TH International Limited (THCH) Cash Flow Statement
Where THCH’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥12.7M
- Capital expenditures
- CN¥65.6M 5.1% of revenue
- Free cash flow
- −CN¥78.3M −6.1% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥54.5M cash at year-end CN¥129.7M
Cash from operations
−CN¥12.7M
Capital expenditures
−CN¥65.6M
Acquisitions & other
+CN¥2.8M
Net borrowing (repayment)
+CN¥33.0M
Other financing
−CN¥11.3M
Currency & other
−CN¥688,403
Change in cash
−CN¥54.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
THCH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
THCH cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥77.1M2019 | −CN¥12.7M2025 | — | |
| Capital expenditures | CN¥56.1M2019 | CN¥65.6M2025 | +2.6%/yr | |
| Free cash flow | −CN¥133.2M2019 | −CN¥78.3M2025 | — | |
| Free cash flow margin | −232.7%2019 | −6.1%2025 | +226.5 pts | |
| Stock-based compensation | CN¥02020 | CN¥2.9M2025 | — | |
| Share buybacks (net) | CN¥02019 | CN¥02023 | — | |
| Capex / revenue | 98.0%2019 | 5.1%2025 | −92.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THCH cash flow by activity
OperatingInvestingFinancingChange in cash
THCH net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
THCH cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −CN¥434.5M | −CN¥460.4M | −CN¥872.9M | −CN¥742.6M | −CN¥381.7M | −CN¥142.0M | −CN¥87.7M |
| Depreciation & amortization | CN¥146.8M | CN¥169.7M | CN¥163.1M | CN¥133.4M | CN¥74.3M | CN¥27.8M | CN¥8.7M |
| Stock-based compensation | CN¥2.9M | CN¥1.0M | CN¥64.5M | CN¥74.7M | CN¥0 | CN¥0 | — |
| Change in working capital | CN¥107.6M | CN¥69.4M | CN¥150.1M | −CN¥27.5M | −CN¥33.0M | −CN¥10.4M | −CN¥8.9M |
| Other non-cash items | CN¥164.5M | CN¥180.7M | CN¥299.1M | CN¥275.2M | CN¥95.5M | −CN¥21.2M | CN¥10.7M |
| Cash from operating activities | −CN¥12.7M | −CN¥39.7M | −CN¥196.1M | −CN¥286.9M | −CN¥245.0M | −CN¥145.8M | −CN¥77.1M |
| Investing activities | |||||||
| Capital expenditures | −CN¥65.6M | −CN¥102.8M | −CN¥292.4M | −CN¥334.9M | −CN¥335.3M | −CN¥144.7M | −CN¥56.1M |
| Investments (net) | CN¥0 | −CN¥8.0M | CN¥34.2M | −CN¥705.2M | −CN¥335.3M | −CN¥144.7M | −CN¥56.1M |
| Acquisitions & other investing | CN¥2.8M | CN¥102.8M | CN¥318.2M | CN¥334.9M | CN¥335.3M | CN¥144.7M | CN¥56.1M |
| Cash from investing activities | −CN¥62.8M | −CN¥8.0M | CN¥60.0M | −CN¥705.2M | −CN¥335.3M | −CN¥144.7M | −CN¥56.1M |
| Financing activities | |||||||
| Dividends paid | — | — | — | — | −CN¥286.0M | — | — |
| Share repurchases & issuance (net) | — | — | CN¥0 | CN¥0 | −CN¥136,000 | −CN¥1.7M | CN¥0 |
| Net borrowing (repayment) | CN¥33.0M | CN¥21.4M | CN¥126.9M | CN¥212.6M | CN¥516.1M | CN¥516.1M | CN¥516.1M |
| Shares issued | CN¥0 | CN¥713 | CN¥0 | CN¥355.5M | CN¥291.4M | CN¥222.8M | CN¥206.8M |
| Other financing | −CN¥11.3M | CN¥4.6M | −CN¥46.1M | CN¥259.0M | CN¥276.6M | −CN¥516.1M | −CN¥510.1M |
| Cash from financing activities | CN¥21.7M | CN¥26.0M | CN¥80.8M | CN¥827.2M | CN¥798.0M | CN¥221.1M | CN¥212.8M |
| Summary | |||||||
| Net change in cash | −CN¥54.5M | −CN¥19.3M | −CN¥35.5M | −CN¥151.8M | CN¥216.0M | −CN¥85.6M | CN¥84.3M |
| Cash at end of period | CN¥129.7M | CN¥184.2M | CN¥203.6M | CN¥239.1M | CN¥390.8M | CN¥174.9M | CN¥260.4M |
| Free cash flow | −CN¥78.3M | −CN¥142.5M | −CN¥488.5M | −CN¥621.9M | −CN¥580.3M | −CN¥290.5M | −CN¥133.2M |
| Free cash flow margin | −6.1% | −10.2% | −31.3% | −61.5% | −90.2% | −137.0% | −232.7% |
| Capex / revenue | 5.1% | 7.4% | 18.7% | 33.1% | 52.1% | 68.2% | 98.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −CN¥97.5M | −CN¥109.9M | −CN¥228.1M | −CN¥72.9M | −CN¥75.5M | −CN¥58.0M | −CN¥131.6M | −CN¥88.9M | −CN¥47.6M | −CN¥144.0M | −CN¥312.1M | −CN¥160.6M |
