All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
1 warning event since 2021; the latest 2025-04-30.
From the record
TH International Limited's filings since 2021 show 1 warning event: a late-report notice (Form NT 10-K or NT 10-Q, the latest 2025-04-30) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+19.6% a year over 5 filed years; profitable in 0 of 5.
From the record
TH International Limited's 5 filed years say what it did: revenue went from CNY 643 million in fiscal 2021 to CNY 1.3 billion in fiscal 2025, up 19.6% a year; it rose in 2 of 4 years; the deepest fall was 16% from fiscal 2023 to fiscal 2025; net income was positive in 0 of 5 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 1.1/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: TH International Limited's shareholder treatment is put at 1.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 11% of 42 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
Leverage 205%: owes 205¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, TH International Limited's shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 97 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 205 cents per dollar of assets, and net share issuance: its share count grew 0.2% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 36% of 43 in its family; net margin -33%.
From the record
TH International Limited's standing among 43 graded names in its industry family: revenue of CNY 1.3 billion in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -33% ranks in the bottom 3%; revenue growth of 9.2% a year over the last 3 filed years ranks in the top 31% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
SI estimate 5.0/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: TH International Limited's leadership is put at 5.0 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 7 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 34 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
What are they set up to do next?
How much room does it have to grow?
top 38% of 41 in its family for room to expand.
From the record
TH International Limited's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 130 million against no long-term debt tagged leaves 11% of its assets as net cash, top 13% of its family; cash from operations less capital spending is -6% of revenue (bottom 15%); a gross margin of 87% (top 17%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 8% of 42 in its family for growth drivers.
From the record
TH International Limited's growth drivers, from the filed years to fiscal 2025: revenue grew 9.2% a year over the last three filed years against 19.6% over all 5, slowing (bottom 6% of its family); the newest year grew -5.4% (bottom 11%); capital spending grew -41.9% a year (bottom 6%) (its annual reports). TH International Limited reported 4 product lines in fiscal 2025: Company Owned and Operated Stores at CNY 1.1 billion (81%), Revenues From Others Franchise Support Activities at CNY 196 million (15%), Franchise at CNY 37 million (3%), and 1 more; 2 of 4 grew against the year before (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
top 38% of 39 in its family for expectations against reality.
From the record
TH International Limited's newest year against its own record: revenue of CNY 1.3 billion in fiscal 2025 came in 19.3% below the CNY 1.6 billion its prior three years' pace pointed to (bottom 4% of its family); net income of CNY 434 million against a prior three-year average of CNY 677 million (top 17%); a net margin of -33% against -53.1% before (top 1%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made