{"id":996285,"date":"2026-08-18T05:33:10","date_gmt":"2026-08-18T09:33:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/"},"modified":"2026-08-18T05:33:10","modified_gmt":"2026-08-18T09:33:10","slug":"tims-china-announces-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/","title":{"rendered":"Tims China Announces Second Quarter 2026 Financial Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">SHANGHAI and NEW YORK, Aug.  18, 2026  (GLOBE NEWSWIRE) &#8212; TH International Limited (Nasdaq: THCH), the parent company of the exclusive master franchisees of Tim Hortons coffee shops in China (\u201cTims China\u201d or the \u201cCompany\u201d), today announced its unaudited financial results for the second quarter 2026.<\/p>\n<p align=\"justify\">\n        <strong>SECOND QUARTER 2026 HIGHLIGHTS<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>Total revenues<\/strong>\u00a0of\u00a0RMB273.4 million\u00a0(USD40.3 million), representing a\u00a021.7% decrease\u00a0from the same quarter of 2025.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>System sales<\/strong><br \/>\n          <sup>1<\/sup> of RMB347.8 million (USD51.3 million), representing a 15.1% decrease from the same quarter of 2025.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>Net new store openings <\/strong>totaled two (a net opening of 15 made-to-order (\u201cMTO\u201d) stores and a net closure of 13 non-MTO stores).<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>Company owned and operated store contribution<\/strong><br \/>\n          <sup>2<\/sup>, previously reported as adjusted store EBITDA, was RMB12.6 million (USD1.9 million), compared to RMB27.2 million in the same quarter of 2025.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>Company owned and operated store contribution margin<\/strong><br \/>\n          <sup>3<\/sup>, previously reported as adjusted store EBITDA margin, was 5.7%, compared to 9.6% in the same quarter of 2025.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong>Registered loyalty club members<\/strong> totaled 37.1 million as of June 30, 2026, representing a 41.7% year-over-year growth.<\/li>\n<\/ul>\n<p align=\"justify\">__________________________________<\/p>\n<p align=\"justify\">\n        <sup>1<\/sup> System sales is calculated as the gross merchandise value of sales generated from both company owned and operated stores and franchised stores.<br \/><sup>2<\/sup> Company owned and operated store contribution, is calculated as fully burdened gross profit<sup>4<\/sup> of company owned and operated stores excluding depreciation &amp; amortization. <br \/><sup>3<\/sup> Company owned and operated store contribution margin, is calculated as company owned and operated store contribution as a percentage of revenues from company owned and operated stores.<br \/><sup>4 <\/sup>Fully burdened gross profit of company owned and operated stores, the most directly comparable GAAP measure to company owned and operated store contribution, was a loss of RMB7.2 million (USD1.1 million) for the three months ended June 30, 2026, compared to a gain of RMB0.4 million in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>COMPANY MANAGEMENT STATEMENT<\/strong>\n      <\/p>\n<p align=\"justify\">Mr. Kwok Wah (John) Cheung, CEO of Tims China, stated, \u201cThe second quarter was a period of transition for Tims China. Our top-line results were impacted by our proactive decision to close underperforming stores, as well as pressure on same-store sales as we lapped strong delivery performance from last year. It is clear that we need to make meaningful changes to our strategy to win back customers. My experience tells me that when we focus on our core identity and consistently deliver great products and a great guest experience, our customers will respond. I have full confidence in Tims China\u2019s ability to improve the business and regain market share. We have a clear plan and are moving quickly to return the business to growth. We already see green shoots in the business when we look at our registered loyalty club membership, which reached more than 37.1 million as of June 30, 2026, up 41.7% year over year, providing a strong foundation to deepen customer engagement and support future growth\u201d.<\/p>\n<p align=\"justify\">Mr. Dong (Albert) Li, CFO of Tims China, commented, \u201cWe successfully closed the initial tranche of US$15.8 million in additional senior secured convertible notes issued to Tim Hortons Restaurants International GmbH (\u201cTHRI\u201d), our brand owner and founding shareholder, in July 2026. With the proceeds from this series of proposed financing, we plan to drive our innovation and product offerings, invest more in marketing activities, and deploy a more balanced store network development strategy by opening both company owned and operated stores and franchised stores going forward\u201d.<\/p>\n<p align=\"justify\">\n        <strong>SECOND QUARTER 2026 FINANCIAL RESULTS<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Total revenues<\/strong> were RMB273.4 million (USD40.3 million) for the three months ended June 30, 2026, representing a decrease of 21.7% from RMB349.0 million in the same quarter of 2025. Total revenues comprise:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Revenues from company owned and operated stores<\/em><br \/>\n          <\/strong> were RMB220.9 million (USD32.6 million) for the three months ended June 30, 2026, representing a decrease of 21.6% from RMB281.9 million in the same quarter of 2025. The decrease was primarily attributable to closures of certain underperforming stores as the number of company owned and operated stores decreased from 566 as of June 30, 2025 to 544 as of June 30, 2026, and a 17.3% decline in same-store sales growth for company owned and operated stores in the second quarter of 2026. The decrease was also attributable to a 0.9% year-over-year decrease in average ticket size, and a 20.7% year-over-year decrease in the number of orders from 10.5 million in the second quarter of 2025 to 8.3 million in the same quarter of 2026.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Other revenues<\/em><br \/>\n          <\/strong> were RMB52.5 million (USD7.7 million) for the three months ended June 30, 2026, representing a decrease of 21.7% from RMB67.1 million in the same quarter of 2025. The decrease was primarily due to lower revenues generated per franchised store as a result of a decline in same-store sales growth for franchised stores, offset by an increase in the number of our franchised stores from 449 as of June 30, 2025 to 484 as of June 30, 2026.<\/p>\n<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Company owned and operated store costs and expenses<\/strong> were RMB221.1 million (USD32.6 million) for the three months ended June 30, 2026, representing a decrease of 18.8% from RMB272.4 million in the same quarter of 2025. Company owned and operated store costs and expenses comprise:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Food and packaging costs<\/em><br \/>\n          <\/strong> were RMB62.5 million (USD9.2 million) for the three months ended June 30, 2026, representing a decrease of 26.3% from RMB84.8 million in the same quarter of 2025, which was primarily due to a decrease in revenues from company owned and operated stores. As we continued to benefit from higher efficiencies in supply chains and cost reduction on raw materials, logistic and warehousing expenses, food and packaging costs as a percentage of revenues from company owned and operated stores decreased by 1.8 percentage points from 30.1% in the second quarter of 2025 to 28.3% in the same quarter of 2026.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Rental and property management fees<\/em><br \/>\n          <\/strong> were RMB47.9 million (USD7.1 million) for the three months ended June 30, 2026, representing a decrease of 15.6% from RMB56.8 million in the same quarter of 2025, which was primarily due to a decrease in the number of our company-owned and operated stores from 566 as of June 30, 2025 to 544 as of June 30, 2026. Rental and property management fees as a percentage of revenues from company owned and operated stores increased by 1.5 percentage points from 20.2% in the second quarter of 2025 to 21.7% in the same quarter of 2026.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Payroll and employee benefits expenses<\/em><br \/>\n          <\/strong> were RMB43.9 million (USD6.5 million) for the three months ended June 30, 2026, representing a decrease of 12.6% from RMB50.2 million in the same quarter of 2025, which was primarily due to a decrease in revenues from company owned and operated stores. Payroll and employee benefits expenses as a percentage of revenues from company owned and operated stores increased by 2.1 percentage points from 17.8% in the second quarter of 2025 to 19.9% in the same quarter of 2026.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Delivery costs<\/em><br \/>\n          <\/strong> were RMB28.9 million (USD4.3 million) for the three months ended June 30, 2026, representing a decrease of 13.3% from RMB33.3 million in the same quarter of 2025, which was in line with the 11.9% decrease in delivery orders from 8.2 million in the second quarter of 2025 to 7.2 million in the same quarter of 2026, and a reduction in average delivery costs per order. Delivery costs as a percentage of revenues from company owned and operated stores increased by 1.3 percentage points to 13.1% in the second quarter of 2026, compared to 11.8% in the same quarter of 2025, which was primarily due to an increase in delivery revenue as a percentage of revenues from company owned and operated stores from 61.0% in the second quarter of 2025 to 65.7% in the same quarter of 2026.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Other operating expenses<\/em><br \/>\n          <\/strong> were RMB17.4 million (USD2.6 million) for the three months ended June 30, 2026, representing a decrease of 14.7% from RMB20.4 million in the same quarter of 2025, which was primarily due to a decrease in revenues from company owned and operated stores. Other operating expenses as a percentage of revenues from company owned and operated stores increased by 0.7 percentage points to 7.9% in the second quarter of 2026, compared to 7.2% in the same quarter of 2025.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">\n          <strong><br \/>\n            <em>Store depreciation and amortization expenses<\/em><br \/>\n          <\/strong> were RMB20.4 million (USD3.0 million) for the three months ended June 30, 2026, representing a decrease of 23.8% from RMB26.8 million in the same quarter of 2025, which was primarily due to impairment on property and equipment in relation to company owned and operated store closures and the reduced capital expenditures per store as a result of our initiatives to improve store unit economics. Store depreciation and amortization as a percentage of revenues from company owned and operated stores decreased by 0.3 percentage points to 9.2% in the second quarter of 2026, compared to 9.5% in the same quarter of 2025.<\/p>\n<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Costs of other revenues<\/strong> were RMB36.8 million (USD5.4 million) for the three months ended June 30, 2026, representing a decrease of 20.9% from RMB46.5 million in the same quarter of 2025, which was in line with the revenue trend. Costs of other revenues as a percentage of other revenues increased by 0.8 percentage points from 69.3% in the second quarter of 2025 to 70.1% in the same quarter of 2026 due to lower margin generated from franchised business during the second quarter of 2026.<\/p>\n<p align=\"justify\">\n        <strong>Marketing expenses<\/strong> were RMB13.3 million (USD2.0 million) for the three months ended June 30, 2026, representing a decrease of 4.4% from RMB13.9 million in the same quarter of 2025. Marketing expenses as a percentage of total revenues increased by 0.9 percentage points from 4.0% in the second quarter of 2025 to 4.9% in the same quarter of 2026 as we spent more marketing efforts to support our franchised business during the second quarter of 2026.