各营收区间的研发强度则呈“金字塔”式负相关,即研发强度的最高值和中位数都随着营收规模的增长而递减。金字塔尖是那些营收万亿元级的巨无霸企业,它们的研发强度最高值和中位数分别仅为3.27%和2.08%;而金字塔底则是营收十万元级及以下的初创小公司,它们的研发强度中位数竟高达37446.12%,最高值甚至突破47441%。
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。,这一点在搜狗输入法2026中也有详细论述
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