TH International Limited (THCH)

TH International Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Revenue	1,068	1,188	1,390	938.1	617.23
Other Revenue	248.03	202.86	170.37	72.97	26.15
Revenue	1,316	1,391	1,560	1,011	643.37
Revenue Growth (YoY)	-5.39%	-10.82%	54.29%	57.15%	203.36%
Cost of Revenue	804.91	904.81	1,138	855.84	574.23
Gross Profit	511.29	486.34	422.48	155.22	69.14
Selling, General & Admin	398.45	394.34	538.39	444.18	263.88
Other Operating Expenses	255.47	251.03	285.46	157.51	114.49
Operating Expenses	761.85	774.99	962.57	720.35	441.06
Operating Income	-250.56	-288.65	-540.09	-565.13	-371.92
Interest Expense	-16.68	-22.45	-20.42	-14.8	-1.9
Interest & Investment Income	3.53	3.2	14.18	2.7	0.32
Currency Exchange Gain (Loss)	-1.12	3.48	-16.77	-6.28	-1.3
Other Non Operating Income (Expenses)	-	-	-64.31	-140.69	-
EBT Excluding Unusual Items	-264.83	-304.41	-627.41	-724.2	-374.8
Gain (Loss) on Sale of Assets	-6.47	-4.15	-16.4	-8.84	-1.55
Asset Writedown	-60.32	-56.29	-111.43	-7.22	-1
Other Unusual Items	-103.71	-93.47	-84.39	-4.49	-5.58
Pretax Income	-435.33	-458.31	-839.63	-744.75	-382.93
Income Tax Expense	0.48	2.12	0.1	-	-
Earnings From Continuing Operations	-435.81	-460.43	-839.73	-744.75	-382.93
Earnings From Discontinued Operations	-	51.44	-33.2	-	-
Net Income to Company	-435.81	-408.99	-872.93	-744.75	-382.93
Minority Interest in Earnings	1.32	-3.1	-3.32	2.1	1.21
Net Income	-434.49	-412.08	-876.25	-742.65	-381.72
Net Income to Common	-434.49	-412.08	-876.25	-742.65	-381.72
Shares Outstanding (Basic)	33	32	31	26	24
Shares Outstanding (Diluted)	33	32	31	26	24
Shares Change (YoY)	0.23%	5.21%	20.37%	5.36%	13.93%
EPS (Basic)	-13.36	-12.70	-28.41	-28.99	-15.70
EPS (Diluted)	-13.36	-12.70	-28.41	-28.99	-15.70
Free Cash Flow	-12.71	-142.51	-487.8	-621.86	-580.28
Free Cash Flow Per Share	-0.39	-4.39	-15.82	-24.27	-23.86
Gross Margin	38.85%	34.96%	27.08%	15.35%	10.75%
Operating Margin	-19.04%	-20.75%	-34.62%	-55.89%	-57.81%
Profit Margin	-33.01%	-29.62%	-56.17%	-73.45%	-59.33%
Free Cash Flow Margin	-0.97%	-10.24%	-31.27%	-61.50%	-90.19%
EBITDA	-104.15	-118.97	-376.94	-431.72	-297.64
EBITDA Margin	-7.91%	-8.55%	-24.16%	-42.70%	-46.26%
D&A For EBITDA	146.41	169.68	163.15	133.4	74.28
EBIT	-250.56	-288.65	-540.09	-565.13	-371.92
EBIT Margin	-19.04%	-20.75%	-34.62%	-55.89%	-57.81%
Revenue as Reported	1,316	1,391	1,560	1,011	643.37

Updated Apr 14, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q