System Sales Increased 12.8% Year-over-Year to RMB419.9 Million

系统销售同比增长 12.8%，达到人民币 4.199 亿元

Positive Same-Store Sales Growth of 3.3% for Company Owned and Operated Stores

公司自营门店同店销售增长 3.3%

27.9 Million Registered Loyalty Club Members at Quarter-End,

截至季度末注册的忠诚俱乐部会员达到 2790 万

Representing 22.3% Year-over-Year Growth

同比增长 22.3%

SHANGHAI and NEW YORK, Dec. 09, 2025 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops in China (“Tims China” or the “Company”), today announced its unaudited financial results for the third quarter 2025.

上海和纽约，2025年12月9日（全球新闻稿）—— TH International Limited（纳斯达克：THCH），中国 Tim Hortons 咖啡店的独家运营商（“Tims China” 或 “公司”），今天公布了 2025 年第三季度未经审计的财务业绩。

THIRD QUARTER 2025 HIGHLIGHTS

2025 年第三季度亮点

Total revenues of RMB358.0 million (USD50.3 million), representing a 0.4% decrease from the same quarter of 2024.
System sales 1 of RMB419.9 million (USD59.0 million), representing a 12.8% increase from the same quarter of 2024.
Net new store openings totaled 15 (a net openings of 38 made-to-order (“MTO”) stores and a net closure of 23 non-MTO stores, of which seven were Tims Express stores).
Same-store sales growth for company owned and operated stores was positive 3.3%.
Same-store sales growth for system-wide stores was positive 1.3%.
Company owned and operated store contribution 2, previously reported as adjusted store EBITDA, was RMB21.8 million (USD3.1 million), compared to RMB39.9 million in the same quarter of 2024.
Company owned and operated store contribution margin 3, previously reported as adjusted store EBITDA margin, was 7.7%, compared to 13.3% in the same quarter of 2024.
Registered loyalty club members totaled 27.9 million members as of September 30, 2025, representing a 22.3% year-over-year growth.

总收入 为人民币 3.580 亿元（美元 5030 万元），较 2024 年同季度下降 0.4%。
系统销售 1 为人民币 4.199 亿元（美元 5900 万元），较 2024 年同季度增长 12.8%。
净新开门店 总计 15 家（新开 38 家定制门店，关闭 23 家非定制门店，其中 7 家为 Tims Express 门店）。
公司自营门店同店销售增长 为正 3.3%。
系统范围内门店同店销售增长 为正 1.3%。
公司自营门店贡献 2，之前报告为调整后的门店 EBITDA，为人民币 2180 万元（美元 310 万元），相比 2024 年同季度的人民币 3990 万元有所下降。
公司自营门店贡献率 3，之前报告为调整后的门店 EBITDA 率，为 7.7%，相比 2024 年同季度的 13.3% 有所下降。
截至2025年9月30日注册的忠诚俱乐部会员 总计 2790 万名，较去年同期增长 22.3%。

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1 System sales is calculated as the gross merchandise value of sales generated from both company owned and operated stores and franchised stores.

1 系统销售是指来自公司自营门店和特许经营门店的销售产生的商品总值。

2 Company owned and operated store contribution, is calculated as fully burdened gross profit4 of company owned and operated stores excluding depreciation & amortization.

2 公司自营门店贡献是指公司自营门店的全额负担毛利润 4，排除折旧和摊销。

3 Company owned and operated store contribution margin, is calculated as company owned and operated store contribution as a percentage of revenues from company owned and operated stores.

3 公司自营门店贡献率是指公司自营门店贡献占公司自营门店收入的百分比。

4 Fully burdened gross profit of company owned and operated stores, the most directly comparable GAAP measure to company owned and operated store contribution, was a loss of RMB4.8 million (USD0.7 million) for the three months ended September 30, 2025, compared to a profit of RMB10.1 million in the same quarter of 2024.

4 公司自营门店的全额负担毛利润是与公司自营门店贡献最直接可比的 GAAP 指标，截至2025年9月30日的三个月内为人民币 480 万元（美元 70 万元）的亏损，而 2024 年同季度为人民币 1010 万元的利润。

COMPANY MANAGEMENT STATEMENT

公司管理层声明

Mr. Yongchen Lu, CEO & Director of Tims China, stated, “In Q3, we returned to positive net new store openings and continued our strong momentum in system sales, achieving a 12.8% year-over-year growth. With our successful “Light & Fit Lunch Box” platform products launched in Q2, we further enhanced our differentiated “Coffee + Freshly Prepared Food” strategy, driving a 3.3% same-store sales growth for company owned and operated stores. At the same time, our sub-franchise and retail businesses maintained their steady contribution to cash flow and profitability. Profits from other revenues achieved a year-over-year increase of 58.2% during the quarter.”

Tims China 首席执行官兼董事卢永辰先生表示：“在第三季度，我们恢复了正的净新开门店，并在系统销售中保持了强劲的势头，实现了同比增长 12.8%。随着我们在第二季度推出的成功 “轻食午餐盒” 平台产品，我们进一步增强了差异化的 “咖啡 + 新鲜食品” 战略，推动了公司自营门店 3.3% 的同店销售增长。同时，我们的子特许经营和零售业务继续为现金流和盈利能力做出稳定贡献。本季度其他收入的利润同比增长 58.2%。”

Mr. Dong (Albert) Li, CFO of Tims China, commented, “We are excited to announce the successful issuance of approximately US$89.9 million senior secured convertible notes due September 2029, the restructuring of our unsecured convertible note due 2027, and the repurchase of all outstanding amount due under our variable rate convertible senior notes due 2026. These strategic transactions enable us to focus on the development of our overall store network and the core Tim Hortons brand nationwide.”

Tims China 首席财务官李东（Albert）先生评论道：“我们很高兴地宣布成功发行约 8990 万美元的高级担保可转换票据，期限至 2029 年 9 月，重组我们 2027 年到期的无担保可转换票据，并回购我们 2026 年到期的所有浮动利率可转换高级票据的未偿还金额。这些战略交易使我们能够专注于全国范围内整体门店网络和核心 Tim Hortons 品牌的发展。”

THIRD QUARTER 2025 FINANCIAL RESULTS

2025 年第三季度财务业绩

Total revenues were RMB358.0 million (USD50.3 million) for the three months ended September 30, 2025, representing a decrease of 0.4% from RMB359.6 million in the same quarter of 2024. Total revenues comprise:

总收入 为人民币 3.580 亿元（美元 5030 万元），截至2025年9月30日的三个月内，较 2024 年同季度的人民币 3.596 亿元下降 0.4%。总收入包括：

Revenues from Company owned and operated stores were RMB282.9 million (USD39.7 million) for the three months ended September 30, 2025, representing a decrease of 5.5% from RMB299.5 million in the same quarter of 2024. The decrease was primarily attributable to closures of certain underperforming stores, partially offset by a 3.3% increase in same-store sales growth for company owned and operated stores in the third quarter of 2025. The decrease was also attributable to a 0.2% increase in the number of orders from 10.7 million in the third quarter of 2024 to 10.8 million in the same quarter of 2025, offset by a 5.7% year-over-year decrease in average ticket size.
Other revenues were RMB75.1 million (USD10.6 million) for the three months ended September 30, 2025, representing an increase of 25.0% from RMB60.1 million in the same quarter of 2024. The increase was primarily due to the expansion of our franchise business as the number of our franchised stores increased from 382 as of September 30, 2024 to 479 as of September 30, 2025.

