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	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash & Equivalents	155.22	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	155.22	161.37	225.72	614.92	395	180.35
Cash Growth	-9.69%	-28.51%	-63.29%	55.68%	119.01%	-31.45%
Accounts Receivable	22.56	30.53	27.56	5.62	9.82	7.98
Other Receivables	3	140.22	130.54	79.88	67.91	31.69
Receivables	25.56	170.75	158.1	85.5	77.73	39.67
Inventory	36.08	37.58	49.87	71.47	42.48	11.3
Prepaid Expenses	172.2	5.37	5.8	11.58	29.94	15.26
Restricted Cash	23.54	31.87	-	-	-	-
Other Current Assets	-	10.14	19.13	13.34	40.82	4.3
Total Current Assets	412.6	417.08	458.62	796.81	585.97	250.89
Property, Plant & Equipment	837.27	995.47	1,451	1,667	554.02	235.75
Other Intangible Assets	87.91	97.02	110.97	96.02	77.59	61.9
Other Long-Term Assets	48.03	53.97	194.42	82.27	67.31	31.81
Total Assets	1,386	1,564	2,215	2,642	1,285	580.36
Accounts Payable	202.1	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	926.75	478.98	10.86	20.99	3.1	-
Current Portion of Leases	178.97	178.12	189.83	180.47	-	-
Current Income Taxes Payable	-	10.44	10.93	6.71	2.33	1.29
Current Unearned Revenue	40.04	39.68	40.71	22.12	14.13	2.86
Other Current Liabilities	249.42	119.89	262.55	436.42	195.63	73.62
Total Current Liabilities	1,597	1,536	1,396	1,318	567.29	128.24
Long-Term Debt	433.1	464.85	425.98	362.88	330.37	-
Long-Term Leases	301.89	380.08	653.66	820.25	-	-
Long-Term Unearned Revenue	8.22	8.02	5.27	3.31	0.97	0.53
Other Long-Term Liabilities	7.59	7.67	157.13	27	47.17	18.53
Total Liabilities	2,348	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	1,821	1,818	1,808	1,472	937.32	644.91
Retained Earnings	-2,802	-2,669	-2,256	-1,380	-637.53	-255.81
Comprehensive Income & Other	12.51	9.18	21.49	17	35.74	39.18
Total Common Equity	-968.75	-840.89	-427.21	108.85	335.54	428.29
Minority Interest	6.48	7.87	4.78	1.45	3.56	4.76
Shareholders' Equity	-962.26	-833.02	-422.43	110.3	339.1	433.05
Total Liabilities & Equity	1,386	1,564	2,215	2,642	1,285	580.36
Total Debt	1,841	1,878	1,808	1,771	522.42	-
Net Cash (Debt)	-1,685	-1,717	-1,582	-1,156	-127.43	180.35
Net Cash Growth	-	-	-	-	-	-31.45%
Net Cash Per Share	-51.81	-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	-1,185	-1,119	-937.21	-521.45	18.68	122.65
Book Value Per Share	-29.77	-26.27	-13.50	3.86	14377.34	21097.90
Tangible Book Value	-1,057	-937.91	-538.17	12.83	257.94	366.38
Tangible Book Value Per Share	-32.47	-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 Aug 26, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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