NASDAQ : THCH
TH International Limited — Financial statements
Consumer Discretionary · Restaurants · China
Last price 1.19 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 38.12M
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Financial statements
TH International Limited (THCH) reported revenue of 1.20B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 959.61M | 1.07B | 1.19B | 1.39B | 938.10M | 617.23M |
| Other Revenue | 236.99M | 248.03M | 202.86M | 170.37M | 72.97M | 26.15M |
| Revenue | 1.20B | 1.32B | 1.39B | 1.56B | 1.01B | 643.37M |
| Cost of Revenue | 731.45M | 804.91M | 904.81M | 1.14B | 855.84M | 574.23M |
| Gross Profit | 465.15M | 511.29M | 486.34M | 422.48M | 155.22M | 69.14M |
| Selling, General & Admin | 386.87M | 398.45M | 394.34M | 538.39M | 444.18M | 263.88M |
| Other Operating Expenses | 243.88M | 255.47M | 251.03M | 285.46M | 157.51M | 114.49M |
| Operating Expenses | 725.53M | 761.85M | 774.99M | 962.57M | 720.35M | 441.06M |
| Operating Income | -260.38M | -250.56M | -288.65M | -540.09M | -565.13M | -371.92M |
| Interest Expense | -16.51M | -16.68M | -22.45M | -20.42M | -14.80M | -1.90M |
| Interest & Investment Income | 3.99M | 3.53M | 3.20M | 14.18M | 2.70M | 315.55K |
| Currency Exchange Gain (Loss) | -3.25M | -1.12M | 3.48M | -16.77M | -6.28M | -1.30M |
| Other Non Operating Income (Expenses) | -64.31M | -140.69M | ||||
| EBT Excluding Unusual Items | -276.15M | -264.83M | -304.41M | -627.41M | -724.20M | -374.80M |
| Gain (Loss) on Sale of Assets | -4.60M | -6.47M | -4.15M | -16.40M | -8.84M | -1.55M |
| Asset Writedown | -49.67M | -60.32M | -56.29M | -111.43M | -7.22M | -1.00M |
| Other Unusual Items | -177.24M | -103.71M | -93.47M | -84.39M | -4.49M | -5.58M |
| Pretax Income | -507.66M | -435.33M | -458.31M | -839.63M | -744.75M | -382.93M |
| Income Tax Expense | -325.00 | 483.68K | 2.12M | 97.24K | ||
| Earnings From Continuing Operations | -507.66M | -435.81M | -460.43M | -839.73M | -744.75M | -382.93M |
| Earnings From Discontinued Operations | 51.44M | -33.20M | ||||
| Net Income to Company | -507.66M | -435.81M | -408.99M | -872.93M | -744.75M | -382.93M |
| Minority Interest in Earnings | -715.75K | 1.32M | -3.10M | -3.32M | 2.10M | 1.21M |
| Net Income | -508.38M | -434.49M | -412.08M | -876.25M | -742.65M | -381.72M |
| Net Income to Common | -508.38M | -434.49M | -412.08M | -876.25M | -742.65M | -381.72M |
| Shares Outstanding (Basic) | 32.51M | 32.52M | 32.44M | 30.84M | 25.62M | 24.32M |
| Shares Outstanding (Diluted) | 32.51M | 32.52M | 32.44M | 30.84M | 25.62M | 24.32M |
| EPS (Basic) | -15.64 | -13.36 | -12.70 | -28.41 | -28.99 | -15.70 |
| EPS (Diluted) | -15.64 | -13.36 | -12.70 | -28.41 | -28.99 | -15.70 |
| Free Cash Flow | -66.51M | -78.33M | -142.51M | -487.80M | -621.86M | -580.28M |
| Free Cash Flow Per Share | -2.05 | -2.41 | -4.39 | -15.82 | -24.27 | -23.86 |
| Gross Margin | 38.87% | 38.85% | 34.96% | 27.08% | 15.35% | 10.75% |
| Operating Margin | -21.76% | -19.04% | -20.75% | -34.62% | -55.89% | -57.81% |
