THCHNasdaqRetail-Eating PlacesUS GAAP · USD

TH International Ltd

TH International Ltd operates the Tims China business, which develops and runs a quick-service restaurant and coffee chain in mainland China. The company sells food, beverages, and related menu items through company-operated stores and franchised locations, supported by a loyalty program and a national store network.

Kysy yhtiöstä
Liikevaihto1 316milj. USD
−5,4 %v/v
Liikevoitto (EBIT)−317milj. USD
+9,1 %v/v
EBIT-marginaali−24,1%
+1,0 %-yks.v/v
Nettotulos−434milj. USD
−5,4 %v/v
Vapaa kassavirta−78,3milj. USD
+45,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1 000−50005001 0001 5002 000milj. USD2020: 212 milj. USD2020: EBIT −141 milj. USD20202021: 643 milj. USD2021: EBIT −374 milj. USD20212022: 1 011 milj. USD2022: EBIT −581 milj. USD20222023: 1 576 milj. USD2023: EBIT −701 milj. USD20232024: 1 391 milj. USD2024: EBIT −349 milj. USD20242025: 1 316 milj. USD2025: EBIT −317 milj. USD20251 316−317
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: TH International Ltd

Liiketoiminta

Osuus liikevaihdosta
Company-operated store sales70 %

Beverages and food sold directly through company-owned Tims stores.

Franchise and royalty revenue20 %

Fees and royalties from franchised restaurant locations and related arrangements.

Food and beverage products8 %

Core menu offerings including coffee, tea, breakfast, and snack items.

Other services and programs2 %

Loyalty and other customer engagement-related income and services.

Asiakkaat

The business serves Chinese consumers who buy coffee, tea, breakfast items, and convenience food through its store network. It also serves franchise partners that operate stores under the brand and pay fees and royalties. Loyalty members are an important customer segment because they support repeat visits and deeper engagement with the brand.

Urban consumers

Buy beverages and food in stores for convenience, taste, and brand familiarity.

Breakfast and on-the-go customers

Purchase coffee and quick meals during commuting and morning traffic.

Loyalty club members

Use the loyalty program for repeat purchases, rewards, and engagement.

Franchise partners

Operate Tims-branded stores and generate royalty and fee revenue.

Strategia

The company’s strategic focus is to strengthen the core Tims China brand, improve guest experience, and regain customer traffic. It is also expanding its store network and using the loyalty platform to deepen customer engagement, support repeat purchases, and improve brand reach.

Rebuild the core brand propositionLyhyt aikaväli

A clearer product and guest experience is needed to win back customers in a crowded market.

Expand the store networkKeskipitkä aikaväli

More locations can widen reach and improve brand presence in key Chinese cities.

Deepen customer engagementKeskipitkä aikaväli

Loyalty members can increase visit frequency and lower reliance on one-time traffic.

Maantiede

TH International’s business is centered in mainland China, where the Tims brand is built and where most store operations are concentrated. The company is exposed to Chinese consumer demand, local competition, rent, labor, and supply-chain conditions, with performance tied closely to urban restaurant traffic and delivery behavior.

Riskit

The business is exposed to demand swings in China’s restaurant and coffee market, where traffic, delivery trends, and consumer preferences can move quickly. Store-level economics also depend on rent, labor, and competition, while franchise and expansion plans require capital and execution discipline.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Same-store sales volatility1Execution risk in store network management2Funding and liquidity dependence3Competitive intensity in China coffee and QSR4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Same-store sales volatilityVaikutus: KorkeaTodennäköisyys: Korkea

    Restaurant traffic and delivery demand can change quickly in a competitive market.

    Kohdistuu: Company-operated stores

  2. Execution risk in store network managementVaikutus: KorkeaTodennäköisyys: Korkea

    The model depends on opening, operating, and closing locations effectively.

    Kohdistuu: Store footprint and unit economics

  3. Funding and liquidity dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Expansion and operations require ongoing access to capital and support.

    Kohdistuu: Growth plans and balance sheet

  4. Competitive intensity in China coffee and QSRVaikutus: KeskitasoTodennäköisyys: Korkea

    Brands compete on product, convenience, delivery, and loyalty incentives.

    Kohdistuu: Customer acquisition and retention

Kysy Clarifolta: TH International Ltd

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by stream

Store sales, royalties, and fees are recognized under different patterns and estimates.

Vaikutus: Affects quarterly revenue mix and comparability

Long-lived asset impairment

Underperforming or closed stores may require write-downs.

Vaikutus: Can materially affect operating results

Lease accounting

Restaurant locations are typically leased and create right-of-use assets and liabilities.

Vaikutus: Affects leverage metrics and depreciation/interest expense

Fair value of convertible notes and warrants

Financing instruments can be remeasured at fair value and move with market inputs.

Vaikutus: Can create non-cash volatility in reported earnings

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 28.9.2026

TH International Ltd (Nasdaq) – Retail-Eating Places | Analyysi – Clarifo