{"F": {"ts_code": "301169.SZ", "name": "零点有数", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "专业服务", "sw3": "其他专业服务", "ind": "专业服务", "fin_source": "tushare", "market": "创业板", "list_date": "20211103", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 54.38, "pe_ttm": null, "pb": 9.2706, "dv_ttm": null, "total_mv": 391756.239, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [40.4, 40.3, 33.4, 28.7, 24.5, 33.1], "rev_series": [3.8, 3.9, 3.2, 3.8, 3.4, 3.6], "np_series": [0.5, 0.4, -0.1, -0.5, -0.7, -0.4], "roe_series": [15.4, 8.6, -1.6, -8.6, -13.4, -8.3], "period": "20260630", "rev_ttm": 3.7, "np_ttm": -0.3, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": -0.5, "gm_median": 33.1, "gm_std": 5.3, "gm_stab": 0.84, "gm_chg_2022": -7.1, "npm_median": -9.7, "roe_median": -8.3, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": 5.0, "pb_calc": 9.27, "capex_dep": 0.72, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 25.4, "debt_mv": 0.8, "payout": null, "div_years": 1, "rev_cagr3": 3.7, "np_cagr3": null, "rev_yoy": 3.9, "np_yoy": 28.0, "np_vol": 158.6, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["决策分析报告(产品)", 19.0], ["决策分析报告", 19.0], ["数据智能应用软件(产品)", 14.0]], "ret_prev_year": 25.1, "ret_prev2_year": -24.0, "ret_ytd": 8.5, "ret_pivot": 76.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": -26.1, "ret_120": -5.3, "ret_250": 6.7, "mdd_250": -57.9, "vol_250": 54.2, "pos_52w": 57.0}, "S": {"duration": 100, "pricing": 50, "hard": 1, "bondness": 19}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 25%,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": "两条都不占:固定资产占比 0%,毛利率近 5 年中位 33.1%。", "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 -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 33.1%,稳定度 84%,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 0%,资本开支/折旧 0.72 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 7%,最大回撤 -58%,年化波动 54%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -2% / -26% / -5%。", "行业对照": ["同申万二级「专业服务」33 家中位:PE 36.6 / 股息率 1.0% / 毛利率 45.6% / 固定资产占比 24% / 分红率 43%。", "零点有数:PE ;股息率 ;毛利率 比行业中位低 12.5个百分点;固定资产占比 比行业中位低 23.8个百分点。"]}}