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.
“只有依靠强大的基座模型，未来才能泛化到多种具身智能体中”，何小鹏说，去年为了研发基座模型投入了几十个亿，今年会更多。而且基座模型的研发不仅需要大量资金，还需要优秀的人才。“基座模型能给一家企业带来多少估值，我认为它是一个必要条件。”
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That decision sapped a lot of energy from the project, and others on the team began to move away from it as their personal lives became busier. Sultan of Rum said all this has made the project better in the long run. Project leaders soon instituted better planning and management systems that centralized information and preserved institutional knowledge in case longtime developers decide to leave.
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Момент землетрясения в Сочи сняли на видеоЖители Сочи сняли на видео момент землетрясения магнитудой 4,4。WPS下载最新地址对此有专业解读
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