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.
There are some caveats, especially when compared to the pricier Premium Plus subscription. That plan lets subscribers keep downloaded audiobooks forever, but the same isn't true of the Standard plan. Audiobooks will float into the ether once a subscription has been cancelled. This is only a big deal, however, for those who like to re-listen to their favorites.
ВсеЛюдиЗвериЕдаПроисшествияПерсоныСчастливчикиАномалии。体育直播对此有专业解读
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James Richardson。业内人士推荐体育直播作为进阶阅读
Стало известно об изменении военной обстановки в российском приграничье08:48