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。
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I remember the first time I remembered a smell. This was remembering to the extent that it stopped me in my tracks, taking me back to a specific moment, a specific place and a specific feeling. The smell was that of a bike shop. Mainly rubber, with notes of oil and plastic and a strong hint of sheer excitement. In that instant I was about 10 years old, in Bache Brothers Cycles at Lye Cross, near Stourbridge, in the West Midlands. My grandad was next to me, with the shop man. I was getting a bike for my birthday.。搜狗输入法2026对此有专业解读
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资金链问题是此次危机的核心原因，知情人士透露，自2025年4月起，魅族便无法正常向供应商结算货款，大量欠款已形成坏账，业内判断其后续大概率会申请破产。截至目前，星纪魅族方面尚未就上述消息作出官方回应。人员与业务层面也出现明显调整，星纪魅族内部飞书大群仅剩1000余人，不少员工已离职，少量人员转岗至吉利旗下极氪汽车。魅族旗下FlymeAuto车机业务将独立运营，魅族品牌也有望保留在吉利体系内继续存在。（华夏时报）