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.
3月5日，比亚迪在深圳发布第二代刀片电池与闪充技术，一个让磷酸铁锂续航破千、低温不掉电、快充不伤电池，另一个直接把补能速度提到“5分钟充好，9分钟充饱”。 即便在零下30℃的极寒环境下，从20%到97%也只要12分钟，比常温只多3分钟。
，更多细节参见PDF资料
Талибы превратили Афганистан в колонию Индии, собрали террористов со всего мира, лишили собственный народ основных прав человека, отняли у женщин дарованные исламом права
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.
，这一点在PDF资料中也有详细论述
Зеленскому стали чаще желать смерти02:42，更多细节参见快连下载-Letsvpn下载
На Украине рассказали о технике влияния Ермака на Зеленского14:52