TH International Limited (THCH) Balance Sheet

NASDAQ: THCHAssets, liabilities, debt and equity over 7 years.

THCH balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥1.18B assets = CN¥2.41B liabilities + −CN¥1.24B equity

Liabilities exceed assets: shareholders’ equity is negative (−CN¥1.24B).

Both columns are drawn to the same scale: what THCH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

THCH financial health

Current ratio0.33

Tight · current assets cover current liabilities 0.33×

Equity / assets−105.6%

Thin equity · of assets funded by shareholders

Cash / debt6.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles13.8%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

THCH balance sheet trends, 2019–2025

TH International Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥444.0M2019	CN¥1.18B2025	+17.6%/yr
Total liabilities	CN¥65.5M2019	CN¥2.41B2025	+82.4%/yr
Shareholders’ equity	CN¥366.8M2019	−CN¥1.24B2025	—
Cash & short-term investments	CN¥263.1M2019	CN¥134.7M2025	−10.6%/yr
Total debt	CN¥107.9M2020	CN¥1.97B2025	+78.8%/yr
Net cash (debt)	CN¥72.5M2020	−CN¥1.83B2025	−CN¥1.9B
Working capital	CN¥223.6M2019	−CN¥675.6M2025	−CN¥899.2M
Current ratio	4.412019	0.332025	−4.09
Debt / equity	0.252020	16.272022	+16.02
Shares outstanding	26.9M2019	32.5M2025	+3.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

THCH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

THCH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

THCH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

THCH balance sheet in Chinese yuan

TH International Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	CN¥134.7M	CN¥161.4M	CN¥225.7M	CN¥614.9M	CN¥395.0M	CN¥180.4M	CN¥263.1M
Cash & equivalents	CN¥121.8M	CN¥152.4M	CN¥202.3M	CN¥239.1M	CN¥390.8M	CN¥174.9M	CN¥260.4M
Short-term investments	CN¥12.9M	CN¥9.0M	CN¥23.4M	CN¥375.8M	CN¥4.2M	CN¥5.5M	CN¥2.7M
Receivables	CN¥129.6M	CN¥170.7M	CN¥158.1M	CN¥85.5M	CN¥9.8M	CN¥8.0M	CN¥3.2M
Inventory	CN¥36.8M	CN¥37.6M	CN¥49.9M	CN¥71.5M	CN¥42.5M	CN¥11.3M	CN¥5.7M
Other current assets	CN¥25.6M	CN¥47.4M	CN¥24.9M	CN¥24.9M	CN¥138.7M	CN¥51.3M	CN¥17.0M
Total current assets	CN¥326.6M	CN¥417.1M	CN¥458.6M	CN¥796.8M	CN¥586.0M	CN¥250.9M	CN¥289.1M
Property, plant & equipment (net)	CN¥681.0M	CN¥995.5M	CN¥1.45B	CN¥1.67B	CN¥554.0M	CN¥235.8M	CN¥79.4M
Goodwill & intangible assets	CN¥162.1M	CN¥97.0M	CN¥111.0M	−CN¥95.83B	CN¥77.6M	CN¥61.9M	CN¥65.8M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥7.0M	CN¥54.0M	CN¥194.4M	CN¥96.00B	CN¥67.3M	CN¥31.8M	CN¥9.7M
Total assets	CN¥1.18B	CN¥1.56B	CN¥2.22B	CN¥2.64B	CN¥1.28B	CN¥580.4M	CN¥444.0M
Liabilities
Accounts payable	CN¥199.2M	CN¥223.8M	CN¥219.8M	CN¥105.7M	CN¥68.2M	CN¥19.5M	CN¥8.9M
Short-term debt	CN¥575.9M	CN¥1.03B	CN¥728.1M	CN¥588.3M	CN¥192.1M	CN¥107.9M	—
Deferred revenue	CN¥37.2M	CN¥39.7M	CN¥40.7M	CN¥22.1M	CN¥14.1M	CN¥2.9M	—
Total current liabilities	CN¥1.00B	CN¥1.54B	CN¥1.40B	CN¥1.32B	CN¥567.3M	CN¥128.2M	CN¥65.5M
Long-term debt	CN¥1.15B	CN¥464.8M	CN¥426.0M	CN¥362.9M	CN¥330.4M	CN¥0	CN¥0
Lease obligations	CN¥421.1M	CN¥558.2M	CN¥908.6M	CN¥1.00B	CN¥0	—	—
Other long-term liabilities	CN¥258.1M	CN¥395.8M	CN¥816.1M	CN¥850.6M	CN¥48.1M	CN¥19.1M	CN¥0
Total liabilities	CN¥2.41B	CN¥2.40B	CN¥2.64B	CN¥2.53B	CN¥945.8M	CN¥147.3M	CN¥65.5M
Shareholders' equity
Common stock & paid-in capital	CN¥9,733	CN¥9,733	CN¥9,733	CN¥8,616	CN¥7,497	CN¥6,513	CN¥6,412
Retained earnings (deficit)	−CN¥3.10B	−CN¥2.67B	−CN¥2.26B	−CN¥1.38B	−CN¥637.5M	−CN¥255.8M	−CN¥113.8M
Accumulated other comprehensive income	CN¥38.4M	CN¥9.2M	CN¥21.5M	CN¥17.0M	CN¥35.7M	CN¥39.2M	−CN¥156.0M
Minority interest	CN¥6.6M	CN¥7.9M	CN¥4.8M	CN¥1.5M	—	—	—
Total shareholders' equity	−CN¥1.24B	−CN¥840.9M	−CN¥427.2M	CN¥108.9M	CN¥335.5M	CN¥428.3M	CN¥366.8M
Key figures
Total debt	CN¥1.97B	CN¥1.88B	CN¥1.81B	CN¥1.77B	CN¥522.4M	CN¥107.9M	—
Net cash (debt)	−CN¥1.83B	−CN¥1.72B	−CN¥1.58B	−CN¥1.16B	−CN¥127.4M	CN¥72.5M	—
Working capital	−CN¥675.6M	−CN¥1.12B	−CN¥937.2M	−CN¥521.4M	CN¥18.7M	CN¥122.6M	CN¥223.6M
Tangible book value	−CN¥1.41B	−CN¥937.9M	−CN¥538.2M	CN¥95.94B	CN¥257.9M	CN¥366.4M	CN¥301.0M
Shares outstanding	32.5M	32.4M	30.8M	25.6M	26.9M	21.2M	26.9M
Current ratio	0.33	0.27	0.33	0.60	1.03	1.96	4.41
Quick ratio	0.26	0.22	0.27	0.53	0.71	1.47	4.06
Debt / equity	—	—	—	16.27	1.56	0.25	—
Equity / assets	−105.6%	−53.8%	−19.3%	4.1%	26.1%	73.8%	82.6%

