{"F": {"ts_code": "300315.SZ", "name": "掌趣科技", "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": "20120511", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.1, "pe_ttm": null, "pb": 2.4154, "dv_ttm": null, "total_mv": 1110120.51, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [72.1, 75.1, 78.9, 78.4, 77.1, 73.7], "rev_series": [17.9, 14.7, 12.1, 9.8, 8.2, 7.1], "np_series": [3.2, -12.4, 1.0, 1.9, 1.1, -1.6], "roe_series": [5.7, -25.6, 2.2, 4.0, 2.3, -3.3], "period": "20260630", "rev_ttm": 6.8, "np_ttm": -1.7, "ocf_ttm": -0.5, "fcf_ttm": -0.6, "fcf_yield": -0.5, "ocf_yield": -0.5, "gm_median": 77.1, "gm_std": 2.0, "gm_stab": 0.97, "gm_chg_2022": 6.8, "npm_median": 7.9, "roe_median": 2.2, "commodity": false, "hard_ratio": 0.2, "fix_assets": 0.1, "goodwill_ratio": 3.4, "pb_calc": 2.42, "capex_dep": 1.08, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 7.1, "debt_mv": 0.3, "payout": null, "div_years": 0, "rev_cagr3": -16.5, "np_cagr3": null, "rev_yoy": -6.8, "np_yoy": -24.1, "np_vol": 227.0, "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": [["移动终端游戏", 92.0], ["互联网页面游戏", 7.0], ["其他业务", 1.0], ["其他", 1.0]], "ret_prev_year": -10.2, "ret_prev2_year": 6.8, "ret_ytd": -17.0, "ret_pivot": -1.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -4.2, "ret_60": 0.7, "ret_120": -23.4, "ret_250": -33.3, "mdd_250": -46.6, "vol_250": 41.9, "pos_52w": 57.6}, "S": {"duration": 100, "pricing": 84, "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 -1.7 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 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": "只占定价权一条(毛利率 77.1%),硬资产占比 0%。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 -0.5%(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 77.1%,稳定度 97%,2020→2022 成本通胀期毛利率变化 6.8 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 0%,资本开支/折旧 1.08 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 -33%,最大回撤 -47%,年化波动 42%,现价在 52 周高点的 58%;近 20 / 60 / 120 日 -4% / 1% / -23%。", "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%。", "掌趣科技:PE ;股息率 ;毛利率 比行业中位高 16.3个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}