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.
If you do leave the chat, should you say farewell?
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FT Digital Edition: our digitised print edition
上訴庭：無證據顯示合約方違反披露責任
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But I think that’s not the real reason. The real reason is: native has nothing to offer.
Мужчина ворвался в прямой эфир телеканала и спустил штаны20:53。业内人士推荐51吃瓜作为进阶阅读