654-4375-bbee-030604a8b3dd", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 10, "from": 2, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null }, "matchId": "49cb65d2-016a-47c9-979b-3d7bf5439447", "evidence": "The repeated expose contradiction slides build a case for a pattern of inconsistencies", "position": 0, "objective": "To identify a pattern of inconsistencies in FMCN's verification", "confidence": 0.7, "extraction": { "at": "2026-07-16 21:57:41.427933+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 11, "type": "tension", "title": "The slide uses a table to present CTR's findings and a screenshot of the company website to contradict it.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 6, "textChars": 341, "nDataPoints": 16, "notes": "The slide uses a table to present CTR's findings and a screenshot of the company website to contradict it.", "elementsJson": [ "data_table", "screenshot", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.388+00", "seconds": 2.735, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/11", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "CTR concluded that Tianjin A-er-sha owned 122 buses with 252 CCME LCD screens.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad9-32a8db58f284", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.72, "x": 0.14, "y": 0.56 }, "kind": "image", "text": "Screenshot of Tianjin A-er-sha website.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db8686d4-6292-4871-84e0-35fb1bd19ab2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "bus count: 122", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:58:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d4-752d-aad9-365ccd9ed34b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.14, "y": 0.52 }, "kind": "paragraph", "text": "Tianjin A-er-sha's website stated it owned only 50 buses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f815d85-89e4-4ff5-9ad7-f0bb3b8a28af", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.72, "x": 0.14, "y": 0.09 }, "kind": "paragraph", "text": "CTR concluded that Tianjin A-er-sha owned 122 buses with 252 CCME LCD screens.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af780ef6-0158-4341-ad9e-f50571a7e1bd", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.54, "x": 0.23, "y": 0.15 }, "kind": "table", "text": "Table showing bus and screen counts and passenger travel time distribution.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3e7ef25-642c-46ea-b72f-c3174afe90d6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Solution (Provide relief)", "beatId": "d29179a9-a335-45d3-8b9a-1ddc7d5c5136", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The appendix and disclaimer slides provide a conclusion and potential next steps", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 2, "textChars": 2888, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:52:43.663+00", "seconds": 2.845, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b95-fadcd74692d3/12", "deck": "/decks/019dd923-622c-750b-8b95-fadcd74692d3", "deckAnchor": "/decks/019dd923-622c-750b-8b95-fadcd74692d3#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b95-fadcd74692d3.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.72, "x": 0.14, "y": 0.12 }, "kind": "disclaimer", "text": "Use of Muddy Waters LLC's research is at your own risk. You should do your own research and due diligence before making any investment decision with respect to securities covered herein. You should assume that as of the publication date of any report or letter, Muddy Waters, LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in the stock (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of stock declines. Following publication of any report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our recommendation. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Muddy Waters, LLC is not registered as an investment advisor. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether express or implied. Muddy Waters, LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Muddy Waters, LLC does not undertake to update or supplement this report or any of the information contained herein. Before viewing the contents of this report, you agree that any dispute arising from your use of this report or viewing the material herein shall be governed by the laws of the State of California, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the superior courts located within the State of California and waive your right to any other jurisdiction or applicable law, given that Muddy Waters, LLC has offices in California. The failure of Muddy Waters, LLC to exercise or enforce any right or provision of this disclaimer shall not constitute a waiver of this right or provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of this report or the material herein must be filed within one (1) year after such claim or cause of action arose or be forever barred.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42970365-895f-43e0-b54a-73279d8165a9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.14, "y": 0.09 }, "kind": "title", "text": "Disclaimer:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:52:43.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72d98a6e-7505-40dc-861a-ea3ea7e85e4f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 11, "name": "Solution (Provide relief)", "beatId": "d29179a9-a335-45d3-8b9a-1ddc7d5c5136", "matchId": "c0f60728-473b-4975-8a78-1d3085da1a40", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The appendix and disclaimer slides provide a conclusion and potential next steps", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 12, "from": 1, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "755891c9-717e-46ed-a629-a30601c3ecd3", "evidence": "The document implies that investors who ignore these issues may be at risk", "position": 1, "objective": "To highlight the cost of inaction for investors who fail to consider these inconsistencies", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:57:41.465109+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true } ], "arcBeats": [ { "from": 1, "to": 2, "label": "Problem (Identify pain)", "description": "The executive summary and first expose contradiction slides set up the problem" }, { "from": 3, "to": 10, "label": "Agitate (Make it worse)", "description": "The multiple expose contradiction slides agitate the problem by presenting more evidence of inconsistencies" }, { "from": 11, "to": 12, "label": "Solution (Provide relief)", "description": "The appendix and disclaimer slides provide a conclusion and potential next steps" } ], "loops": [ { "from": 2, "to": 10, "label": "Pattern Hunter", "description": "To identify a pattern of inconsistencies in FMCN's verification" }, { "from": 1, "to": 12, "label": "Cost Of Inaction", "description": "To highlight the cost of inaction for investors who fail to consider these inconsistencies" } ] }