公司自营门店的收入 为人民币 2.829 亿元（美元 3970 万元），截至2025年9月30日的三个月内，较 2024 年同季度的人民币 2.995 亿元下降 5.5%。下降主要是由于关闭了一些表现不佳的门店，部分被 2025 年第三季度公司自营门店 3.3% 的同店销售增长所抵消。下降还归因于订单数量从 2024 年第三季度的 1070 万增加到 2025 年同季度的 1080 万，抵消了平均消费额同比下降 5.7%。
其他收入 为人民币 7510 万元（美元 1060 万元），截至2025年9月30日的三个月内，较 2024 年同季度的人民币 6010 万元增长 25.0%。增长主要是由于我们的特许经营业务扩展，特许经营门店数量从2024年9月30日的 382 家增加到2025年9月30日的 479 家。

Company owned and operated store costs and expenses were RMB278.2 million (USD39.1 million) for the three months ended September 30, 2025, representing a decrease of 0.5% from RMB279.6 million in the same quarter of 2024. Company owned and operated store costs and expenses comprise:

公司自营门店的成本和费用 为人民币 2.782 亿元（美元 3910 万元），截至2025年9月30日的三个月内，较 2024 年同季度的人民币 2.796 亿元下降 0.5%。公司自营门店的成本和费用包括：

Food and packaging costs were RMB86.5 million (USD12.2 million) for the three months ended September 30, 2025, representing a decrease of 0.4% from RMB86.9 million in the same quarter of 2024, which was in line with the revenue trend. Food and packaging costs as a percentage of revenues from company owned and operated stores increased by 1.6 percentage points from 29.0% in the third quarter of 2024 to 30.6% in the same quarter of 2025.
Rental and property management fees were RMB55.1 million (USD7.7 million) for the three months ended September 30, 2025, representing a decrease of 4.6% from RMB57.8 million in the same quarter of 2024, which was in line with the revenue trend. Rental and property management fees as a percentage of revenues from company owned and operated stores increased by 0.2 percentage points from 19.3% in the third quarter of 2024 to 19.5% in the same quarter of 2025.
Payroll and employee benefits expenses were RMB48.5 million (USD6.8 million) for the three months ended September 30, 2025, representing a decrease of 4.2% from RMB50.7 million in the same quarter of 2024, which was in line with the revenue trend. Payroll and employee benefits expenses as a percentage of revenues from company owned and operated stores increased by 0.3 percentage points from 16.9% in the third quarter of 2024 to 17.2% in the same quarter of 2025, which was primarily due to higher labor scheduling portion for full-time employees as a percentage of overall staffing hours.
Delivery costs were RMB37.2 million (USD5.2 million) for the three months ended September 30, 2025, representing an increase of 20.9% from RMB30.8 million in the same quarter of 2024, which was in line with the 20.9% increase in delivery orders from 5.7 million in the third quarter of 2024 to 6.9 million in the same quarter of 2025. Delivery costs as a percentage of revenues from company owned and operated stores increased by 2.9 percentage points to 13.2% in the third quarter of 2025 compared to 10.3% in the same quarter of 2024, which was primarily due to higher delivery revenue portion as a percentage of total revenues from company owned and operated stores.
Other operating expenses were RMB24.1 million (USD3.4 million) for the three months ended September 30, 2025, representing an increase of 2.0% from RMB23.7 million in the same quarter of 2024, which was primarily due to higher utilities and maintenance costs incurred. Other operating expenses as a percentage of revenues from company owned and operated stores increased by 0.6 percentage points to 8.5% in the third quarter of 2025 compared to 7.9% in the same quarter of 2024.
Store depreciation and amortization expenses were RMB26.6 million (USD3.7 million) for the three months ended September 30, 2025, representing a decrease of 10.8% from RMB29.8 million in the same quarter of 2024, which was primarily due to impairment on property and equipment in relation to company owned and operated store closures and the reduced capital expenditures per store as a result of our initiatives to improve store unit economics. Store depreciation and amortization as a percentage of revenues from company owned and operated stores decreased by 0.5 percentage points to 9.4% in the third quarter of 2025 compared to 9.9% in the same quarter of 2024.

食品和包装成本 在截至2025年9月30日的三个月内为人民币 8650 万元（美元 1220 万元），较 2024 年同季度的人民币 8690 万元下降 0.4%，与收入趋势一致。食品和包装成本占公司自营门店收入的比例从 2024 年第三季度的 29.0% 上升至 2025 年同季度的 30.6%，增加了 1.6 个百分点。
租金和物业管理费 在截至2025年9月30日的三个月内为人民币 5510 万元（美元 770 万元），较 2024 年同季度的人民币 5780 万元下降 4.6%，与收入趋势一致。租金和物业管理费占公司自营门店收入的比例从 2024 年第三季度的 19.3% 上升至 2025 年同季度的 19.5%，增加了 0.2 个百分点。
工资和员工福利支出 在截至2025年9月30日的三个月内为人民币 4850 万元（美元 680 万元），较 2024 年同季度的人民币 5070 万元下降 4.2%，与收入趋势一致。工资和员工福利支出占公司自营门店收入的比例从 2024 年第三季度的 16.9% 上升至 2025 年同季度的 17.2%，增加了 0.3 个百分点，这主要是由于全职员工的排班比例在整体工作时间中提高所致。
配送成本 在截至2025年9月30日的三个月内为人民币 3720 万元（美元 520 万元），较 2024 年同季度的人民币 3080 万元增长 20.9%，与配送订单从 2024 年第三季度的 570 万单增加到 2025 年同季度的 690 万单的 20.9% 增长一致。配送成本占公司自营门店收入的比例从 2024 年第三季度的 10.3% 上升至 2025 年第三季度的 13.2%，增加了 2.9 个百分点，这主要是由于配送收入在公司自营门店总收入中的比例提高所致。
其他运营费用 在截至2025年9月30日的三个月内为人民币 2410 万元（美元 340 万元），较 2024 年同季度的人民币 2370 万元增长 2.0%，这主要是由于公用事业和维护成本的增加。其他运营费用占公司自营门店收入的比例从 2024 年第三季度的 7.9% 上升至 2025 年第三季度的 8.5%，增加了 0.6 个百分点。
门店折旧和摊销费用 在截至2025年9月30日的三个月内为人民币 2660 万元（美元 370 万元），较 2024 年同季度的人民币 2980 万元下降 10.8%，这主要是由于与公司自营门店关闭相关的资产和设备减值，以及由于我们改善门店单位经济的举措导致的每家门店资本支出减少。门店折旧和摊销占公司自营门店收入的比例从 2024 年第三季度的 9.9% 下降至 2025 年第三季度的 9.4%，减少了 0.5 个百分点。

Costs of other revenues were RMB51.8 million (USD7.3 million) for the three months ended September 30, 2025, representing an increase of 14.2% from RMB45.3 million in the same quarter of 2024, which was primarily driven by an increase in the revenues generated from franchise business as the number of our franchised stores increased from 382 as of September 30, 2024 to 479 as of September 30, 2025. Costs of other revenues as a percentage of other revenues decreased by 6.5 percentage points from 75.4% in the third quarter of 2024 to 68.9% in the same quarter of 2025 due to higher margin we generated from franchise business during the third quarter of 2025.

其他收入成本 在截至2025年9月30日的三个月内为人民币 5180 万元（美元 730 万元），较 2024 年同季度的人民币 4530 万元增长 14.2%，这主要是由于特许经营业务产生的收入增加，因为我们的特许经营门店数量从2024年9月30日的 382 家增加到2025年9月30日的 479 家。其他收入成本占其他收入的比例从 2024 年第三季度的 75.4% 下降至 2025 年同季度的 68.9%，下降了 6.5 个百分点，这得益于我们在 2025 年第三季度特许经营业务中获得的更高利润率。

Marketing expenses were RMB15.8 million (USD2.2 million) for the three months ended September 30, 2025, representing a decrease of 14.4% from RMB18.5 million in the same quarter of 2024, driven by our cost optimization measures and improved brand influence. Accordingly, marketing expenses as a percentage of total revenues decreased by 0.7 percentage points from 5.1% in the third quarter of 2024 to 4.4% in the same quarter of 2025.

市场营销费用 在截至2025年9月30日的三个月内为人民币 1580 万元（美元 220 万元），较 2024 年同季度的人民币 1850 万元下降 14.4%，这得益于我们的成本优化措施和品牌影响力的提升。因此，市场营销费用占总收入的比例从 2024 年第三季度的 5.1% 下降至 2025 年同季度的 4.4%，下降了 0.7 个百分点。

General and administrative expenses were RMB51.8 million (USD7.3 million) for the three months ended September 30, 2025, representing an increase of 30.3% from RMB39.8 million in the same quarter of 2024, which was primarily due to: (i) a RMB5.4 million (USD0.8 million) increase in outside service fees related to audit, IT, and business travel; (ii) a RMB13.1 million (USD1.8 million) increase in impairment losses of rental deposits and credit loss of account receivables; partially offset by a RMB4.2 million (USD0.6 million) decrease in headquarter staff compensation costs; and a RMB1.5 Million (USD0.2 million) decrease in depreciation & amortization. As a result of the foregoing, adjusted general and administrative expenses, which excludes: (i) share-based compensation expenses of RMB0.6 million (USD0.1 million), and (ii) impairment losses of rental deposits of RMB4.0 million (USD0.6 million), were RMB47.3 million (USD6.6 million), representing an increase of 23.2% from RMB38.4 million in the same quarter of 2024. Adjusted general and administrative expenses as a percentage of total revenues increased by 2.5 percentage points from 10.7% in the third quarter of 2024 to 13.2% in the same quarter of 2025. For more information on the Company’s non-GAAP financial measures, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this earnings release.

