GROW 最新10-K变化
将 GROW 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-K · 2026-09-03 与上一份 10-K · 2025-09-08
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 业务概况 | 文字有新增/删除 | 0 | 0 | ~6 | 22 |
| 风险因素 | 文字有新增/删除 | +5 | −5 | ~3 | 70 |
| 法律诉讼 | 无段落级文字变化 | 0 | 0 | 0 | 1 |
| 管理层讨论与分析 | 文字有新增/删除 | +42 | −45 | ~6 | 19 |
| 市场风险(第7A项) | 文字有新增/删除 | +2 | −2 | ~4 | 5 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
风险因素
相对上期新增的文字 · 来源:10-K · 2026-09-03
The Company’s business operations are concentrated in San Antonio, Texas. The Company has developed various backup systems and contingency plans but cannot be assured that those preparations will be adequate in all circumstances that could arise, or that material interruptions and disruptions will n…
We have identified a material weakness in our internal control over financial reporting, which could adversely affect our ability to report our financial results accurately and on a timely basis.
As further described in Item 9A of this Annual Report on Form 10-K, management concluded that our internal control over financial reporting and disclosure controls and procedures were not effective as of June 30, 2026. A material weakness is a deficiency, or a combination of deficiencies, in interna…
The Company's corporate investments are subject to market and other investment-related risks. Investment income and asset values may be adversely affected by realized losses on the disposition of investments, declines in fair value, impairments, and other unfavorable market developments. Certain inv…
As part of our third-party risk management program, we annually review and evaluate SOC 1 reports provided by key vendors to assess controls related to information technology and data security.
相对上期删除的文字 · 来源:10-K · 2025-09-08
The Company’s business operations are concentrated in San Antonio, Texas. The Company has developed various backup systems and contingency plans but cannot be assured that those preparations will be adequate in all circumstances that could arise, or that material interruptions and disruptions will n…
We previously identified a material weakness in our internal control over financial reporting, which has since been remediated, but may continue to impact perceptions of our controls and expose the Company to potential risk.
As further described in Item 9A of this Annual Report on Form 10-K, management identified a material weakness in our internal control over financial reporting that existed as of June 30, 2024. While this material weakness has been remediated as of June 30, 2025, and management has concluded that our…
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the financial statements would not be prevented or detected on a timely basis. Although the deficiency has b…
The Company currently has a significant portion of its assets in corporate investments. These investments are subject to investment market risk, and investment income could be adversely affected by the realization of losses upon disposition of investments or the recognition of significant unrealized…
管理层讨论与分析
相对上期新增的文字 · 来源:10-K · 2026-09-03
The Company’s operating revenues are closely tied to assets under management (“AUM”), which are influenced by market performance, investor inflows and outflows, and the mix of managed investment products. As a result, changes in financial markets and investor sentiment can have a significant impact …
During the fiscal year ended June 30, 2026, U.S. equity markets delivered strong returns, supported by resilient economic growth and continued technological innovation. The S&P 500 gained approximately 20.9 percent for the twelve months ended June 30, 2026, led by the Information Technology sector, …
At the same time, global financial markets continued to be influenced by geopolitical tensions, trade policy uncertainty, and shifting monetary policy expectations. Conflicts in Eastern Europe and the Middle East, along with changing tariff policies among major economies, contributed to periods of m…
While several central banks began easing monetary policy during the year, inflation remained above long-term targets in many regions. Economic growth moderated but remained positive across most major economies, supported by healthy labor markets and consumer spending. These conditions created a rang…
The travel and tourism industry remained resilient throughout the fiscal year. Strong demand for leisure travel, international tourism, cruises, and hospitality services supported revenue growth across many travel-related companies. These trends benefited the Company’s travel-focused products, inclu…
相对上期删除的文字 · 来源:10-K · 2025-09-08
The Company’s operating revenues are highly correlated to the level of assets under management (“AUM”) and fees associated with various investment products. While AUM is directly impacted by changes in the financial markets, it is also impacted by cash inflows or outflows due to shareholder activity…
While products are offered for a wide variety of markets, the Company has traditionally focused on gold mining and exploration, natural resources, and emerging markets. More recently the airline industry has become more significant to our revenue. All these markets are volatile and subject to capita…
Reflecting on the significant developments and challenges of the past year ending and as of June 30, 2025, our outlook acknowledges the ongoing impact of geopolitical tensions, monetary policy decisions, and market dynamics that have shaped the investment landscape.
Over the last year, the persistence of tariffs and trade sanctions across several key nations— including ongoing tensions involving China, the Ukraine-Russia conflict, and geopolitical uncertainties surrounding India-Pakistan and Israel-Iran—have continued to influence global trade flows. Despite th…
Throughout 2024 and into 2025, the U.S. Federal Reserve has maintained higher interest rates for an extended period, with expectations originally calling for rate cuts in the first half of 2025. While two rate cuts were anticipated, the Fed has signaled a cautious approach, citing inflation remainin…
市场风险(第7A项)
相对上期新增的文字 · 来源:10-K · 2026-09-03
Macroeconomic conditions, including inflation and changes in interest rates; geopolitical uncertainty and related market volatility; adverse market conditions, including disruptions in cryptocurrency markets; and natural disasters, public health events, or other catastrophic occurrences may adversel…
The Company is exposed to interest rate risk through its cash equivalents and investment portfolio. Changes in interest rates may affect both the fair value of certain investments and the interest income earned on cash, cash equivalents, and other interest-bearing investments. As a result, fluctuati…
相对上期删除的文字 · 来源:10-K · 2025-09-08
Macroeconomic declines, including inflation; negative political developments, including volatile market conditions due to investor concerns regarding inflation, and the Russia-Ukraine and Middle East conflicts; adverse market conditions, including cryptocurrency market disruptions; and catastrophic …
Due to the Company’s investments in debt securities carried at fair value, interest rate fluctuations represent a market risk factor affecting the Company’s consolidated financial position. Debt securities may fluctuate in value due to changes in interest rates. Generally, investments subject to int…
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议