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.
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Российское посольство заявило о спекуляции молдавских СМИ20:43
The strong data meant investors are pricing out the likelihood of a cut in the first half of this year, noted Deutsche Bank’s Jim Reid this morning: “The probability of a cut by the June meeting (which would be the first with a new chair) fell to just 39% by the close, the lowest so far this year. So clearly there’s growing skepticism that a new chair can start cutting straight away, particularly with the data as strong as it is right now.”