0001213900-26-050185 | 20-F | XBRL Viewer

Purchased Coffee Beans From TDL Group Corp [Member]

Service fee

¥ 600,000

Purchases from related party

34,582,491

44,539,371

63,400,907

Goods and services sold cost

30,743,744

53,208,876

72,109,353

DataCo [Member]

Purchases from related party

^[1]

4,795,456

5,866,415

8,097,359

Expenses capitalized in property plant and equipment

5,266,415

¥ 7,497,359

IT support to Bobipai (Shanghai) [Member]

Bobipai (Shanghai) [Member]

Transaction amount

1,949,211

1,211,216

Popeyes China operation to PLK APAC Pte [Member]

Transaction amount

185,097

Service [Member] | DataCo [Member]

Transaction amount

¥ 4,764,645

Expenses capitalized in property plant and equipment

¥ 4,195,456

[1]

DataCo provides various data maintenance and management services, technical supports and consulting services in support of the operation of the Company. The relevant service fees of RMB600,000 each year recognized in other operating expenses for the years ended December 31, 2025, 2024 and 2023. In addition, RMB4,195,456, RMB5,266,415 and RMB7,497,359 for the years ended December 31, 2025, 2024 and 2023, respectively, were capitalized in property and equipment.

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Compensation [Abstract]

Share-based Compensation

20.	Share-based Compensation

Share Options

On March 19, 2019, the Company’s Board of Directors approved the 2019 Share Option Scheme (“Scheme”) to attract and retain key employees, which allowed for a maximum of 50,000,000 share units (equivalent to 2,897,230 ordinary shares) to be issued under the Scheme.

Original Option Units

During the years ended December 31, 2025, 2024 and 2023, the Company granted 1,812,220 Original Option Units (equivalent to 105,000 ordinary shares), 174,318 Original Option Units (equivalent to 10,100 ordinary shares) and 2,614,947 Original Option Units (equivalent to 151,510 ordinary shares) respectively to the employees or directors (collectively as “Grantees”). The share options can only be vested if the Grantees remain as employees of the Company over the vesting period as specified in the Scheme. Original Option Units will be vested in four tranches in each year from 2nd anniversary date to 5th anniversary date by 25% in each tranche.

The following table sets forth the activities of Original Option Units for the year ended December 31, 2025:

	Number of Original Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2025		19,957,442			0.40		0.32		4.88		71,540
Granted		1,812,220			0.16		-		-		-
Forfeited		(199,565	)		0.51		-		-		-
Outstanding as of December 31, 2025		21,570,097			0.35		0.29		4.35		-
Expected to be vested as of December 31, 2025		21,570,097			0.35		0.29		4.35		-
Exercisable as of December 31, 2025		17,756,231			0.33		0.27		3.59		-

Additional Option Units

In 2022 and 2021, the Company granted additional 460,756 share option units (equivalent to 26,699 ordinary shares) and 955,643 share option units (equivalent to 55,374 ordinary shares) to certain employees with an exercise price of US$1.20 and US$0.60 to settle the accrued bonus of RMB3,520,177 and RMB3,769,622 for these employees (“Additional Option Units”), respectively, which are immediately vested on the grant date and will become exercisable after a three-year pre-requisite service period, counting from the grant date. If employment of the Grantees is terminated (either voluntarily or involuntarily) prior to exercise, a cash payment equal to the cash bonus plus interest at the interest rate of PRC for the term commencing on the signing date of Additional Option Units contract until the cease date is made to the Grantees. Upon exercise of the Additional Option Units, the cash settlement feature lapses. Since the Additional Option Unit is with two components in which exercise of one part cancels the other, in measuring compensation cost, the award is treated as a combination of a cash bonus payable and Additional Option Units with three-year pre-requisite service period.

During the years ended December 31, 2025, 2024 and 2023, the Company granted nil Additional Option Units.

The following table sets forth the activities of Additional Option Units for the year ended December 31, 2025:

	Number of Additional Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
					US$		US$				US$
Outstanding as of January 1, 2025		528,942			0.82		0.58		0.03		-
Forfeited		(19,399	)		1.06		-		-		-
Outstanding as of December 31, 2025		509,543			0.81		0.58		-		-
Expected to be vested as of December 31, 2025		509,543			0.81		0.58		-		-
Exercisable as of December 31, 2025		509,543			0.81		0.58		-		-

Restricted Share Units

During the years ended December 31, 2025, 2024 and 2023, the Company granted nil, nil and 9,184,482 Restricted Share Units (equivalent to 532,149 ordinary shares) to the Grantees.

Restricted Share Units are immediately vested on the grant date and cannot be sold, assigned, transferred, pledged, mortgaged, encumbered or otherwise disposed through one or a series of transactions by Grantees during the period (“Lock-up Period”). The Lock-up period is specified as below:

Lock-up Period of the relevant percentage of the option	Cap of vested Share Unit
After 6 months since the vesting date		20	%
After 12 months since the vesting date		50	%
After 18 months since the vesting date		100	%

The following table sets forth the activities of Restricted Share Units for the year ended December 31, 2025:

	Number of Restricted Share Units			Weighted average exercise price		Weighted average grant date fair value		Aggregate intrinsic value
				US$		US$		US$
Outstanding as of January 1, 2025		13,545,875			0.00		0.62		2,786,010
Exercise		(379,703	)		0.00		-		-
Outstanding as of December 31, 2025		13,166,172			0.00		0.61		1,875,834
Vested and expected to be vested as of December 31, 2025		13,166,172			0.00		0.61		1,875,834

The above share options granted to Grantees were measured at fair value using the Binomial Option Pricing Model as of the respective grant dates.

The key assumptions are listed as follows:

	2025			2024			2023
Expected volatility		23.00	%		24.00	%		24.00	%
Risk-free interest rate (per annum)		4.10	%		4.60	%		5.02	%
Exercise multiple		2.80			2.20			2.80
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term (in years)		10			10			10
Fair value of the underlying ordinary share		US$2.70			US$3.45			US$2.15-US$4.15

The expected volatility was estimated based on the historical volatility of comparable peer public companies with a time horizon close to the expected term of the Company’s options. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of the Company’s options in effect at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of empirical studies on the actual exercise behavior of employees. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares, and the Company does not intend to pay dividend before the Company becomes profitable. Expected term is the contract life of the share options. The fair value of the underlying ordinary share is the closing price of the Company’s ordinary shares traded in the open market as of the grant date.

All of share-based compensation expenses relating to Original Option Units, Additional Option Units and Restricted Share Units in the amount of RMB2,874,494, RMB1,045,008 and RMB62,548,907 for the years ended December 31, 2025, 2024 and 2023, respectively, were included in general and administrative expenses.

Shareholders' Deficit

12 Months Ended

Dec. 31, 2025

Shareholders’ Deficit [Abstract]

Shareholders’ Deficit

17.	Shareholders’ Deficit

Series A-2 Convertible Preferred Share

On June 28, 2024, the Company issued 0.2 Series A-2 Convertible Preferred Share in par value of US$0.00004697934970338660 to THRI (See Note 2(b)). The key term of the Series A-2 Convertible Preferred Share are as follows:

Conversion rights

Each holder of Series A-2 Convertible Preferred Shares shall have the right, upon the delivery of a written notice to the Company, to convert any Series A-2 Convertible Preferred Share held by it into that number of fully paid and nonassessable ordinary shares based on the ordinary share conversion rate equal 24.202, which is adjusted to 35.94 on December 2, 2025 (See Note 15(b)).

Each Series A-2 Convertible Preferred Share outstanding shall be automatically converted into that number of fully paid and nonassessable ordinary shares based on the ordinary share conversion rate at the time in effect upon the occurrence of the event of:

fourth anniversary of the first issuance of Series A-2 Convertible Preferred Shares;

ii)

upon consummation of any transaction whereby any person or group of persons, other than a group consisting solely of Cartesian or its affiliates, acquires in exchange for cash more than 50% of the total voting power;

iii)

immediately upon a holder of Series A-2 Convertible Preferred Shares ceasing to be an investor.

Dividend rights

The Company shall not declare, pay or set aside any dividends on ordinary shares (other than dividends on the ordinary shares payable solely in ordinary shares) unless the holders of Series A-2 Convertible Preferred Shares simultaneously receive a dividend on each outstanding Series A-2 Convertible Preferred Share in an amount equal to that dividend per Series A-2 Convertible Preferred Share as would equal the product of the dividend payable on each ordinary share and the number of ordinary shares then issuable upon conversion of one Series A-2 Convertible Preferred Share, in each case calculated on the record date for determination of holders entitled to receive such dividend.

Liquidation rights

Upon any situation as follows (“Liquidation Event”):

any voluntary or involuntary liquidation, dissolution or winding up of the Company;

ii)

the consummation of a merger or consolidation in which the shareholders of the Company prior to such transaction own less than a majority of the voting securities of the entity surviving such transaction; or

iii)

the sale, distribution or other disposition of all or substantially all of the Company’s assets.

The assets of the Company legally available for distribution to its shareholders shall be distributed among the holders of Series A-2 Convertible Preferred Shares and the holders of ordinary shares pro rata, based on the number of shares held by each such holder, treating for this purpose all such securities as if they had been converted, immediately prior to such Liquidation Event, to ordinary shares.

Redemption rights

No redemption rights.

The Company determined the Series A-2 convertible preferred shares should be classified as permanent equity as there were no redemption or liquidation feature and such shares were not mandatorily or contingently redeemable.

Class A-1 Special Voting Share

On June 28, 2024, the Company issued 0.2 Class A-1 Special Voting Share in par value of US$0.00004697934970338660 to THRI (See Note 2(b)). Under the Class A-1 Special Voting Share, the holder is entitled to attend all shareholder meetings of the Company and to cast and exercise that number of votes equal to the number of votes which may be cast in respect of Series A-2 Convertible Preferred Shares by the noteholders upon the exchange of all Series A Convertible Notes outstanding from time to time (other than the Series A Convertible Notes held by the Company) in the manner set forth in the Series A Convertible Notes.

Conversion rights

No conversion rights.

Dividend rights

No dividend shall be payable to the holder of the Class A-1 Special Voting Share.

Liquidation rights

The Class A-1 Special Voting Share shall have no rights to participate in any liquidation, winding-up and dissolution of the Company.

Redemption rights

No redemption rights.

The Company determined the Class A-1 Special Voting Share should be classified as permanent equity.

Ordinary shares

The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company.

On March 15, 2023, Pangaea Two Acquisition Holdings XXIIA Limited (“Pangaea XXIIA”) irrevocably surrendered to the Company for nil consideration 60,000 ordinary shares of the Company. These 60,000 ordinary shares have been transferred to treasury shares and will be retained for future incentive grants to certain employees of the Company. Since these shares were repurchased by the Company for purposes other than retirement with no consideration paid, nil amount was recognized in the treasury shares.

As mentioned in Note 14(a), the Company issued an aggregate of 1,083,949 ordinary shares in June 2023 in exchange for all of its outstanding warrants, increasing the balances of ordinary shares and additional paid in capital in the amount of RMB365 and RMB105,931,016, respectively.

On October 16, 2023, the Company issued 30,005 ordinary shares to L&L Tomorrow Holdings Limited, an entity controlled by Mr. Lu Yongchen, as a bonus approved in 2023 to the Chief Executive Officer, Mr. Lu Yongchen. The total fair value of such shares was US$268,542, resulting in share-based compensation expense of US$268,542 (equivalent to RMB1,928,084) recognized for the year ended December 31, 2023 as general and administrative expenses.

In 2023, the Company reissued 114,650 treasury shares after in connection with exercise of share option units or restricted share units by employee and directors. The difference between the exercise price and par value was recorded in additional paid in capital in the amount of RMB1,412,126.

In 2024, the Company reissued 360,896 treasury shares in connection with exercise of share option units or restricted share units by employee and directors. The difference between the exercise price and par value was recorded in additional paid in capital in the amount of RMB8,383,181.

In 2025, the Company reissued 26,000 treasury shares in connection with exercise of share option units or restricted share units by employee and directors. The difference between the exercise price and par value was recorded in additional paid in capital in the amount of RMB16,598.

The entire disclosure for equity.

Property and Equipment, Net [Abstract]

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Property and Equipment, Net

Property and equipment, net, consist of the following:

	As of December 31,
	2025			2024
Furniture and office equipment		82,350,735			85,599,025
Kitchen equipment		189,690,984			213,069,648
Software		148,554,078			131,983,473
Leasehold improvements		550,222,280			591,976,672
Construction in progress		103,350			1,317,561

Property and equipment, gross		970,921,427			1,023,946,379
Less: accumulated depreciation		(523,412,042	)		(436,363,031	)
Less: accumulated impairment loss		(115,439,649	)		(85,424,646	)

Property and equipment, net		332,069,736			502,158,702

Share-Based Compensation (Details)		12 Months Ended
Share-Based Compensation (Details)	Mar. 19, 2019 shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) $ / shares shares	Dec. 31, 2021 CNY (¥) $ / shares shares
Share-Based Compensation [Line Items]
Share option granted
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation [Line Items]
Share option granted		1,812,220
Share option exercise price per share (in Dollars per share) \| $ / shares			$ 0.16
Accrued bonus (in Yuan Renminbi) \| ¥						¥ 3,520,177	¥ 3,769,622
Orginal Option Units [Member]
Share-Based Compensation [Line Items]
Share option granted				174,318	2,614,947
Ordinary share issued		105,000			151,510
Share option exercise price per share (in Dollars per share) \| $ / shares							¥ 0.6
Employee Stock [Member]
Share-Based Compensation [Line Items]
Share option exercise price per share (in Dollars per share) \| $ / shares						¥ 1.2
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation [Line Items]
Ordinary share issued					532,149
Restricted share units, granted					9,184,482
Share-based compensation expenses (in Yuan Renminbi) \| ¥		¥ 2,874,494		¥ 1,045,008	¥ 62,548,907
Share-Based Payment Arrangement, Tranche Four [Member]
Share-Based Compensation [Line Items]
Percentage of tranche		25.00%
Ordinary Shares [Member] \| Orginal Option Units [Member]
Share-Based Compensation [Line Items]
Share option granted		1,812,220				26,699	55,374
Ordinary share issued				10,100
Equivalent to ordinary shares						460,756	955,643
2019 Share Option Scheme [Member]
Share-Based Compensation [Line Items]
Ordinary share issued	2,897,230
2019 Share Option Scheme [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation [Line Items]
Share option granted	50,000,000

Loss Per Share - Schedule of Basic and Diluted Losses Per Ordinary Share (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss from continuing operations attributable to shareholders of the Company	¥ (434,488,495)	¥ (463,525,349)	¥ (843,053,922)
Net income/(loss) income from discontinued operations attributable to shareholders of the Company		51,443,794	(33,196,461)
Net loss attributable to shareholders of the Company	¥ (434,488,495)	¥ (412,081,555)	¥ (876,250,383)
Denominator:
Basic weighted average number of ordinary shares	32,519,377	32,444,772	30,837,733
Diluted weighted average number of ordinary shares	32,519,377	32,444,772	30,837,733
Basic and diluted loss per ordinary share
Continuing operations	¥ (13.36)	¥ (14.29)	¥ (27.34)
Discontinued operations		1.59	(1.07)
Total	¥ (13.36)	¥ (12.7)	¥ (28.41)

Description of Business

12 Months Ended

Dec. 31, 2025

Description of Business [Abstract]

Description of Business

1.	Description of Business

TH International Limited was incorporated in Cayman Islands in April 2018. Pursuant to a master development agreement between TH Hong Kong International limited (“THHK”), a subsidiary of TH International Limited, and Tim Hortons Restaurants International GmbH (“THRI”), a subsidiary of Restaurant Brands International Inc (“RBI”) effective from June 11, 2018, with initial contractual term of 20 years and THHK has the option to extend the initial term for 10 years, subject to achieving certain agreed-upon milestones of cumulative store opening target by the end of development year 10 and the end of development year 20, TH International Limited together with its subsidiaries (“the Company”) owns the exclusive franchise right authorized by THRI, and is authorized to develop and operate stores branded “Tim Hortons” throughout the People’s Republic of China (“PRC”), including Hong Kong and Macau. The first Tim Hortons store in Chinese Mainland opened in February 2019. As of December 31, 2025, there were 1,047 Tim Hortons stores in PRC, including 562 Company owned and operated stores and 485 franchised stores. For the 562 Company owned and operated stores, 186 stores are in Shanghai, 62 stores in Beijing, 50 stores in Hangzhou, 30 stores in Shenzhen, 26 stores in Guangzhou, and other 208 stores in Nanjing, Wuhan, Xi’an, Chengdu, Suzhou, etc.

On September 28, 2022, the Company consummated its merger with Silver Crest Acquisition Corporation (the “Merger Transaction”). The Company’s ordinary shares and warrants are listed on the Nasdaq Stock Market LLC (NASDAQ) under the trading symbols “THCH” and “THCHW”, respectively, on September 29, 2022.

