你的灰指甲，正帮“郑远元”圆上市梦？

Core Viewpoint - Zheng Yuan Professional Foot Care has rapidly expanded to become a significant player in the foot care industry, with over 9,000 stores globally and a revenue of 13 billion yuan in 2023, but faces a growing trust crisis due to increasing customer complaints and service quality issues [2][7][9]. Group 1: Company Overview - Zheng Yuan Professional Foot Care operates 9,103 stores worldwide, employs 75,000 staff, serves over 108 million customers annually, and has more than 14 million members [2][7]. - The company aims to expand to 50,000 stores globally and is pursuing a listing strategy while continuing to open new stores domestically [7][9]. - The company has diversified into multiple sectors, including biotechnology and media, establishing itself as an international group [7]. Group 2: Expansion and Business Model - The company has achieved a revenue scale of 13 billion yuan in 2023, with a significant portion of its stores being directly operated [7]. - The business model relies on three main pillars: product sales, membership prepayments, and treatment services, with high profit margins on treatments like toenail fungus [12][14]. - Treatment costs for toenail fungus range from 680 yuan to 980 yuan per nail, leading to potential total costs exceeding 6,800 yuan for full treatment [14]. Group 3: Quality and Trust Issues - The company faces a trust crisis, with over 750 complaints reported on consumer platforms, primarily concerning service quality, hygiene, and aggressive sales tactics [3][9]. - Training for technicians has been compressed to 15-20 days, raising concerns about their professionalism and service quality [10]. - The dual management system for franchise and direct stores leads to inconsistencies in service quality across locations [10][11].