TH International Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥121.1M	CN¥111.0M	CN¥129.8M	CN¥131.6M	CN¥155.2M	CN¥184.0M	CN¥161.4M	CN¥203.7M	CN¥171.9M	CN¥218.2M	CN¥220.8M	CN¥461.8M
Cash & equivalents	CN¥121.1M	CN¥111.0M	CN¥129.8M	CN¥131.6M	CN¥155.2M	CN¥184.0M	CN¥152.4M	CN¥196.7M	CN¥168.9M	CN¥196.9M	CN¥203.6M	CN¥461.8M
Short-term investments	—	CN¥12.9M	CN¥12.9M	CN¥0	CN¥0	CN¥9.0M	CN¥9.0M	CN¥7.0M	CN¥3.0M	CN¥21.3M	CN¥17.2M	CN¥0
Receivables	CN¥12.2M	CN¥15.5M	CN¥17.9M	CN¥18.0M	CN¥25.6M	CN¥34.2M	CN¥30.5M	CN¥41.3M	CN¥113.1M	CN¥27.7M	CN¥27.6M	CN¥33.9M
Inventory	CN¥32.9M	CN¥33.1M	CN¥36.8M	CN¥40.2M	CN¥36.1M	CN¥34.3M	CN¥37.6M	CN¥35.0M	CN¥43.1M	CN¥40.3M	CN¥50.7M	CN¥74.3M
Other current assets	CN¥128.9M	CN¥123.9M	CN¥142.3M	CN¥206.5M	CN¥195.7M	CN¥181.4M	CN¥187.6M	CN¥161.8M	CN¥164.1M	CN¥164.6M	CN¥159.6M	CN¥133.8M
Total current assets	CN¥295.1M	CN¥283.6M	CN¥326.8M	CN¥396.3M	CN¥412.6M	CN¥433.8M	CN¥417.1M	CN¥441.9M	CN¥492.2M	CN¥450.8M	CN¥458.6M	CN¥703.8M
Property, plant & equipment (net)	CN¥555.9M	CN¥596.1M	CN¥681.4M	CN¥760.5M	CN¥837.3M	CN¥910.6M	CN¥995.5M	CN¥1.07B	CN¥1.16B	CN¥1.38B	CN¥1.54B	CN¥1.69B
Goodwill & intangible assets	CN¥72.8M	CN¥157.5M	CN¥162.1M	CN¥85.9M	CN¥87.9M	CN¥92.0M	CN¥97.0M	CN¥101.8M	CN¥107.6M	CN¥147.4M	CN¥147.4M	CN¥136.8M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥104.2M	CN¥16.3M	CN¥7.1M	CN¥47.8M	CN¥48.0M	CN¥53.4M	CN¥54.0M	CN¥60.1M	CN¥61.4M	CN¥63.5M	CN¥68.4M	CN¥81.4M
Total assets	CN¥1.03B	CN¥1.05B	CN¥1.18B	CN¥1.29B	CN¥1.39B	CN¥1.49B	CN¥1.56B	CN¥1.68B	CN¥1.82B	CN¥2.04B	CN¥2.22B	CN¥2.61B
Liabilities
Accounts payable	CN¥181.0M	CN¥187.5M	CN¥199.3M	CN¥200.2M	CN¥202.1M	CN¥223.2M	CN¥223.8M	CN¥203.6M	CN¥199.6M	CN¥256.0M	CN¥224.8M	CN¥207.1M
Short-term debt	CN¥617.8M	CN¥584.8M	CN¥576.3M	CN¥1.11B	CN¥1.11B	CN¥1.10B	—	CN¥1.01B	CN¥571.4M	CN¥627.7M	CN¥538.2M	CN¥861.1M
Deferred revenue	CN¥33.2M	CN¥33.1M	CN¥37.2M	CN¥36.2M	CN¥40.0M	CN¥42.7M	—	CN¥43.3M	CN¥56.5M	CN¥43.2M	—	CN¥27.2M
Total current liabilities	CN¥1.06B	CN¥1.00B	CN¥1.00B	CN¥1.62B	CN¥1.60B	CN¥1.60B	CN¥1.54B	CN¥1.48B	CN¥1.09B	CN¥1.46B	CN¥1.40B	CN¥1.49B
Long-term debt	CN¥1.18B	CN¥1.17B	CN¥1.15B	CN¥425.6M	CN¥433.1M	CN¥422.8M	CN¥464.8M	CN¥445.6M	CN¥852.0M	CN¥438.5M	CN¥426.0M	CN¥413.1M