一般和行政费用 在截至2025年9月30日的三个月内为人民币 5180 万元（美元 730 万元），较 2024 年同季度的人民币 3980 万元增长 30.3%，这主要是由于：(i) 与审计、IT 和商务旅行相关的外部服务费用增加了人民币 540 万元（美元 80 万元）；(ii) 租赁押金减值损失和应收账款信用损失增加了人民币 1310 万元（美元 180 万元）；部分抵消了总部员工薪酬成本减少人民币 420 万元（美元 60 万元）和折旧及摊销减少人民币 150 万元（美元 20 万元）。因此，调整后的一般和行政费用（不包括：(i) 股权激励费用人民币 60 万元（美元 10 万元），和 (ii) 租赁押金减值损失人民币 400 万元（美元 60 万元））为人民币 4730 万元（美元 660 万元），较 2024 年同季度的人民币 3840 万元增长 23.2%。调整后的一般和行政费用占总收入的比例从 2024 年第三季度的 10.7% 上升至 2025 年同季度的 13.2%，增加了 2.5 个百分点。有关公司非 GAAP 财务指标的更多信息，请参见本财报末尾的 “非 GAAP 财务指标的使用” 和 “非 GAAP 指标与最直接可比的 GAAP 指标的调节”。

Franchise and royalty expenses were RMB16.4 million (USD2.3 million) for the three months ended September 30, 2025 , representing an increase of 4.7% from RMB15.6 million in the same quarter of 2024, which was primarily due to the increase of amortized upfront franchise fees and a higher royalty rate applicable. Accordingly, franchise and royalty expenses as a percentage of total revenues increased by 0.3 percentage points, from 4.3% in the third quarter of 2024 to 4.6% in the same quarter of 2025.

特许经营和特许权费用 在截至2025年9月30日的三个月内为人民币 1640 万元（美元 230 万元），较 2024 年同季度的人民币 1560 万元增长了 4.7%，主要由于摊销的前期特许经营费用增加和适用的特许权费率提高。因此，特许经营和特许权费用占总收入的比例从 2024 年第三季度的 4.3% 上升至 2025 年同季度的 4.6%。

Impairment losses of long-lived assets were RMB8.0 million (USD1.1 million) for the three months ended September 30, 2025, compared to RMB15.6 million in the same quarter of 2024, which was primarily due to a decrease in the number of planned closures of underperforming company owned and operated stores.

长期资产减值损失 在截至2025年9月30日的三个月内为人民币 800 万元（美元 110 万元），而 2024 年同季度为人民币 1560 万元，主要由于计划关闭表现不佳的公司自营门店数量减少。

As a result of the foregoing, operating loss was RMB65.7 million (USD9.2 million) for the three months ended September 30, 2025, compared to RMB55.9 million in the same quarter of 2024.

因此，营业亏损 在截至2025年9月30日的三个月内为人民币 6570 万元（美元 920 万元），而 2024 年同季度为人民币 5590 万元。

Adjusted Corporate EBITDA was a loss of RMB15.0 million (USD2.1 million) for the three months ended September 30, 2025, compared to a gain of RMB2.0 million in the same quarter of 2024. Adjusted Corporate EBITDA margin was negative 4.2% in the third quarter of 2025, compared to positive 0.6% in the same quarter of 2024.

调整后的企业 EBITDA 在截至2025年9月30日的三个月内为亏损人民币 1500 万元（美元 210 万元），而 2024 年同季度为盈利人民币 200 万元。调整后的企业 EBITDA 利润率在 2025 年第三季度为负 4.2%，而 2024 年同季度为正 0.6%。

Net loss from continuing operations was RMB73.8 million (USD10.4 million) for the three months ended September 30, 2025, compared to RMB87.4 million for the same quarter of 2024. Adjusted net loss was RMB53.8 million (USD7.6 million) for the three months ended September 30, 2025, compared to RMB41.4 million for the same quarter of 2024. Adjusted net loss margin was negative 15.0% in the third quarter of 2025, compared to negative 11.5% in the same quarter of 2024.

持续经营的净亏损 在截至2025年9月30日的三个月内为人民币 7380 万元（美元 1040 万元），而 2024 年同季度为人民币 8740 万元。调整后的净亏损 在截至2025年9月30日的三个月内为人民币 5380 万元（美元 760 万元），而 2024 年同季度为人民币 4140 万元。调整后的净亏损率在 2025 年第三季度为负 15.0%，而 2024 年同季度为负 11.5%。

Net loss was RMB73.8 million (USD10.4 million) for the three months ended September 30, 2025, compared to RMB87.4 million for the same quarter of 2024.

净亏损 在截至2025年9月30日的三个月内为人民币 7380 万元（美元 1040 万元），而 2024 年同季度为人民币 8740 万元。

Basic and diluted loss per ordinary share was RMB2.24 (USD0.31) in the third quarter of 2025, compared to RMB2.75 in the same quarter of 2024. Adjusted basic and diluted net loss per ordinary share was RMB1.63 (USD0.23) in the third quarter of 2025, compared to RMB1.32 in the same quarter of 2024.

每股基本和稀释亏损 在 2025 年第三季度为人民币 2.24（美元 0.31），而 2024 年同季度为人民币 2.75。调整后的每股基本和稀释净亏损 在 2025 年第三季度为人民币 1.63（美元 0.23），而 2024 年同季度为人民币 1.32。

Liquidity

流动性

As of September 30, 2025, the Company’s total cash and cash equivalents, restricted cash and time deposits were RMB159.3 million (USD22.4 million), compared to RMB184.2 million as of December 31, 2024. The change was primarily attributable to cash disbursements on the back of the expansion of our business, partially offset by the draw-down of additional bank borrowings.

截至2025年9月30日，公司总现金及现金等价物、受限现金和定期存款为人民币 1.593 亿元（美元 2240 万元），而截至2024年12月31日为人民币 1.842 亿元。变化主要归因于因业务扩展而产生的现金支出，部分被额外银行借款的提款所抵消。

KEY OPERATING DATA

关键运营数据


Tims only	For the three months ended or as of
（Exclude the discontinued business)	Jun 30,		Sep 30,		Dec 31,		Mar 31,		Jun 30,		Sep 30,
2024		2024		2024		2025		2025		2025

Total stores	907		946		1,022		1,024		1,015		1,030
Company owned and operated stores	574		564		576		569		566		551
Franchised stores	333		382		446		455		449		479
Made to order (MTO) stores	82		485		632		652		692		730
Non-MTO stores	825		461		390		372		323		300
Same-store sales growth for system-wide stores	-14.6%		-21.7%		-13.3%		-7.8%		-4.8%		1.3%
Same-store sales growth for company owned and operated stores	-13.8%		-20.7%		-12.3%		-6.5%		-3.6%		3.3%
Registered loyalty club members (in thousands)	21,403		22,815		24,045		25,150		26,192		27,900
Company owned and operated store contribution (Renminbi in thousands)	32,429		39,922		12,973		17,154		27,176		21,786
Company owned and operated store contribution margin	10.1%		13.3%		4.8%		6.7%		9.6%		7.7%


仅限 Tims	截至或截至的三个月
（不包括停业业务）	2024年6月30日	2024年9月30日	2024年12月31日	2025年3月31日	2025年6月30日	2025年9月30日

总门店数	907	946	1,022	1,024	1,015	1,030
公司自营门店数	574	564	576	569	566	551
特许经营门店数	333	382	446	455	449	479
按需定制（MTO）门店数	82	485	632	652	692	730
非 MTO 门店数	825	461	390	372	323	300
系统内门店同店销售增长	-14.6%	-21.7%	-13.3%	-7.8%	-4.8%	1.3%
公司自营门店同店销售增长	-13.8%	-20.7%	-12.3%	-6.5%	-3.6%	3.3%
注册忠诚俱乐部会员（千人）	21,403	22,815	24,045	25,150	26,192	27,900
公司自营门店贡献（人民币千元）	32,429	39,922	12,973	17,154	27,176	21,786
公司自营门店贡献率	10.1%	13.3%	4.8%	6.7%	9.6%	7.7%

