Company research
TH International Ltd
CIK 1877333Updated Sep 26, 2026
SecurityTHCH · NASDAQ · equity
Historical securities (1)
THCHW · NASDAQ · warrant · closed Jun 27, 2023THCH price & chart
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Seeking Alpha
TH International Limited (THCH) Q2 2026 Earnings Call Transcript ↗
TH International Limited 2026 Q2 - Results - Earnings Call Presentation ↗
TH International Non-GAAP EPADS of -$0.25, revenue of $40.3M ↗
SEC disclosures
TH International Ltd IPO declared effective by SEC ↗
Recent filings
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Financials
FY 2025 · CNYSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsCNY | 1,176,676,693Source | 1,563,533,735Source | 2,215,438,664Source | 2,642,010,000Source |
| Property, Plant and Equipment, NetCNY | 332,069,736Source | 502,158,702Source | 691,875,923Source | 720,035,970Source |
| Intangible Assets, Net (Excluding Goodwill)CNY | 81,014,374Source | 97,019,088Source | 147,448,242Source | 96,018,313Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueCNY | 121,794,484Source | 152,368,315Source | 203,586,692Source | 239,077,430Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentCNY | 17,691,916Source | 30,525,920Source | 27,561,509Source | 5,617,195Source |
| Inventory, NetCNY | 36,792,722Source | 37,578,415Source | 50,718,849Source | 71,467,517Source |
| Assets, CurrentCNY | 326,625,658Source | 417,080,989Source | 458,619,662Source | 796,812,574Source |
| Prepaid Expense and Other Assets, CurrentCNY | 142,235,378Source | 158,881,587Source | 159,587,212Source | 108,274,731Source |
| Operating Lease, Right-of-Use AssetCNY | 348,916,320Source | 493,308,393Source | 849,079,096Source | 946,872,784Source |
| Other Assets, NoncurrentCNY | 88,050,605Source | 53,966,563Source | 68,415,741Source | 82,270,359Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesCNY | 2,413,111,614Source | 2,396,549,141Source | 2,637,867,879Source | 2,531,705,584Source |
| Stockholders’ equity: | ||||
| Common Stock, Value, IssuedCNY | 9,733Source | 9,733Source | 9,733Source | 8,616Source |
| Additional Paid in CapitalCNY | 1,821,605,222Source | 1,818,421,338Source | 1,807,715,296Source | 1,472,014,651Source |
| Retained Earnings (Accumulated Deficit)CNY | -3,102,993,825Source | -2,668,505,330Source | -2,256,423,775Source | -1,380,173,392Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxCNY | 38,393,189Source | 9,184,842Source | 21,491,865Source | 17,000,825Source |
| Stockholders' Equity Attributable to ParentCNY | -1,242,985,681Source | -840,889,417Source | -427,206,881Source | 108,850,700Source |
| Liabilities and EquityCNY | 1,176,676,693Source | 1,563,533,735Source | 2,215,438,664Source | 2,642,010,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentCNY | 1,002,262,037Source | 1,535,931,917Source | 1,395,832,695Source | 1,318,262,369Source |
| Operating Lease, Liability, CurrentCNY | 180,805,734Source | 178,115,199Source | 200,877,880Source | 180,468,426Source |
| Accounts Payable, CurrentCNY | 199,151,784Source | 223,837,607Source | 224,849,282Source | 105,673,391Source |
| Operating Lease, Liability, NoncurrentCNY | 240,282,461Source | 380,075,128Source | 707,688,605Source | 820,248,803Source |
| Other Liabilities, NoncurrentCNY | 7,710,918Source | 7,673,110Source | 8,896,258Source | 7,919,952Source |
| Stockholders' Equity Attributable to Noncontrolling InterestCNY | 6,550,760Source | 7,874,011Source | 4,777,666Source | 1,453,716Source |
| Additional Financial Items | ||||
| Cash, Cash Equivalents, and Short-term InvestmentsCNY | — | — | 220,752,092Source | — |
| Long-term Debt, Current MaturitiesCNY | — | — | 10,863,245Source | 20,987,521Source |
| Long-term Debt, Excluding Current MaturitiesCNY | — | 5,266,370Source | 16,129,615Source | — |
| Short-term InvestmentsCNY | — | — | — | 372,375,701Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestCNY | -435,811,746Source | -408,985,210Source | -872,926,433Source | -744,748,251Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationCNY | 107,930,233Source | 129,613,822Source | 165,904,572Source | 133,402,504Source |
| Share-based Payment Arrangement, Noncash ExpenseCNY | 2,874,494Source | 1,045,008Source | 64,476,991Source | 74,686,711Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in Accounts ReceivableCNY | -9,097,648Source | 11,626,637Source | 24,547,169Source | -1,844,063Source |
