FQ1 Company Report

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Recent press releases and 8-K filings for FQ1.

TH International Limited (Tims China) Reports Q3 2025 Results

FQ1

Earnings

Demand Weakening

New Projects/Investments

TH International Limited (Tims China) reported total revenues of RMB 358.0 million in Q3 2025, a 0.4% decrease year-over-year, while System Sales grew 12.8% to RMB 419.9 million.
The company's adjusted corporate EBITDA margin was (4.2)% in 2025, a 480 basis point decrease year-over-year, and the company owned and operated store contribution margin was 7.7%, down 560 basis points.
Total stores reached 1,030 in Q3 2025, with 15 net new stores opened during the quarter, and the total sub-franchise stores grew to 478.
Registered Loyalty club members increased 22.3% year-over-year to 27.9 million, with digital orders representing 91.0% of revenues from company-owned stores in Q3 2025.

Dec 9, 2025, 1:00 PM

Tims China Reports Q3 2025 Financial Results and Strategic Financing

FQ1

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Tims China achieved 12.8% year-over-year system sales growth and 3.3% same-store sales growth for company-owned and operated stores in Q3 2025. Food revenues increased by 24.2% year-over-year, contributing 36.5% to sales, while delivery revenues grew by 23.1% year-over-year.
The Adjusted Corporate EBITDA margin was negative 4.2% in Q3 2025, compared to positive 0.6% in Q3 2024, primarily due to higher delivery costs and increased Adjusted General and Administrative Expenses. However, for the first nine months of 2025, Adjusted Corporate EBITDA improved by 10.4% and Adjusted Net Loss improved by 11.5%.
The company expanded its store network to 91 cities with over 1,000 stores, and its loyalty club membership grew by 22.3% year-over-year to 27.9 million as of September 30, 2025. The individual franchisee program has received over 8,400 applications and converted over 300 stores by the end of September 2025.
Tims China successfully issued $89.9 million in senior secured convertible notes due September 2029, used part of the proceeds to repurchase 2021 convertible notes due 2026, and extended the due date of 2024 unsecured convertible notes to September 2029, eliminating near-term offshore liabilities.

Dec 9, 2025, 1:00 PM

Tims China Reports Q3 2025 Financial Results with Sales Growth and Strategic Financing

FQ1

Earnings

Debt Issuance

Revenue Acceleration/Inflection

Tims China achieved 12.8% year-over-year system sales growth and 3.3% same-store sales growth for company-owned and operated stores in Q3 2025. Food revenues increased by 24.2% year-over-year, contributing a historical high of 36.5% to total sales.
The company expanded its store footprint to 91 cities and successfully converted over 300 stores through its individual franchisee program by the end of September 2025. Strategic channel stores, including those in high-speed rail stations and airports, are performing well, generating mid- to high-teens EBITDA margins with an approximate two-year payback period.
Adjusted Corporate EBITDA margin was -4.2% in Q3 2025, compared to +0.6% in Q3 2024, primarily due to a higher delivery revenue mix and increased discounts. The company aims to achieve double-digit store level margin next year through supply chain optimization, increased pricing on delivery platforms, and network optimization.
Tims China successfully issued $89.9 million senior secured convertible notes due September 2029, restructured unsecured convertible notes, and repurchased variable rate convertible senior notes, which eliminated near-term offshore liabilities.

Dec 9, 2025, 1:00 PM

Tims China Reports Q3 2025 Financial and Operational Results

FQ1

Earnings

Debt Issuance

Revenue Acceleration/Inflection

Tims China reported 12.8% year-over-year system sales growth and 3.3% same-store sales growth for company-owned and operated stores in Q3 2025, driven by a 24.2% increase in food revenues and 23.1% increase in delivery revenues.
For the first nine months of 2025, Adjusted Corporate EBITDA improved by 10.4% and Adjusted Net Loss by 11.5%; however, the Adjusted Corporate EBITDA margin for Q3 2025 was negative 4.2%, compared to positive 0.6% in Q3 2024, primarily due to higher delivery costs and discounts.
Customer engagement grew significantly, with monthly average transacting customers reaching 3.85 million in Q3 2025, a 16.7% increase year-over-year, and loyalty club members growing by 22.3% to 27.9 million. Digital orders constituted an all-time high of 91.0% of total orders.
The company successfully issued $89.9 million in senior secured convertible notes due September 2029, restructured unsecured convertible notes due 2027, and repurchased variable rate convertible senior notes due 2026, aiming to eliminate near-term offshore liabilities.
The franchise business saw revenues increase by 25.0% year-over-year, with the number of franchise stores growing from 382 to 479 as of September 30, 2025. Special channel stores under the franchise model are performing well, generating mid- to high-teens EBITDA margin and a payback of around two years.