<\/p>\n<p align=\"justify\">\n        <strong>General and administrative expenses<\/strong> were RMB42.3 million (USD6.2 million) for the three months ended June 30, 2026, representing an increase of 12.1% from RMB37.7 million in the same quarter of 2025, which was primarily due to a RMB4.2 million (USD0.6 million) increase in professional and other service fees. As a result of the foregoing,<strong> adjusted general and administrative expenses<\/strong>, which excludes: (i) share-based compensation expenses of RMB0.3 million (USD0.05 million), and (ii) impairment losses of rental deposits of RMB2.3 million (USD0.3 million), were RMB39.6 million (USD5.8 million), representing an increase of 14.4% from RMB34.6 million in the same quarter of 2025. Adjusted general and administrative expenses as a percentage of total revenues increased by 4.6 percentage points from 9.9% in the second quarter of 2025 to 14.5% in the same quarter of 2026. For more information on the Company\u2019s non-GAAP financial measures, please see \u201cUse of Non-GAAP Financial Measures\u201d and \u201cReconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures\u201d set forth at the end of this earnings release.<\/p>\n<p align=\"justify\">\n        <strong>Franchise and royalty expenses<\/strong> were RMB14.4 million (USD2.1 million) for the three months ended June 30, 2026, representing a decrease of 15.9% from RMB17.1 million in the same quarter of 2025, which was primarily due to a decrease in total revenues. Franchise and royalty expenses as a percentage of total revenues increased by 0.4 percentage points, from 4.9% in the second quarter of 2025 to 5.3% in the same quarter of 2026, as a result of higher royalty rate applicable.<\/p>\n<p align=\"justify\">\n        <strong>Impairment losses of long-lived assets <\/strong>were RMB4.6 million (USD0.7 million) for the three months ended June 30, 2026, compared to RMB9.5 million in the same quarter of 2025, which was primarily due to a decrease in the number of planned closures of underperforming company owned and operated stores in the second quarter of 2026.<\/p>\n<p align=\"justify\">As a result of the foregoing, <strong>operating loss<\/strong> was RMB58.1 million (USD8.6 million) for the three months ended June 30, 2026, compared to RMB47.8 million in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Adjusted Corporate EBITDA<\/strong> was a loss of RMB21.0 million (USD3.1 million) for the three months ended June 30, 2026, compared to a gain of RMB2.2 million in the same quarter of 2025. <strong>Adjusted Corporate EBITDA margin <\/strong>was negative 7.6% in the second quarter of 2026, compared to positive 0.6% in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Changes in fair value of convertible notes<\/strong> were a loss of RMB34.9 million (USD5.1 million) for the three months ended June 30, 2026, compared to a loss of RMB23.4 million in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Net loss <\/strong>was RMB97.4 million (USD14.4 million) for the three months ended June 30, 2026, compared to RMB75.9 million for the same quarter of 2025. <strong>Adjusted net loss<\/strong>, which excludes: (i) share-based compensation expenses of RMB0.3 million (USD0.05 million); (ii) impairment losses of long-lived assets of RMB4.6 million (USD0.7 million), (iii) impairment losses of rental deposits of RMB2.3 million (USD0.3 million), (iv) loss on disposal of property and equipment of RMB0.5 million (USD0.1 million), and (v) loss from changes in fair value of convertible notes of RMB34.9 million (USD5.1 million), was RMB54.9 million (USD8.1 million) for the three months ended June 30, 2026, compared to RMB39.7 million for the same quarter of 2025. <strong>Adjusted net loss margin<\/strong> was negative 20.0% in the second quarter of 2026, compared to negative 11.4% in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Basic and diluted loss per ordinary share<\/strong> was RMB3.00 (USD0.44) in the second quarter of 2026, compared to RMB2.32 in the same quarter of 2025. <strong>Adjusted basic and diluted net loss per ordinary share <\/strong>was RMB1.69 (USD0.25) in the second quarter of 2026, compared to RMB1.21 in the same quarter of 2025.<\/p>\n<p align=\"justify\">\n        <strong>Liquidity<\/strong>\n      <\/p>\n<p align=\"justify\">As of June 30, 2026, the total amount of the Company\u2019s cash and cash equivalents and restricted cash was RMB121.1 million (USD17.8 million), compared to RMB129.7 million as of December 31, 2025. The change was primarily attributable to cash disbursements on business operations, partially offset by the draw-down of additional bank borrowings.<\/p>\n<p align=\"justify\">\n        <strong>KEY OPERATING DATA<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Tims only<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">For the three months ended or as of<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\uff08Exclude the discontinued business)<\/td>\n<td rowspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Jun 30,<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Sep 30,<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Dec 31,<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">Mar 31,<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">June 30,<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2025<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2026<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">2026<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:45%;width:45%;min-width:45%;text-align: left;vertical-align: middle;vertical-align: bottom\">Total stores<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,015<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,030<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,047<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,026<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,028<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Company owned and operated stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">566<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">551<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">562<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">541<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">544<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Franchised stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">449<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">479<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">485<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">485<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">484<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Made to order (MTO) stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">692<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">770<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">765<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">780<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Non-MTO stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">323<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">300<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">277<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">261<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">248<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Same-store sales growth for system-wide stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-4.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-2.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-13.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-17.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Same-store sales growth for company owned and operated stores<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-3.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-1.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-12.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">-17.3<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Registered loyalty club members (in thousands)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,192<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,900<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,021<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,930<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,118<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Company owned and operated store contribution (Renminbi in thousands)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,176<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,786<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,164<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,730<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,584<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Company owned and operated store contribution margin<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.6<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5.7<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <strong>KEY DEFINITIONS<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Same-store sales growth. The percentage change in the sales of stores that have been operating for 12 months or longer during a certain period compared to the same period from the prior year. The same-store sales growth for any period of more than a month equals the arithmetic average of the same-store sales growth of each month covered in the period. If a store was closed for seven days or more during any given month, its sales during that month and the same month in the comparison period are excluded for purposes of measuring same-store sales growth.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Net new store openings.\u00a0The gross number of new stores opened during the period minus the number of stores permanently closed during the period.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">System sales.\u00a0Gross merchandise value of sales generated from both company owned and operated stores and franchised stores.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Company owned and operated store contribution (previously reported as adjusted store EBITDA). Calculated as fully burdened gross profit of company owned and operated stores excluding depreciation and amortization.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Company owned and operated store contribution margin (previously reported as adjusted store EBITDA margin). Calculated as company owned and operated store contribution as a percentage of revenues from company owned and operated stores.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted general and administrative expenses. Calculated as general and administrative expenses excluding share-based compensation expenses, professional fees related to financing programs, and impairment losses of rental deposits.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted corporate EBITDA. Calculated as operating loss excluding certain non-cash expenses consisting of depreciation and amortization, share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, professional fees related to financing programs<strong>, <\/strong>and impairment losses of rental deposits<strong>.<\/strong><\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted corporate EBITDA margin. Calculated as adjusted corporate EBITDA as a percentage of total revenues.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted net loss. Calculated as net loss excluding share-based compensation expenses, impairment losses of long-lived assets, loss on disposal of property and equipment, professional fees related to financing programs, impairment losses of rental deposits, and changes in fair value of convertible notes.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted net loss margin. Calculated as adjusted net loss as a percentage of total revenues.