diff --git a/app/admin/repositories/coupon_data.py b/app/admin/repositories/coupon_data.py
index 0450404..cd523c1 100644
--- a/app/admin/repositories/coupon_data.py
+++ b/app/admin/repositories/coupon_data.py
@@ -86,7 +86,12 @@ def _success_rates(rows: list) -> dict:
     }
 
 
-def _session_to_row(r, phone: str | None = None, nickname: str | None = None, ad_revenue_yuan: float = 0.0) -> dict:
+def _session_to_row(
+    r,
+    phone: str | None = None,
+    nickname: str | None = None,
+    ad_revenue_yuan: float | None = None,
+) -> dict:
     """CouponSession ORM → 明细行 dict(主表「领券数据」与「用户全部领券」抽屉共用)。"""
     return {
         "id": r.id,
@@ -252,7 +257,7 @@ def coupon_data_report(
     items = []
     for r in page:
         phone, nickname = user_map.get(r.user_id, (None, None)) if r.user_id is not None else (None, None)
-        items.append(_session_to_row(r, phone, nickname, ad_revenue_yuan=rev_map.get(r.trace_id, 0.0)))
+        items.append(_session_to_row(r, phone, nickname, ad_revenue_yuan=rev_map.get(r.trace_id)))
 
     return {
         "summary": summary,
@@ -276,7 +281,7 @@ def coupon_user_records(db: Session, *, user_id: int, limit: int = 100) -> dict:
     ).scalar_one()
     rev_map = crud_ecpm.revenue_yuan_by_trace(db, [r.trace_id for r in rows])
     return {
-        "items": [_session_to_row(r, ad_revenue_yuan=rev_map.get(r.trace_id, 0.0)) for r in rows],
+        "items": [_session_to_row(r, ad_revenue_yuan=rev_map.get(r.trace_id)) for r in rows],
         "total": int(total),
     }
 
diff --git a/app/admin/schemas/coupon_data.py b/app/admin/schemas/coupon_data.py
index c560397..08bb516 100644
--- a/app/admin/schemas/coupon_data.py
+++ b/app/admin/schemas/coupon_data.py
@@ -70,8 +70,9 @@ class CouponDataRow(BaseModel):
     started_at: datetime = Field(..., description="发起时刻(明细「时间」列)")
     claimed_count: int | None = None
     trace_url: str | None = Field(None, description="pricebot 公网 trace 链接(仅 completed 有);admin 渲染可点链接,无则显示可复制 trace_id")
-    ad_revenue_yuan: float = Field(
-        0.0, description="本次领券看的信息流广告预估收益(元);按 trace_id 聚合 ad_ecpm_record"
+    ad_revenue_yuan: float | None = Field(
+        None,
+        description="本次领券看的信息流广告预估收益(元);按 trace_id 聚合 ad_ecpm_record;无填充记录为 null",
     )
 
 
diff --git a/tests/test_board_ad_revenue.py b/tests/test_board_ad_revenue.py
index 6f54d86..9b01160 100644
--- a/tests/test_board_ad_revenue.py
+++ b/tests/test_board_ad_revenue.py
@@ -43,6 +43,35 @@ def test_coupon_data_report_includes_ad_revenue() -> None:
         db.close()
 
 
+def test_coupon_data_report_distinguishes_unfilled_from_zero_revenue() -> None:
+    """无 eCPM 记录返回 None；已填充但 eCPM=0 返回 0.0。"""
+    db = SessionLocal()
+    try:
+        db.add_all([
+            CouponSession(
+                trace_id="rev-cp-unfilled", device_id="d-unfilled", status="completed", app_env="prod",
+                platforms=["meituan-waimai"], platform_success=["meituan-waimai"],
+                started_at=datetime(2020, 1, 3, tzinfo=UTC), started_date=date(2020, 1, 3),
+            ),
+            CouponSession(
+                trace_id="rev-cp-zero", device_id="d-zero", status="completed", app_env="prod",
+                platforms=["meituan-waimai"], platform_success=["meituan-waimai"],
+                started_at=datetime(2020, 1, 3, tzinfo=UTC), started_date=date(2020, 1, 3),
+            ),
+            _ecpm("rev-cp-zero", "0", "cp-sess-zero", "coupon"),
+        ])
+        db.flush()
+
+        res = coupon_data_report(db, date_from="2020-01-03", date_to="2020-01-03", app_env="prod")
+        rows = {row["trace_id"]: row for row in res["items"]}
+
+        assert rows["rev-cp-unfilled"]["ad_revenue_yuan"] is None
+        assert rows["rev-cp-zero"]["ad_revenue_yuan"] == 0.0
+    finally:
+        db.rollback()
+        db.close()
+
+
 def test_comparison_list_includes_ad_revenue() -> None:
     """比价记录列表项带本次广告收益;200 分 → 0.002 元。