Tims China (ticker: THCH) is the exclusive master franchisee of Tim Hortons in mainland China, operating and franchising coffee and food shops across Chinese cities. As of end-2025, Tims China had 1,047 stores across 92 cities, making China Tim Hortons' largest international market by store count. The company positions itself in the mid-tier of China's coffee market — roughly RMB 15–30 per cup — and differentiates through a "Coffee Plus Freshly Prepared Food" strategy, pairing beverages with bagels, bagel sandwiches, and combo meals. Food items accounted for nearly 40% of company-owned store revenues in 2025. Tims China operates through two revenue streams: company-owned stores, which generate direct product sales, and a franchising business that collects upfront fees and royalties. Tims China launched its individual franchise program in late 2023 and had grown the franchise base to 485 stores by end-2025, having received over 10,000 franchise applications. The company is actively shifting toward franchising as a more capital-efficient growth model, targeting at least 100 net new store openings in 2026, predominantly franchise. Tims China also operates four store formats ranging from large flagship locations to compact grab-and-go kiosks inside convenience stores. Key growth levers include expanding the lunch daypart, growing non-coffee beverages, building store density around five city clusters, and converting stores to a made-to-order format. Delivery accounts for roughly 64% of company-owned store revenue, but platform fees and discounts required by aggregators like Meituan have been a persistent margin headwind.