| Increase (Decrease) in InventoriesCNY | 2,003,420Source | -8,880,522Source | -9,159,557Source | 29,376,113Source |
| Increase (Decrease) in Accounts PayableCNY | -24,685,823Source | 4,062,778Source | 114,209,601Source | 44,720,900Source |
| Net Cash Provided by (Used in) Operating ActivitiesCNY | -12,706,838Source | -39,666,962Source | -196,129,881Source | -286,928,364Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesCNY | -62,833,462Source | -8,036,756Source | 59,998,912Source | -705,172,351Source |
| Payments to Acquire Property, Plant, and EquipmentCNY | 65,618,942Source | 102,838,582Source | 292,404,840Source | 334,930,178Source |
| Cash flows from financing activities: | ||||
| Net Cash Provided by (Used in) Financing ActivitiesCNY | 21,702,149Source | 26,003,569Source | 80,833,253Source | 827,159,660Source |
| Proceeds from (Payments for) Other Financing ActivitiesCNY | — | — | 206,658,000Source | — |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectCNY | -54,526,554Source | -19,349,261Source | -35,490,738Source | -151,759,956Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsCNY | 129,710,877Source | 184,237,431Source | 203,586,692Source | 239,077,430Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesCNY | 15,228,346Source | 17,912,322Source | — | — |
| Income Taxes Paid, NetCNY | 1,542,076Source | 151,983Source | 20,048,704Source | 13,678,165Source |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsCNY | -688,403Source | 2,350,888Source | 19,806,978Source | 13,181,099Source |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | 268,542Source | — |
| Amortization of Intangible AssetsCNY | 20,919,688Source | 24,685,181Source | 14,112,870Source | 9,319,001Source |
| Cash, Cash Equivalents, and Short-term InvestmentsCNY | — | — | 220,752,092Source | — |
| DepreciationCNY | 125,875,776Source | 144,995,588Source | 151,791,702Source | 124,083,503Source |
| Derivative, Gain (Loss) on Derivative, NetCNY | — | — | 19,654,006Source | -186,598,308Source |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on DisposalCNY | — | 70,664,684Source | — | — |
| Fair Value, Option, Changes in Fair Value, Gain (Loss)CNY | — | -16,941,248Source | -26,106,460Source | — |
| Foreign Currency Transaction Gain (Loss), before TaxCNY | -1,119,173Source | 3,484,612Source | -16,771,124Source | -6,275,369Source |
| Foreign Currency Transaction Gain (Loss), UnrealizedCNY | -615,431Source | 1,209,646Source | -4,966,290Source | — |
| Gain (Loss) on Disposition of Intangible AssetsCNY | — | -125,747Source | -646,162Source | — |
| Gain (Loss) on Disposition of BusinessUSD | 10,257,280Source | 10,257,280Source | — | — |
| Gain (Loss) on Disposition of Property Plant EquipmentCNY | -6,469,536Source | -4,146,858Source | -16,404,477Source | -8,835,137Source |
| Gain (Loss) on Extinguishment of DebtCNY | -73,078,104Source | -10,657,161Source | — | — |
| General and Administrative ExpenseCNY | 204,342,527Source | 210,322,557Source | 343,622,128Source | 289,544,688Source |
| Goodwill and Intangible Asset ImpairmentUSD | 3,865,000Source | 3,865,000Source | 3,865,000Source | — |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentCNY | -434,488,495Source | -463,525,349Source | — | — |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY | -435,811,746Source | -460,429,004Source | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY | — | 51,443,794Source | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentCNY | — | 51,443,794Source | — | — |
| Income Tax Expense (Benefit)CNY | 483,675Source | 2,115,015Source | 97,241Source | 0Source |
| Inventory Write-downCNY | 2,789,113Source | 3,407,308Source | 11,589,111Source | 387,999Source |
| Net Income (Loss) Attributable to ParentCNY | -434,488,495Source | -412,081,555Source | -876,250,383Source | -742,645,232Source |
| Net Income (Loss) Attributable to Noncontrolling InterestCNY | — | — | 3,323,950Source | -2,103,019Source |
| Net Income (Loss) Available to Common Stockholders, BasicCNY | — | — | -876,250,383Source | -742,645,232Source |
| Operating Costs and ExpensesCNY | 1,065,071,224Source | 1,190,873,973Source | 1,477,663,247Source | — |
| Other Depreciation and AmortizationCNY | — | — | 165,904,572Source | — |
| Payments to Acquire InvestmentsCNY | — | — | — | 370,242,173Source |
