TH International Ltd (THCH) Form 6-K — Aug 18, 2026
Tims China (THCH) reported second quarter 2026 total revenues of RMB273.4 million (USD40.3 million), down 21.7% year over year, with the net loss widening to RMB97.4 million (USD14.4 million) from RMB75.9 million a year earlier. Same-store sales at company owned and operated stores fell 17.3% and quarterly orders dropped 20.7% to 8.3 million, as the company closed underperforming non-MTO stores and lapped strong prior-year delivery performance. Store contribution margin compressed to 5.7% from 9.6%, and adjusted corporate EBITDA swung to a loss of RMB21.0 million from a RMB2.2 million gain in Q2 2025.
Key figures
- Eps
- -RMB3.00 (USD-0.44) basic and diluted loss per ordinary share
- Revenue
- RMB273.4 million (USD40.3 million)
- Net Income
- Net loss of RMB97.4 million (USD14.4 million), vs RMB75.9 million net loss in Q2 2025
- Total Debt
- RMB448.4 million (USD66.1 million) current bank borrowings plus RMB1,183.7 million (USD174.5 million) convertible notes at fair value
- Debt Amount
- US$15.8 million initial tranche of senior secured convertible notes issued to THRI, closed July 2026
- Revenue Yoy
- -21.7%
- Total Assets
- RMB1,027.6 million (USD151.5 million)
- Cash Position
- RMB121.1 million (USD17.8 million) cash, cash equivalents and restricted cash at June 30, 2026
- System sales
- RMB347.8 million (USD51.3 million), -15.1% YoY
- Total stores
- 1028
- Operating loss
- RMB58.1 million (USD8.6 million) vs RMB47.8 million in Q2 2025
- Loyalty members
- 37.1 million, +41.7% YoY
- Quarterly orders
- 8.3 million, -20.7% YoY from 10.5 million
- Adjusted net loss
- RMB54.9 million (USD8.1 million), margin -20.0% vs -11.4%
- Franchised stores
- 484
- Weighted avg shares
- 32519377
- Company owned stores
- 544
- Shareholders deficit
- RMB1,406.7 million (USD207.3 million)
- Net new store openings
- 2
- Adjusted loss per share
- -RMB1.69 (USD-0.25) vs -RMB1.21
- Same store sales system
- -17.8%
- Adjusted corporate ebitda
- -RMB21.0 million (USD3.1 million) vs +RMB2.2 million in Q2 2025; margin -7.6%
- Company store contribution
- RMB12.6 million (USD1.9 million), margin 5.7% vs 9.6% in Q2 2025
- Impairment long lived assets
- RMB4.6 million (USD0.7 million)
- Same store sales company stores
- -17.3%
- Convertible note fair value loss
- RMB34.9 million (USD5.1 million) in Q2 2026
AI analysis
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