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Adjusted basic and diluted net loss per ordinary share. Calculated as adjusted net loss attributable to the Company\u2019s ordinary shareholders divided by weighted-average number of basic and diluted ordinary shares.<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>RECENT BUSINESS DEVELOPMENT<\/strong>\n      <\/p>\n<p align=\"justify\">On August 13, 2026, Tims China announced the official launch of a joint membership campaign with China Southern Airlines. The two companies will work together on member benefits integration, consumer touchpoint fusion, and service experience innovation, giving members of both programs a new \u201ccoffee plus travel\u201d lifestyle experience and expanding the membership service ecosystem.<\/p>\n<p align=\"justify\">\n        <strong>USE OF NON-GAAP FINANCIAL MEASURES<\/strong>\n      <\/p>\n<p align=\"justify\">The Company uses non-GAAP financial measures, namely company owned and operated store contribution, company owned and operated store contribution margin, adjusted general and administrative expenses, adjusted corporate EBITDA, adjusted corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic and diluted net loss per ordinary share in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) company owned and operated store contribution as fully burdened gross profit of company owned and operated stores excluding depreciation and amortization; (ii) company owned and operated store contribution margin as company owned and operated store contribution as a percentage of revenues from company owned and operated stores; (iii) adjusted general and administrative expenses as general and administrative expenses excluding share-based compensation expenses, professional fees related to financing programs, and impairment losses of rental deposits; (iv) adjusted corporate EBITDA as operating loss excluding certain non-cash expenses consisting of depreciation and amortization, share-based compensation expenses, impairment losses of long-lived assets<strong>, <\/strong>loss on disposal of property and equipment, professional fees related to financing programs, and impairment losses of rental deposits; (v) adjusted corporate EBITDA margin as adjusted corporate EBITDA as a percentage of total revenues; (vi) adjusted net loss as net loss excluding share-based compensation expenses, impairment losses of long-lived assets<strong>, <\/strong>loss on disposal of property and equipment, professional fees related to financing programs, impairment losses of rental deposits<strong>,<\/strong> and changes in fair value of convertible notes; (vii) adjusted net loss margin as adjusted net loss as a percentage of total revenues; and (viii) adjusted basic and diluted net loss per ordinary share as adjusted net loss attributable to the Company\u2019s ordinary shareholders divided by weighted-average number of basic and diluted ordinary shares<strong>.<\/strong> The Company believes company owned and operated store contribution, company owned and operated store contribution margin, adjusted general and administrative expenses, adjusted corporate EBITDA, adjusted corporate EBITDA margin, adjusted net loss, adjusted net loss margin, and adjusted basic and diluted net loss per ordinary share enhance investors&#8217; overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.<\/p>\n<p align=\"justify\">These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company\u2019s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, \u201cReconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures.\u201d The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.<\/p>\n<p align=\"justify\">\n        <strong>EXCHANGE RATE INFORMATION<\/strong>\n      <\/p>\n<p align=\"justify\">This earnings release contains translations of certain RMB amounts into U.S. dollars (\u201cUSD\u201d) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7851 to USD1.00, the exchange rate in effect on June 30, 2026 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any rate or at all.<\/p>\n<p align=\"justify\">\n        <strong>CONFERENCE CALL<\/strong>\n      <\/p>\n<p align=\"justify\">The Company will hold a conference call today, on Tuesday, August 18, 2026, at 8:00 am Eastern Time (on Tuesday, August 18, 2026, at 8:00 pm Beijing Time) to discuss the financial results.<\/p>\n<p align=\"justify\">Participants are strongly encouraged to pre-register for the conference call, by using the weblink provided below.<\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4vmiznw71nYoBnz3mVyMSO6hoIyGMaPuv8slZuiSK4UGKfrssMy274PrXSMAshaPV49mH0g9DFG0JzpNxc0vwM75ugsH_uFDH62f8I5ioA-advYdUatl1jJinZJy5mJXZFxJ7fsbAgcbVgf6PTSEcp4lSFcyyQzSd2ma58fKj0WYtFNdWDPgoOX4JheHikibtPYiIA1Qfx-e5z6sVi_AcBXra83o482TVgfT7n6xBuewPiIhPFJTd7XRP8rz30I2\" rel=\"nofollow\" target=\"_blank\">https:\/\/register-conf.media-server.com\/register\/BIe1051e377efc4328b00acdcfb0146d50<\/a>\n      <\/p>\n<p align=\"justify\">Participants may also view the live webcast by registering through below weblink:<\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4vmiznw71nYoBnz3mVyMSM4YyNZ95WcVshqnaKXX-Rk8Ob8M0le9n2PDX9j0oc0W0Zu9z1h9YfEY0TxOWB3BBSc1d78lv2cwsnV4qVxsMMh-F4A73tJPXaikD7e8mzDA_mIILRnUTLTxN-N34uat9Bgn7ZoVXnGgSG0x1o6K-TY=\" rel=\"nofollow\" target=\"_blank\">https:\/\/edge.media-server.com\/mmc\/p\/y7354vo8<\/a>\n      <\/p>\n<p align=\"justify\">The webcast features a \u2018Submit Your Question\u2019 tab at the top, where you will have the opportunity to submit your questions before and during the call.<\/p>\n<p align=\"justify\">A live and archived webcast of the conference call will also be available at the Company\u2019s\u00a0Investor Relations website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4vmiznw71nYoBnz3mVyMSKV_kwJuEgB2MiHVU8qShnfHSTWQhYdGvo6K_TqgEayKm0jqLRAtet8Kn12v5jJFQgTBxrmLk6_1_lukW312_W8=\" rel=\"nofollow\" target=\"_blank\">https:\/\/ir.timschina.com<\/a> under \u201cEvents and Presentations\u201d.<\/p>\n<p align=\"justify\">\n        <strong>FORWARD-LOOKING STATEMENTS<\/strong>\n      <\/p>\n<p align=\"justify\">Certain statements in this earnings release may be considered forward-looking statements within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995, such as the Company\u2019s ability to further grow its business and store network, optimize its cost structure, improve its operational efficiency, and achieve profitable growth. Forward-looking statements are statements that are not historical facts and generally relate to future events or the Company\u2019s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cpotentially,\u201d \u201cestimate,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cproject,\u201d \u201ctarget,\u201d \u201cplan,\u201d \u201cexpect,\u201d or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management\u2019s control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled \u201cRisk Factors\u201d and \u201cCautionary Statement Regarding Forward-Looking Statements\u201d in the Company\u2019s Annual Report on Form 20-F, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company\u2019s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.<\/p>\n<p align=\"justify\">\n        <strong>ABOUT TH INTERNATIONAL LIMITED<\/strong>\n      <\/p>\n<p align=\"justify\">TH International Limited (Nasdaq: THCH) (\u201cTims China\u201d) is the parent company of the exclusive master franchisees of Tim Hortons coffee shops in mainland China, Hong Kong and Macau.<\/p>\n<p align=\"justify\">The Company\u2019s philosophy is rooted in world-class execution and data-driven decision making and centered around true local relevance, continuous innovation, genuine community, and absolute convenience. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4vmiznw71nYoBnz3mVyMSEav30CaBqZD8RnMsGNtrH3UrEDSFL1co6dR7Ysv61kII_DxyJpEp-J1hgdzJfYz6AJZmn5nKpnYdrwTjt087wo=\" rel=\"nofollow\" target=\"_blank\">https:\/\/www.timschina.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>IMPORTANT NOTICE REGARDING THE TIM HORTONS\u00ae BRAND<\/strong>\n      <\/p>\n<p align=\"justify\">The TIM HORTONS\u00ae brand and related trademarks are used by Tims China pursuant to a franchise agreement with Tim Hortons Restaurants International GmbH and its affiliates (collectively, the \u201cIdentified Persons\u201d). The Identified Persons are entities entirely separate and distinct from Tims China and its subsidiaries (the \u201cGroup\u201d). No Identified Person exercises any control over the business, operations, finances or management of the Group, and no Identified Person is responsible for any obligations or liabilities of the Group.<\/p>\n<p align=\"justify\">\n        <strong>INVESTOR AND MEDIA CONTACTS<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <strong>Investor Relations<\/strong>\n      <\/p>\n<p align=\"justify\">\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BCyvUWy9FB1_6Kag_A9DT5f46eyzEzj1sA6T9l_0-2mf7vTSe8QFWuoVBmUOIc-f9Vn-aegHrnYgKSE6xZvc9XxposgFw9qTlcN_XdvFrXs=\" rel=\"nofollow\" target=\"_blank\">IR@timschina.com<\/a>\n      <\/p>\n<p align=\"justify\">\n        <strong>Public and Media Relations<\/strong>\n      <\/p>\n<p align=\"justify\">Patty Yu<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Fz6QjivRdaeupzkwrK0Q7TroNEI9B7-ywZWS-mv-5gnUuPl1P1baw6EVnz0h38np8eNS5lv36iVjyWOcU8-n1ky53vCzns18vmfF2mNgyig=\" rel=\"nofollow\" target=\"_blank\">Patty.Yu@timschina.com<\/a><\/p>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"10\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>TH INTERNATIONAL LIMITED AND SUBSIDIARIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Amounts in thousands of RMB and US$, except for number of shares)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>As of<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>December 31,\u00a02025<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>June 30,\u00a02026<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>ASSETS<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Current assets:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:58%;width:58%;min-width:58%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">121,795<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">107,833<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:12%;width:12%;min-width:12%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,892<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Restricted Cash<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,916<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,222<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,949<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Amount due from related parties<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">195<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Accounts receivable, net<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,692<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,212<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,800<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Inventories<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,793<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,938<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,854<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Prepaid expenses and other current assets<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">142,235<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">128,813<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,985<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total current assets<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>326,626<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>295,018<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>43,480<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Non-current assets:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Property and equipment, net<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">332,070<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">287,164<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">42,323<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Intangible