On January 7, 2025, the Company implemented a 1-for-5 reverse stock split of the Company’s ordinary shares effective December 31, 2024. The share information and the conversion ratio of the Company’s convertible notes, warrants, option units, and restricted share units of the Company have been retrospectively presented to reflect the effect of the reverse stock split.

Commitments and Contingencies (Details) - CNY (¥)	12 Months Ended
Commitments and Contingencies (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies [Abstract]
Continuing franchise fee	¥ 7,813,087	¥ 48,435,412
Upfront franchise fee	49,935,665	10,299,855
Outstanding accrued franchise	¥ 8,732,153	¥ 24,640,581

Description of Business (Details)		12 Months Ended
Description of Business (Details)	Jan. 07, 2025	Dec. 31, 2025 store company
Description of Business [Line Items]
Initial contractual term		20 years
Extension term		10 years
Number of Horton stores		1,047
Number of owned and operated stores (in company) \| company		562
Reverse stock split	1-for-5
Popeyes in PRC [Member]
Description of Business [Line Items]
Number of stores		562
Owned and Operated Stores [Member]
Description of Business [Line Items]
Number of stores		485
Shanghai [Member]
Description of Business [Line Items]
Number of stores		186
Beijing [Member]
Description of Business [Line Items]
Number of stores		62
Hangzhou [Member]
Description of Business [Line Items]
Number of stores		50
Shenzhen [Member]
Description of Business [Line Items]
Number of stores		30
Guangzhou [Member]
Description of Business [Line Items]
Number of stores		26
Wuhan [Member]
Description of Business [Line Items]
Number of stores		208
Xi’an [Member]
Description of Business [Line Items]
Number of stores		208
Chengdu [Member]
Description of Business [Line Items]
Number of stores		208
Suzhou [Member]
Description of Business [Line Items]
Number of stores		208
Nanjing
Description of Business [Line Items]
Number of stores		208

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment reporting

26.	Segment reporting

The Company evaluates segment reporting in accordance with FASB Accounting Standards Codification Topic 280.

The Company’s chief operating decision maker (CODM) has been identified as the chief executive officer, who reviews segment results when making decisions about allocating resources and assessing performance of the Company.

For the purpose of internal reporting and management’s operation review, the Company has determined that before acquisition of Popeyes, the Company operated Tim Hortons only and hence identified one reportable segment; subsequent to acquisition of Popeyes and prior to the disposal, it operated under two reportable segments, namely, Tim Hortons and Popeyes; and after the disposal of Popeyes, one reportable segment, which is Tim Hortons.

The Company defines segment loss before income taxes, the measure of segment profit or loss, as loss before income taxes (computed in accordance with GAAP) excluding income/(loss) from discontinued operations, service expenses incurred at headquarter, share-based compensation, interest income and expenses, foreign currency transaction gain/(loss), loss of debt extinguishment, changes in fair value of Deferred Contingent Consideration, convertible notes, warrant liabilities, ESA derivative liabilities.

The Company didn’t include assets information in the segment disclosure since no asset information provided to the CODM.

The following is reconciliation of the Company’s consolidated loss from continuing operations before income taxes to reportable segment loss before taxes. No additional reconciliation of reportable segment revenue since no further reconciliation item between the Company’s consolidated total revenue and segment revenue.

	For the year Ended December 31,
	2025			2024			2023
Loss from continuing operations before income taxes		(435,328,071	)		(458,313,989	)		(839,632,731	)
Plus (deduct):
Service expenses incurred at headquarter		28,631,967			22,372,238			26,739,174
Share-based compensation		2,829,018			1,045,008			65,045,401
Interest income		(3,528,064	)		(3,202,948	)		(14,182,881	)
Interest expense		16,679,066			22,448,159			20,419,992
Foreign currency transaction loss/(gain)		1,119,173			(3,484,612	)		16,771,123
Loss of the debt extinguishment		(73,078,104	)		10,657,161			-
Changes in fair value of Deferred Contingent consideration		-			16,941,248			26,106,460
Changes in fair value of convertible notes		(30,626,980	)		65,874,310			58,280,908
Changes in fair value of warrant liabilities		-			-			83,966,126
Changes in fair value of ESA derivative liabilities		-			-			(19,654,006	)
Segment loss before income taxes		(493,301,995	)		(325,663,425	)		(576,140,434	)

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Schedule of Consolidated Loss from Continuing Operations Before Income Taxes

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

	For the year Ended December 31,
	2025			2024			2023
Loss from continuing operations before income taxes		(435,328,071	)		(458,313,989	)		(839,632,731	)
Plus (deduct):
Service expenses incurred at headquarter		28,631,967			22,372,238			26,739,174
Share-based compensation		2,829,018			1,045,008			65,045,401
Interest income		(3,528,064	)		(3,202,948	)		(14,182,881	)
Interest expense		16,679,066			22,448,159			20,419,992
Foreign currency transaction loss/(gain)		1,119,173			(3,484,612	)		16,771,123
Loss of the debt extinguishment		(73,078,104	)		10,657,161			-
Changes in fair value of Deferred Contingent consideration		-			16,941,248			26,106,460
Changes in fair value of convertible notes		(30,626,980	)		65,874,310			58,280,908
Changes in fair value of warrant liabilities		-			-			83,966,126
Changes in fair value of ESA derivative liabilities		-			-			(19,654,006	)
Segment loss before income taxes		(493,301,995	)		(325,663,425	)		(576,140,434	)

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 USD ($)
Summary of Significant Accounting Policies [Line Items]
Incurred net losses	¥ (435,811,746)	¥ (408,985,210)	¥ (872,926,433)
Net operating cash outflow from continuing operation	(12,706,838)	(46,381,023)	(198,139,255)
Net current liabilities	676,000,000
Accumulated losses	(3,102,993,825)	(2,668,505,330)
Deposits	12,636,896	12,270,323
Employee social benefits	54,284,078	66,214,654	79,565,615
Advertising costs	¥ 63,456,595	64,848,548	¥ 96,678,285
Recognized income tax positions rate	50.00%
Percentage of after tax profit	10.00%			10.00%	10.00%
Registered capital percentage	50.00%			50.00%	50.00%
Statutory surplus fund (in Dollars) \| $
Paid-in capitals	¥ 1,990,894,951
Restricted net assets	¥ 83,877,190	88,991,761
Franchise [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	20 years			20 years	20 years
CHINA
Summary of Significant Accounting Policies [Line Items]
Deposits	¥ 500,000
Paid-in capitals		¥ 1,800,629,957
Hong Kong [Member]
Summary of Significant Accounting Policies [Line Items]
Deposits \| $					$ 800,000
Maximum [Member] \| Franchise Agreement [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	13 years 6 months			13 years 6 months	13 years 6 months
Maximum [Member] \| Furniture and Office Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	15 years			15 years	15 years
Maximum [Member] \| Kitchen Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	12 years			12 years	12 years
Maximum [Member] \| Capitalized Software Costs [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	5 years			5 years	5 years
Minimum [Member] \| Franchise Agreement [Member]
Summary of Significant Accounting Policies [Line Items]
Straight-line basis over the initial term	1 year			1 year	1 year
Minimum [Member] \| Furniture and Office Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years			3 years	3 years
Minimum [Member] \| Kitchen Equipment [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	4 years			4 years	4 years
Minimum [Member] \| Capitalized Software Costs [Member]
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives of the assets	3 years			3 years	3 years
THHK \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Equity interest rate	100.00%			100.00%	100.00%

Other Non-Current Assets

12 Months Ended

Dec. 31, 2025

Other Non-Current Assets [Abstract]

Other Non-Current Assets

9.	Other Non-Current Assets

Other non-current assets consist of the following:

	As of December 31,
	2025		2024
Long-term rental deposits		45,088,451		53,966,563
Creditable input VAT		42,962,154		-
Total		88,050,605		53,966,563

Loss Per Share - Schedule of Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earn-out Shares [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	2,800,000	2,800,000	2,800,000
Original Option Units [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	1,249,771	1,156,334	1,579,525
Additional Option Units [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	29,523	30,647	51,690
Liability-settled share-based payment to non-employee [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	40,000	40,000	40,000
Convertible Senior Notes [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share		921,659	921,659
Convertible Junior Notes [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	21,832,126	14,700,619
Convertible Senior Secured Notes [Member]
Schedule of Computation of Diluted Net Loss Per Share [Line Items]
Securities were excluded from the computation of diluted net loss per share	32,320,538

Parent Only Financial Information - Schedule of Condensed Statements of Cash Flows (Details) - Reportable Legal Entities [Member] - Parent Company [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Condensed Statements of Cash Flows [Line Items]
Net cash used in operating activities	¥ (1,031,594)	¥ (8,792,718)	¥ (33,401,467)
Net cash (used in)/provided by investing activities	(9,352,284)	(180,538,842)	53,570,674
Net cash provided by/(used in) financing activities	9,089,950	188,239,915	(46,058,129)
Effect of foreign currency exchange rate changes on cash	266,805	34,615	(1,263,825)
Net decrease in cash	(1,027,123)	(1,057,030)	(27,152,747)
Cash at beginning of year	1,262,397	2,319,427	29,472,174
Cash and cash equivalents and restricted cash at end of the year	¥ 235,274	¥ 1,262,397	¥ 2,319,427

Income Tax - Schedule of Components of Loss from Continuing Operations Before Income Taxes (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Components of Loss from Continuing Operations Before Income Taxes [Line Items]
Loss continuing operations before income taxes	¥ (435,328,071)	¥ (458,313,989)	¥ (839,632,731)
Chinese Mainland [Member]
Schedule of Components of Loss from Continuing Operations Before Income Taxes [Line Items]
Loss continuing operations before income taxes	(301,351,207)	(342,851,600)	(594,685,363)
Hong Kong [Member]
Schedule of Components of Loss from Continuing Operations Before Income Taxes [Line Items]
Loss continuing operations before income taxes	(2,670,612)	3,637,071	4,576,236
Cayman Islands [Member]
Schedule of Components of Loss from Continuing Operations Before Income Taxes [Line Items]
Loss continuing operations before income taxes	¥ (131,306,252)	¥ (119,099,460)	¥ (249,523,604)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Schedule of Bank Borrowings

Other Current Liabilities (Details)	1 Months Ended
Other Current Liabilities (Details)	Oct. 31, 2022 USD ($) shares	Aug. 31, 2022 USD ($)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) shares
Other Current Liabilities [Line Items]
Service fee \| $	$ 1,000,000	$ 3,000,000
Remaining service fee \| $	$ 2,000,000
Ordinary shares, shares issued (in Shares) \| shares			33,243,582	33,243,582	33,243,582	33,243,582
Options [Member]
Other Current Liabilities [Line Items]
Fair value of options			¥ 1,265,184	$ 180,000	¥ 1,581,448	$ 200,000
Ordinary Shares [Member] \| Professional Services Contract [Member]
Other Current Liabilities [Line Items]
Ordinary shares, shares issued (in Shares) \| shares	40,000

Consolidated Statements of Comprehensive Loss (Parentheticals)	12 Months Ended
	Dec. 31, 2025 CNY (¥)
Statement of Comprehensive Income [Abstract]
Fair value changes of convertible notes due to instrument-specific credit risk, tax
Foreign currency translation adjustment, tax
Unrealized gain on short-term investment, tax

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Ordinary shares, par value (in Dollars per share)	$ 0.0000469793497033866	$ 0.0000469793497033866
Ordinary shares, authorized (in Shares)	100,000,000	100,000,000
Ordinary shares, issued (in Shares)	33,243,582	33,243,582
Ordinary shares, outstanding (in Shares)	32,036,529	32,010,529
Treasury shares (in Shares)	1,207,053	1,233,053
Series A-2 Convertible Preferred Share
Series A-2 Convertible Preferred Share, par value (in Dollars per share)	$ 0.0000469793497033866	$ 0.0000469793497033866
Series A-2 Convertible Preferred Share, share authorized (in Shares)	0.2	0.2
Series A-2 Convertible Preferred Share, share issued (in Shares)	0.2	0.2
Series A-2 Convertible Preferred Share, share outstanding (in Shares)	0.2	0.2
Class A-1 Special Voting Share
Ordinary shares, par value (in Dollars per share)	$ 0.0000469793497033866	$ 0.0000469793497033866
Ordinary shares, authorized (in Shares)	0.2	0.2
Ordinary shares, issued (in Shares)	0.2	0.2
Ordinary shares, outstanding (in Shares)	0.2	0.2

Bank Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Bank Borrowings [Abstract]]

Bank borrowings consist of the following:

	As of December 31,
	2025		2024
Short-term bank borrowings		395,087,735		375,996,175
Long-term bank borrowings due within one year		-		5,266,370
Total bank borrowings, current		395,087,735		381,262,545

	As of December 31,
	2025		2024
Long-term bank borrowings		-		5,266,370
Less: Long-term bank borrowings due within one year		-		(5,266,370	)
Total bank borrowings, non-current		-		-

Related Parties - Schedule of Related Party Transactions (Details) - CNY (¥)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Amount due from related parties

¥ 194,765

¥ 5,857,636

Continuing franchise fee to THRI [Member]

17,413,631

48,116,596

Continuing franchise fee to PLK [Member]

^[1]

49,935,665

47,477,864

¥ 51,697,551

Upfront franchise fee to THRI [Member]

^[1]

957,548

488,633

Upfront franchise fee to PLK [Member]

^[2]

7,813,087

10,137,871

27,318,877

Purchase of coffee beans from TDL [Member]

^[2]

161,984

513,564

Services provided by DataCo [Member]

^[3]

34,582,491

44,539,371

63,400,907

Provision of services to Bobipai Shanghai [Member]

^[4]

4,795,456

5,866,415

8,097,359

Reimbursements from Bobipai Shanghai [Member]

^[5]

1,949,211

1,211,216

Amount due from Bobipai Shanghai related to provision of services [Member]

^[6]

185,097

Amount due from related parties

^[5]

194,765

1,092,991

Amount due from RBI related to Popeyes Disposal [Member]

Amount due from related parties

^[7]

4,764,645

TDL [Member]

^[3]

5,435,579

20,983,264

THRI [Member]

^[1],[2]

8,732,153

24,640,581

DataCo [Member]

^[4]

3,245,899

1,528,811

Cartesian [Member]

¥ 963,940

[1]	Pursuant to the master development agreement between the Company and THRI or PLK, pays continuing franchise fee based on certain percentage of revenue generated from Company owned and operated stores and franchise stores, and such continuing franchise fee was recorded in franchise and royalty expenses.
[2]	Pursuant to the master development agreement between the Company and THRI or PLK, the Company pays upfront franchise fee for each newly opened store to THRI or PLK during the term of the master development contract.
[3]	The Company purchased coffee beans from TDL for its daily operation in the amount of RMB34,582,491, RMB44,539,371 and RMB63,400,907 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company sold and recognized coffee beans purchased from TDL for its daily operation in the costs of food and packaging in the amount of RMB30,743,744, RMB53,208,876 and RMB72,109,353 for the years ended December 31, 2025, 2024 and 2023, respectively.
[4]	DataCo provides various data maintenance and management services, technical supports and consulting services in support of the operation of the Company. The relevant service fees of RMB600,000 each year recognized in other operating expenses for the years ended December 31, 2025, 2024 and 2023. In addition, RMB4,195,456, RMB5,266,415 and RMB7,497,359 for the years ended December 31, 2025, 2024 and 2023, respectively, were capitalized in property and equipment.
[5]	After Popeyes Disposal, the Company provided transitioning management support and IT support to Bobipai Shanghai in the amount of RMB1,949,211 and RMB1,211,216 for the years ended December 31, 2025 and 2024, respectively.
[6]	The Company paid reimbursements on behalf of Bobipai Shanghai for employee cost and raw material procurement in the amount of RMB185,097 for the year ended December 31, 2024.
[7]	On June 28, 2024, the Company disposed Popeyes China operation to PLK (See Note 2(b)). The remaining consideration receivables related to Popeyes Disposal of RMB4,764,645 as of December 31, 2024 was fully settled in 2025 by netting of amount due to THRI.

