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TH International Limited: 20-F filed 2026-04-30

What TH International Limited reported in its annual report (foreign private issuer) filed 2026-04-30 (fiscal FY 2025): 56 published measures, 140 facts as tagged in accession 0001213900-26-050185.

This filing

Form
20-F (annual report (foreign private issuer))
Filed
2026-04-30
Fiscal period
fiscal FY 2025
Accession
0001213900-26-050185 on SEC EDGAR

Values are as tagged in this filing. A later filing can restate them; each measure links to its history page, which shows the latest-filed value per period. All TH International Limited filings.

Reported measures

Total assets

Resources recognized on the balance sheet. Book assets are not the market value of the business.

PeriodValueUnitDays
At 2025-12-311,176,676,693CNY
At 2024-12-311,563,533,735CNY

Total liabilities

Recognized obligations at the reporting date. The definition and scope differ from interest-bearing debt.

PeriodValueUnitDays
At 2025-12-312,413,111,614CNY
At 2024-12-312,396,549,141CNY

Stockholders equity

The reported residual interest after liabilities. It is an accounting amount, not market capitalization.

PeriodValueUnitDays
At 2025-12-31-1,242,985,681CNY
At 2024-12-31-840,889,417CNY

Cash and cash equivalents

Cash and qualifying short-term liquid investments under the filer’s accounting policy. Restricted cash and longer-term investments may be reported separately.

PeriodValueUnitDays
At 2025-12-31121,794,484CNY
At 2024-12-31152,368,315CNY

Net income or loss

Reported profit or loss for the period. Check the filing for attribution, exceptional items and discontinued operations before comparing companies.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-434,488,495CNY365
2024-01-01 to 2024-12-31-412,081,555CNY366
2023-01-01 to 2023-12-31-876,250,383CNY365

Operating cash flow

Cash generated or used by operating activities. Working-capital timing can make this differ substantially from reported income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-12,706,838CNY365
2024-01-01 to 2024-12-31-39,666,962CNY366
2023-01-01 to 2023-12-31-196,129,881CNY365

Capital expenditure payments

Cash payments to acquire property, plant and equipment. This taxonomy concept does not capture every form of investment or acquisition.

PeriodValueUnitDays
2025-01-01 to 2025-12-3165,618,942CNY365
2024-01-01 to 2024-12-31102,838,582CNY366
2023-01-01 to 2023-12-31291,667,204CNY365

Revenue

Revenue under this specific accounting concept. A missing value is not zero; filers can use other revenue concepts.

PeriodValueUnitDays
2025-01-01 to 2025-12-311,316,196,474CNY365
2024-01-01 to 2024-12-311,391,157,811CNY366
2023-01-01 to 2023-12-311,560,005,807CNY365

Financing cash flow

Net cash from financing activities, including borrowing, repayments and transactions with owners. A positive amount does not establish operating profitability.

PeriodValueUnitDays
2025-01-01 to 2025-12-3121,702,149CNY365
2024-01-01 to 2024-12-3126,003,569CNY366
2023-01-01 to 2023-12-3180,833,253CNY365

Investing cash flow

Net cash from investing activities, including asset purchases, disposals and investment transactions. This differs from capital expenditure payments alone.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-62,833,462CNY365
2024-01-01 to 2024-12-31-8,036,756CNY366
2023-01-01 to 2023-12-3159,998,912CNY365

Retained earnings or deficit

Accumulated undistributed earnings or deficit at the reporting date. This balance is not cash available for distribution.

PeriodValueUnitDays
At 2025-12-31-3,102,993,825CNY
At 2024-12-31-2,668,505,330CNY

Basic weighted-average shares

Time-weighted shares used for basic earnings per share. This denominator differs from shares outstanding at a single reporting date.

PeriodValueUnitDays
2025-01-01 to 2025-12-3132,519,377shares365
2024-01-01 to 2024-12-3132,444,772shares366
2023-01-01 to 2023-12-3130,837,733shares365

Diluted weighted-average shares

Weighted-average shares used for diluted earnings per share. Potential shares are included under the applicable dilution rules, not simply added to outstanding shares.

