THCHNasdaqRetail-Eating PlacesFiscal year ends December 31
TH International Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$1.00+0.00 (0.00%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
87.0%
Operating margin
-24.1%+42.5 pts over 5 years
Net margin
-33.0%+33.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -5.4% | +9.2% | +44.1% | – | |
| Gross profit | -7.5% | +6.0% | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 41.7% | |
| Return on assets | – | – | -31.7% | |
| Current ratio | – | – | 0.33 | |
| Debt to equity | – | – | – | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | – | -19.0× | |
| Inventory turnover | – | – | 4.6× | |
| Capex to revenue | – | 68.2% | 5.0% | |
| Diluted shares | – | 21M | 33M |
Where the cash went
Fiscal 2021 to 2025, five years combined
TH International generated CN¥780.40M from operations and spent CN¥1.13B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥780.40M
Used
CN¥1.13B
Capital expenditureCN¥1.13B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-33.0%
×Asset turnover0.96×
×Equity multiplier-1.31×
=Return on equity, FY202541.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -33.0% | 0.96× | -1.31× | 41.7% |
| FY2024 | -29.6% | 0.74× | -2.98× | 65.0% |
| FY2023 | -56.2% | 0.64× | -15.26× | 550.5% |
| FY2022 | -73.5% | 0.51× | 8.84× | -334.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥434.49M
- Cash generatingOperating cash flow above zero-CN¥12.71M
- Return on assets improvedROA up on the prior year-18.6% → -27.8%
- Earnings backed by cashOperating cash flow above net income-CN¥12.71M vs -CN¥434.49M
- Less leverageLong-term debt to assets fell0.3% → –
- Better liquidityCurrent ratio rose0.27 → 0.33
- No dilutionShare count did not rise32M → 33M
- Gross margin improvedGross margin up on the prior year88.96% → 86.98%
- More efficientAsset turnover rose0.63 → 0.84