新增支付平台收入样本与分布分析

apps/docs/src/components/AICompanyResearch.tsx

@@ -1,13 +1,14 @@
 import { useEffect, useMemo, useRef, useState } from "react";
+import IncomeDistribution from "./IncomeDistribution";
 import {
   categorySummary, evidenceUrl, type ResearchEvidence, type ResearchSnapshot,
 } from "@/lib/ai-research";
 
 const pageSize = 12;
 const evidencePageSize = 30;
-const revenueLabels = { self: "公司披露，待核口径", estimate: "仅第三方估算", unknown: "暂无可用收入数字" };
+const revenueLabels = { self: "公司披露，待核口径", estimate: "仅第三方估算", platform: "仅支付平台记录", unknown: "暂无可用收入数字" };
 const useLabels: Record<string, string> = {
-  signal: "公司披露信号", estimate: "第三方估算", historical: "历史里程碑",
+  platform: "支付平台记录", signal: "公司披露信号", estimate: "第三方估算", historical: "历史里程碑",
   "historical-estimate": "其他时点估算", excluded: "排除收入比较", scale: "团队规模", adoption: "采用规模",
   funding: "融资", crosscheck: "同一里程碑的其他资料",
 };
@@ -70,7 +71,8 @@ export default function AICompanyResearch() {
   const categories = new Map(data.categories.map((c) => [c.id, c]));
   const selectedCompany = data.companies.find((c) => c.id === selected);
   const observed = data.observations.filter((o) => ["signal", "estimate"].includes(o.selection));
-  const revenueCompanies = new Set(observed.map((o) => o.company)).size;
+  const disclosedCompanies = new Set(observed.map((o) => o.company)).size;
+  const revenueCompanies = new Set(data.observations.filter((o) => ["signal", "estimate", "platform"].includes(o.selection)).map((o) => o.company)).size;
   const selectedObservations = data.observations.filter((o) => o.company === selected);
   const selectedEvidenceIds = new Set([
     ...(selectedCompany?.evidenceIds ?? []), ...(selectedCompany?.pricingEvidence ? [selectedCompany.pricingEvidence] : []),
@@ -84,7 +86,7 @@ export default function AICompanyResearch() {
   return <div className="ai-research not-prose">
     <div className="research-meta"><span>资料截至 {data.asOf}</span><span>首批研究 · 持续补全</span></div>
     <div className="research-stats">
-      <div><strong>{data.companies.length}</strong><span>已收录公司</span></div>
+      <div><strong>{data.companies.length}</strong><span>公司/产品记录</span></div>
       <div><strong>{data.categories.length}</strong><span>业务类别</span></div>
       <div><strong>{revenueCompanies}</strong><span>找到收入信号的公司</span></div>
       <div><strong>{data.evidence.length}</strong><span>证据记录</span></div>
@@ -97,7 +99,7 @@ export default function AICompanyResearch() {
     </div>
     <section aria-labelledby="research-categories-title" className="research-section">
       <h2 id="research-categories-title">业务分类</h2><p className="research-muted">点击类别查看对应公司。数量反映本次采集覆盖，不是市场份额。</p>
-      <div className="research-categories">{summaries.map((c) => <button key={c.id} onClick={() => chooseCategory(c.id)} aria-label={`查看${c.name}的${c.count}家公司`}>
+      <div className="research-categories">{summaries.map((c) => <button key={c.id} onClick={() => chooseCategory(c.id)} aria-label={`查看${c.name}的${c.count}条记录`}>
         <div><span>{c.name}</span><strong>{c.count}</strong></div>
         <span className="research-bar" aria-hidden="true"><i style={{ width: `${c.count / Math.max(1, ...summaries.map((s) => s.count)) * 100}%` }} /></span>
         <small>{c.description}</small>
@@ -106,7 +108,7 @@ export default function AICompanyResearch() {
     <section ref={companySection} className="research-section" aria-labelledby="research-records-title">
       <h2 id="research-records-title">研究数据</h2>
       <div className="research-tabs" role="group" aria-label="研究数据视图">
