{"F": {"ts_code": "688382.SH", "name": "益方生物", "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": "20220725", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 19.49, "pe_ttm": null, "pb": 8.0051, "dv_ttm": null, "total_mv": 1129624.808, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [null, null, null, null, 97.7, 86.5], "rev_series": [null, null, null, 1.9, 1.7, 0.4], "np_series": [-10.5, -3.6, -4.8, -2.8, -2.4, -3.2], "roe_series": [-208.9, -42.2, -33.3, -13.5, -12.6, -18.9], "period": "20260630", "rev_ttm": 0.7, "np_ttm": -3.3, "ocf_ttm": -2.4, "fcf_ttm": -2.4, "fcf_yield": -2.2, "ocf_yield": -2.1, "gm_median": 92.1, "gm_std": 5.6, "gm_stab": 0.94, "gm_chg_2022": null, "npm_median": -153.1, "roe_median": -18.9, "commodity": false, "hard_ratio": 0.5, "fix_assets": 0.1, "goodwill_ratio": 0.0, "pb_calc": 8.01, "capex_dep": 1.59, "interest_debt": 0.2, "debt_ebitda": null, "debt_ratio": 7.3, "debt_mv": 0.2, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 178.2, "np_yoy": -14.8, "np_vol": 39.8, "loss_years": 5, "far_share": 100, "earn_yield": null, "consensus_n": 6, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["技术授权和技术合作收入", 50.0], ["技术授权", 50.0]], "ret_prev_year": 104.8, "ret_prev2_year": -12.2, "ret_ytd": -28.5, "ret_pivot": 175.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.2, "ret_60": 18.0, "ret_120": 3.1, "ret_250": -53.8, "mdd_250": -62.9, "vol_250": 69.1, "pos_52w": 45.3}, "S": {"duration": 100, "pricing": 86, "hard": 1, "bondness": 13}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -3.3 亿,近 5 年亏损 5 年;PE 为负,估值指标失真。", "资产负债率 7%,有息负债 0 亿,经营现金流/市值 -2.1%: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 92.1%),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 -2.2%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 92.1%,稳定度 94%。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 1.59 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 -54%,最大回撤 -63%,年化波动 69%,现价在 52 周高点的 45%;近 20 / 60 / 120 日 -6% / 18% / 3%。", "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%。", "益方生物:PE ;股息率 ;毛利率 比行业中位高 39.6个百分点;固定资产占比 比行业中位低 29.3个百分点。"]}}