| Depreciation & amortization | CN¥20.4M | CN¥21.5M | — | CN¥26.6M | CN¥26.8M | CN¥37.0M | — | CN¥39.9M | CN¥30.5M | CN¥43.6M | CN¥35.7M | CN¥41.8M |
| Stock-based compensation | CN¥320,000 | CN¥1.5M | — | CN¥566,000 | CN¥749,000 | CN¥1.1M | — | CN¥1.4M | −CN¥1.1M | CN¥1.0M | CN¥6.4M | CN¥3.0M |
| Change in working capital | — | CN¥107.6M | — | — | — | — | — | — | — | CN¥15.3M | — | — |
| Other non-cash items | CN¥110.7M | −CN¥44.3M | CN¥218.5M | CN¥44.0M | CN¥46.7M | CN¥19.7M | CN¥99.9M | CN¥34.6M | CN¥49.9M | CN¥57.3M | CN¥189.5M | CN¥85.4M |
| Cash from operating activities | CN¥34.0M | −CN¥23.5M | −CN¥9.6M | −CN¥1.7M | −CN¥1.2M | −CN¥219,000 | −CN¥31.6M | −CN¥13.0M | CN¥31.7M | −CN¥26.7M | −CN¥80.6M | −CN¥30.4M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥65.6M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | −CN¥292.4M | CN¥0 | CN¥0 |
| Investments (net) | — | — | — | — | −CN¥36.7M | −CN¥16.7M | CN¥13.2M | CN¥7.4M | −CN¥21.4M | −CN¥7.3M | −CN¥67.9M | CN¥63.8M |
| Acquisitions & other investing | −CN¥9.2M | CN¥54.1M | — | −CN¥13.6M | CN¥0 | CN¥0 | — | CN¥0 | CN¥0 | CN¥292.4M | — | CN¥0 |
| Cash from investing activities | −CN¥9.2M | −CN¥11.5M | — | −CN¥13.6M | −CN¥36.7M | −CN¥16.7M | — | CN¥7.4M | −CN¥21.4M | −CN¥7.3M | — | CN¥63.8M |
| Financing activities | ||||||||||||
| Shares issued | 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 financing | −CN¥13.8M | CN¥18.4M | — | −CN¥3.3M | CN¥5.9M | CN¥44.2M | — | CN¥28.0M | −CN¥37.8M | CN¥26.0M | −CN¥119.6M | CN¥171.8M |
| Cash from financing activities | −CN¥13.8M | CN¥18.4M | — | −CN¥3.3M | CN¥5.9M | CN¥44.2M | — | CN¥28.0M | −CN¥37.8M | CN¥26.0M | −CN¥119.6M | CN¥171.8M |
| Summary | ||||||||||||
| Net change in cash | CN¥9.6M | −CN¥18.3M | −CN¥29.6M | −CN¥19.4M | −CN¥32.7M | CN¥27.2M | −CN¥12.5M | CN¥27.9M | −CN¥28.0M | −CN¥6.7M | −CN¥258.2M | CN¥206.2M |
| Cash at end of period | CN¥121.1M | CN¥111.4M | CN¥129.7M | CN¥159.3M | CN¥178.8M | CN¥211.4M | CN¥184.2M | CN¥196.7M | CN¥168.9M | CN¥196.9M | CN¥203.6M | CN¥461.8M |
| Free cash flow | CN¥34.0M | −CN¥23.5M | −CN¥75.2M | −CN¥1.7M | −CN¥1.2M | −CN¥219,000 | −CN¥134.5M | −CN¥13.0M | CN¥31.7M | −CN¥26.7M | −CN¥80.6M | −CN¥30.4M |
| Free cash flow margin | 12.5% | −9.2% | −24.7% | −0.5% | −0.3% | −0.1% | −40.4% | −3.6% | 8.6% | −8.1% | −20.6% | −7.0% |
| Capex / revenue | 0.0% | 25.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 88.0% | 0.0% | 0.0% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
THCH cash generation
In fiscal 2025 (ended December 31, 2025), TH International generated -CN¥12.7 million of cash from operations and spent CN¥65.6 million on capital expenditures, leaving free cash flow of -CN¥78.3 million, −6.1% of revenue. Cash and equivalents fell by CN¥54.5 million over the year.
Related: THCH income statement, THCH balance sheet. See the THCH stock overview for the latest quote and news.
THCH cash flow FAQ
What is TH International's free cash flow?
TH International's free cash flow was -CN¥78.3 million in fiscal 2025: -CN¥12.7 million of operating cash flow minus CN¥65.6 million of capital expenditures It was -CN¥142.5 million a year earlier..
How much cash does TH International generate from operations?
TH International generated -CN¥12.7 million of cash from operating activities in fiscal 2025.
How much does TH International spend on capital expenditures?
TH International spent CN¥65.6 million on capital expenditures in fiscal 2025, 5.1% of revenue, compared with CN¥102.8 million the year before.