{"F": {"ts_code": "600158.SH", "name": "中体产业", "mkt": "CN", "ccy": "元", "sw1": "社会服务", "sw2": "体育Ⅱ", "sw3": "体育Ⅲ", "ind": "体育Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19980327", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 7.37, "pe_ttm": null, "pb": 2.9477, "dv_ttm": null, "total_mv": 707161.1547, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.5, 30.2, 24.1, 34.9, 26.9, 22.0], "rev_series": [20.0, 15.2, 14.3, 38.1, 25.2, 21.4], "np_series": [0.5, 0.5, 0.1, 0.7, 0.6, -2.1], "roe_series": [2.5, 2.2, 0.5, 2.8, 2.4, -8.5], "period": "20260630", "rev_ttm": 21.8, "np_ttm": -2.0, "ocf_ttm": -0.3, "fcf_ttm": -0.8, "fcf_yield": -1.2, "ocf_yield": -0.4, "gm_median": 26.9, "gm_std": 4.6, "gm_stab": 0.83, "gm_chg_2022": -12.5, "npm_median": 6.1, "roe_median": 2.2, "commodity": false, "hard_ratio": 4.7, "fix_assets": 2.4, "goodwill_ratio": 0.6, "pb_calc": 2.95, "capex_dep": 0.96, "interest_debt": 1.9, "debt_ebitda": 20.0, "debt_ratio": 38.2, "debt_mv": 2.6, "payout": 30.4, "div_years": 4, "rev_cagr3": 14.4, "np_cagr3": null, "rev_yoy": 4.4, "np_yoy": 73.7, "np_vol": 321.4, "loss_years": 1, "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], ["体育", 33.0], ["体育服务", 16.0], ["体育相关产品销售", 9.0]], "ret_prev_year": 5.8, "ret_prev2_year": 6.6, "ret_ytd": -15.6, "ret_pivot": 9.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": 4.7, "ret_60": -13.8, "ret_120": -32.1, "ret_250": -17.9, "mdd_250": -57.3, "vol_250": 48.1, "pos_52w": 50.5}, "S": {"duration": 100, "pricing": 46, "hard": 8, "bondness": 31}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -2.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 38%,有息负债 2 亿,经营现金流/市值 -0.4%: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 5%,毛利率近 5 年中位 26.9%。", "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 -1.2%(经营现金流/市值 -0.4%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.9%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -12.5 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 5%,资本开支/折旧 0.96 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 -18%,最大回撤 -57%,年化波动 48%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 5% / -14% / -32%。", "行业对照": []}}