{"F": {"ts_code": "US.RDI", "name": "Reading International-A", "mkt": "US", "ccy": "美元", "sw1": "娱乐", "sw2": "娱乐", "sw3": "", "ind": "娱乐", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 2.34, "pe_ttm": -4.254, "pb": -2.294, "dv_ttm": 0.0, "total_mv": 5356.289718, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [13.4], "rev_series": [2.0], "np_series": [-0.1], "roe_series": [0.0], "rev_ttm": 2.0, "np_ttm": -0.1, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 9.8, "gm_median": 13.4, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -7.2, "roe_median": 0.0, "commodity": false, "hard_ratio": 63.4, "fix_assets": 2.9, "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": 0.2, "debt_ratio": 104.2, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -3.6, "np_yoy": 59.2, "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": 122.9, "ret_20": 55.0, "ret_60": 91.8, "ret_120": 116.7, "ret_250": 51.9, "mdd_250": null, "vol_250": null, "pos_52w": 97.1, "eps": -0.62}, "S": {"duration": 100, "pricing": 39, "hard": 100, "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 63%,但毛利率最新年报只有 13.4%,产品同质、售价涨不动。", "资产负债率 104%,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 63%),没有定价权:毛利率最新年报 13.4%。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 9.8%(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 13.4%。不能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 63%。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 52%,现价在 52 周高点的 97%;近 20 / 60 / 120 日 55% / 92% / 117%。", "行业对照": ["同富途行业「娱乐」50 家中位:PE 24.6 / 股息率 0.0% / 毛利率 37.8% / 固定资产占比 11% / 分红率 7%。", "Reading International-A:PE 比行业中位低 28.9倍;股息率 与行业中位持平;毛利率 比行业中位低 24.4个百分点;固定资产占比 比行业中位高 52.4个百分点。"]}}