毛利率100%！鼎捷数智称这世界确实存在零成本产品

Core Viewpoint - Dingjie Smart has achieved a remarkable gross margin of 100% on its self-developed smart software products for ten consecutive years, raising questions about the sustainability and accounting practices behind this figure [2][4][5]. Financial Performance - In the first half of 2025, Dingjie Smart reported revenue of 1.045 billion yuan, a year-on-year increase of 4.08%, and a net profit attributable to shareholders of 45.03 million yuan, up 6.09% [2]. - The revenue from self-developed smart software products reached 294 million yuan, maintaining a gross margin of 100% [2]. Accounting Practices - The company attributes the 100% gross margin to its accounting treatment, where research and development expenses are capitalized, resulting in zero cost at the delivery stage [5][11]. - The terminology for "self-developed software" has changed to "self-researched smart software products" in the 2024 annual report, indicating a shift in how the company presents its products [5][6]. Industry Context - The software industry typically sees gross margins ranging from 60% to 80%, making Dingjie Smart's 100% gross margin an outlier that raises skepticism among analysts [12]. - The company’s main operating cost is labor, accounting for over 50% of operating costs, yet this is not reflected in the gross margin for self-developed software, as these costs are categorized under management and research expenses [12][13]. Future Outlook - Despite achieving a gross margin of 58.32% in the software service sector, the company is experiencing negative cash flow, attributed to seasonal impacts on revenue and collections [13].