{"F": {"ts_code": "600682.SH", "name": "南京新百", "mkt": "CN", "ccy": "元", "sw1": "综合", "sw2": "综合Ⅱ", "sw3": "综合Ⅲ", "ind": "综合Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19931018", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 5.61, "pe_ttm": null, "pb": 0.461, "dv_ttm": null, "total_mv": 754619.1642, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [57.0, 57.5, 49.4, 46.2, 45.3, 40.5], "rev_series": [56.6, 61.8, 64.3, 65.7, 67.0, 63.6], "np_series": [7.5, 10.9, 7.2, 4.3, 2.3, -8.4], "roe_series": [4.7, 6.5, 4.2, 2.5, 1.3, -4.9], "period": "20260630", "rev_ttm": 60.4, "np_ttm": -9.7, "ocf_ttm": 5.5, "fcf_ttm": 2.0, "fcf_yield": 2.6, "ocf_yield": 7.3, "gm_median": 46.2, "gm_std": 5.6, "gm_stab": 0.88, "gm_chg_2022": -7.6, "npm_median": 9.1, "roe_median": 2.5, "commodity": false, "hard_ratio": 11.6, "fix_assets": 29.4, "goodwill_ratio": 21.2, "pb_calc": 0.46, "capex_dep": 1.31, "interest_debt": 10.0, "debt_ebitda": 1.4, "debt_ratio": 27.9, "debt_mv": 13.2, "payout": 9.4, "div_years": 4, "rev_cagr3": -0.4, "np_cagr3": null, "rev_yoy": -10.0, "np_yoy": -78.4, "np_vol": 182.0, "loss_years": 1, "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], ["健康养老", 30.0], ["健康养老、护理行业", 14.0], ["医药制造", 6.0]], "ret_prev_year": 28.1, "ret_prev2_year": -10.8, "ret_ytd": -35.8, "ret_pivot": 7.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.5, "ret_60": -3.9, "ret_120": -21.9, "ret_250": -36.3, "mdd_250": -44.4, "vol_250": 41.1, "pos_52w": 60.6}, "S": {"duration": 100, "pricing": 58, "hard": 19, "bondness": 27}, "label": "亏损或困境", "tags": ["商誉占比高"], "text": {"像什么": ["TTM 归母净利 -9.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 10 亿,经营现金流/市值 7.3%: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": "只占定价权一条(毛利率 46.2%),硬资产占比 12%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "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 2.6%(经营现金流/市值 7.3%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 46.2%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -7.6 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 12%,资本开支/折旧 1.31 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 -36%,最大回撤 -44%,年化波动 41%,现价在 52 周高点的 61%;近 20 / 60 / 120 日 -0% / -4% / -22%。", "行业对照": ["同申万二级「综合Ⅱ」20 家中位:PE 46.7 / 股息率 0.9% / 毛利率 15.5% / 固定资产占比 12% / 分红率 35%。", "南京新百:PE ;股息率 ;毛利率 比行业中位高 30.7个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}