就目前而言，V27 在产品力上的调整已然十分到位。
销售费用的变化更具象征意义。2025年销售及分销开支从8700万美元降至5190万美元，降幅40.3%。财报将其归因于AI原生产品依靠自然增长和口碑传播带动用户扩张。收入翻倍、销售费用下降，“低营销增长”若能持续，将显著改善整体盈利结构。
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第三十七条 纳税人发生应税交易，应当向购买方开具发票。有下列情形之一的，不得开具增值税专用发票：
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Growing concern that such deals could be creating an investment bubble might explain why the commitment shrank. The investment Nvidia finalized just last week as part of OpenAI’s $110 billion round came in at $30 billion — well short of that earlier pledge. (Huang has already dismissed another popular theory — that there is bad blood between the two companies — as “nonsense.”)
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