{"F": {"ts_code": "002235.SZ", "name": "安妮股份", "mkt": "CN", "ccy": "元", "sw1": "轻工制造", "sw2": "造纸", "sw3": "特种纸", "ind": "造纸", "fin_source": "tushare", "market": "主板", "list_date": "20080516", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.74, "pe_ttm": null, "pb": 6.9164, "dv_ttm": null, "total_mv": 506546.1902, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [22.8, 23.3, 18.9, 17.8, 20.2, 15.0], "rev_series": [3.3, 3.9, 3.6, 3.7, 3.4, 4.1], "np_series": [-6.2, 0.2, -1.4, -2.8, 0.3, -0.2], "roe_series": [-40.3, 1.8, -12.4, -32.4, 3.8, -2.3], "period": "20260630", "rev_ttm": 4.2, "np_ttm": -0.2, "ocf_ttm": -0.9, "fcf_ttm": -1.1, "fcf_yield": -2.2, "ocf_yield": -1.8, "gm_median": 18.9, "gm_std": 2.7, "gm_stab": 0.86, "gm_chg_2022": -3.9, "npm_median": -5.1, "roe_median": -2.3, "commodity": false, "hard_ratio": 7.7, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 6.92, "capex_dep": 1.48, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 34.5, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 4.0, "np_cagr3": null, "rev_yoy": 7.9, "np_yoy": -27.2, "np_vol": 298.7, "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", 49.0], ["商务信息用纸", 23.0], ["防伪溯源系统", 19.0], ["票据印刷", 2.0]], "ret_prev_year": 97.3, "ret_prev2_year": -30.6, "ret_ytd": -15.5, "ret_pivot": 100.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.6, "ret_60": -6.7, "ret_120": -16.8, "ret_250": -0.6, "mdd_250": -51.8, "vol_250": 64.6, "pos_52w": 64.3}, "S": {"duration": 100, "pricing": 44, "hard": 12, "bondness": 19}, "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 3 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 0 亿,经营现金流/市值 -1.8%: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 8%,毛利率近 5 年中位 18.9%。", "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 -2.2%(经营现金流/市值 -1.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.9%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -3.9 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 8%,资本开支/折旧 1.48 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 -1%,最大回撤 -52%,年化波动 65%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 4% / -7% / -17%。", "行业对照": ["同申万二级「造纸」25 家中位:PE 21.5 / 股息率 1.2% / 毛利率 13.1% / 固定资产占比 50% / 分红率 33%。", "安妮股份:PE ;股息率 ;毛利率 比行业中位高 5.8个百分点;固定资产占比 比行业中位低 42.2个百分点。"]}}