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

系統銷售同比增長 12.8%，達到人民幣 4.199 億元

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

公司自營門店同店銷售增長 3.3%

27.9 Million Registered Loyalty Club Members at Quarter-End,

截至季度末註冊的忠誠俱樂部會員達到 2790 萬

Representing 22.3% Year-over-Year Growth

同比增長 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.

上海和紐約，2025年12月9日（全球新聞稿）—— TH International Limited（納斯達克：THCH），中國 Tim Hortons 咖啡店的獨家運營商（“Tims China” 或 “公司”），今天公佈了 2025 年第三季度未經審計的財務業績。

THIRD QUARTER 2025 HIGHLIGHTS

2025 年第三季度亮點

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.

總收入 為人民幣 3.580 億元（美元 5030 萬元），較 2024 年同季度下降 0.4%。
系統銷售 1 為人民幣 4.199 億元（美元 5900 萬元），較 2024 年同季度增長 12.8%。
淨新開門店 總計 15 家（新開 38 家定製門店，關閉 23 家非定製門店，其中 7 家為 Tims Express 門店）。
公司自營門店同店銷售增長 為正 3.3%。
系統範圍內門店同店銷售增長 為正 1.3%。
公司自營門店貢獻 2，之前報告為調整後的門店 EBITDA，為人民幣 2180 萬元（美元 310 萬元），相比 2024 年同季度的人民幣 3990 萬元有所下降。
公司自營門店貢獻率 3，之前報告為調整後的門店 EBITDA 率，為 7.7%，相比 2024 年同季度的 13.3% 有所下降。
截至2025年9月30日註冊的忠誠俱樂部會員 總計 2790 萬名，較去年同期增長 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 系統銷售是指來自公司自營門店和特許經營門店的銷售產生的商品總值。

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

2 公司自營門店貢獻是指公司自營門店的全額負擔毛利潤 4，排除折舊和攤銷。

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 公司自營門店貢獻率是指公司自營門店貢獻佔公司自營門店收入的百分比。

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 公司自營門店的全額負擔毛利潤是與公司自營門店貢獻最直接可比的 GAAP 指標，截至2025年9月30日的三個月內為人民幣 480 萬元（美元 70 萬元）的虧損，而 2024 年同季度為人民幣 1010 萬元的利潤。

COMPANY MANAGEMENT STATEMENT

公司管理層聲明

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 首席執行官兼董事盧永辰先生表示：“在第三季度，我們恢復了正的淨新開門店，並在系統銷售中保持了強勁的勢頭，實現了同比增長 12.8%。隨着我們在第二季度推出的成功 “輕食午餐盒” 平台產品，我們進一步增強了差異化的 “咖啡 + 新鮮食品” 戰略，推動了公司自營門店 3.3% 的同店銷售增長。同時，我們的子特許經營和零售業務繼續為現金流和盈利能力做出穩定貢獻。本季度其他收入的利潤同比增長 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 首席財務官李東（Albert）先生評論道：“我們很高興地宣佈成功發行約 8990 萬美元的高級擔保可轉換票據，期限至 2029 年 9 月，重組我們 2027 年到期的無擔保可轉換票據，並回購我們 2026 年到期的所有浮動利率可轉換高級票據的未償還金額。這些戰略交易使我們能夠專注於全國範圍內整體門店網絡和核心 Tim Hortons 品牌的發展。”

THIRD QUARTER 2025 FINANCIAL RESULTS

2025 年第三季度財務業績

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:

總收入 為人民幣 3.580 億元（美元 5030 萬元），截至2025年9月30日的三個月內，較 2024 年同季度的人民幣 3.596 億元下降 0.4%。總收入包括：

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.

公司自營門店的收入 為人民幣 2.829 億元（美元 3970 萬元），截至2025年9月30日的三個月內，較 2024 年同季度的人民幣 2.995 億元下降 5.5%。下降主要是由於關閉了一些表現不佳的門店，部分被 2025 年第三季度公司自營門店 3.3% 的同店銷售增長所抵消。下降還歸因於訂單數量從 2024 年第三季度的 1070 萬增加到 2025 年同季度的 1080 萬，抵消了平均消費額同比下降 5.7%。
其他收入 為人民幣 7510 萬元（美元 1060 萬元），截至2025年9月30日的三個月內，較 2024 年同季度的人民幣 6010 萬元增長 25.0%。增長主要是由於我們的特許經營業務擴展，特許經營門店數量從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:

公司自營門店的成本和費用 為人民幣 2.782 億元（美元 3910 萬元），截至2025年9月30日的三個月內，較 2024 年同季度的人民幣 2.796 億元下降 0.5%。公司自營門店的成本和費用包括：

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.

