{"F": {"ts_code": "600084.SH", "name": "*ST尼雅", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "非白酒", "sw3": "其他酒类", "ind": "非白酒", "fin_source": "tushare", "market": "主板", "list_date": "19970711", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.31, "pe_ttm": null, "pb": 3.7977, "dv_ttm": null, "total_mv": 484326.2508, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [49.7, 54.4, 50.1, 53.1, 58.8, 50.4], "rev_series": [0.9, 2.2, 1.5, 2.1, 1.6, 1.2], "np_series": [-0.6, 0.2, -8.8, 0.0, 0.1, -0.3], "roe_series": [-2.6, 0.9, -51.4, 0.3, 0.9, -2.0], "period": "20260630", "rev_ttm": 1.4, "np_ttm": -0.2, "ocf_ttm": -0.2, "fcf_ttm": -0.2, "fcf_yield": -0.5, "ocf_yield": -0.3, "gm_median": 53.1, "gm_std": 3.2, "gm_stab": 0.94, "gm_chg_2022": 0.3, "npm_median": 2.2, "roe_median": 0.3, "commodity": false, "hard_ratio": 6.4, "fix_assets": 0.9, "goodwill_ratio": 0.0, "pb_calc": 3.8, "capex_dep": 0.38, "interest_debt": 0.3, "debt_ebitda": 4.0, "debt_ratio": 12.6, "debt_mv": 0.6, "payout": null, "div_years": 0, "rev_cagr3": -5.6, "np_cagr3": null, "rev_yoy": 19.1, "np_yoy": 1046.0, "np_vol": 2152.9, "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", 34.0], ["主营业务", 33.0], ["高档酒", 17.0], ["中低档酒", 16.0]], "ret_prev_year": -0.2, "ret_prev2_year": -33.1, "ret_ytd": -17.9, "ret_pivot": -8.1, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.9, "ret_60": -4.0, "ret_120": -38.5, "ret_250": -26.1, "mdd_250": -52.1, "vol_250": 43.1, "pos_52w": 54.9}, "S": {"duration": 100, "pricing": 67, "hard": 10, "bondness": 32}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 13%,有息负债 0 亿,经营现金流/市值 -0.3%: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": "只占定价权一条(毛利率 53.1%),硬资产占比 6%。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 -0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 53.1%,稳定度 94%,2020→2022 成本通胀期毛利率变化 0.3 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 6%,资本开支/折旧 0.38 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 -52%,年化波动 43%,现价在 52 周高点的 55%;近 20 / 60 / 120 日 2% / -4% / -38%。", "行业对照": ["同申万二级「非白酒」16 家中位:PE 22.9 / 股息率 1.6% / 毛利率 40.5% / 固定资产占比 28% / 分红率 60%。", "*ST尼雅:PE ;股息率 ;毛利率 比行业中位高 12.6个百分点;固定资产占比 比行业中位低 21.2个百分点。"]}}