TH International Limited (THCH) Income Statement
THCH 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanTHCH revenue and net income
Where THCH's revenue goes
2025Each bar shows an amount and its share of revenue. THCH kept −33.0% of revenue as net income.
THCH profit margins
THCH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.0% | +8.2% | +43.3% | — |
| Gross profit | −63.7% | +32.9% | +63.6% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
THCH income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.28B | CN¥1.39B | CN¥1.56B | CN¥1.01B | CN¥643.4M | CN¥212.1M | CN¥57.3M |
| Cost of revenue | CN¥1.20B | CN¥1.18B | CN¥1.40B | CN¥978.0M | CN¥629.6M | CN¥205.5M | CN¥74.4M |
| Gross profit | CN¥77.6M | CN¥213.6M | CN¥156.3M | CN¥33.1M | CN¥13.8M | CN¥6.6M | −CN¥17.1M |
| Sales, general & admin | CN¥267.8M | CN¥275.2M | CN¥421.9M | CN¥370.6M | CN¥225.3M | CN¥96.4M | CN¥59.1M |
| Total operating expenses | CN¥324.7M | CN¥502.2M | CN¥696.4M | CN¥598.2M | CN¥385.7M | CN¥147.8M | CN¥74.1M |
| Operating income | −CN¥247.1M | −CN¥288.6M | −CN¥540.1M | −CN¥565.1M | −CN¥371.9M | −CN¥141.2M | −CN¥91.3M |
| Interest income | CN¥3.5M | CN¥3.2M | CN¥12.8M | CN¥2.7M | CN¥315,550 | CN¥511,389 | CN¥2.3M |
| Interest expense | CN¥16.2M | CN¥22.4M | CN¥20.4M | CN¥14.8M | CN¥1.9M | CN¥511,389 | CN¥2.3M |
| Income before taxes | −CN¥423.5M | −CN¥458.3M | −CN¥839.6M | −CN¥744.7M | −CN¥382.9M | −CN¥143.1M | −CN¥87.8M |
| Income taxes | CN¥470,811 | CN¥2.1M | CN¥97,241 | CN¥165.4M | −CN¥4.9M | −CN¥1.1M | −CN¥174,458 |
| Net income | −CN¥422.7M | −CN¥412.1M | −CN¥876.3M | −CN¥742.6M | −CN¥381.7M | −CN¥142.0M | −CN¥87.7M |
| EBITDA | −CN¥260.4M | −CN¥266.2M | −CN¥656.1M | −CN¥596.5M | −CN¥306.8M | −CN¥115.2M | −CN¥79.1M |
| Gross margin | 6.1% | 15.4% | 10.0% | 3.3% | 2.1% | 3.1% | −29.9% |
| Operating margin | −19.3% | −20.7% | −34.6% | −55.9% | −57.8% | −66.6% | −159.4% |
| Net margin | −33.0% | −29.6% | −56.2% | −73.5% | −59.3% | −67.0% | −153.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥272.6M | CN¥255.2M | CN¥304.2M | CN¥358.0M | CN¥349.0M | CN¥300.7M | CN¥332.6M | CN¥359.6M | CN¥366.8M | CN¥332.1M | CN¥391.2M | CN¥433.9M |
| Cost of revenue | CN¥257.1M | CN¥249.6M | CN¥294.7M | CN¥295.6M | CN¥288.8M | CN¥256.2M | CN¥287.6M | CN¥287.1M | CN¥304.6M | CN¥298.3M | CN¥287.8M | CN¥380.2M |
| Gross profit | CN¥15.5M | CN¥5.6M | CN¥9.5M | CN¥62.4M | CN¥60.2M | CN¥44.5M | CN¥45.0M | CN¥72.5M | CN¥62.2M | CN¥33.9M | CN¥103.3M | CN¥53.8M |
| Sales, general & admin | CN¥55.6M | CN¥57.9M | CN¥79.3M | CN¥67.6M | CN¥51.6M | CN¥69.2M | CN¥90.1M | CN¥58.2M | CN¥52.6M | CN¥74.2M | CN¥122.8M | CN¥97.8M |
| Total operating expenses | CN¥70.3M | CN¥71.5M | CN¥95.3M | CN¥117.8M | CN¥98.2M | CN¥115.4M | CN¥433.5M | CN¥111.7M | CN¥116.9M | CN¥155.1M | CN¥410.9M | CN¥201.4M |
| Operating income | −CN¥54.9M | −CN¥65.9M | −CN¥85.8M | −CN¥55.4M | −CN¥38.0M | −CN¥71.0M | −CN¥100.9M | −CN¥39.2M | −CN¥54.7M | −CN¥121.3M | −CN¥139.9M | −CN¥147.7M |