-        {([['companies','公司数据'],['revenue','收入观测'],['sources','原始证据'],['reviews','核查记录']] as const).map(([id,label]) =>
+        {([['companies','公司与产品'],['revenue','收入观测'],['sources','原始证据'],['reviews','核查记录']] as const).map(([id,label]) =>
           <button key={id} aria-pressed={tab === id} onClick={() => setTab(id)}>{label}</button>)}
       </div>
       {tab === "companies" && <>
@@ -116,10 +118,10 @@ export default function AICompanyResearch() {
           <label>成立或发布<select value={cohort} onChange={(e) => { setCohort(e.target.value); setPage(0); }}><option value="">全部组别</option><option value="2025">2025 年成立</option><option value="2026">2026 年成立</option><option value="other">公开发布与转型对照</option></select></label>
           <label>资料深度<select value={depth} onChange={(e) => { setDepth(e.target.value); setPage(0); }}><option value="">全部资料</option><option value="case">原有个案研究</option><option value="profile">目录基础资料</option></select></label>
           <label>记录团队规模<select value={teamBand} onChange={(e) => { setTeamBand(e.target.value); setPage(0); }}><option value="">全部规模</option><option value="small">1—5 人</option><option value="medium">6—20 人</option><option value="large">21—50 人</option><option value="xl">至少 51 人</option><option value="unknown">未披露或分组不确定</option></select></label>
-          <label>收入资料<select value={income} onChange={(e) => { setIncome(e.target.value); setPage(0); }}><option value="">全部状态</option><option value="self">找到公司披露</option><option value="estimate">仅第三方估算</option><option value="unknown">暂无可用数字</option></select></label>
+          <label>收入资料<select value={income} onChange={(e) => { setIncome(e.target.value); setPage(0); }}><option value="">全部状态</option><option value="self">找到公司披露</option><option value="estimate">仅第三方估算</option><option value="platform">仅支付平台记录</option><option value="unknown">暂无可用数字</option></select></label>
         </div>
-        <div className="research-result-count" role="status">{filtered.length} 家匹配公司<button onClick={() => { setCategory(""); setQuery(""); setCohort(""); setIncome(""); setDepth(""); setTeamBand(""); setPage(0); }}>清除筛选</button></div>
-        <div className="research-table-wrap"><table><caption className="sr-only">公司分类与经营资料。选择公司名称查看指标和原始证据。</caption><thead><tr><th>公司 / 地区</th><th>业务与买家</th><th>成立 / 发布组别</th><th>团队规模</th><th>商业成熟度</th><th>收入资料</th></tr></thead><tbody>
+        <div className="research-result-count" role="status">{filtered.length} 条匹配记录<button onClick={() => { setCategory(""); setQuery(""); setCohort(""); setIncome(""); setDepth(""); setTeamBand(""); setPage(0); }}>清除筛选</button></div>
+        <div className="research-table-wrap"><table><caption className="sr-only">公司/产品分类与经营资料。选择名称查看指标和原始证据。</caption><thead><tr><th>公司或产品 / 地区</th><th>业务与买家</th><th>成立 / 发布组别</th><th>团队规模</th><th>商业成熟度</th><th>收入资料</th></tr></thead><tbody>
           {filtered.slice(page * pageSize, (page + 1) * pageSize).map((c) => <tr key={c.id} data-selected={selected === c.id || undefined}>
             <td><button className="research-company-name" aria-expanded={selected === c.id} aria-controls="research-company-detail" onClick={() => setSelected(c.id)}>{c.name}</button><small>{c.location ?? "地区未注明"}</small></td>
             <td><span className="research-tag">{categories.get(c.cat)?.name}</span>{c.profileOnly && <small>规则初分 · 待复核</small>}<p>{c.business}</p><small>买家：{c.buyer}</small></td>
@@ -130,22 +132,24 @@ export default function AICompanyResearch() {
