What is TH International's free cash flow?

TH International had negative free cash flow of CNY 78.33M in fiscal 2025 (fiscal year ended Mar 31, 2026), operating cash flow of −CNY 12.71M minus CNY 65.62M of capital expenditures.

How much does TH International spend on capital expenditures?

TH International spent CNY 65.62M on capital expenditures in fiscal 2025, compared with CNY 102.84M a year earlier.

Does TH International pay dividends or buy back shares?

TH International's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment.

TH International (THCH) Cash Flow: Operating & Free Cash Flow

TH International Cash Flow Statement Analysis

Values in millions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for TH International Limited (THCH) - Annual data in millions 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
Operating Activities
Net Income	-434.49	-435.81	-460.43	-460.43	-872.93	-839.73	-742.65	-742.65	-382.93	-142.00	-87.65
Depreciation & Amortization	146.80	146.80	169.68	169.68	165.90	163.15	133.40	133.40	74.28	27.84	8.70
Deferred Income Tax	0.00	-	0.00	-	0.00	-	-47.15	-	0.00	0.00	0.00
Stock Based Compensation	2.87	2.87	1.05	1.05	64.48	64.48	74.69	74.69	0.00	0.00	0.00
Change in Working Capital	107.62	82.19	69.38	69.38	150.08	117.63	-27.53	83.37	54.73	-32.95	-8.91
Change in Accounts Receivable	9.10	10.00	-12.72	-12.72	-24.55	-24.55	1.84	1.84	-1.84	-4.80	-3.17
Change in Inventory	-2.00	-2.00	8.88	8.88	9.16	10.01	-29.38	-29.38	-31.17	-5.57	-5.73
Change in Accounts Payable	0.00	59.89	4.06	134.45	114.21	137.91	44.72	53.13	49.64	7.71	7.69
Change in Other Working Capital	100.53	13.61	69.15	20.44	51.26	26.11	-44.72	4.49	5.58	-29.63	-7.69
Other Operating Activities	164.49	13.61	180.66	173.95	296.34	26.11	322.31	4.49	5.58	1.34	10.74
Net Cash from Operating Activities	-12.71	-12.71	-39.67	-39.67	-196.13	-196.13	-286.93	-286.93	-244.97	-145.77	-77.12
Investing Activities
Capital Expenditures	-65.62	-65.62	-102.84	-102.84	-292.40	-291.67	-334.93	-334.93	-335.32	-144.75	-56.09
Purchases of Investments	0.00	-	0.00	17.17	-17.17	-17.17	-370.24	-370.24	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	-	17.17	17.17	369.30	369.30	0.00	-	0.00	0.00	0.00
Other Investing Activities	2.79	-62.83	77.64	67.80	0.27	-0.74	0.00	-	0.04	0.00	0.00
Net Cash from Investing Activities	-62.83	-62.83	-8.04	-8.04	60.00	60.00	-705.17	-705.17	-335.28	-144.75	-56.09
Financing Activities
Debt Repayment	21.69	-744.84	21.41	-862.30	126.89	-877.00	212.65	-494.93	-5.30	0.00	0.00
Common Stock Issued	0.00	0.02	0.00	8.38	0.00	1.41	24.24	24.24	291.39	222.84	206.80
Common Stock Repurchased	0.00	-	0.00	-	0.00	-	0.00	-	-0.14	-1.72	0.00
Other Financing Activities	0.02	-11.36	4.60	-3.78	-46.06	-47.47	590.27	273.85	-9.31	-1.72	6.00
Net Cash from Financing Activities	21.70	21.70	26.00	26.00	80.83	80.83	827.16	827.16	798.00	221.12	212.80
Summary
Effect of Forex Changes on Cash	-0.69	-0.69	2.35	2.35	19.81	19.81	13.18	13.18	-1.79	-16.17	4.73
Net Change in Cash	-54.53	-54.53	-19.35	-19.35	-35.49	-35.49	-151.76	-151.76	215.96	-85.57	84.32
Cash at Beginning of Period	184.24	184.24	203.59	203.59	239.08	239.08	390.84	390.84	174.87	260.44	176.13
Cash at End of Period	129.71	129.71	184.24	184.24	203.59	203.59	239.08	239.08	390.84	174.87	260.44
Free Cash Flow	-78.33	-78.33	-142.51	-142.51	-488.53	-487.80	-621.86	-621.86	-580.28	-290.52	-133.22
Supplemental Disclosures
Interest Paid	-	-	-	17.91	-	20.05	-	13.68	1.48	-	-
Income Taxes Paid	-	-	-	0.15	-	-	-	-	-	-	-

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

TH International (THCH) Cash Flow Statement

TH International Cash Flow Statement Analysis

Frequently Asked Questions About TH International Cash Flow