{"F": {"ts_code": "600715.SH", "name": "文投控股", "mkt": "CN", "ccy": "元", "sw1": "传媒", "sw2": "游戏Ⅱ", "sw3": "游戏Ⅲ", "ind": "游戏Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19960701", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 1.7, "pe_ttm": null, "pb": 6.4643, "dv_ttm": null, "total_mv": 690175.095, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [-108.3, -1.9, -0.3, 16.4, 16.2, 30.4], "rev_series": [5.3, 7.8, 8.0, 6.1, 4.0, 3.2], "np_series": [-34.6, -7.2, -12.7, -16.5, -9.1, -0.5], "roe_series": [-74.9, -28.8, -85.6, null, -2324.5, -4.1], "period": "20260630", "rev_ttm": 2.5, "np_ttm": -0.7, "ocf_ttm": 0.2, "fcf_ttm": 0.1, "fcf_yield": 0.2, "ocf_yield": 0.3, "gm_median": 16.2, "gm_std": 12.0, "gm_stab": 0.26, "gm_chg_2022": 108.0, "npm_median": -162.3, "roe_median": -57.2, "commodity": false, "hard_ratio": 1.6, "fix_assets": 0.2, "goodwill_ratio": 10.8, "pb_calc": 6.46, "capex_dep": 1.93, "interest_debt": 1.8, "debt_ebitda": null, "debt_ratio": 30.9, "debt_mv": 2.6, "payout": null, "div_years": 0, "rev_cagr3": -26.4, "np_cagr3": null, "rev_yoy": -38.4, "np_yoy": -538.2, "np_vol": 65.8, "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], ["电影放映及影视项目投资", 22.0], ["电影放映及影视项目投资分部", 22.0], ["网络游戏开发及运营分部", 12.0]], "ret_prev_year": -3.1, "ret_prev2_year": -2.1, "ret_ytd": -22.0, "ret_pivot": 7.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.9, "ret_60": 1.2, "ret_120": -20.9, "ret_250": -32.8, "mdd_250": -55.1, "vol_250": 42.2, "pos_52w": 52.6}, "S": {"duration": 100, "pricing": 28, "hard": 3, "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 -0.7 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 31%,有息负债 2 亿,经营现金流/市值 0.3%: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 2%,毛利率近 5 年中位 16.2%。", "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 0.2%(经营现金流/市值 0.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 16.2%,稳定度 26%,2020→2022 成本通胀期毛利率变化 108.0 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 2%,资本开支/折旧 1.93 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 -33%,最大回撤 -55%,年化波动 42%,现价在 52 周高点的 53%;近 20 / 60 / 120 日 7% / 1% / -21%。", "行业对照": ["同申万二级「游戏Ⅱ」26 家中位:PE 24.6 / 股息率 1.1% / 毛利率 60.8% / 固定资产占比 4% / 分红率 43%。", "文投控股:PE ;股息率 ;毛利率 比行业中位低 44.6个百分点;固定资产占比 比行业中位低 2.4个百分点。"]}}