PeriodValueUnitDays
2025-01-01 to 2025-12-3132,519,377shares365
2024-01-01 to 2024-12-3132,444,772shares366
2023-01-01 to 2023-12-3130,837,733shares365

Basic earnings per share

Reported earnings or loss per basic common share or unit. Inspect attribution, share classes and restatements before comparing periods. This is not a market return.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-13.36CNY/shares365
2024-01-01 to 2024-12-31-12.7CNY/shares366
2023-01-01 to 2023-12-31-28.41CNY/shares365

Diluted earnings per share

Reported earnings or loss per share under dilution rules. Antidilutive instruments may be excluded. A diluted value can equal the basic value without implying no potential dilution.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-13.36CNY/shares365
2024-01-01 to 2024-12-31-12.7CNY/shares366
2023-01-01 to 2023-12-31-28.41CNY/shares365

Income tax expense or benefit

Current and deferred income tax expense or benefit for continuing operations. This accounting expense differs from cash taxes paid.

PeriodValueUnitDays
2025-01-01 to 2025-12-31483,675CNY365
2024-01-01 to 2024-12-312,115,015CNY366
2023-01-01 to 2023-12-3197,241CNY365

Net property, plant and equipment

Carrying amount of property, plant and equipment after accumulated depreciation, depletion and amortization. It is not replacement cost or market value.

PeriodValueUnitDays
At 2025-12-31332,069,736CNY
At 2024-12-31502,158,702CNY

Share-based compensation expense

Reported noncash expense for share-based payment arrangements. Noncash treatment does not mean the awards have no economic cost to shareholders.

PeriodValueUnitDays
2025-01-01 to 2025-12-312,874,494CNY365
2024-01-01 to 2024-12-311,045,008CNY366
2023-01-01 to 2023-12-3164,476,991CNY365

Operating income or loss

Operating revenue less operating expenses for the reporting period. It excludes items outside the reported operating result and is not free cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-317,352,812CNY365
2024-01-01 to 2024-12-31-349,080,671CNY366
2023-01-01 to 2023-12-31-667,925,008CNY365

Current assets

Assets classified as current under the normal operating cycle or one-year boundary. Not all current assets can be converted immediately into cash.

PeriodValueUnitDays
At 2025-12-31326,625,658CNY
At 2024-12-31417,080,989CNY

Interest expense

Borrowing costs recognized as interest expense. This is distinct from cash interest paid and may not include every capitalized borrowing cost.

PeriodValueUnitDays
2025-01-01 to 2025-12-3116,679,066CNY365
2024-01-01 to 2024-12-3122,448,159CNY366
2023-01-01 to 2023-12-3120,419,992CNY365

Current liabilities

Obligations classified as current under the operating-cycle or one-year boundary. The balance includes more than short-term borrowing.

PeriodValueUnitDays
At 2025-12-311,002,262,037CNY
At 2024-12-311,535,931,917CNY

Current accounts payable

Current amounts owed to suppliers for goods and services received. This is one component of current liabilities, not all accrued obligations.

PeriodValueUnitDays
At 2025-12-31199,151,784CNY
At 2024-12-31223,837,607CNY

Net finite-lived intangible assets

Finite-lived intangible assets after amortization. This excludes goodwill and should not be combined with indefinite-lived intangible assets without checking scope.

PeriodValueUnitDays
At 2025-12-3181,014,374CNY

Net current accounts receivable

Current customer receivables after the allowance for credit loss. The balance is not cash collected or a guarantee of collection.

PeriodValueUnitDays
At 2025-12-3117,691,916CNY
At 2024-12-3130,525,920CNY

Net inventory

Inventory carrying amount after applicable valuation and LIFO reserves. It does not establish realizable selling proceeds or inventory turnover without other inputs.

PeriodValueUnitDays
At 2025-12-3136,792,722CNY
At 2024-12-3137,578,415CNY

Cost of revenue

Costs attributed to goods produced and sold and services provided during the period. This is not the sum of every operating expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-31171,325,892CNY365
2024-01-01 to 2024-12-31153,611,770CNY366
2023-01-01 to 2023-12-31149,692,427CNY365

Common shares outstanding

Common shares outstanding at the reporting date. This point-in-time count differs from the weighted-average shares used for earnings per share and can exclude other share classes.

PeriodValueUnitDays
At 2025-12-3132,036,529shares
At 2024-12-3132,010,529shares

Cash including restricted cash

Cash, cash equivalents and restricted cash as reported in the cash flow reconciliation. Restricted amounts are not freely available, so this is not the same as unrestricted cash.

