{"F": {"ts_code": "HK.02530", "name": "纽曼思", "mkt": "HK", "ccy": "港元", "sw1": "膳食补充品", "sw2": "膳食补充品", "sw3": "", "ind": "膳食补充品", "fin_source": "futu", "market": "主板", "list_date": "20250110", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 0.72, "pe_ttm": 12.0, "pb": 1.23, "dv_ttm": 3.47, "total_mv": 72000.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [69.0], "rev_series": [2.1], "np_series": [0.1], "roe_series": [1.3], "rev_ttm": 2.1, "np_ttm": 0.6, "ocf_ttm": 0.3, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 4.7, "gm_median": 69.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.9, "roe_median": 1.3, "commodity": false, "hard_ratio": 0.9, "fix_assets": 0.0, "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.3, "debt_ratio": 3.6, "debt_mv": null, "payout": 42.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -28.7, "np_yoy": -92.3, "np_vol": null, "loss_years": 0, "far_share": 58.0, "earn_yield": 8.3, "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": 21.0, "ret_20": -5.9, "ret_60": 2.1, "ret_120": 27.4, "ret_250": 25.2, "mdd_250": null, "vol_250": null, "pos_52w": 89.4, "eps": 0.006}, "S": {"duration": 26, "pricing": 66, "hard": 1, "bondness": 49}, "label": "现金流红利", "tags": [], "text": {"像什么": ["分红率 42%、股息率 3.5%、最新一年营收增速 -28.7%、资产负债率 4%:红利底仓,但不靠杠杆。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 69.0%),硬资产占比 1%。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": "船票:加息期底仓。放水信号出现后按 7:3 → 5:5 → 3:7 逐步让位给科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 4.7%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 69.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 1%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 12.0 倍 粗算,约 58%(1 − 5/PE)。中等。"]], "价格行为": "近一年 25%,现价在 52 周高点的 89%;近 20 / 60 / 120 日 -6% / 2% / 27%。", "行业对照": ["同富途行业「膳食补充品」11 家中位:PE 11.5 / 股息率 0.0% / 毛利率 69.0% / 固定资产占比 14% / 分红率 14%。", "纽曼思:PE 比行业中位高 0.5倍;股息率 比行业中位高 3.5个百分点;毛利率 与行业中位持平;固定资产占比 比行业中位低 13.4个百分点。"]}}