Lease obligations	CN¥345.1M	CN¥365.8M	CN¥421.1M	CN¥440.3M	CN¥480.9M	CN¥523.5M	CN¥558.2M	CN¥600.5M	CN¥652.4M	CN¥807.6M	CN¥908.6M	CN¥971.9M
Other long-term liabilities	CN¥191.9M	CN¥203.5M	CN¥259.0M	CN¥280.4M	CN¥317.7M	CN¥353.0M	CN¥395.8M	CN¥435.1M	CN¥488.3M	CN¥712.5M	CN¥816.1M	CN¥846.1M
Total liabilities	CN¥2.44B	CN¥2.37B	CN¥2.41B	CN¥2.32B	CN¥2.35B	CN¥2.38B	CN¥2.40B	CN¥2.36B	CN¥2.43B	CN¥2.61B	CN¥2.64B	CN¥2.75B
Shareholders' equity
Common stock & paid-in capital	CN¥10,003	CN¥9,962	CN¥10,006	CN¥10,000	CN¥10,000	CN¥10,000	—	CN¥10,000	CN¥10,000	CN¥10,000	CN¥10,000	CN¥10,000
Retained earnings (deficit)	−CN¥3.31B	−CN¥3.20B	−CN¥3.10B	−CN¥2.87B	−CN¥2.80B	−CN¥2.73B	−CN¥2.67B	−CN¥2.54B	−CN¥2.45B	−CN¥2.40B	−CN¥2.26B	−CN¥1.94B
Accumulated other comprehensive income	CN¥72.6M	CN¥56.3M	CN¥38.4M	CN¥16.2M	CN¥12.5M	CN¥10.4M	—	CN¥27.0M	CN¥14.9M	CN¥14.9M	CN¥21.5M	−CN¥1.5M
Minority interest	CN¥7.2M	CN¥7.2M	CN¥6.6M	CN¥5.6M	CN¥6.5M	—	—	—	—	—	—	—
Total shareholders' equity	−CN¥1.41B	−CN¥1.33B	−CN¥1.24B	−CN¥1.04B	−CN¥968.7M	−CN¥896.3M	−CN¥840.9M	−CN¥691.4M	−CN¥616.3M	−CN¥573.4M	−CN¥427.2M	−CN¥146.1M
Key figures
Total debt	CN¥1.98B	CN¥1.94B	CN¥1.97B	CN¥1.80B	CN¥1.84B	CN¥1.86B	CN¥464.8M	CN¥1.88B	CN¥1.90B	CN¥1.67B	CN¥1.67B	CN¥2.04B
Net cash (debt)	−CN¥1.86B	−CN¥1.83B	−CN¥1.84B	−CN¥1.67B	−CN¥1.69B	−CN¥1.67B	−CN¥303.5M	−CN¥1.68B	−CN¥1.73B	−CN¥1.45B	−CN¥1.45B	−CN¥1.58B
Working capital	−CN¥764.4M	−CN¥719.9M	−CN¥676.1M	−CN¥1.22B	−CN¥1.18B	−CN¥1.17B	−CN¥1.12B	−CN¥1.04B	−CN¥597.7M	−CN¥1.01B	−CN¥937.2M	−CN¥786.4M
Tangible book value	−CN¥1.49B	−CN¥1.49B	−CN¥1.41B	−CN¥1.12B	−CN¥1.06B	−CN¥988.3M	−CN¥937.9M	−CN¥793.1M	−CN¥723.9M	−CN¥720.8M	−CN¥574.7M	−CN¥282.9M
Shares outstanding	32.5M	32.5M	32.5M	32.5M	32.5M	32.6M	32.0M	32.5M	38.4M	32.0M	160.6M	31.8M
Current ratio	0.28	0.28	0.33	0.25	0.26	0.27	0.27	0.30	0.45	0.31	0.33	0.47
Quick ratio	0.13	0.13	0.15	0.09	0.11	0.14	0.12	0.17	0.26	0.17	0.18	0.33
Equity / assets	−137.6%	−126.1%	−105.6%	−80.4%	−69.9%	−60.2%	−53.8%	−41.2%	−33.8%	−28.1%	−19.3%	−5.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 30, 2026); data from EODHD.

