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.
Фото: Monicah Mwangi / Reuters
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陈宜芳：2025年，未成年人犯罪上升态势已初步得到遏制，犯罪类型主要以侵财和性侵犯罪为主。其中，侵财类犯罪里，盗窃案件数量和因盗窃被判处刑罚人数均有所上升，抢劫案件数量下降。性侵犯罪中，强奸等案件数量下降；故意杀人、故意伤害等严重暴力犯罪占比不高、整体保持平稳。
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If, instead, the rules are ignored when convenient, the company and its board need to implement much stronger governance mechanisms, with explicit guardrails; otherwise, in practice, the board is sidestepped.