TH International (US:THCH)2025-04-22 20:00Financial Performance - Total revenues for Q4 2024 were RMB332.6 million (USD45.6 million), a 12.0% decrease from RMB377.9 million in Q4 2023[6] - Total revenues for the year ended December 31, 2024, were RMB 1,391,158 thousand, a decrease of 10.8% compared to RMB 1,560,006 thousand in 2023[43] - Revenues from company-owned and operated stores for the year ended December 31, 2024, were RMB 1,188,293 thousand (US$ 162,796), down from RMB 1,389,641 thousand in 2023, representing a decrease of approximately 14.4%[46] Loss and Margin Improvements - Net loss from continuing operations was RMB138.9 million (USD19.0 million) for Q4 2024, a significant reduction from RMB297.4 million in Q4 2023[16] - Net loss attributable to shareholders for the year ended December 31, 2024, was RMB 463,525 thousand, compared to a net loss of RMB 843,054 thousand in 2023, reflecting a reduction of 45%[44] - The adjusted corporate EBITDA for the year ended December 31, 2024, was RMB (96,396) thousand (US$ 13,206), compared to RMB (261,862) thousand in 2023, indicating a reduced loss of approximately 63.2%[47] - The adjusted net loss for the year ended December 31, 2024, was RMB (281,993) thousand (US$ 38,633), a decrease from RMB (448,123) thousand in 2023, reflecting an improvement of about 37.1%[48] - The company-owned and operated store contribution margin improved to 7.4% for the year ended December 31, 2024, compared to 2.1% in 2023[46] Store Operations and Growth - Net new store openings totaled 76 in Q4 2024, with a total of 1,022 system-wide stores at year-end[1] - Total stores increased from 902 to 1,022, with a net new store opening of 120 stores in the last quarter[20] - The number of franchised stores increased from 283 as of December 31, 2023, to 446 as of December 31, 2024[9] Membership and Customer Engagement - Registered loyalty club members reached 24.0 million, representing a 29.7% year-over-year growth[6] - Registered loyalty club members grew from 18,545,000 to 24,045,000, indicating a 29.5% increase in membership[20] - The inaugural "Timsgiving" campaign in China saw participation from over 1,500 customers, promoting community engagement[23] Cash and Assets - Total cash and cash equivalents as of December 31, 2024, were RMB184.2 million (USD25.2 million), down from RMB219.5 million a year earlier[19] - Cash and cash equivalents as of December 31, 2024, were RMB 152,368 thousand, an increase from RMB 202,315 thousand in 2023[40] - Total assets increased to RMB 2,215,439 thousand as of December 31, 2024, compared to RMB 1,563,534 thousand in 2023, representing a growth of 41.7%[41] Operational Efficiency - Full-year adjusted corporate EBITDA margin improved by 9.9 percentage points year-over-year[5] - Company owned and operated store contribution margin improved by 3.9 percentage points to 4.8% in Q4 2024[6] - General and administrative expenses from continuing operations for the year ended December 31, 2024, were RMB (210,323) thousand (US$ 28,814), down from RMB (325,259) thousand in 2023, a reduction of approximately 35.3%[46] Stock and Compliance - The company completed a 1-for-5 reverse stock split, approved by shareholders, to enhance share price stability[24] - Tims China regained compliance with Nasdaq's "Minimum Bid Price Requirement," ensuring its shares are no longer subject to delisting[25] Product Development - Tims China launched the "Light Bagel Sandwich Lunch Box Series" to cater to urban consumers seeking convenient and healthy meal options[26]