         {filtered.length > pageSize && <nav className="research-pagination" aria-label="公司数据分页"><button disabled={page === 0} onClick={() => setPage((n) => n - 1)}>上一页</button><span>{page + 1} / {Math.ceil(filtered.length / pageSize)}</span><button disabled={(page + 1) * pageSize >= filtered.length} onClick={() => setPage((n) => n + 1)}>下一页</button></nav>}
       </>}
       {tab === "revenue" && <>
-        <p className="research-notice">目前找到 {revenueCompanies} 家公司的收入信号。大多是缺少日历时点的历史里程碑，且 ARR 与年化收入尚未统一。领域均值和离散度暂不计算。</p>
+        <IncomeDistribution data={data} onSelect={setSelected} />
+        <h3>公司披露与估算的历史里程碑</h3>
+        <p className="research-notice">这一组包含 {disclosedCompanies} 家公司的披露或估算信号，多为异时点历史里程碑，ARR 与年化收入口径仍待核对，暂不计算其同期领域均值。上面的平台MRR统计与这一组分开。</p>
         <div className="research-revenue-chart" aria-label="不同时间的公开收入里程碑，线性长度，非同行排名">{observed.map((o) => <div key={o.id}>
           <div><button onClick={() => setSelected(o.company)}>{o.name}</button><strong>{o.bound !== "=" && o.bound}{money(o.value, o.unit)}</strong></div>
           <span className="research-bar" data-estimate={o.selection === "estimate" || undefined} aria-hidden="true"><i style={{width: `${o.value / Math.max(...observed.map((v) => v.value)) * 100}%`}} /></span>
           <small>{o.kind} · {useLabels[o.selection]} · {o.timing}</small>
         </div>)}</div>
-        <div className="research-table-wrap"><table><caption>当前研究数据中的收入可得性，目录项未逐一检索；未建立同期、同龄、同口径比较组</caption><thead><tr><th>业务分类</th><th>公司披露数</th><th>仅估算数</th><th>暂无可用数字</th><th>同期均值 / 离散度</th></tr></thead><tbody>{summaries.map((c) => <tr key={c.id}><td><button onClick={() => chooseCategory(c.id)}>{c.name}</button></td><td>{c.self}</td><td>{c.estimate}</td><td>{c.unknown}</td><td>条件不足</td></tr>)}</tbody></table></div>
+        <div className="research-table-wrap"><table><caption>当前研究数据中的收入可得性，目录项未逐一检索；未建立同期、同龄、同口径比较组</caption><thead><tr><th>业务分类</th><th>公司披露数</th><th>仅估算数</th><th>仅平台数</th><th>暂无可用数字</th><th>同期均值 / 离散度</th></tr></thead><tbody>{summaries.map((c) => <tr key={c.id}><td><button onClick={() => chooseCategory(c.id)}>{c.name}</button></td><td>{c.self}</td><td>{c.estimate}</td><td>{c.platform}</td><td>{c.unknown}</td><td>条件不足</td></tr>)}</tbody></table></div>
         <p className="research-muted">离散度用于筛选值得核查的异常，还需排除公司年龄、口径和披露偏差；不能据此认定财务造假。</p>
       </>}
       {tab === "sources" && <><p className="research-muted">来源链接保留原始位置。相同 URL 的记录可能属于同一披露，不能按记录数计算独立证据数量。</p><ul className="research-evidence-list">{data.evidence.slice(sourcePage * evidencePageSize, (sourcePage + 1) * evidencePageSize).map((e) => <Evidence key={e.id} item={e} />)}</ul>{data.evidence.length > evidencePageSize && <nav className="research-pagination" aria-label="原始证据分页"><button disabled={sourcePage === 0} onClick={() => setSourcePage((n) => n - 1)}>上一页</button><span>{sourcePage + 1} / {Math.ceil(data.evidence.length / evidencePageSize)}</span><button disabled={(sourcePage + 1) * evidencePageSize >= data.evidence.length} onClick={() => setSourcePage((n) => n + 1)}>下一页</button></nav>}</>}
       {tab === "reviews" && <ul className="research-review-list">{data.reviews.map((r) => <li key={r.id}><span className="research-tag">{r.type}</span><h3>{r.company}</h3><p>{r.summary}</p><p>{r.handling}</p><div>{r.evidenceIds.map((id) => { const e=data.evidence.find((item) => item.id === id); return e ? <External key={id} url={e.url}>{id}</External> : null; })}</div></li>)}</ul>}
     </section>
-    {selectedCompany && <section id="research-company-detail" ref={detailSection} tabIndex={-1} className="research-detail research-section" aria-label={`${selectedCompany.name}公司明细`}>
+    {selectedCompany && <section id="research-company-detail" ref={detailSection} tabIndex={-1} className="research-detail research-section" aria-label={`${selectedCompany.name}资料明细`}>
