Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data TH International Ltd files with the SEC in its annual reports.
In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
212
643
1,011
1,560
1,391
1,316
Cost of revenue
16.7
48.6
150
154
171
Gross profit
627
963
1,410
1,238
1,145
Selling and marketing
17
50.3
81
102
General and administrative
79.4
175
290
325
210
204
Operating income
-141
-374
-581
-668
-349
-317
Interest expense
1.9
14.8
20.4
22.4
16.7
Interest income
0.32
2.7
14.2
3.2
3.53
Pre-tax income
-143
-383
-745
-840
-458
-435
Income tax
0
0
0
0.1
2.12
0.48
Income from continuing operations
-743
-843
-464
-434
Net income to minority interests
-1.06
-1.21
-2.1
3.32
Net income
-142
-382
-743
-876
-412
-434
EBITDA
-113
-300
-463
-529
-219
-209
EPS, basic
-6.65
-15.69
-28.99
-28.41
-12.70
-13.36
EPS, diluted
-6.65
-15.69
-28.99
-28.41
-12.70
-13.36
Shares, basic (weighted)
21.4
24.3
25.6
30.8
32.4
32.5
Shares, diluted (weighted)
21.4
24.3
25.6
30.8
32.4
32.5
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
175
391
239
202
152
122
Short-term investments
372
Receivables
9.82
5.62
27.6
30.5
17.7
Inventory
42.5
71.5
49.9
37.6
36.8
Other current assets
22.3
13.3
14.3
10.1
12
Total current assets
586
797
459
417
327
Property, plant and equipment
554
720
666
502
332
Lease right-of-use assets
947
785
493
349
Intangible assets
77.6
96
111
97
81
Long-term investments
10.9
5.27
Other non-current assets
67.3
82.3
63.9
54
88.1
Total assets
1,285
2,642
2,215
1,564
1,177
Accounts payable
61
106
220
224
199
Accrued liabilities
47.2
88.5
59.5
37.4
32.6
Deferred revenue
14.1
22.1
40.7
39.7
37.2
Short-term debt
3.1
21
10.9
376
395
Total current liabilities
567
1,318
1,396
1,536
1,002
Long-term debt
29.8
16.1
5.27
Lease liabilities
820
654
380
240
Other non-current liabilities
47.2
7.92
8.64
7.67
7.71
Total liabilities
946
2,532
2,638
2,397
2,413
Total debt
15
29.8
16.1
5.27
Paid-in capital
937
1,472
1,808
1,818
1,822
Retained earnings
-638
-1,380
-2,256
-2,669
-3,103
Other comprehensive income
35.7
17
21.5
9.18
38.4
Shareholders' equity
336
109
-427
-841
-1,243
Minority interests
3.56
1.45
4.78
7.87
6.55
Total equity
433
339
110
-422
-833
-1,236
Total liabilities and equity
1,285
2,642
2,215
1,564
1,177
Shares outstanding
24.8
141
31.6
32
32
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-143
-383
-745
-873
-409
-436
Depreciation and amortization
27.8
74.3
119
139
130
108
Stock-based compensation
74.7
64.5
1.05
2.87
Change in receivables
-4.8
-1.84
1.84
-24.5
-11.6
9.1
Change in inventory
-5.57
-31.2
-29.4
10
8.88
-2
Change in payables
7.71
45.6
44.7
109
4.06
-24.7
Cash from operations
-146
-245
-287
-196
-39.7
-12.7
Capital expenditures
-145
-335
-335
-292
-103
-65.6
Purchases of investments
-370
Cash from investing
-145
-335
-705
60
-8.04
-62.8
Debt issued
143
Stock issued
223
291
1.41
0
0.02
Cash from financing
221
798
827
80.8
26
21.7
Exchange rate effect
-16.2
-1.79
13.2
19.8
2.35
-0.69
Net change in cash
-85.6
216
-152
-35.5
-19.3
-54.5
Free cash flow
-291
-580
-622
-488
-143
-78.3
Interest paid
13.7
20
17.9
15.2
Income taxes paid
1.48
13.7
20
0.15
1.54
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Gross margin
87.0%
Gross profit / revenue.
Operating margin
-24.1%
Operating income / revenue.
EBITDA margin
-15.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-33.1%
Pre-tax income / revenue.
Net margin
-33.0%
Net income / revenue.
FCF margin
-6.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-1.0%
Cash from operations / revenue.
Return on assets (ROA)
-31.7%
Net income / average total assets.
Stock-based pay / revenue
0.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
5.0%
Capital expenditures / revenue.
D&A / revenue
8.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-5.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
9.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
44.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-7.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
6.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-24.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-23.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
8.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
8.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.33x
Current assets / current liabilities.
Quick ratio
0.14x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.12x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-CN¥13.36
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-CN¥13.36
Net income per basic share, as reported (split-adjusted).
Revenue per share
CN¥40.47
Revenue / diluted weighted shares.
FCF per share
-CN¥2.41
Free cash flow / diluted weighted shares.
Operating cash flow per share
-CN¥0.39
Cash from operations / diluted weighted shares.
Book value per share
-CN¥38.80
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
What was TH International Ltd's revenue in fiscal 2025?
TH International Ltd reported revenue of CN¥1.32B for fiscal 2025, 5.4% lower than the year before.
Was TH International Ltd profitable in fiscal 2025?
No. It reported a net loss of CN¥434.5M.
How much free cash flow did TH International Ltd generate in fiscal 2025?
Cash from operations of CN¥12.7M minus capital expenditures of CN¥65.6M left free cash flow of -CN¥78.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.