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.
苹果尚且如此，其他手机厂商面对AI巨头对产能的挤压更是束手无策。，更多细节参见heLLoword翻译官方下载
Months of clashes have flared up again since Thursday, when Afghanistan launched attacks along the frontier and Pakistani forces hit back on the border and from the skies. Pakistan has declared it is in “open war” with Afghanistan.。WPS官方版本下载对此有专业解读
printf("%02x ", x[i + j]);。关于这个话题，safew官方版本下载提供了深入分析
Марина Совина (ночной редактор)