{"F": {"ts_code": "688177.SH", "name": "百奥泰", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "生物制品", "sw3": "其他生物制品", "ind": "生物制品", "fin_source": "tushare", "market": "科创板", "list_date": "20200221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.48, "pe_ttm": null, "pb": 58.3999, "dv_ttm": null, "total_mv": 723811.84, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [89.2, 95.7, 58.1, 72.6, 69.1, 78.9], "rev_series": [1.8, 8.4, 4.6, 7.0, 7.4, 9.4], "np_series": [-5.1, 0.8, -4.8, -3.9, -5.1, -3.3], "roe_series": [-38.9, 4.0, -26.0, -28.0, -53.1, -61.2], "period": "20260630", "rev_ttm": 10.1, "np_ttm": -4.6, "ocf_ttm": 0.6, "fcf_ttm": -1.6, "fcf_yield": -2.3, "ocf_yield": 0.9, "gm_median": 72.6, "gm_std": 12.4, "gm_stab": 0.83, "gm_chg_2022": -31.1, "npm_median": -56.0, "roe_median": -28.0, "commodity": false, "hard_ratio": 43.9, "fix_assets": 11.3, "goodwill_ratio": 0.0, "pb_calc": 58.4, "capex_dep": 2.01, "interest_debt": 9.0, "debt_ebitda": null, "debt_ratio": 95.2, "debt_mv": 12.4, "payout": null, "div_years": 0, "rev_cagr3": 27.1, "np_cagr3": null, "rev_yoy": 17.3, "np_yoy": -101.7, "np_vol": 292.3, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 1, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 33.0], ["药品销售业务", 30.0], ["药品销售", 30.0], ["授权许可业务", 3.0]], "ret_prev_year": 19.4, "ret_prev2_year": -53.0, "ret_ytd": -24.5, "ret_pivot": -5.0, "prev_year": "2025", "prev2_year": "2024", "ret_20": -5.8, "ret_60": 3.6, "ret_120": -21.5, "ret_250": -46.5, "mdd_250": -53.6, "vol_250": 40.2, "pos_52w": 50.3}, "S": {"duration": 100, "pricing": 69, "hard": 70, "bondness": 3}, "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 -4.6 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 95%,有息负债 9 亿,经营现金流/市值 0.9%: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": "只占硬资产一条(占比 44%),没有定价权:毛利率近 5 年中位 72.6%,稳定度 83%。通胀来了成本转嫁不出去,利润跟不上通胀。这是陷阱不是保护。", "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 -2.3%(经营现金流/市值 0.9%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 72.6%,稳定度 83%,2020→2022 成本通胀期毛利率变化 -31.1 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 44%,资本开支/折旧 2.01 倍。涨。"], ["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 -46%,最大回撤 -54%,年化波动 40%,现价在 52 周高点的 50%;近 20 / 60 / 120 日 -6% / 4% / -22%。", "行业对照": ["同申万二级「生物制品」55 家中位:PE 32.1 / 股息率 1.2% / 毛利率 75.7% / 固定资产占比 22% / 分红率 40%。", "百奥泰:PE ;股息率 ;毛利率 比行业中位低 3.1个百分点;固定资产占比 比行业中位高 21.8个百分点。"]}}