{"F": {"ts_code": "002095.SZ", "name": "生意宝", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "数字媒体", "sw3": "门户网站", "ind": "数字媒体", "fin_source": "tushare", "market": "主板", "list_date": "20061215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 14.83, "pe_ttm": null, "pb": 4.3299, "dv_ttm": 0.3372, "total_mv": 374783.76, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [26.9, 19.2, 19.3, 16.5, 11.6, 11.0], "rev_series": [3.8, 4.7, 4.2, 4.3, 5.6, 5.3], "np_series": [0.4, 0.2, 0.2, 0.2, -0.2, -0.1], "roe_series": [4.1, 2.5, 2.5, 2.0, -2.5, -1.5], "period": "20260630", "rev_ttm": 6.1, "np_ttm": -0.0, "ocf_ttm": 0.9, "fcf_ttm": 0.9, "fcf_yield": 2.5, "ocf_yield": 2.5, "gm_median": 16.5, "gm_std": 3.6, "gm_stab": 0.78, "gm_chg_2022": -7.6, "npm_median": 4.9, "roe_median": 2.0, "commodity": false, "hard_ratio": 2.7, "fix_assets": 0.4, "goodwill_ratio": 0.0, "pb_calc": 4.33, "capex_dep": 0.01, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 27.4, "debt_mv": 0.4, "payout": 62.5, "div_years": 4, "rev_cagr3": 7.5, "np_cagr3": null, "rev_yoy": 27.5, "np_yoy": 143.3, "np_vol": 90.5, "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": [["产品", 34.0], ["供应链业务收入", 30.0], ["供应链业务", 30.0], ["网络基础服务", 1.0]], "ret_prev_year": 0.8, "ret_prev2_year": -11.3, "ret_ytd": -17.6, "ret_pivot": 18.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.9, "ret_60": 12.1, "ret_120": -17.5, "ret_250": -32.0, "mdd_250": -44.3, "vol_250": 34.4, "pos_52w": 65.8}, "S": {"duration": 100, "pricing": 39, "hard": 4, "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 -0.0 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 27%,有息负债 0 亿,经营现金流/市值 2.5%: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 3%,毛利率近 5 年中位 16.5%。", "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 2.5%(经营现金流/市值 2.5%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.5%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -7.6 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 3%,资本开支/折旧 0.01 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 -32%,最大回撤 -44%,年化波动 34%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 5% / 12% / -18%。", "行业对照": ["同申万二级「数字媒体」14 家中位:PE 85.8 / 股息率 0.7% / 毛利率 44.0% / 固定资产占比 2% / 分红率 55%。", "生意宝:PE ;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 27.5个百分点;固定资产占比 比行业中位高 0.3个百分点。"]}}