{"F": {"ts_code": "600136.SH", "name": "ST明诚", "mkt": "CN", "ccy": "元", "sw1": "房地产", "sw2": "房地产服务", "sw3": "物业管理", "ind": "房地产服务", "fin_source": "tushare", "market": "主板", "list_date": "19980303", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 1.48, "pe_ttm": null, "pb": 13.266, "dv_ttm": null, "total_mv": 302042.2332, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-20.1, 17.1, -118.2, 14.3, 9.5, 12.6], "rev_series": [7.0, 14.6, 7.4, 4.0, 4.3, 5.0], "np_series": [-19.3, -10.7, -47.2, 28.5, -1.0, -0.2], "roe_series": [-65.5, -155.8, null, null, -32.7, -6.7], "period": "20260630", "rev_ttm": 4.6, "np_ttm": -0.2, "ocf_ttm": 0.0, "fcf_ttm": -0.1, "fcf_yield": -0.4, "ocf_yield": 0.0, "gm_median": 12.6, "gm_std": 52.7, "gm_stab": -3.18, "gm_chg_2022": -98.1, "npm_median": -26.4, "roe_median": -32.7, "commodity": false, "hard_ratio": 2.1, "fix_assets": 0.2, "goodwill_ratio": 0.8, "pb_calc": 13.27, "capex_dep": 1.89, "interest_debt": 2.2, "debt_ebitda": 8.9, "debt_ratio": 68.4, "debt_mv": 7.2, "payout": null, "div_years": 0, "rev_cagr3": -12.1, "np_cagr3": null, "rev_yoy": -15.6, "np_yoy": -177.4, "np_vol": 146.7, "loss_years": 4, "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", 33.0], ["智慧空间运营业务", 22.0], ["智慧空间业务收入", 22.0], ["电视剧收入", 11.0]], "ret_prev_year": -15.5, "ret_prev2_year": -11.1, "ret_ytd": -12.4, "ret_pivot": 13.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.2, "ret_60": 2.1, "ret_120": -18.2, "ret_250": -23.3, "mdd_250": -39.5, "vol_250": 31.2, "pos_52w": 70.5}, "S": {"duration": 100, "pricing": 10, "hard": 3, "bondness": 35}, "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 4 年;PE 为负,估值指标失真。", "资产负债率 68%,有息负债 2 亿,经营现金流/市值 0.0%: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 12.6%。", "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 -0.4%(经营现金流/市值 0.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 12.6%,稳定度 -318%,2020→2022 成本通胀期毛利率变化 -98.1 个百分点。不能。"], ["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 1.89 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 -23%,最大回撤 -40%,年化波动 31%,现价在 52 周高点的 70%;近 20 / 60 / 120 日 4% / 2% / -18%。", "行业对照": ["同申万二级「房地产服务」12 家中位:PE 38.0 / 股息率 1.8% / 毛利率 14.2% / 固定资产占比 2% / 分红率 37%。", "ST明诚:PE ;股息率 ;毛利率 比行业中位低 1.6个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}