KEY DEFINITIONS

关键定义

Same-store sales growth. The percentage change in the sales of stores that have been operating for 12 months or longer during a certain period compared to the same period from the prior year. The same-store sales growth for any period of more than a month equals to the arithmetic average of the same-store sales growth of each month covered in the period. If a store was closed for seven days or more during any given month, its sales during that month and the same month in the comparison period are excluded for purposes of measuring same-store sales growth.
Net new store openings. The gross number of new stores opened during the period minus the number of stores permanently closed during the period.
System sales. Gross merchandise value of sales generated from both company owned and operated stores and franchised stores.
Company owned and operated store contribution (previously reported as adjusted store EBITDA). Calculated as fully burdened gross profit of company owned and operated stores excluding depreciation and amortization.
Company owned and operated store contribution margin (previously reported as adjusted store EBITDA margin). Calculated as company owned and operated store contribution as a percentage of revenues from company owned and operated stores.
Adjusted general and administrative expenses. Calculated as general and administrative expenses excluding share-based compensation expenses, expenses related to the issuance of certain ordinary shares to CF Principal Investments LLC in November 2022 (the “Commitment Shares”), offering costs related to the ESA (the “ESA Offering Costs”), expenses related to 200,000 of our ordinary shares that may be purchased from our controlling shareholder by a holder of our convertible notes at its option pursuant to the terms of an Option Agreement dated September 28, 2022 (the “Option Shares”), professional fees related to warrant exchange and other financing programs, and impairment losses of rental deposits.
Adjusted corporate EBITDA. Calculated as operating loss for continuing operations excluding certain non-cash expenses consisting of depreciation and amortization, share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, expenses related to the Commitment Shares, the ESA Offering Costs, the Option Shares, professional fees related to warrant exchange and other financing programs, and impairment losses of rental deposits.
Adjusted corporate EBITDA margin. Calculated as adjusted corporate EBITDA as a percentage of total revenues.
Adjusted net loss. Calculated as net loss for continuing operations excluding share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, expenses related to the Commitment Shares, the ESA Offering Costs, the Option Shares, professional fees related to warrant exchange and other financing programs, impairment losses of rental deposits, changes in fair value of convertible notes, changes in fair value of warrant liabilities, changes in fair value of ESA derivative liabilities, loss of the debt extinguishment and gain on disposal of Popeyes business.
Adjusted net loss margin. Calculated as adjusted net loss as a percentage of total revenues.
Adjusted basic and diluted net loss per ordinary share. Calculated as adjusted net loss attributable to the Company’s ordinary shareholders divided by weighted-average number of basic and diluted ordinary shares.

同店销售增长。指在某一特定期间内，经营满 12 个月或以上的门店销售额与前一年同一时期销售额的百分比变化。任何超过一个月的期间的同店销售增长等于该期间内每个月同店销售增长的算术平均值。如果某门店在任何给定月份关闭七天或以上，则该月份及比较期间同月的销售额将被排除在同店销售增长的计算之外。
新开门店净数。指在该期间内新开门店的总数减去在该期间内永久关闭的门店数量。
系统销售。指来自公司自营门店和特许经营门店的销售产生的商品总值。
公司自营门店贡献（之前报告为调整后的门店 EBITDA）。计算为公司自营门店的完全负担毛利润，不包括折旧和摊销。
公司自营门店贡献率（之前报告为调整后的门店 EBITDA 率）。计算为公司自营门店贡献占公司自营门店收入的百分比。
调整后的一般和行政费用。计算为不包括基于股份的补偿费用、与 2022 年 11 月向 CF Principal Investments LLC 发行某些普通股（“承诺股份”）相关的费用、与 ESA 相关的发行费用（“ESA 发行费用”）、根据2022年9月28日的期权协议，持有可转换债券的投资者可选择从控股股东处购买的 200,000 股普通股相关的费用（“期权股份”）、与权证交换及其他融资项目相关的专业费用，以及租赁押金的减值损失。
调整后的公司 EBITDA。计算为持续经营的经营损失，不包括某些非现金费用，包括折旧和摊销、基于股份的补偿费用、长期资产的减值损失、财产和设备处置损失、与承诺股份、ESA 发行费用、期权股份、权证交换及其他融资项目相关的专业费用，以及租赁押金的减值损失。
调整后的公司 EBITDA 率。计算为调整后的公司 EBITDA 占总收入的百分比。
调整后的净亏损。计算为持续经营的净亏损，不包括基于股份的补偿费用、长期资产的减值损失、财产和设备处置损失、与承诺股份、ESA 发行费用、期权股份、权证交换及其他融资项目相关的专业费用、租赁押金的减值损失、可转换债券公允价值变动、权证负债公允价值变动、ESA 衍生负债公允价值变动、债务解除损失及出售 Popeyes 业务的收益。
调整后的净亏损率。计算为调整后的净亏损占总收入的百分比。
调整后的基本和稀释每股净亏损。计算为归属于公司普通股东的调整后净亏损除以基本和稀释普通股的加权平均数。

RECENT BUSINESS DEVELOPMENTS

近期业务发展

On October 31, 2025, Tims China announced that it had entered into a definitive agreement for the issuance of Senior Secured Convertible Notes due September 2029 (the “2025 Senior Secured Convertible Notes”) in an aggregate principal amount of approximately US$89.9 million. The 2025 Senior Secured Convertible Notes are convertible directly into newly issued ordinary shares of Tims China at a price of US$2.7822, which equals to 110% of the five-day volume-weighted average share price (“VWAP”) prior to signing. The 2025 Senior Secured Convertible Notes are secured by a pledge of 100% of the shares of TH Hong Kong International Limited and an all-asset debenture of Tims China. The Company intends to use part of the proceeds from the issuance of the 2025 Senior Secured Convertible Notes for the repurchase of all outstanding amount due under its variable rate convertible senior notes due 2026. Concurrently, Tim Hortons Restaurants International GmbH (“THRI”) and Cartesian Capital Group have agreed to extend the maturity of their 2024 unsecured convertible notes from June 2027 to September 2029, with the conversion price reset to align with that of the 2025 Senior Secured Convertible Notes. The above transactions were closed on December 2, 2025.

2025年10月31日，Tims China 宣布已签署一项关于发行 2029 年到期的高级担保可转换债券（“2025 年高级担保可转换债券”）的最终协议，金额约为 8,990 万美元。2025 年高级担保可转换债券可直接转换为 Tims China 新发行的普通股，转换价格为 2.7822 美元，相当于签署前五天的成交量加权平均股价（“VWAP”）的 110%。2025 年高级担保可转换债券由 TH Hong Kong International Limited 100% 的股份质押及 Tims China 的全资产债券担保。公司计划将 2025 年高级担保可转换债券发行所得的一部分用于回购到期于 2026 年的可变利率可转换高级债券的所有未偿还金额。同时，Tim Hortons Restaurants International GmbH（“THRI”）和 Cartesian Capital Group 已同意将其 2024 年无担保可转换债券的到期日从 2027 年 6 月延长至 2029 年 9 月，转换价格重设以与 2025 年高级担保可转换债券的价格保持一致。上述交易于2025年12月2日完成。

On December 3, 2025, Tims China announced the launch of an innovative eco-friendly straw developed together with Tencent’s CarbonXmade program. The product debuted at the 2025 Sustainable Social Value Innovation Summit in Beijing and will be introduced in Tims stores across Beijing, Shanghai, and Shenzhen. Through this rollout, Tims China aims to encourage consumers to make small, everyday choices that collectively support a more sustainable future.

2025年12月3日，Tims China 宣布推出与腾讯的 CarbonXmade 项目共同开发的创新环保吸管。该产品在 2025 年可持续社会价值创新峰会上首次亮相，并将在北京、上海和深圳的 Tims 门店推出。通过此次推广，Tims China 旨在鼓励消费者做出小而日常的选择，共同支持更可持续的未来。

USE OF NON-GAAP FINANCIAL MEASURES

非 GAAP 财务指标的使用

The Company uses non-GAAP financial measures, namely company owned and operated store contribution, company owned and operated store contribution margin, adjusted general and administrative expenses, adjusted corporate EBITDA, adjusted corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic and diluted net loss per ordinary share in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) company owned and operated store contribution as fully burdened gross profit of company owned and operated stores excluding depreciation and amortization; (ii) company owned and operated store contribution margin as company owned and operated store contribution as a percentage of revenues from company owned and operated stores; (iii) adjusted general and administrative expenses as general and administrative expenses excluding share-based compensation expenses, expenses related to the Commitment Shares, the ESA Offering Costs, the Option Shares, professional fees related to warrant exchange and other financing programs, and impairment losses of rental deposits; (iv) adjusted corporate EBITDA as operating loss for continuing operations excluding certain non-cash expenses consisting of depreciation and amortization, share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, expenses related to the Commitment Shares, the ESA Offering Costs, the Option Shares, professional fees related to warrant exchange and other financing programs, and impairment losses of rental deposits; (v) adjusted corporate EBITDA margin as adjusted corporate EBITDA as a percentage of total revenues; (vi) adjusted net loss as net loss for continuing operations excluding share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, expenses related to the Commitment Shares, the ESA Offering Costs, the Option Shares, professional fees related to warrant exchange and other financing programs, impairment losses of rental deposits, changes in fair value of convertible notes, changes in fair value of warrant liabilities, changes in fair value of ESA derivative liabilities, loss of the debt extinguishment and gain on disposal of Popeyes business; (vii) adjusted net loss margin as adjusted net loss as a percentage of total revenues; and (viii) adjusted basic and diluted net loss per ordinary share as adjusted net loss for continuing operations attributable to the Company’s ordinary shareholders divided by weighted-average number of basic and diluted ordinary share. The Company believes company owned and operated store contribution, company owned and operated store contribution margin, adjusted general and administrative expenses, adjusted corporate EBITDA, adjusted corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic and diluted net loss per ordinary share enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

