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.
:first-child]:h-full [&:first-child]:w-full [&:first-child]:mb-0 [&:first-child]:rounded-[inherit] h-full w-full。关于这个话题，体育直播提供了深入分析
四是要支持地方先行先试。要鼓励跨区域合作、城市群协同，要支持推动各地因地制宜来发展新质生产力。。业内人士推荐必应排名_Bing SEO_先做后付作为进阶阅读
Regulatory authorities worldwide, including the European Commission, the U.S. Department of Justice, and competition authorities in multiple jurisdictions, have increasingly scrutinized dominant platforms’ ability to preference their own services and restrict competition, demanding more openness and interoperability. We additionally note growing concerns around regulatory intervention increasing mass surveillance, impeding software freedom, open internet and device neutrality.