食品和包裝成本 在截至2025年9月30日的三個月內為人民幣 8650 萬元（美元 1220 萬元），較 2024 年同季度的人民幣 8690 萬元下降 0.4%，與收入趨勢一致。食品和包裝成本佔公司自營門店收入的比例從 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 個百分點。
租金和物業管理費 在截至2025年9月30日的三個月內為人民幣 5510 萬元（美元 770 萬元），較 2024 年同季度的人民幣 5780 萬元下降 4.6%，與收入趨勢一致。租金和物業管理費佔公司自營門店收入的比例從 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 個百分點。
工資和員工福利支出 在截至2025年9月30日的三個月內為人民幣 4850 萬元（美元 680 萬元），較 2024 年同季度的人民幣 5070 萬元下降 4.2%，與收入趨勢一致。工資和員工福利支出佔公司自營門店收入的比例從 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 個百分點，這主要是由於全職員工的排班比例在整體工作時間中提高所致。
配送成本 在截至2025年9月30日的三個月內為人民幣 3720 萬元（美元 520 萬元），較 2024 年同季度的人民幣 3080 萬元增長 20.9%，與配送訂單從 2024 年第三季度的 570 萬單增加到 2025 年同季度的 690 萬單的 20.9% 增長一致。配送成本佔公司自營門店收入的比例從 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 個百分點，這主要是由於配送收入在公司自營門店總收入中的比例提高所致。
其他運營費用 在截至2025年9月30日的三個月內為人民幣 2410 萬元（美元 340 萬元），較 2024 年同季度的人民幣 2370 萬元增長 2.0%，這主要是由於公用事業和維護成本的增加。其他運營費用佔公司自營門店收入的比例從 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 個百分點。
門店折舊和攤銷費用 在截至2025年9月30日的三個月內為人民幣 2660 萬元（美元 370 萬元），較 2024 年同季度的人民幣 2980 萬元下降 10.8%，這主要是由於與公司自營門店關閉相關的資產和設備減值，以及由於我們改善門店單位經濟的舉措導致的每家門店資本支出減少。門店折舊和攤銷佔公司自營門店收入的比例從 2024 年第三季度的 9.9% 下降至 2025 年第三季度的 9.4%，減少了 0.5 個百分點。

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日的三個月內為人民幣 5180 萬元（美元 730 萬元），較 2024 年同季度的人民幣 4530 萬元增長 14.2%，這主要是由於特許經營業務產生的收入增加，因為我們的特許經營門店數量從2024年9月30日的 382 家增加到2025年9月30日的 479 家。其他收入成本佔其他收入的比例從 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 個百分點，這得益於我們在 2025 年第三季度特許經營業務中獲得的更高利潤率。

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.

市場營銷費用 在截至2025年9月30日的三個月內為人民幣 1580 萬元（美元 220 萬元），較 2024 年同季度的人民幣 1850 萬元下降 14.4%，這得益於我們的成本優化措施和品牌影響力的提升。因此，市場營銷費用佔總收入的比例從 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 個百分點。

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.

一般和行政費用 在截至2025年9月30日的三個月內為人民幣 5180 萬元（美元 730 萬元），較 2024 年同季度的人民幣 3980 萬元增長 30.3%，這主要是由於：(i) 與審計、IT 和商務旅行相關的外部服務費用增加了人民幣 540 萬元（美元 80 萬元）；(ii) 租賃押金減值損失和應收賬款信用損失增加了人民幣 1310 萬元（美元 180 萬元）；部分抵消了總部員工薪酬成本減少人民幣 420 萬元（美元 60 萬元）和折舊及攤銷減少人民幣 150 萬元（美元 20 萬元）。因此，調整後的一般和行政費用（不包括：(i) 股權激勵費用人民幣 60 萬元（美元 10 萬元），和 (ii) 租賃押金減值損失人民幣 400 萬元（美元 60 萬元））為人民幣 4730 萬元（美元 660 萬元），較 2024 年同季度的人民幣 3840 萬元增長 23.2%。調整後的一般和行政費用佔總收入的比例從 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 個百分點。有關公司非 GAAP 財務指標的更多信息，請參見本財報末尾的 “非 GAAP 財務指標的使用” 和 “非 GAAP 指標與最直接可比的 GAAP 指標的調節”。

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.

