{"F": {"ts_code": "688221.SH", "name": "前沿生物", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "科创板", "list_date": "20201028", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.42, "pe_ttm": null, "pb": 6.3114, "dv_ttm": null, "total_mv": 652516.0954, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [18.4, -30.4, 18.6, 29.0, 33.9, 33.2], "rev_series": [0.5, 0.4, 0.8, 1.1, 1.3, 1.2], "np_series": [-2.3, -2.6, -3.6, -3.3, -2.0, -2.7], "roe_series": [-16.8, -13.1, -20.4, -21.8, -16.2, -26.6], "period": "20260630", "rev_ttm": 3.8, "np_ttm": -0.2, "ocf_ttm": 0.5, "fcf_ttm": 0.4, "fcf_yield": 0.7, "ocf_yield": 0.8, "gm_median": 29.0, "gm_std": 24.3, "gm_stab": 0.16, "gm_chg_2022": 0.2, "npm_median": -287.9, "roe_median": -20.4, "commodity": false, "hard_ratio": 23.5, "fix_assets": 4.1, "goodwill_ratio": 0.0, "pb_calc": 6.31, "capex_dep": 0.39, "interest_debt": 4.2, "debt_ebitda": 32.8, "debt_ratio": 40.8, "debt_mv": 6.4, "payout": null, "div_years": 0, "rev_cagr3": 13.3, "np_cagr3": null, "rev_yoy": 434.3, "np_yoy": 253.0, "np_vol": 28.1, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 7, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["授权许可", 44.0], ["艾可宁", 5.0], ["其他", 1.0]], "ret_prev_year": 84.9, "ret_prev2_year": -1.6, "ret_ytd": -3.5, "ret_pivot": 276.2, "prev_year": "2025", "prev2_year": "2024", "ret_20": -17.9, "ret_60": -1.2, "ret_120": -8.3, "ret_250": -5.2, "mdd_250": -39.6, "vol_250": 76.6, "pos_52w": 61.9}, "S": {"duration": 100, "pricing": 28, "hard": 38, "bondness": 22}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.2 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 41%,有息负债 4 亿,经营现金流/市值 0.8%: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": "两条都不占:固定资产占比 24%,毛利率近 5 年中位 29.0%。", "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 0.7%(经营现金流/市值 0.8%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 29.0%,稳定度 16%,2020→2022 成本通胀期毛利率变化 0.2 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 24%,资本开支/折旧 0.39 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 -5%,最大回撤 -40%,年化波动 77%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 -18% / -1% / -8%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "前沿生物:PE ;股息率 ;毛利率 比行业中位低 23.5个百分点;固定资产占比 比行业中位低 6.3个百分点。"]}}