{"F": {"ts_code": "HK.00922", "name": "安贤园中国", "mkt": "HK", "ccy": "港元", "sw1": "其他支援服务", "sw2": "其他支援服务", "sw3": "", "ind": "其他支援服务", "fin_source": "futu", "market": "主板", "list_date": "19991221", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.108, "pe_ttm": -2.076, "pb": 0.287, "dv_ttm": 10.19, "total_mv": 23990.722019999997, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [64.1], "rev_series": [2.0], "np_series": [-1.2], "roe_series": [-13.1], "rev_ttm": 2.0, "np_ttm": -1.2, "ocf_ttm": 0.4, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 17.4, "gm_median": 64.1, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -61.8, "roe_median": -13.1, "commodity": false, "hard_ratio": 4.7, "fix_assets": 0.6, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -1.1, "debt_ratio": 32.6, "debt_mv": null, "payout": null, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -17.0, "np_yoy": -331.6, "np_vol": null, "loss_years": 1, "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": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -8.5, "ret_20": 0.9, "ret_60": -1.8, "ret_120": -18.8, "ret_250": -30.3, "mdd_250": null, "vol_250": null, "pos_52w": 64.7, "eps": -0.052}, "S": {"duration": 100, "pricing": 64, "hard": 8, "bondness": 43}, "label": "轻资产现金牛", "tags": ["亏损或困境", "股息率≥4%"], "text": {"像什么": ["固定资产占比 5%,毛利率最新年报 64.1%,经营现金流/市值 17.4%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 64.1%),硬资产占比 5%。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": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 17.4%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 64.1%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 5%。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 -30%,现价在 52 周高点的 65%;近 20 / 60 / 120 日 1% / -2% / -19%。", "行业对照": ["同富途行业「其他支援服务」28 家中位:PE 9.6 / 股息率 0.5% / 毛利率 20.0% / 固定资产占比 3% / 分红率 39%。", "安贤园中国:PE 比行业中位低 11.7倍;股息率 比行业中位高 9.7个百分点;毛利率 比行业中位高 44.1个百分点;固定资产占比 比行业中位高 1.3个百分点。"]}}