TH International Limited (THCH)

TH International Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	1,090	1,188	1,390	938.1	617.23	206.04
Other Revenue	250.69	202.86	170.37	72.97	26.15	6.05
Revenue	1,340	1,391	1,560	1,011	643.37	212.08
Revenue Growth (YoY)	-6.69%	-10.82%	54.29%	57.15%	203.36%	270.41%
Cost of Revenue	823.68	904.81	1,138	855.84	574.23	188.03
Gross Profit	516.68	486.34	422.48	155.22	69.14	24.06
Selling, General & Admin	404.76	394.34	538.39	444.18	263.88	108.59
Other Operating Expenses	259.38	251.03	285.46	157.51	114.49	40.2
Operating Expenses	781.93	774.99	962.57	720.35	441.06	165.23
Operating Income	-265.25	-288.65	-540.09	-565.13	-371.92	-141.17
Interest Expense	-16.37	-22.45	-20.42	-14.8	-1.9	-
Interest & Investment Income	3.86	3.2	14.18	2.7	0.32	0.51
Currency Exchange Gain (Loss)	-1.43	3.48	-16.77	-6.28	-1.3	-2.4
Other Non Operating Income (Expenses)	-	-	-64.31	-140.69	-	-
EBT Excluding Unusual Items	-279.18	-304.41	-627.41	-724.2	-374.8	-143.06
Gain (Loss) on Sale of Assets	-5.69	-4.15	-16.4	-8.84	-1.55	-
Asset Writedown	-44.99	-56.29	-111.43	-7.22	-1	-
Other Unusual Items	-16.55	-93.47	-84.39	-4.49	-5.58	-
Pretax Income	-346.4	-458.31	-839.63	-744.75	-382.93	-143.06
Income Tax Expense	1.1	2.12	0.1	-	-	-
Earnings From Continuing Operations	-347.5	-460.43	-839.73	-744.75	-382.93	-143.06
Earnings From Discontinued Operations	6.48	51.44	-33.2	-	-	-
Net Income to Company	-341.02	-408.99	-872.93	-744.75	-382.93	-143.06
Minority Interest in Earnings	3.09	-3.1	-3.32	2.1	1.21	1.06
Net Income	-337.93	-412.08	-876.25	-742.65	-381.72	-142
Net Income to Common	-337.93	-412.08	-876.25	-742.65	-381.72	-142
Shares Outstanding (Basic)	33	32	31	26	24	21
Shares Outstanding (Diluted)	33	32	31	26	24	21
Shares Change (YoY)	-0.26%	5.21%	20.37%	5.36%	13.93%	106621.99%
EPS (Basic)	-10.39	-12.70	-28.41	-28.99	-15.70	-6.65
EPS (Diluted)	-10.39	-12.70	-28.41	-28.99	-15.70	-6.65
Free Cash Flow	-137.57	-142.51	-487.8	-621.86	-580.28	-290.52
Free Cash Flow Per Share	-4.23	-4.39	-15.82	-24.27	-23.86	-13.61
Gross Margin	38.55%	34.96%	27.08%	15.35%	10.75%	11.34%
Operating Margin	-19.79%	-20.75%	-34.62%	-55.89%	-57.81%	-66.56%
Profit Margin	-25.21%	-29.62%	-56.17%	-73.45%	-59.33%	-66.95%
Free Cash Flow Margin	-10.26%	-10.24%	-31.27%	-61.50%	-90.19%	-136.98%
EBITDA	-108.97	-118.97	-376.94	-431.72	-297.64	-113.33
EBITDA Margin	-8.13%	-8.55%	-24.16%	-42.70%	-46.26%	-53.44%
D&A For EBITDA	156.27	169.68	163.15	133.4	74.28	27.84
EBIT	-265.25	-288.65	-540.09	-565.13	-371.92	-141.17
EBIT Margin	-19.79%	-20.75%	-34.62%	-55.89%	-57.81%	-66.56%
Revenue as Reported	1,340	1,391	1,560	1,011	643.37	212.08

Updated Dec 9, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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