{"F": {"ts_code": "US.JEM", "name": "707 Cayman Holdings", "mkt": "US", "ccy": "美元", "sw1": "服装零售", "sw2": "服装零售", "sw3": "", "ind": "服装零售", "fin_source": "futu", "market": "NASDAQ", "list_date": "20250609", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 4.1, "pe_ttm": -0.086, "pb": 0.423, "dv_ttm": 0.0, "total_mv": 275.51344, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [19.9], "rev_series": [0.1], "np_series": [-0.1], "roe_series": [-133.4], "rev_ttm": 0.1, "np_ttm": -0.2, "ocf_ttm": -0.0, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": -47.2, "gm_median": 19.9, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -38.3, "roe_median": -133.4, "commodity": false, "hard_ratio": 5.5, "fix_assets": 0.0, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": -0.0, "debt_ratio": 33.7, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 21.8, "np_yoy": -648.1, "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": -90.3, "ret_20": -10.1, "ret_60": -82.3, "ret_120": -82.0, "ret_250": -94.2, "mdd_250": null, "vol_250": null, "pos_52w": 1.8, "eps": -47.592}, "S": {"duration": 100, "pricing": 42, "hard": 9, "bondness": 13}, "label": "亏损或困境", "tags": [], "text": {"像什么": ["TTM 归母净利 -0.2 亿;PE 为负,估值指标失真。", "资产负债率 34%,有息负债 —,经营现金流/市值 -47.2%: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 6%,毛利率最新年报 19.9%。", "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?", "经营现金流/市值 -47.2%(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 19.9%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 6%。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 -94%,现价在 52 周高点的 2%;近 20 / 60 / 120 日 -10% / -82% / -82%。", "行业对照": ["同富途行业「服装零售」34 家中位:PE 13.8 / 股息率 0.0% / 毛利率 40.2% / 固定资产占比 41% / 分红率 0%。", "707 Cayman Holdings:PE 比行业中位低 13.9倍;股息率 与行业中位持平;毛利率 比行业中位低 20.3个百分点;固定资产占比 比行业中位低 35.7个百分点。"]}}