THCH on Nasdaq

TH International Ltd

TH International Ltd is a retail-eating places company, Cayman Islands, active since 2018.2 It is headquartered in 上海市, China.2 Its shares trade on Nasdaq under the symbol THCH.2

Price unavailable

Last updated Oct 20, 2026.

Overview

1.3BRevenue, fiscal 20253
-434.5MNet income, fiscal 20253

Compare with another stock.

  • TickerTHCH on Nasdaq2
  • IndustryRetail-Eating Places2
  • Headquarters上海市, China2
  • Incorporated inCayman Islands4
  • Business addressC/O Cartesian Capital Group Llc, 505 5Th Avenue, 15Th Floor, New York, Ny 100174
  • Filer categoryNon-accelerated filer, Emerging growth company4
  • Legal formcompany limited by shares2
  • LEI83680076T3V63VAU4I142
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressMaples Corporate Services Limited, PO Box 309, Ugland House, KY1-1104 Grand Cayman, Cayman Islands2
  • Registered withGeneral Registry, 3360922

See how the biggest companies compare on our leaderboards

Transfer & Trust Company, dated September 28, 2022 and amended on June 12, 2023.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CNY, the currency the company reports in.

Key numbers, fiscal 2025

-24.1%Operating margin3
-33.0%Net margin3
-5.4%Revenue growth, 20253
-78.3M CNYFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Company Owned And Operated Stores brought in 45% of the revenue TH International Ltd broke down this way in fiscal 2025.

  1. Company Owned And Operated Stores1.1B CNY345%down 10% from 2024
  2. Sales Of Food Beverage And Packaged Products By Company Owned And Operated Stores1.1B CNY345%down 10% from 2024
  3. Revenues From Others Franchise Support Activities196.1M CNY38%up 31% from 2024
  4. Franchise36.6M CNY32%up 51% from 2024
  5. Revenues From Other Activities15.4M CNY31%down 46% from 2024
Products and services by year
Products and services202320242025
Company Owned And Operated Stores1.4B CNY1.2B CNY1.1B CNY
Sales Of Food Beverage And Packaged Products By Company Owned And Operated Stores1.4B CNY1.2B CNY1.1B CNY
Revenues From Others Franchise Support Activities66.9M CNY149.5M CNY196.1M CNY
Franchise15.4M CNY24.2M CNY36.6M CNY
Revenues From Other Activities29.0M CNY28.4M CNY15.4M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue13¢171.3M CNY
  • Other costs86¢1.1B CNY
  • Interest1¢16.7M CNY
  • Income tax0¢483.7K CNY

Out of 1.3B CNY in revenue.3 The company lost money this year.

