研发仍是最大成本项。2025年研发投入2.53亿美元，同比增长33.8%，主要用于模型迭代、多模态能力建设及训练相关云服务费用。研发增速远低于收入增速，这意味着，单位收入所分摊的研发成本在下降。
2026-02-27 00:00:00:03014253110http://paper.people.com.cn/rmrb/pc/content/202602/27/content_30142531.htmlhttp://paper.people.com.cn/rmrb/pad/content/202602/27/content_30142531.html11921 本版责编 苏显龙 赵晓曦 迟嘉瑞
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目前，松延动力已累计完成了 9 轮融资。
The full technical report is at REPORT.md in the repo, with per-font detail, appendices, and the complete top/bottom 30 lists. Every number in this post is reproducible from the commands above on macOS with the same system fonts.