PeriodValueUnitDays
At 2025-12-31129,710,877CNY
At 2024-12-31184,237,431CNY
At 2023-12-31202,314,954CNY

Additional paid-in capital

Capital contributed above par value under this concept. It records historical contributions, not the current value of the equity or cash on hand.

PeriodValueUnitDays
At 2025-12-311,821,605,222CNY
At 2024-12-311,818,421,338CNY

Accumulated other comprehensive income or loss

Cumulative other comprehensive items after tax, such as translation and unrealized hedging or securities effects. These amounts have not passed through net income.

PeriodValueUnitDays
At 2025-12-3138,393,189CNY
At 2024-12-319,184,842CNY

Total equity including noncontrolling interests

Equity including the portion attributable to noncontrolling interests. It is larger than or equal to parent stockholders equity and is not market capitalization.

PeriodValueUnitDays
At 2025-12-31-1,236,434,921CNY
At 2024-12-31-833,015,406CNY
At 2023-12-31-422,429,215CNY
At 2022-12-31110,304,416CNY

Operating lease right-of-use asset

Carrying amount of the right to use leased assets under operating leases. It reflects discounted remaining payments, not the value of the underlying property.

PeriodValueUnitDays
At 2025-12-31348,916,320CNY
At 2024-12-31493,308,393CNY

Operating lease liability

Present value of remaining operating lease payments. Discount-rate choices and lease terms affect the amount; it is not the sum of undiscounted future rent.

PeriodValueUnitDays
At 2025-12-31421,088,195CNY
At 2024-12-31558,190,327CNY

Gross property, plant and equipment

Cost of property, plant and equipment before accumulated depreciation. Historical cost does not indicate current value or replacement cost.

PeriodValueUnitDays
At 2025-12-31970,921,427CNY
At 2024-12-311,023,946,379CNY

Accumulated depreciation on property, plant and equipment

Cumulative depreciation, depletion and amortization recorded against property, plant and equipment. It measures cost allocation to date, not physical wear or market value.

PeriodValueUnitDays
At 2025-12-31523,412,042CNY
At 2024-12-31436,363,031CNY

Net intangible assets excluding goodwill

Intangible assets other than goodwill after amortization and impairment. Internally developed intangibles are usually not recognized, so this understates what a company relies on.

PeriodValueUnitDays
At 2025-12-3181,014,374CNY
At 2024-12-3197,019,088CNY

Other noncurrent assets

Noncurrent assets the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-3188,050,605CNY
At 2024-12-3153,966,563CNY

Other noncurrent liabilities

Noncurrent liabilities the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-317,710,918CNY
At 2024-12-317,673,110CNY

Prepaid expenses and other current assets

Prepayments and other current assets grouped under this concept. The balance is not cash and its composition differs by filer.

PeriodValueUnitDays
At 2025-12-31142,235,378CNY
At 2024-12-31158,881,587CNY

Current contract liabilities

Consideration received before performance obligations are satisfied, often called deferred revenue. It is an obligation to deliver, not earned revenue or cash available.

PeriodValueUnitDays
At 2025-12-3137,197,137CNY
At 2024-12-3139,677,547CNY

Net deferred tax assets

Deferred tax assets after the valuation allowance. Realization depends on future taxable income, so the balance is not a receivable from tax authorities.

PeriodValueUnitDays
At 2025-12-3199,565,885CNY
At 2024-12-31138,172,357CNY

Pre-tax income or loss from continuing operations

Income or loss from continuing operations before income taxes and noncontrolling interests. It excludes discontinued operations and is not net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-435,328,071CNY365
2024-01-01 to 2024-12-31-458,313,989CNY366
2023-01-01 to 2023-12-31-839,632,731CNY365

Profit or loss including noncontrolling interests

Net income or loss including the portion attributable to noncontrolling interests. It can differ from the net income attributable to the parent that per-share figures use.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-435,811,746CNY365
2024-01-01 to 2024-12-31-408,985,210CNY366
2023-01-01 to 2023-12-31-872,926,433CNY365

Comprehensive income or loss

Net income plus other comprehensive income after tax. It includes unrealized items that net income excludes and is not a cash measure.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-405,280,148CNY365
2024-01-01 to 2024-12-31-424,388,578CNY366
2023-01-01 to 2023-12-31-871,759,343CNY365

General and administrative expense

General and administrative costs reported under this concept, separate from selling expense. Filers group overhead differently, so compare presentation before comparing companies.