| Interest income | CN¥1.1M | CN¥400,000 | CN¥648,064 | CN¥1.8M | CN¥983,000 | CN¥100,000 | CN¥981,948 | CN¥980,000 | CN¥252,000 | CN¥992,000 | CN¥3.2M | CN¥7.5M |
| Interest expense | CN¥4.3M | CN¥3.9M | CN¥4.0M | CN¥4.3M | CN¥4.8M | CN¥3.6M | CN¥3.7M | CN¥4.1M | CN¥9.1M | CN¥5.6M | CN¥6.7M | CN¥4.6M |
| Income before taxes | −CN¥97.2M | −CN¥108.6M | −CN¥224.0M | −CN¥73.8M | −CN¥75.4M | −CN¥58.9M | −CN¥138.3M | −CN¥87.0M | −CN¥98.4M | −CN¥134.7M | −CN¥311.1M | −CN¥147.6M |
| Income taxes | — | — | — | — | CN¥484,000 | CN¥616,015 | — | CN¥410,000 | CN¥1.1M | CN¥97,241 | CN¥97,000 | −CN¥4.5M |
| Net income | −CN¥97.2M | −CN¥109.2M | −CN¥225.0M | −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 |
| EBITDA | −CN¥34.4M | −CN¥83.2M | −CN¥60.0M | −CN¥42.9M | −CN¥43.8M | −CN¥27.0M | — | −CN¥53.1M | −CN¥58.8M | −CN¥95.9M | −CN¥104.2M | −CN¥106.7M |
| Gross margin | 5.7% | 2.2% | 3.1% | 17.4% | 17.2% | 14.8% | 13.5% | 20.1% | 17.0% | 10.2% | 26.4% | 12.4% |
| Operating margin | −20.1% | −25.8% | −28.2% | −15.5% | −10.9% | −23.6% | −30.3% | −10.9% | −14.9% | −36.5% | −35.8% | −34.0% |
| Net margin | −35.7% | −42.8% | −74.0% | −20.4% | −21.6% | −19.3% | −39.6% | −24.7% | −13.0% | −43.4% | −79.8% | −37.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in THCH's financial statements (latest annual report filed April 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
THCH financial results
In fiscal year 2025 (ended December 31, 2025), TH International reported revenue of CN¥1.3 billion, down 8.0% from the year before. It had a net loss of CN¥422.7 million, a net profit margin of −33.0%. Over five years revenue grew at an average rate of 43.3% a year. Figures are in Chinese yuan, the currency of its financial statements.
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THCH income statement FAQ
What is TH International's annual revenue?
TH International reported total revenue of CN¥1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 8.0% from CN¥1.4 billion the previous year.
Is TH International profitable?
No. TH International reported a net loss of CN¥422.7 million in fiscal 2025, a net profit margin of −33.0%; its operating margin was −19.3%.
What is TH International's gross margin?
TH International's gross margin was 6.1% in fiscal 2025: for every $100 of revenue, TH International kept $6 after the direct cost of its products and services.
How fast is TH International growing?
Revenue grew 43.3% a year on average over the last five fiscal years, from CN¥212.1 million to CN¥1.3 billion.
When will TH International report its next earnings?
TH International is expected to report results for the quarter ending September 30, 2026 on December 8, 2026.
When does TH International's fiscal year end?
TH International's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 30, 2026.