TH International Limited (THCH)

TH International Balance Sheet

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
Cash & Equivalents	131.61	152.37	202.31	239.08	390.84	174.87
Short-Term Investments	-	9	23.41	375.84	4.16	5.48
Cash & Short-Term Investments	131.61	161.37	225.72	614.92	395	180.35
Cash Growth	-35.40%	-28.51%	-63.29%	55.68%	119.01%	-31.45%
Accounts Receivable	17.98	30.53	27.56	5.62	9.82	7.98
Other Receivables	2.77	140.22	130.54	79.88	67.91	31.69
Receivables	20.75	170.75	158.1	85.5	77.73	39.67
Inventory	40.24	37.58	49.87	71.47	42.48	11.3
Prepaid Expenses	176.02	5.37	5.8	11.58	29.94	15.26
Restricted Cash	27.72	31.87	-	-	-	-
Other Current Assets	-	10.14	19.13	13.34	40.82	4.3
Total Current Assets	396.33	417.08	458.62	796.81	585.97	250.89
Property, Plant & Equipment	760.54	995.47	1,451	1,667	554.02	235.75
Other Intangible Assets	85.87	97.02	110.97	96.02	77.59	61.9
Other Long-Term Assets	47.77	53.97	194.42	82.27	67.31	31.81
Total Assets	1,291	1,564	2,215	2,642	1,285	580.36
Accounts Payable	200.2	244.82	223.81	115.36	68.16	19.45
Accrued Expenses	-	88.02	129.76	149.37	94.98	31.02
Short-Term Debt	-	376	527.37	386.82	188.96	-
Current Portion of Long-Term Debt	931.81	478.98	10.86	20.99	3.1	-
Current Portion of Leases	177.09	178.12	189.83	180.47	-	-
Current Income Taxes Payable	-	10.44	10.93	6.71	2.33	1.29
Current Unearned Revenue	36.21	39.68	40.71	22.12	14.13	2.86
Other Current Liabilities	270.62	119.89	262.55	436.42	195.63	73.62
Total Current Liabilities	1,616	1,536	1,396	1,318	567.29	128.24
Long-Term Debt	425.62	464.85	425.98	362.88	330.37	-
Long-Term Leases	263.2	380.08	653.66	820.25	-	-
Long-Term Unearned Revenue	9.74	8.02	5.27	3.31	0.97	0.53
Other Long-Term Liabilities	7.46	7.67	157.13	27	47.17	18.53
Total Liabilities	2,322	2,397	2,638	2,532	945.8	147.31
Common Stock	0.01	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	1,822	1,818	1,808	1,472	937.32	644.91
Retained Earnings	-2,875	-2,669	-2,256	-1,380	-637.53	-255.81
Comprehensive Income & Other	16.23	9.18	21.49	17	35.74	39.18
Total Common Equity	-1,037	-840.89	-427.21	108.85	335.54	428.29
Minority Interest	5.62	7.87	4.78	1.45	3.56	4.76
Shareholders' Equity	-1,031	-833.02	-422.43	110.3	339.1	433.05
Total Liabilities & Equity	1,291	1,564	2,215	2,642	1,285	580.36
Total Debt	1,798	1,878	1,808	1,771	522.42	-
Net Cash (Debt)	-1,666	-1,717	-1,582	-1,156	-127.43	180.35
Net Cash Growth	-	-	-	-	-	-31.45%
Net Cash Per Share	-51.21	-52.91	-51.30	-45.14	-5.24	8.45
Filing Date Shares Outstanding	32.54	32.01	31.65	28.19	0.02	0.02
Total Common Shares Outstanding	32.54	32.01	31.65	28.19	0.02	0.02
Working Capital	-1,220	-1,119	-937.21	-521.45	18.68	122.65
Book Value Per Share	-31.87	-26.27	-13.50	3.86	14377.34	21097.90
Tangible Book Value	-1,123	-937.91	-538.17	12.83	257.94	366.38
Tangible Book Value Per Share	-34.51	-29.30	-17.00	0.46	11052.56	18048.49
Machinery	-	298.67	313.77	257.23	196.04	79.84
Construction In Progress	-	1.32	6	22.97	15.75	4.74
Leasehold Improvements	-	591.98	661.83	602.79	408.35	163.62

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

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