{"F": {"ts_code": "000718.SZ", "name": "苏宁环球", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产开发", "sw3": "住宅开发", "ind": "房地产开发", "fin_source": "tushare", "market": "主板", "list_date": "19970408", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.99, "pe_ttm": null, "pb": 0.6579, "dv_ttm": 1.5075, "total_mv": 603892.6436, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [62.0, 58.3, 62.5, 59.6, 46.1, 37.7], "rev_series": [42.9, 29.9, 22.4, 21.1, 21.2, 13.9], "np_series": [10.4, 6.2, 3.6, 1.8, 1.7, 0.2], "roe_series": [12.5, 7.2, 3.9, 1.9, 1.8, 0.2], "period": "20260630", "rev_ttm": 9.9, "np_ttm": -0.9, "ocf_ttm": 4.4, "fcf_ttm": 4.2, "fcf_yield": 7.0, "ocf_yield": 7.3, "gm_median": 58.3, "gm_std": 9.4, "gm_stab": 0.84, "gm_chg_2022": 0.5, "npm_median": 8.4, "roe_median": 1.9, "commodity": false, "hard_ratio": 7.8, "fix_assets": 10.1, "goodwill_ratio": 1.1, "pb_calc": 0.66, "capex_dep": 0.11, "interest_debt": 12.1, "debt_ebitda": 7.8, "debt_ratio": 28.6, "debt_mv": 20.1, "payout": 183.8, "div_years": 5, "rev_cagr3": -14.7, "np_cagr3": -62.7, "rev_yoy": -42.7, "np_yoy": -77.5, "np_vol": 25.4, "loss_years": 0, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 34.0], ["房地产业", 22.0], ["地产业务", 22.0], ["医美及生物医药", 6.0]], "ret_prev_year": 0.0, "ret_prev2_year": -6.1, "ret_ytd": -13.1, "ret_pivot": 16.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 7.0, "ret_60": 0.0, "ret_120": -12.3, "ret_250": -13.9, "mdd_250": -51.3, "vol_250": 41.8, "pos_52w": 57.0}, "S": {"duration": 100, "pricing": 66, "hard": 12, "bondness": 79}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 8%,毛利率近 5 年中位 58.3%,自由现金流/市值 7.0%:现金机器,久期短。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 8%,毛利率近 5 年中位 58.3%。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 7.0%(经营现金流/市值 7.3%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 58.3%,稳定度 84%,2020→2022 成本通胀期毛利率变化 0.5 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 0.11 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -14%,最大回撤 -51%,年化波动 42%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 7% / 0% / -12%。", "行业对照": ["同申万二级「房地产开发」83 家中位:PE 26.0 / 股息率 0.7% / 毛利率 21.1% / 固定资产占比 2% / 分红率 36%。", "苏宁环球:PE ;股息率 比行业中位高 0.8个百分点;毛利率 比行业中位高 37.2个百分点;固定资产占比 比行业中位高 5.8个百分点。"]}}