{"F": {"ts_code": "600568.SH", "name": "ST中珠", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "医疗服务", "sw3": "医院", "ind": "医疗服务", "fin_source": "tushare", "market": "主板", "list_date": "20010518", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.17, "pe_ttm": null, "pb": 2.7137, "dv_ttm": null, "total_mv": 432452.7249, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [24.4, 28.6, 25.2, 25.2, 12.8, 17.9], "rev_series": [7.3, 5.8, 5.1, 6.4, 5.2, 5.8], "np_series": [0.0, -2.1, -8.0, -3.4, -6.2, -1.1], "roe_series": [0.1, -5.7, -25.0, -13.1, -29.5, -6.7], "period": "20260630", "rev_ttm": 5.3, "np_ttm": -1.3, "ocf_ttm": 0.3, "fcf_ttm": -0.1, "fcf_yield": -0.3, "ocf_yield": 0.6, "gm_median": 25.2, "gm_std": 5.8, "gm_stab": 0.77, "gm_chg_2022": 0.8, "npm_median": -53.0, "roe_median": -13.1, "commodity": false, "hard_ratio": 13.6, "fix_assets": 2.6, "goodwill_ratio": 5.7, "pb_calc": 2.71, "capex_dep": 0.64, "interest_debt": 0.3, "debt_ebitda": null, "debt_ratio": 19.0, "debt_mv": 0.7, "payout": null, "div_years": 0, "rev_cagr3": 4.5, "np_cagr3": null, "rev_yoy": -14.4, "np_yoy": -75.0, "np_vol": 2646.6, "loss_years": 5, "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], ["医疗分部", 25.0], ["医院收入", 20.0], ["房地产开发分部", 6.0]], "ret_prev_year": 93.1, "ret_prev2_year": -24.4, "ret_ytd": -13.5, "ret_pivot": 79.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -3.6, "ret_60": -14.6, "ret_120": -29.1, "ret_250": 14.2, "mdd_250": -36.4, "vol_250": 39.6, "pos_52w": 67.6}, "S": {"duration": 100, "pricing": 48, "hard": 22, "bondness": 18}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -1.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 19%,有息负债 0 亿,经营现金流/市值 0.6%: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 14%,毛利率近 5 年中位 25.2%。", "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 -0.3%(经营现金流/市值 0.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 25.2%,稳定度 77%,2020→2022 成本通胀期毛利率变化 0.8 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 14%,资本开支/折旧 0.64 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 14%,最大回撤 -36%,年化波动 40%,现价在 52 周高点的 68%;近 20 / 60 / 120 日 -4% / -15% / -29%。", "行业对照": ["同申万二级「医疗服务」52 家中位:PE 73.1 / 股息率 0.5% / 毛利率 41.3% / 固定资产占比 19% / 分红率 34%。", "ST中珠:PE ;股息率 ;毛利率 比行业中位低 16.1个百分点;固定资产占比 比行业中位低 5.3个百分点。"]}}