{"F": {"ts_code": "600228.SH", "name": "返利科技", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "数字媒体", "sw3": "门户网站", "ind": "数字媒体", "fin_source": "tushare", "market": "主板", "list_date": "19990119", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 10.3, "pe_ttm": null, "pb": 11.6657, "dv_ttm": null, "total_mv": 429172.675, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [20.2, 62.5, 73.1, 67.3, 47.6, 49.0], "rev_series": [3.7, 5.0, 5.1, 3.0, 2.4, 5.5], "np_series": [-0.3, 0.9, 0.7, 0.3, -0.1, -0.6], "roe_series": [-68.0, 18.9, 6.7, 1.9, -1.2, -14.9], "period": "20260630", "rev_ttm": 7.0, "np_ttm": -0.6, "ocf_ttm": -0.5, "fcf_ttm": -0.5, "fcf_yield": -1.2, "ocf_yield": -1.2, "gm_median": 62.5, "gm_std": 10.1, "gm_stab": 0.84, "gm_chg_2022": 52.8, "npm_median": 8.4, "roe_median": 1.9, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 11.67, "capex_dep": 3.32, "interest_debt": 0.0, "debt_ebitda": null, "debt_ratio": 34.2, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": 2.7, "np_cagr3": null, "rev_yoy": 81.1, "np_yoy": 14.9, "np_vol": 156.5, "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": [["导购服务", 22.0], ["导购收入", 22.0], ["广告推广服务", 16.0], ["广告推广", 16.0]], "ret_prev_year": -9.1, "ret_prev2_year": -20.9, "ret_ytd": 83.6, "ret_pivot": 117.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 29.7, "ret_60": 38.3, "ret_120": 72.5, "ret_250": 126.4, "mdd_250": -47.3, "vol_250": 58.0, "pos_52w": 95.5}, "S": {"duration": 100, "pricing": 72, "hard": 1, "bondness": 20}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.6 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 0 亿,经营现金流/市值 -1.2%: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 62.5%。", "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 -1.2%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 62.5%,稳定度 84%,2020→2022 成本通胀期毛利率变化 52.8 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 0%,资本开支/折旧 3.32 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 126%,最大回撤 -47%,年化波动 58%,现价在 52 周高点的 96%;近 20 / 60 / 120 日 30% / 38% / 72%。", "行业对照": ["同申万二级「数字媒体」14 家中位:PE 85.8 / 股息率 0.7% / 毛利率 44.0% / 固定资产占比 2% / 分红率 55%。", "返利科技:PE ;股息率 ;毛利率 比行业中位高 18.5个百分点;固定资产占比 比行业中位低 1.9个百分点。"]}}