公司使用非公认会计原则（non-GAAP）财务指标，即公司自有及运营门店贡献、公司自有及运营门店贡献率、调整后的一般及行政费用、调整后的企业 EBITDA、调整后的企业 EBITDA 率、调整后的净亏损、调整后的净亏损率，以及调整后的每普通股基本和稀释净亏损，以评估其经营业绩并用于财务和运营决策。公司定义（i）公司自有及运营门店贡献为公司自有及运营门店的完全负担毛利润，不包括折旧和摊销；（ii）公司自有及运营门店贡献率为公司自有及运营门店贡献占公司自有及运营门店收入的百分比；（iii）调整后的一般及行政费用为不包括基于股份的补偿费用、与承诺股份相关的费用、ESA 发行费用、期权股份、与认股权证交换及其他融资项目相关的专业费用，以及租赁押金的减值损失的一般及行政费用；（iv）调整后的企业 EBITDA 为持续经营的经营亏损，不包括某些非现金费用，包括折旧和摊销、基于股份的补偿费用、长期资产的减值损失、财产和设备处置损失、与承诺股份相关的费用、ESA 发行费用、期权股份、与认股权证交换及其他融资项目相关的专业费用，以及租赁押金的减值损失；（v）调整后的企业 EBITDA 率为调整后的企业 EBITDA 占总收入的百分比；（vi）调整后的净亏损为持续经营的净亏损，不包括基于股份的补偿费用、长期资产的减值损失、财产和设备处置损失、与承诺股份相关的费用、ESA 发行费用、期权股份、与认股权证交换及其他融资项目相关的专业费用、租赁押金的减值损失、可转换票据的公允价值变动、认股权证负债的公允价值变动、ESA 衍生负债的公允价值变动、债务解除损失及出售 Popeyes 业务的收益；（vii）调整后的净亏损率为调整后的净亏损占总收入的百分比；（viii）调整后的每普通股基本和稀释净亏损为归属于公司普通股股东的持续经营调整后净亏损除以基本和稀释普通股的加权平均数。公司认为公司自有及运营门店贡献、公司自有及运营门店贡献率、调整后的一般及行政费用、调整后的企业 EBITDA、调整后的企业 EBITDA 率、调整后的净亏损、调整后的净亏损率，以及调整后的每普通股基本和稀释净亏损能够增强投资者对其财务表现的整体理解，并提供更大的可见性，以便于管理层在财务和运营决策中使用的关键指标。

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures.” The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

这些非公认会计原则（non-GAAP）财务指标并未根据美国公认会计原则（U.S. GAAP）定义，也未按照 U.S. GAAP 呈现。由于这些非公认会计原则财务指标作为分析工具存在局限性，且可能并非所有公司以相同方式计算，因此它们可能无法与其他公司使用的类似标题的指标进行比较。公司通过将非公认会计原则财务指标与最接近的 U.S. GAAP 绩效指标进行调节来弥补这些局限性，在评估公司绩效时应考虑这一点。有关这些非公认会计原则财务指标与最直接可比的 GAAP 财务指标的调节，请参见附表中标题为 “非公认会计原则指标与最直接可比 GAAP 指标的调节” 部分。公司鼓励投资者及其他人全面审阅其财务信息，而不是依赖任何单一财务指标。

EXCHANGE RATE INFORMATION

汇率信息

This earnings release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1190 to USD1.00, the exchange rate in effect on September 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any rate or at all.

本财报发布包含将某些人民币金额转换为美元（“USD”）的翻译，仅为方便读者。除非另有说明，所有人民币到美元的转换均按人民币 7.1190 兑换 1.00 美元的汇率进行，该汇率为2025年9月30日生效的美联储 H.10 统计发布中的汇率。公司不对人民币或美元金额的转换表示任何保证，亦不保证在任何汇率下或根本无法转换。

CONFERENCE CALL

电话会议

The Company will hold a conference call today, on Tuesday, December 9, 2025, at 8:00 am Eastern Time (on Tuesday, December 9, 2025, at 9:00 pm Beijing Time) to discuss the financial results.

公司将于2025年12月9日（星期二）东部时间上午 8:00（北京时间2025年12月9日晚上 9:00）召开电话会议，讨论财务业绩。

Participants are strongly encouraged to pre-register for the conference call, by using the weblink provided below.

强烈建议参与者提前注册电话会议，使用以下提供的网络链接。

https://register-conf.media-server.com/register/BId10b556eeb90481aa578a2eaa12a8b1e

Participants may also view the live webcast by registering through below weblink:

参与者还可以通过以下网络链接注册观看直播网络广播：

https://edge.media-server.com/mmc/p/rb3jsjt7

The webcast features a ‘Submit Your Question’ tab at the top, where you will have the opportunity to submit your questions before and during the call.

网络广播顶部有一个 “提交您的问题” 标签，您可以在会议前和会议期间提交您的问题。

A live and archived webcast of the conference call will also be available at the Company’s Investor Relations website at https://ir.timschina.com under “Events and Presentations”.

电话会议的直播和存档网络广播也将在公司投资者关系网站 https://ir.timschina.com 的 “活动和演示” 部分提供。

FORWARD-LOOKING STATEMENTS

前瞻性声明

Certain statements in this earnings release may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, such as the Company’s ability to further grow its business and store network, optimize its cost structure, improve its operational efficiency, and achieve profitable growth. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

本财报中的某些声明可能被视为 1995 年美国私人证券诉讼改革法案 “安全港” 条款下的前瞻性声明，例如公司进一步发展其业务和门店网络、优化成本结构、提高运营效率以及实现盈利增长的能力。前瞻性声明是指非历史事实的陈述，通常与未来事件或公司的未来财务或其他绩效指标相关。在某些情况下，您可以通过 “相信”、“可能”、“将”、“潜在”、“估计”、“继续”、“预期”、“打算”、“能够”、“会”、“项目”、“目标”、“计划”、“期待” 或这些术语的否定形式或变体或类似术语来识别前瞻性声明。这些前瞻性声明受到风险和不确定性的影响，这可能导致实际结果与这些前瞻性声明所表达或暗示的结果存在重大差异。新的风险和不确定性可能会不时出现，无法预测所有风险和不确定性。这些前瞻性声明基于公司及其管理层认为合理的估计和假设，但本质上是不确定的，并可能发生重大变化。导致实际结果与当前预期存在重大差异的因素包括管理层无法控制的各种因素，包括但不限于一般经济状况以及在公司提交给证券交易委员会的 20-F 表格年报中以及其他文件中列出的 “风险因素” 和 “关于前瞻性声明的警示声明” 部分所述的其他风险、不确定性和因素。本通信中的任何内容均不应被视为任何人对此处所列前瞻性声明将实现或任何此类前瞻性声明所设想的结果将实现的陈述。您不应对本通信中的前瞻性声明过于依赖，这些声明仅在作出时有效，并且完全受到此处警示声明的限制。除法律要求外，公司明确否认任何义务或承诺，公开发布任何前瞻性声明的更新或修订，以反映公司对此的期望变化或任何基于任何声明的事件、条件或情况的变化。

ABOUT TH INTERNATIONAL LIMITED

关于 TH 国际有限公司

TH International Limited (Nasdaq: THCH) (“Tims China”) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong Kong and Macau. Tims China was founded by Cartesian Capital Group and Tim Hortons Restaurants International, a subsidiary of Restaurant Brands International (TSX: QSR) (NYSE: QSR).

TH 国际有限公司（纳斯达克：THCH）（“Tims China”）是中国大陆、香港和澳门 Tim Hortons 咖啡店的独家母公司。Tims China 由 Cartesian Capital Group 和 Tim Hortons Restaurants International（餐饮品牌国际的子公司，交易所代码：TSX: QSR，NYSE: QSR）共同创立。

The Company’s philosophy is rooted in world-class execution and data-driven decision making and centered around true local relevance, continuous innovation, genuine community, and absolute convenience. For more information, please visit https://www.timschina.com.

