• Yum China, but for Tim Hortons.
• An independent "Starbucks China" that's a publicly traded company, but for Tim Hortons.

Major products and services of TH International (THCH) include:

• Coffee & Beverages: THCH operates Tim Hortons, offering a wide range of coffee, espresso-based drinks, teas, and other specialty beverages.
• Baked Goods & Food (Tim Hortons): The company sells various baked goods, including donuts, bagels, muffins, along with sandwiches and other light food items through Tim Hortons.
• Fried Chicken & Fast Food (Popeyes): THCH also operates Popeyes restaurants, specializing in fried chicken, chicken sandwiches, seafood, and other fast-food offerings.

TH International (symbol: THCH), also known as Tims China, operates as the exclusive master franchisee for Tim Hortons, Popeyes, and Firehouse Subs in China. Given its business model of operating quick-service restaurants (QSRs), the company sells primarily to individual consumers.

TH International (THCH) serves the following categories of customers:

• Urban Professionals and Office Workers: This segment typically seeks convenient, quick, and quality options for breakfast, lunch, coffee breaks, and casual meetings, especially in business districts and high-density office areas. They value speed, accessible locations, and a comfortable environment for their daily routines.
• Younger Consumers and Students: Attracted to trendy, affordable, and social dining options, this demographic frequently uses QSRs for studying, socializing, and quick meals. They are often early adopters of new brands and appreciate value-for-money propositions.
• Families and General Urban Residents: This broad category includes individuals and families seeking accessible, family-friendly, and value-oriented dining solutions for everyday meals, weekend outings, and on-the-go convenience. They prioritize convenience, a varied menu, and a pleasant dining experience.

Yongchen Lu, Chief Executive Officer and Director

Mr. Lu has served as the Chief Executive Officer of Tim Hortons (China) Holdings Co., Ltd. since May 2018 and as a member of TH International's board since the company became public. Previously, he served as the Chief Financial Officer of Burger King China from November 2012 to April 2018. Prior to that, Mr. Lu worked at General Electric for over six years. Tim Hortons (China) Holdings Co. Ltd. was acquired by Silver Crest Acquisition Corp. from Restaurant Brands International, Inc. on September 28, 2022. Burger King (China) Investment Co. was acquired by Restaurant Brands International, Inc. on February 18, 2025. Mr. Lu is employed at Cartesian Capital Group, LLC, a private equity firm, and served as its China Representative from January 2008 to January 2016, indicating a pattern of managing companies backed by private equity firms.

Albert Li, Chief Financial Officer

Mr. Li has served as TH International's Chief Financial Officer since September 2021. He brings over 20 years of management experience in public accounting, investment banking, and corporate finance. Previously, from September 2019 to September 2021, Mr. Li served as the Chief Financial Officer of Ximalaya Inc. Prior to that, from July 2017 to June 2019, he was the Chief Financial Officer of OneSmart International Education Group Limited (NYSE: ONE), where he helped lead the company’s initial public offering on the New York Stock Exchange. He also served as Chief Financial Officer of Ecovacs Robotics Holdings Limited (SSE: 603486), worked in investment banking for Bank of America Merrill Lynch and ICBC International, and in auditing for KPMG.

Peter Yu, Chairman of the Board

Mr. Yu has served as Chairman of TH International's board since May 2018. He is the Managing Partner and co-founder of Cartesian Capital Group, LLC, a leading international private equity firm with over $4.5 billion in committed capital. Prior to founding Cartesian in 2006, he founded and served as President & CEO of AIG Capital Partners, Inc. (AIGCP). Under his leadership, AIGCP became a leading international private equity firm.

Gregory Armstrong, Director

Mr. Armstrong has served as a member of TH International's Board since May 2018. He is currently a Partner at Cartesian Capital Group and served as the CFO and director of Cartesian Growth Corporation, a special purpose acquisition company (SPAC), from February 2021 to January 2023. Prior to joining Cartesian in 2006, Mr. Armstrong served as an Associate at AIGCP and worked at Broadview International, a mergers & acquisitions advisory firm.

Frank Hong, Director

Mr. Hong has served as a member of TH International's Board since May 2018. He is currently a partner at Cartesian Capital Group. Mr. Hong previously served as Senior Vice President and General Counsel of AIGCP. Prior to joining AIGCP, Mr. Hong practiced law in the corporate and tax departments of Kirkland & Ellis LLP, specializing in private equity transactions.

