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 ...

NEW YORK, Feb. 26, 2024 /PRNewswire/ -- Argus Research, an independent investment research firm, has launched Equity Research Report coverage on TH International Limited (NasdaqCM: THCH). Click Here to view full Argus Equity Research Report. COMPANY HIGHLIGHTS: Excerpts (as conveyed by Argus Analyst Steve Silver) include: TH International: Expanding China's Fast Growing Coffee Market White Space for Growth: THCH has been expanding in China's Fast Growing Coffee Market since 2019. We see the market for coff ...

Exhibit 99.1 Tims China Announces Third Quarter 2023 Financial Results Record- high Quarterly Revenue of RMB436.4 Million Represents 42.7% Year-over-Year Growth Record-high Adjusted Store EBITDA Margin of 7.5% SHANGHAI and NEW YORK, November 15th, 2023 (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") today announced its unaudited financial results for the Third quarter 2023. THIRD ...

[First Quarter 2023 Highlights](index=1&type=section&id=FIRST%20QUARTER%202023%20HIGHLIGHTS) Tims China reported strong growth in Q1 2023, with total revenues increasing 49.8% to RMB 336.5 million and achieving positive adjusted store EBITDA of RMB 6.0 million Q1 2023 Key Financial and Operational Metrics | Metric | Q1 2023 | Change (YoY) | | :--- | :--- | :--- | | Total Revenues | RMB 336.5 million | ▲ 49.8% | | Net New Store Openings | 31 | - | | Total System-Wide Stores | 648 | - | | Registered Loyalty Club Members | 12.4 million | ▲ 79.3% | | Adjusted Store EBITDA | RMB 6.0 million | From loss of RMB 25.0 million | | Adjusted Store EBITDA Margin | 1.9% | ▲ 13.8 p.p. | | Same-Store Sales Growth (Company Owned) | 8.0% | - | [Company Management Statement](index=1&type=section&id=COMPANY%20MANAGEMENT%20STATEMENT) Management highlighted record revenue and positive adjusted store EBITDA, driven by post-Chinese New Year recovery and strategic initiatives like 'Coffee Plus' and accelerated franchising - Same-store sales growth for company-owned stores showed strong recovery after January, with **17.1% growth in February** and **19.4% in March 2023**[3](index=3&type=chunk) - The company is accelerating the development of franchised stores, especially the compact 'Tims Express' format with partner Sinopec Easy Joy, and is on track to exceed **1,000 system-wide stores by the end of 2023**[4](index=4&type=chunk) - The 'Coffee Plus' strategy is proving successful, with the percentage of orders including food increasing from **41.0% in Q1 2022 to 44.2% in Q1 2023**[4](index=4&type=chunk) - Digital capabilities are being strengthened to capture growing delivery and takeaway demand, which saw a **74.2% increase in orders YoY**; dine-in customers also increased by **125.8% from March 2022 to March 2023** following the end of 'zero-COVID' measures[4](index=4&type=chunk) [Detailed Financial Results (Q1 2023)](index=3&type=section&id=FIRST%20QUARTER%202023%20FINANCIAL%20RESULTS) Tims China's Q1 2023 total revenues grew 49.8% to RMB 336.5 million, driven by network expansion and same-store sales growth, while improving operational efficiency despite an overall net loss [Revenues](index=3&type=section&id=Revenues) Total revenues increased by 49.8% year-over-year to RMB 336.5 million, driven by strong growth in company-owned stores and a surge in other revenues from franchised store expansion Q1 2023 Revenue Breakdown (vs. Q1 2022) | Revenue Stream | Q1 2023 (RMB) | Q1 2022 (RMB) | Growth (YoY) | | :--- | :--- | :--- | :--- | | Company Owned & Operated Stores | 310.5 million | 211.0 million | ▲ 47.1% | | Other Revenues | 26.0 million | 13.6 million | ▲ 91.2% | | **Total Revenues** | **336.5 million** | **224.7 million** | **▲ 49.8%** | [Costs and Expenses](index=3&type=section&id=Costs%20and%20Expenses) Company operated store costs rose 24.6% to RMB 336.5 million, with significant efficiency gains in payroll and rent as a percentage of revenue, despite higher food and packaging costs Company Owned Store Costs as % of Store Revenue | Cost Category | Q1 2023 (% of Revenue) | Q1 2022 (% of Revenue) | Change (p.p.) | | :--- | :--- | :--- | :--- | | Food and packaging | 35.9% | 33.0% | ▲ 2.9 p.p. | | Rental and property management | 23.0% | 27.7% | ▼ 4.7 p.p. | | Payroll and employee benefits | 23.5% | 34.0% | ▼ 10.5 p.p. | | Other