公司的理念根植于世界级的执行力和数据驱动的决策，围绕真正的本地相关性、持续创新、真实的社区和绝对的便利性展开。欲了解更多信息，请访问 https://www.timschina.com。

INVESTOR AND MEDIA CONTACTS

投资者和媒体联系方式

Investor Relations

投资者关系

Gemma Bakx

IR@timschina.com, or gemma.bakx@cartesiangroup.com

IR@timschina.com，或 gemma.bakx@cartesiangroup.com

Public and Media Relations

公共和媒体关系

Patty Yu

Patty.Yu@timschina.com


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of RMB and US$, except for number of shares)

	As of
	December 31, 2024		September 30, 2025
	RMB		RMB		US$

ASSETS
Current assets:
Cash and cash equivalents	152,368			131,609		18,487
Restricted Cash	31,869			27,720		3,894
Time deposits	-			-		-
Amount due from related parties	5,858			2,766		389
Accounts receivable, net	30,526			17,981		2,526
Inventories	37,578			40,241		5,653
Prepaid expenses and other current assets	158,882			176,017		24,724
Total current assets	417,081			396,334		55,673

Non-current assets:
Property and equipment, net	502,159			387,952		54,495
Intangible assets, net	97,019			85,868		12,062
Operating lease right-of-use assets	493,308			372,585		52,337
Other non-current assets	53,967			47,773		6,710
Total non-current assets	1,146,453			894,178		125,604
Total assets	1,563,534			1,290,512		181,277

LIABILITIES AND SHAREHOLDERS’EQUITY
Current liabilities:
Bank borrowings, current	381,263			428,034		60,126
Accounts payable	223,838			200,199		28,122
Contract liabilities	39,678			36,206		5,086
Amount due to related parties	48,117			115,541		16,230
Convertible notes, at fair value	473,716			503,780		70,766
Operating lease liabilities	178,115			177,094		24,876
Other current liabilities	191,205			155,077		21,782
Total current liabilities	1,535,932			1,615,931		226,988

Non-current liabilities:
Convertible notes, at fair value	464,847			425,619		59,786
Contract liabilities	8,022			9,738		1,368
Operating lease liabilities	380,075			263,203		36,972
Other non-current liabilities	7,673			7,456		1,048
Total non-current liabilities	860,617			706,016		99,174
Total liabilities	2,396,549			2,321,947		326,162

Shareholders’ equity:
Ordinary shares	10			10		1
Additional paid-in capital	1,818,421			1,821,586		255,877
Accumulated losses	(2,668,505	)		(2,874,875	)	(403,831	)
Accumulated other comprehensive income	9,185			16,229		2,279
Treasury shares	-			-		-
Total deficit attributable to shareholders of the Company	(840,889	)		(1,037,050	)	(145,674	)
Non-controlling interests	7,874			5,615		789
Total shareholders’ deficit	(833,015	)		(1,031,435	)	(144,885	)

Commitments and Contingencies	-			-		-

Total liabilities and shareholders’ deficit	1,563,534			1,290,512		181,277


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
未经审计的简明合并资产负债表
（金额以千元人民币和美元计，除股份数量外）

	截至
	2024年12月31日		2025年9月30日
	人民币		人民币		美元

资产
流动资产：
现金及现金等价物	152,368			131,609		18,487
限制性现金	31,869			27,720		3,894
定期存款	-			-		-
应收关联方款项	5,858			2,766		389
应收账款，净额	30,526			17,981		2,526
存货	37,578			40,241		5,653
预付费用及其他流动资产	158,882			176,017		24,724
流动资产总计	417,081			396,334		55,673

非流动资产：
房产及设备，净额	502,159			387,952		54,495
无形资产，净额	97,019			85,868		12,062
租赁使用权资产	493,308			372,585		52,337
其他非流动资产	53,967			47,773		6,710
非流动资产总计	1,146,453			894,178		125,604
资产总计	1,563,534			1,290,512		181,277

负债及股东权益
流动负债：
银行借款，流动	381,263			428,034		60,126
应付账款	223,838			200,199		28,122
合同负债	39,678			36,206		5,086
应付关联方款项	48,117			115,541		16,230
可转换票据，公允价值	473,716			503,780		70,766
租赁负债	178,115			177,094		24,876
其他流动负债	191,205			155,077		21,782
流动负债总计	1,535,932			1,615,931		226,988

非流动负债：
可转换票据，公允价值	464,847			425,619		59,786
合同负债	8,022			9,738		1,368
租赁负债	380,075			263,203		36,972
其他非流动负债	7,673			7,456		1,048
非流动负债总计	860,617			706,016		99,174
负债总计	2,396,549			2,321,947		326,162

股东权益：
普通股	10			10		1
额外实收资本	1,818,421			1,821,586		255,877
累计亏损	(2,668,505	)		(2,874,875	)	(403,831	)
累计其他综合收益	9,185			16,229		2,279
库存股	-			-		-
归属于公司的股东总亏损	(840,889	)		(1,037,050	)	(145,674	)
非控股权益	7,874			5,615		789
股东总亏损	(833,015	)		(1,031,435	)	(144,885	)

承诺与或有事项	-			-		-

负债及股东总亏损总计	1,563,534			1,290,512		181,277


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(Amounts in thousands of RMB and US$, except for per share data)

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Revenues:
Company owned and operated stores	299,455			282,884		39,736			918,141		819,515		115,117
Other revenues	60,099			75,134		10,554			140,392		188,221		26,439
Total revenues	359,554			358,018		50,290			1,058,533		1,007,736		141,556

Costs and expenses, net:
Company owned and operated stores
Food and packaging	86,855			86,538		12,156			289,289		248,817		34,951
Rental and property management fee	57,799			55,133		7,744			184,571		168,252		23,634
Payroll and employee benefits	50,683			48,532		6,817			176,662		148,779		20,899
Delivery costs	30,805			37,243		5,233			90,587		97,622		13,713
Other operating expenses	23,678			24,142		3,391			72,291		62,584		8,791
Store depreciation and amortization	29,792			26,570		3,732			93,540		81,717		11,479
Company owned and operated store costs and expenses	279,612			278,158		39,073			906,940		807,771		113,467

Costs of other revenues	45,330			51,767		7,272			105,080		129,795		18,232
Marketing expenses	18,496			15,824		2,223			51,085		47,159		6,624
General and administrative expenses	39,752			51,799		7,274			134,002		141,307		19,850
Franchise and royalty expenses	15,632			16,363		2,298			43,809		47,348		6,651
Other operating costs and expenses	783			120		17			10,479		1,333		187
Loss on disposal of property and equipment	1,098			2,277		320			3,716		5,257		738
Impairment losses of long-lived assets	15,585			7,985		1,122			40,386		29,088		4,086
Other income	815			621		87			5,070		2,586		363
Total costs and expenses, net	415,473			423,672		59,512			1,290,427		1,206,472		169,472

Operating loss	(55,919	)		(65,654	)	(9,222	)		(231,894	)	(198,736	)	(27,916	)

Interest income	980			1,797		252			2,221		2,880		405
Interest expenses	(4,078	)		(4,255	)	(598	)		(18,742	)	(12,662	)	(1,779	)
Foreign currency transaction gain/(loss)	(37	)		(442	)	(61	)		4,417		(493	)	(70	)
Loss of the debt extinguishment	-			-		-			(10,657	)	-		-
Changes in fair value of Deferred Contingent consideration	-			-		-			(16,941	)	-		-
Changes in fair value of convertible notes	(27,921	)		(5,209	)	(732	)		(48,461	)	866		122

Loss from continuing operations before income taxes	(86,975	)		(73,763	)	(10,361	)		(320,057	)	(208,145	)	(29,238	)
Income tax expenses	(410	)		-		-			(1,499	)	(484	)	(68	)
Net loss from continuing operations	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

Discontinued operations：
Income from discontinued operations before income taxes (including gain on disposal of Popeyes business RMB66,203 thousand in 2024) before income taxes	-			-		-			44,959		-		-
Income tax expenses	-			-		-			-		-		-
Net income from discontinued operations	-			-		-			44,959		-		-

Net loss	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

Less: Net income/(loss) attributable to non-controlling interests	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
Net income/(loss) attributable to shareholders of the Company
-from continuing operations	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
-from discontinued operations	-			-		-			44,959		-		-
Basic and diluted loss per Ordinary Share	(2.75	)		(2.24	)	(0.31	)		(8.65	)	(6.34	)	(0.89	)

Net loss	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

Other comprehensive income/(loss)
Unrealized gain on short-term investment, net of nil income taxes	-			-		-			-		-		-
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes	1,280			(2,683	)	(377	)		(213	)	(2,539	)	(357	)
Foreign currency translation adjustment, net of nil income taxes	10,866			6,406		900			5,765		9,583		1,347

Total comprehensive loss	(75,239	)		(70,040	)	(9,838	)		(271,045	)	(201,585	)	(28,316	)