Financial statements

Revenue631.3B CNY in 2025+521% since 2020
0500.0M CNY1.0B CNY1.5B CNY2.0B CNY2020: 212.1M CNY212.1M CNY20202021: 643.4M CNY643.4M CNY2021+203%2022: 1.0B CNY1.0B CNY2022+57%2023: 1.6B CNY1.6B CNY2023+54%2024: 1.4B CNY1.4B CNY2024−11%2025: 1.3B CNY1.3B CNY2025−5%
Operating income6783-317.4M CNY in 2025+125% since 2020
-800.0M CNY-600.0M CNY-400.0M CNY-200.0M CNY02020: -141.2M CNY-141.2M CNY20202021: -374.5M CNY-374.5M CNY2021+165%2022: -581.2M CNY-581.2M CNY2022+55%2023: -667.9M CNY-667.9M CNY2023+15%2024: -349.1M CNY-349.1M CNY2024−48%2025: -317.4M CNY-317.4M CNY2025−9%
Net income6783-434.5M CNY in 2025+206% since 2020
-1.0B CNY-750.0M CNY-500.0M CNY-250.0M CNY02020: -142.0M CNY-142.0M CNY20202021: -381.7M CNY-381.7M CNY2021+169%2022: -742.6M CNY-742.6M CNY2022+95%2023: -876.3M CNY-876.3M CNY2023+18%2024: -412.1M CNY-412.1M CNY2024−53%2025: -434.5M CNY-434.5M CNY2025+5%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total revenues1.3B CNY1.4B CNY1.6B CNY
Food and packaging (including cost of Company owned and operated stores from transactions with a related party of RMB30,743,744, RMB53,208,876 and RMB72,109,353 for the years ended December 31, 2025, 2024 and 2023, respectively)321.9M CNY374.1M CNY486.4M CNY
Store rental expenses220.9M CNY241.4M CNY289.6M CNY
Payroll and employee benefits199.3M CNY231.5M CNY304.5M CNY
Delivery costs130.7M CNY119.2M CNY116.4M CNY
Other operating expenses (including service fee from transactions with a related party of RMB600,000, RMB600,000 and RMB600,000 for the years ended December 31, 2025, 2024 and 2023, respectively)84.3M CNY95.0M CNY118.6M CNY
Store depreciation and amortization107.9M CNY129.6M CNY138.7M CNY
Company owned and operated store costs and expenses1.1B CNY1.2B CNY1.5B CNY
Costs of other revenues171.3M CNY153.6M CNY149.7M CNY
Marketing expenses63.5M CNY64.8M CNY96.7M CNY
General and administrative expenses204.3M CNY210.3M CNY325.3M CNY
Franchise and royalty expenses (including franchise and royalty expenses from transactions with a related party of RMB49,935,665, RMB47,477,864 and RMB51,697,551 for the years ended December 31, 2025, 2024 and 2023, respectively)62.7M CNY57.8M CNY57.1M CNY
Other operating costs and expenses3.3M CNY10.8M CNY28.9M CNY
Loss on disposal of property and equipment6.5M CNY4.1M CNY16.4M CNY
Impairment losses of long-lived assets60.3M CNY56.3M CNY111.4M CNY
Other income-3.5M CNY-8.4M CNY-11.7M CNY
Total costs and expenses, net1.6B CNY1.7B CNY2.2B CNY
Operating loss from continuing operations-317.4M CNY-349.1M CNY-667.9M CNY
Interest income3.5M CNY3.2M CNY14.2M CNY
Interest expenses-16.7M CNY-22.4M CNY-20.4M CNY
Foreign currency transaction (loss)/gain-1.1M CNY3.5M CNY-16.8M CNY
Loss of debt extinguishment-73.1M CNY-10.7M CNY
Changes in fair value of Deferred Contingent Consideration-16.9M CNY-26.1M CNY
Changes in fair value of convertible notes-30.6M CNY-65.9M CNY-58.3M CNY
Changes in fair value of warrant liabilities-84.0M CNY
Changes in fair value of ESA derivative liabilities19.7M CNY
Loss from continuing operations before income taxes-435.3M CNY-458.3M CNY-839.6M CNY
Income tax expenses-483.7K CNY-2.1M CNY-97.2K CNY
Net income/(loss) from discontinued operations51.4M CNY-33.2M CNY
Net loss-435.8M CNY-409.0M CNY-872.9M CNY
Net loss from continuing operations-435.8M CNY-460.4M CNY-839.7M CNY
Less: Net (loss)/income from continuing operations attributable to non-controlling interests-1.3M CNY3.1M CNY3.3M CNY
Net loss from continuing operations attributable to shareholders of the Company-434.5M CNY-463.5M CNY-843.1M CNY
Net income/(loss) from discontinued operations attributable to shareholders of the Company51.4M CNY-33.2M CNY
Net loss attributable to shareholders of the Company-434.5M CNY-412.1M CNY-876.3M CNY
Basic and diluted loss per ordinary share (in Yuan Renminbi per share)-13.36 CNY-12.70 CNY-28.41 CNY
Diluted loss per ordinary share (in Yuan Renminbi per share)-13.36 CNY-12.70 CNY-28.41 CNY
Other revenues from transactions with a related party1.9M CNY1.2M CNY
Cost of Company owned and operated stores from transactions with a related party30.7M CNY53.2M CNY72.1M CNY
Service fee from transactions with a related party600.0K CNY600.0K CNY600.0K CNY
Franchise and royalty expenses from transactions with related parties49.9M CNY47.5M CNY51.7M CNY

Compare TH International Ltd with another company

Corporate structure

TH International Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of TH International Ltd

