TH International (THCH) Balance Sheet: Assets & Liabilities

TH International (THCH) Balance Sheet

As of Mar 31, 2026 (end of fiscal 2025), TH International reported total assets of CNY 1.18B and total liabilities of CNY 2.41B. Shareholders' equity was negative at −CNY 1.24B, meaning liabilities exceed assets. Total debt stood at CNY 1.97B against CNY 134.67M in cash and short-term investments, a net debt position of CNY 1.83B.

TH International Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for TH International Limited (THCH) - Annual data in billions CNY
Breakdown	FY 2025	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019
Period ending	Mar 2026	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Current Assets
Cash and Cash Equivalents	0.12	0.12	0.15	0.15	0.20	0.20	0.24	0.24	0.39	0.17	0.26
Short-Term Investments	0.01	0.01	0.01	0.01	0.02	0.02	0.38	0.38	0.00	0.01	0.00
Cash & Short-Term Investments	0.13	0.13	0.16	0.16	0.23	0.23	0.61	0.61	0.39	0.18	0.26
Accounts Receivable	0.13	0.02	0.17	0.03	0.16	0.03	0.09	0.01	0.01	0.01	0.00
Inventory	0.04	0.04	0.04	0.04	0.05	0.05	0.07	0.07	0.04	0.01	0.01
Other Current Assets	0.03	0.01	0.05	0.19	0.02	0.01	0.02	0.01	0.14	0.05	0.02
Total Current Assets	0.33	0.33	0.42	0.42	0.46	0.46	0.80	0.80	0.59	0.25	0.29
Non-Current Assets
Property, Plant & Equipment (Net)	0.68	0.68	1.00	1.00	1.45	1.45	1.67	1.67	0.55	0.24	0.08
Intangible Assets	0.08	0.08	0.10	0.10	0.11	0.11	0.10	0.10	0.08	0.06	0.07
Other Non-Current Assets	0.09	0.09	0.05	0.05	0.19	0.13	0.08	0.08	0.07	0.03	0.01
Total Non-Current Assets	0.85	0.85	1.15	1.15	1.76	1.76	1.85	1.85	0.70	0.33	0.15
Total Assets	1.18	1.18	1.56	1.56	2.22	2.22	2.64	2.64	1.28	0.58	0.44
Current Liabilities
Accounts Payable	0.20	0.20	0.22	0.27	0.22	0.22	0.11	0.11	0.08	0.02	0.01
Short-Term Debt	0.58	0.40	1.03	0.48	0.73	0.54	0.59	0.41	0.00	0.00	0.00
Current Portion of Long-Term Debt	-	0.40	-	0.85	-	0.54	-	0.41	0.19	-	-
Accrued Liabilities	-	0.10	-	0.09	-	0.13	-	0.15	0.09	0.03	-
Deferred Revenue	0.04	0.04	0.04	0.04	0.04	0.04	0.02	0.02	0.01	0.00	0.00
Other Current Liabilities	0.19	0.03	0.23	0.19	0.40	0.10	0.60	0.28	0.29	0.10	0.06
Total Current Liabilities	1.00	1.00	1.54	1.54	1.40	1.40	1.32	1.32	0.57	0.13	0.07
Non-Current Liabilities
Long-Term Debt	1.39	1.15	0.84	0.46	1.08	0.43	1.18	0.36	0.33	0.00	0.00
Other Non-Current Liabilities	0.01	0.00	0.01	0.02	0.16	0.01	0.03	0.01	0.05	0.02	0.00
Total Non-Current Liabilities	1.41	1.41	0.86	0.86	1.24	1.24	1.21	1.21	0.38	0.02	0.00
Total Liabilities	2.41	2.41	2.40	2.40	2.64	2.64	2.53	2.53	0.95	0.15	0.07
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-3.10	-3.10	-2.67	-2.67	-2.26	-2.26	-1.38	-1.38	-0.64	-0.26	-0.11
Accumulated Other Comprehensive Income	0.04	0.04	0.01	0.01	0.02	0.02	0.02	0.02	0.04	0.04	-0.16
Additional Paid-in Capital	1.82	1.82	1.82	1.82	1.81	1.81	1.47	1.47	0.94	0.64	0.64
Minority Interest	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Shares Outstanding	-	0.03	-	0.03	-	0.03	-	0.03	0.03	-	-
Total Stockholders' Equity	-1.24	-1.24	-0.84	-0.83	-0.43	-0.43	0.11	0.11	0.34	0.43	0.37
Total Liabilities & Equity	1.18	1.18	1.56	1.56	2.22	2.22	2.64	2.64	1.28	0.58	0.44

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About TH International Balance Sheet

How much debt does TH International have?

TH International had total debt of CNY 1.97B as of Mar 31, 2026, against CNY 134.67M in cash and short-term investments. Total debt was CNY 1.88B a year earlier.

What are TH International's total assets?

TH International reported total assets of CNY 1.18B as of Mar 31, 2026, down 24.7% from CNY 1.56B a year earlier. Total liabilities were CNY 2.41B.

What is TH International's shareholders' equity?

TH International's shareholders' equity was negative at −CNY 1.24B as of Mar 31, 2026, so its liabilities exceeded its assets.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition