{"F": {"ts_code": "300052.SZ", "name": "中青宝", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20100211", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 11.65, "pe_ttm": null, "pb": 9.2639, "dv_ttm": null, "total_mv": 305065.502, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [31.9, 54.1, 43.4, 33.0, 23.7, 32.1], "rev_series": [2.7, 3.4, 2.7, 2.6, 2.3, 1.8], "np_series": [-1.4, -0.4, -0.6, -0.6, -0.5, -0.6], "roe_series": [-18.8, -6.1, -9.8, -10.6, -11.9, -14.4], "period": "20260630", "rev_ttm": 1.5, "np_ttm": -0.6, "ocf_ttm": 0.2, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.5, "gm_median": 33.0, "gm_std": 10.5, "gm_stab": 0.68, "gm_chg_2022": 11.5, "npm_median": -22.9, "roe_median": -10.6, "commodity": false, "hard_ratio": 28.6, "fix_assets": 2.0, "goodwill_ratio": 0.0, "pb_calc": 9.26, "capex_dep": 0.22, "interest_debt": 1.0, "debt_ebitda": 2.6, "debt_ratio": 54.6, "debt_mv": 3.2, "payout": null, "div_years": 0, "rev_cagr3": -12.6, "np_cagr3": null, "rev_yoy": -36.5, "np_yoy": -19.8, "np_vol": 37.6, "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", 25.0], ["云计算业务", 16.0], ["机柜租赁", 15.0], ["云计算业务：机柜租赁", 15.0]], "ret_prev_year": -25.1, "ret_prev2_year": -1.1, "ret_ytd": -7.2, "ret_pivot": 7.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -0.7, "ret_120": -14.1, "ret_250": -1.9, "mdd_250": -42.8, "vol_250": 57.5, "pos_52w": 74.3}, "S": {"duration": 100, "pricing": 52, "hard": 46, "bondness": 28}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 55%,有息负债 1 亿,经营现金流/市值 0.5%: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 29%,毛利率近 5 年中位 33.0%。", "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 0.2%(经营现金流/市值 0.5%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 33.0%,稳定度 68%,2020→2022 成本通胀期毛利率变化 11.5 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 29%,资本开支/折旧 0.22 倍。有一些。"], ["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 -2%,最大回撤 -43%,年化波动 58%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 5% / -1% / -14%。", "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%。", "中青宝:PE ;股息率 ;毛利率 比行业中位低 27.8个百分点;固定资产占比 比行业中位高 24.6个百分点。"]}}