{"F": {"ts_code": "605136.SH", "name": "丽人丽妆", "mkt": "CN", "ccy": "元", "sw1": "商贸零售", "sw2": "互联网电商", "sw3": "电商服务", "ind": "互联网电商", "fin_source": "tushare", "market": "主板", "list_date": "20200929", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 8.7, "pe_ttm": null, "pb": 1.4366, "dv_ttm": 0.2874, "total_mv": 348398.895, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [35.9, 36.5, 27.1, 34.6, 35.9, 39.8], "rev_series": [46.0, 41.5, 32.4, 27.6, 17.3, 16.9], "np_series": [3.4, 4.1, -1.4, 0.3, -0.2, -0.8], "roe_series": [17.3, 16.3, -5.4, 1.2, -1.0, -3.3], "period": "20260630", "rev_ttm": 17.6, "np_ttm": -0.2, "ocf_ttm": 0.8, "fcf_ttm": 0.6, "fcf_yield": 1.8, "ocf_yield": 2.3, "gm_median": 35.9, "gm_std": 4.2, "gm_stab": 0.88, "gm_chg_2022": -8.8, "npm_median": -1.5, "roe_median": -1.0, "commodity": false, "hard_ratio": 0.8, "fix_assets": 0.2, "goodwill_ratio": 0.0, "pb_calc": 1.44, "capex_dep": 5.59, "interest_debt": 0.3, "debt_ebitda": 0.8, "debt_ratio": 11.2, "debt_mv": 0.9, "payout": 71.4, "div_years": 3, "rev_cagr3": -19.5, "np_cagr3": null, "rev_yoy": 7.6, "np_yoy": 168.8, "np_vol": 131.1, "loss_years": 3, "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": [["主营业务", 50.0], ["化妆品电商零售业务", 45.0], ["其他主营业务", 3.0], ["品牌营销服务", 2.0]], "ret_prev_year": 27.0, "ret_prev2_year": -12.5, "ret_ytd": -20.4, "ret_pivot": 45.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": 6.0, "ret_60": 6.8, "ret_120": -15.2, "ret_250": -14.4, "mdd_250": -49.3, "vol_250": 49.5, "pos_52w": 62.7}, "S": {"duration": 100, "pricing": 52, "hard": 1, "bondness": 49}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 3 年;PE 为负,估值指标失真。", "资产负债率 11%,有息负债 0 亿,经营现金流/市值 2.3%: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 35.9%),硬资产占比 1%。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 1.8%(经营现金流/市值 2.3%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 35.9%,稳定度 88%,2020→2022 成本通胀期毛利率变化 -8.8 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 1%,资本开支/折旧 5.59 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 -49%,年化波动 50%,现价在 52 周高点的 63%;近 20 / 60 / 120 日 6% / 7% / -15%。", "行业对照": ["同申万二级「互联网电商」19 家中位:PE 32.2 / 股息率 1.6% / 毛利率 31.4% / 固定资产占比 10% / 分红率 74%。", "丽人丽妆:PE ;股息率 比行业中位低 1.3个百分点;毛利率 比行业中位高 4.5个百分点;固定资产占比 比行业中位低 8.9个百分点。"]}}