TH International Ltd 6-K, filed Aug 18, 2026

TH International Ltd (THCH)

6-K 2026-08-18 For: 2026-08-18

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Added on August 18, 2026

About this 6-K

TH International Ltd filed this 6-K on August 18, 2026.

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Exhibit Number		Exhibit Title
99.1		Earnings Release

	TH International Limited

	/s/ Kwok Wah Cheung
	Kwok Wah Cheung
	Chief Executive Officer

	For the three months ended or as of
Tims only	Jun 30,			Sep 30,			Dec 31,			Mar 31,			June 30,
(Exclude the discontinued business)	2025			2025			2025			2026			2026

Total stores		1,015			1,030			1,047			1,026			1,028
Company owned and operated stores		566			551			562			541			544
Franchised stores		449			479			485			485			484
Made to order (MTO) stores		692			730			770			765			780
Non-MTO stores		323			300			277			261			248
Same-store sales growth for system-wide stores		-4.8	%		1.3	%		-2.4	%		-13.2	%		-17.8	%
Same-store sales growth for company owned and operated stores		-3.6	%		3.3	%		-1.4	%		-12.4	%		-17.3	%
Registered loyalty club members (in thousands)		26,192			27,900			31,021			35,930			37,118
Company owned and operated store contribution (Renminbi in thousands)		27,176			21,786			9,164			3,730			12,584
Company owned and operated store contribution margin		9.6	%		7.7	%		3.7	%		1.8	%		5.7	%

	As of
	December 31, 2025			June 30, 2026
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		121,795			107,833			15,892
Restricted Cash		7,916			13,222			1,949
Amount due from related parties		195			-			-
Accounts receivable, net		17,692			12,212			1,800
Inventories		36,793			32,938			4,854
Prepaid expenses and other current assets		142,235			128,813			18,985
Total current assets		326,626			295,018			43,480

Non-current assets:
Property and equipment, net		332,070			287,164			42,323
Intangible assets, net		81,014			72,768			10,725
Operating lease right-of-use assets		348,916			268,491			39,571
Other non-current assets		88,051			104,193			15,356
Total non-current assets		850,051			732,616			107,975
Total assets		1,176,677			1,027,634			151,455

LIABILITIES AND SHAREHOLDERS’EQUITY
Current liabilities:
Bank borrowings, current		395,088			448,377			66,083
Accounts payable		199,152			180,897			26,661
Contract liabilities		37,197			33,229			4,897
Amount due to related parties		17,414			53,035			7,816
Operating lease liabilities		180,806			169,239			24,943
Other current liabilities		172,605			174,358			25,697
Total current liabilities		1,002,262			1,059,135			156,097

Non-current liabilities:
Convertible notes, at fair value		1,152,723			1,183,734			174,461
Contract liabilities		10,133			8,373			1,234
Operating lease liabilities		240,282			175,901			25,925
Other non-current liabilities		7,712			7,152			1,054
Total non-current liabilities		1,410,850			1,375,160			202,674
Total liabilities		2,413,112			2,434,295			358,771

Shareholders’ equity:
Ordinary shares		10			10			1
Additional paid-in capital		1,821,605			1,823,869			268,805
Accumulated losses		(3,102,994	)		(3,310,359	)		(487,887	)
Accumulated other comprehensive income		38,393			72,619			10,704
Treasury shares		-			-			-
Total deficit attributable to shareholders of the Company		(1,242,986	)		(1,413,861	)		(208,377	)
Non-controlling interests		6,551			7,200			1,061
Total shareholders’ deficit		(1,236,435	)		(1,406,661	)		(207,316	)

Commitments and Contingencies		-			-			-

Total liabilities and shareholders’ deficit		1,176,677			1,027,634			151,455

	For the three months ended June 30,									For the six months ended June 30,
	2025			2026						2025			2026
	RMB			RMB			US$			RMB			RMB			US$
Revenues:
Company owned and operated stores		281,872			220,855			32,550			536,631			428,071			63,090
Other revenues		67,104			52,522			7,741			113,087			102,047			15,040
Total revenues		348,976			273,377			40,291			649,718			530,118			78,130

Costs and expenses, net:
Company owned and operated stores
Food and packaging		84,807			62,495			9,211			162,279			121,427			17,896
Rental and property management fee		56,824			47,943			7,066			113,119			95,142			14,022
Payroll and employee benefits		50,227			43,882			6,467			100,247			88,700			13,073
Delivery costs		33,338			28,912			4,262			60,379			56,235			8,287
Other operating expenses		20,424			17,425			2,568			38,442			35,605			5,248
Store depreciation and amortization		26,789			20,406			3,007			55,147			41,992			6,189
Company owned and operated store costs and expenses		272,409			221,063			32,581			529,613			439,101			64,715

