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Second, there are fundamental flaws in the profit structure. Raw-material costs have long remained above 85% of revenue, reaching 87.5% in the first three quarters of 2025—well above the industry average. This was compounded by a 63.7% surge in selling and marketing expenses in 2024 and a 20.1% increase in administrative expenses; cost growth far outpaced revenue growth, keeping gross margin under sustained pressure. Third, there is a perception gap between the flagship “freshly hand-wrapped” selling point and actual operations. The company uses centrally produced, frozen ingredients delivered from a central kitchen, with stores only wrapping on-site—something that does not match consumers’ understanding of “handmade throughout the entire process.” Controversy over pre-prepared food has further eroded trust in the brand. In addition, the company also faces compliance risks: in 2023, 21.6% of revenue was processed via third-party payment channels, and issues such as unpaid social insurance contributions and deficiencies in property filings remain to be addressed.

这两条路线没有绝对的优劣,它们共同揭示了下一个周期的残酷现实:技术将不再以高高在上的姿态彰显存在感。未来的赢家,必定是那些能在毫秒之间完成复杂推理,同时又能保持谦逊、隐藏在系统底层的安静力量。(本文首发钛媒体App , 作者|硅谷Tech news,编辑|秦聪慧)

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# confidence[:, : self.num_temp_instances] = torch.maximum(

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