研究对象: APAC
三表模型
建模口径
本模型的唯一研究对象为 APAC，即 StoneBridge Acquisition II Corporation；APAC 是 Cayman Islands exempted company 形式的 blank check company，成立目的为完成 merger、amalgamation、share exchange、asset acquisition、share purchase、reorganization 或类似 Business Combination。[S2] SEC 提交索引显示，截至 2026-07-27 本步骤核查时，APAC 最新定期报告仍为 2026-05-15 提交的 2026 年第一季度 Form 10-Q，因此模型基期采用 2026-03-31 资产负债表。[S3][S1]
基准情景假设 APAC 在 2026E 和 2027E 仍未披露具体 Business Combination target，并在 sponsor 使用两次 3 个月延期后，于 2027-10-01 前仍未完成 Business Combination 而进入清算；2028E 因基准情景下主体已清算，不再作为持续经营公司预测。[S1][自判断]
关键假设表
| 编号 | 明确标记的关键假设 | 基础数据与来源 | 模型处理 |
|---|---|---|---|
| A1 | 关键假设：基准情景为“未完成 Business Combination + 两次延期 + 2027-10-01 清算”。 | APAC 初始完成期限为 2027-04-01，可最多延长 2 次、每次 3 个月，最长期限至 2027-10-01；截至 2026-03-31 公司尚未选定 Business Combination target。[S1] | 2026E 建模为全年存续；2027E 建模至 2027-10-01 清算；2028E 所有三表项目为 $0。[自判断] |
| A2 | 关键假设：经营收入维持为 $0。 | 公司披露完成 initial Business Combination 前不会产生 operating revenues，且 2026-03-31 仍未开展 operating activities。[S1] | 收入拆分中的“Business Combination 搜索与执行收入”“目标公司经营收入”“其他经营收入”在 2026E、2027E、2028E 均列为 $0。[自测算] |
| A3 | 关键假设：信托账户收益率按 Q1 2026 实际运行率外推。 | 2026 年第一季度 Trust Account dividend income 为 $510,416，期初 Trust Account 为 $58,048,399，期末 Trust Account 为 $58,558,815；季度收益率 = $510,416 / (($58,048,399 + $58,558,815) / 2) = 0.8754%，年化为 3.5018%。[S1][自测算] | 2026E 信托收益为 $2,061,870；2027E 清算前信托收益为 ,607,703，均按 0.8754% 季度收益率滚动测算。[自测算] |
| A4 | 关键假设：G&A 按 Q1 2026 月均费用外推。 | 2026 年第一季度 general and administrative expenses 为 26,942，即月均 $42,314。[S1][自测算] | 2026E G&A = 26,942 × 4 = $507,768；2027E G&A = $42,314 × 9 = $380,826；2028E G&A = $0。[自测算] |
| A5 | 关键假设：经营现金流按 Q1 2026 现金消耗外推，并由 sponsor working capital loan 补足现金缺口。 | 2026 年第一季度 net cash flows used in operating activities 为 74,132；公司披露最高 ,500,000 working capital loans 可按 0.00/Unit 转换，且截至 2026-03-31 无 Working Capital Loans 未偿还。[S1] | 2026E OCF = -74,132 × 4 = -$696,528；2027E OCF = -74,132 × 3 = -$522,396；为使期末非信托现金不低于 $0，模型假设 2026E 新增 working capital loan 92,698、2027E 新增 working capital loan $522,396。[自测算] |
| A6 | 关键假设：两次延期均由 sponsor 存入信托账户。 | 每次延期需向 Trust Account 存入 $575,000，即 $0.10 per share；两次合计 ,150,000，即 $0.20 per share，且此类延期贷款在未完成 Business Combination 时不偿还。[S1] | 2027E 信托账户增加 ,150,000 extension deposits；清算时该延期贷款不从 Trust Account 偿还。[S1][自测算] |
| A7 | 关键假设：清算时赎回 100% public shares。 | 公司披露若未在 Completion Window 内完成 Business Combination，将赎回 100% outstanding Public Shares；2026-03-31 Class A ordinary shares subject to possible redemption 为 5,750,000 shares。[S1] | 2027E 清算前信托账户为 $62,867,972，估算每股赎回金额为 $62,867,972 / 5,750,000 = 0.93。[自测算] |
| A8 | 关键假设：不假设未披露的 PIPE、债务融资、收购标的收入、税费或诉讼赔付。 | 公司披露可能需要额外融资完成 Business Combination，但截至 2026-03-31 尚未选定 target，且未披露已承诺 PIPE、债务融资或 target 财务。[S1] | 三表仅滚动 APAC 独立 SPAC 结构；任何完成 Business Combination 后的经营三表需在 target 公告后重建。[自判断] |
收入拆分与利润表预测
| 损益项目 | 2026E | 2027E | 2028E |
|---|---|---|---|
| Business Combination 搜索与执行收入 | $0[自测算] | $0[自测算] | $0[自测算] |
| 目标公司经营收入 | $0[自测算] | $0[自测算] | $0[自测算] |
| 其他经营收入 | $0[自测算] | $0[自测算] | $0[自测算] |
| 经营收入合计 | $0[自测算] | $0[自测算] | $0[自测算] |
| General and administrative expenses | $507,768[自测算] | $380,826[自测算] | $0[自测算] |
| 营业利润 / 亏损 | $507,768[自测算] | $380,826[自测算] | $0[自测算] |
| Interest income | 6,508[自测算] | 2,381[自测算] | $0[自测算] |
| Dividend income on investments in Trust Account | $2,061,870[自测算] | ,607,703[自测算] | $0[自测算] |
| 税前利润 | ,570,610[自测算] | ,239,258[自测算] | $0[自测算] |
| 所得税费用 | $0[自判断] | $0[自判断] | $0[自判断] |
| 净利润 / 净亏损 | ,570,610[自测算] | ,239,258[自测算] | $0[自测算] |