assets, net<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">81,014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">72,768<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,725<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating lease right-of-use assets<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">348,916<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">268,491<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">39,571<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other non-current assets<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,051<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">104,193<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,356<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total non-current assets<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>850,051<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>732,616<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>107,975<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total assets<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,176,677<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,027,634<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>151,455<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>LIABILITIES AND SHAREHOLDERS\u2019EQUITY<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Current liabilities:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Bank borrowings, current<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">395,088<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">448,377<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">66,083<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Accounts payable<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">199,152<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">180,897<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,661<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Contract liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,197<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,229<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,897<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Amount due to related parties<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,414<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">53,035<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,816<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating lease liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">180,806<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">169,239<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">24,943<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other current liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">174,358<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,697<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total current liabilities<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,002,262<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,059,135<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>156,097<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Non-current liabilities:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Convertible notes, at fair value<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,152,723<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,183,734<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">174,461<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Contract liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,133<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,373<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,234<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Operating lease liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">240,282<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">175,901<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,925<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other non-current liabilities<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,712<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,152<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,054<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total non-current liabilities<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,410,850<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,375,160<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>202,674<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total liabilities<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,413,112<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,434,295<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>358,771<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Shareholders\u2019 equity:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Ordinary shares<\/td>\n<td style=\"text-align: justify;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,821,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,823,869<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">268,805<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Accumulated losses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,102,994<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,310,359<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(487,887<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Accumulated other comprehensive income<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38,393<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">72,619<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,704<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Treasury shares<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Total deficit attributable to shareholders of the Company<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,242,986<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,413,861<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(208,377<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Non-controlling interests<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,551<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,200<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,061<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total shareholders&#8217; deficit<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,236,435<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,406,661<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(207,316<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Commitments and Contingencies<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">\n            <strong>Total liabilities and shareholders&#8217; deficit<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,176,677<\/strong>\n          <\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,027,634<\/strong>\n          <\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>151,455<\/strong>\n          <\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"19\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>TH INTERNATIONAL LIMITED AND SUBSIDIARIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME\/(LOSS)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Amounts in thousands of RMB and US$, except for per share data)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Revenues:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:34%;width:34%;min-width:34%;vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Company owned and operated stores<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">281,872<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">220,855<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,550<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">536,631<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">428,071<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,090<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 10.0px;vertical-align: bottom\">Other revenues<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,104<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,522<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,741<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">113,087<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">102,047<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">15,040<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total revenues<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>348,976<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>273,377<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>40,291<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>649,718<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>530,118<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>78,130<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Costs and expenses, net:<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Company owned and operated stores<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Food and packaging<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">84,807<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">62,495<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,211<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">162,279<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">121,427<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,896<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Rental and property management fee<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,824<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47,943<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,066<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">113,119<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">95,142<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,022<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Payroll and employee benefits<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,227<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,882<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,467<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100,247<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,700<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,073<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Delivery costs<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,338<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28,912<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,262<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,379<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">56,235<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,287<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Other operating expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,424<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,425<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,568<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">38,442<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,605<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,248<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Store depreciation and amortization<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,789<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,406<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,007<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,147<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,992<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,189<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Company owned and operated store costs and expenses<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>272,409<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>221,063<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>32,581<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>529,613<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>439,101<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>64,715<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Costs