| Profit Margin | -42.48% | -33.01% | -29.62% | -56.17% | -73.45% | -59.33% |
| Free Cash Flow Margin | -5.56% | -5.95% | -10.24% | -31.27% | -61.50% | -90.19% |
| EBITDA | -127.29M | -103.77M | -118.97M | -376.94M | -431.72M | -297.64M |
| EBITDA Margin | -10.64% | -7.88% | -8.55% | -24.16% | -42.70% | -46.26% |
| D&A For EBITDA | 133.09M | 146.80M | 169.68M | 163.15M | 133.40M | 74.28M |
| EBIT | -260.38M | -250.56M | -288.65M | -540.09M | -565.13M | -371.92M |
| EBIT Margin | -21.76% | -19.04% | -20.75% | -34.62% | -55.89% | -57.81% |
| Revenue as Reported | 1.20B | 1.32B | 1.39B | 1.56B | 1.01B | 643.37M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 107.83M | 121.79M | 152.37M | 202.31M | 239.08M | 390.84M |
| Short-Term Investments | 12.87M | 9.00M | 23.41M | 375.84M | 4.16M | |
| Cash & Short-Term Investments | 107.83M | 134.67M | 161.37M | 225.72M | 614.92M | 395.00M |
| Accounts Receivable | 12.21M | 17.69M | 30.53M | 27.56M | 5.62M | 9.82M |
| Other Receivables | 111.86M | 140.22M | 130.54M | 79.88M | 67.91M | |
| Receivables | 12.21M | 129.56M | 170.75M | 158.10M | 85.50M | 77.73M |
| Inventory | 32.94M | 36.79M | 37.58M | 49.87M | 71.47M | 42.48M |
| Prepaid Expenses | 128.81M | 5.65M | 5.37M | 5.80M | 11.58M | 29.94M |
| Restricted Cash | 13.22M | 7.92M | 31.87M | |||
| Other Current Assets | 12.04M | 10.14M | 19.13M | 13.34M | 40.82M | |
| Total Current Assets | 295.02M | 326.63M | 417.08M | 458.62M | 796.81M | 585.97M |
| Property, Plant & Equipment | 555.65M | 680.99M | 995.47M | 1.45B | 1.67B | 554.02M |
| Other Intangible Assets | 72.77M | 81.01M | 97.02M | 110.97M | 96.02M | 77.59M |
| Other Long-Term Assets | 104.19M | 88.05M | 53.97M | 194.42M | 82.27M | 67.31M |
| Total Assets | 1.03B | 1.18B | 1.56B | 2.22B | 2.64B | 1.28B |
| Accounts Payable | 180.90M | 204.59M | 244.82M | 223.81M | 115.36M | 68.16M |
| Accrued Expenses | 101.18M | 88.02M | 129.76M | 149.37M | 94.98M | |
| Short-Term Debt | 448.38M | 395.09M | 376.00M | 527.37M | 386.82M | 188.96M |
| Current Portion of Long-Term Debt | 478.98M | 10.86M | 20.99M | 3.10M | ||
| Current Portion of Leases | 169.24M | 180.81M | 178.12M | 189.83M | 180.47M | |
| Current Income Taxes Payable | 15.32M | 10.44M | 10.93M | 6.71M | 2.33M | |
| Current Unearned Revenue | 33.23M | 37.20M | 39.68M | 40.71M | 22.12M | 14.13M |
| Other Current Liabilities | 227.39M | 68.09M | 119.89M | 262.55M | 436.42M | 195.63M |
| Total Current Liabilities | 1.06B | 1.00B | 1.54B | 1.40B | 1.32B | 567.29M |
| Long-Term Debt | 1.18B | 1.15B | 464.85M | 425.98M | 362.88M | 330.37M |
| Long-Term Leases | 175.90M | 240.28M | 380.08M | 653.66M | 820.25M | |
| Long-Term Unearned Revenue | 8.37M | 10.13M | 8.02M | 5.27M | 3.31M | 970.49K |
| Other Long-Term Liabilities | 7.15M | 7.71M | 7.67M | 157.13M | 27.00M | 47.17M |
| Total Liabilities | 2.43B | 2.41B | 2.40B | 2.64B | 2.53B | 945.80M |
| Common Stock | 10.00K | 9.73K | 9.73K | 9.73K | 8.62K | 7.50K |
