Nature, Published online: 25 February 2026; doi:10.1038/d41586-026-00292-7
问题在于，抽佣并不是一项可以无限抬升的变量。它直接作用于供给侧的现金流结构，而供给侧恰恰是整个系统中利润最薄、弹性最小的一环。无论是司机、酒店还是本地生活商户，其净利率长期处于个位数区间，人工、租金与能耗等成本具备明显刚性。当平台费用持续抬升，结果往往不是少赚一点，而是迅速逼近盈亏平衡线。
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I stood in the kitchen paralyzed by indecision. The mixing bowl was in front of me, the milk, eggs, and flour next to it, all of them individually as familiar as they had been a moment before, but now the possibilities for their combination were just too great. Breakfast was now an alien fractal intruding on our world like the lighthouse at the end of Annihilation. The thoughts came unbidden.
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