of other revenues<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">46,502<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,804<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,424<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">78,028<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">69,852<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,295<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Marketing expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,906<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,295<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,959<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,335<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,104<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,405<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,698<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">42,261<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,229<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">89,508<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">90,305<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,311<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Franchise and royalty expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">17,089<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,366<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,117<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">30,985<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">27,901<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,112<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Other operating costs and expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">98<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">616<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">91<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,213<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,175<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">173<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Loss on disposal of property and equipment<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">247<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">502<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,980<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of long-lived assets<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,485<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,563<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">673<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,103<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,450<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,540<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Other income<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">679<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,986<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">293<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,965<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,502<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">369<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Total costs and expenses, net<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>396,755<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>331,484<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>48,855<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>782,800<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>660,500<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>97,346<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Operating loss<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(47,779<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(58,107<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(8,564<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(133,082<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(130,382<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(19,216<\/strong>\n          <\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Interest income<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">983<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,145<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">169<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,083<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,545<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">228<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Interest expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,831<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,285<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(632<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,407<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,239<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,214<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Foreign currency transaction loss<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(431<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,337<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(197<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(51<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,181<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(322<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Changes in fair value of convertible notes<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(23,383<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(34,857<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,137<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,075<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(67,459<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,942<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Loss before income taxes<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,441<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,441<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,361<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134,382<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(206,716<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,466<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Income tax expenses<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(484<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(484<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Net loss<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(75,925<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(97,441<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(14,361<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(134,866<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(206,716<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(30,466<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Less: Net (loss)\/income attributable to non-controlling interests<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(470<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,390<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">649<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Net loss attributable to shareholders of the Company<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,455<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,469<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,365<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(133,476<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(207,365<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,562<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Basic and diluted loss per Ordinary Share<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2.32<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.00<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.44<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4.10<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6.38<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.94<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Net loss<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,925<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,441<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,361<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134,866<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(206,716<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,466<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Other comprehensive income\/(loss)<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(286<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">144<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Foreign currency translation adjustment, net of nil income taxes<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,360<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,156<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,381<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,177<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,226<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,044<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Total comprehensive loss<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(73,851<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(81,285<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11,980<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(131,545<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(172,490<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(25,422<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">Less: Comprehensive (loss)\/income attributable to non-controlling interests<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(470<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">28<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,390<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">649<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">96<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Comprehensive loss attributable to shareholders of the Company<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(73,381<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(81,313<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(11,984<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(130,155<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(173,139<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(25,518<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"19\" style=\"width:99.9387%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>TH INTERNATIONAL LIMITED AND SUBSIDIARIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"width:99.9387%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"19\" style=\"width:99.9387%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Amounts in thousands of RMB and US$)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:31.924%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:31.924%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30,<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:20.9559%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:20.9559%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:34%;width:34.1299%;min-width:34%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net cash (used in)\/provided by operating activities<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,175<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,968<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,006<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,394<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,424<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:9%;width:9.00735%;min-width:9%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,536<\/td>\n<td style=\"max-width:1%;width:0.980392%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net cash used in investing