Achieved First-ever Quarterly Adjusted Corporate EBITDA1 Profitability Generated Highest-ever Adjusted Store EBITDA Margin of 10.3% SHANGHAI and NEW YORK, Aug. 29, 2024 (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 second quarter 2024. SECOND QUARTER 2024 HIGHLIGHTS Total revenues of RMB366.8 million (USD50.5 million), representing a 10.9% decrea ...

SHANGHAI and NEW YORK, Aug. 26, 2024 (GLOBE NEWSWIRE) -- TH International Limited (“Tims China” (Nasdaq: THCH)), the exclusive operator of Tim Hortons coffee shops in China, plans to release its second quarter results before market opening on Thursday, August 29, 2024, with a conference call to follow at 8:00 AM EDT or 8:00 PM China Standard Time. The conference call will be webcast, and can be accessed on the company website at https://ir.timschina.com/events-presentations/presentations-webcasts. The webca ...

SHANGHAI and NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) -- TH International Limited (“Tims China” (Nasdaq: THCH)), the exclusive operator of Tim Hortons coffee shops in China, plans to release its second quarter results before market opening on Thursday, August 29, 2024, with a conference call to follow at 8:00 AM EDT or 8:00 PM China Standard Time. The conference call will be webcast, and can be accessed on the company website at https://ir.timschina.com/events-presentations/presentations-webcasts. ABOUT TH ...

TH International Limited (NASDAQ:THCH) Q1 2024 Earnings Call Transcript June 5, 2024 8:00 AM ET Company Participants Gemma Bakx - Investor Relations Yongchen Lu - Chief Executive Officer Dong Li - Chief Financial Officer Conference Call Participants Steve Silver - Argus Research Operator Ladies and gentlemen, welcome to Tims China's First Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode during management’s prepared remarks and there will be a question-and-answer session ...

Tims China Nasdaq: THCH Q1 2024 Earnings Presentation June 5th, 2024 Disclaimer and Risk Factors This presentation ("Presentation") is provided by TH International Limited (“THIL") for informational purposes only and does not constitute, or form a part of, an offer to sell, or the solicitation of an offer to sell or an offer to buy, any securities. The information herein does not purport to be all-inclusive. Neither THIL nor any of its affiliates, agents, advisors, directors, officers, employees and shareho ...

Resilient Total Revenues Increased 3.1% Year over Year for the First Quarter 2024 System Sales Increased 7.1% Year-over-Year for the First Quarter 2024 Continuous Margin Improvement with Seven Consecutive Positive Quarterly Adjusted Store EBITDA 20.3 Million Registered Loyalty Club Members at Quarter-End,Representing 63.6% Year-over-Year Growth SHANGHAI and NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- TH International Limited (Nasdaq: THCH), the exclusive operator of Tim Hortons coffee shops and Popeyes rest ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

