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

TH International Ltd income statement

AnnualQuarterlyTTM

Millions of CNY, except per-share data. Shares in millions.

Line item	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenue	1,316	1,391	1,560	1,011	643	212
Cost of Revenue	171	154	150	49	17	–
Gross Profit	1,145	1,238	1,410	963	627	–
General & Administrative	204	210	325	290	175	79
Advertising Expenses	63	65	97	81	50	17
Total Costs & Expenses	1,634	1,740	2,228	1,592	1,018	353
Operating Income	-317	-349	-668	-581	-374	-141
Interest Expense	17	22	20	15	1.90	–
Interest & Investment Income	3.53	3.20	14	2.70	0.32	–
Asset Impairment Charges	27	56	111	7.22	1.00	0
Gain (Loss) on Sale of Assets	-6.47	-4.15	-16	-8.84	-1.55	–
Pretax Income	-435	-458	-840	-745	-383	-143
Income Tax Expense	0.48	2.12	0.10	0	0	0
Income from Continuing Operations	-434	-464	-843	-743	–	–
Income from Discontinued Operations	–	51	-33	–	–	–
Net Income incl. Noncontrolling Interests	-436	-409	-873	-745	-383	-143
Minority Interest in Earnings	–	–	3.32	-2.10	-1.21	-1.06
Net Income	-434	-412	-876	-743	-382	-142
Net Income to Common	–	–	-876	-743	-382	-142
EPS (Basic)(per share)	-13.36	-12.70	-28.41	-28.99	-15.70	-6.65
EPS (Diluted)(per share)	-13.36	-12.70	-28.41	-28.99	-15.70	-6.65
Shares Outstanding (Basic, Weighted)(shares)	33	32	31	26	24	21
Shares Outstanding (Diluted, Weighted)(shares)	33	32	31	26	24	21
EBITDA	-209	-219	-529	-463	-300	-113

Italic numbers are calculated by StockData (for example Q4 = full year − nine months). Per-share data and share counts are adjusted for stock splits. Hover a number for its source; click it to open the filing on SEC.gov. Click a row to chart it.

Ratios

Latest available, balances at Dec 31, 2025

Profitability, FY2025

Gross margin: 87.0%
Operating margin: -24.1%
Net margin: -33.0%
Return on equity, FY2025: 41.7%

Financial strength

Current ratio: 0.33
Debt to equity: –
Debt to assets: –
Cash to current liabilities: 12.2%

Valuation

P/E ratio: –
Price to sales: –
Price to book: –
Dividend yield: –

Valuation ratios need the share price and fill in once daily prices are connected.