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.
Some of these people correctly predicted their shares would become "worthless".，这一点在体育直播中也有详细论述
。业内人士推荐体育直播作为进阶阅读
Model choice and TTFT
作为与蓝瓶咖啡价格带和定位类似的品牌，大钲资本也曾接触 Arabica，但最终交易没有继续推进。一位投资行业的人士告诉36氪，一方面是蓝瓶咖啡品牌的原臻性更好，在文化层面颇受认可，门店设计也更高端精致；另一方面则是相比于 Arabica ，蓝瓶咖啡的业绩表现相对好一些。此外，Arabica 的股权也较为分散，会加大并购难度。，这一点在体育直播中也有详细论述
除了以彩灯演绎丝路故事、展现敦煌艺术之美，灯会也带来可感、可享、可参与的文化体验：推出“灯会银票”互动——游客手持融合壁画元素的定制银票，在游戏互动中了解历史。游客李璐说：“孩子为集‘灯会银票’的章，都舍不得走。我们还购买了敦煌纹样的披肩，体验了拓印等活动，收获满满。”