[Financial Highlights](index=1&type=section&id=FINANCIAL%20HIGHLIGHTS) Tims China reported significant revenue growth for Q4 (29.8%) and FY2023 (55.9%), driven by store expansion to 912 total stores and a 66.3% increase in loyalty members to 18.7 million Q4 2023 Key Metrics | Metric | Value (RMB) | YoY Change | | :--- | :--- | :--- | | Total Revenues | 391.2 million | +29.8% | | Net New Store Openings | 149 | N/A | | Adjusted Store EBITDA | 15.9 million | +23.9% | | Adjusted Store EBITDA Margin | 4.6% | Approx. unchanged | Full Year 2023 Key Metrics | Metric | Value (RMB) | YoY Change | | :--- | :--- | :--- | | Total Revenues | 1,575.8 million | +55.9% | | Net New Store Openings | 295 | N/A | | System-Wide Stores (Year-End) | 912 | N/A | | Registered Loyalty Members | 18.7 million | +66.3% | [Management Commentary](index=2&type=section&id=COMPANY%20MANAGEMENT%20STATEMENT) Management emphasized strategic progress in 2023, shifting focus to achieving corporate EBITDA break-even in 2024 through efficiency gains, while Popeyes demonstrated strong initial positive adjusted store EBITDA - The company's focus is now squarely on driving profitability, with a target to achieve **corporate EBITDA break-even** later in **2024**[6](index=6&type=chunk) - The Popeyes business demonstrated strong momentum, launching **10 stores in 135 days** and achieving a **positive adjusted store EBITDA in 2023**[6](index=6&type=chunk) - Operational efficiency was enhanced in Q4 2023, with year-over-year reductions in rental and labor costs as a percentage of company-owned store revenues by **6.9 and 1.3 percentage points**, respectively. Marketing and adjusted G&A expenses as a percentage of total revenues also decreased[6](index=6&type=chunk) [Fourth Quarter 2023 Financial Results](index=3&type=section&id=FOURTH%20QUARTER%202023%20FINANCIAL%20RESULTS) Q4 2023 saw total revenues grow 29.8% to RMB 391.2 million, but resulted in an operating loss of RMB 232.2 million and a net loss of RMB 311.2 million, impacted by a RMB 89.6 million impairment charge, while Adjusted Corporate EBITDA loss narrowed to RMB 52.5 million Q4 2023 Revenue Breakdown (YoY) | Revenue Source | Amount (RMB) | Growth Rate | | :--- | :--- | :--- | | Company Owned & Operated Stores | 341.5 million | +25.3% | | Other Revenues | 49.7 million | +71.4% | | **Total Revenues** | **391.2 million** | **+29.8%** | - The company incurred impairment losses of **RMB 89.6 million** on long-lived assets, primarily due to the closure of underperforming company-owned stores in Q4 2023[15](index=15&type=chunk) Q4 2023 Profitability (YoY) | Metric | Q4 2023 (RMB) | Q4 2022 (RMB) | | :--- | :--- | :--- | | Operating Loss | (232.2 million) | (131.4 million) | | Net Loss | (311.2 million) | (222.9 million) | | Adjusted Corporate EBITDA | (52.5 million) | (54.7 million) | | Adjusted Net Loss | (117.8 million) | (100.8 million) | - As of December 31, 2023, the company's total cash, cash equivalents, time deposits, and short-term investments were **RMB 220.8 million**, a decrease from **RMB 611.5 million** at the end of 2022[18](index=18&type=chunk) [Key Operating Data](index=6&type=section&id=KEY%20OPERATING%20DATA) Key operating data as of December 31, 2023, indicates a growing network of **912 stores**, **2.5% same-store sales growth** for company-owned stores, **18.7 million loyalty members**, and **RMB 15.9 million in Adjusted Store EBITDA** Key Operating Metrics (as of Dec 31, 2023) | Metric | Q4 2023 | Q3 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | | Total Stores | 912 | 763 | 617 | | - Company Owned | 629 | 589 | 547 | | - Franchised | 283 | 174 | 70 | | Same-Store Sales Growth (Company Owned) | 2.5% | -0.4% | -7.1% | | Registered Loyalty Members (thousands) | 18,714 | 16,898 | 11,250 | | Adjusted Store EBITDA (RMB thousands) | 15,859 | 29,310 | 12,796 | [Recent Business Developments](index=8&type=section&id=RECENT%20BUSINESS%20DEVELOPMENTS) Recent developments include surpassing **20 million loyalty members**, securing **US$20 million in financing**, and expanding partnerships with Shanghai Metro and DiDi, alongside aggressive Popeyes expansion plans - Surpassed **20 million registered loyalty club members** as of March 31, 2024[25](index=25&type=chunk) - Executed junior promissory notes for a total of **US$20.0 million** in March 2024 to support operations[25](index=25&type=chunk) - Announced partnerships with Shanghai Metro to open coffee shops in stations and with DiDi Chuxing for cross-brand marketing, which generated **RMB 1.7 million** in incremental sales in a two-week campaign[27](index=27&type=chunk)[28](index=28&type=chunk) - Popeyes plans to open **500 more stores** in the next five years and **1,700 stores** over the next decade in China[27](index=27&type=chunk) [Financial Statements](index=12&type=section&id=FINANCIAL%20STATEMENTS) Unaudited financial statements for FY2023 show total assets decreased to **RMB 2.22 billion**, liabilities increased to **RMB 2.64 billion**, resulting in a **RMB 422.4 million shareholders' deficit**, with a **net loss of RMB 872.9 million** on **RMB 1.58 billion revenues** and significant cash usage in operations and investing [Balance Sheets](index=12&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2023, the balance sheet shows total assets of **RMB 2.22 billion**, liabilities of **RMB 2.64 billion**, a cash decrease to **RMB 220.8 million**, and a shift to a **RMB 422.4 million shareholders' deficit** Selected Balance Sheet Items (RMB in thousands) | Account | Dec 