{"F": {"ts_code": "300299.SZ", "name": "富春股份", "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": "20120319", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 5.68, "pe_ttm": null, "pb": 9.8857, "dv_ttm": null, "total_mv": 392090.4568, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.3, 55.7, 47.2, 43.4, 29.1, 50.1], "rev_series": [4.9, 5.7, 4.0, 3.3, 2.9, 3.8], "np_series": [0.4, 0.8, 0.4, 0.1, -1.4, -0.8], "roe_series": [7.7, 15.4, 7.4, 1.5, -26.9, -19.2], "period": "20260630", "rev_ttm": 4.1, "np_ttm": -0.3, "ocf_ttm": 0.0, "fcf_ttm": 0.0, "fcf_yield": 0.0, "ocf_yield": 0.1, "gm_median": 47.2, "gm_std": 9.0, "gm_stab": 0.81, "gm_chg_2022": -7.1, "npm_median": 2.2, "roe_median": 1.5, "commodity": false, "hard_ratio": 2.0, "fix_assets": 0.2, "goodwill_ratio": 23.4, "pb_calc": 9.89, "capex_dep": 0.07, "interest_debt": 2.4, "debt_ebitda": 4.6, "debt_ratio": 55.4, "debt_mv": 6.2, "payout": null, "div_years": 0, "rev_cagr3": -2.1, "np_cagr3": null, "rev_yoy": 19.0, "np_yoy": 443.7, "np_vol": 682.0, "loss_years": 2, "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": [["游戏业务", 51.0], ["技术服务", 24.0], ["信息技术行业", 24.0], ["其他业务", 2.0]], "ret_prev_year": 29.8, "ret_prev2_year": -5.2, "ret_ytd": -20.0, "ret_pivot": 45.6, "prev_year": "2025", "prev2_year": "2024", "ret_20": 3.8, "ret_60": 10.5, "ret_120": -13.0, "ret_250": -25.8, "mdd_250": -48.4, "vol_250": 45.5, "pos_52w": 62.5}, "S": {"duration": 100, "pricing": 56, "hard": 3, "bondness": 34}, "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 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 55%,有息负债 2 亿,经营现金流/市值 0.1%: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 2%,毛利率近 5 年中位 47.2%。", "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 0.0%(经营现金流/市值 0.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 47.2%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -7.1 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 2%,资本开支/折旧 0.07 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 -26%,最大回撤 -48%,年化波动 46%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 4% / 10% / -13%。", "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%。", "富春股份:PE ;股息率 ;毛利率 比行业中位低 13.6个百分点;固定资产占比 比行业中位低 2.0个百分点。"]}}