THCH revenueFY2025CN¥1.32B
- FY YoY
- -5.4%
- 5Y CAGR
- +44.1%
THCH revenue was CN¥1.32B for fiscal 2025 (ended Dec 31, 2025), down 5.4% from fiscal 2024. Compound annual growth was +44.1% over 5 years. It rose in 3 of the last 5 fiscal years.
TH International Limited (THCH) financials
For fiscal 2025 (ended Dec 31, 2025), TH International Limited reported CN¥1.32B of revenue and -CN¥434.49M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥1.32B
- Revenue growth, YoY
- -5.4%
- Net income, FY2025
- -CN¥434.49M
- Net margin
- -33.0%
- Free cash flow, FY2025
- -CN¥78.33M
- EPS, diluted, FY2025
- -CN¥13.36
- Cash
- CN¥121.79M
- Total debt
- CN¥1.55B
FY2020FY2025
FY2020FY2025
FY2020FY2025
THCH revenue and earnings growth
THCH net incomeFY2025-CN¥434.49M
THCH net income was -CN¥434.49M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥412.08M in fiscal 2024.
THCH EPSFY2025-CN¥13.36
THCH diluted EPS was -CN¥13.36 for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥12.70 in fiscal 2024.
THCH free cash flowFY2025-CN¥78.33M
THCH free cash flow was -CN¥78.33M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥142.51M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue | CN¥1.32B | CN¥1.39B | CN¥1.56B | CN¥1.01B | CN¥643.37M | CN¥212.08M |
| Cost of revenue | CN¥171.33M | CN¥153.61M | CN¥149.69M | CN¥48.55M | CN¥16.73M | - |
| Gross profit | CN¥1.14B | CN¥1.24B | CN¥1.41B | CN¥962.51M | CN¥626.64M | - |
| Selling, general and admin | CN¥204.34M | CN¥210.32M | CN¥325.26M | CN¥289.54M | CN¥174.96M | CN¥79.37M |
| Operating income | -CN¥317.35M | -CN¥349.08M | -CN¥667.93M | -CN¥581.18M | -CN¥374.46M | -CN¥141.17M |
| Interest expense | CN¥16.68M | CN¥22.45M | CN¥20.42M | CN¥14.80M | CN¥1.90M | - |
| Pre-tax income | -CN¥435.33M | -CN¥458.31M | -CN¥839.63M | -CN¥744.75M | -CN¥382.93M | -CN¥143.06M |
| Income tax | CN¥483.7K | CN¥2.12M | CN¥97.2K | CN¥0 | CN¥0 | CN¥0 |
| Net income | -CN¥434.49M | -CN¥412.08M | -CN¥876.25M | -CN¥742.65M | -CN¥381.72M | -CN¥142.00M |
| EPS, basic | -CN¥13.36 | -CN¥12.70 | -CN¥28.41 | -CN¥28.99 | -CN¥15.70 | -CN¥6.65 |
| EPS, diluted | -CN¥13.36 | -CN¥12.70 | -CN¥28.41 | -CN¥28.99 | -CN¥15.70 | -CN¥6.65 |
| Diluted shares | 32.5M | 32.4M | 30.8M | 25.6M | 24.3M | 21.3M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥121.79M | CN¥152.37M | CN¥202.31M | CN¥239.08M | CN¥390.84M | CN¥174.87M |
| Short-term investments | - | - | - | CN¥372.38M | - | - |
| Receivables | CN¥17.69M | CN¥30.53M | CN¥27.56M | CN¥5.62M | CN¥9.82M | - |
| Inventory | CN¥36.79M | CN¥37.58M | CN¥49.87M | CN¥71.47M | CN¥42.48M | - |
| Current assets | CN¥326.63M | CN¥417.08M | CN¥458.62M | CN¥796.81M | CN¥585.97M | - |
| Total assets | CN¥1.18B | CN¥1.56B | CN¥2.22B | CN¥2.64B | CN¥1.28B | - |
| Current liabilities | CN¥1.00B | CN¥1.54B | CN¥1.40B | CN¥1.32B | CN¥567.29M | - |
| Short-term debt | CN¥395.09M | CN¥376.00M | CN¥527.37M | CN¥20.99M | CN¥3.10M | - |
| Long-term debt | CN¥1.15B | CN¥5.27M | CN¥16.13M | CN¥29.79M | CN¥318.47M | - |
| Total debt | CN¥1.55B | CN¥381.26M | CN¥543.50M | CN¥50.78M | CN¥321.56M | - |
| Total liabilities | CN¥2.41B | CN¥2.40B | CN¥2.64B | CN¥2.53B | CN¥945.80M | - |
| Shareholders' equity | -CN¥1.24B | -CN¥840.89M | -CN¥422.43M | CN¥110.30M | CN¥339.10M | CN¥433.05M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥12.71M | -CN¥39.67M | -CN¥196.13M | -CN¥286.93M | -CN¥244.97M | -CN¥145.77M |
| Capital expenditures | CN¥65.62M | CN¥102.84M | CN¥291.67M | CN¥334.93M | CN¥335.32M | CN¥144.75M |
