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TH International (THCH) investor relations material
TH International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary9 Dec, 2025
Executive summary
System sales grew 12.8% year-over-year to RMB419.9 million, with positive same-store sales growth of 3.3% for company-owned and operated stores and food revenues up 24.2%.
Achieved 1,030 total stores at Q3 2025, up 8.9% year-over-year, with 15 net new stores in the quarter and a shift toward made-to-order stores.
Registered loyalty club members reached 27.9 million, up 22.3% year-over-year, with digital orders accounting for 91% of company-owned store revenues.
Delivery revenues increased 23.1% year-over-year, supported by promotional offers and market share gains.
Franchise and retail business revenues rose 25% year-over-year, with franchise store count growing from 382 to 479.
Financial highlights
Company-owned and operated store contribution margin was 7.7% in Q3 2025, down from 13.3% in Q3 2024.
Adjusted corporate EBITDA margin declined to -4.2% in Q3 2025 from 0.6% in Q3 2024.
Adjusted net loss was RMB53.8 million, with an adjusted net loss margin of -15.0% (vs. -11.5% last year).
Total cash and equivalents stood at RMB159.3 million as of September 30, 2025, down from RMB184.2 million at year-end 2024.
Adjusted general and administrative expenses rose to 13.2% of revenues, up 250bp year-over-year.
Outlook and guidance
Aims to expand store contribution margin to mid- to high-teens by enhancing gross margins, optimizing network, and launching high-margin products.
Expects double-digit store-level margin next year through supply chain optimization and pricing strategies.
Plans to accelerate sub-franchising and expand special channel stores, leveraging current market conditions.
Near-term priorities include expanding store-level profitability, improving adjusted corporate EBITDA margins, delivering sustainable revenue growth, accelerating franchising, and optimizing cost structure.
Strategic financing transactions are expected to support future growth and network development.
Why did company store margin decline despite SSSG?
What is the financial impact of store network shift?
How does recent financing impact Q3 liquidity trend?
Path to positive corporate EBITDA margin?
Scaling individual franchise and special channel stores
Strategy against tea brands entering coffee market?
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Next TH International earnings date
Q4 202513 Apr, 2026
Next TH International earnings date
Q4 202513 Apr, 2026
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Frequently asked questions
TH International Limited, operating under the ticker symbol THCH, is the exclusive master franchisee of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. The company's primary business involves the development and operation of coffee, donut, and tea restaurants, leveraging the globally recognized Tim Hortons brand. Through its subsidiaries, TH International Ltd. engages in the commercial franchising of these establishments, focusing on offering a variety of coffee, tea, baked goods, and other food items tailored to local tastes and preferences. The company is headquartered in Shanghai, People's Republic of China, and its shares are listed on the NASDAQ.
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