operating expenses | 8.1% | 14.1% | ▼ 6.0 p.p. | - Adjusted general and administrative expenses as a percentage of total revenues decreased by **2.5 percentage points** from **22.5% in Q1 2022 to 20.0% in Q1 2023**[12](index=12&type=chunk) [Profitability and Earnings Per Share](index=4&type=section&id=Profitability%20and%20Earnings%20Per%20Share) The company's operating loss slightly narrowed, and adjusted profitability metrics significantly improved, with adjusted net loss per share improving to RMB 0.84 Q1 2023 Profitability Metrics (vs. Q1 2022) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | | :--- | :--- | :--- | | Operating Loss | (130.4 million) | (134.9 million) | | Net Loss | (174.5 million) | (151.3 million) | | Adjusted Corporate EBITDA | (74.6 million) | (83.5 million) | | Adjusted Net Loss | (117.1 million) | (116.7 million) | | Adjusted Basic & Diluted EPS | (0.84) | (0.93) | [Liquidity](index=5&type=section&id=Liquidity) The company maintained a stable liquidity position with RMB 613.6 million in cash and short-term investments as of March 31, 2023, supported by bank borrowings - Total cash, cash equivalents, and short-term investments were **RMB 613.6 million (USD 89.3 million)** as of March 31, 2023[16](index=16&type=chunk) [Key Operating Data](index=5&type=section&id=KEY%20OPERATING%20DATA) The company significantly expanded its store network to 648, with rapid growth in franchised stores, and achieved positive adjusted store EBITDA and strong loyalty club membership growth Key Operating Data Trends | Metric | Mar 31, 2023 | Mar 31, 2022 | Growth (YoY) | | :--- | :--- | :--- | :--- | | Total stores | 648 | 424 | ▲ 52.8% | | Company owned and operated stores | 551 | 403 | ▲ 36.7% | | Franchised stores | 97 | 21 | ▲ 361.9% | | Same-store sales growth (company owned) | 8.0% | 5.5% | ▲ 2.5 p.p. | | Registered loyalty club members (thousands) | 12,386 thousand | 6,907 thousand | ▲ 79.3% | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section defines key performance indicators and non-GAAP measures used by management to evaluate performance, alongside a recent warrant exchange offer to simplify capital structure [Key Definitions & Non-GAAP Measures](index=5&type=section&id=KEY%20DEFINITIONS%20%26%20USE%20OF%20NON-GAAP%20FINANCIAL%20MEASURES) The company defines key operating metrics and non-GAAP financial measures to provide investors with a clearer understanding of its performance and for internal decision-making - The report defines key metrics including: Same-store sales growth, Net new store openings, Adjusted store EBITDA, Adjusted corporate EBITDA, and Adjusted net loss[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The company uses non-GAAP measures to enhance investors' understanding of financial performance and for internal decision-making, with reconciliations provided to the nearest U.S. GAAP measures[23](index=23&type=chunk)[24](index=24&type=chunk) [Recent Business Developments](index=6&type=section&id=RECENT%20BUSINESS%20DEVELOPMENTS) On May 12, 2023, Tims China initiated a warrant exchange offer to simplify its capital structure and mitigate potential dilution, providing greater flexibility for future financing - In May 2023, the company commenced a warrant exchange offer to simplify its capital structure and reduce potential dilution[22](index=22&type=chunk) [Financial Statements](index=10&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements for Q1 2023 detail the company's financial position, reflecting a net loss on increased revenues and a net increase in cash from financing activities [Unaudited Condensed Consolidated Balance Sheets](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2023, total assets stood at RMB 2.68 billion, with total liabilities increasing to RMB 2.58 billion, primarily due to higher short-term bank borrowings and derivative financial liabilities Balance Sheet Summary (as of Mar 31, 2023 vs. Dec 31, 2022) | Account | Mar 31, 2023 (RMB) | Dec 31, 2022 (RMB) | | :--- | :--- | :--- | | Total Current Assets | 811.6 million | 796.8 million | | Total Assets | 2,679.4 million | 2,642.0 million | | Total Current Liabilities | 1,260.8 million | 1,318.3 million | | Total Liabilities | 2,577.4 million | 2,531.7 million | | Total Shareholders' Equity | 102.0 million | 110.3 million | [Unaudited