{"F": {"ts_code": "600725.SH", "name": "云维股份", "mkt": "CN", "ccy": "元", "sw1": "煤炭", "sw2": "焦炭Ⅱ", "sw3": "焦炭Ⅲ", "ind": "焦炭Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "19960702", "is_fin": false, "roles": {"fin": false, "commodity": true, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 3.28, "pe_ttm": null, "pb": 15.7704, "dv_ttm": null, "total_mv": 404250.16, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [2.1, 2.8, 6.1, 3.3, 1.3, 1.7], "rev_series": [13.8, 17.0, 9.0, 8.8, 7.6, 5.5], "np_series": [0.2, 0.2, 0.2, 0.1, -0.6, -0.4], "roe_series": [5.2, 4.9, 6.4, 1.5, -19.1, -14.1], "period": "20260630", "rev_ttm": 5.2, "np_ttm": -0.3, "ocf_ttm": 0.4, "fcf_ttm": 0.4, "fcf_yield": 1.1, "ocf_yield": 1.1, "gm_median": 2.8, "gm_std": 1.7, "gm_stab": 0.4, "gm_chg_2022": 4.0, "npm_median": 0.6, "roe_median": 1.5, "commodity": true, "hard_ratio": 0.2, "fix_assets": 0.0, "goodwill_ratio": 0.0, "pb_calc": 15.77, "capex_dep": 0.03, "interest_debt": 0.1, "debt_ebitda": null, "debt_ratio": 30.5, "debt_mv": 0.1, "payout": null, "div_years": 0, "rev_cagr3": -15.2, "np_cagr3": null, "rev_yoy": -9.2, "np_yoy": 86.9, "np_vol": 528.4, "loss_years": 2, "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], ["煤炭产品销售", 32.0], ["煤炭", 32.0], ["焦丁、兰炭等销售", 1.0]], "ret_prev_year": 23.7, "ret_prev2_year": 16.6, "ret_ytd": -21.5, "ret_pivot": 40.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.3, "ret_60": -13.7, "ret_120": -37.2, "ret_250": -3.5, "mdd_250": -45.2, "vol_250": 41.9, "pos_52w": 60.0}, "S": {"duration": 100, "pricing": 70, "hard": 0, "bondness": 23}, "label": "亏损或困境", "tags": ["商品定价", "近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.3 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 30%,有息负债 0 亿,经营现金流/市值 1.1%: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": "只占定价权一条(毛利率 2.8%),硬资产占比 0%。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 1.1%(经营现金流/市值 1.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 2.8%,稳定度 40%,2020→2022 成本通胀期毛利率变化 4.0 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 0%,资本开支/折旧 0.03 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 -4%,最大回撤 -45%,年化波动 42%,现价在 52 周高点的 60%;近 20 / 60 / 120 日 -0% / -14% / -37%。", "行业对照": ["同申万二级「焦炭Ⅱ」7 家中位:PE 68.0 / 股息率 0.6% / 毛利率 2.6% / 固定资产占比 58% / 分红率 33%。", "云维股份:PE ;股息率 ;毛利率 比行业中位高 0.2个百分点;固定资产占比 比行业中位低 58.2个百分点。"]}}