       <div className="research-detail-heading"><h2>{selectedCompany.name}</h2><button onClick={() => setSelected(null)} aria-label="关闭公司明细">关闭</button></div>
-      <p><External url={selectedCompany.url}>公司资料入口</External>　{selectedCompany.extraUrl && <External url={selectedCompany.extraUrl}>额外核验入口</External>}</p>
-      <dl className="research-company-facts"><div><dt>主营业务</dt><dd>{selectedCompany.business}</dd></div><div><dt>样本组别</dt><dd>{selectedCompany.cohort}</dd></div><div><dt>买家</dt><dd>{selectedCompany.buyer}</dd></div><div><dt>收费方式</dt><dd>{selectedCompany.price}</dd></div><div><dt>交付证据</dt><dd>{selectedCompany.delivery}</dd></div><div><dt>团队口径</dt><dd>{selectedCompany.teamBasis ?? "本轮未核验人数"}</dd></div><div><dt>分类依据</dt><dd>{selectedCompany.classificationBasis ?? "原有个案分类；随研究复核"}</dd></div><div><dt>技术水平</dt><dd>尚未独立测试，不据融资或收入作能力排名。</dd></div><div><dt>身份与限制</dt><dd>{selectedCompany.notes}</dd></div></dl>
+      <p><External url={selectedCompany.url}>资料入口</External>　{selectedCompany.extraUrl && <External url={selectedCompany.extraUrl}>额外核验入口</External>}</p>
+      <dl className="research-company-facts"><div><dt>主营业务</dt><dd>{selectedCompany.business}</dd></div><div><dt>样本组别</dt><dd>{selectedCompany.cohort}</dd></div><div><dt>买家</dt><dd>{selectedCompany.buyer}</dd></div><div><dt>收费/交付模式</dt><dd>{selectedCompany.businessModel ?? "待进一步核验"}</dd></div><div><dt>收费方式</dt><dd>{selectedCompany.price}</dd></div><div><dt>交付证据</dt><dd>{selectedCompany.delivery}</dd></div><div><dt>团队口径</dt><dd>{selectedCompany.teamBasis ?? "本轮未核验人数"}</dd></div><div><dt>分类依据</dt><dd>{selectedCompany.classificationBasis ?? "原有个案分类；随研究复核"}</dd></div><div><dt>技术水平</dt><dd>尚未独立测试，不据融资或收入作能力排名。</dd></div><div><dt>观测主体</dt><dd>{selectedCompany.entityBasis ?? "公司或经营品牌，法律主体未逐一核验"}</dd></div><div><dt>身份与限制</dt><dd>{selectedCompany.notes}</dd></div></dl>
       <h3>经营指标与排除记录</h3>
       {selectedObservations.length ? <div className="research-table-wrap"><table><thead><tr><th>指标 / 归属</th><th>原始数值</th><th>数据时点</th><th>用途及限制</th><th>证据</th></tr></thead><tbody>{selectedObservations.map((o) => <tr key={o.id}><td>{o.kind}<small>{o.scope}</small></td><td>{o.bound !== "=" && o.bound}{money(o.value,o.unit)}</td><td>{o.timing}</td><td>{useLabels[o.selection] ?? o.selection}<small>{o.reason}</small></td><td><a href={`#detail-evidence-${o.evidence}`}>{o.evidence}</a></td></tr>)}</tbody></table></div> : <p>本轮尚未找到可记录的量化经营指标。收入保持未知。</p>}
       <h3>原始证据</h3><ul className="research-evidence-list">{selectedEvidence.map((e) => <Evidence key={e.id} prefix="detail-evidence" item={e} />)}</ul>

apps/docs/src/components/IncomeDistribution.tsx

@@ -0,0 +1,75 @@
+import { useMemo, useState } from "react";
+import type { ResearchSnapshot } from "@/lib/ai-research";
+import { groupIncome, platformIncomeSample } from "@/lib/research-statistics";
+
+const usd = (value: number | null) => value === null ? "—" : new Intl.NumberFormat("zh-CN", {
+  style: "currency", currency: "USD", maximumFractionDigits: 0,
+}).format(value);
+const percent = (value: number | null) => value === null ? "—" : `${(value * 100).toFixed(1)}%`;
+
+export default function IncomeDistribution({ data, onSelect }: {
+  data: ResearchSnapshot; onSelect: (id: string) => void;
+}) {
+  const [dateWindow, setDateWindow] = useState("7");
+  const [year, setYear] = useState("");
+  const [annualize, setAnnualize] = useState(false);
+  const [splitModels, setSplitModels] = useState(true);
+  const [logScale, setLogScale] = useState(true);