特許經營和特許權費用 在截至2025年9月30日的三個月內為人民幣 1640 萬元（美元 230 萬元），較 2024 年同季度的人民幣 1560 萬元增長了 4.7%，主要由於攤銷的前期特許經營費用增加和適用的特許權費率提高。因此，特許經營和特許權費用佔總收入的比例從 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.

長期資產減值損失 在截至2025年9月30日的三個月內為人民幣 800 萬元（美元 110 萬元），而 2024 年同季度為人民幣 1560 萬元，主要由於計劃關閉表現不佳的公司自營門店數量減少。

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，營業虧損 在截至2025年9月30日的三個月內為人民幣 6570 萬元（美元 920 萬元），而 2024 年同季度為人民幣 5590 萬元。

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.

調整後的企業 EBITDA 在截至2025年9月30日的三個月內為虧損人民幣 1500 萬元（美元 210 萬元），而 2024 年同季度為盈利人民幣 200 萬元。調整後的企業 EBITDA 利潤率在 2025 年第三季度為負 4.2%，而 2024 年同季度為正 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.

持續經營的淨虧損 在截至2025年9月30日的三個月內為人民幣 7380 萬元（美元 1040 萬元），而 2024 年同季度為人民幣 8740 萬元。調整後的淨虧損 在截至2025年9月30日的三個月內為人民幣 5380 萬元（美元 760 萬元），而 2024 年同季度為人民幣 4140 萬元。調整後的淨虧損率在 2025 年第三季度為負 15.0%，而 2024 年同季度為負 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.

淨虧損 在截至2025年9月30日的三個月內為人民幣 7380 萬元（美元 1040 萬元），而 2024 年同季度為人民幣 8740 萬元。

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.

每股基本和稀釋虧損 在 2025 年第三季度為人民幣 2.24（美元 0.31），而 2024 年同季度為人民幣 2.75。調整後的每股基本和稀釋淨虧損 在 2025 年第三季度為人民幣 1.63（美元 0.23），而 2024 年同季度為人民幣 1.32。

Liquidity

流動性

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，公司總現金及現金等價物、受限現金和定期存款為人民幣 1.593 億元（美元 2240 萬元），而截至2024年12月31日為人民幣 1.842 億元。變化主要歸因於因業務擴展而產生的現金支出，部分被額外銀行借款的提款所抵消。

KEY OPERATING DATA

關鍵運營數據


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%


僅限 Tims	截至或截至的三個月
（不包括停業業務）	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

總門店數	907	946	1,022	1,024	1,015	1,030
公司自營門店數	574	564	576	569	566	551
特許經營門店數	333	382	446	455	449	479
按需定製（MTO）門店數	82	485	632	652	692	730
非 MTO 門店數	825	461	390	372	323	300
系統內門店同店銷售增長	-14.6%	-21.7%	-13.3%	-7.8%	-4.8%	1.3%
公司自營門店同店銷售增長	-13.8%	-20.7%	-12.3%	-6.5%	-3.6%	3.3%
註冊忠誠俱樂部會員（千人）	21,403	22,815	24,045	25,150	26,192	27,900
公司自營門店貢獻（人民幣千元）	32,429	39,922	12,973	17,154	27,176	21,786
公司自營門店貢獻率	10.1%	13.3%	4.8%	6.7%	9.6%	7.7%

KEY DEFINITIONS

關鍵定義

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.

