At the same time, the company’s weaknesses and growth pain points are equally prominent—and have become the central tests on its path to an IPO. First, control gaps in the franchising model are glaring. With franchised stores accounting for more than 95% of the network, quality control is extremely difficult. In 2024, the “worm incident” at a Beijing franchise store triggered a crisis of trust in the brand; related complaints on the Black Cat platform exceeded 380. Revenue at some outlets plunged by 30%. Meanwhile, in 2025 the ratio of newly opened to closed franchise stores deteriorated from 15:1 to 3:1. Franchisees’ payback periods averaged 13–20 months—and could be longer in top-tier cities due to intense competition. Waning franchisee enthusiasm directly undermines the stability of the company’s core source of revenue.
Ранее Трамп заявил, что Иран мог получить ядерное оружие еще три года назад, если бы Соединенные Штаты не вышли из Совместного всеобъемлющего плана действий по ядерной программе Тегерана.，详情可参考下载安装汽水音乐
ВсеСледствие и судКриминалПолиция и спецслужбыПреступная Россия。业内人士推荐WPS下载最新地址作为进阶阅读
聚焦全球优秀创业者，项目融资率接近97%，领跑行业
刚刚，苹果新iPhone来了，3999元用上最新A19，内存翻倍不涨价