+  const sample = useMemo(() => platformIncomeSample(data, {
+    windowDays: dateWindow === "all" ? null : Number(dateWindow), foundedYear: year ? Number(year) : undefined, annualize,
+  }), [data, dateWindow, year, annualize]);
+  const groups = useMemo(() => groupIncome(sample.points, splitModels).sort((a, b) =>
+    a.category.localeCompare(b.category) || a.provider.localeCompare(b.provider) || a.model.localeCompare(b.model)), [sample.points, splitModels]);
+  const categories = new Map(data.categories.map((category) => [category.id, category.name]));
+  const metric = annualize ? "MRR×12参考年化" : "平台MRR";
+  const values = sample.points.map((point) => point.value);
+  const minValue = Math.min(...values);
+  const maxValue = Math.max(1, ...values);
+  const axisMin = logScale && minValue > 0 && Number.isFinite(minValue) ? 10 ** Math.floor(Math.log10(minValue)) : 0;
+  const axisMax = Math.max(axisMin * 10, 10 ** Math.ceil(Math.log10(maxValue)));
+  const scale = logScale ? (value: number) => Math.log10(value + 1) : (value: number) => value;
+  const left = 250, right = 865;
+  const x = (value: number) => left + (scale(value) - scale(axisMin)) / (scale(axisMax) - scale(axisMin)) * (right - left);
+  const ticks = logScale ? [0, 1, 10, 100, 1000, 10000, 100000, 1000000, 10000000]
+    .filter((value) => value >= axisMin && value <= axisMax) : [0, .25, .5, .75, 1].map((fraction) => fraction * axisMax);
+  return <section className="research-distribution" aria-labelledby="income-distribution-title">
+    <h3 id="income-distribution-title">收入分布与均值敏感性</h3>
+    <p>单独比较支付平台显示的 USD MRR。每个点是一个产品或业务，法律主体与支付账户的独立性尚未全部核实；这不是行业总体或公司财报样本。</p>
+    <div className="research-filters">
+      <label>最后同步日期窗口<select value={dateWindow} onChange={(event) => setDateWindow(event.target.value)}><option value="7">截止日前 7 天内</option><option value="30">截止日前 30 天内</option><option value="90">截止日前 90 天内</option><option value="all">全部已知日期（混合历史）</option></select></label>
+      <label>资料中的创立年<select value={year} onChange={(event) => setYear(event.target.value)}><option value="">2025 与 2026</option><option value="2025">2025</option><option value="2026">2026</option></select></label>
+      <label>显示单位<select value={annualize ? "annualized" : "mrr"} onChange={(event) => setAnnualize(event.target.value === "annualized")}><option value="mrr">MRR（美元/月）</option><option value="annualized">MRR×12参考年化（美元/年）</option></select></label>
+    </div>
+    <div className="income-options"><label><input type="checkbox" checked={splitModels} onChange={(event) => setSplitModels(event.target.checked)} /> 按收费与交付模式细分</label><label><input type="checkbox" checked={logScale} onChange={(event) => setLogScale(event.target.checked)} /> 对数横轴</label></div>
+    <p className="research-notice">资料截至 {data.asOf}，纳入 {sample.points.length} 个产品，另有 {sample.excluded.length} 个 MRR 观测未纳入。{annualize ? "乘12只改变显示单位，不证明全年收入、续约或ARR；CV与相对敏感性不变。" : "MRR不等于近30日收款；平台数据连接也不等于财务审计。"}{dateWindow === "all" && " 当前包含不同时间的历史观测，不能称为同期对照。"}</p>
+    {sample.points.length ? <>
+      <figure>
+        <div className="research-table-wrap"><svg className="income-distribution-chart" viewBox={`0 0 900 ${groups.length * 70 + 65}`} role="group" aria-label={`${metric}分布，${logScale ? "对数" : "线性"}横轴；圆点为产品，竖线为均值，菱形为中位数`}>
+          {ticks.map((tick) => <g key={tick}><line x1={x(tick)} x2={x(tick)} y1={15} y2={groups.length * 70 + 10} stroke="#dfe6e0" /><text x={x(tick)} y={groups.length * 70 + 35} textAnchor="middle" fontSize="11" fill="#637066">{usd(tick)}</text></g>)}
+          {groups.map((group, index) => {