同店銷售增長。指在某一特定期間內，經營滿 12 個月或以上的門店銷售額與前一年同一時期銷售額的百分比變化。任何超過一個月的期間的同店銷售增長等於該期間內每個月同店銷售增長的算術平均值。如果某門店在任何給定月份關閉七天或以上，則該月份及比較期間同月的銷售額將被排除在同店銷售增長的計算之外。
新開門店淨數。指在該期間內新開門店的總數減去在該期間內永久關閉的門店數量。
系統銷售。指來自公司自營門店和特許經營門店的銷售產生的商品總值。
公司自營門店貢獻（之前報告為調整後的門店 EBITDA）。計算為公司自營門店的完全負擔毛利潤，不包括折舊和攤銷。
公司自營門店貢獻率（之前報告為調整後的門店 EBITDA 率）。計算為公司自營門店貢獻佔公司自營門店收入的百分比。
調整後的一般和行政費用。計算為不包括基於股份的補償費用、與 2022 年 11 月向 CF Principal Investments LLC 發行某些普通股（“承諾股份”）相關的費用、與 ESA 相關的發行費用（“ESA 發行費用”）、根據2022年9月28日的期權協議，持有可轉換債券的投資者可選擇從控股股東處購買的 200,000 股普通股相關的費用（“期權股份”）、與權證交換及其他融資項目相關的專業費用，以及租賃押金的減值損失。
調整後的公司 EBITDA。計算為持續經營的經營損失，不包括某些非現金費用，包括折舊和攤銷、基於股份的補償費用、長期資產的減值損失、財產和設備處置損失、與承諾股份、ESA 發行費用、期權股份、權證交換及其他融資項目相關的專業費用，以及租賃押金的減值損失。
調整後的公司 EBITDA 率。計算為調整後的公司 EBITDA 佔總收入的百分比。
調整後的淨虧損。計算為持續經營的淨虧損，不包括基於股份的補償費用、長期資產的減值損失、財產和設備處置損失、與承諾股份、ESA 發行費用、期權股份、權證交換及其他融資項目相關的專業費用、租賃押金的減值損失、可轉換債券公允價值變動、權證負債公允價值變動、ESA 衍生負債公允價值變動、債務解除損失及出售 Popeyes 業務的收益。
調整後的淨虧損率。計算為調整後的淨虧損佔總收入的百分比。
調整後的基本和稀釋每股淨虧損。計算為歸屬於公司普通股東的調整後淨虧損除以基本和稀釋普通股的加權平均數。

RECENT BUSINESS DEVELOPMENTS

近期業務發展

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 宣佈已簽署一項關於發行 2029 年到期的高級擔保可轉換債券（“2025 年高級擔保可轉換債券”）的最終協議，金額約為 8,990 萬美元。2025 年高級擔保可轉換債券可直接轉換為 Tims China 新發行的普通股，轉換價格為 2.7822 美元，相當於簽署前五天的成交量加權平均股價（“VWAP”）的 110%。2025 年高級擔保可轉換債券由 TH Hong Kong International Limited 100% 的股份質押及 Tims China 的全資產債券擔保。公司計劃將 2025 年高級擔保可轉換債券發行所得的一部分用於回購到期於 2026 年的可變利率可轉換高級債券的所有未償還金額。同時，Tim Hortons Restaurants International GmbH（“THRI”）和 Cartesian Capital Group 已同意將其 2024 年無擔保可轉換債券的到期日從 2027 年 6 月延長至 2029 年 9 月，轉換價格重設以與 2025 年高級擔保可轉換債券的價格保持一致。上述交易於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 宣佈推出與騰訊的 CarbonXmade 項目共同開發的創新環保吸管。該產品在 2025 年可持續社會價值創新峯會上首次亮相，並將在北京、上海和深圳的 Tims 門店推出。通過此次推廣，Tims China 旨在鼓勵消費者做出小而日常的選擇，共同支持更可持續的未來。

USE OF NON-GAAP FINANCIAL MEASURES

非 GAAP 財務指標的使用

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.

公司使用非公認會計原則（non-GAAP）財務指標，即公司自有及運營門店貢獻、公司自有及運營門店貢獻率、調整後的一般及行政費用、調整後的企業 EBITDA、調整後的企業 EBITDA 率、調整後的淨虧損、調整後的淨虧損率，以及調整後的每普通股基本和稀釋淨虧損，以評估其經營業績並用於財務和運營決策。公司定義（i）公司自有及運營門店貢獻為公司自有及運營門店的完全負擔毛利潤，不包括折舊和攤銷；（ii）公司自有及運營門店貢獻率為公司自有及運營門店貢獻佔公司自有及運營門店收入的百分比；（iii）調整後的一般及行政費用為不包括基於股份的補償費用、與承諾股份相關的費用、ESA 發行費用、期權股份、與認股權證交換及其他融資項目相關的專業費用，以及租賃押金的減值損失的一般及行政費用；（iv）調整後的企業 EBITDA 為持續經營的經營虧損，不包括某些非現金費用，包括折舊和攤銷、基於股份的補償費用、長期資產的減值損失、財產和設備處置損失、與承諾股份相關的費用、ESA 發行費用、期權股份、與認股權證交換及其他融資項目相關的專業費用，以及租賃押金的減值損失；（v）調整後的企業 EBITDA 率為調整後的企業 EBITDA 佔總收入的百分比；（vi）調整後的淨虧損為持續經營的淨虧損，不包括基於股份的補償費用、長期資產的減值損失、財產和設備處置損失、與承諾股份相關的費用、ESA 發行費用、期權股份、與認股權證交換及其他融資項目相關的專業費用、租賃押金的減值損失、可轉換票據的公允價值變動、認股權證負債的公允價值變動、ESA 衍生負債的公允價值變動、債務解除損失及出售 Popeyes 業務的收益；（vii）調整後的淨虧損率為調整後的淨虧損佔總收入的百分比；（viii）調整後的每普通股基本和稀釋淨虧損為歸屬於公司普通股股東的持續經營調整後淨虧損除以基本和稀釋普通股的加權平均數。公司認為公司自有及運營門店貢獻、公司自有及運營門店貢獻率、調整後的一般及行政費用、調整後的企業 EBITDA、調整後的企業 EBITDA 率、調整後的淨虧損、調整後的淨虧損率，以及調整後的每普通股基本和稀釋淨虧損能夠增強投資者對其財務表現的整體理解，並提供更大的可見性，以便於管理層在財務和運營決策中使用的關鍵指標。

