{"F": {"ts_code": "002875.SZ", "name": "安奈儿", "mkt": "CN", "ccy": "元", "sw1": "纺织服饰", "sw2": "服装家纺", "sw3": "非运动服装", "ind": "服装家纺", "fin_source": "tushare", "market": "主板", "list_date": "20170601", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 13.62, "pe_ttm": null, "pb": 4.8327, "dv_ttm": null, "total_mv": 289303.2372, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [56.1, 56.7, 47.2, 51.8, 59.3, 58.9], "rev_series": [12.6, 11.9, 9.4, 8.1, 6.4, 5.4], "np_series": [-0.5, -0.0, -2.4, -1.0, -1.1, -1.0], "roe_series": [-5.4, -0.3, -23.0, -11.5, -15.0, -15.5], "period": "20260630", "rev_ttm": 5.6, "np_ttm": -0.8, "ocf_ttm": -0.4, "fcf_ttm": -0.5, "fcf_yield": -1.6, "ocf_yield": -1.3, "gm_median": 56.7, "gm_std": 4.7, "gm_stab": 0.92, "gm_chg_2022": -8.9, "npm_median": -18.1, "roe_median": -15.0, "commodity": false, "hard_ratio": 10.0, "fix_assets": 0.9, "goodwill_ratio": 0.8, "pb_calc": 4.83, "capex_dep": 1.02, "interest_debt": 1.4, "debt_ebitda": null, "debt_ratio": 32.2, "debt_mv": 5.0, "payout": null, "div_years": 0, "rev_cagr3": -16.7, "np_cagr3": null, "rev_yoy": 6.4, "np_yoy": 85.7, "np_vol": 3109.6, "loss_years": 5, "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], ["大童装", 40.0], ["小童装", 8.0], ["其他业务", 2.0]], "ret_prev_year": 27.8, "ret_prev2_year": -13.0, "ret_ytd": -17.8, "ret_pivot": 4.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -1.4, "ret_60": -18.2, "ret_120": -29.1, "ret_250": -24.1, "mdd_250": -56.2, "vol_250": 47.3, "pos_52w": 53.8}, "S": {"duration": 100, "pricing": 64, "hard": 16, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.8 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 32%,有息负债 1 亿,经营现金流/市值 -1.3%: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 56.7%),硬资产占比 10%。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 -1.6%(经营现金流/市值 -1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 56.7%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -8.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 10%,资本开支/折旧 1.02 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 -24%,最大回撤 -56%,年化波动 47%,现价在 52 周高点的 54%;近 20 / 60 / 120 日 -1% / -18% / -29%。", "行业对照": ["同申万二级「服装家纺」60 家中位:PE 37.6 / 股息率 2.4% / 毛利率 41.5% / 固定资产占比 14% / 分红率 66%。", "安奈儿:PE ;股息率 ;毛利率 比行业中位高 15.2个百分点;固定资产占比 比行业中位低 4.1个百分点。"]}}