{"F": {"ts_code": "600859.SH", "name": "王府井", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "一般零售", "sw3": "百货", "ind": "一般零售", "fin_source": "tushare", "market": "主板", "list_date": "19940506", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 10.13, "pe_ttm": null, "pb": 0.5857, "dv_ttm": null, "total_mv": 1138542.6095, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.4, 42.1, 38.3, 41.8, 40.2, 38.8], "rev_series": [82.2, 127.5, 108.0, 122.2, 113.7, 101.5], "np_series": [3.9, 13.4, 1.9, 7.1, 2.7, -0.4], "roe_series": [3.4, 8.7, 1.0, 3.6, 1.4, -0.2], "period": "20260630", "rev_ttm": 97.8, "np_ttm": -0.7, "ocf_ttm": 22.6, "fcf_ttm": 17.6, "fcf_yield": 15.5, "ocf_yield": 19.8, "gm_median": 40.2, "gm_std": 1.6, "gm_stab": 0.96, "gm_chg_2022": 2.9, "npm_median": 2.3, "roe_median": 1.4, "commodity": false, "hard_ratio": 18.0, "fix_assets": 69.9, "goodwill_ratio": 2.9, "pb_calc": 0.59, "capex_dep": 1.01, "interest_debt": 103.6, "debt_ebitda": 4.1, "debt_ratio": 48.5, "debt_mv": 91.0, "payout": 65.8, "div_years": 4, "rev_cagr3": -2.0, "np_cagr3": null, "rev_yoy": -7.0, "np_yoy": -33.2, "np_vol": 181.0, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 6, "fwd_pe": 81.0, "fwd_pe2": 61.4, "fwd_g1": null, "fwd_g2": 32.0, "peg": 2.53, "consensus_disp": null, "mainbz": [["产品", 33.0], ["百货业态", 12.0], ["百货", 12.0], ["奥特莱斯业态", 8.0]], "ret_prev_year": 1.3, "ret_prev2_year": -2.3, "ret_ytd": -34.8, "ret_pivot": -14.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": 0.5, "ret_60": -0.5, "ret_120": -23.1, "ret_250": -31.2, "mdd_250": -44.1, "vol_250": 28.6, "pos_52w": 61.7}, "S": {"duration": 100, "pricing": 63, "hard": 29, "bondness": 55}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.7 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 48%,有息负债 104 亿,经营现金流/市值 19.8%: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 40.2%),硬资产占比 18%。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 15.5%(经营现金流/市值 19.8%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.2%,稳定度 96%,2020→2022 成本通胀期毛利率变化 2.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 1.01 倍。有一些。"], ["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 -31%,最大回撤 -44%,年化波动 29%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 0% / -0% / -23%。", "行业对照": ["同申万二级「一般零售」60 家中位:PE 60.7 / 股息率 1.1% / 毛利率 34.2% / 固定资产占比 15% / 分红率 51%。", "王府井:PE ;股息率 ;毛利率 比行业中位高 6.0个百分点;固定资产占比 比行业中位高 2.6个百分点。"]}}