这意味着中国现制咖啡行业的万店品牌已达到4家品牌，分别是瑞幸、库迪、幸运咖和挪瓦。 值得关注的是，挪瓦咖啡的扩张模式较为特殊。首创"咖啡+便利店"联营模式，店中店占比超60%，单 店初始投入不足2万元，2025年通过美宜佳等渠道实现日均杯量增长210%。 幸运咖创立于 2017 年，是蜜雪集团旗下现磨咖啡品牌，蜜雪集团强大的供应链为幸运咖的扩张提供了 基础。幸运咖主要产品定价仅为 6-8 元，截至目前，幸运咖的门店已覆盖全国超 300 座城市，包括一 线、二三线城市及广大下沉市场。其中，一线市场的门店数已超千家，北京地区门店数达到100家。 2025年12月，咖啡行业再次迎来里程碑时刻。继瑞幸、库迪之后，幸运咖和挪瓦咖啡的门店数量也相继 突破一万家，行业格局也正被重塑。然而，在价格战硝烟弥漫、加盟商利润日趋稀薄的背景下，这场以 极致性价比和轻资产模式驱动的扩张狂潮，究竟是开启了行业新纪元，还是预示着更激烈的洗牌与盈利 困境？ "咖啡万店俱乐部"再添两名成员 2025年成为咖啡行业的扩张大年。11月下旬，蜜雪冰城旗下的幸运咖门店破万；随后不久，挪瓦咖啡也 宣布门店总数突破一万家。 行业已经如此内卷，新涌现的万店 ...

Investment Rating - The report maintains a positive outlook on the consumer sector, emphasizing the importance of domestic demand and consumption recovery [1]. Core Insights - The consumer sector experienced a decline across various segments, with notable drops in retail, social services, food and beverage, beauty care, home appliances, and textiles [3]. - High-end liquor, particularly Moutai, is showing signs of bottoming out despite a significant price drop, indicating potential recovery as demand stabilizes [3]. - The central economic work conference highlighted the commitment to boosting domestic consumption, with policies aimed at increasing residents' income and optimizing supply of quality goods and services [3]. - The report suggests focusing on service consumption sectors, which have room for growth compared to developed countries [3]. Summary by Sections Market Weekly Review - The consumer sector saw a broad decline, with specific weekly performance metrics indicating negative trends across various sub-sectors [3][5]. - Notable stock performances included significant gains for certain companies, while others faced substantial losses [3][13][14]. Industry News and Key Company Announcements - Recent regulatory approvals and policy initiatives are expected to impact various sectors, including tourism and electric vehicles, with a focus on enhancing consumer experiences and market growth [15][16][19]. - Companies like Tim Hortons and others reported positive financial results, indicating resilience in the consumer market despite broader sector challenges [19][20].

Earnings per Share (EPS) of -$0.31, missing estimates.Actual revenue of approximately $50.3 million, below expectations.Year-over-year system sales increase of 12.8%.TH International Limited, known as Tims China, trades on the NASDAQ:THCH. It operates Tim Hortons coffee shops in China. On December 9, 2025, THCH reported its earnings before the market opened. The company had an earnings per share (EPS) of -$0.31, which was lower than the estimated EPS of -$0.14. Additionally, THCH's actual revenue was approx ...

TH International (NasdaqCM:THCH) Q3 2025 Earnings Call December 09, 2025 08:00 AM ET Company ParticipantsYongchen Lu - CEOGemma Bakx - Head of Investor RelationsAlbert Li - CFOConference Call ParticipantsSteve Silver - Security AnalystOperatorLadies and gentlemen, welcome to Tims China Third Quarter 2025 earnings conference call. All participants will be in listen-only mode during management's prepared remarks, and there will be a question-and-answer session to follow. Today's conference is being recorded. ...

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a 12.8% year-over-year growth in system sales, with food revenues increasing by 24.2% year-over-year [4][12] - Adjusted Corporate EBITDA improved by 10.4% year-over-year, while Adjusted Net Loss improved by 11.5% [5] - The average monthly transacting customers reached 3.85 million, a 16.7% increase from the same quarter in 2024 [12] - Company-owned and operated store revenues dropped by 5.5% year-over-year due to planned store closures [12][14] Business Line Data and Key Metrics Changes - Same-store sales growth for company-owned and operated stores was 3.3%, contributing to overall positive performance despite revenue drops [4][12] - Revenues from the franchise and retail business increased by 25.0% year-over-year, with the number of franchise stores rising from 382 to 479 [12][13] - Delivery revenues increased by 23.1% year-over-year, benefiting from promotional offers from delivery aggregators [4] Market Data and Key Metrics Changes - The largest loyalty club members reached 27.9 million, reflecting a 22.3% year-over-year growth [7] - The coffee sector faced intensified competition from rapidly expanding tea beverage categories, impacting market dynamics [8] Company Strategy and Development Direction - The company is focused on enhancing operational efficiencies, supply chain capabilities, and rigorous cost controls to support sustainable profit growth [17] - Strategic initiatives include expanding into special channel stores, such as high-speed train stations and airports, which have shown strong performance [29] - The company aims to improve gross margins through supply chain optimizations and new product launches [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the industry but emphasized resilience and continuous improvement in business execution [18] - The company expects to generate positive operating cash inflows and become more self-sustainable in supporting long-term growth [24][26] Other Important Information - The company successfully issued approximately $89.9 million in senior secured convertible notes and restructured existing convertible notes to focus on store network development [19] - The average payback period for sub-franchisees is two to three years, indicating attractive unit economics [6][18] Q&A Session Summary Question: Company's liquidity status and long-term financing plan - Management highlighted the successful issuance of $89.9 million in convertible notes and the extension of due dates for existing notes, allowing focus on daily operations and reducing leverage [22][23] Question: Pressure on store contribution margins and future margin profile - Management noted that lower margins were due to higher delivery revenue mix and aggressive subsidies from delivery platforms, expecting this to be temporary [26] - Plans to improve gross margins include supply chain optimizations and new product launches, aiming for double-digit store level margins next year [27] Question: Performance of strategic special channel stores - Special channel stores have performed well, generating mid- to high-teens EBITDA margins with a payback period of around two years [29]