Costs of other revenues		46,502			36,804			5,424			78,028			69,852			10,295
Marketing expenses		13,906			13,295			1,959			31,335			23,104			3,405
General and administrative expenses		37,698			42,261			6,229			89,508			90,305			13,311
Franchise and royalty expenses		17,089			14,366			2,117			30,985			27,901			4,112
Other operating costs and expenses		98			616			91			1,213			1,175			173
Loss on disposal of property and equipment		247			502			74			2,980			1,114			164
Impairment losses of long-lived assets		9,485			4,563			673			21,103			10,450			1,540
Other income		679			1,986			293			1,965			2,502			369
Total costs and expenses, net		396,755			331,484			48,855			782,800			660,500			97,346

Operating loss		(47,779	)		(58,107	)		(8,564	)		(133,082	)		(130,382	)		(19,216	)

Interest income		983			1,145			169			1,083			1,545			228
Interest expenses		(4,831	)		(4,285	)		(632	)		(8,407	)		(8,239	)		(1,214	)
Foreign currency transaction loss		(431	)		(1,337	)		(197	)		(51	)		(2,181	)		(322	)
Changes in fair value of convertible notes		(23,383	)		(34,857	)		(5,137	)		6,075			(67,459	)		(9,942	)

Loss before income taxes		(75,441	)		(97,441	)		(14,361	)		(134,382	)		(206,716	)		(30,466	)
Income tax expenses		(484	)		-			-			(484	)		-			-
Net loss		(75,925	)		(97,441	)		(14,361	)		(134,866	)		(206,716	)		(30,466	)

Less: Net (loss)/income attributable to non-controlling interests		(470	)		28			4			(1,390	)		649			96
Net loss attributable to shareholders of the Company		(75,455	)		(97,469	)		(14,365	)		(133,476	)		(207,365	)		(30,562	)
Basic and diluted loss per Ordinary Share		(2.32	)		(3.00	)		(0.44	)		(4.10	)		(6.38	)		(0.94	)

Net loss		(75,925	)		(97,441	)		(14,361	)		(134,866	)		(206,716	)		(30,466	)

Other comprehensive income/(loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes		(286	)		-			-			144			-			-
Foreign currency translation adjustment, net of nil income taxes		2,360			16,156			2,381			3,177			34,226			5,044

Total comprehensive loss		(73,851	)		(81,285	)		(11,980	)		(131,545	)		(172,490	)		(25,422	)

Less: Comprehensive (loss)/income attributable to non-controlling interests		(470	)		28			4			(1,390	)		649			96
Comprehensive loss attributable to shareholders of the Company		(73,381	)		(81,313	)		(11,984	)		(130,155	)		(173,139	)		(25,518	)

	For the three months ended June 30,															For the six months ended June 30，
	2025						2026									2025						2026
	RMB			% of Total Revenues			RMB			US$			% of Total Revenues			RMB			% of Total Revenues			RMB			US$			% of Total Revenues
General and administrative expenses		(37,698	)		(10.8	)		(42,261	)		(6,229	)		(15.5	)		(89,508	)		(13.9	)		(90,305	)		(13,311	)		(17.0	)
Adjusted for:
Share-based compensation expenses		749			0.2			320			47			0.1			1,825			0.3			1,836			271			0.3
Professional fees related to financing programs		-			-			-			-			-			1,007			0.2			-			-			-
Impairment losses of rental deposits		2,335			0.7			2,347			346			0.9			4,896			0.8			5,440			802			1.0
Adjusted General and administrative expenses		(34,614	)		(9.9	)		(39,594	)		(5,836	)		(14.5	)		(81,780	)		(12.6	)		(83,029	)		(12,238	)		(15.7	)

	For the three months ended June 30,									For the six months ended June 30,
	2025			2026						2025			2026
	RMB			RMB			US$			RMB			RMB			US$
Net cash (used in)/provided by operating activities		(1,175	)		33,968			5,006			(1,394	)		10,424			1,536
Net cash used in investing activities		(36,715	)		(9,169	)		(1,351	)		(53,373	)		(20,641	)		(3,042	)
Net cash (used in)/provided by financing activities		5,900			(13,788	)		(2,032	)		50,113			4,633			683
Effect of foreign currency exchange rate changes on cash		(688	)		(1,363	)		(201	)		(825	)		(3,072	)		(453	)
Net increase/(decrease) in cash		(32,678	)		9,648			1,422			(5,479	)		(8,656	)		(1,276	)
Cash and cash equivalents and restricted cash, at beginning of the period		211,436			111,407			16,419			184,237			129,711			19,117
Cash and cash equivalents and restricted cash, at end of the period		178,758			121,055			17,841			178,758			121,055			17,841