Second, its asset-light franchising model enabled rapid expansion. Franchised stores accounted for more than 95% of the total, and 97.2% of revenue came from selling ingredients to franchisees and collecting service fees. This model lowers expansion costs, helping the company complete a nationwide rollout in a short period. Store growth in lower-tier cities was particularly strong, with the share of the lower-tier market rising from 19.8% in 2023 to 26.6% as of September 2025.
结语｜用剪刀差判断平台转型的真伪抽佣触顶，并不意味着平台失去盈利能力，而是意味着旧的赚钱方式正在失效。下一轮平台竞争，不在于谁抽得多，而在于谁能在不提高抽佣的前提下，持续创造可付费的价值。
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Percentile 99: 181.826 ms | 323.391 ms
Samsung Galaxy Buds 4 Pro are gearing up to drop on March 11, and Amazon is offering a sweet bonus for Prime members who pre-order these earbuds ahead of that release. Those hoping to grab these earbuds can score a $30 Amazon gift card for free with their $249.99 preorder right now, which is a great way to land a little extra spending cash.