其中,今年有超过350家中国企业参展,相比去年有了大幅增长,中国公司成为展会上的绝对主角。在曝光量最大的展会入口、通道,甚至是巴塞罗那的机场,几乎随处可见中国公司的横幅广告。
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В России спрогнозировали стабильное изменение цен на топливо14:55
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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.