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.

這些非公認會計原則（non-GAAP）財務指標並未根據美國公認會計原則（U.S. GAAP）定義，也未按照 U.S. GAAP 呈現。由於這些非公認會計原則財務指標作為分析工具存在侷限性，且可能並非所有公司以相同方式計算，因此它們可能無法與其他公司使用的類似標題的指標進行比較。公司通過將非公認會計原則財務指標與最接近的 U.S. GAAP 績效指標進行調節來彌補這些侷限性，在評估公司績效時應考慮這一點。有關這些非公認會計原則財務指標與最直接可比的 GAAP 財務指標的調節，請參見附表中標題為 “非公認會計原則指標與最直接可比 GAAP 指標的調節” 部分。公司鼓勵投資者及其他人全面審閲其財務信息，而不是依賴任何單一財務指標。

EXCHANGE RATE INFORMATION

匯率信息

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.

本財報發佈包含將某些人民幣金額轉換為美元（“USD”）的翻譯，僅為方便讀者。除非另有説明，所有人民幣到美元的轉換均按人民幣 7.1190 兑換 1.00 美元的匯率進行，該匯率為2025年9月30日生效的美聯儲 H.10 統計發佈中的匯率。公司不對人民幣或美元金額的轉換表示任何保證，亦不保證在任何匯率下或根本無法轉換。

CONFERENCE CALL

電話會議

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.

公司將於2025年12月9日（星期二）東部時間上午 8:00（北京時間2025年12月9日晚上 9:00）召開電話會議，討論財務業績。

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

強烈建議參與者提前註冊電話會議，使用以下提供的網絡鏈接。

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

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

參與者還可以通過以下網絡鏈接註冊觀看直播網絡廣播：

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.

網絡廣播頂部有一個 “提交您的問題” 標籤，您可以在會議前和會議期間提交您的問題。

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”.

電話會議的直播和存檔網絡廣播也將在公司投資者關係網站 https://ir.timschina.com 的 “活動和演示” 部分提供。

FORWARD-LOOKING STATEMENTS

前瞻性聲明

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.

本財報中的某些聲明可能被視為 1995 年美國私人證券訴訟改革法案 “安全港” 條款下的前瞻性聲明，例如公司進一步發展其業務和門店網絡、優化成本結構、提高運營效率以及實現盈利增長的能力。前瞻性聲明是指非歷史事實的陳述，通常與未來事件或公司的未來財務或其他績效指標相關。在某些情況下，您可以通過 “相信”、“可能”、“將”、“潛在”、“估計”、“繼續”、“預期”、“打算”、“能夠”、“會”、“項目”、“目標”、“計劃”、“期待” 或這些術語的否定形式或變體或類似術語來識別前瞻性聲明。這些前瞻性聲明受到風險和不確定性的影響，這可能導致實際結果與這些前瞻性聲明所表達或暗示的結果存在重大差異。新的風險和不確定性可能會不時出現，無法預測所有風險和不確定性。這些前瞻性聲明基於公司及其管理層認為合理的估計和假設，但本質上是不確定的，並可能發生重大變化。導致實際結果與當前預期存在重大差異的因素包括管理層無法控制的各種因素，包括但不限於一般經濟狀況以及在公司提交給證券交易委員會的 20-F 表格年報中以及其他文件中列出的 “風險因素” 和 “關於前瞻性聲明的警示聲明” 部分所述的其他風險、不確定性和因素。本通信中的任何內容均不應被視為任何人對此處所列前瞻性聲明將實現或任何此類前瞻性聲明所設想的結果將實現的陳述。您不應對本通信中的前瞻性聲明過於依賴，這些聲明僅在作出時有效，並且完全受到此處警示聲明的限制。除法律要求外，公司明確否認任何義務或承諾，公開發布任何前瞻性聲明的更新或修訂，以反映公司對此的期望變化或任何基於任何聲明的事件、條件或情況的變化。

ABOUT TH INTERNATIONAL LIMITED

關於 TH 國際有限公司

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 國際有限公司（納斯達克：THCH）（“Tims China”）是中國大陸、香港和澳門 Tim Hortons 咖啡店的獨家母公司。Tims China 由 Cartesian Capital Group 和 Tim Hortons Restaurants International（餐飲品牌國際的子公司，交易所代碼：TSX: QSR，NYSE: QSR）共同創立。

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.