| Proceeds from Issuance of Common StockCNY | — | 713Source | — | — |
| Proceeds from Stock Options ExercisedCNY | 16,598Source | 8,383,181Source | 1,412,126Source | — |
| Realized Investment Gains (Losses)CNY | — | — | 5,718,400Source | 0Source |
| Unrealized Gain (Loss) on InvestmentsCNY | — | — | 3,584,872Source | 2,133,528Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueCNY | — | — | — | 1,011,063,766Source |
| Cost of RevenueCNY | — | — | 72,109,353Source | — |
| Gross Profit (Calculated) · Derived | — | — | — | — |
| Operating Income (Loss)CNY | -317,352,812Source | -349,080,671Source | -701,182,729Source | -581,183,654Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestCNY | -435,328,071Source | -458,313,989Source | -872,829,192Source | -744,748,251Source |
| Income Tax Expense (Benefit)CNY | 483,675Source | 2,115,015Source | 97,241Source | 0Source |
| Net Income (Loss) Attributable to Noncontrolling InterestCNY | — | — | 3,323,950Source | -2,103,019Source |
| Net Income (Loss) Attributable to ParentCNY | -434,488,495Source | -412,081,555Source | -876,250,383Source | -742,645,232Source |
| Earnings Per Share, BasicCNY/shares | -13.36Source | -12.7Source | -5.68Source | -5.8Source |
| Earnings Per Share, DilutedCNY/shares | -13.36Source | -12.7Source | -5.68Source | -5.8Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 32,519,377Source | 32,444,772Source | 154,188,667Source | 128,096,505Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 32,519,377Source | 32,444,772Source | 154,188,667Source | 128,096,505Source |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsCNY | 20,919,688Source | 24,685,181Source | 14,112,870Source | 9,319,001Source |
| Costs and ExpensesCNY | 1,633,549,286Source | 1,740,238,482Source | 2,276,962,909Source | 1,592,247,420Source |
| Current Income Tax Expense (Benefit)CNY | 483,675Source | 2,115,015Source | 97,241Source | — |
| Depreciation, Depletion and Amortization, NonproductionCNY | 146,795,464Source | 169,680,769Source | 139,611,799Source | — |
| Fair Value, Option, Changes in Fair Value, Gain (Loss)CNY | — | -16,941,248Source | -26,106,460Source | — |
| Foreign Currency Transaction Gain (Loss), before TaxCNY | -1,119,173Source | 3,484,612Source | -16,771,124Source | -6,275,369Source |
| General and Administrative ExpenseCNY | 204,342,527Source | 210,322,557Source | 343,622,128Source | 289,544,688Source |
| Income (Loss) from Continuing Operations, Net of Tax, Attributable to ParentCNY | -434,488,495Source | -463,525,349Source | — | — |
| Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY | -435,811,746Source | -460,429,004Source | — | — |
| Income (Loss) from Continuing Operations, Per Basic ShareCNY/shares | -13.36Source | -14.29Source | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling InterestCNY | — | 51,443,794Source | — | — |
| Income (Loss) from Discontinued Operations, Net of Tax, Attributable to ParentCNY | — | 51,443,794Source | — | — |
| Interest and Other IncomeCNY | — | — | — | 2,703,219Source |
| Interest ExpenseCNY | 16,679,066Source | 22,448,159Source | 20,425,644Source | 14,804,002Source |
| Interest Income, OtherCNY | 3,528,064Source | 3,202,948Source | 300,000Source | — |
| Labor and Related ExpenseCNY | 199,341,612Source | 231,541,640Source | 310,719,408Source | — |
| Marketing and Advertising ExpenseCNY | — | — | 102,184,771Source | 81,017,100Source |
| Net Income (Loss) Available to Common Stockholders, BasicCNY | — | — | -876,250,383Source | -742,645,232Source |
| Net Income (Loss) from Continuing Operations Available to Common Shareholders, BasicCNY | -434,488,495Source | -463,525,349Source | — | — |
| Operating Costs and ExpensesCNY | 1,065,071,224Source | 1,190,873,973Source | 1,477,663,247Source | — |
| Other Cost and Expense, OperatingCNY | 3,282,975Source | 10,794,362Source | 28,872,217Source | — |
| Other ExpensesCNY | 84,316,942Source | 95,035,952Source | 121,416,808Source | 8,340,034Source |
| Other General and Administrative ExpenseCNY | — | — | 1,928,084Source | — |
| Other IncomeCNY | 1,803,136Source | 1,711,312Source | 1,906,503Source | 1,155,918Source |
| Other Operating IncomeCNY | 3,455,175Source | 8,408,091Source | 11,851,841Source | 7,152,455Source |
| Realized Investment Gains (Losses)CNY | — | — | 5,718,400Source | 0Source |