{"F": {"ts_code": "300071.SZ", "name": "福石控股", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "广告营销", "sw3": "营销代理", "ind": "广告营销", "fin_source": "tushare", "market": "创业板", "list_date": "20100421", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.32, "pe_ttm": null, "pb": 25.34, "dv_ttm": null, "total_mv": 416398.0176, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.1, 32.4, 28.6, 21.3, 25.3, 26.1], "rev_series": [9.7, 10.4, 12.1, 13.8, 12.2, 10.2], "np_series": [-5.8, 2.3, 0.3, -0.2, -1.3, -1.2], "roe_series": [null, null, 26.6, -9.8, -65.7, -103.5], "period": "20260630", "rev_ttm": 7.5, "np_ttm": -0.7, "ocf_ttm": 0.5, "fcf_ttm": 0.5, "fcf_yield": 1.1, "ocf_yield": 1.1, "gm_median": 26.1, "gm_std": 3.7, "gm_stab": 0.86, "gm_chg_2022": -1.5, "npm_median": -2.4, "roe_median": -37.7, "commodity": false, "hard_ratio": 0.3, "fix_assets": 0.0, "goodwill_ratio": 3.3, "pb_calc": 25.34, "capex_dep": 0.08, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 77.9, "debt_mv": 0.4, "payout": null, "div_years": 0, "rev_cagr3": -5.7, "np_cagr3": null, "rev_yoy": -43.6, "np_yoy": 105.6, "np_vol": 218.2, "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], ["数字营销", 25.0], ["公关广告", 20.0], ["体验营销", 6.0]], "ret_prev_year": 37.8, "ret_prev2_year": 37.0, "ret_ytd": -33.8, "ret_pivot": 74.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.8, "ret_60": 14.6, "ret_120": -17.1, "ret_250": -20.6, "mdd_250": -61.9, "vol_250": 80.7, "pos_52w": 48.4}, "S": {"duration": 100, "pricing": 50, "hard": 0, "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 -0.7 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 78%,有息负债 0 亿,经营现金流/市值 1.1%: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 26.1%。", "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 1.1%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.1%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -1.5 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 0%,资本开支/折旧 0.08 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 -21%,最大回撤 -62%,年化波动 81%,现价在 52 周高点的 48%;近 20 / 60 / 120 日 -4% / 15% / -17%。", "行业对照": ["同申万二级「广告营销」28 家中位:PE 98.3 / 股息率 0.2% / 毛利率 14.7% / 固定资产占比 3% / 分红率 32%。", "福石控股:PE ;股息率 ;毛利率 比行业中位高 11.4个百分点;固定资产占比 比行业中位低 2.6个百分点。"]}}