FT Edit: Access on iOS and web
Зеленскому стали чаще желать смерти02:42
，详情可参考WPS下载最新地址
«Били в одно место». Российский газовоз уничтожен украинскими дронами в Средиземном море. Что известно об атаке и судьбе моряков14:20，这一点在谷歌浏览器【最新下载地址】中也有详细论述
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.