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 revenue by segment
By business segment
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|
| Popeyes [Member] | – | – | CN¥15.77M | – | – | – | – | – |
| Tim Hortons [Member] | – | – | CN¥1.56B | – | – | – | – | – |
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|
| Owned and Operated Stores [Member] | CN¥1.07B | CN¥1.19B | CN¥1.39B | CN¥938.10M | CN¥617.23M | CN¥206.04M | 81.2% | -10.1% |
| Sales of Food, Beverage and Packaged Products by Company Owned and Operated Stores [Member] | CN¥1.07B | CN¥1.19B | CN¥1.39B | CN¥938.10M | CN¥617.23M | – | 81.2% | -10.1% |
| Other Revenues | CN¥248.03M | CN¥202.86M | CN¥170.37M | CN¥72.97M | – | – | 18.8% | +22.3% |
| Revenues from Other Franchise Support Activities [Member] | CN¥196.11M | CN¥149.46M | CN¥66.88M | CN¥18.97M | CN¥9.47M | – | 14.9% | +31.2% |
| Franchise Fees [Member] | CN¥36.55M | CN¥24.21M | CN¥15.44M | CN¥4.54M | CN¥1.92M | – | 2.8% | +51.0% |
| Revenues from wholesale and other activities [Member] | CN¥15.37M | CN¥28.38M | CN¥28.98M | CN¥1.30M | CN¥1.21M | – | 1.2% | -45.9% |
| Franchise fees | – | – | – | CN¥4.54M | CN¥1.92M | CN¥794.61K | – | – |
| Revenues from other franchise support activities | – | – | – | CN¥18.97M | CN¥9.47M | CN¥5.25M | – | – |
| Other revenues | – | – | – | CN¥72.97M | CN¥26.15M | CN¥6.05M | – | – |
| Revenues from other activities | – | – | – | CN¥1.30M | CN¥1.21M | – | – | – |
| Revenue from e-commerce sales | – | – | – | CN¥41.64M | CN¥13.12M | – | – | – |
| Provision of consumer research service to THRI | – | – | – | – | CN¥428.15K | – | – | – |
| Provision of Consumer Research Service to THRI [Member] | – | – | – | – | CN¥428.15K | – | – | – |
| Revenue from E-Commerce Sales [Member] | – | CN¥808.86K | CN¥59.07M | CN¥41.64M | CN¥13.12M | – | – | – |
| Revenues from wholesale activities | – | – | – | CN¥6.53M | – | – | – | – |
| Revenues from Wholesale Activities [Member] | – | CN¥20.59M | CN¥27.20M | CN¥6.53M | – | – | – | – |
By region
From the segment and revenue-disaggregation notes of TH International's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.