Condensed Consolidated Statements of Operations](index=12&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2023, total revenues increased 49.8% to RMB 336.5 million, but total costs and expenses led to an operating loss of RMB 130.4 million and a net loss of RMB 174.5 million Statement of Operations Summary (Q1 2023 vs. Q1 2022) | Account | Q1 2023 (RMB) | Q1 2022 (RMB) | | :--- | :--- | :--- | | Total Revenues | 336.5 million | 224.7 million | | Total Costs and Expenses, net | (466.9 million) | (359.6 million) | | Operating Loss | (130.4 million) | (134.9 million) | | Net Loss | (174.5 million) | (151.3 million) | | Net Loss attributable to shareholders | (174.9 million) | (150.6 million) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) In Q1 2023, net cash used in operating activities improved to RMB 85.4 million, with a significant net cash provided by financing activities of RMB 164.0 million, resulting in a net increase in cash of RMB 125.5 million Cash Flow Summary (Q1 2023 vs. Q1 2022) | Activity | Q1 2023 (RMB) | Q1 2022 (RMB) | | :--- | :--- | :--- | | Net cash used in operating activities | (85.4 million) | (119.1 million) | | Net cash provided by/(used in) investing activities | 50.2 million | (124.3 million) | | Net cash provided by financing activities | 164.0 million | 64.7 million | | **Net increase/(decrease) in cash** | **125.5 million** | **(181.0 million)** | [Reconciliation of Non-GAAP Measures](index=14&type=section&id=RECONCILIATION%20OF%20NON-GAAP%20MEASURES) This section provides detailed reconciliations of GAAP measures to the company's non-GAAP metrics, showing adjustments for non-cash and non-recurring items to reflect core operational results [Adjusted Store EBITDA Reconciliation](index=14&type=section&id=Adjusted%20store%20EBITDA) Adjusted Store EBITDA for Q1 2023 was RMB 6.0 million, a significant improvement from a loss in Q1 2022, resulting in a positive Adjusted Store EBITDA Margin of 1.9% Reconciliation to Adjusted Store EBITDA (Q1 2023) | Account | Amount (RMB) | | :--- | :--- | | Fully-burdened gross loss - company owned stores | (35,912 thousand) | | Add: Store depreciation and amortization | 32,974 thousand | | Add: Store pre-opening expenses | 8,940 thousand | | **Adjusted Store EBITDA** | **6,002 thousand** | | **Adjusted Store EBITDA Margin** | **1.9%** | [Adjusted Corporate EBITDA Reconciliation](index=15&type=section&id=Adjusted%20corporate%20EBITDA) Adjusted Corporate EBITDA for Q1 2023 was a loss of RMB 74.6 million, an improvement from the prior year, calculated by adjusting operating loss for non-cash and non-recurring items Reconciliation to Adjusted Corporate EBITDA (Q1 2023) | Account | Amount (RMB) | | :--- | :--- | | Operating loss | (130,417 thousand) | | Add: Store pre-opening expenses | 8,940 thousand | | Add: Depreciation and amortization | 38,357 thousand | | Add: Other adjustments (SBC, Impairment, etc.) | 8,475 thousand | | **Adjusted Corporate EBITDA** | **(74,645 thousand)** | | **Adjusted Corporate EBITDA Margin** | **-22.2%** | [Adjusted Net Loss Reconciliation](index=15&type=section&id=Adjusted%20net%20loss) Adjusted Net Loss for Q1 2023 was RMB 117.1 million, nearly flat year-over-year, with the Adjusted Net Loss Margin showing substantial improvement to -34.8% Reconciliation to Adjusted Net Loss (Q1 2023) | Account | Amount (RMB) | | :--- | :--- | | Net loss | (174,451 thousand) | | Add: Adjustments (Pre-opening, SBC, Fair Value Changes, etc.) | 57,348 thousand | | **Adjusted Net loss** | **(117,103 thousand)** | | **Adjusted Net loss Margin** | **-34.8%** |

Table of Contents | --- | |-------------------------------------------------------------------------------------| | 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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SE ...

Exhibit 99.1 Tims China Announces Fourth Quarter and Full Year 2022 Financial Results Total Revenues Increased 34.6% Year-over-Year for the Fourth Quarter and 57.2% Year-over-Year for the Full Year 2022 131 Net New Store Openings During the Fourth Quarter, 617 System-Wide Stores at Year-End 11.3 Million Registered Loyalty Club Members at Year-End, Representing 88.5% Year-over-Year Growth Adjusted Store EBITDA Margin Increased 0.6 Percentage Points to 4.7% Continued Recovery: 17.1% Same-store Sales Growth fo ...