{"F": {"ts_code": "300147.SZ", "name": "*ST香雪", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20101215", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 6.56, "pe_ttm": null, "pb": null, "dv_ttm": null, "total_mv": 433799.0896, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.3, 26.3, 24.9, 34.3, 24.4, 27.3], "rev_series": [30.7, 29.7, 21.9, 23.0, 18.6, 16.0], "np_series": [1.0, -6.9, -5.3, -3.9, -8.6, -13.9], "roe_series": [2.8, -20.9, -20.6, -18.4, -57.6, -400.9], "period": "20260630", "rev_ttm": 14.8, "np_ttm": -14.3, "ocf_ttm": 1.0, "fcf_ttm": 0.7, "fcf_yield": 1.6, "ocf_yield": 2.3, "gm_median": 26.3, "gm_std": 3.6, "gm_stab": 0.86, "gm_chg_2022": -7.4, "npm_median": -23.1, "roe_median": -20.9, "commodity": false, "hard_ratio": 53.0, "fix_assets": 35.3, "goodwill_ratio": 3.0, "pb_calc": null, "capex_dep": 0.2, "interest_debt": 14.8, "debt_ebitda": 11.3, "debt_ratio": 103.6, "debt_mv": 34.2, "payout": null, "div_years": 0, "rev_cagr3": -10.0, "np_cagr3": null, "rev_yoy": -14.1, "np_yoy": -14.9, "np_vol": 404.6, "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", 45.0], ["中药材", 29.0], ["其他主营业务", 10.0], ["其他", 10.0]], "ret_prev_year": -6.9, "ret_prev2_year": 89.7, "ret_ytd": -27.9, "ret_pivot": 4.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -15.9, "ret_60": -29.8, "ret_120": -30.9, "ret_250": -37.2, "mdd_250": -46.8, "vol_250": 50.4, "pos_52w": 55.9}, "S": {"duration": 100, "pricing": 47, "hard": 85, "bondness": 35}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -14.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 104%,有息负债 15 亿,经营现金流/市值 2.3%: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": "只占硬资产一条(占比 53%),没有定价权:毛利率近 5 年中位 26.3%,稳定度 86%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.3%,稳定度 86%,2020→2022 成本通胀期毛利率变化 -7.4 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 53%,资本开支/折旧 0.20 倍。涨。"], ["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 -37%,最大回撤 -47%,年化波动 50%,现价在 52 周高点的 56%;近 20 / 60 / 120 日 -16% / -30% / -31%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "*ST香雪:PE ;股息率 ;毛利率 比行业中位低 31.2个百分点;固定资产占比 比行业中位高 29.6个百分点。"]}}