TH International Ltd

Tim Hortons China is the exclusive master franchisee for Tim Hortons in mainland China, Hong Kong, and Macau. The company operates Tim Hortons coffee shops, selling high-quality coffee and freshly prepared food items. It opened its first coffee shop in China in February 2019. As of December 31, 2025, the company had 1,047 system-wide stores across 92 cities in mainland China, operating through both company-owned and franchised stores. As of the date of this Annual Report, the company does not have any stores outside of mainland China. In addition to its physical store network, Tim Hortons China utilizes a technology infrastructure for digital ordering. Digital orders, encompassing both delivery and mobile ordering for self pick-up, represented approximately 82.1% of revenues from company-owned and operated stores in 2023, 86.1% in 2024, and 89.3% in 2025. The company also maintains a loyalty program, which had 18.5 million members as of December 31, 2023, 24.0 million members as of December 31, 2024, and 31.0 million members as of December 31, 2025. In February 2022 and July 2023, Tim Hortons China and Popeyes Shanghai, respectively, transferred control and possession of their customer personal data to DataCo, a PRC-incorporated company, under their Business Cooperation Agreements with DataCo.