Consolidated Balance Sheets - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	¥ 121,794,484	¥ 152,368,315
Restricted cash	7,916,393	31,869,116
Accounts receivable, net	17,691,916	30,525,920
Inventories	36,792,722	37,578,415
Prepaid expenses and other current assets	142,235,378	158,881,587
Total current assets	326,625,658	417,080,989
Non-current assets
Property and equipment, net	332,069,736	502,158,702
Intangible assets, net	81,014,374	97,019,088
Operating lease right-of-use assets	348,916,320	493,308,393
Other non-current assets	88,050,605	53,966,563
Total non-current assets	850,051,035	1,146,452,746
Total assets	1,176,676,693	1,563,533,735
Current liabilities
Bank borrowings, current	395,087,735	381,262,545
Accounts payable	199,151,784	223,837,607
Contract liabilities	37,197,137	39,677,547
Amount due to related parties	17,413,631	48,116,596
Convertible notes, at fair value, current		473,715,560
Operating lease liabilities	180,805,734	178,115,199
Other current liabilities	172,606,016	191,206,863
Total current liabilities	1,002,262,037	1,535,931,917
Non-current liabilities
Contract liabilities	10,132,998	8,021,755
Operating lease liabilities	240,282,461	380,075,128
Convertible notes, at fair value, non-current	1,152,723,200	464,847,231
Other non-current liabilities	7,710,918	7,673,110
Total non-current liabilities	1,410,849,577	860,617,224
Total liabilities	2,413,111,614	2,396,549,141
Shareholders’ deficit
Ordinary shares, value	9,733	9,733
Additional paid-in capital	1,821,605,222	1,818,421,338
Accumulated losses	(3,102,993,825)	(2,668,505,330)
Accumulated other comprehensive income	38,393,189	9,184,842
Treasury shares (1,207,053 and 1,233,053 ordinary shares as of December 31, 2025 and 2024, respectively)
Total deficit attributable to shareholders of the Company	(1,242,985,681)	(840,889,417)
Non-controlling interests	6,550,760	7,874,011
Total shareholders’ deficit	(1,236,434,921)	(833,015,406)
Commitments and contingencies
Total liabilities and shareholders’ deficit	1,176,676,693	1,563,533,735
Series A-2 Convertible Preferred Share
Shareholders’ deficit
Series A-2 Convertible Preferred Share (US$0.00004697934970338660 par value, 0.2 share authorized, issued and outstanding as of December 31, 2025 and 2024)
Class A-1 Special Voting Share
Shareholders’ deficit
Ordinary shares, value
Related Party
Current assets
Amount due from related parties	¥ 194,765	¥ 5,857,636

Income Tax - Schedule of Changes in Valuation Allowance (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Changes in Valuation Allowance [Abstract]
Balance at the beginning of the year	¥ 482,127,651	¥ 418,748,714
Increases in the year	75,707,756	82,215,410
Decrease due to expiration of loss carryforwards	(29,694,743)	(18,836,473)
Balance at the end of the year	¥ 528,140,664	¥ 482,127,651

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Cash on hand	¥ 678,309	¥ 588,493
Total balance of cash and cash equivalents and restricted cash	129,710,877	184,237,431
Chinese Mainland [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	128,038,240	178,390,137
Chinese Mainland [Member] \| RMB [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	38,284,253	50,460,661
Chinese Mainland [Member] \| USD [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	89,753,987	127,929,476
HKSAR [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	994,328	5,258,801
HKSAR [Member] \| RMB [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	969	29
HKSAR [Member] \| USD [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	335,147	4,422,880
HKSAR [Member] \| HKD [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	658,212	835,892
Cayman Island [Member]
Schedule of Cash and Cash Equivalents and Restricted Cash [Line Items]
Total cash balances	¥ 129,032,568	¥ 183,648,938

Revenue

12 Months Ended

Dec. 31, 2025

Revenue [Abstract]

Revenue

18.

Revenue

Revenue consists of the following:

	For the years ended December 31,
	2025		2024		2023
Sales of food, beverage and packaged products by Company owned and operated stores		1,068,169,775		1,188,292,854		1,389,640,747
Franchise fees		36,552,434		24,214,820		15,443,024
Revenues from other franchise support activities		196,105,041		149,457,775		66,878,149
Revenue from e-commerce sales		-		808,861		59,067,398
Revenues from wholesale and other activities		15,369,224		28,383,501		28,976,489

Total revenues		1,316,196,474		1,391,157,811		1,560,005,807

All of the property and equipment of the Company are physically located in the PRC. The geographical location of customers is based on the location at which the customers operate and all of the Company’s revenue is derived from operations in the PRC for the years ended December 31, 2025, 2024 and 2023.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Share-Based Compensation - Schedule of Lock-up Period (Details)	12 Months Ended
	Dec. 31, 2025
After 6 months since the vesting date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	20.00%
After 12 months since the vesting date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	50.00%
After 18 months since the vesting date [Member]
Schedule of Lock-up Period [Line Items]
Lock-up Period of the relevant percentage of the option	100.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Convertible Notes, at Fair Value (Details)				1 Months Ended	12 Months Ended
Convertible Notes, at Fair Value (Details)	Dec. 02, 2025 CNY (¥)	Dec. 02, 2025 USD ($)	Dec. 10, 2021 USD ($)	Sep. 30, 2022	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($) $ / shares	Dec. 02, 2025 USD ($)	Aug. 15, 2024 USD ($)	Jun. 28, 2024 USD ($)	Apr. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares
Convertible Notes, at Fair Value [Line Items]
Cash proceeds \| ¥					¥ 20,433,704		¥ 41,104,980
Convertible notes per share (in Dollars per share)									$ 4.1319
Adjusted conversion price (in Dollars per share)													$ 54.25	$ 54.25
Loss of debt extinguishment \| ¥					¥ (73,078,104)		¥ (10,657,161)
Principal amount	¥ 636,595,230									$ 89,922,201
Series A Convertible Notes [Member]
Convertible Notes, at Fair Value [Line Items]
Principal amount \| $									$ 100			$ 45,000,000
Series A-1 Convertible Note [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									$ 4.1319
Principal amount \| $									$ 100		$ 15,741,340
Convert shares (in Shares) \| shares					24.202	24.202
Series A-2 Preferred Share [Member]
Convertible Notes, at Fair Value [Line Items]
Convert shares (in Shares) \| shares					24.202	24.202
Convertible Junior Notes [Member]
Convertible Notes, at Fair Value [Line Items]
Loss of debt extinguishment					¥ 74,917,500	$ 10,500,000
THHK [Member]
Convertible Notes, at Fair Value [Line Items]
Collateral percentage					100.00%	100.00%
Convertible Debt [Member]
Convertible Notes, at Fair Value [Line Items]
Aggregate principal amount \| $			$ 50,000,000
Investors discount			2.00%
Cash proceeds \| $			$ 49,000,000
Cash percentage				10.00%
Owing interest				12.00%
Convertible notes per share (in Dollars per share)													$ 57.5	$ 57.5
Date of falling			24 months
Repurchased all outstanding principal and accrued interest	495,007,230									$ 69,922,201
Loss of debt extinguishment	¥ 7,690,096	$ 1,077,799
Fair value due to instrument specific credit					¥ 5,850,700				$ 820,000
Convertible Debt [Member] \| Prior to [Member]
Convertible Notes, at Fair Value [Line Items]
Cash percentage				7.00%
Owing interest				9.00%	8.00%	8.00%
Convertible Senior Secured Notes [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									$ 2.7822
Interest rate, per annum	8.00%									8.00%
Converted amount \| $						$ 5,000,000
Maximum [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									4.1319
Maximum [Member] \| Series A-1 Convertible Note [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									35.94
Minimum [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									2.7822
Minimum [Member] \| Series A-1 Convertible Note [Member]
Convertible Notes, at Fair Value [Line Items]
Convertible notes per share (in Dollars per share)									$ 24.202

Accounts Receivable, Net - Schedule of Accounts Receivable, Net of Allowance for Expected Credit Losses (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Accounts Receivable, Net of Allowance for Expected Credit Losses [Abstract]
Accounts receivable	¥ 35,049,387	¥ 44,147,035
Less: allowance for expected credit losses	(17,357,471)	(13,621,115)	¥ (4,958,889)
Accounts receivable, net	¥ 17,691,916	¥ 30,525,920

Related Parties

12 Months Ended

Dec. 31, 2025

Related Parties [Abstract]

Related Parties

25.	Related Parties

The major related parties are summarized as follow:

Names of major related parties		Nature of relationship
Pangaea XXIIA		Largest shareholder of the Company
THRI		Shareholder of the Company
Cartesian		Ultimate controlling party of Pangaea XXIIA
Holdings IV		Entity controlled by Cartesian
Pangaea Data Tech (Shanghai) Co., Ltd. (“DataCo”)		Entity controlled by Cartesian
RBI		Ultimate controlling party of THRI
TDL		Entity controlled by THRI
PLK		Entity controlled by THRI subsequent to June 28, 2024
Bobipai (Shanghai) Catering Management Co., Ltd. (“Bobipai Shanghai”)		Entity controlled by THRI subsequent to June 28, 2024

During the years ended December 31, 2025, 2024 and 2023, in addition to the related party transactions disclosed in notes 2, 14, 15, 17 and 20 to the financial statements, the Company entered into the following significant related party transactions.

		For the Years Ended December 31,
		2025		2024		2023
Continuing franchise fee to THRI	(i)		49,935,665		47,477,864		51,697,551
Continuing franchise fee to PLK	(i)		-		957,548		488,633
Upfront franchise fee to THRI	(ii)		7,813,087		10,137,871		27,318,877
Upfront franchise fee to PLK	(ii)		-		161,984		513,564
Purchase of coffee beans from TDL	(iii)		34,582,491		44,539,371		63,400,907
Services provided by DataCo	(iv)		4,795,456		5,866,415		8,097,359
Provision of services to Bobipai Shanghai	(v)		1,949,211		1,211,216		-
Reimbursements from Bobipai Shanghai	(vi)		-		185,097		-

The balances of transactions with related parties are set forth below:

Amount due from related parties:

		As of December 31,
		2025		2024
Amount due from Bobipai Shanghai related to provision of services	(v)		194,765		1,092,991
Amount due from RBI related to Popeyes Disposal	(vii)		-		4,764,645
Total			194,765		5,857,636

Amount due to related parties:

		As of December 31,
		2025		2024
TDL	(iii)		5,435,579		20,983,264
THRI	(i)(ii)		8,732,153		24,640,581
DataCo	(iv)		3,245,899		1,528,811
Cartesian			-		963,940
Total			17,413,631		48,116,596

(i)

Pursuant to the master development agreement between the Company and THRI or PLK, pays continuing franchise fee based on certain percentage of revenue generated from Company owned and operated stores and franchise stores, and such continuing franchise fee was recorded in franchise and royalty expenses.

(ii)

Pursuant to the master development agreement between the Company and THRI or PLK, the Company pays upfront franchise fee for each newly opened store to THRI or PLK during the term of the master development contract.

(iii)

The Company purchased coffee beans from TDL for its daily operation in the amount of RMB34,582,491, RMB44,539,371 and RMB63,400,907 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company sold and recognized coffee beans purchased from TDL for its daily operation in the costs of food and packaging in the amount of RMB30,743,744, RMB53,208,876 and RMB72,109,353 for the years ended December 31, 2025, 2024 and 2023, respectively.

(iv)

(v)

After Popeyes Disposal, the Company provided transitioning management support and IT support to Bobipai Shanghai in the amount of RMB1,949,211 and RMB1,211,216 for the years ended December 31, 2025 and 2024, respectively.

(vi)

The Company paid reimbursements on behalf of Bobipai Shanghai for employee cost and raw material procurement in the amount of RMB185,097 for the year ended December 31, 2024.

(vii)

On June 28, 2024, the Company disposed Popeyes China operation to PLK (See Note 2(b)). The remaining consideration receivables related to Popeyes Disposal of RMB4,764,645 as of December 31, 2024 was fully settled in 2025 by netting of amount due to THRI.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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Schedule of Other Current Liabilities [Abstract]

Contract Liabilities

12 Months Ended

Dec. 31, 2025

Contract Liabilities [Abstract]

Contract Liabilities

11.	Contract Liabilities

Contract liabilities - current consist of the following:

	As of December 31,
	2025		2024
Deferred revenue related to customer loyalty program		9,880,088		14,187,502
Advance from customers related to coupons and gift cards		10,730,632		12,390,620
Deferred revenue related to upfront franchise fees received from sub-franchisees		5,166,032		3,235,686
Advance from sub-franchisees related to other franchise support activities		9,054,363		8,435,669
Others		2,366,022		1,428,070
Total		37,197,137		39,677,547

Contract liabilities - non-current consist of the following:

	As of December 31,
	2025		2024
Deferred revenue related to upfront franchise fees received from sub-franchisees		10,132,998		7,781,755
Others		-		240,000
Total		10,132,998		8,021,755

Contract liabilities primarily consist of deferred revenue related to customer loyalty program and advance from customers related to coupons and gift cards. The deferred revenue related to customer loyalty program and advance from customers related to coupons and gift cards are expected to be recognized as revenue in the next 12 months from the balance sheet date.

Among the balance of contract liabilities as of December 31, 2024, RMB39,568,833 was recognized as revenue during the year ended December 31, 2025.

As of December 31, 2025, the Company had RMB15,299,030 of deferred revenues related to upfront franchise fees which are expected to be recognized as revenues over the remaining contract periods of each individual franchise agreement and of which RMB5,166,032 is expected to be recognized in the next 12 months, RMB10,132,998 is expected to be recognized in next 2 to 10 years.

The Company has elected, as a practical expedient not to disclose the value of remaining performance obligations associated with sales-based royalty promised to sub-franchisees in exchange for franchise right and other related services.

Contract Liabilities (Details)	12 Months Ended
Contract Liabilities (Details)	Dec. 31, 2025 CNY (¥)
Contract Liabilities [Line Items]
Revenue recognized contract liability	¥ 39,568,833
Deferred revenues	10,132,998
Deferred revenue recognized	¥ 5,166,032
Minimum [Member]
Contract Liabilities [Line Items]
Number of years expected to be recognized	2 years
Maximum [Member]
Contract Liabilities [Line Items]
Number of years expected to be recognized	10 years
Upfront Franchise Fees [Member]
Contract Liabilities [Line Items]
Deferred revenues	¥ 15,299,030

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue [Abstract]

Schedule of Revenue

Revenue consists of the following:

	For the years ended December 31,
	2025		2024		2023
Sales of food, beverage and packaged products by Company owned and operated stores		1,068,169,775		1,188,292,854		1,389,640,747
Franchise fees		36,552,434		24,214,820		15,443,024
Revenues from other franchise support activities		196,105,041		149,457,775		66,878,149
Revenue from e-commerce sales		-		808,861		59,067,398
Revenues from wholesale and other activities		15,369,224		28,383,501		28,976,489

Total revenues		1,316,196,474		1,391,157,811		1,560,005,807

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - CNY (¥)

Dec. 31, 2025

Dec. 31, 2024

Accrued payroll and employee-related costs

¥ 32,587,186

¥ 37,435,535

Payable for acquisition of property and equipment

29,496,455

75,330,611

Guarantee deposits

25,345,754

16,808,155

Accrued marketing expenses

3,762,206

7,528,051

Sundry taxes payable

15,317,979

10,435,265

Accrued professional service fees

13,106,747

10,733,915

Accrued offering costs

^[1]

1,265,184

1,581,448

Accrued rental expenses

2,161,456

2,371,324

Other accrual expenses

49,563,049

28,982,559

Total

¥ 172,606,016

¥ 191,206,863

[1]

In August 2022, the Company entered into a professional services contract with a financial intermediary firm pursuant to which, the firm provided professional services to the Company in connection with the Merger Transaction and the Company was obligated to pay a service fee of US$3,000,000. Under the agreement, the Company settled US$1,000,000 of the service fee in cash in October 2022 and has an option at its sole discretion to settle the remaining US$2,000,000 of the service fee either in cash or by issuing 40,000 ordinary shares of the Company. The Company accounted for the option to settle such service fee in ordinary shares as a liability-settled share-based payment. The option is re-measured at fair value periodically until the settlement of payment. As of December 31, 2025 and 2024, the fair value of the option is US$180,000 (equivalent to RMB1,265,184) and US$200,000 (equivalent to RMB1,581,448), respectively.

