{"F": {"ts_code": "300359.SZ", "name": "全通教育", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "教育", "sw3": "培训教育", "ind": "教育", "fin_source": "tushare", "market": "创业板", "list_date": "20140121", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 4.22, "pe_ttm": null, "pb": 5.4386, "dv_ttm": null, "total_mv": 267266.6948, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [32.4, 30.9, 25.6, 27.0, 16.8, 17.3], "rev_series": [7.1, 7.2, 6.0, 6.4, 4.4, 3.0], "np_series": [0.5, 0.1, 0.1, 0.1, -1.0, -0.7], "roe_series": [7.7, 1.3, 1.8, 0.9, -16.1, -12.3], "period": "20260630", "rev_ttm": 2.6, "np_ttm": -0.8, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.8, "ocf_yield": -0.6, "gm_median": 25.6, "gm_std": 5.6, "gm_stab": 0.78, "gm_chg_2022": -6.8, "npm_median": 3.2, "roe_median": 0.9, "commodity": false, "hard_ratio": 2.1, "fix_assets": 0.1, "goodwill_ratio": 0.2, "pb_calc": 5.44, "capex_dep": 1.04, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 18.5, "debt_mv": 0.9, "payout": null, "div_years": 0, "rev_cagr3": -20.8, "np_cagr3": null, "rev_yoy": -29.4, "np_yoy": -28.6, "np_vol": 683.3, "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": [["产品", 41.0], ["继续教育业务", 22.0], ["家校互动升级业务", 12.0], ["家校互动业务", 12.0]], "ret_prev_year": 1.9, "ret_prev2_year": -4.4, "ret_ytd": -21.3, "ret_pivot": -0.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.7, "ret_60": 9.3, "ret_120": -20.8, "ret_250": -36.0, "mdd_250": -47.9, "vol_250": 42.0, "pos_52w": 64.5}, "S": {"duration": 100, "pricing": 44, "hard": 3, "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 -0.8 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 18%,有息负债 0 亿,经营现金流/市值 -0.6%: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 25.6%。", "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 -0.8%(经营现金流/市值 -0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.6%,稳定度 78%,2020→2022 成本通胀期毛利率变化 -6.8 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 1.04 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 -36%,最大回撤 -48%,年化波动 42%,现价在 52 周高点的 64%;近 20 / 60 / 120 日 1% / 9% / -21%。", "行业对照": ["同申万二级「教育」17 家中位:PE 96.5 / 股息率 1.6% / 毛利率 43.0% / 固定资产占比 6% / 分红率 49%。", "全通教育:PE ;股息率 ;毛利率 比行业中位低 17.4个百分点;固定资产占比 比行业中位低 3.8个百分点。"]}}