{"F": {"ts_code": "002640.SZ", "name": "跨境通", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "跨境电商", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20111208", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.45, "pe_ttm": null, "pb": 7.9683, "dv_ttm": null, "total_mv": 537524.283, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.7, 16.8, 11.4, 11.8, 11.0, 11.6], "rev_series": [170.2, 88.2, 72.5, 66.2, 57.2, 54.4], "np_series": [-33.7, 6.7, 0.2, -0.1, -4.8, -4.2], "roe_series": [-116.6, 50.6, 1.2, -0.7, -43.5, -63.9], "period": "20260630", "rev_ttm": 53.7, "np_ttm": -2.3, "ocf_ttm": 3.6, "fcf_ttm": 3.6, "fcf_yield": 6.7, "ocf_yield": 6.7, "gm_median": 11.6, "gm_std": 2.2, "gm_stab": 0.81, "gm_chg_2022": -7.2, "npm_median": -0.2, "roe_median": -0.7, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.1, "goodwill_ratio": 38.4, "pb_calc": 7.97, "capex_dep": 1.48, "interest_debt": 0.2, "debt_ebitda": 0.3, "debt_ratio": 75.9, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": -9.2, "np_cagr3": null, "rev_yoy": -2.5, "np_yoy": 3240.9, "np_vol": 1928.8, "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", 33.0], ["母婴用品类", 30.0], ["母婴用品", 30.0], ["服饰家居", 3.0]], "ret_prev_year": 18.0, "ret_prev2_year": 2.7, "ret_ytd": -23.8, "ret_pivot": 88.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.3, "ret_60": 2.1, "ret_120": -6.8, "ret_250": -44.3, "mdd_250": -53.7, "vol_250": 50.6, "pos_52w": 57.2}, "S": {"duration": 100, "pricing": 38, "hard": 0, "bondness": 21}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "商誉占比高"], "text": {"像什么": ["TTM 归母净利 -2.3 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 76%,有息负债 0 亿,经营现金流/市值 6.7%: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 0%,毛利率近 5 年中位 11.6%。", "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 6.7%(经营现金流/市值 6.7%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 11.6%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -7.2 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 0%,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 -44%,最大回撤 -54%,年化波动 51%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 3% / 2% / -7%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "跨境通:PE ;股息率 ;毛利率 比行业中位低 19.8个百分点;固定资产占比 比行业中位低 9.4个百分点。"]}}