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025
Segment Reporting [Line Items]
Segment description	The Company’s chief operating decision maker (CODM) has been identified as the chief executive officer, who reviews segment results when making decisions about allocating resources and assessing performance of the Company.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer
Number of reportable segment	1
Tim Hortons [Member]
Segment Reporting [Line Items]
Number of reportable segment	1
Tim Hortons and Popeyes [Member]
Segment Reporting [Line Items]
Number of reportable segment	2

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventories [Abstract]

Schedule of Inventories

Inventories consist of the following:

	As of December 31,
	2025		2024
Food, beverage and packaged products		26,648,228		26,230,212
Merchandise for e-commerce sales		2,815,376		2,979,839
Others		7,329,118		8,368,364
Total		36,792,722		37,578,415

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	KPMG Huazhen LLP
Auditor Firm ID	1186
Auditor Location	Shanghai, China
Auditor Opinion [Text Block]	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of TH International Limited and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive loss, changes in shareholders’ equity (deficit), and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-Current Assets [Abstract]

Schedule of Other Non-Current Assets

Other non-current assets consist of the following:

	As of December 31,
	2025		2024
Long-term rental deposits		45,088,451		53,966,563
Creditable input VAT		42,962,154		-
Total		88,050,605		53,966,563

Share-Based Compensation - Schedule of Activities of Original Option Units (Details) - USD ($)		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025
Original Option Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Ending (in Shares)	19,957,442	21,570,097
Weighted average exercise price, Ending	$ 0.4	$ 0.35
Weighted average grant date fair value, Ending	$ 0.32	$ 0.29
Weighted average remaining contractual years, Ending	4 years 10 months 17 days	4 years 4 months 6 days
Aggregate intrinsic value, Ending (in Dollars)	$ 71,540
Number of Units, Expected to be vested (in Shares)		21,570,097
Weighted average exercise price, Expected to be vested		$ 0.35
Weighted average grant date fair value, Expected to be vested		$ 0.29
Weighted average remaining contractual years, Expected to be vested		4 years 4 months 6 days
Aggregate intrinsic value, Expected to be vested (in Dollars)
Number of Units, Exercisable (in Shares)		17,756,231
Weighted average exercise price, Exercisable		$ 0.33
Weighted average grant date fair value, Exercisable		$ 0.27
Weighted average remaining contractual years, Exercisable		3 years 7 months 2 days
Aggregate intrinsic value, Exercisable (in Dollars)
Number of Units, Granted (in Shares)		1,812,220
Weighted average exercise price, Granted		$ 0.16
Weighted average grant date fair value, Granted
Weighted average remaining contractual years, Granted
Aggregate intrinsic value, Granted (in Dollars)
Number of Units, Forfeited (in Shares)		(199,565)
Weighted average exercise price, Forfeited		$ 0.51
Weighted average grant date fair value, Forfeited
Weighted average remaining contractual years, Forfeited
Aggregate intrinsic value, Forfeited (in Dollars)
Original Additional Option Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Ending (in Shares)	528,942	509,543
Weighted average exercise price, Ending	$ 0.82	$ 0.81
Weighted average grant date fair value, Ending	$ 0.58	$ 0.58
Weighted average remaining contractual years, Ending	10 days
Aggregate intrinsic value, Ending (in Dollars)
Number of Units, Expected to be vested (in Shares)		509,543
Weighted average exercise price, Expected to be vested		$ 0.81
Weighted average grant date fair value, Expected to be vested		$ 0.58
Weighted average remaining contractual years, Expected to be vested
Aggregate intrinsic value, Expected to be vested (in Dollars)
Number of Units, Exercisable (in Shares)		509,543
Weighted average exercise price, Exercisable		$ 0.81
Weighted average grant date fair value, Exercisable		$ 0.58
Weighted average remaining contractual years, Exercisable
Aggregate intrinsic value, Exercisable (in Dollars)
Number of Units, Forfeited (in Shares)		(19,399)
Weighted average exercise price, Forfeited		$ 1.06
Weighted average grant date fair value, Forfeited
Weighted average remaining contractual years, Forfeited
Aggregate intrinsic value, Forfeited (in Dollars)
Restricted Share Units [Member]
Schedule of Activities of Original Option Units [Line Items]
Number of Units, Ending (in Shares)	13,545,875	13,166,172
Weighted average exercise price, Ending	$ 0	$ 0
Weighted average grant date fair value, Ending	$ 0.62	$ 0.61
Aggregate intrinsic value, Ending (in Dollars)	$ 2,786,010	$ 1,875,834
Number of Units, Exercised (in Shares)		(379,703)
Weighted average exercise price, Exercised		$ 0
Weighted average grant date fair value, Exercised
Aggregate intrinsic value, Exercised (in Dollars)
Number of Units, Expected to be vested (in Shares)		13,166,172
Weighted average exercise price, Expected to be vested		$ 0
Weighted average grant date fair value, Expected to be vested		$ 0.61
Aggregate intrinsic value, Expected to be vested (in Dollars)		$ 1,875,834

Loss Per Share (Details) - shares	12 Months Ended
Loss Per Share (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unvested Earn-In Shares [Member]
Loss Per Share [Line Items]
Excluded shares	280,000	280,000	280,000

Significant Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Significant Transactions [Abstract]

Schedule of Discontinued Operation

Results of discontinued “Popeyes China” operation

	For the year ended December 31,
	2024 (Note)			2023 (Note)

Company owned and operated store sales		30,875,454			15,761,230
Other revenues		22,449			13,143
Total revenues		30,897,903			15,774,373
Costs and expenses, net
Company owned and operated stores
Food and packaging		11,978,585			6,839,014
Store rental expenses		8,735,620			6,200,927
Payroll and employee benefits		7,971,499			6,173,813
Delivery costs		2,362,132			510,438
Other operating expenses		2,810,735			2,783,167
Store depreciation and amortization		1,888,301			877,370
Company owned and operated store costs and expenses		35,746,872			23,384,729

Marketing expenses		3,828,211			5,506,486
General and administrative expenses		8,630,449			18,363,979
Franchise and royalty expenses		1,895,613			1,885,515
Other operating costs and expenses		9,129			-
Other income		(50	)		(108,615	)
Total costs and expenses, net		50,110,224			49,032,094

Operating loss		(19,212,321	)		(33,257,721	)
Interest income		3,482			66,912
Interest expense		(11,921	)		(5,652	)
Foreign currency transaction loss		(130	)		-

Loss before taxation		(19,220,890	)		(33,196,461	)
Income tax expenses		-			-

Net loss for the year		(19,220,890	)		(33,196,461	)
Gain on disposal of Popeyes business		70,664,684			-

Net income/(loss) from discontinued operation		51,443,794			(33,196,461	)

Schedule of Disposal on the Financial Position

Effect of disposal on the financial position

	As of December 31, 2023

Cash		1,271,738
Inventories		852,604
Prepaid expenses and other current assets		2,732,684
Total current assets		4,857,026

Property and equipment, net		25,884,026
Intangible assets, net		36,482,168
Operating lease right-of-use assets		63,641,599
Other non-current assets		4,561,539
Total non-current assets		130,569,332
Total assets		135,426,358

Accounts payable		5,074,452
Amount due to related party		1,002,196
Operating lease liabilities - current		11,043,233
Other current liabilities		46,438,123
Total current liabilities		63,558,004

Operating lease liabilities - non-current		54,029,794
Other non-current liabilities		259,578
Total non-current liabilities		54,289,372
Total liabilities		117,847,376

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Other Non-Current Liabilities [Abstract]

Other Non-Current Liabilities

12 Months Ended

Dec. 31, 2025

Other non-current liabilities

16.	Other non-current liabilities

Other non-current liabilities consist of the following:

	As of December 31,
	2025		2024
Asset retirement obligations		7,591,989		7,506,609
Others		118,929		166,501
Total		7,710,918		7,673,110

Convertible Notes, at Fair Value

12 Months Ended

Dec. 31, 2025

Convertible Notes, at Fair Value [Abstract]

Convertible Notes, at fair value

15.	Convertible Notes, at Fair Value

Convertible notes measured at fair value consist of the following:

		As of December 31,
		2025		2024
Current
Convertible Senior Notes	(a)		-		473,715,560
Convertible notes, at fair value, current			-		473,715,560

Non-current
Convertible Junior Notes	(b)		514,508,160		464,847,231
Convertible Senior Secured Notes	(c)		638,215,040		-
Convertible notes, at fair value, non-current			1,152,723,200		464,847,231

Total convertible notes, at fair value			1,152,723,200		938,562,791

(a)

Convertible Senior Notes

On December 10, 2021, the Company issued convertible notes due December 10, 2026 in an aggregate principal amount of US$50,000,000 to certain investors (collectively referred to as “SONA”) at 2% discount, resulting in cash proceeds of US$49,000,000 (the “Convertible Senior Notes”).

The key terms of Convertible Senior Notes are summarized as follows:

Interest

Convertible Senior Notes bear interest commencing from December 10, 2021, payable semi-annually in arrears on the interest payment dates falling on June 10 and December 10 of each year. For any interest payment period, the Company may, at its option, elect to pay interest on Convertible Senior Notes: i) entirely in cash at 7.00% per annum if the Merger Transaction is consummated prior to September 30, 2022, otherwise at 10.00% per annum on or after September 30, 2022; Or ii) entirely by increasing the principal amount of the outstanding Convertible Senior Notes or by issuing additional Convertible Senior Notes (“PIK Interest”) having an aggregate principal amount equal to the amount of interest then due and owing at 9.00% per annum if the Merger Transaction is consummated prior to September 30, 2022, otherwise at 12% per annum on or after September 30, 2022.

Note Holders’ conversion right

At any time from (and including) the earlier of i) September 30, 2022 and ii) the date of closing of the Merger Transaction until December 10, 2026, each holder of Convertible Senior Notes may, in its sole discretion, convert all of its Convertible Senior Notes into a number of fully paid, validly issued and non-assessable ordinary shares of the Company. The initial conversion price is US$57.50 per share, and subject to changes based on adjustment mechanism provided in the contracts of Convertible Senior Notes. Subsequently, the conversion price was adjusted to US$54.25 per share in April 2023.

Company’s conversion option

If the Merger occurs, at any time from the later of the date falling 24 months from December 10, 2021 and the effective date of the documents required by authorities, until December 10, 2026, the Company has the right, at its option, to convert all of Convertible Senior Notes outstanding at conversion price provided by the contracts of Convertible Senior Notes, but only if specified conditions are met. The initial conversion price is US$57.50 per share and subject to changes based on adjustment mechanism provided in the contracts of Convertible Senior Notes. Subsequently, the conversion price was adjusted to US$54.25 per share during the year ended December 31, 2022.

Repurchase

Each holder of Convertible Senior Notes will have the right, after June 20, 2025, at its election, to require the Company to repurchase all of such holder’s Convertible Senior Notes for a repurchase price at an amount in cash equal to the principal amount of such Convertible Senior Notes plus accrued and unpaid interest.

Redemption

Convertible Senior Notes may be redeemed at the option of the Company in whole, but not in part, at any time before December 10, 2025, for a cash purchase price equal to the redemption price provided in the contract of Convertible Senior Notes based on the different scenarios.

The Company elected the fair value option under ASC 825-10 to account for Convertible Senior Notes and presented separately in other comprehensive income/(loss) the changes in fair values due to the instrument-specific credit risk.

As SONA has the right to require the Company to repurchase all Convertible Senior Notes after June 20, 2025, the Company reclassified Convertible Senior Notes as current liabilities as of December 31, 2024.

As mentioned in Note 2(c), on December 2, 2025, the Company repurchased all outstanding principal and accrued interest of Convertible Senior Notes in amount of US$69,922,201 (equivalent to RMB495,007,230) through the issuance of Convertible Senior Secured Notes. After the repurchase, the Convertible Senior Notes were extinguished. The difference between the repurchase consideration and the carrying amount of Convertible Senior Notes as of December 2, 2025 resulted in a gain on extinguishment of US$1,077,799 (equivalent to RMB7,690,096) and presented in loss of debt extinguishment on the consolidated statements of operations. In addition, the cumulative loss previously recorded in accumulated other comprehensive income for Convertible Senior Notes that resulted from changes in instrument-specific credit risk of US$820,000 (equivalent to RMB5,850,700) was reclassified to loss of debt extinguishment on the consolidated statements of operations.

(b)

Convertible Junior Notes

As mentioned in Note 2(b), on June 28 and August 15, 2024, the Company issued Series A Convertible Notes in an aggregate principal amount of US$45,000,000 and Series A-1 Convertible Notes in an aggregate principal amount of US$15,741,340 to THRI and Cartesian, which are collectively referred to Convertible Junior Notes. All payments of principal plus any accrued but unpaid interest on Convertible Junior Notes shall be due and payable on June 28, 2027.

The key original terms of Convertible Junior Notes are summarized as follows:

Interest

Convertible Junior Notes bear interest at a per annum rate equal to the secured overnight financing rate as administered by the SOFR Administrator plus eight percent (8.00%) compounding continuously, which will be due and payable at the earlier of conversion on maturity, and shall be paid in kind (PIK) in the form of additional Convertible Junior Notes to their respective outstanding principal amount.

Conversion

Series A Convertible Notes are convertible into Series A-2 Convertible Preferred Shares while Series A-1 Convertible Notes are convertible into ordinary shares of the Company:

at the option of the holder at any time after January 16, 2025; and

ii)

mandatorily upon maturity or on the occurrence of certain change of control events, provided that the conversion requirements have been met.

Each US$100 principal amount of Series A Convertible Notes converts into one Series A-2 Convertible Preferred Share and each Series A-2 Convertible Preferred Share converts into 24.202 ordinary shares = US$4.1319 per ordinary share

(Expressed in Renminbi Yuan)

Each US$100 principal amount of Series A-1 Convertible Notes converts into 24.202 ordinary shares = US$4.1319 per ordinary share

The Company elected the fair value option under ASC 825-10 to account for Convertible Junior Notes and presented separately in other comprehensive income/(loss) the changes in fair values due to the instrument-specific credit risk.

As mentioned in Note 2(c), concurrently with the issuance of Convertible Senior Secured Notes on December 2, 2025, THRI and Cartesian agreed to amend the following key terms of Convertible Junior Notes:

Extension of maturity date from June 28, 2027 to September 30, 2029;

ii)

Removal of mandatory conversion upon maturity or on the occurrence of certain change of control events; and

iii)

Adjustment of ordinary share conversion rate from US$4.1319 to US$2.7822 per share: The number of ordinary shares converted from each US$100 of principal amount of Series A Convertible Notes or Series A-1 Convertible Notes is adjusted from 24.202 to 35.94.

In accordance with ASC 470-50, the Company evaluated the fair value of the conversion option embedded in Convertible Junior Notes immediately before and after the amendment of terms. The outcome shows the change in the fair value of the embedded conversion option was greater than 10% of the carrying amount of Convertible Junior Notes before the amendment, and as a result, extinguishment accounting was applied. The excess of the fair value of Convertible Junior Notes after the amendment over the carrying amount before the amendment was recorded as loss of debt extinguishment in amount of US$10,500,000 (equivalent to RMB74,917,500).

(c)

Convertible Senior Secured Notes

As mentioned in Note 2(c), on December 2, 2025, the Company issued Convertible Senior Secured Notes in an aggregate principal amount of US$89,922,201 (equivalent to RMB636,595,230) to SONA and THRI. All payments of principal plus any accrued but unpaid interest on Convertible Senior Secured Notes shall be due and payable on September 30, 2029.

The key terms of Convertible Senior Secured Notes are summarized as follows:

Interest

Convertible Senior Secured Notes bear interest at a per annum rate equal to the Compounded SOFR plus 8.0%, payable semi-annually in arrears on the interest payment dates falling on June 2 and December 2 of each year. On each interest payment date accrued and unpaid interest shall be paid, at the election of the Company, (i) entirely in cash or (ii) by capitalizing on the applicable interest payment date any accrued and unpaid interest (all such accrued and unpaid interest capitalized from time to time is referred to as “PIK Interest”) and by the issuance of additional Convertible Senior Secured Notes Convertible Senior Secured Notes having the same terms and conditions as the Convertible Senior Secured Notes.

Collateral and Covenant

Convertible Senior Secured Notes are secured by (i) a pledge of 100% of the shares of THHK and (ii) an all-asset debenture over all of the Company’ assets. Convertible Senior Secured Notes contains covenants to restrict the Company’s ability to incur debt, make investments, provide security, enter into affiliates transactions, among others, subject to customary exceptions.

Note Holders’ conversion right

At any time from December 2, 2025, each holder of Convertible Senior Secured Notes may, in its sole discretion, convert all or part of Convertible Senior Secured Notes into a number of fully paid, validly issued and non-assessable ordinary shares. The principal amount of Convertible Senior Secured Notes that a holder elects to be partially converted shall be at least US$5 million for each conversion.

The initial conversion price is US$2.7822 per share and subject to customary anti-dilution adjustments as specified in the agreement of Convertible Senior Secured Notes.

Repurchase

Each holder of Convertible Senior Secured Notes will have the right, after August 1, 2027, at its election, to require the Company to repurchase all of such holder’s Convertible Senior Secured Notes for a repurchase price at an amount in cash equal to the principal amount of such Convertible Senior Secured Notes plus accrued and unpaid interest.

Redemption

The Company has the right, at its election, to redeem all of Convertible Senior Secured Notes, in whole but not in part, together with all accrued and unpaid interest, on or after June 2, 2028 and prior to the seventh (7th) business day immediately before September 30, 2029, for a cash purchase price equal to the principal amount plus accrued and unpaid interest.

Convertible Senior Secured Notes are convertible debt instruments under Subtopic 470-20. The Company elected the fair value option under ASC 825-10 to account for Convertible Senior Secured Notes, which are initially recorded at fair value and measured subsequently at fair value. The changes in fair value due to the instrument-specific credit risk are recognized to other comprehensive income/(loss) and all other changes in fair value are recognized in changes in fair value of convertible notes on the consolidated statements of operations.

Intangible Assets, Net - Schedule of Estimated Future Amortization Expenses (Details)	Dec. 31, 2025 CNY (¥)
Schedule of Estimated Future Amortization Expenses [Abstract]
Year ended December 31, 2026	¥ 15,178,233
2027	12,775,690
2028	9,952,207
2029	7,419,695
2030	5,695,992
Thereafter	29,992,557
Total	¥ 81,014,374

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Basis of Preparation and Principles of Consolidation

(a)

Basis of Preparation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and include the financial statements of TH International Limited and its subsidiaries in which TH International Limited has a controlling financial interest. All intercompany balances and transactions have been eliminated on consolidation. For consolidated subsidiary where the ownership in the subsidiary is less than 100%, the equity interest not held by the Company is shown as non-controlling interests.

These consolidated financial statements have been prepared in accordance with U.S. GAAP assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists.

