{
  "changes": [
    {
      "id": "pg-restated-annual",
      "inputs": {
        "previous": 11577,
        "current": 9454,
        "unit": "百万円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -18.338084132331346,
      "meaning": "同一再集計の2025→2026年2月期"
    },
    {
      "id": "nbg-2023-2026",
      "inputs": {
        "previous": 4409,
        "current": 5136,
        "unit": "百万円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": 16.488999773191203,
      "meaning": "2023→2026年2月期のブランド売上"
    },
    {
      "id": "cube-retail-2025",
      "inputs": {
        "previous": 1762882,
        "current": 2086314,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": 18.346775337203503,
      "meaning": "2025年国内リテール"
    },
    {
      "id": "cube-ec-2025",
      "inputs": {
        "previous": 915903,
        "current": 820182,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -10.450997540132523,
      "meaning": "2025年国内EC"
    },
    {
      "id": "cube-korea-2025",
      "inputs": {
        "previous": 1476054,
        "current": 1323492,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -10.335800722737787,
      "meaning": "2025年韓国卸"
    },
    {
      "id": "cube-profit-2022-2025",
      "inputs": {
        "previous": 907662,
        "current": 59324,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -93.46408685171352,
      "meaning": "全社営業利益の変化。売上変化と区別"
    },
    {
      "id": "cube-inventory-2025",
      "inputs": {
        "previous": 404526,
        "current": 453608,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": 12.13321269831853,
      "meaning": "期末商品在庫の変化"
    },
    {
      "id": "cube-retail-2026H1",
      "inputs": {
        "previous": 952466,
        "current": 1110157,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": 16.55607654236477,
      "meaning": "前年同じ1〜6月との比較"
    },
    {
      "id": "cube-korea-2026H1",
      "inputs": {
        "previous": 639570,
        "current": 419589,
        "unit": "千円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -34.395140485013364,
      "meaning": "前年同じ1〜6月との比較"
    },
    {
      "id": "descente-golf-2024",
      "inputs": {
        "previous": 35523,
        "current": 31556,
        "unit": "百万円"
      },
      "formula": "(current / previous - 1) * 100",
      "result_pct": -11.167412662218846,
      "meaning": "ゴルフウェアと関連商品の連結売上"
    }
  ],
  "profit_margins": [
    {
      "company": "キューブ",
      "year": 2022,
      "scope": "非連結・会社全体・国内外・MARK&LONAとHORN GARMENT等",
      "gross_margin_pct": 52.85431491765573,
      "operating_margin_pct": 16.325361144265614
    },
    {
      "company": "キューブ",
      "year": 2023,
      "scope": "非連結・会社全体・国内外・MARK&LONAとHORN GARMENT等",
      "gross_margin_pct": 56.73246579682453,
      "operating_margin_pct": 5.953644787627301
    },
    {
      "company": "キューブ",
      "year": 2024,
      "scope": "非連結・会社全体・国内外・MARK&LONAとHORN GARMENT等",
      "gross_margin_pct": 57.71377570384759,
      "operating_margin_pct": 3.414062271910285
    },
    {
      "company": "キューブ",
      "year": 2025,
      "scope": "非連結・会社全体・国内外・MARK&LONAとHORN GARMENT等",
      "gross_margin_pct": 60.47465710767417,
      "operating_margin_pct": 1.2197667014217797
    },
    {
      "company": "TSIホールディングス",
      "year": 2024,
      "scope": "連結・会社全体・ゴルフ以外を含む",
      "gross_margin_pct": 54.529131243443615,
      "operating_margin_pct": 1.1326850427652961
    },
    {
      "company": "TSIホールディングス",
      "year": 2025,
      "scope": "連結・会社全体・ゴルフ以外を含む",
      "gross_margin_pct": 53.63459892979835,
      "operating_margin_pct": 1.0446598470045847
    },
    {
      "company": "TSIホールディングス",
      "year": 2026,
      "scope": "連結・会社全体・ゴルフ以外を含む",
      "gross_margin_pct": 54.737409103151094,
      "operating_margin_pct": 2.5885028578268545
    },
    {
      "company": "デサント",
      "year": 2023,
      "scope": "上場時の連結・全スポーツ・国内外",
      "gross_margin_pct": 57.363158505646105,
      "operating_margin_pct": 6.4611073341403165
    },
    {
      "company": "デサント",
      "year": 2024,
      "scope": "上場時の連結・全スポーツ・国内外",
      "gross_margin_pct": 59.49649182212633,
      "operating_margin_pct": 6.882485884604178
    },
    {
      "company": "デサント",
      "year": 2025,
      "scope": "非上場後の個別公告・連結およびゴルフ分類に接続不可",
      "gross_margin_pct": 56.593811394891944,
      "operating_margin_pct": 4.3713163064833
    },
    {
      "company": "デサント",
      "year": 2026,
      "scope": "非上場後の個別公告・連結およびゴルフ分類に接続不可",
      "gross_margin_pct": 78.37494441268026,
      "operating_margin_pct": 51.59773839019122
    }
  ],
  "channel_ratios": [
    {
      "period": "2024",
      "d2c_pct": 57.80912844643129,
      "ec_pct": 21.563900214710298,
      "note": "チャネル千円表示の合計を分母に使用。端数切捨てにより全社売上と最大数千円差。本文は会社公表の小数1桁を優先"
    },
    {
      "period": "2025",
      "d2c_pct": 61.880930595963854,
      "ec_pct": 18.983993173710562,
      "note": "チャネル千円表示の合計を分母に使用。端数切捨てにより全社売上と最大数千円差。本文は会社公表の小数1桁を優先"
    },
    {
      "period": "2025H1",
      "d2c_pct": 60.6578508713777,
      "ec_pct": 20.310867133169285,
      "note": "チャネル千円表示の合計を分母に使用。端数切捨てにより全社売上と最大数千円差。本文は会社公表の小数1桁を優先"
    },
    {
      "period": "2026H1",
      "d2c_pct": 68.81461473562263,
      "ec_pct": 18.88769560939105,
      "note": "チャネル千円表示の合計を分母に使用。端数切捨てにより全社売上と最大数千円差。本文は会社公表の小数1桁を優先"
    }
  ],
  "rounding": "本文は原則億円小数2桁。営業利益が1億円未満の場合は万円表示も併記。基礎数値は原単位を保持。国内円建て資料のため為替換算は不要。",
  "prohibited_comparisons": [
    "PG旧集計149.65億→新集計94.54億を成長率にしない",
    "市場の別調査時点1145億→1098億から減少率を再計算しない",
    "デサント連結1269.89億→個別81.44億を減収率にしない",
    "キューブ流通規模を会社売上にしない"
  ]
}