Business
Tims China Announces Fourth Quarter and Full Year 2025 Financial Results
System Sales Increased 4.0% Year-over-Year to RMB359.4 Million 17 Net New Store Openings During the Fourth Quarter,1,047 System-Wide Stores at Year-End 2025
About this update from Th International Limited
[{"type":"text","content":"System Sales Increased 4.0% Year-over-Year to RMB359.4 Million 17 Net New Store Openings During the Fourth Quarter,1,047 System-Wide Stores at Year-End 2025 31.0 Million Registered Loyalty Club Members at Year-End,Representing 29.0% Year-over-Year Growth SHANGHAI and NEW YORK, April 14, 2026 (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 fourth quarter and full year ended December 31, 2025. FOURTH QUARTER 2025 HIGHLIGHTS Total revenues of RMB308.5 million (USD44.1 million), representing a 7.3% decrease from the same quarter of 2024. System sales1 of RMB359.4 million (USD51.4 million), representing a 4.0% increase from the same quarter of 2024. Net new store openings totaled 17 (a net openings of 40 made-to-order (“MTO”) stores and a net closure of 23 non-MTO stores, of which 13 were Tims Express stores). Company owned and operated store contribution2, previously reported as adjusted store EBITDA, was RMB9.2 million (USD1.3 million), compared to RMB13.0 million in the same quarter of 2024. Company owned and operated store contribution margin3, previously reported as adjusted store EBITDA margin, was 3.7%, compared to 4.8% in the same quarter of 2024. _________________________1 System sales is calculated as the gross merchandise value of sales generated from both company owned and operated stores and franchised stores.2 Company owned and operated store contribution is calculated as fully burdened gross profit4 of company owned and operated stores excluding depreciation & amortization. 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.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 RMB17.0 million (USD2.4 million) for the three months ended December 31, 2025, compared to a loss of RMB23.1 million in the same quarter of 2024. FULL YEAR 2025 HIGHLIGHTS Total revenues were RMB1,316.2 million (USD188.2 million), representing a 5.4% decrease from 2024. Net new store openings totaled 25 (a net openings of 138 made-to-orde...