The Company has incurred losses since its inception. The Company incurred net losses of RMB436 million, RMB409 million and RMB873 million for the years ended December 31, 2025, 2024 and 2023, respectively. For the year ended December 31, 2025, the Company had net operating cash outflow of RMB13 million. As of December 31, 2025, the Company’s net current liabilities and accumulated losses were RMB676 million and RMB3,103 million, respectively. The Company will require additional liquidity to continue its operations over the next 12 months.

Historically, the Company had relied principally on proceeds from the issuance of ordinary shares, convertible notes and bank borrowings to finance its operations and business expansion. The Company has evaluated plans to continue as a going concern which include, but are not limited to, (i) reducing discretionary capital and operating expenses (ii) obtaining additional facilities from banks and renewal of existing bank borrowings (iii) obtaining financial support from shareholders and related parties (iv) issuing convertible notes and exploring opportunities for further equity financing. Notwithstanding this, feasibility of some of these plans is contingent upon factors outside of the control of the Company and, as such, the Company concluded that substantial doubt about its ability to continue as a going concern has not been alleviated as of the reporting date.

The consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

Fiscal Calendar

(b)

Fiscal Calendar

The Company’s fiscal year is from January 1 to December 31.

Use of Estimates

(c)

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include expected credit losses for financial assets held at amortized cost, incremental borrowing rate, net realizable value of inventories, recoverability of long-lived assets, fair value of share-based compensation arrangements, liability-settled share-based payment to non-employee, deferred contingent consideration and convertible notes.

Foreign Currency Transaction and Translation

(d)

Foreign Currency Transaction and Translation

The Company’s reporting currency is Chinese Renminbi Yuan (“RMB”). The functional currency of TH International Limited and its wholly owned subsidiaries incorporated in Hong Kong is United States Dollars (“US$”). The functional currency of the Company’s subsidiaries in Chinese Mainland is RMB.

Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded in foreign currency transaction gain or loss on the consolidated statements of operations.

The financial statements of TH International Limited and its wholly owned subsidiaries incorporated in Hong Kong are translated from US$ into RMB. Assets and liabilities are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than deficits generated in the current period are translated into RMB using the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulted foreign currency translation adjustments are recorded as a component of other comprehensive income/(loss) on the consolidated statements of comprehensive loss, and the accumulated foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income on the consolidated balance sheets.

Risks and Concentration

(e)

Risks and Concentration

Foreign exchange risk

As the Company’s principal activities are carried out in Chinese Mainland, the Company’s transactions are mainly denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions involving RMB must take place through the People’ Bank of China or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the People’ Bank of China that are determined largely by supply and demand. The management does not expect that there will be any significant currency risk for the Company during the reporting periods.

Concentration of credit risk

The Company’s credit risk primarily arises from cash and cash equivalents, restricted cash, prepaid expenses and other current assets and accounts receivable. The bank deposits with financial institutions in the mainland of the PRC and Hong Kong Special Administrative Region (“HKSAR”) are insured by the government authorities up to RMB500,000 and HKD800,000, respectively. Total bank deposits are insured by the government authority with amounts up to RMB12,636,896 and RMB12,270,323 and as of December 31, 2025 and 2024, respectively.

The Company expects that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which are held by reputable financial institutions. The Company believes that it is not exposed to unusual risks as these financial institutions have high credit quality.

The Company has no significant concentrations of credit risk with respect to its prepaid expenses and other current assets.

Accounts receivable are unsecured and are primarily derived from revenue earned from sub-franchisees and wholesale customers. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them.

Concentration of operation risk

The Company owns, operates and franchises stores in the PRC, including Hong Kong and Macau under the “Tim Hortons” brand. Such business activities are solely dependent upon its master development agreement with THRI. The Company’s failure to comply its master development agreement with THRI would have a material adverse effect on its financial condition, results of operations, and cash flows.

Cash and cash equivalents and restricted cash

(f)

Cash and cash equivalents and restricted cash

Cash and cash equivalents

The Company’s cash and cash equivalents consist of cash on hand, cash held in banks, time deposits which are less than three-months or highly liquid investments.

Restricted cash

Restricted cash represents amounts held by banks, which are not available for the Company’s use, primarily consisting of security for bank borrowings and deposits restricted for use.

Cash and cash equivalents and restricted cash are deposited in financial institutions at below locations:

	As of December 31,
	2025		2024
Cash on hand		678,309		588,493

Financial institutions in Chinese Mainland
- Denominated in RMB		38,284,253		50,460,661
- Denominated in USD		89,753,987		127,929,476
Total balance of cash and cash equivalents and restricted cash held at Chinese Mainland financial institutions		128,038,240		178,390,137

Financial institutions in HKSAR
- Denominated in RMB		969		29
- Denominated in USD		335,147		4,422,880
- Denominated in HKD		658,212		835,892
Total balance of cash held at the HKSAR financial institutions		994,328		5,258,801

Total balance of cash and cash equivalents and restricted cash held at financial institutions		129,032,568		183,648,938
Total balance of cash and cash equivalents and restricted cash		129,710,877		184,237,431

Revenue Recognition

(g)

Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, since its incorporation. The Company’s revenues are mainly generated from sales of food, beverage and packaged products by Company owned and operated stores, franchise fees, revenues from other franchise support activities and revenue from e-commerce sales and wholesale products.

Sales of food, beverage and packaged products by Company owned and operated stores

The Company generates majority of its revenue from sales of food, beverage and packaged products to customers by Company owned and operated stores. The revenue amounts exclude sales-related taxes.

For customers who visit the Company’s stores, sales revenue is recognized when Company satisfies its obligation by transferring control of the goods to the customer.

The Company also offers its customers food, beverage and packaged products through third-party aggregators’ platforms. When orders are completed by the stores and control of the food, beverage and packaged products is transferred to the delivery staff of third-party aggregators, which control and determine the price for the delivery service, the Company recognizes revenue, excluding delivery fees.

Franchise fees

Franchise fees primarily include upfront franchise fees, continuing fees and revenue from advertising services.

The Company grants franchise rights to sub-franchisees in exchange for upfront franchise fees and continuing fees. The Company recognizes upfront franchise fees received from a sub-franchisee as revenue over the term of the franchise agreement because the franchise rights are accounted for as rights to access the Company’s symbolic intellectual property in accordance with ASC 606. The Company recognizes continuing fees, which are based upon a percentage of sub-franchisee sales, as those sales occur.

For advertising services, the Company often engages third parties to provide services and acts as a principal in the transaction based on its responsibilities of defining the nature of the services and administering and directing all marketing and advertising programs in accordance with the provisions of the Company’s franchise agreements. The Company collects advertising contributions, which are generally based on certain percentage of sales from sub-franchisees. Advertising services provided to sub-franchisees are highly interrelated to franchise right, and are not considered individually distinct. The Company recognizes revenue from advertising services when the related sales occur.

Revenues from other franchise support activities

Other franchise support activities mainly consist of sales of kitchen equipment, raw materials for food, beverage and packaged products and provision of pre-opening and training services to sub-franchisees. These support activities provide stand-alone benefits to the sub-franchisees which are separate from the franchise right and are considered as distinct performance obligations of the Company. The Company recognizes revenue of these sales when kitchen equipment or products are delivered to and accepted by the sub-franchisees and services over the period of time when services are provided, respectively, at the amount that the Company is entitled to receive in exchange.

Loyalty program

The Company operates a loyalty program that allows registered members to earn points for each qualifying purchase. Points, which generally expire 12 months after being earned, may be redeemed for future purchases of products for free or at a discounted price in Company owned and operated stores. Points cannot be redeemed or exchanged for cash. The Company defers revenue associated with the estimated selling price of the points earned by the loyalty program members, as contract liabilities on the consolidated balance sheets. The Company subsequently recognizes revenue when the points are redeemed or expired. The Company estimates the value of the product for which points are expected to be redeemed and redemption patterns, including an estimate of the breakage for points that members will never redeem. The Company reviews the estimated value of points at least annually based upon the latest available information regarding redemption and expiration patterns.

Revenue from e-commerce sales and wholesale products

The Company generates revenue from e-commerce sales, consisting of sale of packaged coffee, tea beverages and single-serve coffee and tea products to customers through third-party e-commerce platforms. The Company recognizes revenue when the control of the goods is transferred to the customers, which occurs upon the delivery of goods.

The Company generated revenue from wholesale of canned coffee beverage and packaged coffee extract.

Accounts receivable and current expected credit losses

(h)

Accounts Receivable and Current Expected Credit Losses

Accounts receivable primarily consist of receivables from sub-franchisees and wholesale customers which are recognized and carried at the original invoice amount less an allowance for expected credit losses.

Expected credit losses include losses expected based on known credit issues with specific customers as well as a general expected credit loss allowance based on relevant information, including historical loss rates, current conditions, and reasonable economic forecasts that affect collectability. The Company updates allowance for expected credit losses on a quarterly basis with changes in the allowance recognized in the consolidated statements of operations.

Receivables which are deemed to be uncollectible are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2025 and 2024, the Company does not have off-balance-sheet credit exposure related to its sub-franchisees and wholesale customers.

Receivables from Payment Processors and Aggregators

(i)

Receivables from Payment Processors and Aggregators

Receivables from payment processors such as WeChat and Alipay and aggregators are amounts due from them for clearing transactions and are included in prepaid expenses and other current assets. The cash was paid by customers through these payment processors and aggregators for food and goods provided by the Company. The Company considers and monitors the credit worthiness of the third-party payment processors and aggregators. An allowance for expected credit losses is recorded using the current expected credit losses model. Receivable balances are written off after all collection efforts have been exhausted and the potential for recovery is considered remote.

Inventories

(j)

Inventories

Inventories are stated at the lower of cost (determined by the first-in, first-out method) and net realizable value. Net realizable value is the estimated selling price of the inventory in the ordinary course of business less reasonably predictable costs of disposal. Adjustments are recorded in the cost of revenues to write down the carrying amount of any obsolete and excess inventory to its estimated net realizable value based on historical and forecasted demand.

Property and Equipment

(k)

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and impairment, if any. The Company calculates depreciation and amortization on a straight-line basis over the estimated useful lives of the assets as follows: 3 to 15 years for furniture and office equipment, 4 to 12 years for kitchen equipment, 3 to 5 years for capitalized software costs, and shorter of the estimated useful lives and remaining lease term for leasehold improvements. Ordinary maintenance and repairs are charged to expense as incurred, and replacements and betterments are capitalized.

The Company capitalizes items associated with construction but not yet placed into service, as construction in progress (CIP). Items capitalized include fees associated with the design, build out and furnishing of the stores. Store CIP is not amortized or depreciated until the related assets are ready for intended use. Items are placed into service according to their asset category when the store is open for service.

Internal Development Costs

(l)

Internal Development Costs

Capitalized internal costs include payroll expenses related to employees fully dedicated to store construction, decoration design and store site acquisition. Capitalized payroll costs are allocated to each new store location based on the actual time spent on each project. The Company commences capitalizing costs related to construction, decoration design and store site acquisition when it becomes probable that the project will be developed – when the site has been identified and the related profitability assessment has been approved. The internal development costs are recorded in the leasehold improvements when the store is open for service.

Intangible Assets

(m)

Intangible Assets

Intangible assets include the franchise right authorized by THRI and upfront franchise fees requested to pay to THRI upon opening of a new store. The franchise right authorized by THRI is amortized on a straight-line basis over the initial term of 20 years. The upfront franchise fees related to both Company owned and operated stores and franchised stores are capitalized as an intangible asset and amortized on a straight-line basis over the term of each individual franchise agreement, which ranges from 1 to 13.5 years.

Impairment of Long-Lived Assets

(n)

Impairment of Long-Lived Assets

The Company reviews long-lived assets (including property and equipment, intangible assets with definite useful lives and operating lease right-of-use (“ROU”) assets) for impairment whenever events or changes in circumstances indicate the carrying value of the asset may not be recoverable. For purposes of impairment testing, the Company has concluded that each individual store is the lowest level of asset group with independent cash flows. The asset that supports the revenue-producing activities of two or more asset groups is defined as an enterprise asset. The unit of account for testing impairment of an enterprise asset comprises that asset plus the other assets and liabilities that together capture the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

If an indicator of impairment exists for an asset group, an estimate of undiscounted future cash flows generated by the asset group is compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Employee Benefits

(o)

Employee Benefits

The Company’s subsidiaries in Chinese Mainland participate in a government mandated, multi-employer, defined contribution plan, pursuant to which certain retirement, medical, housing and other welfare benefits are provided to employees. PRC labor laws require the entities incorporated in the PRC to pay to the local labor bureau a monthly contribution calculated at a stated contribution rate on the monthly basic compensation of qualified employees. The Company has no further commitments beyond its monthly contribution. Employee social benefits included as expenses in the accompanying consolidated statements of operations amounted to RMB54,284,078, RMB66,214,654 and RMB79,565,615 for the years ended December 31, 2025, 2024 and 2023, respectively.

Share-Based Compensation

(p)

Share-Based Compensation

Share-based awards granted to employees and directors in the form of share options and restricted share units are subject to service and performance conditions. They are measured at the grant date fair value of the awards and are recognized as compensation expense over the service period for the entire award on a graded-vesting basis and when performance conditions are probable of being achieved. The Company elects to recognize the effect of forfeitures in compensation costs when they occur. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed.

Share-based payment granted to non-employees in the form of ordinary shares are subject to service and performance conditions. They are measured at the fair value of the goods or services received except where the fair value cannot be estimated, in which case it is measured at the fair value of the equity instrument granted. The fair value of the share-based payment to non-employees classified as liability is periodically re-measured until the settlement of the payment, and any change therein is recognized over the period and in the same manner as if the Company had paid cash instead of paying with stock options.

Asset Retirement Obligations

(q)

Asset Retirement Obligations

The Company recognizes an asset and a liability for the fair value of an asset retirement obligation (“ARO”) when such an obligation is incurred. The Company’s AROs are primarily associated with leasehold improvements which, at the end of the lease, the Company is contractually obligated to remove in order to comply with the lease agreement. As such, the Company amortizes the asset on a straight-line basis over the lease term and accrete the liability to its nominal value using the effective interest method over the lease term.

Commitments and Contingencies

(r)

Commitments and Contingencies

In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

Non-controlling Interests

(s)

Non-controlling Interests

The Company reports net income/(loss) attributable to non-controlling interests separately on the consolidated statements of operations. The portion of equity attributable to non-controlling interests is reported within equity, separately from the Company’s shareholders’ deficit on the consolidated balance sheets.

Leases

(t)

Leases

ROU assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined using a portfolio approach based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China, the Company’s credit rating and lease term.

For operating leases, the Company recognizes a single lease cost on a straight-line basis over the lease term. For rental payments either based on a percentage of the store’s sales in excess of a fixed base amount or solely based on a percentage of the store’s sales, they are recognized as variable lease cost as incurred.

The Company does not have finance leases for the years ended December 31, 2025, 2024 and 2023.

The Company has elected not to recognize ROU assets or lease liabilities for leases with an initial term of 12 months or less; the Company recognizes rental expense for these leases on a straight-line basis over the lease term. In addition, the Company has elected not to separate non-lease components (e.g., common area maintenance fees) from the lease components.

Marketing Expenses

(u)

Marketing Expenses

The Company records advertising and promotional costs in the marketing expenses as incurred. The advertising and promotional costs were RMB63,456,595, RMB64,848,548 and RMB96,678,285 for the years ended December 31, 2025, 2024 and 2023, respectively.

Government Subsidies

(v)

Government Subsidies

Government subsidies primarily consist of financial subsidies from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Government subsidies are recognized when it is probable that the Company will comply with the conditions attached to them, and the subsidies will be received. A government subsidy related to an asset is deferred and recorded in other liabilities and then recognized as other income ratably over the expected useful life of the related asset on the consolidated statements of operations. A government subsidy that compensates the Company for expenses or losses to be incurred in the future is deferred and recorded in other liabilities and recognized as other income in the periods in which the expenses or losses are recognized. Government grant for the purpose of giving immediate financial support to the Company with no future related costs is recognized as other income on the consolidated statements of operations when the grant becomes receivable.

Income Taxes

(w)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the year that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the year in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expenses and penalties in general and administrative expenses.

A valuation allowance to reduce the carrying amount of deferred income tax assets is established when it is more likely than not that the Company will not realize some portion or all of the tax benefit of its deferred income tax assets. The Company evaluates, on a quarterly basis, whether it is more likely than not that its deferred income tax assets are realizable. In performing this analysis, the Company considers all available evidence, both positive and negative, including historical operating results, the estimated timing of future reversals of existing taxable temporary differences, estimated future taxable income exclusive of reversing temporary differences and carryforwards and potential tax planning strategies that may be employed to prevent operating loss or tax credit carryforwards from expiring unused.

Loss Per Share

(x)

Loss Per Share

Basic loss per share represents net loss attributable to shareholders divided by the weighted-average number of ordinary shares outstanding during the year. Shares issuable for little or no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic loss per share as of the date that all necessary conditions have been satisfied. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

Fair Value Measurements

(y)

Fair Value Measurements

The Company applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.