| Additional Paid-In Capital | 1.82B | 1.82B | 1.82B | 1.81B | 1.47B | 937.32M |
| Retained Earnings | -3.31B | -3.10B | -2.67B | -2.26B | -1.38B | -637.53M |
| Comprehensive Income & Other | 72.62M | 38.39M | 9.18M | 21.49M | 17.00M | 35.74M |
| Total Common Equity | -1.41B | -1.24B | -840.89M | -427.21M | 108.85M | 335.54M |
| Minority Interest | 7.20M | 6.55M | 7.87M | 4.78M | 1.45M | 3.56M |
| Shareholders' Equity | -1.41B | -1.24B | -833.02M | -422.43M | 110.30M | 339.10M |
| Total Liabilities & Equity | 1.03B | 1.18B | 1.56B | 2.22B | 2.64B | 1.28B |
| Total Debt | 1.98B | 1.97B | 1.88B | 1.81B | 1.77B | 522.42M |
| Net Cash (Debt) | -1.87B | -1.83B | -1.72B | -1.58B | -1.16B | -127.43M |
| Net Cash Per Share | -57.51 | -56.40 | -52.91 | -51.30 | -45.14 | -5.24 |
| Filing Date Shares Outstanding | 32.52M | 32.04M | 32.01M | 31.65M | 28.19M | 23.34K |
| Total Common Shares Outstanding | 32.52M | 32.04M | 32.01M | 31.65M | 28.19M | 23.34K |
| Working Capital | -764.12M | -675.64M | -1.12B | -937.21M | -521.45M | 18.68M |
| Book Value Per Share | -43.48 | -38.80 | -26.27 | -13.50 | 3.86 | 14,377.34 |
| Tangible Book Value | -1.49B | -1.32B | -937.91M | -538.17M | 12.83M | 257.94M |
| Tangible Book Value Per Share | -45.72 | -41.33 | -29.30 | -17.00 | 0.46 | 11,052.56 |
| Machinery | 272.04M | 298.67M | 313.77M | 257.23M | 196.04M | |
| Construction In Progress | 103.35K | 1.32M | 6.00M | 22.97M | 15.75M | |
| Leasehold Improvements | 550.22M | 591.98M | 661.83M | 602.79M | 408.35M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -508.38M | -434.49M | -412.08M | -876.25M | -742.65M | -381.72M |
| Depreciation & Amortization | 133.09M | 146.80M | 169.68M | 163.15M | 133.40M | 74.28M |
| Loss (Gain) From Sale of Assets | 6.47M | 6.47M | 4.27M | 17.05M | 8.84M | 1.55M |
| Asset Writedown & Restructuring Costs | 60.32M | 60.32M | 56.29M | 111.43M | 7.22M | 1.00M |
| Stock-Based Compensation | 2.87M | 2.87M | 1.05M | 64.48M | 74.69M | |
| Provision & Write-off of Bad Debts | 3.74M | 3.74M | 8.66M | 2.60M | 2.36M | |
| Other Operating Activities | 218.81M | 119.39M | 56.38M | 201.78M | 145.84M | 5.20M |
| Change in Accounts Receivable | 9.10M | 9.10M | -11.63M | -24.55M | 1.84M | -1.84M |
| Change in Inventory | -2.00M | -2.00M | 8.88M | 10.01M | -29.38M | -31.17M |
| Change in Accounts Payable | -24.69M | -24.69M | 4.06M | 109.14M | 44.72M | 45.56M |
| Change in Unearned Revenue | -746.52K | -746.52K | 1.71M | 20.55M | 10.33M | 11.71M |
| Change in Other Net Operating Assets | 100.53M | 100.53M | 66.35M | 2.48M | 55.85M | 30.49M |
| Operating Cash Flow | -888.84K | -12.71M | -39.67M | -196.13M | -286.93M | -244.97M |
| Capital Expenditures | -65.62M | -65.62M | -102.84M | -291.67M | -334.93M | -335.32M |
| Sale of Property, Plant & Equipment | 2.79M | 2.79M | 9.84M | 271.44K | 41.00K | |
| Investment in Securities | 17.17M | 352.13M | -370.24M | |||
| Other Investing Activities | 32.73M | 67.80M | -737.64K | |||
| Investing Cash Flow | -30.10M | -62.83M | -8.04M | 60.00M | -705.17M | -335.28M |
