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NASDAQ · RETAIL-EATING PLACES · SMALL CAP

TH International Ltd. THCH

6 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 1.3B
▼ 5.4% YoY
CNY -434.5M
CNY -78.3M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

THIL is the parent company of the master franchisee of, and holds the right to operate, Tim Hortons coffee shops in mainland China, Hong Kong and Macau. As of December 31, 2025, it had 1,047 stores across 92 cities in mainland China, of which 485 were franchised and 562 were company owned and operated. Its revenues were RMB1,316.2 million (US$188.2 million) in 2025. It deploys four complementary store formats: flagship stores, classic stores, "Tims Go" stores and "Tim Express" stores. Flagship "Golden Maple" stores, typically greater than 150 square meters, are situated in high-profile, high-traffic sites and offer an extended menu including classic coffee choices, specialty coffees, other beverages, sandwiches, wraps and baked goods. "Tims Go" stores, 20 to 80 square meters, are situated in convenient locations where a classic shop would not fit, such as an office lobby or a subway exit, with beverage-focused menus and grab-and-go food offerings. It was founded by affiliates of Cartesian and THRI.

Written from the business description in TH International Limited's annual report to the U.S. Securities and Exchange Commission, filed 30 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 1.3B
Revenue, FY2025 · full 6-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 1.3 · Net income -0.4
1.0B2.0B-0.4B-0.8B
202020232025
Compound annual growth
+9.2%
+44.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +44.1% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−33 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -24.1% · Net -33.1%
-20%-40%-60%
202020222025
ROE
FY2022 · ROE -334.2%
-100%-200%-300%
202020222025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on equity has no reading this year — return on capital employed, just below, still does: -314%.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -78.3
-250.0M-500.0M
202020222025

Total assetsCNY 1.2B
EquityCNY -1.2B
CashCNY 121.8M
Gross debtCNY 395.1M
Net debtCNY 273.3M
Current ratio0.33×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 6-year record

6 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
THCH, 6-year financial record
Metric 202520242023202220212020
Revenue CNY B1.31.41.61.00.60.2
Operating income CNY B−0.3−0.3−0.7−0.6−0.4−0.1
EBITDA CNY B−0.2−0.2−0.5−0.5−0.3−0.1
Income tax CNY B0.00.00.00.00.00.0
Net income CNY B−0.4−0.4−0.9−0.7−0.4−0.1
Free cash flow CNY B−0.1−0.1−0.5−0.6−0.6−0.3
EPS, diluted CNY −13.36−12.70−28.41−28.99−3.14−1.33
Dividend / sh CNY ◌◌◌◌◌◌
Payout % — not applicable: no dividend——————
ROE %———−334.2−99.3−32.8
Shares out B0.030.000.160.140.12◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 22 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 28 checks were skipped: the balance sheet is not tagged before 2021. 14 checks were skipped: cost of revenue is not tagged before 2021. 13 checks were skipped: EPS is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityRetail-Eating Places
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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