The Company’s financial instruments primarily include cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, prepaid expenses and other current assets, bank borrowings, accounts payable, amount due to related parties, other current liabilities, liability-settled share-based payment to non-employee, derivative financial liabilities and convertible notes. The Company’s convertible notes, liability-settled share-based payment to non-employee and derivative financial liabilities were measured at fair value using unobservable inputs and categorized in Level 3 of the fair value hierarchy. As of December 31, 2025 and 2024, the carrying amounts of other financial instruments approximate their fair value due to their short-term nature.

Statutory Reserve

(z)

Statutory Reserve

In accordance with the PRC Company Laws, the paid-in capitals of the PRC subsidiaries are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. In addition, in accordance with the PRC Company Laws, the PRC subsidiaries must make appropriations from their after-tax profits as determined under the generally accepted accounting principles in the PRC (“PRC GAAP”) to non-distributable reserve funds including statutory surplus fund and discretionary surplus fund. The appropriation to the statutory surplus fund must be 10% of the after-tax profits as determined under PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the PRC companies. Appropriation to the discretionary surplus fund is made at the discretion of the PRC companies. The statutory surplus fund and discretionary surplus fund are restricted for use. They may only be applied to offset losses or increase the registered capital of the respective companies. These reserves are not allowed to be transferred to the Company by way of cash dividends, loans or advances, nor can they be distributed except for liquidation. As of December 31, 2025 and 2024, there was no statutory surplus fund and discretionary surplus fund by the Company’s PRC subsidiaries, as these PRC companies were in accumulated losses as determined under PRC GAAP.

As of December 31, 2025 and 2024, the paid-in capitals of the Company’s PRC subsidiaries in the amount of RMB1,990,894,951 and RMB1,800,629,957, respectively. Because there were accumulated losses in the PRC subsidiaries, the Company’s restricted net assets were RMB83,877,190 and RMB88,991,761 as of December 31, 2025 and 2024, respectively.

Recently adopted accounting pronouncements

(aa)

Recently adopted accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires the annual financial statements to include consistent categories and greater disaggregation of information in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 on January 1, 2025, on a prospective basis. The adoption did not have a significant impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (Topic 280) which requires public entities to disclose (1) significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker (CODM) and included in each reported measure of segment profit or loss, (2) other segment items by reportable segment, (3) more than one measure of segment profit or loss used by the CODM, provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles, (4) CODM’s title and position on both an annual and an interim basis. The Company adopted this standard for the year ended December 31, 2024. The adoption did not have a significant impact on the Company’s consolidated financial statements.

In June 2016, the FASB amended ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, which was further amended within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11 and ASU 2020-02 (collectively referred to as ASC 326). The Company adopted ASC 326 on January 1, 2023 using the modified retrospective approach. This adoption did not have a significant impact on the Company’s consolidated financial statements.

New accounting pronouncements

bb)New accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The standard is intended to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect that the adoption of ASU 2024-03 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. ASU 2024-04 is effective for the Company’s annual reporting periods beginning after December 15, 2025. Adoption is either with a prospective method of transition or a retrospective method of transition that is retrospective to the later of the beginning of earliest period presented and the date the entity adopted ASU 2020-06. Early adoption is permitted for all entities that have adopted ASU 2020-06. The Company is currently evaluating the effect that the adoption of ASU 2024-04 will have on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU provides a practical expedient that permits an entity to assume that current economic conditions as of the balance sheet date do not change for the remaining life of the asset. Further, the ASU allows an entity, other than a public business entity, that elects the practical expedient to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses. ASU 2025-05 is effective for the Company for annual periods beginning after December 15, 2025. The ASU is applied prospectively, and early adoption is permitted. The Company is currently evaluating the effect that the adoption of ASU 2025-05 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the criteria for when an entity is required to start capitalizing costs for internal use software. The ASU is effective for the Company for annual periods beginning after December 15, 2027. Adoption is on either a prospective, modified retrospective, or a fully retrospective basis. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of ASU 2025-06 will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The ASU provides guidance on accounting for government grants by business entities, including guidance for (1) grants related to assets and (2) grants related to income. The ASU is effective for the Company for annual periods beginning after December 15, 2029. Adoption is either on a modified prospective, modified retrospective, or a fully retrospective basis. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of ASU 2025-10 will have on its consolidated financial statements.

Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Contract Liabilities [Abstract]

Schedule of Contract Liabilities

Contract liabilities - current consist of the following:

	As of December 31,
	2025		2024
Deferred revenue related to customer loyalty program		9,880,088		14,187,502
Advance from customers related to coupons and gift cards		10,730,632		12,390,620
Deferred revenue related to upfront franchise fees received from sub-franchisees		5,166,032		3,235,686
Advance from sub-franchisees related to other franchise support activities		9,054,363		8,435,669
Others		2,366,022		1,428,070
Total		37,197,137		39,677,547

Contract liabilities - non-current consist of the following:

	As of December 31,
	2025		2024
Deferred revenue related to upfront franchise fees received from sub-franchisees		10,132,998		7,781,755
Others		-		240,000
Total		10,132,998		8,021,755

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Intangible Assets, Net [Line Items]
Less: accumulated amortization	¥ (75,360,443)	¥ (59,859,869)
Intangible assets, net	81,014,374	¥ 97,019,088
Franchise right - authorized by THRI [Member]
Schedule of Intangible Assets, Net [Line Items]
Amortization Period (years)		20 years
Intangible assets, gross	70,288,000	¥ 71,884,000
Franchise Right - Upfront Franchise Fees [Member]
Schedule of Intangible Assets, Net [Line Items]
Intangible assets, gross	¥ 86,086,817	¥ 84,994,957
Franchise Right - Upfront Franchise Fees [Member] \| Minimum [Member]
Schedule of Intangible Assets, Net [Line Items]
Amortization Period (years)		1 year
Franchise Right - Upfront Franchise Fees [Member] \| Maximum [Member]
Schedule of Intangible Assets, Net [Line Items]
Amortization Period (years)		13 years 6 months

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Intangible Assets, Net

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net [Abstract]

Intangible assets, net consist of the following:

	Amortization		As of December 31,
	period (years)		2025			2024
Franchise right - authorized by THRI		20		70,288,000			71,884,000
Franchise right - upfront franchise fees		1-13.5		86,086,817			84,994,957
Less: accumulated amortization				(75,360,443	)		(59,859,869	)
Intangible assets, net				81,014,374			97,019,088

Schedule of Amortization of Intangible Assets

Amortization of intangible assets is charged to store depreciation and amortization and franchise and royalty expenses as follows:

	For the year ended December 31
	2025		2024		2023
Store depreciation and amortization		8,119,220		14,401,566		7,329,142
Franchise and royalty expenses		12,800,468		10,283,615		5,365,457
Total		20,919,688		24,685,181		12,694,599

Schedule of Estimated Future Amortization Expenses

The estimated future amortization expenses related to the intangible assets are set forth as follows:

Year ended December 31, 2026			15,178,233
2027			12,775,690
2028			9,952,207
2029			7,419,695
2030			5,695,992
Thereafter			29,992,557
Total			81,014,374

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

	As of December 31,
	2025		2024
Creditable input VAT		99,058,265		122,007,581
Short-term deposits		12,874,167		9,003,252
Receivables from payment processors and aggregators		12,610,478		12,356,383
Prepaid marketing expenses		5,653,165		5,373,942
Others		12,039,303		10,140,429
Total		142,235,378		158,881,587

Income Tax

12 Months Ended

Dec. 31, 2025

Income Tax [Abstract]

Income tax

21.	Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to income tax on income or capital gains. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from the operations in Hong Kong. The first HK$2 million of assessable profits earned by a company will be taxed at 8.25% whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the Company to benefit from the progressive rates.

No provision for Hong Kong profits tax has been made in the financial statements as the subsidiary in Hong Kong has no assessable profits for the years ended December 31, 2025, 2024 and 2023.

The Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Bill 2022 (“the new FSIE regime”) has been enacted in Hong Kong on December 14, 2022 and will have effect from January 1, 2023 onwards. This is to address the European Union’s inclusion of Hong Kong in the “grey list” in concern of any risk of double non-taxation arising from the tax exemption of offshore passive income for companies in Hong Kong without substantial economic substance. From January 1, 2023, offshore passive income (including interest income, dividend income or gain on disposal of equity interest (where applicable)), that is received or deemed to be received in Hong Kong, would need to meet additional requirements, including, amongst others, the economic substance requirements in order to continue to be entitled to the offshore income tax exemption in Hong Kong.

Chinese Mainland

The Company’s subsidiaries in Chinese Mainland are subject to the PRC Corporate Income Tax Law (“CIT Law”) and are taxed at the statutory income tax rate of 25%, unless a preferential income tax rate is otherwise stipulated.

The components of loss from continuing operations before income taxes are as follows:

	Year ended December 31,
	2025			2024			2023
Loss from continuing operations before income taxes:
- Chinese Mainland		(301,351,207	)		(342,851,600	)		(594,685,363	)
- Hong Kong		(2,670,612	)		3,637,071			4,576,236
- Cayman Islands		(131,306,252	)		(119,099,460	)		(249,523,604	)
Total		(435,328,071	)		(458,313,989	)		(839,632,731	)

The components of income tax expense for the years ended December 31, 2025, 2024 and 2023 are as follows:

	Year ended December 31,
	2025		2024		2023
Current income tax expense
- Chinese Mainland		483,675		2,096,534		97,241
- Hong Kong		-		18,481		-
Total current tax provision		483,675		2,115,015		97,241

Total income tax expense		483,675		2,115,015		97,241

Reconciliation of the provision for income taxes to the amount computed by applying the 25% statutory PRC corporate income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:

	Year ended December 31,
	2025
	Amount			Percent
Tax calculated at the PRC statutory tax rate		(108,832,018	)		25.0	%
Non-deductible expenses		734,500			(0.2	)%
Tax loss expiration		29,694,743			(6.8	)%
Change in valuation allowance		45,392,233			(10.4	)%
Foreign tax effect:
Cayman Islands
- Tax rate differential		32,826,563			(7.5	)%
Hong Kong
- Tax rate differential		227,002			(0.1	)%
- Tax-exempt income		(180,128	)		0.0	%
- Change in valuation allowance		620,780			(0.1	)%
Total		483,675			(0.1	)%

During the year ended December 31, 2025, the Company paid income taxes of RMB1,542,076 for the subsidiaries in Chinese Mainland.

Reconciliation of the differences between PRC statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2024 and 2023 are as follows:

	Year ended December 31,
	2024			2023
PRC statutory tax rate		25.0	%		25.0	%
Effect of tax rate differential for non-PRC entities		(6.5	)%		(7.1	)%
Effect of non-deductible expenses		(1.2	)%		(0.6	)%
Effect of tax-exempt income		0.1	%		-
Change in valuation allowance		(17.9	)%		(17.3	)%
Actual income tax rate		(0.5	)%		(0.0	)%

The principal components of the deferred tax assets and liabilities are as follows:

	As of December 31,
	2025			2024
Deferred tax assets:
Operating losses carryforwards		445,565,581			409,124,311
Contract liabilities		11,832,534			6,644,531
Impairment losses		38,101,318			26,434,674
Operating lease liabilities		105,272,049			139,547,582
Other current liabilities		20,124,872			31,384,591
Property and equipment		6,810,195			7,164,319
Total gross deferred tax assets		627,706,549			620,300,008

Less: valuation allowances		(528,140,664	)		(482,127,651	)

Deferred tax assets, net of valuation allowance		99,565,885			138,172,357

Deferred tax liabilities:
Operating right-of-use assets		(87,229,080	)		(123,327,098	)
Property and equipment		(12,336,805	)		(14,845,259	)
Total deferred tax liabilities		(99,565,885	)		(138,172,357	)

Deferred tax assets		99,565,885			138,172,357
Deferred tax liabilities		(99,565,885	)		(138,172,357	)
Net deferred tax assets		-			-

As of December 31, 2025, the Company had net operating loss carryforwards of RMB1,779,779,202 attributable to the PRC subsidiaries, among which, RMB358,250,929, RMB337,288,497, RMB414,092,648, RMB400,980,822 and RMB269,166,306 will expire, if unused, by year 2026, 2027, 2028, 2029 and 2030, respectively.

A valuation allowance is provided against deferred income tax assets when the Company determines that it is more-likely-than-not that the deferred income tax assets will not be utilized in the foreseeable future. In making such determination, the Company evaluates a variety of factors including the Company’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods, projected future taxable income and tax planning strategies.

As of December 31, 2025 and 2024, the valuation allowance of RMB528,140,664 and RMB482,127,651 were mainly related to the deferred income tax assets of the PRC entities which were in loss position. Since these entities have incurred accumulated net operating losses for income tax purposes since their inception, the Company has provided full valuation allowance for the net deferred income tax assets as of December 31, 2025 and 2024.

Changes in valuation allowance are as follows:

	Year ended December 31,
	2025			2024
Balance at the beginning of the year		482,127,651			418,748,714
Increases in the year		75,707,756			82,215,410
Decrease due to expiration of loss carryforwards		(29,694,743	)		(18,836,473	)
Balance at the end of the year		528,140,664			482,127,651

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100 thousand. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion. The income tax returns of the Company’s PRC subsidiaries for the years from 2020 to 2025 are open to examination by the PRC tax authorities.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Schedule of Fair Value Hierarchy for Assets and Liabilities Measured

Shareholders' Deficit (Details)				1 Months Ended	12 Months Ended
Shareholders' Deficit (Details)	Oct. 16, 2023 CNY (¥)	Oct. 16, 2023 USD ($) shares	Mar. 15, 2023 CNY (¥) shares	Jun. 30, 2023 CNY (¥) shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2025 $ / shares	Dec. 02, 2025	Dec. 31, 2024 $ / shares	Jun. 28, 2024 $ / shares shares
Shareholders’ Deficit [Line Items]
Percentage of cash exchange					50.00%
Ordinary shares, issued					33,243,582	33,243,582
Par value (in Dollars per share) \| $ / shares								$ 0.0000469793497033866		$ 0.0000469793497033866
Voting right					one
Share transferred to treasury shares			60,000
Treasury shares value (in Yuan Renminbi) \| ¥
Increasing balance of ordinary shares (in Yuan Renminbi) \| ¥				¥ 365
Increasing Balance of Additional Paid In Capital (in Yuan Renminbi) \| ¥				¥ 105,931,016
Exercise of equity-settled share-based payments (in Yuan Renminbi) \| ¥					¥ 16,598	¥ 8,383,181	¥ 1,412,126
Warrant Modification [Member]
Shareholders’ Deficit [Line Items]
Ordinary shares issued				1,083,949
Board of Directors Chairman [Member]
Shareholders’ Deficit [Line Items]
Treasury shares reissued					26,000	360,896	114,650
Common Stock [Member]
Shareholders’ Deficit [Line Items]
Exercise of equity-settled share-based payments (in Yuan Renminbi) \| ¥
Additional Paid-in Capital [Member]
Shareholders’ Deficit [Line Items]
Exercise of equity-settled share-based payments (in Yuan Renminbi) \| ¥					¥ 16,598	¥ 8,383,181	¥ 1,412,126
L&L Tomorrow Holdings Limited [Member]
Shareholders’ Deficit [Line Items]
Ordinary shares, issued		30,005
Fair value (in Dollars) \| $		$ 268,542
Share-based compensation expense	¥ 1,928,084	$ 268,542
Pangaea XXIIA [Member]
Shareholders’ Deficit [Line Items]
Conideration value (in Yuan Renminbi) \| ¥
Ordinary shares issued			60,000
Series A-2 Convertible Preferred Share [Member]
Shareholders’ Deficit [Line Items]
Preferred share, shares issued					0.2	0.2					0.2
Preferred shares par value (in Dollars per share) \| $ / shares								0.0000469793497033866		0.0000469793497033866	$ 0.0000469793497033866
Conversion rate					24.202				35.94
Class A-1 Special Voting Share [Member]
Shareholders’ Deficit [Line Items]
Ordinary shares, issued					0.2	0.2
Par value (in Dollars per share) \| $ / shares								$ 0.0000469793497033866		$ 0.0000469793497033866
Class A-1 Special Voting Share [Member] \| Common Stock [Member]
Shareholders’ Deficit [Line Items]
Par value (in Dollars per share) \| $ / shares

Significant Transactions - Schedule of Discontinued Operation (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Discontinued Operation [Member]
Company owned and operated store sales		¥ 30,875,454	¥ 15,761,230
Other revenues		22,449	13,143
Total revenues		30,897,903	15,774,373
Food and packaging		11,978,585	6,839,014
Store rental expenses		8,735,620	6,200,927
Payroll and employee benefits		7,971,499	6,173,813
Delivery costs		2,362,132	510,438
Other operating expenses		2,810,735	2,783,167
Store depreciation and amortization		1,888,301	877,370
Company owned and operated store costs and expenses		35,746,872	23,384,729
Marketing expenses		3,828,211	5,506,486
General and administrative expenses		8,630,449	18,363,979
Franchise and royalty expenses		1,895,613	1,885,515
Other operating costs and expenses		9,129
Other income		(50)	(108,615)
Total costs and expenses, net		50,110,224	49,032,094
Operating loss		(19,212,321)	(33,257,721)
Interest income		3,482	66,912
Interest expense		(11,921)	(5,652)
Foreign currency transaction loss		(130)
Loss before taxation		(19,220,890)	(33,196,461)
Income tax expenses
Net loss for the year		(19,220,890)	(33,196,461)
Gain on disposal of Popeyes business		70,664,684
Net income/(loss) from discontinued operation		¥ 51,443,794	¥ (33,196,461)