| Short-Term Debt Issued | 142.54M | |||||
| Long-Term Debt Issued | 777.88M | 741.17M | 1.00B | 707.58M | 521.35M | |
| Total Debt Issued | 777.88M | 777.88M | 883.70M | 1.00B | 707.58M | 521.35M |
| Long-Term Debt Repaid | -756.20M | -866.08M | -877.00M | -494.93M | -5.30M | |
| Net Debt Issued (Repaid) | 21.69M | 21.69M | 17.62M | 126.89M | 212.65M | 516.05M |
| Issuance of Common Stock | 16.60K | 16.60K | 8.38M | 1.41M | 291.39M | |
| Other Financing Activities | -45.48M | -47.47M | 614.51M | -9.45M | ||
| Financing Cash Flow | -23.78M | 21.70M | 26.00M | 80.83M | 827.16M | 798.00M |
| Foreign Exchange Rate Adjustments | -2.94M | -688.40K | 2.35M | 19.81M | 13.18M | -1.79M |
| Net Cash Flow | -57.70M | -54.53M | -19.35M | -35.49M | -151.76M | 215.96M |
| Free Cash Flow | -66.51M | -78.33M | -142.51M | -487.80M | -621.86M | -580.28M |
| Free Cash Flow Margin | -5.56% | -5.95% | -10.24% | -31.27% | -61.50% | -90.19% |
| Free Cash Flow Per Share | -2.05 | -2.41 | -4.39 | -15.82 | -24.27 | -23.86 |
| Levered Free Cash Flow | -82.55M | -95.69M | -314.29M | -527.59M | -125.46M | -368.12M |
| Unlevered Free Cash Flow | -72.23M | -85.27M | -300.26M | -514.83M | -116.21M | -366.93M |
| Cash Interest Paid | 15.23M | 15.23M | 17.91M | 20.05M | 13.68M | 1.48M |
| Cash Income Tax Paid | 1.54M | 1.54M | 151.98K | |||
| Change in Working Capital | 82.19M | 82.19M | 69.38M | 117.63M | 83.37M | 54.73M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 38.12M | 79.71M | 112.18M | 275.67M | 412.43M | 338.44M |
| Enterprise Value | 313.33M | 314.53M | 352.51M | 493.05M | 408.42M | 303.26M |
| Last Close Price | 1.19 | 2.49 | 3.55 | 8.75 | 13.90 | 49.05 |
| PS Ratio | 0.22 | 0.42 | 0.59 | 1.25 | 2.81 | 3.34 |
| PB Ratio | -0.45 | -0.98 | -4.63 | 25.79 | 6.34 | |
| P/TBV Ratio | 221.67 | 8.34 | ||||
| EV/Sales Ratio | 1.78 | 1.67 | 1.85 | 2.24 | 2.79 | 2.99 |
| Debt / Equity Ratio | -1.41 | -1.59 | -2.25 | -4.28 | 16.06 | 1.54 |
| Debt / EBITDA Ratio | 6.47 | 5.67 | 5.04 | 8.41 | ||
| Net Debt / Equity Ratio | -1.33 | -1.48 | -2.06 | -3.75 | 10.48 | 0.38 |
| Net Debt / EBITDA Ratio | -14.69 | -17.68 | -14.43 | -4.20 | -2.68 | -0.43 |
| Net Debt / FCF Ratio | -28.11 | -23.42 | -12.05 | -3.24 | -1.86 | -0.22 |
| Asset Turnover | 0.99 | 0.96 | 0.74 | 0.64 | 0.52 | 0.69 |
| Inventory Turnover | 21.20 | 21.65 | 20.70 | 18.75 | 15.02 | 21.35 |
| Quick Ratio | 0.11 | 0.26 | 0.22 | 0.28 | 0.53 | 0.83 |
| Current Ratio | 0.28 | 0.33 | 0.27 | 0.33 | 0.60 | 1.03 |
| Return on Equity (ROE) | -331.44% | -99.19% | ||||
| Return on Assets (ROA) | -13.49% | -11.43% | -9.55% | -13.90% | -17.99% | -24.92% |
| Return on Capital Employed (ROCE) | 826.60% | -143.70% | -1,045.80% | -65.90% | -42.70% | -51.80% |
| Earnings Yield | -193.46% | -77.94% | -50.33% | -44.83% | -26.11% | -17.75% |
| FCF Yield | -26.23% | -14.05% | -17.40% | -24.95% | -21.86% | -26.99% |
| Buyback Yield / Dilution | 0.08% | -0.23% | -5.21% | -20.37% | -5.36% | -13.93% |