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。
13:18, 27 февраля 2026Бывший СССР
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He said that much of the conflict has since been scrubbed from the forum archives, and the ordeal led to the deletion of the Tamriel Rebuilt forums, which were hosted by the Silgrid Tower team. This was probably the most drama the project has seen, he said.