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TH International (THCH) investor relations material
TH International Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary26 Aug, 2025
Executive summary
System sales grew 1.4% year-over-year to RMB409.5 million, while total revenues declined 4.9% to RMB349.0 million due to planned closures and lower same-store sales.
Food revenue rose 8.6% year-over-year, reaching a record 35.2% of system sales, with food sales hitting a historical high.
Achieved positive adjusted corporate EBITDA, with adjusted net losses reduced by 16.2% and a 22.4% increase in registered loyalty club members to 26.2 million.
Store network expanded to 1,015 locations in 98 cities, with over 400 franchise stores converted since December 2023 and 8,100 franchise applications received.
Franchise network expansion continued, with individual franchise stores showing strong momentum and a payback period of 2-3 years.
Financial highlights
Revenues from company-owned and operated stores declined 12.5% year-over-year due to planned closures and a 3.6% decrease in same-store sales growth.
Franchised and retail business revenues increased 50.7% year-over-year, with franchised stores growing from 333 to 449.
System sales increased 1.4% year-over-year to RMB409.5 million.
Adjusted net loss improved to RMB39.7 million from RMB47.4 million year-over-year; adjusted net loss margin improved to -11.4% from -12.9%.
Company-owned and operated store contribution margin was 9.6%, down from 10.1% year-over-year.
Outlook and guidance
Targeting around 200 new MTO franchise store openings in 2025, with expectations of 100+ net openings this year and 200–300 annually in coming years.
Positive same store sales growth expected in Q3 and the second half of the year.
Ongoing focus on supply chain optimization, cost controls, and expanding the subfranchising model.
Management prioritizes accelerating franchising, improving adjusted corporate EBITDA margins, and optimizing cost structure.
Forward-looking statements highlight plans for further business and store network growth, subject to economic and market risks.
Accelerate sub-franchise store growth rate?
Capital needs for sustainable profitable growth?
Strategy to monetize 26M loyalty members?
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Next TH International earnings date
Q3 202511 Nov, 2025
Next TH International earnings date
Q3 202511 Nov, 2025
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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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