2025-10-27 · 个股论点

反驳IREN支持者，指出其拥有模式虚高毛利，NBIS租赁模式调整后利润率更优。

涉及标的： $IREN $NBIS

中文翻译

所以当讨论转向人身攻击时，可能意味着你的论点站不住脚。大喊“我赢了”、“被喷了”、“闭嘴”，并进行诸如“财务文盲”之类的人身攻击以乞求 $IREN 受众的点赞，在关心实质内容的独立思考者看来并不光彩。但既然你并非善意讨论，我就此收尾：你曲解了成本结构，且未对利润率进行标准化处理。仅看你的陈述：“$IREN 支付的折旧微乎其微，几乎不影响利润率。”然后将其与财报数据（2025财年 -1.81亿美元）对比，一切不言自明。但我再次把这段话放这里供你重读： “计入费用确认、折旧摊销(D&A)及其他 overhead 后，$IREN 的利润率可能降至60%以下。 $IREN 拥有数据中心，将巨额基础设施成本（服务器、机架、设施）计入资产负债表，随后通过折旧摊销(D&A)计入运营支出(OpEx)，从而虚高了92%的毛利率数字。 $NBIS 租赁容量，因此同样的成本作为租金、电力和带宽出现在销售成本(COGS)中，完全成本约为71.2%，但正如你所说，部分基础设施计入了运营支出。 $NBIS 的20-F文件指出：‘销售成本主要包括数据中心设施的运营和托管成本，以及数据中心内的电力、公用事业和维护成本……’ 如果你将 $IREN 的季度折旧摊销（约7520万美元）和基础设施 overhead 重新分配到销售成本中，$NBIS 以更高的完全加载利润率表现更优。"

英文原文

So when a discussion shifts to personal attacks, it probably means your thesis is not holding up. Screaming "I WIN", "GET ROASTED", "SHUT YOU UP" and going into personal attacks like "financially illiterate" to beg for $IREN audience likes doesn't look too good to independent thinkers who care about substance. But just to close it out since you're not discussing in good faith, you're misrepresenting the cost structure and not normalizing margins. Just looking at your statements like "The depreciation $IREN pays is so minuscule that it hardly impacts margins at all." and then just comparing it to the financial reports like (-$181M FY 2025) says it all. But I'll just drop this here again for you to re-read: "With expense recognition and with D&A and other overhead, $IREN margins can drop below 60%. For $IREN owning datacenters pushes massive infrastructure costs (servers, racks, facilities) into the balance sheet and later into OpEx (via D&A), inflating that 92% gross margin number. $NBIS leases capacity, so those same costs appear in COGS, as rent, power, and bandwidth to a fuller cst 71.2%., but as you mentioned some infra goes into opex. NBIS’s 20-F:" Cost of revenues primarily consists of costs of operation and co-location of data center facilities, the electricity, utility and maintenance costs in data centers…” If you reallocate IREN’s quarterly D&A (~$75.2 M), infra overhead into cost of revenue, $NBIS outperforms with a more fully loaded margin."

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