PeriodValueUnitDays
2025-01-01 to 2025-12-31204,342,527CNY365
2024-01-01 to 2024-12-31210,322,557CNY366
2023-01-01 to 2023-12-31325,258,149CNY365

Depreciation expense

Depreciation recognized for the period under this concept. It is a noncash allocation of asset cost and may exclude amortization and depletion reported elsewhere.

PeriodValueUnitDays
2025-01-01 to 2025-12-31125,875,776CNY365
2024-01-01 to 2024-12-31144,995,588CNY366
2023-01-01 to 2023-12-31150,454,787CNY365

Depreciation, depletion and amortization

Combined depreciation, depletion and amortization for the period. A noncash allocation of asset cost, not a measure of maintenance spending.

PeriodValueUnitDays
2025-01-01 to 2025-12-31107,930,233CNY365
2024-01-01 to 2024-12-31129,613,822CNY366
2023-01-01 to 2023-12-31138,734,429CNY365

Amortization of intangible assets

Amortization recognized on finite-lived intangible assets. It follows acquisition accounting and does not indicate the intangibles are losing usefulness at that rate.

PeriodValueUnitDays
2025-01-01 to 2025-12-3120,919,688CNY365
2024-01-01 to 2024-12-3124,685,181CNY366
2023-01-01 to 2023-12-3112,694,599CNY365

Current income tax expense or benefit

Income tax expense or benefit for the period that is currently payable or refundable. It differs from cash taxes paid and from total tax expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-31483,675CNY365
2024-01-01 to 2024-12-312,115,015CNY366
2023-01-01 to 2023-12-3197,241CNY365

Interest paid, net

Cash interest paid during the period, net of amounts capitalized where the filer reports it that way. It differs from interest expense recognized.

PeriodValueUnitDays
2025-01-01 to 2025-12-3115,228,346CNY365
2024-01-01 to 2024-12-3117,912,322CNY366
2023-01-01 to 2023-12-3120,048,704CNY365

Income taxes paid, net

Cash income taxes paid net of refunds during the period. It differs from income tax expense and can reflect prior years and estimated payments.

PeriodValueUnitDays
2025-01-01 to 2025-12-311,542,076CNY365
2024-01-01 to 2024-12-31151,983CNY366

Operating lease payments

Cash paid for operating lease liabilities during the period. It differs from lease expense recognized and excludes variable payments in some presentations.

PeriodValueUnitDays
2023-01-01 to 2023-12-312,971,616CNY365

Change in accounts receivable

The cash flow adjustment for the change in receivables during the period. A positive value under this concept means receivables grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-9,097,648CNY365
2024-01-01 to 2024-12-3111,626,637CNY366
2023-01-01 to 2023-12-3124,547,169CNY365

Change in inventories

The cash flow adjustment for the change in inventories during the period. A positive value under this concept means inventory grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-312,003,420CNY365
2024-01-01 to 2024-12-31-8,880,522CNY366
2023-01-01 to 2023-12-31-10,012,161CNY365

Change in accounts payable

The cash flow adjustment for the change in payables during the period. A positive value under this concept means payables grew and added to operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-24,685,823CNY365
2024-01-01 to 2024-12-314,062,778CNY366
2023-01-01 to 2023-12-31109,135,149CNY365

Inspect the source

Entity
TH International Limited / CIK 0001877333
Captured
2026-09-21T17:34:32.482Z
SEC response SHA-256
eca2ea25f76b71b1efa5d9066d334a07af5e9472e66fb55a5463dee26b7545c1

Current SEC company facts · Download the original response snapshot (gzip) · Download the selected JSON

Every published concept a filing tagged, with the periods it covered, as reported in that filing at capture time. Forms 10-K, 10-K/A, 10-Q, 10-Q/A, 20-F, 20-F/A, 40-F, 40-F/A. A filing page needs at least 8 published concepts. Later filings can restate these values; the company history pages show the latest-filed value per period.

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Read the published dataset with Python
import json
from urllib.request import urlopen

with urlopen("https://canlicapital.com/company-data/0001877333.json") as response:
    record = json.load(response)
print(record["fetched_at"])
print(record["policy"])
for concept in record["concepts"]:
    print(concept["tag"], next(iter(concept["observations"])))