{"F": {"ts_code": "600365.SH", "name": "ST通葡", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "综合电商", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20010115", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 2.86, "pe_ttm": null, "pb": 6.3777, "dv_ttm": null, "total_mv": 129823.98, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [19.7, 21.5, 19.5, 18.0, 14.5, 14.2], "rev_series": [6.1, 6.8, 8.2, 8.6, 8.7, 6.8], "np_series": [-0.7, 0.0, -0.5, -0.7, -0.5, -0.8], "roe_series": [-10.8, 0.8, -14.9, -22.8, -16.7, -32.3], "period": "20260630", "rev_ttm": 5.9, "np_ttm": -0.9, "ocf_ttm": -3.4, "fcf_ttm": -3.4, "fcf_yield": -26.2, "ocf_yield": -25.9, "gm_median": 18.0, "gm_std": 2.8, "gm_stab": 0.84, "gm_chg_2022": -0.2, "npm_median": -6.3, "roe_median": -16.7, "commodity": false, "hard_ratio": 22.7, "fix_assets": 1.5, "goodwill_ratio": 5.3, "pb_calc": 6.38, "capex_dep": 0.34, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 70.0, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": -6.0, "np_cagr3": null, "rev_yoy": -22.9, "np_yoy": -30.8, "np_vol": 597.4, "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", 34.0], ["白酒", 24.0], ["其他酒类产品", 24.0], ["葡萄酒", 9.0]], "ret_prev_year": 9.8, "ret_prev2_year": -20.2, "ret_ytd": -12.0, "ret_pivot": 16.7, "prev_year": "2025", "prev2_year": "2024", "ret_20": 2.1, "ret_60": 13.5, "ret_120": -11.5, "ret_250": -18.1, "mdd_250": -33.1, "vol_250": 28.8, "pos_52w": 80.8}, "S": {"duration": 100, "pricing": 46, "hard": 36, "bondness": 23}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.9 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 70%,有息负债 0 亿,经营现金流/市值 -25.9%: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 23%,毛利率近 5 年中位 18.0%。", "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 -26.2%(经营现金流/市值 -25.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 18.0%,稳定度 84%,2020→2022 成本通胀期毛利率变化 -0.2 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 23%,资本开支/折旧 0.34 倍。有一些。"], ["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 -33%,年化波动 29%,现价在 52 周高点的 81%;近 20 / 60 / 120 日 2% / 14% / -12%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "ST通葡:PE ;股息率 ;毛利率 比行业中位低 13.4个百分点;固定资产占比 比行业中位高 13.0个百分点。"]}}