公司的理念根植於世界級的執行力和數據驅動的決策，圍繞真正的本地相關性、持續創新、真實的社區和絕對的便利性展開。欲瞭解更多信息，請訪問 https://www.timschina.com。

INVESTOR AND MEDIA CONTACTS

投資者和媒體聯繫方式

Investor Relations

投資者關係

Gemma Bakx

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

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

Public and Media Relations

公共和媒體關係

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
未經審計的簡明合併資產負債表
（金額以千元人民幣和美元計，除股份數量外）

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

資產
流動資產：
現金及現金等價物	152,368			131,609		18,487
限制性現金	31,869			27,720		3,894
定期存款	-			-		-
應收關聯方款項	5,858			2,766		389
應收賬款，淨額	30,526			17,981		2,526
存貨	37,578			40,241		5,653
預付費用及其他流動資產	158,882			176,017		24,724
流動資產總計	417,081			396,334		55,673

非流動資產：
房產及設備，淨額	502,159			387,952		54,495
無形資產，淨額	97,019			85,868		12,062
租賃使用權資產	493,308			372,585		52,337
其他非流動資產	53,967			47,773		6,710
非流動資產總計	1,146,453			894,178		125,604
資產總計	1,563,534			1,290,512		181,277

負債及股東權益
流動負債：
銀行借款，流動	381,263			428,034		60,126
應付賬款	223,838			200,199		28,122
合同負債	39,678			36,206		5,086
應付關聯方款項	48,117			115,541		16,230
可轉換票據，公允價值	473,716			503,780		70,766
租賃負債	178,115			177,094		24,876
其他流動負債	191,205			155,077		21,782
流動負債總計	1,535,932			1,615,931		226,988

非流動負債：
可轉換票據，公允價值	464,847			425,619		59,786
合同負債	8,022			9,738		1,368
租賃負債	380,075			263,203		36,972
其他非流動負債	7,673			7,456		1,048
非流動負債總計	860,617			706,016		99,174
負債總計	2,396,549			2,321,947		326,162

股東權益：
普通股	10			10		1
額外實收資本	1,818,421			1,821,586		255,877
累計虧損	(2,668,505	)		(2,874,875	)	(403,831	)
累計其他綜合收益	9,185			16,229		2,279
庫存股	-			-		-
歸屬於公司的股東總虧損	(840,889	)		(1,037,050	)	(145,674	)
非控股權益	7,874			5,615		789
股東總虧損	(833,015	)		(1,031,435	)	(144,885	)

承諾與或有事項	-			-		-

負債及股東總虧損總計	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
未經審計的合併損益及綜合收益表
（金額以千元人民幣和美元計，除每股數據外）

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
收入：
公司自營門店	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
總收入	359,554			358,018		50,290			1,058,533		1,007,736		141,556

成本和費用，淨額：
公司自營門店
食品和包裝	86,855			86,538		12,156			289,289		248,817		34,951
租金和物業管理費	57,799			55,133		7,744			184,571		168,252		23,634
工資和員工福利	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
其他運營費用	23,678			24,142		3,391			72,291		62,584		8,791
門店折舊和攤銷	29,792			26,570		3,732			93,540		81,717		11,479
公司自營門店成本和費用	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
營銷費用	18,496			15,824		2,223			51,085		47,159		6,624
一般和行政費用	39,752			51,799		7,274			134,002		141,307		19,850
特許經營和特許權使用費	15,632			16,363		2,298			43,809		47,348		6,651
其他運營成本和費用	783			120		17			10,479		1,333		187
處置物業和設備的損失	1,098			2,277		320			3,716		5,257		738
長期資產減值損失	15,585			7,985		1,122			40,386		29,088		4,086
其他收入	815			621		87			5,070		2,586		363
總成本和費用，淨額	415,473			423,672		59,512			1,290,427		1,206,472		169,472

