{"F": {"ts_code": "002174.SZ", "name": "游族网络", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20070925", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 12.18, "pe_ttm": null, "pb": 2.5578, "dv_ttm": null, "total_mv": 1193409.6762, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.2, 39.2, 40.1, 52.0, 36.5, 39.0], "rev_series": [47.0, 32.0, 19.8, 16.3, 14.3, 14.0], "np_series": [-1.9, 1.7, -6.3, 0.9, -3.9, -3.5], "roe_series": [-3.7, 3.3, -13.1, 2.0, -8.8, -8.0], "period": "20260630", "rev_ttm": 14.1, "np_ttm": -1.4, "ocf_ttm": 2.2, "fcf_ttm": 1.5, "fcf_yield": 1.2, "ocf_yield": 1.9, "gm_median": 39.2, "gm_std": 5.5, "gm_stab": 0.86, "gm_chg_2022": 8.8, "npm_median": -24.8, "roe_median": -8.0, "commodity": false, "hard_ratio": 8.6, "fix_assets": 4.7, "goodwill_ratio": 3.8, "pb_calc": 2.56, "capex_dep": 2.8, "interest_debt": 4.8, "debt_ebitda": 2.9, "debt_ratio": 15.4, "debt_mv": 4.0, "payout": 50.0, "div_years": 2, "rev_cagr3": -10.9, "np_cagr3": null, "rev_yoy": 1.2, "np_yoy": 403.8, "np_vol": 302.1, "loss_years": 3, "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], ["移动游戏", 36.0], ["PC端游戏", 14.0], ["其他主营业务", 0.0]], "ret_prev_year": 30.9, "ret_prev2_year": -18.0, "ret_ytd": -0.5, "ret_pivot": 64.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.2, "ret_60": 22.7, "ret_120": 17.1, "ret_250": -26.1, "mdd_250": -47.1, "vol_250": 49.4, "pos_52w": 71.7}, "S": {"duration": 100, "pricing": 61, "hard": 14, "bondness": 46}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -1.4 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 15%,有息负债 5 亿,经营现金流/市值 1.9%: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 39.2%),硬资产占比 9%。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 1.2%(经营现金流/市值 1.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 39.2%,稳定度 86%,2020→2022 成本通胀期毛利率变化 8.8 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 9%,资本开支/折旧 2.80 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 -26%,最大回撤 -47%,年化波动 49%,现价在 52 周高点的 72%;近 20 / 60 / 120 日 3% / 23% / 17%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "游族网络:PE ;股息率 ;毛利率 比行业中位低 21.6个百分点;固定资产占比 比行业中位高 4.6个百分点。"]}}