Accounts Receivable, Net - Schedule of Allowance for Doubtful Accounts (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Allowance for Doubtful Accounts [Abstract]
Beginning balance	¥ 13,621,115	¥ 4,958,889
Provision	3,736,356	8,662,226	¥ 2,602,855
Ending balance	¥ 17,357,471	¥ 13,621,115	¥ 4,958,889

Convertible Notes, at Fair Value - Schedule of Convertible Notes Measured at Fair Value (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Current
Convertible notes, at fair value, current		¥ 473,715,560
Non-current
Convertible notes, at fair value, non-current	1,152,723,200	464,847,231
Total convertible notes, at fair value	1,152,723,200	938,562,791
Convertible Senior Notes [Member]
Current
Convertible notes, at fair value, current		473,715,560
Convertible Junior Notes [Member]
Non-current
Convertible notes, at fair value, non-current	514,508,160	464,847,231
Convertible Senior Secured Notes [Member]
Non-current
Convertible notes, at fair value, non-current	638,215,040
Convertible notes, at fair value, non-current [Member]
Non-current
Convertible notes, at fair value, non-current	¥ 1,152,723,200	¥ 464,847,231

Other Income

12 Months Ended

Dec. 31, 2025

Other Income [Abstract]

Other Income

19.	Other Income

Other Income consists of the following:

	For the years ended December 31,
	2025		2024		2023
Unconditional government grants		1,652,039		6,696,779		9,945,338
Others		1,803,136		1,711,312		1,797,887
Total		3,455,175		8,408,091		11,743,225

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurement [Abstract]

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:

	As of December 31, 2025						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Current liabilities
Liability-settled share-based payment to non-employee		-		-		1,265,184		1,265,184
Non-current liabilities
Convertible Junior Notes		-		-		514,508,160		514,508,160
Convertible Senior Secured Notes		-		-		638,215,040		638,215,040
Total		-		-		1,153,988,384		1,153,988,384

	As of December 31, 2024						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Current liabilities
Convertible Senior Notes		-		-		473,715,560		473,715,560
Liability-settled share-based payment to non-employee		-		-		1,581,448		1,581,448
Non-current liabilities
Convertible Junior Notes		-		-		464,847,231		464,847,231
Total		-		-		940,144,239		940,144,239

Schedule of Assumptions

As of December 31, 2025, the assumptions were as follow:

	Convertible Senior Secured Notes			Convertible Junior Notes			Liability-settled share- based payment to non-employee
Expected volatility		20.00	%		20.00	%		52.00	%
Risk-free interest rate (per annum)		3.63	%		3.63	%		3.56	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$2.49			US$2.49			US$2.49
Bond yield		12.08	%		12.08	%		N/A

As of December 2, 2025, the Closing Date of 2025 Debt Restructuring (Note 2(c)), the assumptions were as follow:

	Convertible Senior Notes – before extinguishment			Convertible Senior Secured Notes			Convertible Junior Note – before amendment			Convertible Junior Note – after amendment
Expected volatility		60.00	%		20.00	%		60.00	%		20.00	%
Risk-free interest rate (per annum)		3.58	%		3.59	%		3.56	%		3.59	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$2.66			US$2.66			US$2.66			US$2.66
Bond yield		12.00	%		11.91	%		12.00	%		11.91	%

As of December 31, 2024, the assumptions were as follow:

	Convertible Senior Notes			Convertible Junior Notes			Liability-settled share- based payment to non-employee
Expected volatility		82.00	%		22.00	%		93.00	%
Risk-free interest rate (per annum)		4.25	%		4.27	%		5.53	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$3.55			US$3.55			US$3.55
Bond yield		10.52	%		10.33	%		N/A

As of June 28, 2024, the Transaction Date (Note 2(b)), the assumptions were as follow:

	Convertible Junior Note			Deferred Contingent Consideration
Expected volatility		22.00	%		21.00	%
Risk-free interest rate (per annum)		4.52	%		3.10	%
Expected dividend yield		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$3.75			US$3.75
Bond yield		10.80	%		N/A
Discount rate		N/A			21.00	%

Schedule of Reconciliation from the Opening Balances

The table below reflects the reconciliation from the opening balances to the closing balances for recuring fair value measurement of the fair value hierarchy for the years ended December 31, 2025, 2024 and 2023:

	Convertible Senior Notes			Convertible Junior Notes			Convertible Senior Secured Notes			Liability-settled share-based payment to non-employee
Balance as of January 1, 2025		473,715,560			464,847,231			-			1,581,448
Additions		-			-			636,595,230			-
Changes in fair value, excluding impact of instrument-specific credit risk		36,388,500			(12,024,615	)		6,263,095			(292,792	)
Changes in fair value due to instrument specific credit risk		-			(2,004,935	)		-			-
Repurchase of Convertible Senior Notes		(495,007,230	)		-			-			-
Loss of debt extinguishment		(7,690,096	)		74,917,500			-			-
Foreign currency translation adjustment		(7,406,734	)		(11,227,021	)		(4,643,285	)		(23,472	)
Balance as of December 31, 2025		-			514,508,160			638,215,040			1,265,184

	Convertible Senior Notes		Convertible Junior Notes		Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2024		420,712,380		-		2,833,080			94,199,910
Additions		-		439,723,560		-			-
Changes in fair value, excluding impact of instrument-specific credit risk		44,764,043		21,110,267		(1,277,140	)		16,941,248
Changes in fair value due to instrument specific credit risk		1,494,507		-		-			-
Foreign currency translation adjustment		6,744,630		4,013,404		25,508			602,346
Settlement of deferred contingent consideration		-		-		-			(111,743,504	)
Balance as December 31, 2024		473,715,560		464,847,231		1,581,448			-

	Convertible Senior Notes		Short-term investments			Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2023		354,080,264		372,375,701			19,083,004			269,251,436			4,039,468			-
Additions		-		-			-			-			-			65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk		58,280,908		3,584,872			83,966,126			(19,654,006	)		(1,386,708	)		26,106,460
Realized gain recognized in interest income		-		(5,718,400	)		-			-			-			-
Changes in fair value due to instrument specific credit risk		2,116,740		-			-						-			-
Foreign currency translation adjustment		6,234,468		(944,458	)		2,882,251			(126,498	)		180,320			2,125,131
Exercise of Public and Private warrants		-		-			(105,931,381	)		-			-			-
Settlement of 1^st, 2^nd and 3^rd tranches of ESA Agreement		-		(369,297,715	)		-			(249,470,932	)		-			-
Balance as of December 31, 2023		420,712,380		-			-			-			2,833,080			94,199,910

Other Income - Schedule of Other Income (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Other Income [Abstract]
Unconditional government grants	¥ 1,652,039	¥ 6,696,779	¥ 9,945,338
Others	1,803,136	1,711,312	1,797,887
Total	¥ 3,455,175	¥ 8,408,091	¥ 11,743,225

Significant Transactions - Schedule of Disposal on the Financial Position (Details)	Dec. 31, 2025 CNY (¥)
Schedule of Disposal on the Financial Position [Abstract]
Cash	¥ 1,271,738
Inventories	852,604
Prepaid expenses and other current assets	2,732,684
Total current assets	4,857,026
Property and equipment, net	25,884,026
Intangible assets, net	36,482,168
Operating lease right-of-use assets	63,641,599
Other non-current assets	4,561,539
Total non-current assets	130,569,332
Total assets	135,426,358
Accounts payable	5,074,452
Amount due to related party	1,002,196
Operating lease liabilities - current	11,043,233
Other current liabilities	46,438,123
Total current liabilities	63,558,004
Operating lease liabilities - non-current	54,029,794
Other non-current liabilities	259,578
Total non-current liabilities	54,289,372
Total liabilities	¥ 117,847,376

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and Contingencies

24.	Commitments and Contingencies

Pursuant to the master development agreement (See Note 1), the Company is required to pay an upfront franchise fee for each Company owned and operated store and franchise store, and a continuing franchise fee for each Company owned and operated store and franchise store, calculated as certain percentage of the store’s monthly gross sales, depending on when the store is opened. The upfront franchise fee and continuing franchise fee were RMB7,813,087 and RMB49,935,665 for the year ended December 31, 2025, and RMB10,299,855 and RMB48,435,412 for the year ended December 31, 2024, respectively. The outstanding accrued franchise fee due to THRI were RMB8,732,153 and RMB24,640,581 as of December 31, 2025 and 2024, respectively, which were recorded as amount due to related parties on the consolidated balance sheets.

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property and Equipment, Net [Abstract]

Property and Equipment, Net

7.	Property and Equipment, Net

Property and equipment, net, consist of the following:

	As of December 31,
	2025			2024
Furniture and office equipment		82,350,735			85,599,025
Kitchen equipment		189,690,984			213,069,648
Software		148,554,078			131,983,473
Leasehold improvements		550,222,280			591,976,672
Construction in progress		103,350			1,317,561

Property and equipment, gross		970,921,427			1,023,946,379
Less: accumulated depreciation		(523,412,042	)		(436,363,031	)
Less: accumulated impairment loss		(115,439,649	)		(85,424,646	)

Property and equipment, net		332,069,736			502,158,702

Depreciation and amortization related to property and equipment was RMB125,875,776, RMB144,995,588 and RMB150,454,787 for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company conducted impairment tests each quarter end as triggered by underperformance of certain company owned and operated stores and the Company’s plans of store closures, on the recoverability of the related asset groups, comprising store level property and equipment, intangible assets with definite useful lives and ROU assets. The estimated undiscounted future cash flows generated by certain asset groups were less than their carrying amount, and therefore the fair values of the asset groups were estimated. When the fair value of the asset group was less than its carrying amount, the carrying amounts of the long-lived assets in the asset group were reduced on a pro-rata basis but no less than the fair value of an individual long-lived asset. The impairment losses were RMB60,319,579, RMB56,287,026 and RMB111,426,961 for the years ended December 31, 2025, 2024 and 2023, respectively.

The recoverability of the enterprise level assets, primarily comprising franchise right - authorized by THRI, software and leasehold improvements for office, was also evaluated and impairment testing carried out as of December 31, 2025 and 2024. The Company added the carrying amounts of the lower-level asset groups to the carrying amount of the enterprise assets and compared that aggregate carrying amount to the sum of estimated future cash flows of the lower-level asset groups and the cash flows related to the enterprise assets. The estimated undiscounted future cash flows generated by asset groups were greater than their carrying amount, hence no impairment losses were recorded for enterprise assets.

Income Tax - Schedule of Income Tax Rate (Details)	12 Months Ended
Income Tax - Schedule of Income Tax Rate (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)
Schedule of Income Tax Rate [Line Items]
PRC statutory tax rate (in Yuan Renminbi)	¥ (108,832,018)
PRC statutory tax rate	25.00%	25.00%	25.00%	25.00%	25.00%	25.00%
Non-deductible expenses (in Yuan Renminbi)	¥ 734,500
Non-deductible expenses	(0.20%)	(0.20%)	(1.20%)	(1.20%)	(0.60%)	(0.60%)
Tax loss expiration (in Yuan Renminbi)	¥ 29,694,743
Tax loss expiration	(6.80%)	(6.80%)
Change in valuation allowance (in Yuan Renminbi)	¥ 45,392,233
Change in valuation allowance	(10.40%)	(10.40%)	(17.90%)	(17.90%)	(17.30%)	(17.30%)
Cayman Islands
Tax rate differential			(6.50%)	(6.50%)	(7.10%)	(7.10%)
Hong Kong
Tax-exempt income			0.10%	0.10%
Total (in Yuan Renminbi)	¥ 483,675		¥ 2,115,015		¥ 97,241
Total	(0.10%)	(0.10%)	(0.50%)	(0.50%)	0.00%	0.00%
Cayman Islands [Member]
Cayman Islands
Tax rate differential (in Yuan Renminbi)	¥ 32,826,563
Tax rate differential	(7.50%)	(7.50%)
Hong Kong [Member]
Schedule of Income Tax Rate [Line Items]
Change in valuation allowance (in Yuan Renminbi)	¥ 620,780
Change in valuation allowance	(0.10%)	(0.10%)
Cayman Islands
Tax rate differential (in Yuan Renminbi)	¥ 227,002
Tax rate differential	(0.10%)	(0.10%)
Hong Kong
Tax-exempt income (in Yuan Renminbi)	¥ (180,128)
Tax-exempt income	0.00%	0.00%
Total (in Yuan Renminbi) \| $

Convertible Notes, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Convertible Notes, at Fair Value [Abstract]

Schedule of Convertible Notes Measured at Fair Value

Convertible notes measured at fair value consist of the following:

		As of December 31,
		2025		2024
Current
Convertible Senior Notes	(a)		-		473,715,560
Convertible notes, at fair value, current			-		473,715,560

Non-current
Convertible Junior Notes	(b)		514,508,160		464,847,231
Convertible Senior Secured Notes	(c)		638,215,040		-
Convertible notes, at fair value, non-current			1,152,723,200		464,847,231

Total convertible notes, at fair value			1,152,723,200		938,562,791

Fair Value Measurement - Schedule of Reconciliation from the Opening Balances (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Senior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	¥ 473,715,560	¥ 420,712,380	¥ 354,080,264
Additions
Changes in fair value, excluding impact of instrument-specific credit risk	36,388,500	44,764,043	58,280,908
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk		1,494,507	2,116,740
Repurchase of Convertible Senior Notes	(495,007,230)
Loss of debt extinguishment	(7,690,096)
Foreign currency translation adjustment	(7,406,734)	6,744,630	6,234,468
Exercise of Public and Private warrants
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Settlement of deferred contingent consideration
Balance at ending		473,715,560	420,712,380
Convertible Junior Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	464,847,231
Additions		439,723,560
Changes in fair value, excluding impact of instrument-specific credit risk	(12,024,615)	21,110,267
Changes in fair value due to instrument specific credit risk	(2,004,935)
Repurchase of Convertible Senior Notes
Loss of debt extinguishment	74,917,500
Foreign currency translation adjustment	(11,227,021)	4,013,404
Settlement of deferred contingent consideration
Balance at ending	514,508,160	464,847,231
Convertible Senior Secured Notes [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning
Additions	636,595,230
Changes in fair value, excluding impact of instrument-specific credit risk	6,263,095
Changes in fair value due to instrument specific credit risk
Repurchase of Convertible Senior Notes
Loss of debt extinguishment
Foreign currency translation adjustment	(4,643,285)
Balance at ending	638,215,040
Liability-settled share-based payment to non-employee [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	1,581,448	2,833,080	4,039,468
Additions
Changes in fair value, excluding impact of instrument-specific credit risk	(292,792)	(1,277,140)	(1,386,708)
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Repurchase of Convertible Senior Notes
Loss of debt extinguishment
Foreign currency translation adjustment	(23,472)	25,508	180,320
Exercise of Public and Private warrants
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Settlement of deferred contingent consideration
Balance at ending	1,265,184	1,581,448	2,833,080
Deferred contingent consideration [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		94,199,910
Additions			65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk		16,941,248	26,106,460
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment		602,346	2,125,131
Exercise of Public and Private warrants
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Settlement of deferred contingent consideration		(111,743,504)
Balance at ending			94,199,910
Short-term investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning			372,375,701
Additions
Changes in fair value, excluding impact of instrument-specific credit risk			3,584,872
Realized gain recognized in interest income			(5,718,400)
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment			(944,458)
Exercise of Public and Private warrants
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement			(369,297,715)
Balance at ending
Warrant liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning			19,083,004
Additions
Changes in fair value, excluding impact of instrument-specific credit risk			83,966,126
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment			2,882,251
Exercise of Public and Private warrants			(105,931,381)
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement
Balance at ending
ESA derivative liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning			269,251,436
Additions
Changes in fair value, excluding impact of instrument-specific credit risk			(19,654,006)
Realized gain recognized in interest income
Changes in fair value due to instrument specific credit risk
Foreign currency translation adjustment			(126,498)
Exercise of Public and Private warrants
Settlement of 1st, 2nd and 3rd tranches of ESA Agreement			(249,470,932)
Balance at ending