| Free cash flow | -CN¥78.33M | -CN¥142.51M | -CN¥487.80M | -CN¥621.86M | -CN¥580.28M | -CN¥290.52M |
| Investing cash flow | -CN¥62.83M | -CN¥8.04M | CN¥60.00M | -CN¥705.17M | -CN¥335.28M | -CN¥144.75M |
| Financing cash flow | CN¥21.70M | CN¥26.00M | CN¥80.83M | CN¥827.16M | CN¥798.00M | CN¥221.12M |
| Stock-based compensation | CN¥2.87M | CN¥1.05M | CN¥64.48M | CN¥74.69M | - | - |
| Depreciation and amortization | CN¥107.93M | CN¥129.61M | CN¥138.73M | CN¥118.66M | CN¥74.28M | CN¥27.84M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 |
|---|---|---|---|---|---|---|
| Revenue growth, YoY | -5.4% | -10.8% | 54.3% | 57.2% | 203.4% | - |
| Gross margin | 87.0% | 89.0% | 90.4% | 95.2% | 97.4% | - |
| Operating margin | -24.1% | -25.1% | -42.8% | -57.5% | -58.2% | -66.6% |
| Net margin | -33.0% | -29.6% | -56.2% | -73.5% | -59.3% | -67.0% |
| Free cash flow margin | -6.0% | -10.2% | -31.3% | -61.5% | -90.2% | -137.0% |
| Return on equity | - | - | - | -673.3% | -112.6% | -32.8% |
| Return on assets | -36.9% | -26.4% | -39.6% | -28.1% | -29.7% | - |
| Current ratio | 0.33 | 0.27 | 0.33 | 0.60 | 1.03 | - |
| Debt to equity | - | - | - | 0.46 | 0.95 | - |
Source: XBRL data TH International Limited files with the SEC, latest filing dated Apr 30, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-5, first reported May 15, 2025.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
THCH peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| THCH | CN¥1.32B | -5.4% | -CN¥434.49M | -33.0% | $40.4M |
| MCD | $27.78B | +5.8% | $8.99B | 32.4% | $199.16B |
| SBUX | $38.34B | +4.5% | $1.98B | 5.2% | $124.76B |
| CMG | $12.71B | +7.9% | $1.38B | 10.8% | $45.22B |
| YUM | $8.80B | +9.1% | $3.44B | 39.1% | $43.90B |
| QSR | $9.78B | +5.5% | $1.76B | 18.1% | $34.98B |
| DRI | $13.37B | +8.1% | $1.18B | 8.8% | $26.00B |
| YUMC | $12.71B | +9.9% | $1.00B | 7.9% | $16.82B |
| ARMK | $19.85B | +11.0% | $382.91M | 1.9% | $14.43B |
THCH FAQ
9 questionsWhat is THCH revenue?
TH International Limited (THCH) reported CN¥1.32B of revenue for fiscal 2025 (ended Dec 31, 2025). That is down 5.4% from the year before.Is THCH profitable?
No. TH International Limited reported a net loss of CN¥434.49M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does THCH have?
TH International Limited reported CN¥121.79M in cash and cash equivalents and CN¥1.55B of debt on its most recent balance sheet in SEC filings.How fast is THCH revenue growing?
TH International Limited's revenue changed -5.4% in fiscal 2025, to CN¥1.32B. Its compound annual growth rate was +44.1% over 5 years.What is THCH gross margin?
TH International Limited's gross profit was CN¥1.14B on CN¥1.32B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 87.0%.What is THCH free cash flow?
TH International Limited generated -CN¥78.33M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -CN¥12.71M less capital expenditures.What is THCH earnings per share?
Diluted earnings per share were -CN¥13.36 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did THCH last report financial results?
The latest statements here come from TH International Limited's 20-F filed on Apr 30, 2026, covering the period ended Dec 31, 2025.Where does this THCH financial data come from?
Quantisnow builds these statements from the structured XBRL data TH International Limited files with the SEC. It is provided for information only and is not investment advice.