{"F": {"ts_code": "600185.SH", "name": "珠免集团", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "旅游零售Ⅱ", "sw3": "旅游零售Ⅲ", "ind": "旅游零售Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19990611", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.48, "pe_ttm": null, "pb": 183.358, "dv_ttm": null, "total_mv": 1032983.1784, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.0, 25.9, 24.2, 21.7, 30.8, 36.4], "rev_series": [63.9, 71.3, 40.5, 47.3, 52.8, 33.9], "np_series": [4.0, 4.4, -20.6, -7.3, -15.1, -10.3], "roe_series": [5.2, 5.4, -27.9, -12.3, -45.0, -162.1], "period": "20260630", "rev_ttm": 28.8, "np_ttm": -7.2, "ocf_ttm": 4.8, "fcf_ttm": 4.5, "fcf_yield": 4.4, "ocf_yield": 4.7, "gm_median": 25.9, "gm_std": 5.2, "gm_stab": 0.8, "gm_chg_2022": -5.8, "npm_median": -19.3, "roe_median": -27.9, "commodity": false, "hard_ratio": 1.1, "fix_assets": 1.4, "goodwill_ratio": 0.0, "pb_calc": 183.36, "capex_dep": 1.17, "interest_debt": 114.7, "debt_ebitda": 25.6, "debt_ratio": 90.1, "debt_mv": 111.0, "payout": null, "div_years": 1, "rev_cagr3": -5.7, "np_cagr3": null, "rev_yoy": -29.3, "np_yoy": 112.7, "np_vol": 243.9, "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], ["商品贸易-免税商品", 29.0], ["免税商品销售", 29.0], ["其他收入", 4.0]], "ret_prev_year": -5.3, "ret_prev2_year": -0.6, "ret_ytd": -19.5, "ret_pivot": 12.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 16.6, "ret_60": 11.6, "ret_120": -15.2, "ret_250": -5.5, "mdd_250": -47.8, "vol_250": 37.7, "pos_52w": 66.2}, "S": {"duration": 100, "pricing": 45, "hard": 2, "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 -7.2 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 90%,有息负债 115 亿,经营现金流/市值 4.7%: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 1%,毛利率近 5 年中位 25.9%。", "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 4.4%(经营现金流/市值 4.7%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.9%,稳定度 80%,2020→2022 成本通胀期毛利率变化 -5.8 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 1%,资本开支/折旧 1.17 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 -6%,最大回撤 -48%,年化波动 38%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 17% / 12% / -15%。", "行业对照": []}}