The emergence of hyper-aggressive, tech-enabled, low-price coffee chains, notably Luckin Coffee and Cotti Coffee, fundamentally threatens TH International's (Tims China) market position and profitability. These competitors leverage sophisticated app-based ordering, extensive promotional campaigns (such as sustained RMB 9.9 coffee deals), and rapid, large-scale store expansion to capture market share by offering coffee at significantly lower price points. This strategy redefines consumer price expectations and pressures margins across the industry, challenging Tims China's "affordable premium" positioning and its ability to grow profitably without engaging in a potentially unsustainable price war. This is not merely increased competition, but a distinct and disruptive business model that has rapidly become a dominant force in the Chinese coffee market, altering the competitive landscape in a manner analogous to how new platform-based businesses have disrupted traditional industries.

TH International (THCH) operates two main businesses in the specified regions: Tim Hortons coffee shops and Popeyes restaurants.

Tim Hortons (Coffee and Baked Goods)

The addressable market for freshly brewed coffee in China reached approximately 162.35 billion yuan (about 22.76 billion U.S. dollars) in 2023. This market is forecast to exceed 193 billion yuan (about 27 billion U.S. dollars) by 2024. TH International holds the exclusive franchise rights for Tim Hortons in mainland China, Hong Kong, and Macau.

Popeyes (Fast Food)

The addressable market for fast food in China is projected to exceed 1.5 trillion yuan in 2024. TH International (Tims China) is the operator of Popeyes in China.

Expected Drivers of Future Revenue Growth for TH International (THCH):

• Expansion of the Sub-Franchisee Model and Store Network: TH International is actively expanding its footprint through a sub-franchisee program. The company launched its individual franchisee program in December 2023, receiving over 7,000 applications and converting nearly 200 stores by the end of March 2025. This model offers attractive unit economics for sub-franchisees with a reported 2- to 3-year payback period on average. The number of franchised stores significantly increased from 302 as of March 31, 2024, to 455 as of March 31, 2025. In Q2 2025, revenues from franchised and retail businesses increased by 50.7% year-over-year, and the number of franchised stores grew from 333 as of June 30, 2024, to 449 as of June 30, 2025. The company targeted opening approximately 200 new franchise stores in 2025. This expansion strategy is a significant driver for system sales growth.
• Growth in Customer Base and Digital Engagement: The company has demonstrated consistent growth in its customer base. Monthly average transacting customers reached 2.92 million in Q1 2025, a 4.3% increase from the prior year. By Q2 2025, this figure further increased to 3.59 million, a 14.3% rise from Q2 2024. Furthermore, digital orders as a percentage of total orders have steadily increased, reaching an all-time high of 90.4% in Q2 2025, up from 86.5% in Q2 2024. The registered loyalty club members also grew significantly, reaching 25.1 million by March 31, 2025, a 25.7% year-over-year growth, serving as a strong catalyst for future growth. Continued enhancement of digital capabilities supports the growing demand for delivery and takeaway services.
• New Product Launches and Menu Innovation: TH International is focusing on expanding its product offerings to capture new consumption occasions. In Q2 2025, the company introduced 43 new items, executing a focused product-led strategy. A key initiative is the introduction of a "Light and Fit Lunchbox series," aimed at reshaping consumer perceptions of Tims as a lunch destination beyond its traditional strength in breakfast. This strategy is designed to create a second high-demand meal daypart and drive sustainable revenue growth by offering Western-style healthy lunch options, including complete entrée, snack, and coffee meal solutions. This expansion into the lunch market aims to drive sustained revenue growth by catering to busy urban consumers.

Share Issuance

• TH International Limited agreed to issue senior secured convertible notes due September 2029 with an aggregate principal amount of approximately US$89.9 million. These notes are convertible into newly issued ordinary shares.
• The company reported net common equity issued of approximately US$338.1 million in 2023, US$0.2 million in 2022, and US$1.166 million in 2021.

Inbound Investments

• The issuance of senior secured convertible notes totaling approximately US$89.9 million represents a significant inbound investment into TH International Limited. These notes are secured by a pledge of 100% of the shares of TH Hong Kong International Limited and an all-asset debenture of Tims China.
• THRI (Tim Hortons Restaurants International GmbH) and Cartesian Capital Group agreed to extend the maturity of their 2024 unsecured convertible notes from June 2027 to September 2029, with a reset conversion price.