{"F": {"ts_code": "600539.SH", "name": "狮头股份", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "电商服务", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20010824", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 14.08, "pe_ttm": null, "pb": 10.7724, "dv_ttm": null, "total_mv": 323840.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.8, 31.4, 28.4, 20.4, 17.7, 32.8], "rev_series": [2.1, 4.7, 5.9, 4.6, 4.8, 4.4], "np_series": [0.1, 0.1, 0.2, -0.8, -0.3, -0.2], "roe_series": [2.7, 3.4, 4.0, -19.3, -8.8, -7.0], "period": "20260630", "rev_ttm": 4.6, "np_ttm": -0.2, "ocf_ttm": -0.7, "fcf_ttm": -0.7, "fcf_yield": -2.1, "ocf_yield": -2.1, "gm_median": 28.4, "gm_std": 6.0, "gm_stab": 0.79, "gm_chg_2022": -7.4, "npm_median": -4.8, "roe_median": -7.0, "commodity": false, "hard_ratio": 2.4, "fix_assets": 0.1, "goodwill_ratio": 8.1, "pb_calc": 10.77, "capex_dep": 0.35, "interest_debt": 0.6, "debt_ebitda": null, "debt_ratio": 22.6, "debt_mv": 1.9, "payout": null, "div_years": 0, "rev_cagr3": -9.2, "np_cagr3": null, "rev_yoy": 7.0, "np_yoy": 18.0, "np_vol": 231.5, "loss_years": 3, "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], ["货物经销业务", 30.0], ["电子商务经销业务", 30.0], ["净水龙头及配件", 3.0]], "ret_prev_year": 46.7, "ret_prev2_year": -3.2, "ret_ytd": 38.3, "ret_pivot": 257.4, "prev_year": "2025", "prev2_year": "2024", "ret_20": -9.9, "ret_60": -5.2, "ret_120": 16.5, "ret_250": 17.6, "mdd_250": -36.8, "vol_250": 65.5, "pos_52w": 68.4}, "S": {"duration": 100, "pricing": 46, "hard": 4, "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 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 23%,有息负债 1 亿,经营现金流/市值 -2.1%: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 2%,毛利率近 5 年中位 28.4%。", "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 -2.1%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 28.4%,稳定度 79%,2020→2022 成本通胀期毛利率变化 -7.4 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 2%,资本开支/折旧 0.35 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 -37%,年化波动 66%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -10% / -5% / 16%。", "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%。", "狮头股份:PE ;股息率 ;毛利率 比行业中位低 3.0个百分点;固定资产占比 比行业中位低 7.3个百分点。"]}}