12月9日，全球著名连锁咖啡品牌Tim Hortons中国业务(以下简称"Tims天好中国"；NASDAQ: THCH)公 布了2025年第三季度财报。财报显示，公司第三季度总营收达到3.58亿元人民币，系统销售额延续增长 态势，达到4.2亿元人民币，同比增长12.8%。 面对中国咖啡市场竞争常态化的格局，Tims天好中国坚持长期主义的发展战略，在巩固核心城市优质 点位竞争优势的基础上，积极推行兼具灵活性与前瞻性的市场渗透策略，系统性推进全国门店网络布局 的优化升级。2025年第三季度，Tims 天好中国总门店数达到1,030家，创下历史新高，其中自营门店 551家，加盟店479家，门店分布已覆盖全国91个城市。 在门店扩展的同时，会员体系也实现了规模与粘性的同步提升，为品牌发展筑牢了用户基础。截至2025 年9月30日，注册会员总数已达2,790万人，同比增长22.3%，单店平均会员数超过27,100人，构建起规 模持续扩大、价值稳步提升的核心用户池。 Tims天好中国CEO卢永臣表示："第三季度，我们实现了净新增门店数转正，并延续了系统销售额的强 劲增长势头，通过巩固差异化的"咖啡+暖食"战略，公司直营门 ...

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Core Insights - TH International Limited, the exclusive operator of Tim Hortons in China, reported a 12.8% year-over-year increase in system sales, reaching RMB 419.9 million (USD 59.0 million) for Q3 2025 [1][7] - The company achieved a positive same-store sales growth of 3.3% for company-owned and operated stores, while system-wide same-store sales growth was 1.3% [1][7] - The number of registered loyalty club members grew to 27.9 million, reflecting a 22.3% year-over-year increase [1][7] Financial Performance - Total revenues for Q3 2025 were RMB 358.0 million (USD 50.3 million), a slight decrease of 0.4% from RMB 359.6 million in Q3 2024 [7][8] - Company-owned and operated store contribution was RMB 21.8 million (USD 3.1 million), down from RMB 39.9 million in the same quarter of 2024 [7][8] - The adjusted corporate EBITDA was a loss of RMB 15.0 million (USD 2.1 million) for Q3 2025, compared to a gain of RMB 2.0 million in Q3 2024 [15] Operational Highlights - The company opened a net total of 15 new stores during the quarter, with 38 made-to-order (MTO) stores opened and 23 non-MTO stores closed [7] - The total number of stores reached 1,030 as of September 30, 2025, with 551 company-owned and operated stores and 479 franchised stores [20] - The company reported a year-over-year increase of 58.2% in profits from other revenues during the quarter [5] Cost and Expense Management - Company-owned and operated store costs and expenses were RMB 278.2 million (USD 39.1 million), a decrease of 0.5% from RMB 279.6 million in Q3 2024 [8] - Marketing expenses decreased by 14.4% to RMB 15.8 million (USD 2.2 million) due to cost optimization measures [11] - General and administrative expenses increased by 30.3% to RMB 51.8 million (USD 7.3 million), primarily due to higher outside service fees and impairment losses [12] Debt and Financing Activities - The company successfully issued approximately USD 89.9 million in senior secured convertible notes due September 2029, which will support the development of its store network [5][22] - The restructuring of unsecured convertible notes due 2027 was also announced, along with the repurchase of outstanding amounts due under variable rate convertible senior notes due 2026 [5][22] Sustainability Initiatives - Tims China launched an eco-friendly straw in collaboration with Tencent's CarbonXmade program, aiming to promote sustainability among consumers [23]

BEIJING, Dec. 03, 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 the launch of an innovative eco-friendly straw developed together with Tencent’s CarbonXmade program. The product made its debut at the 2025 Sustainable Social Value Innovation Summit (“S Summit”) in Beijing. Starting today, the new straws will be introduced in Tims stores across Beijing, Shanghai, and Shenzhen. With ...

Core Viewpoint - TH International Limited, the exclusive operator of Tim Hortons in China, has launched an eco-friendly straw developed in collaboration with Tencent's CarbonXmade program, aiming to promote sustainability in consumer choices [1][2][10]. Product Launch and Features - The new straws will be introduced in Tims stores across major cities including Beijing, Shanghai, and Shenzhen, encouraging sustainable consumer behavior [2]. - The straws are produced using Carbon Capture Utilization (CCU) technology, which converts industrial CO₂ emissions into biodegradable materials [4][6]. - Each 100 straws contains 3.185 grams of captured CO₂, showcasing an improved life-cycle performance [6]. Sustainability Initiatives - The launch event featured a "low-carbon fashion show" with designs made from the new straws, emphasizing creativity in sustainability [7][8]. - Tims China has previously initiated the "Bring Your Own Cup — Save RMB 8" program, furthering its commitment to sustainability [10]. - The company has opened a "Green Innovation Lab Store" in Shenzhen, focusing on coffee-ground recycling and circular design [11]. Global Responsibility - Tim Hortons promotes responsible sourcing through its "Coffee for Communities" program, which has supported over 18,000 farmers by 2023 [12].