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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.
，这一点在PDF资料中也有详细论述
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There's nothing wrong with pinning per se. It's a fundamental building block，更多细节参见旺商聊官方下载
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