activities<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(36,715<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,169<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,351<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(53,373<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,641<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,042<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net cash (used in)\/provided by financing activities<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,900<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,788<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,032<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,113<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,633<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">683<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">Effect of foreign currency exchange rate changes on cash<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(688<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,363<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(201<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(825<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,072<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(453<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net increase\/(decrease) in cash<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(32,678<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,648<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,422<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,479<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,656<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,276<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">Cash and cash equivalents and restricted cash, at beginning of the period<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">211,436<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">111,407<\/td>\n<td style=\"width:0.980392%;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,419<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">184,237<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">129,711<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,117<\/td>\n<td style=\"width:0.980392%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Cash and cash equivalents and restricted cash, at end of the period<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>178,758<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>121,055<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17,841<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>178,758<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>121,055<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:9.00735%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>17,841<\/strong>\n          <\/td>\n<td style=\"width:0.980392%;border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:34.1299%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.980392%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:9.98775%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        \n      <\/p>\n<table style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td colspan=\"31\" style=\"width:99.8775%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>TH INTERNATIONAL LIMITED AND SUBSIDIARIES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"31\" style=\"width:99.8775%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"31\" style=\"width:99.8775%;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>(Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>A. Company owned and operated store contribution<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.424%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.4853%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.5931%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.6544%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Revenues &#8211; company owned and operated stores<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Revenues &#8211; company owned and operated stores<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Revenues &#8211; company owned and operated stores<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Revenues &#8211; company owned and operated stores<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:30%;width:9.6201%;min-width:30%;text-align: left;vertical-align: middle;vertical-align: bottom\">Revenues &#8211; company owned and operated stores<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">281,872<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:5.51471%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"max-width:1%;width:2.20588%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">220,855<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,550<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:5.51471%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"max-width:1%;width:2.20588%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">536,631<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:5.51471%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"max-width:1%;width:2.20588%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">428,071<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:7.23039%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">63,090<\/td>\n<td style=\"max-width:1%;width:1.53186%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:1%;width:0.67402%;min-width:1%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"max-width:5%;width:5.51471%;min-width:5%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">100.0<\/td>\n<td style=\"max-width:1%;width:2.26716%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Food and packaging costs &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(84,807<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(62,495<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,211<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(28.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(162,279<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(121,427<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,896<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(28.4<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Rental expenses &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(56,824<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47,943<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,066<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(113,119<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(95,142<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,022<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(22.2<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Payroll and employee benefits &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(50,227<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(43,882<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,467<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(19.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(100,247<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(18.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(88,700<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,073<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20.7<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Delivery costs &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(33,338<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(28,912<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4,262<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(60,379<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(11.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(56,235<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,287<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.1<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Other operating expenses &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,424<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,425<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,568<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(38,442<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(35,605<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(5,248<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8.3<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Store depreciation and amortization<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(26,789<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.5<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20,406<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(55,147<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(41,992<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,189<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9.8<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Franchise and royalty expenses &#8211; company owned and operated stores<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(9,076<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(7,614<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,122<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.4<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17,835<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,648<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,159<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3.5<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Fully-burdened gross (loss)\u00a0profit &#8211; company owned and operated stores<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>387<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.1<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7,822<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1,153<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.5<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(10,817<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(2.0<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(25,678<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,784<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(6.0<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Store depreciation and amortization<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,789<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.5<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,406<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55,147<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,992<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6,189<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9.8<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Company owned and operated store contribution<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>27,176<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>9.6<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>12,584<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>1,854<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.7<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>44,330<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.3<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>16,314<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,405<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Company owned and operated store contribution margin<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>9.6<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>9.6<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.7<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.7<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>5.7<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.3<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>8.3<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>3.8<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>%<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>B. Adjusted general and administrative expenses<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.424%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.4853%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.5931%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.6544%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(37,698<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(10.