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.
2023年，数盾科技开始进行抗量子密码技术研究。2024年，公司开始研制抗量子密码卡、抗量子密码机等相关产品，相关技术研究和产品研制走在同业前列。去年，公司全力投入到抗量子敏捷加密控制中心平台的研发中。
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（作者为中国科学技术大学科技传播系副研究员）
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