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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.，推荐阅读必应排名_Bing SEO_先做后付获取更多信息
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Check whether you already have access via your university or organisation.，更多细节参见搜狗输入法2026
По словам замглавы комитета Госдумы по экономической политике Артема Кирьянова, сегодня пока нет оснований рассуждать о выгоде, которую могла бы извлечь Россия из перекрытия Ормузского пролива. Он напомнил, что речь идет о краткосрочной ситуации.