{"F": {"ts_code": "000892.SZ", "name": "欢瑞世纪", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "影视院线", "sw3": "影视动漫制作", "ind": "影视院线", "fin_source": "tushare", "market": "主板", "list_date": "19990115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.59, "pe_ttm": null, "pb": 10.8451, "dv_ttm": null, "total_mv": 548368.0995, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-33.5, 21.8, -0.3, 30.7, 34.0, 39.1], "rev_series": [1.8, 3.9, 6.0, 3.4, 3.8, 5.3], "np_series": [-7.8, -3.3, 0.1, -3.8, -2.4, -2.5], "roe_series": [-34.7, -19.8, 0.3, -29.3, -24.1, -33.3], "period": "20260630", "rev_ttm": 5.8, "np_ttm": -3.9, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.3, "ocf_yield": -0.3, "gm_median": 30.7, "gm_std": 13.9, "gm_stab": 0.55, "gm_chg_2022": 33.2, "npm_median": -64.0, "roe_median": -24.1, "commodity": false, "hard_ratio": 1.9, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 10.85, "capex_dep": 0.18, "interest_debt": 0.8, "debt_ebitda": null, "debt_ratio": 56.0, "debt_mv": 1.4, "payout": null, "div_years": 0, "rev_cagr3": -4.0, "np_cagr3": null, "rev_yoy": 25.2, "np_yoy": -2147.6, "np_vol": 3090.8, "loss_years": 4, "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", 50.0], ["影视剧及衍生品", 39.0], ["艺人经纪", 11.0], ["其他主营业务", 0.0]], "ret_prev_year": 114.1, "ret_prev2_year": -20.3, "ret_ytd": -19.9, "ret_pivot": 113.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 34.4, "ret_60": 57.0, "ret_120": -11.0, "ret_250": 9.6, "mdd_250": -69.7, "vol_250": 73.0, "pos_52w": 56.6}, "S": {"duration": 100, "pricing": 46, "hard": 3, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 56%,有息负债 1 亿,经营现金流/市值 -0.3%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 2%,毛利率近 5 年中位 30.7%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -0.3%(经营现金流/市值 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 30.7%,稳定度 55%,2020→2022 成本通胀期毛利率变化 33.2 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 2%,资本开支/折旧 0.18 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 10%,最大回撤 -70%,年化波动 73%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 34% / 57% / -11%。", "行业对照": ["同申万二级「影视院线」19 家中位:PE 84.8 / 股息率 0.3% / 毛利率 22.8% / 固定资产占比 6% / 分红率 40%。", "欢瑞世纪:PE ;股息率 ;毛利率 比行业中位高 7.9个百分点;固定资产占比 比行业中位低 4.5个百分点。"]}}