營業虧損	(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
利息費用	(4,078	)		(4,255	)	(598	)		(18,742	)	(12,662	)	(1,779	)
外幣交易損益	(37	)		(442	)	(61	)		4,417		(493	)	(70	)
債務清償損失	-			-		-			(10,657	)	-		-
延期或有條件對價公允價值變動	-			-		-			(16,941	)	-		-
可轉換債券公允價值變動	(27,921	)		(5,209	)	(732	)		(48,461	)	866		122

持續經營損失（税前）	(86,975	)		(73,763	)	(10,361	)		(320,057	)	(208,145	)	(29,238	)
所得税費用	(410	)		-		-			(1,499	)	(484	)	(68	)
持續經營淨虧損	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

終止經營：
終止經營的收入（包括 2024 年處置 Popeyes 業務的收益人民幣 66,203 千元）	-			-		-			44,959		-		-
所得税費用	-			-		-			-		-		-
終止經營淨收入	-			-		-			44,959		-		-

淨虧損	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

減：歸屬於非控股權益的淨收入/(虧損)	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
歸屬於公司股東的淨收入/(虧損)
-來自持續經營	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
-來自終止經營	-			-		-			44,959		-		-
每普通股基本和稀釋虧損	(2.75	)		(2.24	)	(0.31	)		(8.65	)	(6.34	)	(0.89	)

淨虧損	(87,385	)		(73,763	)	(10,361	)		(276,597	)	(208,629	)	(29,306	)

其他綜合收益/(虧損)
未實現的短期投資收益，淨額無所得税	-			-		-			-		-		-
可轉換債券因特定信用風險的公允價值變動，淨額無所得税	1,280			(2,683	)	(377	)		(213	)	(2,539	)	(357	)
外幣翻譯調整，淨額無所得税	10,866			6,406		900			5,765		9,583		1,347

綜合虧損總額	(75,239	)		(70,040	)	(9,838	)		(271,045	)	(201,585	)	(28,316	)

減：歸屬於非控股權益的綜合收益/(虧損)	1,466			(869	)	(122	)		3,926		(2,259	)	(317	)
歸屬於公司股東的綜合虧損	(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
未經審計的合併現金流量表
（金額以千元人民幣和美元計）

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
經營活動提供的淨現金/(使用的淨現金)	(12,999	)		(1,713	)	(241	)		(8,038	)	(3,107	)	(436	)
投資活動使用的淨現金	7,426			(13,602	)	(1,911	)		(21,259	)	(66,975	)	(9,408	)
融資活動提供的淨現金/(使用的淨現金)	27,980			(3,326	)	(467	)		16,204		46,787		6,572
外匯匯率變動對現金的影響	5,460			(788	)	(109	)		6,240		(1,613	)	(226	)
現金淨減少	27,867			(19,429	)	(2,728	)		(6,853	)	(24,908	)	(3,498	)
期初現金及現金等價物和受限現金	168,867			178,758		25,109			203,587		184,237		25,879
期末現金及現金等價物和受限現金	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 指標與最直接可比的 GAAP 指標的調節
（未經審計，金額以千元人民幣和美元計，除股票數量和每股數據外）

A. 公司自營門店貢獻

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
自營門店收入	299,455			282,884		39,736			918,141		819,515		115,117
自營門店食品及包裝成本	(86,855	)		(86,538	)	(12,156	)		(289,289	)	(248,817	)	(34,951	)
自營門店租賃費用	(57,799	)		(55,133	)	(7,744	)		(184,571	)	(168,252	)	(23,634	)
自營門店工資及員工福利	(50,683	)		(48,532	)	(6,817	)		(176,662	)	(148,779	)	(20,899	)
自營門店配送成本	(30,805	)		(37,243	)	(5,233	)		(90,587	)	(97,622	)	(13,713	)
自營門店其他運營費用	(23,678	)		(24,142	)	(3,391	)		(72,291	)	(62,584	)	(8,791	)
自營門店折舊和攤銷	(29,792	)		(26,570	)	(3,732	)		(93,540	)	(81,717	)	(11,479	)
自營門店特許經營和特許權使用費	(9,713	)		(9,510	)	(1,336	)		(30,101	)	(27,345	)	(3,841	)
自營門店完全負擔的毛（虧損）利潤	10,130			(4,784	)	(673	)		(18,900	)	(15,601	)	(2,191	)
自營門店折舊和攤銷	29,792			26,570		3,732			93,540		81,717		11,479

公司自營門店貢獻	39,922			21,786		3,059			74,640		66,116		9,288
公司自營門店貢獻率	13.3	%		7.7	%	7.7	%		8.1	%	8.1	%	8.1	%