+            const y = index * 70 + 40;
+            return <g key={group.key}>
+              <text x={8} y={y - 8} fontSize="12" fill="#202724">{categories.get(group.category)}</text>
+              <text x={8} y={y + 10} fontSize="10" fill="#637066">{group.provider} · {group.model} · n={group.stats.n}</text>
+              <line x1={x(group.stats.min)} x2={x(group.stats.max)} y1={y} y2={y} stroke="#95b4a6" strokeWidth={2} />
+              <line x1={x(group.stats.mean)} x2={x(group.stats.mean)} y1={y - 17} y2={y + 17} stroke="#b17725" strokeWidth={3}><title>样本均值 {usd(group.stats.mean)}</title></line>
+              <path d={`M${x(group.stats.median)},${y - 7} l7,7 l-7,7 l-7,-7 Z`} fill="#8a78ad"><title>样本中位数 {usd(group.stats.median)}</title></path>
+              {group.points.map((point, position) => <g key={point.company.id} role="button" tabIndex={0} aria-label={`查看${point.company.name}，${metric} ${usd(point.value)}`} onClick={() => onSelect(point.company.id)} onKeyDown={(event) => { if (event.key === "Enter" || event.key === " ") { event.preventDefault(); onSelect(point.company.id); } }}>
+                <title>{point.company.name} · {usd(point.value)} · 数据日期 {point.observation.observedAt}{point.observation.connectionExpired ? " · 连接提示过期" : ""}</title>
+                <circle cx={x(point.value)} cy={y + ((position % 5) - 2) * 4} r={10} fill="transparent" />
+                <circle cx={x(point.value)} cy={y + ((position % 5) - 2) * 4} r={4.5} fill="#27745b" stroke="white" />
+              </g>)}
+            </g>;
+          })}
+        </svg></div>
+        <figcaption>圆点：产品观测　竖线：样本均值　菱形：样本中位数。按业务类别与支付来源分组，点击点或下表产品名可看原始证据。</figcaption>
+      </figure>
+      <div className="research-table-wrap"><table><caption>{metric}样本统计；金额按显示值计算，CV使用样本标准差</caption><thead><tr><th>类别 / 来源 / 模式</th><th>n</th><th>均值</th><th>中位数</th><th>均值/中位数</th><th>CV</th><th>去除最大值后的均值 / 下降幅度</th><th>产品与限制</th></tr></thead><tbody>{groups.map((group) => <tr key={group.key}>
+        <td>{categories.get(group.category)}<small>{group.provider} · {group.model}</small></td><td>{group.stats.n}</td><td>{usd(group.stats.mean)}</td><td>{usd(group.stats.median)}</td><td>{group.stats.meanMedianRatio?.toFixed(2) ?? "—"}</td><td>{group.stats.cv?.toFixed(2) ?? "—"}</td><td>{usd(group.stats.meanWithoutLargest)}<small>{percent(group.stats.largestRemovalDrop)}</small></td>
+        <td>{group.points.map((point) => <span key={point.company.id}><button className="research-company-name" onClick={() => onSelect(point.company.id)}>{point.company.name}</button>{" "}</span>)}<small>{group.stats.n < 3 ? "样本少于3，不能据此判断领域典型收入。" : "自选的小样本，须结合产品年龄、成本与留存评估。"}</small></td>
+      </tr>)}</tbody></table></div>
+    </> : <p className="research-message">当前窗口和创立年份没有符合条件的 MRR 记录。</p>}
+    <details><summary>统计规则与解释</summary><p>每个产品只取符合条件的最新一条平台 MRR；币种为美元，要求有效数据日期、确定数值及支付来源。公司 ARR、估算、融资、目标和近30日收入均不进入这里。未知值不补零。</p><p>CV＝样本标准差÷均值，标准差分母为 n−1；n=1 不算 CV。n=2 时均值必然等于中位数，不能据此认为均值有代表性。较大的均值/中位数差距、CV或移除最大值的变化，仅提示进一步核查样本构成。</p><p>支付商与平台的退款、试用、年付、币种及指标计算可能不同（<a href="https://trustmrr.com/faq" target="_blank" rel="noopener noreferrer">平台方法说明</a>）。不能将 MRR 与收款差异、单个高值或高离散度直接解释为财务造假。比较商业模式还需要毛利、获客成本、留存、人工交付和客户集中度。</p></details>
+    {sample.excluded.length > 0 && <details><summary>未纳入的 MRR 记录（{sample.excluded.length}）</summary><ul>{sample.excluded.map(({ observation, reason }) => <li key={observation.id}><button onClick={() => onSelect(observation.company)}>{observation.name}</button>：{usd(observation.value)} / 月，{observation.observedAt ?? "日期未知"}；{reason}</li>)}</ul></details>}
+  </section>;
+}