THCH · TH International Ltd · Financials

$1.30 +0.09 (+7.44%) Q2 2026 earnings call transcript

Market Cap

$41.01M

32.04M

Volume · Oct 28 29.4K Avg daily vol (3M) 9061

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Pull these statements through the financial statements API or MCP →

Revenue

1.32B -5.4%

FY2025

Net Income

-434.49M -5.4%

FY2025

Gross Margin

86.98% -2pp

FY2025

Operating Margin

-24.11% +1pp

FY2025

Diluted EPS

-13.36 -5.2%

FY2025

Operating Cash Flow

-12.71M +68%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue CNY	+9.2%	+44.1%	—	1.32B	1.39B	1.56B	1.01B	643.37M	212.08M
Cost of Revenue CNY	+52.2%	—	—	171.33M	153.61M	149.69M	48.55M	16.73M	—
General & Administrative CNY	-11.0%	+20.8%	—	204.34M	210.32M	325.26M	289.54M	174.96M	79.37M
Depreciation & Amortization CNY	-3.1%	+31.1%	—	107.93M	129.61M	138.73M	118.66M	74.28M	27.84M
Total Costs & Expenses CNY	+0.9%	+35.8%	—	1.63B	1.74B	2.23B	1.59B	1.02B	353.26M
Operating Costs & Expenses CNY	-1.7%	—	—	1.07B	1.19B	1.45B	1.12B	755.82M	—
Operating Income CNY	—	—	—	-317.35M	-349.08M	-667.93M	-581.18M	-374.46M	-141.17M
Interest Expense CNY	+4.1%	—	—	16.68M	22.45M	20.42M	14.8M	1.9M	—
Pretax Income CNY	—	—	—	-435.33M	-458.31M	-839.63M	-744.75M	-382.93M	-143.06M
Income Tax CNY	—	—	—	483.68K	2.12M	97.24K	0	0	0
Net Income CNY	—	—	—	-434.49M	-412.08M	-876.25M	-742.65M	-381.72M	-142M
Net Income Attributable to Noncontrolling Interests CNY	—	—	—	—	—	3.32M	-2.1M	-1.21M	-1.06M
Net Income Available to Common Stockholders CNY	—	—	—	—	—	-876.25M	-742.65M	-381.72M	-142M
Comprehensive Income CNY	—	—	—	-405.28M	-424.39M	-871.76M	-761.39M	-385.16M	-139.21M
Shares Outstanding (Basic Avg) shares	+8.3%	+8.8%	—	32.52M	32.44M	30.84M	25.62M	24.32M	21.34M
Shares Outstanding (Diluted Avg) shares	+8.3%	+8.8%	—	32.52M	32.44M	30.84M	25.62M	24.32M	21.34M

Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Convertible notes payable, including current maturities	2025-12-31	CNY 1,152,723,200	20-F filed 2026-04-30
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Noncurrent convertible notes payable CNY 1,152,723,200
Current portion of notes payable	2025-12-31	CNY 17,413,631	20-F filed 2026-04-30
Current portion of other long-term debt	2025-12-31	CNY 395,087,735	20-F filed 2026-04-30
Operating lease liabilities	2025-12-31	CNY 421,088,195	20-F filed 2026-04-30
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities CNY 180,805,734 Noncurrent operating lease liabilities CNY 240,282,461
Short-term borrowings	2025-12-31	CNY 395,087,735	20-F filed 2026-04-30
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Short-term bank loans and notes payable CNY 395,087,735

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (CNY)

Component	FY2023
Tim Hortons	1,560,005,807
Popeyes	15,774,373

By Product & Service (CNY)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Sales Of Food Beverage And Packaged Products By Company Owned And Operated Stores	1,068,169,775	1,188,292,854	1,389,640,747	938,096,823	617,226,090	—
Revenues From Others Franchise Support Activities	196,105,041	149,457,775	66,878,149	18,965,417	9,469,639	5,253,776
Franchise	36,552,434	24,214,820	15,443,024	4,537,599	1,923,149	794,608
Revenues from Other Activities	15,369,224	28,383,501	28,976,489	1,295,310	1,207,805	—
Company Owned and Operated Stores	—	1,188,292,854	1,389,640,747	938,096,823	—	206,036,187
Provision of Consumers Research Service to THRI	—	—	—	—	428,148	—
Revenue from Wholesale Activities	—	—	—	6,533,166	—	—
Revenues from E-Commerce Sales	—	808,861	59,067,398	41,635,451	13,117,118	—
Revenues From Wholesale Activities	—	20,585,161	27,204,236	6,533,166	—	—
Product And Service Other	—	—	—	72,966,943	—	6,048,384

Key facts CIK 1877333 CUSIP G8656L130 13F (30d) 2 filings 1 filers Visit website Investor relations