China Net Finance, February 28 (Reporter Jia Yujing) A few days ago, the chain coffee brand Tim Hortons is celebrating its 60th anniversary, and it is also the Chinese business of Tim Hortons (hereinafter referred to as "Tims Tianhao China"; NASDAQ: THCH) celebrates its fifth anniversary in China. In the face of the hot Chinese coffee market, there are more than 900 stores, Tims Tianhao China told the financial reporter of China.com that the company will actively grasp the industry opportunities in the Chinese market, and plans to open 2,750 profitable stores by the end of 2026.
According to public information, Tims Tianhao China was established with the support of private equity firm Descartes Capital and large chain restaurant brand Restaurant Brands International, and has the exclusive franchise rights of Tims Tianhao Coffee in Chinese mainland, Hong Kong and Macau, and Popeyes restaurants in Chinese mainland and Macau. In September last year, in order to further improve the brand growth strategy, TIMS Tianhao Coffee officially announced the launch of a partnership project, gradually opening a single store franchise in Beijing, Shanghai and new first-tier cities.
In the past 5 years, in order to achieve the ultimate convenience, Tims Tianhao Coffee has deployed four store types: standard store, Tims Go store and innovative development of Tims Express, and the small store model is open to joining, namely Tims Go. According to the person in charge of the company, since the launch of the partner program, it has received many inquiries from all over the country to join. At present, the first batch of high-quality partners who meet the requirements and complete the signing of contracts has reached 20, and a number of single-store franchise stores will also be opened in Shanghai, Beijing, Hangzhou, Jinhua and other places in the near future.
In recent years, under the trend of homogeneous competition in the domestic coffee market, TIMS Tianhao Coffee has taken "coffee + warm food" as the core route, innovation as the engine, and localization as the fulcrum, continuously empowered itself, strengthened business resilience, improved consumer experience, and gradually embarked on a unique sustainable growth path. According to the third quarter report of 2023, the proportion of orders containing food in the third quarter of TIMS Tianhao China increased from 43 in Q3 20228% increased to 54 in Q3 20235%, which confirms that the combination of "coffee + warm food" is constantly releasing market vitality.
At the same time, the company achieved revenue of 118.5 billion yuan, an increase of 669%, exceeding the total revenue for the full year of 2022 by 101.1 billion yuan, profitability continued to improve steadily. Up to now, TIMS has opened more than 900 stores, covering more than 60 cities, with a total of more than 19 million registered members.
Lu Yongchen, CEO of Tims Tianhao China, said that standing at the new starting point of the 5th anniversary, he firmly believes that TIMS can be deeply integrated into the high-quality development of China's economy. "Combining 60 years of global industry experience, we are committed to focusing on user needs, actively grasping industry opportunities in the Chinese market, accelerating product and service upgrades, and promoting brand value. ā€¯