Less: Comprehensive income/(loss) attributable to non-controlling interests	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
Comprehensive loss attributable to shareholders of the Company	(76,705	)		(69,171	)	(9,716	)		(274,971	)	(199,326	)	(27,999	)


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
未经审计的合并损益及综合收益表
（金额以千元人民币和美元计，除每股数据外）

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
收入：
公司自营门店	299,455			282,884		39,736			918,141		819,515		115,117
其他收入	60,099			75,134		10,554			140,392		188,221		26,439
总收入	359,554			358,018		50,290			1,058,533		1,007,736		141,556

成本和费用，净额：
公司自营门店
食品和包装	86,855			86,538		12,156			289,289		248,817		34,951
租金和物业管理费	57,799			55,133		7,744			184,571		168,252		23,634
工资和员工福利	50,683			48,532		6,817			176,662		148,779		20,899
交付成本	30,805			37,243		5,233			90,587		97,622		13,713
其他运营费用	23,678			24,142		3,391			72,291		62,584		8,791
门店折旧和摊销	29,792			26,570		3,732			93,540		81,717		11,479
公司自营门店成本和费用	279,612			278,158		39,073			906,940		807,771		113,467

其他收入成本	45,330			51,767		7,272			105,080		129,795		18,232
营销费用	18,496			15,824		2,223			51,085		47,159		6,624
一般和行政费用	39,752			51,799		7,274			134,002		141,307		19,850
特许经营和特许权使用费	15,632			16,363		2,298			43,809		47,348		6,651
其他运营成本和费用	783			120		17			10,479		1,333		187
处置物业和设备的损失	1,098			2,277		320			3,716		5,257		738
长期资产减值损失	15,585			7,985		1,122			40,386		29,088		4,086
其他收入	815			621		87			5,070		2,586		363
总成本和费用，净额	415,473			423,672		59,512			1,290,427		1,206,472		169,472

营业亏损	(55,919	)		(65,654	)	(9,222	)		(231,894	)	(198,736	)	(27,916	)

利息收入	980			1,797		252			2,221		2,880		405
利息费用	(4,078	)		(4,255	)	(598	)		(18,742	)	(12,662	)	(1,779	)
外币交易损益	(37	)		(442	)	(61	)		4,417		(493	)	(70	)
债务清偿损失	-			-		-			(10,657	)	-		-
延期或有条件对价公允价值变动	-			-		-			(16,941	)	-		-
可转换债券公允价值变动	(27,921	)		(5,209	)	(732	)		(48,461	)	866		122

持续经营损失（税前）	(86,975	)		(73,763	)	(10,361	)		(320,057	)	(208,145	)	(29,238	)
所得税费用	(410	)		-		-			(1,499	)	(484	)	(68	)
持续经营净亏损	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

终止经营：
终止经营的收入（包括 2024 年处置 Popeyes 业务的收益人民币 66,203 千元）	-			-		-			44,959		-		-
所得税费用	-			-		-			-		-		-
终止经营净收入	-			-		-			44,959		-		-

净亏损	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

减：归属于非控股权益的净收入/(亏损)	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
归属于公司股东的净收入/(亏损)
-来自持续经营	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
-来自终止经营	-			-		-			44,959		-		-
每普通股基本和稀释亏损	(2.75	)		(2.24	)	(0.31	)		(8.65	)	(6.34	)	(0.89	)

净亏损	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

其他综合收益/(亏损)
未实现的短期投资收益，净额无所得税	-			-		-			-		-		-
可转换债券因特定信用风险的公允价值变动，净额无所得税	1,280			(2,683	)	(377	)		(213	)	(2,539	)	(357	)
外币翻译调整，净额无所得税	10,866			6,406		900			5,765		9,583		1,347

综合亏损总额	(75,239	)		(70,040	)	(9,838	)		(271,045	)	(201,585	)	(28,316	)

减：归属于非控股权益的综合收益/(亏损)	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
归属于公司股东的综合亏损	(76,705	)		(69,171	)	(9,716	)		(274,971	)	(199,326	)	(27,999	)


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Net cash provided by/(used in) operating activities	(12,999	)		(1,713	)	(241	)		(8,038	)	(3,107	)	(436	)
Net cash used in investing activities	7,426			(13,602	)	(1,911	)		(21,259	)	(66,975	)	(9,408	)
Net cash provided by/(used in) financing activities	27,980			(3,326	)	(467	)		16,204		46,787		6,572
Effect of foreign currency exchange rate changes on cash	5,460			(788	)	(109	)		6,240		(1,613	)	(226	)
Net decrease in cash	27,867			(19,429	)	(2,728	)		(6,853	)	(24,908	)	(3,498	)
Cash and cash equivalents and restricted cash, at beginning of the period	168,867			178,758		25,109			203,587		184,237		25,879
Cash and cash equivalents and restricted cash, at end of the period	196,734			159,329		22,381			196,734		159,329		22,381


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
未经审计的合并现金流量表
（金额以千元人民币和美元计）

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
经营活动提供的净现金/(使用的净现金)	(12,999	)		(1,713	)	(241	)		(8,038	)	(3,107	)	(436	)
投资活动使用的净现金	7,426			(13,602	)	(1,911	)		(21,259	)	(66,975	)	(9,408	)
融资活动提供的净现金/(使用的净现金)	27,980			(3,326	)	(467	)		16,204		46,787		6,572
外汇汇率变动对现金的影响	5,460			(788	)	(109	)		6,240		(1,613	)	(226	)
现金净减少	27,867			(19,429	)	(2,728	)		(6,853	)	(24,908	)	(3,498	)
期初现金及现金等价物和受限现金	168,867			178,758		25,109			203,587		184,237		25,879
期末现金及现金等价物和受限现金	196,734			159,329		22,381			196,734		159,329		22,381


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data)

A. Company owned and operated store contribution

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Revenues - company owned and operated stores	299,455			282,884		39,736			918,141		819,515		115,117
Food and packaging costs - company owned and operated stores	(86,855	)		(86,538	)	(12,156	)		(289,289	)	(248,817	)	(34,951	)
Rental expenses - company owned and operated stores	(57,799	)		(55,133	)	(7,744	)		(184,571	)	(168,252	)	(23,634	)
Payroll and employee benefits - company owned and operated stores	(50,683	)		(48,532	)	(6,817	)		(176,662	)	(148,779	)	(20,899	)
Delivery costs - company owned and operated stores	(30,805	)		(37,243	)	(5,233	)		(90,587	)	(97,622	)	(13,713	)
Other operating expenses - company owned and operated stores	(23,678	)		(24,142	)	(3,391	)		(72,291	)	(62,584	)	(8,791	)
Store depreciation and amortization	(29,792	)		(26,570	)	(3,732	)		(93,540	)	(81,717	)	(11,479	)
Franchise and royalty expenses - company owned and operated stores	(9,713	)		(9,510	)	(1,336	)		(30,101	)	(27,345	)	(3,841	)
Fully-burdened gross (loss) profit - company owned and operated stores	10,130			(4,784	)	(673	)		(18,900	)	(15,601	)	(2,191	)
Store depreciation and amortization	29,792			26,570		3,732			93,540		81,717		11,479

Company owned and operated store contribution	39,922			21,786		3,059			74,640		66,116		9,288
Company owned and operated store contribution margin	13.3	%		7.7	%	7.7	%		8.1	%	8.1	%	8.1	%

B. Adjusted general and administrative expenses

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
General and administrative expenses from continuing operations	(39,752	)		(51,799	)	(7,274	)		(134,002	)	(141,307	)	(19,850	)
Adjusted for:
Share-based compensation expenses	1,375			566		80			1,260		2,391		336
Professional fees related to financing programs	-			-		-			10,464		1,007		141
Impairment losses of rental deposits	-			3,954		555			2,457		8,850		1,243
Adjusted General and administrative expenses	(38,377	)		(47,279	)	(6,639	)		(119,821	)	(129,059	)	(18,130	)
Adjusted General and administrative expenses as a % of total revenue	10.7	%		13.2	%	13.2	%		11.3	%	12.8	%	12.8	%

C. Adjusted corporate EBITDA and adjusted corporate EBITDA margin

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Operating loss from continuing operations	(55,919	)		(65,654	)	(9,222	)		(231,894	)	(198,736	)	(27,916	)
Adjusted for:
Depreciation and amortization	39,896			35,900		5,043			123,478		110,071		15,462
Share-based compensation expenses	1,375			566		80			1,260		2,391		336
Impairment losses of rental deposits	-			3,954		555			2,457		8,850		1,243
One-off expense of store closure	-			-		-			3,181		-		-
Professional fees related to financing programs	-			-		-			10,464		1,007		141
Impairment losses of long-lived assets	15,585			7,985		1,122			40,386		29,088		4,086
Loss on disposal of property and equipment	1,098			2,277		320			3,716		5,257		738
Adjusted Corporate EBITDA	2,035			(14,972	)	(2,102	)		(46,952	)	(42,072	)	(5,910	)
Adjusted Corporate EBITDA Margin	0.6	%		-4.2	%	-4.2	%		-4.4	%	-4.2	%	-4.2	%


