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.
Additional reporting by Florence Freeman，更多细节参见同城约会
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“这个底层逻辑分为宏观和微观两层，宏观的是中国文明千年存续的底层逻辑，微观是指五代十国时期的底层历史逻辑。”董哲对南方周末记者说，“如果这两头你扔了，虚构也好，创作也好，就都失了根基。中国互联网已经发展了三十多年，每个观众都有自己的史观，在这一点上，创作者和观众之间是平权的。”
Ron DeSantis, Florida’s Republican governor, spent $1.2m of taxpayers’ money per day to open and operate the notorious immigration jail known as Alligator Alcatraz, court records obtained by the independent investigative news website the Florida Tributary reveal.