{"F": {"ts_code": "000931.SZ", "name": "中关村", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "19990712", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.53, "pe_ttm": null, "pb": 2.1449, "dv_ttm": 0.4415, "total_mv": 341166.531, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.1, 51.5, 57.6, 57.9, 58.5, 59.3], "rev_series": [17.9, 19.6, 20.6, 22.8, 25.3, 24.4], "np_series": [0.3, -1.1, -0.4, 0.5, 0.5, 0.5], "roe_series": [1.5, -6.9, -2.8, 3.2, 3.4, 3.0], "period": "20260630", "rev_ttm": 22.1, "np_ttm": -0.2, "ocf_ttm": 1.4, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 4.2, "gm_median": 57.9, "gm_std": 2.8, "gm_stab": 0.95, "gm_chg_2022": 1.5, "npm_median": 2.5, "roe_median": 3.0, "commodity": false, "hard_ratio": 26.1, "fix_assets": 10.2, "goodwill_ratio": 5.8, "pb_calc": 2.14, "capex_dep": 1.27, "interest_debt": 11.3, "debt_ebitda": 3.8, "debt_ratio": 53.4, "debt_mv": 33.2, "payout": 31.4, "div_years": 1, "rev_cagr3": 5.8, "np_cagr3": null, "rev_yoy": -18.7, "np_yoy": -176.8, "np_vol": 260.9, "loss_years": 2, "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": [["生物医药", 69.0], ["商砼", 16.0], ["养老医疗", 5.0], ["健康养老", 5.0]], "ret_prev_year": 2.3, "ret_prev2_year": -19.0, "ret_ytd": -6.6, "ret_pivot": 12.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": 9.4, "ret_60": 13.5, "ret_120": -12.4, "ret_250": -19.0, "mdd_250": -32.4, "vol_250": 37.4, "pos_52w": 79.5}, "S": {"duration": 100, "pricing": 71, "hard": 42, "bondness": 39}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 53%,有息负债 11 亿,经营现金流/市值 4.2%: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": "只占定价权一条(毛利率 57.9%),硬资产占比 26%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 0.5%(经营现金流/市值 4.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 57.9%,稳定度 95%,2020→2022 成本通胀期毛利率变化 1.5 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 26%,资本开支/折旧 1.27 倍。有一些。"], ["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 -19%,最大回撤 -32%,年化波动 37%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 9% / 14% / -12%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "中关村:PE ;股息率 比行业中位低 0.8个百分点;毛利率 比行业中位高 5.4个百分点;固定资产占比 比行业中位低 3.7个百分点。"]}}