  • Peter Yu Filed SC 13D/A on TH International Ltd, latest Jul 2, 2024 (3 filings since Oct 21, 2022)
  • HSG Holding Ltd Filed SC 13G/A on TH International Ltd, latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • Tencent Holdings Ltd Filed SC 13G/A on TH International Ltd, latest Feb 1, 2024 (2 filings since Feb 10, 2023)
  • THC Hope IB Ltd Filed SC 13G on TH International Ltd, latest Feb 14, 2023
  • Silver Crest Management LLC Filed SC 13G on TH International Ltd, latest Nov 14, 2022
  • TH International Ltd 上海市, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TH International Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation970.9M CNY3 Dec 31, 20251.0B CNY3 Dec 31, 2024−5.2%
Accumulated depreciation523.4M CNY3 Dec 31, 2025436.4M CNY3 Dec 31, 2024+19.9%
Property and equipment, net332.1M CNY3 Dec 31, 2025502.2M CNY3 Dec 31, 2024−33.9%
Operating-lease assets (leased space)348.9M CNY3 Dec 31, 2025493.3M CNY3 Dec 31, 2024−29.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents121.8M CNY3 Dec 31, 2025152.4M CNY3 Dec 31, 2024−20.1%
Long-term investments5.3M CNY3 Dec 31, 202410.9M CNY8 Dec 31, 2023−51.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)81.0M CNY3 Dec 31, 202597.0M CNY3 Dec 31, 2024−16.5%
Accumulated amortization-75.4M CNY3 Dec 31, 2025-59.9M CNY3 Dec 31, 2024−25.9%
Finite-lived intangibles, net81.0M CNY3 Dec 31, 202597.0M CNY8 Dec 31, 2024−16.5%

Inventory

ItemLatestA year beforeChange
Inventory, total36.8M CNY3 Dec 31, 202537.6M CNY3 Dec 31, 2024−2.1%
Finished goods26.6M CNY3 Dec 31, 202526.2M CNY3 Dec 31, 2024+1.6%

Leadership

Who has led TH International Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Yongchen Lu2026–now
Board members and other officers (6)

Timeline

  1. Mar 31, 2026New chief executive Yongchen Lu becomes CEO9
  2. Apr 25, 2018Founded TH International Ltd is founded2

Filings

159 filings to the SEC since October 2021: 4 annual reports, 11 insider forms, 9 large holders, 135 other. The latest 20:

  1. Sep 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Aug 18, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Aug 13, 20263 OWNERSHIP DOCUMENT EDGAR
  4. Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Jun 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Jun 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Apr 30, 202620-F ANNUAL REPORT EDGAR
  8. Apr 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Apr 9, 20263 EDGAR
  10. Apr 3, 20263/A EDGAR
  11. Apr 2, 20263 EDGAR
  12. Apr 1, 20263 EDGAR
  13. Mar 31, 2026EFFECT EDGAR
  14. Mar 31, 20263 EDGAR
  15. Mar 31, 20263 EDGAR
  16. Mar 30, 20263 PRIMARY DOCUMENT EDGAR
  17. Mar 27, 2026CORRESP EDGAR
  18. Mar 27, 2026F-3 REGISTRATION STATEMENT EDGAR
  19. Mar 25, 2026UPLOAD EDGAR
  20. Mar 23, 2026DRS EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How TH International Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTH International Ltd1
  • CIK0001877333
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)5812 Retail-Eating Places1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressC/O Cartesian Capital Group Llc, 505 5Th Avenue, 15Th Floor, New York, NY 100171
  • Phone(1) 917 294 13531
  • Shares outstanding33,243,582 shares as of Dec 31, 20255
  • AuditorKPMG Huazhen LLP, Shanghai, China PCAOB ID 1186; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceSep 23, 20211
  • Filings161 in all: 6-K (40), 425 (18), 424B3 (16), CORRESP (15), UPLOAD (15), 3 (10), F-4/A (10), 20-F (4)1
    All 27 form types

    EFFECT (4), F-1/A (4), SC 13G (4), F-1 (2), F-4 (2), SC 13D/A (2), SC 13G/A (2), SC TO-I/A (2), 25-NSE (1), 3/A (1), 8-A12B (1), CERT (1), DRS (1), F-3 (1), NT 20-F (1), RW (1), S-8 (1), SC 13D (1), SC TO-I (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary share, par value US$0.0000469793497033866 per shareTHCHNasdaq Stock Market LLC

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19