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(42,261<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,229<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(15.5<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(89,508<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(90,305<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13,311<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(17.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Adjusted for:<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Share-based compensation expenses<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">749<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">320<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,825<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,836<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Professional fees related to financing programs<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of rental deposits<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,335<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,347<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">346<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,896<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,440<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">802<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted General and administrative expenses<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(34,614<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(9.9<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(39,594<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(5,836<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(14.5<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(81,780<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(12.6<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(83,029<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(12,238<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(15.7<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" style=\"width:19.0564%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>C. Adjusted corporate EBITDA and adjusted corporate EBITDA margin<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.424%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.4853%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.5931%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.6544%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Operating loss<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(47,779<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(13.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(58,107<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(8,564<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(133,082<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20.6<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(130,382<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(19,216<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(24.6<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Adjusted for:<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">37,158<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10.6<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">29,423<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,336<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74,171<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11.4<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,465<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,911<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11.4<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Share-based compensation expenses<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">749<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">320<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,825<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,836<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of rental deposits<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,335<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,347<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">346<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,896<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,440<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">802<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Professional fees related to financing programs<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of long-lived assets<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,485<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,563<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">673<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,103<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,450<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,540<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Loss on disposal of property and equipment<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">247<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">502<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,980<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted Corporate EBITDA<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>2,195<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>0.6<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(20,952<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3,088<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7.6<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(27,100<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(4.2<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(51,077<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(7,528<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(9.7<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>D. Adjusted net loss and adjusted net loss margin<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.424%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.4853%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.5931%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.6544%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>% of Total Revenues<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net loss<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,925<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(21.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,441<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,361<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(35.6<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(134,866<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(20.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(206,716<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,466<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(39.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Adjusted for:<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Share-based compensation expenses<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">749<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">320<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,825<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,836<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.3<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Professional fees related to financing programs<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of long-lived assets<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,485<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,563<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">673<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,103<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,450<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,540<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of rental deposits<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,335<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,347<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">346<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,896<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.8<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,440<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">802<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.0<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Loss on disposal of property and equipment<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">247<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.1<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">502<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,980<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.5<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.2<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Changes in fair value of convertible notes<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,383<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">6.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,857<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,137<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12.7<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,075<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.9<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,459<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,942<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12.7<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted Net loss<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(39,726<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(11.4<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(54,852<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(8,084<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(20.0<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(109,130<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(16.8<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(120,417<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(17,747<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(22.8<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>E. Adjusted basic and diluted net loss per Ordinary Share<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.424%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the three months ended June 30,<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"14\" style=\"width:44.4853%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>For the six months ended June 30\uff0c<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.5931%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:17.1569%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2025<\/strong><br \/>\n            \n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"8\" style=\"width:26.6544%;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>2026<\/strong><br \/>\n            \n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unadjusted and Adjusted Basic and diluted loss per Ordinary Share RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unadjusted and Adjusted Basic and diluted loss per Ordinary Share USD<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unadjusted and Adjusted Basic and diluted loss per Ordinary Share RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>RMB<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>US$<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Unadjusted and Adjusted Basic and diluted loss per Ordinary Share USD<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Net loss attributable to shareholders of the