D. Adjusted net loss and adjusted net loss margin

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Net loss from continuing operations	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

Adjusted for:
Share-based compensation expenses	1,375			566		80			1,260		2,391		336
Professional fees related to financing programs	-			-		-			10,464		1,007		141
Impairment losses of long-lived assets	15,585			7,985		1,122			40,386		29,088		4,086
Impairment losses of rental deposits	-			3,954		555			2,457		8,850		1,243
One-off expense of store closure	-			-		-			3,181		-		-
Loss on disposal of property and equipment	1,098			2,277		320			3,716		5,257		738
Loss of the debt extinguishment	-			-		-			10,657		-		-
Changes in fair value of Deferred Contingent consideration	-			-		-			16,941		-		-
Changes in fair value of convertible notes	27,921			5,209		732			48,461		(866	)	(122	)
Adjusted Net loss	(41,406	)		(53,772	)	(7,552	)		(184,033	)	(162,902	)	(22,884	)
Adjusted Net loss Margin	-11.5	%		-15.0	%	-15.0	%		-17.4	%	-16.2	%	-16.2	%

E. Adjusted basic and diluted net loss per Ordinary Share

	For the three months ended September 30,		For the nine months ended September 30,
	2024		2025		2024	2025
	RMB		RMB		US$	RMB		RMB		US$
Net loss from continuing operations to shareholders of the Company	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
Adjusted for:
Share-based compensation expenses	1,375			566		80			1,260		2,391		336
Professional fees related to financing programs	-			-		-			10,464		1,007		141
Impairment losses of long-lived assets	15,585			7,985		1,122			40,386		29,088		4,086
Impairment losses of rental deposits	-			3,954		555			2,457		8,850		1,243
One-off expense of store closure	-			-		-			3,181		-		-
Loss on disposal of property and equipment	1,098			2,277		320			3,716		5,257		738
Loss of the debt extinguishment	-			-		-			10,657		-		-
Changes in fair value of Deferred Contingent consideration	-			-		-			16,941		-		-
Changes in fair value of convertible notes	27,921			5,209		732			48,461		(866	)	(122	)
Adjusted Net loss attributable to shareholders of the Company	(42,872	)		(52,903	)	(7,430	)		(187,959	)	(160,643	)	(22,567	)
Weighted average shares outstanding used in calculating basic and diluted loss per share	32,479,266			32,544,164		32,544,164			32,410,787		32,542,071		32,542,071
Adjusted basic and diluted net loss per Ordinary Share	(1.32	)		(1.63	)	(0.23	)		(5.80	)	(4.94	)	(0.69	)


TH INTERNATIONAL LIMITED AND SUBSIDIARIES
非 GAAP 指标与最直接可比的 GAAP 指标的调节
（未经审计，金额以千元人民币和美元计，除股票数量和每股数据外）

A. 公司自营门店贡献

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
自营门店收入	299,455			282,884		39,736			918,141		819,515		115,117
自营门店食品及包装成本	(86,855	)		(86,538	)	(12,156	)		(289,289	)	(248,817	)	(34,951	)
自营门店租赁费用	(57,799	)		(55,133	)	(7,744	)		(184,571	)	(168,252	)	(23,634	)
自营门店工资及员工福利	(50,683	)		(48,532	)	(6,817	)		(176,662	)	(148,779	)	(20,899	)
自营门店配送成本	(30,805	)		(37,243	)	(5,233	)		(90,587	)	(97,622	)	(13,713	)
自营门店其他运营费用	(23,678	)		(24,142	)	(3,391	)		(72,291	)	(62,584	)	(8,791	)
自营门店折旧和摊销	(29,792	)		(26,570	)	(3,732	)		(93,540	)	(81,717	)	(11,479	)
自营门店特许经营和特许权使用费	(9,713	)		(9,510	)	(1,336	)		(30,101	)	(27,345	)	(3,841	)
自营门店完全负担的毛（亏损）利润	10,130			(4,784	)	(673	)		(18,900	)	(15,601	)	(2,191	)
自营门店折旧和摊销	29,792			26,570		3,732			93,540		81,717		11,479

公司自营门店贡献	39,922			21,786		3,059			74,640		66,116		9,288
公司自营门店贡献率	13.3	%		7.7	%	7.7	%		8.1	%	8.1	%	8.1	%

B. 调整后的一般和行政费用

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
持续经营的一般和行政费用	(39,752	)		(51,799	)	(7,274	)		(134,002	)	(141,307	)	(19,850	)
调整为：
股权激励费用	1,375			566		80			1,260		2,391		336
与融资项目相关的专业费用	-			-		-			10,464		1,007		141
租赁押金的减值损失	-			3,954		555			2,457		8,850		1,243
调整后的一般和行政费用	(38,377	)		(47,279	)	(6,639	)		(119,821	)	(129,059	)	(18,130	)
调整后的一般和行政费用占总收入的百分比	10.7	%		13.2	%	13.2	%		11.3	%	12.8	%	12.8	%

C. 调整后的企业 EBITDA 和调整后的企业 EBITDA 利润率

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
持续经营的经营亏损	(55,919	)		(65,654	)	(9,222	)		(231,894	)	(198,736	)	(27,916	)
调整为：
折旧和摊销	39,896			35,900		5,043			123,478		110,071		15,462
股权激励费用	1,375			566		80			1,260		2,391		336
租赁押金的减值损失	-			3,954		555			2,457		8,850		1,243
门店关闭的一次性费用	-			-		-			3,181		-		-
与融资项目相关的专业费用	-			-		-			10,464		1,007		141
长期资产的减值损失	15,585			7,985		1,122			40,386		29,088		4,086
处置物业和设备的损失	1,098			2,277		320			3,716		5,257		738
调整后的企业 EBITDA	2,035			(14,972	)	(2,102	)		(46,952	)	(42,072	)	(5,910	)
调整后的企业 EBITDA 利润率	0.6	%		-4.2	%	-4.2	%		-4.4	%	-4.2	%	-4.2	%


D. 调整后的净亏损和调整后的净亏损率

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
持续经营的净亏损	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

调整为：
股权激励费用	1,375			566		80			1,260		2,391		336
与融资项目相关的专业费用	-			-		-			10,464		1,007		141
长期资产的减值损失	15,585			7,985		1,122			40,386		29,088		4,086
租赁押金的减值损失	-			3,954		555			2,457		8,850		1,243
门店关闭的一次性费用	-			-		-			3,181		-		-
处置物业和设备的损失	1,098			2,277		320			3,716		5,257		738
债务解除损失	-			-		-			10,657		-		-
延期或有条件对价公允价值的变动	-			-		-			16,941		-		-
可转换票据公允价值的变动	27,921			5,209		732			48,461		(866	)	(122	)
调整后的净亏损	(41,406	)		(53,772	)	(7,552	)		(184,033	)	(162,902	)	(22,884	)
调整后的净亏损率	-11.5	%		-15.0	%	-15.0	%		-17.4	%	-16.2	%	-16.2	%

E. 调整后的基本和稀释每股净亏损

	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2024		2025		2024	2025
	人民币		人民币		美元	人民币		人民币		美元
持续经营的净亏损归属于公司股东	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
调整为：
股权激励费用	1,375			566		80			1,260		2,391		336
与融资项目相关的专业费用	-			-		-			10,464		1,007		141
长期资产的减值损失	15,585			7,985		1,122			40,386		29,088		4,086
租赁押金的减值损失	-			3,954		555			2,457		8,850		1,243
门店关闭的一次性费用	-			-		-			3,181		-		-
处置物业和设备的损失	1,098			2,277		320			3,716		5,257		738
债务解除损失	-			-		-			10,657		-		-
延期或有条件对价公允价值的变动	-			-		-			16,941		-		-
可转换票据公允价值的变动	27,921			5,209		732			48,461		(866	)	(122	)
调整后的归属于公司股东的净亏损	(42,872	)		(52,903	)	(7,430	)		(187,959	)	(160,643	)	(22,567	)
计算基本和稀释每股亏损所用的加权平均流通股数	32,479,266			32,544,164		32,544,164			32,410,787		32,542,071		32,542,071
调整后的基本和稀释每股净亏损	(1.32	)		(1.63	)	(0.23	)		(5.80	)	(4.94	)	(0.69	)

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