B. 調整後的一般和行政費用

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
持續經營的一般和行政費用	(39,752	)		(51,799	)	(7,274	)		(134,002	)	(141,307	)	(19,850	)
調整為：
股權激勵費用	1,375			566		80			1,260		2,391		336
與融資項目相關的專業費用	-			-		-			10,464		1,007		141
租賃押金的減值損失	-			3,954		555			2,457		8,850		1,243
調整後的一般和行政費用	(38,377	)		(47,279	)	(6,639	)		(119,821	)	(129,059	)	(18,130	)
調整後的一般和行政費用佔總收入的百分比	10.7	%		13.2	%	13.2	%		11.3	%	12.8	%	12.8	%

C. 調整後的企業 EBITDA 和調整後的企業 EBITDA 利潤率

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
持續經營的經營虧損	(55,919	)		(65,654	)	(9,222	)		(231,894	)	(198,736	)	(27,916	)
調整為：
折舊和攤銷	39,896			35,900		5,043			123,478		110,071		15,462
股權激勵費用	1,375			566		80			1,260		2,391		336
租賃押金的減值損失	-			3,954		555			2,457		8,850		1,243
門店關閉的一次性費用	-			-		-			3,181		-		-
與融資項目相關的專業費用	-			-		-			10,464		1,007		141
長期資產的減值損失	15,585			7,985		1,122			40,386		29,088		4,086
處置物業和設備的損失	1,098			2,277		320			3,716		5,257		738
調整後的企業 EBITDA	2,035			(14,972	)	(2,102	)		(46,952	)	(42,072	)	(5,910	)
調整後的企業 EBITDA 利潤率	0.6	%		-4.2	%	-4.2	%		-4.4	%	-4.2	%	-4.2	%


D. 調整後的淨虧損和調整後的淨虧損率

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
持續經營的淨虧損	(87,385	)		(73,763	)	(10,361	)		(321,556	)	(208,629	)	(29,306	)

調整為：
股權激勵費用	1,375			566		80			1,260		2,391		336
與融資項目相關的專業費用	-			-		-			10,464		1,007		141
長期資產的減值損失	15,585			7,985		1,122			40,386		29,088		4,086
租賃押金的減值損失	-			3,954		555			2,457		8,850		1,243
門店關閉的一次性費用	-			-		-			3,181		-		-
處置物業和設備的損失	1,098			2,277		320			3,716		5,257		738
債務解除損失	-			-		-			10,657		-		-
延期或有條件對價公允價值的變動	-			-		-			16,941		-		-
可轉換票據公允價值的變動	27,921			5,209		732			48,461		(866	)	(122	)
調整後的淨虧損	(41,406	)		(53,772	)	(7,552	)		(184,033	)	(162,902	)	(22,884	)
調整後的淨虧損率	-11.5	%		-15.0	%	-15.0	%		-17.4	%	-16.2	%	-16.2	%

E. 調整後的基本和稀釋每股淨虧損

	截至 9 月 30 日的三個月		截至 9 月 30 日的九個月
	2024		2025		2024	2025
	人民幣		人民幣		美元	人民幣		人民幣		美元
持續經營的淨虧損歸屬於公司股東	(88,851	)		(72,894	)	(10,239	)		(325,482	)	(206,370	)	(28,989	)
調整為：
股權激勵費用	1,375			566		80			1,260		2,391		336
與融資項目相關的專業費用	-			-		-			10,464		1,007		141
長期資產的減值損失	15,585			7,985		1,122			40,386		29,088		4,086
租賃押金的減值損失	-			3,954		555			2,457		8,850		1,243
門店關閉的一次性費用	-			-		-			3,181		-		-
處置物業和設備的損失	1,098			2,277		320			3,716		5,257		738
債務解除損失	-			-		-			10,657		-		-
延期或有條件對價公允價值的變動	-			-		-			16,941		-		-
可轉換票據公允價值的變動	27,921			5,209		732			48,461		(866	)	(122	)
調整後的歸屬於公司股東的淨虧損	(42,872	)		(52,903	)	(7,430	)		(187,959	)	(160,643	)	(22,567	)
計算基本和稀釋每股虧損所用的加權平均流通股數	32,479,266			32,544,164		32,544,164			32,410,787		32,542,071		32,542,071
調整後的基本和稀釋每股淨虧損	(1.32	)		(1.63	)	(0.23	)		(5.80	)	(4.94	)	(0.69	)

Tims China 公佈 2025 年第三季度財務業績 | THCH 股票新聞