Company<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(75,455<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2.32<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(97,469<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,365<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.44<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(133,476<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(4.10<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(207,365<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(30,562<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.94<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Adjusted for:<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Share-based compensation expenses<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">749<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.02<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">320<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">47<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.00<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,825<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.06<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,836<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">271<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.01<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Professional fees related to financing programs<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,007<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.03<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">&#8211;<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of long-lived assets<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,485<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.29<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,563<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">673<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.02<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">21,103<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.65<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">10,450<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,540<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.05<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Impairment losses of rental deposits<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,335<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.07<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,347<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">346<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.01<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,896<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.15<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,440<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">802<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.02<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Loss on disposal of property and equipment<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">247<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.01<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">502<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">74<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.00<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,980<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.09<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,114<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">164<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.01<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Changes in fair value of convertible notes<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,383<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.72<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">34,857<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,137<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.16<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(6,075<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.19<\/td>\n<td style=\"width:2.20588%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,459<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9,942<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.30<\/td>\n<td style=\"width:2.26716%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted Net loss attributable to shareholders of the Company<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(39,256<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1.21<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(54,880<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(8,088<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.25<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(107,740<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.31<\/strong>\n          <\/td>\n<td style=\"width:2.20588%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(121,066<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(17,843<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.55<\/strong>\n          <\/td>\n<td style=\"width:2.26716%;border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">Weighted average shares outstanding used in calculating basic and diluted loss per share<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,541,772<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;text-align: right;vertical-align: middle;vertical-align: bottom\">N\/A<\/td>\n<td style=\"width:2.20588%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,519,377<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,519,377<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;text-align: right;vertical-align: middle;vertical-align: bottom\">N\/A<\/td>\n<td style=\"width:2.20588%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,540,993<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">N\/A<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,519,377<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">32,519,377<\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:5.51471%;text-align: right;vertical-align: middle;vertical-align: bottom\">N\/A<\/td>\n<td style=\"width:2.26716%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted basic and diluted net loss per Ordinary Share<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1.21<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(1.69<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.25<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.31<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(3.72<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:7.23039%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\n            <strong>(0.55<\/strong>\n          <\/td>\n<td style=\"width:1.53186%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">\n            <strong>)<\/strong>\n          <\/td>\n<td style=\"width:0.67402%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;text-align: right;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:9.6201%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.72059%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:8.76225%;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:0.67402%;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"2\" style=\"width:7.78186%;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        \n      <\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgxMTkwNiM3NzgxNDUxIzIyMjQ3Nzk=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/ZWJlMzZhM2UtZDQ5Yy00ODM5LWEwY2EtYTcxZTlkOGQ2YzlmLTEyMzYzMzItMjAyNi0wOC0xOC1lbg==\/tiny\/TH-International-Limited.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI and NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) &#8212; TH International Limited (Nasdaq: THCH), the parent company of the exclusive master franchisees of Tim Hortons coffee shops in China (\u201cTims China\u201d or the \u201cCompany\u201d), today announced its unaudited financial results for the second quarter 2026. SECOND QUARTER 2026 HIGHLIGHTS Total revenues\u00a0of\u00a0RMB273.4 million\u00a0(USD40.3 million), representing a\u00a021.7% decrease\u00a0from the same quarter of 2025. System sales 1 of RMB347.8 million (USD51.3 million), representing a 15.1% decrease from the same quarter of 2025. Net new store openings totaled two (a net opening of 15 made-to-order (\u201cMTO\u201d) stores and a net closure of 13 non-MTO stores). Company owned and operated store contribution 2, previously reported as adjusted store EBITDA, was RMB12.6 million (USD1.9 million), &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Tims China Announces Second Quarter 2026 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-996285","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tims China Announces Second Quarter 2026 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tims China Announces Second Quarter 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SHANGHAI and NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) &#8212; TH International Limited (Nasdaq: THCH), the parent company of the exclusive master franchisees of Tim Hortons coffee shops in China (\u201cTims China\u201d or the \u201cCompany\u201d), today announced its unaudited financial results for the second quarter 2026. SECOND QUARTER 2026 HIGHLIGHTS Total revenues\u00a0of\u00a0RMB273.4 million\u00a0(USD40.3 million), representing a\u00a021.7% decrease\u00a0from the same quarter of 2025. System sales 1 of RMB347.8 million (USD51.3 million), representing a 15.1% decrease from the same quarter of 2025. Net new store openings totaled two (a net opening of 15 made-to-order (\u201cMTO\u201d) stores and a net closure of 13 non-MTO stores). Company owned and operated store contribution 2, previously reported as adjusted store EBITDA, was RMB12.6 million (USD1.9 million), &hellip; Continue reading &quot;Tims China Announces Second Quarter 2026 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-18T09:33:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgxMTkwNiM3NzgxNDUxIzIyMjQ3Nzk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Tims China Announces Second Quarter 2026 Financial Results\",\"datePublished\":\"2026-08-18T09:33:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/\"},\"wordCount\":4983,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=OTgxMTkwNiM3NzgxNDUxIzIyMjQ3Nzk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/tims-china-announces-second-quarter-2026-financial-results\\\/\",\"name\":\"Tims China Announces Second Quarter 2026 Financial Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Tims China Announces Second Quarter 2026 Financial Results - Market Newsdesk","og_description":"SHANGHAI and NEW YORK, Aug. 18, 2026 (GLOBE NEWSWIRE) &#8212; TH International Limited (Nasdaq: THCH), the parent company of the exclusive master franchisees of Tim Hortons coffee shops in China (\u201cTims China\u201d or the \u201cCompany\u201d), today announced its unaudited financial results for the second quarter 2026. SECOND QUARTER 2026 HIGHLIGHTS Total revenues\u00a0of\u00a0RMB273.4 million\u00a0(USD40.3 million), representing a\u00a021.7% decrease\u00a0from the same quarter of 2025. System sales 1 of RMB347.8 million (USD51.3 million), representing a 15.1% decrease from the same quarter of 2025. Net new store openings totaled two (a net opening of 15 made-to-order (\u201cMTO\u201d) stores and a net closure of 13 non-MTO stores). Company owned and operated store contribution 2, previously reported as adjusted store EBITDA, was RMB12.6 million (USD1.9 million), &hellip; Continue reading \"Tims China Announces Second Quarter 2026 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-08-18T09:33:10+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgxMTkwNiM3NzgxNDUxIzIyMjQ3Nzk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"25 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Tims China Announces Second Quarter 2026 Financial Results","datePublished":"2026-08-18T09:33:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/"},"wordCount":4983,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTgxMTkwNiM3NzgxNDUxIzIyMjQ3Nzk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/tims-china-announces-second-quarter-2026-financial-results\/","name":"Tims China Announces Second Quarter 2026 Financial Results - 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