利润表联动说明：2026E 净利润 ,570,610 = 6,508 interest income + $2,061,870 Trust Account dividend income - $507,768 G&A；2027E 净利润 ,239,258 = 2,381 interest income + ,607,703 Trust Account dividend income - $380,826 G&A。[自测算]
资产负债表预测
| 资产负债表项目 | 2026-03-31A | 2026E | 2027E | 2028E |
|---|---|---|---|---|
| Cash | $329,698[S1] | $0[自测算] | $0[自测算] | $0[自测算] |
| Prepaid expenses - current portion | 43,499[S1] | $0[自测算] | $0[自测算] | $0[自测算] |
| Investments held in Trust Account | $58,558,815[S1] | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
| 总资产 | $59,032,012[S1] | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
| Accounts payable、loan from sponsor 与 due to related parties | $51,033[S1] | $243,731[自测算] | $0[自测算] | $0[自测算] |
| Class A ordinary shares subject to possible redemption | $58,558,815[S1] | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
| Shareholders' equity / deficit | $422,164[S1] | $243,731[自测算] | $0[自测算] | $0[自测算] |
| 总负债、临时权益及股东权益 | $59,032,012[S1] | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
补充校验：2026E 总资产 $60,110,269 = Cash $0 + Prepaid expenses $0 + Investments held in Trust Account $60,110,269；2026E 总负债、临时权益及股东权益 $60,110,269 = liabilities $243,731 + temporary equity $60,110,269 - shareholders' deficit $243,731。[自测算] 2027E 年末资产负债表为清算后口径；清算前 Trust Account 估算余额为 $62,867,972，随后用于赎回 public shares。[自测算]
现金流量表预测
| 现金流量表项目 | 2026E | 2027E | 2028E |
|---|---|---|---|
| 净利润 / 净亏损 | ,570,610[自测算] | ,239,258[自测算] | $0[自测算] |
| 扣除 Trust Account 非现金 / 受限收益及营运资本影响后的经营现金流 | $696,528[自测算] | $522,396[自测算] | $0[自测算] |
| Sponsor working capital loan proceeds | 92,698[自测算] | $522,396[自测算] | $0[自测算] |
| Sponsor extension loan deposits into Trust Account | $0[自测算] | ,150,000[S1][自测算] | $0[自测算] |
| Trust Account investment income reinvested / retained | $2,061,870[自测算] | ,607,703[自测算] | $0[自测算] |
| Trust Account release before redemption | $0[自测算] | $62,867,972[自测算] | $0[自测算] |
| Public share redemption distribution | $0[自测算] | $62,867,972[自测算] | $0[自测算] |
| 期初非信托现金 | $503,830[S1] | $0[自测算] | $0[自测算] |
| 非信托现金净变动 | $503,830[自测算] | $0[自测算] | $0[自测算] |
| 期末非信托现金 | $0[自测算] | $0[自测算] | $0[自测算] |
现金流联动说明：2026E 期末非信托现金 $0 = 2025-12-31 Cash $503,830 - 2026E OCF $696,528 + 2026E working capital loan proceeds 92,698。[S1][自测算] 2027E 期末非信托现金 $0 = 2027E 期初非信托现金 $0 - 2027E OCF $522,396 + 2027E working capital loan proceeds $522,396；2027E Trust Account release $62,867,972 与 Public share redemption distribution -$62,867,972 相互抵消，表示清算后信托资产和可赎回临时权益归零。[自测算]
三表联动检查
| 联动项目 | 2026E | 2027E | 2028E |
|---|---|---|---|
| Trust Account 期末余额 | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
| Class A ordinary shares subject to possible redemption | $60,110,269[自测算] | $0[自测算] | $0[自测算] |
| 临时权益与 Trust Account 差额 | $0[自测算] | $0[自测算] | $0[自测算] |
| 资产负债表是否平衡 | 是；$60,110,269 = $60,110,269[自测算] | 是；$0 = $0[自测算] | 是；$0 = $0[自测算] |
| 每股清算 / 赎回金额 | 不适用[自判断] | 0.93[自测算] | 不适用[自判断] |
资料来源 / Sources
[S1] SEC, StoneBridge Acquisition II Corporation, Form 10-Q for the quarterly period ended March 31, 2026 — https://www.sec.gov/Archives/edgar/data/2043630/000182912626005284/stonebridgeacq2_10q.htm
[S2] SEC, StoneBridge Acquisition II Corporation, Form 10-K for the fiscal year ended December 31, 2025 — https://www.sec.gov/Archives/edgar/data/2043630/000182912626002474/stonebridgeacq2_10k.htm
[S3] SEC, EDGAR submissions JSON for CIK 0002043630 — https://data.sec.gov/submissions/CIK0002043630.json