The cycle curve is the product claim. The cost curve is the investment claim. Neither is a forecast — the first is measured, the second is a target we are willing to be held to.
周期曲线是产品主张，成本曲线是投资主张。两者都不是预测——第一条是实测，第二条是我们愿意被拿来问责的目标。
The cycle figures come from batch records at pilot scale. The cost roadmap is a target derived from the cost model, not a measured outcome — the M24 figure is what the patent's control logic is supposed to deliver, and it is the number to hold us to.周期数据来自中试尺度的批次记录。成本路径是由成本模型推导出的目标值，而非实测结果——M24 数字是专利控制逻辑应当交付的结果，也是你们应当拿来问责我们的数字。
Each rung below is a gate, not a description of activity. Capital is released only when the rung above it has been certified — which means a missed milestone is visible at the next release point rather than at the end of the round.
下面每一级都是闸门，而不是对活动的描述。只有在上一级被确认之后，资金才会释放——这意味着一个未达成的里程碑会在下一个释放点就被看见，而不是等到本轮结束。
| Milestone里程碑 | Window时间窗 | Certification test确认标准 | Tranche释放比例 |
|---|---|---|---|
| M1 · Parameter library documentedM1 · 参数库文档化 | Month 1–3第 1–3 月 | Recipe written down and reproducible by a person who is not one of the founders; cost per seedling ≤ ¥6.30配方成文且可由两位创始人以外的人复现；单株成本 ≤ ¥6.30 | 25% |
| M2 · Commercial module #1 commissionedM2 · 首个商业模块投产 | Month 4–9第 4–9 月 | One standard module at commercial geometry running; measured output and cost per viable seedling一个按商业几何尺寸的标准模块投入运行；实测产量与单株可用苗成本 | 20% |
| M3 · First paid shipmentM3 · 首批付费出货 | Month 10–12第 10–12 月 | 50,000 seedlings delivered to a paying customer with an invoice, not a letter of intent向付费客户交付 50,000 株，凭发票而非意向书 | 25% |
| M4 · Third-party cupping & ESG baselineM4 · 第三方杯测与 ESG 基线 | Month 12–15第 12–15 月 | Independent cupping panel result published; accredited water-footprint and carbon baseline issued发布独立杯测结果；出具经认可的用水与碳基线 | 20% |
| M5 · Six-module replicationM5 · 6 模块复制 | Month 15–18第 15–18 月 | Unit economics replicated across six modules; Series A data package complete单位经济在 6 个模块上完成复制；A 轮数据包齐备 | 10% |
Windows and tranche weights are our opening proposal and are open to negotiation, including re-sequencing if a backer prefers different gates. A milestone that cannot be certified simply delays the next tranche; it does not trigger repayment or penalty.时间窗与释放比例为我方初步提案，可协商，包括按出资方偏好调整闸门顺序。无法确认的里程碑只会延后下一笔释放，不触发还款或罚则。