2021—2025 年度，44 个行业研发投入金额呈现整体扩张的态势，说明重视研发不只是龙头和腰部企业的行为，而且成为了更加广泛的共同行动。另一方面，研发均值下滑的行业集中在末端，印证了行业整体分化的现象。典型案例来自房地产和教育行业，在“去杠杆”“双减”等政策催化下，市场步入格局重塑阶段，企业纷纷降本增效或是寻求转型路径。
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As we get ready for his imminent new album Kiss All The Time, Disco Occasionally out on March 6, Harry chats nonsense with Brittany about dating app Raya, his ability to consume impressively large volumes of yoghurt, how he prepped for the possibility of peeing himself during running, the weird interior design choices he made in his early days of home ownership (statue of Jesus wearing boxing gloves loool), and his unexpected love for watching old episodes of Supernanny when he can't sleep.
但压力也十分显著。公司管理层在财报后的业绩电话会上坦言，中国市场正面临消费理性化、行业内卷、成本高企与单店效率考验等多重压力。