最直观的是营销成本失控。完美日记的增长高度依赖营销投放，营销费用率常年居高不下，甚至一度超过 60%。随着小红书、抖音等平台流量成本逐年攀升，获客成本成倍上涨，烧钱换增长的模式在资本退潮、市场冷静的背景下，失去了可持续性。
Between Samsung and Google's best phones to start 2026, here's which one is right for you.
，更多细节参见搜狗输入法2026
传统玩具厂商比如奥飞娱乐，其最大的优势就在于手握喜羊羊、超级飞侠等国民级IP，并且拥有成熟的玩具供应链和制造能力。
"This sort of semiconductor would go on to be in the 5G tower in which you get your mobile phone signal, it's going to be in the car charger you plug an EV into, it's going to be in the latest planes."
文 | 锌刻度，作者 | 李觐麟，编辑 | 黎文婕