THCH financial position

At the end of fiscal 2025 (December 31, 2025), TH International had total assets of CN¥1.2 billion (down 24.7% from a year earlier), total liabilities of CN¥2.4 billion and shareholders' equity of -CN¥1.2 billion. It held CN¥134.7 million in cash and short-term investments against CN¥2.0 billion of debt, net debt of CN¥1.8 billion. Its current ratio was 0.33. In the latest quarter (ended June 30, 2026) total assets were CN¥1.0 billion and equity -CN¥1.4 billion.

Related: THCH income statement, THCH cash flow statement, THCH key metrics. See the THCH stock overview for the latest quote and news.

THCH balance sheet FAQ

What are TH International's total assets?

TH International reported total assets of CN¥1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥1.6 billion a year earlier.

How much debt does TH International have?

TH International had CN¥2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does TH International have?

TH International held CN¥134.7 million in cash and short-term investments at the end of fiscal 2025; with CN¥2.0 billion of debt that is net debt of CN¥1.8 billion.

What is TH International's book value?

TH International's shareholders' equity (book value) was -CN¥1.2 billion at the end of fiscal 2025.

What is TH International's current ratio?

TH International had current assets of CN¥326.6 million and current liabilities of CN¥1.0 billion, a current ratio of 0.33 (current liabilities exceed current assets).

How much goodwill does TH International have?

TH International carried CN¥162.1 million of goodwill and intangible assets, 13.8% of total assets, at the end of fiscal 2025.