{"F": {"ts_code": "600252.SH", "name": "中恒集团", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "中药Ⅱ", "sw3": "中药Ⅲ", "ind": "中药Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20001130", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.22, "pe_ttm": null, "pb": 1.3527, "dv_ttm": null, "total_mv": 706884.2082, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [78.3, 74.4, 59.4, 64.1, 46.6, 44.1], "rev_series": [36.8, 31.6, 27.1, 29.7, 22.7, 17.5], "np_series": [5.6, 3.1, 0.8, 0.8, -3.8, -3.6], "roe_series": [8.5, 4.6, 1.2, 1.3, -6.0, -6.3], "period": "20260630", "rev_ttm": 14.4, "np_ttm": -4.3, "ocf_ttm": 0.9, "fcf_ttm": 0.4, "fcf_yield": 0.6, "ocf_yield": 1.3, "gm_median": 59.4, "gm_std": 11.2, "gm_stab": 0.81, "gm_chg_2022": -18.8, "npm_median": 0.5, "roe_median": 1.2, "commodity": false, "hard_ratio": 12.6, "fix_assets": 12.6, "goodwill_ratio": 0.4, "pb_calc": 1.35, "capex_dep": 0.38, "interest_debt": 18.5, "debt_ebitda": null, "debt_ratio": 34.1, "debt_mv": 26.1, "payout": 40.7, "div_years": 3, "rev_cagr3": -13.6, "np_cagr3": null, "rev_yoy": -29.7, "np_yoy": -288.4, "np_vol": 210.4, "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", 50.0], ["药品销售", 38.0], ["食品销售", 7.0], ["其他业务", 1.0]], "ret_prev_year": 11.4, "ret_prev2_year": -1.6, "ret_ytd": -19.0, "ret_pivot": 16.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.4, "ret_60": 5.2, "ret_120": -15.3, "ret_250": -22.6, "mdd_250": -41.5, "vol_250": 33.8, "pos_52w": 73.8}, "S": {"duration": 100, "pricing": 62, "hard": 20, "bondness": 37}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -4.3 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 18 亿,经营现金流/市值 1.3%: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": "两条都不占:固定资产占比 13%,毛利率近 5 年中位 59.4%。", "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 0.6%(经营现金流/市值 1.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 59.4%,稳定度 81%,2020→2022 成本通胀期毛利率变化 -18.8 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 13%,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 -23%,最大回撤 -42%,年化波动 34%,现价在 52 周高点的 74%;近 20 / 60 / 120 日 -0% / 5% / -15%。", "行业对照": ["同申万二级「中药Ⅱ」68 家中位:PE 23.1 / 股息率 2.8% / 毛利率 57.5% / 固定资产占比 23% / 分红率 64%。", "中恒集团:PE ;股息率 ;毛利率 比行业中位高 1.9个百分点;固定资产占比 比行业中位低 10.8个百分点。"]}}