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Stocks · Consumer discretionary · Retail-Eating Places

TH International Ltd

THCH Clue Score41
United States Fiscal year ends December CIK 0001877333
$1.16 +8.41% Close, 13 Oct 2026
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Price $1.16 −35.56% Close, 13 Oct 2026

Closing prices at the end of each trading day, from 29 Sep 2022. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2020Revenue212.1Operating income−141.2Net income−142.0EPS, diluted−1.33Fiscal year 2021Revenue643.4 +203.4%Operating income−374.5Net income−381.7EPS, diluted−3.14Fiscal year 2022Revenue1,011.1 +57.2%Operating income−581.2Net income−742.6EPS, diluted−28.99Fiscal year 2023Revenue1,560.0 +54.3%Operating income−667.9Net income−876.3EPS, diluted−28.41Fiscal year 2024Revenue1,391.2 −10.8%Operating income−349.1Net income−412.1EPS, diluted−12.70Fiscal year 2025Revenue1,316.2 −5.4%Operating income−317.4Net income−434.5EPS, diluted−13.36
FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 212.1 643.4 1,011.1 1,560.0 1,391.2 1,316.2
Growth +203.4% +57.2% +54.3% −10.8% −5.4%
Operating income −141.2 −374.5 −581.2 −667.9 −349.1 −317.4
Net income −142.0 −381.7 −742.6 −876.3 −412.1 −434.5
Growth
EPS, diluted −1.33 −3.14 −28.99 −28.41 −12.70 −13.36

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2020Operating margin−66.6%Net margin−67.0%Free cash flow margin−137.0%Fiscal year 2021Operating margin−58.2%Net margin−59.3%Free cash flow margin−90.2%Fiscal year 2022Operating margin−57.5%Net margin−73.5%Free cash flow margin−61.5%Fiscal year 2023Operating margin−42.8%Net margin−56.2%Free cash flow margin−31.3%Fiscal year 2024Operating margin−25.1%Net margin−29.6%Free cash flow margin−10.2%Fiscal year 2025Operating margin−24.1%Net margin−33.0%Free cash flow margin−6.0%
FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −66.6% −58.2% −57.5% −42.8% −25.1% −24.1%
Net margin −67.0% −59.3% −73.5% −56.2% −29.6% −33.0%
Free cash flow margin −137.0% −90.2% −61.5% −31.3% −10.2% −6.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2020Operating cash flow−145.8Capital expenditure−144.7Free cash flow−290.5Fiscal year 2021Operating cash flow−245.0Capital expenditure−335.3Free cash flow−580.3Fiscal year 2022Operating cash flow−286.9Capital expenditure−334.9Free cash flow−621.9Fiscal year 2023Operating cash flow−196.1Capital expenditure−291.7Free cash flow−487.8Fiscal year 2024Operating cash flow−39.7Capital expenditure−102.8Free cash flow−142.5Fiscal year 2025Operating cash flow−12.7Capital expenditure−65.6Free cash flow−78.3
FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −145.8 −245.0 −286.9 −196.1 −39.7 −12.7
Capital expenditure −144.7 −335.3 −334.9 −291.7 −102.8 −65.6
Free cash flow −290.5 −580.3 −621.9 −487.8 −142.5 −78.3
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash and securitiesTotal debt
Fiscal year 2020Cash and securities174.9Shareholders’ equity433.1Fiscal year 2021Cash and securities390.8Total debt207.1Net cash (debt)183.8Shareholders’ equity335.5Debt to equity0.62Fiscal year 2022Cash and securities611.5Total debt437.6Net cash (debt)173.9Shareholders’ equity108.9Debt to equity4.02Fiscal year 2023Cash and securities202.3Total debt554.4Net cash (debt)−352.0Shareholders’ equity−427.2Fiscal year 2024Cash and securities152.4Total debt381.3Net cash (debt)−228.9Shareholders’ equity−840.9Fiscal year 2025Cash and securities121.8Total debt395.1Net cash (debt)−273.3Shareholders’ equity−1,243.0
FY2020FY2021FY2022FY2023FY2024FY2025
Cash and securities 174.9 390.8 611.5 202.3 152.4 121.8
Total debt n/a 207.1 437.6 554.4 381.3 395.1
Net cash (debt) n/a 183.8 173.9 −352.0 −228.9 −273.3
Shareholders’ equity 433.1 335.5 108.9 −427.2 −840.9 −1,243.0
Debt to equity n/a 0.62 4.02 n/a n/a n/a

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Assets
174.9 390.8 239.1 202.3 152.4 121.8
n/a n/a 372.4 n/a n/a n/a
n/a 9.8 5.6 27.6 30.5 17.7
n/a 42.5 71.5 49.9 37.6 36.8
n/a 554.0 720.0 666.0 502.2 332.1
n/a 1,284.9 2,642.0 2,215.4 1,563.5 1,176.7
Growth +105.6% −16.1% −29.4% −24.7%
Liabilities
n/a 189.0 386.8 527.4 376.0 395.1
n/a 3.1 21.0 10.9 n/a n/a
n/a 15.0 29.8 16.1 5.3 n/a
calc n/a 207.1 437.6 554.4 381.3 395.1
n/a 945.8 2,531.7 2,637.9 2,396.5 2,413.1
Equity
n/a −637.5 −1,380.2 −2,256.4 −2,668.5 −3,103.0
433.1 335.5 108.9 −427.2 −840.9 −1,243.0
Growth −22.5% −67.6% −492.5%
Per share and net cash
calc n/a 183.8 173.9 −352.0 −228.9 −273.3
n/a 124.2 149.2 165.9 33.2 33.2
calc n/a 2.70 0.73 −2.57 −25.29 −37.39

† The number of shares outstanding jumps at 2024, so per-share figures either side of that column are not comparable. Usually a split. This count is a different filed figure from the diluted average on the income statement, so it can break in a different year.

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.