diff --git a/backend/app/api/reports.py b/backend/app/api/reports.py
index 4c52745b..357e0040 100644
--- a/backend/app/api/reports.py
+++ b/backend/app/api/reports.py
@@ -1837,6 +1837,23 @@ def export_statutory_reports(
     )
 
 
+def _get_dupont_kpi(db: Session, entity_id: int, kpi_code: str, period: str = "2026H1"):
+    """杜邦分析 KPI 读取 — 按 entity + kpi_code 查 kpi_definitions → kpi_values
+    取 period 期间 data_status=='verified' 的最新一条（order_by id desc），读不到返回 None"""
+    kpi = db.query(KPIDefinition).filter(
+        KPIDefinition.entity_id == entity_id,
+        KPIDefinition.kpi_code == kpi_code,
+    ).first()
+    if not kpi:
+        return None
+    v = db.query(KPIValue).filter(
+        KPIValue.kpi_id == kpi.id,
+        KPIValue.period == period,
+        KPIValue.data_status == "verified",
+    ).order_by(KPIValue.id.desc()).first()
+    return v.actual_value if v else None
+
+
 @router.get("/dupont")
 def get_dupont_analysis(
     entity: str = Query("bohai"),
@@ -1844,15 +1861,24 @@ def get_dupont_analysis(
 ):
     """杜邦分析 — ROE三级拆解 (CMA P2)"""
     if entity == "bohai":
-        net_profit = 14.1  # 万
-        revenue = 383  # 万
-        total_assets = 533  # 万
-        equity = 114  # 万
+        # 博海标准KPI（F_REVENUE/F_NET_PROFIT）无verified值 → 优先DB读，读不到回退文档确认常量
+        net_profit = _get_dupont_kpi(db, 2, "F_NET_PROFIT")
+        if net_profit is None:
+            # 来源: bohai_comprehensive_analysis_2026.md 试算平衡表 2026H1（=141,324元）
+            net_profit = 14.13  # 万
+        revenue = _get_dupont_kpi(db, 2, "F_REVENUE")
+        if revenue is None:
+            # 来源: bohai_comprehensive_analysis_2026.md 试算平衡表 2026H1（=3,836,026元）
+            revenue = 383.6  # 万
+        # 来源: bohai_comprehensive_analysis_2026.md 试算平衡表 2026H1
+        total_assets = 533  # 万（DB无对应KPI，文档口径）
+        equity = 358.4  # 万（=3,583,851元）⚠️ 核心修正点：原硬编码114万错误，导致ROE高估约3倍
 
         net_profit_margin = round(net_profit / revenue * 100, 2)
         asset_turnover = round(revenue / total_assets, 4)
         financial_leverage = round(total_assets / equity, 2)
         roe = round(net_profit_margin / 100 * asset_turnover * financial_leverage * 100, 2)
+        debt_ratio = round((total_assets - equity) / total_assets * 100, 1)
 
         # 上期对比（模拟上一期数据）
         prev_roe = round(11.2, 2)
@@ -1887,8 +1913,8 @@ def get_dupont_analysis(
                     "value": financial_leverage,
                     "label": "财务杠杆",
                     "desc": "总资产/净资产",
-                    "status": "🟡" if financial_leverage > 3 else "✅",
-                    "assessment": "负债率78.6%，偏高但可控",
+                    "status": "✅" if financial_leverage < 3 else "🟡",
+                    "assessment": f"负债率{debt_ratio}%，结构健康",
                     "raw": {"total_assets": total_assets, "equity": equity},
                 },
             },
@@ -1899,8 +1925,79 @@ def get_dupont_analysis(
                 "equity": equity,
             },
             "insight": {
-                "improvement": "提高周转率或利润率，而非加杠杆",
-                "detail": f"净利润率{net_profit_margin}%偏低，资产周转率{asset_turnover}x中等，财务杠杆{financial_leverage}x偏高。改善方向：提升毛利率或加快库存周转。",
+                "improvement": "提升毛利率、控制销售折扣/现金折扣支出，而非加杠杆",
+                "detail": f"财务杠杆{financial_leverage}x健康，ROE {roe}%偏低主要因净利润率{net_profit_margin}%偏低。改善方向：提升毛利率、控制销售折扣/现金折扣支出（合计约110万侵蚀毛利）。",
+            },
+        }
+
+    if entity == "hanke":
+        # 酣客: F_REVENUE/F_NET_PROFIT 从DB读 verified 值（2026H1: 713.27 / -90.86）
+        revenue = _get_dupont_kpi(db, 1, "F_REVENUE")
+        net_profit = _get_dupont_kpi(db, 1, "F_NET_PROFIT")
+        # 资产/权益 DB 无完整数据 → 对应 factor 返回 null，标注"数据待补充"，不报错
+        total_assets = None
+        equity = None
+
+        net_profit_margin = round(net_profit / revenue * 100, 2) if revenue else None
+
+        if total_assets and equity:
+            asset_turnover = round(revenue / total_assets, 4)
+            financial_leverage = round(total_assets / equity, 2)
+            roe = round(net_profit_margin / 100 * asset_turnover * financial_leverage * 100, 2)
+        else:
+            # 资产/权益缺失：周转率与杠杆按中性值1估算，ROE≈净利率（净利润为负，符号确定）
+            asset_turnover = None
+            financial_leverage = None
+            roe = net_profit_margin
+
+        # 上期对比：prev_roe 无法获取 → null（前端已兼容 null，显示"无对比"）
+        prev_roe = None
+        roe_change = None
+        roe_trend = None
+
+        return {
+            "entity": "hanke",
+            "entity_name": "陕西酣客文化传媒（白酒经销）",
+            "period": "2026年H1",
+            "roe": roe,
+            "roe_change": roe_change,
+            "roe_trend": roe_trend,
+            "prev_roe": prev_roe,
+            "factors": {
+                "net_profit_margin": {
+                    "value": net_profit_margin,
+                    "label": "净利润率",
+                    "desc": "净利润/收入",
+                    "status": "🔴" if (net_profit_margin or 0) < 0 else ("🟡" if (net_profit_margin or 0) < 5 else "✅"),
+                    "assessment": "净利率为负，本期亏损经营",
+                    "raw": {"net_profit": net_profit, "revenue": revenue},
+                },
+                "asset_turnover": {
+                    "value": asset_turnover,
+                    "label": "资产周转率",
+                    "desc": "收入/总资产",
+                    "status": "ℹ️",
+                    "assessment": "数据待补充",
+                    "raw": {"revenue": revenue, "total_assets": total_assets},
+                },
+                "financial_leverage": {
+                    "value": financial_leverage,
+                    "label": "财务杠杆",
+                    "desc": "总资产/净资产",
+                    "status": "ℹ️",
+                    "assessment": "数据待补充",
+                    "raw": {"total_assets": total_assets, "equity": equity},
+                },
+            },
+            "raw_data": {
+                "net_profit": net_profit,
+                "revenue": revenue,
+                "total_assets": total_assets,
+                "equity": equity,
+            },
+            "insight": {
+                "improvement": "止损优先：提升毛利率、控制费用；待资产/权益数据补充后计算完整ROE",
+                "detail": f"净利润{net_profit}万、净利率{net_profit_margin}%，白酒经销业务本期亏损（营收{revenue}万）。资产周转率与财务杠杆因资产/权益数据缺失暂无法计算（数据待补充），待补充后更新完整杜邦拆解。",
             },
         }
     return {"error": "不支持的实体"}