{"F": {"ts_code": "US.SEAT", "name": "Vivid Seats", "mkt": "US", "ccy": "美元", "sw1": "互联网内容与信息", "sw2": "互联网内容与信息", "sw3": "", "ind": "互联网内容与信息", "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": 6.04, "pe_ttm": -0.132, "pb": -0.646, "dv_ttm": 0.0, "total_mv": 6789.68178, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [69.6], "rev_series": [5.7], "np_series": [-7.2], "roe_series": [-487.9], "rev_ttm": 5.7, "np_ttm": -3.1, "ocf_ttm": 0.1, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.1, "gm_median": 69.6, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": -126.4, "roe_median": -487.9, "commodity": false, "hard_ratio": 1.2, "fix_assets": 0.1, "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": -5.8, "debt_ratio": 113.4, "debt_mv": null, "payout": null, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": -26.4, "np_yoy": -5144.7, "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": -16.2, "ret_20": -20.5, "ret_60": -31.4, "ret_120": 0.7, "ret_250": -62.7, "mdd_250": null, "vol_250": null, "pos_52w": 32.3, "eps": -69.2}, "S": {"duration": 100, "pricing": 67, "hard": 2, "bondness": 13}, "label": "轻资产现金牛", "tags": ["亏损或困境"], "text": {"像什么": ["固定资产占比 1%,毛利率最新年报 69.6%,经营现金流/市值 11.1%: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 69.6%),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": "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 11.1%(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 69.6%。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 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 -63%,现价在 52 周高点的 32%;近 20 / 60 / 120 日 -20% / -31% / 1%。", "行业对照": ["同富途行业「互联网内容与信息」72 家中位:PE 12.8 / 股息率 0.0% / 毛利率 62.0% / 固定资产占比 5% / 分红率 0%。", "Vivid Seats:PE 比行业中位低 12.9倍;股息率 与行业中位持平;毛利率 比行业中位高 7.6个百分点;固定资产占比 比行业中位低 3.6个百分点。"]}}