TH International Balance Sheet

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	121.8	152.37	202.31	239.08	390.84
Short-Term Investments	-	9	23.41	375.84	4.16
Cash & Short-Term Investments	121.8	161.37	225.72	614.92	395
Cash Growth	-24.52%	-28.51%	-63.29%	55.68%	119.01%
Accounts Receivable	17.69	30.53	27.56	5.62	9.82
Other Receivables	0.2	140.22	130.54	79.88	67.91
Receivables	17.89	170.75	158.1	85.5	77.73
Inventory	36.79	37.58	49.87	71.47	42.48
Prepaid Expenses	142.24	5.37	5.8	11.58	29.94
Restricted Cash	7.92	31.87	-	-	-
Other Current Assets	-	10.14	19.13	13.34	40.82
Total Current Assets	326.63	417.08	458.62	796.81	585.97
Property, Plant & Equipment	680.99	995.47	1,451	1,667	554.02
Other Intangible Assets	81.01	97.02	110.97	96.02	77.59
Other Long-Term Assets	88.05	53.97	194.42	82.27	67.31
Total Assets	1,177	1,564	2,215	2,642	1,285
Accounts Payable	199.15	244.82	223.81	115.36	68.16
Accrued Expenses	-	88.02	129.76	149.37	94.98
Short-Term Debt	-	376	527.37	386.82	188.96
Current Portion of Long-Term Debt	395.09	478.98	10.86	20.99	3.1
Current Portion of Leases	180.81	178.12	189.83	180.47	-
Current Income Taxes Payable	-	10.44	10.93	6.71	2.33
Current Unearned Revenue	37.2	39.68	40.71	22.12	14.13
Other Current Liabilities	190.02	119.89	262.55	436.42	195.63
Total Current Liabilities	1,002	1,536	1,396	1,318	567.29
Long-Term Debt	1,153	464.85	425.98	362.88	330.37
Long-Term Leases	240.28	380.08	653.66	820.25	-
Long-Term Unearned Revenue	10.13	8.02	5.27	3.31	0.97
Other Long-Term Liabilities	7.71	7.67	157.13	27	47.17
Total Liabilities	2,413	2,397	2,638	2,532	945.8
Common Stock	0.01	0.01	0.01	0.01	0.01
Additional Paid-In Capital	1,822	1,818	1,808	1,472	937.32
Retained Earnings	-3,103	-2,669	-2,256	-1,380	-637.53
Comprehensive Income & Other	38.39	9.18	21.49	17	35.74
Total Common Equity	-1,243	-840.89	-427.21	108.85	335.54
Minority Interest	6.55	7.87	4.78	1.45	3.56
Shareholders' Equity	-1,236	-833.02	-422.43	110.3	339.1
Total Liabilities & Equity	1,177	1,564	2,215	2,642	1,285
Total Debt	1,969	1,878	1,808	1,771	522.42
Net Cash (Debt)	-1,847	-1,717	-1,582	-1,156	-127.43
Net Cash Per Share	-56.80	-52.91	-51.30	-45.14	-5.24
Filing Date Shares Outstanding	32.52	32.01	31.65	28.19	0.02
Total Common Shares Outstanding	32.52	32.01	31.65	28.19	0.02
Working Capital	-675.64	-1,119	-937.21	-521.45	18.68
Book Value Per Share	-38.22	-26.27	-13.50	3.86	14377.34
Tangible Book Value	-1,324	-937.91	-538.17	12.83	257.94
Tangible Book Value Per Share	-40.71	-29.30	-17.00	0.46	11052.56
Machinery	-	298.67	313.77	257.23	196.04
Construction In Progress	-	1.32	6	22.97	15.75
Leasehold Improvements	-	591.98	661.83	602.79	408.35

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

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