{"F": {"ts_code": "HK.02211", "name": "大健康国际", "mkt": "HK", "ccy": "港元", "sw1": "药品分销", "sw2": "药品分销", "sw3": "", "ind": "药品分销", "fin_source": "futu", "market": "主板", "list_date": "20131212", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.68, "pe_ttm": -2.821, "pb": 0.198, "dv_ttm": 0.0, "total_mv": 7517.142824, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [15.9], "rev_series": [7.8], "np_series": [-0.3], "roe_series": [-7.8], "rev_ttm": 7.8, "np_ttm": -0.3, "ocf_ttm": -0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -68.2, "gm_median": 15.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -3.6, "roe_median": -7.8, "commodity": false, "hard_ratio": 32.1, "fix_assets": 2.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.2, "debt_ratio": 29.1, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -33.4, "np_yoy": -4612.6, "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": -59.3, "ret_20": -21.8, "ret_60": 28.3, "ret_120": 4.6, "ret_250": -49.3, "mdd_250": null, "vol_250": null, "pos_52w": 12.7, "eps": -0.258}, "S": {"duration": 100, "pricing": 40, "hard": 51, "bondness": 13}, "label": "重资产陷阱", "tags": ["亏损或困境"], "text": {"像什么": ["资产很重:固定资产占总资产 32%,但毛利率最新年报只有 15.9%,产品同质、售价涨不动。", "资产负债率 29%,折旧与利息两头吃。"], "为什么(不)算钱的替代品": "只占硬资产一条(占比 32%),没有定价权:毛利率最新年报 15.9%。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": "滞胀里两头挤,成本全涨售价涨不动还吃折旧,跌得比成长股狠。除非商品价格反转,否则回避。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 -68.2%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 15.9%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 32%。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 -49%,现价在 52 周高点的 13%;近 20 / 60 / 120 日 -22% / 28% / 5%。", "行业对照": ["同富途行业「药品分销」17 家中位:PE 14.2 / 股息率 0.0% / 毛利率 15.9% / 固定资产占比 3% / 分红率 33%。", "大健康国际:PE 比行业中位低 17.0倍;股息率 与行业中位持平;毛利率 与行业中位持平;固定资产占比 比行业中位高 29.0个百分点。"]}}