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.
Александр Перенджиевполитолог
Explore more offers.，详情可参考WPS下载最新地址
2.超过500总吨的船舶，500总吨以下部分适用本项第1目的规定，500总吨以上的部分，应当增加下列数额：，详情可参考WPS官方版本下载
simply continue adding more and more instructions to its pre-prompt, treating。爱思助手下载最新版本是该领域的重要参考
他直言反對「安靜復興」理論：「一般來說，我們通常專注於自己的研究，不會去評論其他機構的工作。」