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.
// Wait on the backpressure to clear somehow
，详情可参考51吃瓜
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《夜王》没有把夜总会拍成“坏地方”，也没有把它拍成“好地方”。它拍的是一种香港式的现实：世界在变，人只能在夹缝里继续做事——继续把灯开着，继续把客人迎进门，继续让笑声出现，直到某一天门真的关上。