31, 2023 (RMB thousands) | Dec 31, 2022 (RMB thousands) | | :--- | :--- | :--- | | Total Current Assets | 458,620 | 796,813 | | Total Assets | 2,215,439 | 2,642,010 | | Total Current Liabilities | 1,395,833 | 1,318,262 | | Total Liabilities | 2,637,868 | 2,531,706 | | Total Shareholders' Equity (Deficit) | (422,429) | 110,304 | [Statements of Operations](index=14&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Full year 2023 revenues reached **RMB 1.58 billion** (+55.9%), but total costs of **RMB 2.28 billion** led to an operating loss of **RMB 701.2 million** and a net loss of **RMB 872.9 million**, primarily due to expansion costs and impairment charges Full Year Income Statement Highlights (RMB in thousands) | Account | Full Year 2023 (RMB thousands) | Full Year 2022 (RMB thousands) | | :--- | :--- | :--- | | Total Revenues | 1,575,780 | 1,011,064 | | Total Costs and Expenses, net | 2,276,963 | 1,592,247 | | Impairment Losses of Long-lived Assets | 111,427 | 7,223 | | Net Loss | (872,926) | (744,748) | | Basic and Diluted Loss per Share | (5.68) | (5.80) | [Statements of Cash Flows](index=16&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Full year 2023 cash flow shows **RMB 196.1 million** used in operations, **RMB 60.0 million** provided by investing, and **RMB 80.8 million** from financing, resulting in a **RMB 35.5 million net cash decrease**, ending with **RMB 203.6 million** cash Full Year Cash Flow Summary (RMB in thousands) | Activity | Full Year 2023 (RMB thousands) | Full Year 2022 (RMB thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (196,130) | (286,928) | | Net cash provided by/(used in) investing activities | 59,999 | (705,172) | | Net cash provided by financing activities | 80,833 | 827,160 | | Net decrease in cash | (35,490) | (151,760) | | Cash at end of the period | 203,587 | 239,077 | [Reconciliation of Non-GAAP Measures](index=17&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20MEASURES) Non-GAAP metrics for Q4 2023 show **Adjusted Store EBITDA of RMB 15.9 million**, **Adjusted Corporate EBITDA loss of RMB 52.5 million** (an improvement), and **Adjusted Net Loss of RMB 117.8 million**, providing a clearer operational view [Adjusted Store EBITDA Reconciliation](index=17&type=section&id=A.%20Adjusted%20store%20EBITDA%20and%20adjusted%20store%20EBITDA%20margin) Q4 2023 Adjusted Store EBITDA was **RMB 15.9 million** (4.6% margin), derived from a **RMB 36.2 million** gross loss, adjusted for **RMB 35.7 million** depreciation and **RMB 16.3 million** pre-opening expenses, with full-year Adjusted Store EBITDA at **RMB 69.4 million** Q4 2023 Adjusted Store EBITDA Reconciliation (RMB in thousands) | Item | Amount (RMB thousands) | | :--- | :--- | | Fully-burdened gross loss - company owned and operated stores | (36,168) | | Add: Store depreciation and amortization | 35,711 | | Add: Store pre-opening expenses | 16,316 | | **Adjusted Store EBITDA** | **15,859** | [Adjusted Corporate EBITDA Reconciliation](index=20&type=section&id=C.%20Adjusted%20corporate%20EBITDA%20and%20adjusted%20corporate%20EBITDA%20margin) Q4 2023 operating loss of **RMB 232.2 million** adjusted for items including **RMB 89.6 million** impairment losses, resulted in an **Adjusted Corporate EBITDA loss of RMB 52.5 million**, a **4.7 percentage point margin improvement** YoY Q4 2023 Adjusted Corporate EBITDA Reconciliation (RMB in thousands) | Item | Amount (RMB thousands) | | :--- | :--- | | Operating loss | (232,161) | | Add back: Depreciation and amortization | 45,613 | | Add back: Impairment losses of long-lived assets | 89,635 | | Add back: Other adjustments | 44,449 | | **Adjusted Corporate EBITDA** | **(52,464)** | [Adjusted Net Loss Reconciliation](index=21&type=section&id=D.%20Adjusted%20net%20loss%20and%20adjusted%20net%20loss%20margin) Q4 2023 GAAP net loss of **RMB 311.2 million** was adjusted to an **Adjusted Net Loss of RMB 117.8 million** by excluding non-cash items like **RMB 89.6 million** impairment losses, resulting in **RMB 0.74 Adjusted Net Loss per share** Q4 2023 Adjusted Net Loss Reconciliation (RMB in thousands) | Item | Amount (RMB thousands) | | :--- | :--- | | Net loss | (311,158) | | Add back: Impairment losses of long-lived assets | 89,635 | | Add back: Changes in fair value of convertible notes | 26,909 | | Add back: Changes in fair value of Deferred Contingent consideration | 32,437 | | Add back: Other adjustments | 44,389 | | **Adjusted Net loss** | **(117,788)** | Adjusted Net Loss Per Share | Metric | Q4 2023 (RMB) | Q4 2022 (RMB) | | :--- | :--- | :--- | | Adjusted basic and diluted net loss per Ordinary Share | (0.74) | (0.73) |

TH International Limited (NASDAQ:THCH) Q4 2023 Earnings Call Transcript April 18, 2024 8:00 AM ET Company Participants Gemma Bakx - IR Yongchen Lu - CFO Albert Li - CFO Conference Call Participants Steve Silver - Argus Research Corporation Operator Ladies and gentlemen, welcome to Tims China Fourth Quarter and Full Year 2023 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 ...

SHANGHAI, China, and NEW YORK, March 06, 2024 (GLOBE NEWSWIRE) -- TH International Limited (NASDAQ THCH), the exclusive operator of Tim Hortons coffee shops and Popeyes restaurants in China (“Tims China” or the “Company”) will be attending and participating in the following upcoming conferences next week: Wednesday March 13: BofA Securities Consumer and Retail Conference 2024. Tims will participate in a fireside chat at 10.30am ET. Thursday March 14: UBS Global Consumer and Retail Conference 2024. Tims will ...