Fair Value Measurement - Schedule of Assumptions (Details) - $ / shares			12 Months Ended
	Dec. 02, 2025	Jun. 28, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Senior Secured Notes [Member]
Schedule of Assumptions [Line Items ]
Expected volatility	20.00%		20.00%
Risk-free interest rate (per annum)	3.59%		3.63%
Expected dividend yield	0.00%		0.00%
Fair value of the underlying ordinary share (in Dollars per share)				$ 2.49	$ 2.66
Bond yield	11.91%		12.08%
Convertible Junior Notes [Member]
Schedule of Assumptions [Line Items ]
Expected volatility			20.00%	22.00%
Risk-free interest rate (per annum)			3.63%	4.27%
Expected dividend yield			0.00%	0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 3.55		$ 2.49
Bond yield			12.08%	10.33%
Liability-settled share- based payment to non-employee [Member]
Schedule of Assumptions [Line Items ]
Expected volatility			52.00%	93.00%
Risk-free interest rate (per annum)			3.56%	5.53%
Expected dividend yield			0.00%	0.00%
Fair value of the underlying ordinary share (in Dollars per share)		3.55		$ 2.49
Bond yield
Convertible Senior Notes – before extinguishment [Member]
Schedule of Assumptions [Line Items ]
Expected volatility	60.00%
Risk-free interest rate (per annum)	3.58%
Expected dividend yield	0.00%
Fair value of the underlying ordinary share (in Dollars per share)					2.66
Bond yield	12.00%
Convertible Junior Note – before amendment [Member]
Schedule of Assumptions [Line Items ]
Expected volatility	60.00%
Risk-free interest rate (per annum)	3.56%
Expected dividend yield	0.00%
Fair value of the underlying ordinary share (in Dollars per share)					2.66
Bond yield	12.00%
Convertible Junior Note – after amendment [Member]
Schedule of Assumptions [Line Items ]
Expected volatility	20.00%
Risk-free interest rate (per annum)	3.59%
Expected dividend yield	0.00%
Fair value of the underlying ordinary share (in Dollars per share)					$ 2.66
Bond yield	11.91%
Convertible Senior Notes [Member]
Schedule of Assumptions [Line Items ]
Expected volatility				82.00%
Risk-free interest rate (per annum)				4.25%
Expected dividend yield				0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 3.55
Bond yield				10.52%
Convertible Junior Note [Member]
Schedule of Assumptions [Line Items ]
Expected volatility		22.00%
Risk-free interest rate (per annum)		4.52%
Expected dividend yield		0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 3.75
Bond yield		10.80%
Discount rate
Deferred Contingent Consideration [Member]
Schedule of Assumptions [Line Items ]
Expected volatility		21.00%
Risk-free interest rate (per annum)		3.10%
Expected dividend yield		0.00%
Fair value of the underlying ordinary share (in Dollars per share)		$ 3.75
Bond yield
Discount rate		21.00%

Segment Reporting - Schedule of Consolidated Loss from Continuing Operations Before Income Taxes (Details) - Reportable Segment [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Consolidated Loss from Continuing Operations Before Income Taxes [Line Items]
Loss from continuing operations before income taxes	¥ (435,328,071)	¥ (458,313,989)	¥ (839,632,731)
Plus (deduct):
Service expenses incurred at headquarter	28,631,967	22,372,238	26,739,174
Share-based compensation	2,829,018	1,045,008	65,045,401
Interest income	(3,528,064)	(3,202,948)	(14,182,881)
Interest expense	16,679,066	22,448,159	20,419,992
Foreign currency transaction loss/(gain)	1,119,173	(3,484,612)	16,771,123
Loss of the debt extinguishment	(73,078,104)	10,657,161
Changes in fair value of Deferred Contingent consideration		16,941,248	26,106,460
Changes in fair value of convertible notes	(30,626,980)	65,874,310	58,280,908
Changes in fair value of warrant liabilities			83,966,126
Changes in fair value of ESA derivative liabilities			(19,654,006)
Segment loss before income taxes	¥ (493,301,995)	¥ (325,663,425)	¥ (576,140,434)

Parent Only Financial Information - Schedule of Condensed Balance Sheets (Details) - Reportable Legal Entities [Member] - Parent Company [Member] - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	¥ 235,274	¥ 1,262,397
Investment in and amount due from subsidiaries		51,711,938
Prepaid expenses and other current assets	1,183,943	5,592,243
Total current assets	1,419,217	58,566,578
Non-current assets
Intangible assets, net	43,637,133	48,222,183
Total non-current assets	43,637,133	48,222,183
Total assets	45,056,350	106,788,761
Current liabilities
Convertible notes, at fair value, current		473,715,560
Other current liabilities	10,269,459	9,115,387
Total current liabilities	10,269,459	482,830,947
Non-current liabilities
Share of losses in excess of investments in subsidiaries and amount due to subsidiaries	125,049,372
Convertible notes, at fair value, non-current	1,152,723,200	464,847,231
Total non-current liabilities	1,277,772,572	464,847,231
Total liabilities	1,288,042,031	947,678,178
Shareholders’ deficit
Ordinary shares, value	9,733	9,733
Additional paid-in capital	1,821,605,222	1,818,421,338
Accumulated losses	(3,102,993,825)	(2,668,505,330)
Accumulated other comprehensive income	38,393,189	9,184,842
Treasury shares
Total shareholders’ deficit	(1,242,985,681)	(840,889,417)
Total liabilities and shareholders’ deficit	45,056,350	106,788,761
Series A-2 Convertible Preferred Share [Member]
Shareholders’ deficit
Series A-2 Convertible Preferred Share
Class A-1 Special Voting Share [Member]
Shareholders’ deficit
Ordinary shares, value

Consolidated Statements of Changes in Shareholders’ Equity (Deficit) - CNY (¥)	Ordinary Shares Number of issued shares	Additional paid-in capital	Accumulated losses	Accumulated other comprehensive income	Total deficit attributable to shareholders of the Company	Non-controlling interests	Total
Balance at Dec. 31, 2022	¥ 8,616	¥ 1,472,014,651	¥ (1,380,173,392)	¥ 17,000,825	¥ 108,850,700	¥ 1,453,716	¥ 110,304,416
Balance (in Shares) at Dec. 31, 2022	29,836,313
Net loss			(876,250,383)		(876,250,383)	3,323,950	(872,926,433)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				(2,116,740)	(2,116,740)		(2,116,740)
Foreign currency translation adjustment, net of nil income taxes				8,741,308	8,741,308		8,741,308
Unrealized gain on short-term investment, net of nil income taxes				3,584,872	3,584,872		3,584,872
Amounts reclassified from accumulated other comprehensive income				(5,718,400)	(5,718,400)		(5,718,400)
Issuance of shares to L&L Tomorrow Holdings Limited	¥ 10	1,928,074			1,928,084		1,928,084
Issuance of shares to L&L Tomorrow Holdings Limited (in Shares)	30,005
Decrease of transaction cost of Merger and PIPE Transactions		1,386,708			1,386,708		1,386,708
Transaction cost of equity financing through ESA		(4,657,323)			(4,657,323)		(4,657,323)
Share-based compensation		62,548,907			62,548,907		62,548,907
Exchange of Public and Private Warrants	¥ 365	105,931,016			105,931,381		105,931,381
Exchange of Public and Private Warrants (in Shares)	1,083,949
Popeyes Acquisition	¥ 742	167,151,137			167,151,879		167,151,879
Popeyes Acquisition (in Shares)	2,293,315
Exercise of equity-settled share-based payments		1,412,126			1,412,126		1,412,126
Balance at Dec. 31, 2023	¥ 9,733	1,807,715,296	(2,256,423,775)	21,491,865	(427,206,881)	4,777,666	(422,429,215)
Balance (in Shares) at Dec. 31, 2023	33,243,582
Net loss			(412,081,555)		(412,081,555)	3,096,345	(408,985,210)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				(1,494,507)	(1,494,507)		(1,494,507)
Foreign currency translation adjustment, net of nil income taxes				(10,812,516)	(10,812,516)		(10,812,516)
Unrealized gain on short-term investment, net of nil income taxes
Decrease of transaction cost of Merger and PIPE Transactions		1,277,140			1,277,140		1,277,140
Share-based compensation		1,045,008			1,045,008		1,045,008
Issuance of Shares		713			713		713
Exercise of equity-settled share-based payments		8,383,181			8,383,181		8,383,181
Balance at Dec. 31, 2024	¥ 9,733	1,818,421,338	(2,668,505,330)	9,184,842	(840,889,417)	7,874,011	(833,015,406)
Balance (in Shares) at Dec. 31, 2024	33,243,582
Net loss			(434,488,495)		(434,488,495)	(1,323,251)	(435,811,746)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes				2,004,935	2,004,935		2,004,935
Foreign currency translation adjustment, net of nil income taxes				21,352,712	21,352,712		21,352,712
Unrealized gain on short-term investment, net of nil income taxes
Amounts reclassified from accumulated other comprehensive income				5,850,700	5,850,700		5,850,700
Decrease of transaction cost of Merger and PIPE Transactions		292,792			292,792		292,792
Share-based compensation		2,874,494			2,874,494		2,874,494
Exercise of equity-settled share-based payments		16,598			16,598		16,598
Balance at Dec. 31, 2025	¥ 9,733	¥ 1,821,605,222	¥ (3,102,993,825)	¥ 38,393,189	¥ (1,242,985,681)	¥ 6,550,760	¥ (1,236,434,921)
Balance (in Shares) at Dec. 31, 2025	33,243,582

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

12.

Leases

The Company leased over 500 company-owned stores and office space as of December 31, 2025. Most leases provide for fixed monthly payment and certain leases also include provisions for contingent rent, determined as a percentage of sales.

Generally, the Company does not have renewal options for leases. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of rental expense were summarized as follows:

	For the years ended December 31,
	2025		2024		2023
Operating lease cost		211,908,384		229,718,169		279,526,257
Variable lease cost		17,975,126		20,286,865		22,664,025
Short-term lease cost		-		-		200,917
Total rental expense		229,883,510		250,005,034		302,391,199

The Company was granted nil, nil and RMB2,971,616 in lease concessions from landlords related to the effects of the COVID-19 pandemic for the years ended December 31, 2025, 2024 and 2023. The lease concessions were primarily in the form of rent reduction over the period when the Company’s business was adversely impacted. The Company applied the interpretive guidance in a FASB staff question-and-answer document issued in April 2020 and elected not to evaluate whether a concession received in response to the COVID-19 pandemic is a lease modification and to assume such concession was contemplated as part of the existing lease contract. Such concession was recognized as negative variable lease cost in the period the concession was granted.

Amounts reported on the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:

	As of December 31,
	2025		2024
Assets
Operating lease right-of-use assets		348,916,320		493,308,393

Liabilities
Current operating lease liabilities		180,805,734		178,115,199
Non-current operating lease liabilities		240,282,461		380,075,128
Total operating lease liabilities		421,088,195		558,190,327

Other information related to operating leases for the years ended December 31, 2025 and 2024 were as follows:

	For the years ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities		182,297,992		204,719,215
Right-of-use assets obtained in exchange for new lease liabilities		42,320,016		16,855,171

	As of December 31,
	2025			2024
Weighted-average remaining lease term (years)		2.61			3.45
Weighted-average discount rate		5.97	%		6.01	%

Maturities of operating lease liabilities under non-cancellable leases as of December 31, 2025 are as follows:

	Operating lease commitments
2026		187,176,731
2027		149,626,294
2028		102,186,779
2029		57,809,171
2030		29,328,241
Thereafter		25,594,808

Total undiscounted lease payments		551,722,024

Less: imputed interest		(130,633,829	)

Total lease liabilities		421,088,195

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. This system encompasses various levels, including network, host and application security and incorporates systematic security capabilities for threat defense, monitoring, analysis, response, deception and countermeasures. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program and regular cybersecurity awareness training for employees. Our IT department regularly monitors the performance of our mobile applications, platforms and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats. As of the date of this Annual Report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition. Governance The nominating and corporate governance committee of our board of directors is responsible for overseeing the Company’s cybersecurity risk management and be informed on risks from cybersecurity threats. The nominating and corporate governance committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. In addition, at the management level, we have formed a data management team, consisting of our head of IT and our general counsel, to oversee and manage cybersecurity related matters and formulate policies as necessary. Our current head of IT, Rui Pang, has over 13 years of experience in cybersecurity risk management. Our data management team reports to our nominating and corporate governance committee on a quarterly basis regarding its assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our data management committee will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our data management committee will promptly report the investigation and assessment results to our nominating and corporate governance committee and our nominating and corporate governance committee will decide on the relevant response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our data management committee shall promptly prepare disclosure material for review and approval by our nominating and corporate governance committee before it is disseminated to the public.
Cybersecurity Risk Management Processes Integrated [Text Block]	We have also integrated cybersecurity risk management into our overall enterprise risk management system.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this Annual Report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance The nominating and corporate governance committee of our board of directors is responsible for overseeing the Company’s cybersecurity risk management and be informed on risks from cybersecurity threats. The nominating and corporate governance committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. In addition, at the management level, we have formed a data management team, consisting of our head of IT and our general counsel, to oversee and manage cybersecurity related matters and formulate policies as necessary. Our current head of IT, Rui Pang, has over 13 years of experience in cybersecurity risk management. Our data management team reports to our nominating and corporate governance committee on a quarterly basis regarding its assessment, identification and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our data management committee will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our data management committee will promptly report the investigation and assessment results to our nominating and corporate governance committee and our nominating and corporate governance committee will decide on the relevant response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our data management committee shall promptly prepare disclosure material for review and approval by our nominating and corporate governance committee before it is disseminated to the public.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The nominating and corporate governance committee of our board of directors is responsible for overseeing the Company’s cybersecurity risk management and be informed on risks from cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The nominating and corporate governance committee of our board of directors is responsible for overseeing the Company’s cybersecurity risk management and be informed on risks from cybersecurity threats. The nominating and corporate governance committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company. In addition, at the management level, we have formed a data management team, consisting of our head of IT and our general counsel, to oversee and manage cybersecurity related matters and formulate policies as necessary.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The nominating and corporate governance committee shall review, approve and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) related to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	If a cybersecurity incident occurs, our data management committee will promptly organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our data management committee will promptly report the investigation and assessment results to our nominating and corporate governance committee and our nominating and corporate governance committee will decide on the relevant response measures and whether any disclosure is necessary.

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Loss Per Share [Abstract]

Schedule of Basic and Diluted Losses Per Ordinary Share

Basic and diluted losses per ordinary share for the years ended December 31, 2025, 2024 and 2023 are calculated as follow.

	As of and for the year ended December 31,
	2025			2024			2023
Numerator:
Net loss from continuing operations attributable to shareholders of the Company		(434,488,495	)		(463,525,349	)		(843,053,922	)
Net income/(loss) income from discontinued operations attributable to shareholders of the Company		-			51,443,794			(33,196,461	)
Net loss attributable to shareholders of the Company		(434,488,495	)		(412,081,555	)		(876,250,383	)

Denominator:
Basic and diluted weighted average number of ordinary shares		32,519,377			32,444,772			30,837,733

Basic and diluted loss per ordinary share
Continuing operations		(13.36	)		(14.29	)		(27.34	)
Discontinued operations		-			1.59			(1.07	)
Total		(13.36	)		(12.70	)		(28.41	)

Schedule of Computation of Diluted Net Loss Per Share

The following securities were excluded from the computation of diluted net loss per share because their effective would have been anti-dilutive or for which the contingent condition had not been met at the end of the period:

	For the Years Ended December 31,
	2025		2024		2023

Earn-out shares		2,800,000		2,800,000		2,800,000
Original Option Units		1,249,771		1,156,334		1,579,525
Additional Option Units		29,523		30,647		51,690
Liability-settled share-based payment to non-employee		40,000		40,000		40,000
Convertible Senior Notes		-		921,659		921,659
Convertible Junior Notes		21,832,126		14,700,619		-
Convertible Senior Secured Notes		32,320,538		-		-

Bank Borrowings - Schedule of Bank Borrowings (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Bank Borrowings [Abstract]
Short-term bank borrowings	¥ 395,087,735	¥ 375,996,175
Long-term bank borrowings due within one year		5,266,370
Total bank borrowings, current	395,087,735	381,262,545
Long-term bank borrowings		5,266,370
Less: Long-term bank borrowings due within one year		(5,266,370)
Total bank borrowings, non-current

Related Parties (Tables)

12 Months Ended

Dec. 31, 2025

Related Parties [Abstract]

Schedule of Related Parties

The major related parties are summarized as follow:

Names of major related parties		Nature of relationship
Pangaea XXIIA		Largest shareholder of the Company
THRI		Shareholder of the Company
Cartesian		Ultimate controlling party of Pangaea XXIIA
Holdings IV		Entity controlled by Cartesian
Pangaea Data Tech (Shanghai) Co., Ltd. (“DataCo”)		Entity controlled by Cartesian
RBI		Ultimate controlling party of THRI
TDL		Entity controlled by THRI
PLK		Entity controlled by THRI subsequent to June 28, 2024
Bobipai (Shanghai) Catering Management Co., Ltd. (“Bobipai Shanghai”)		Entity controlled by THRI subsequent to June 28, 2024

Schedule of Related Party Transactions

		For the Years Ended December 31,
		2025		2024		2023
Continuing franchise fee to THRI	(i)		49,935,665		47,477,864		51,697,551
Continuing franchise fee to PLK	(i)		-		957,548		488,633
Upfront franchise fee to THRI	(ii)		7,813,087		10,137,871		27,318,877
Upfront franchise fee to PLK	(ii)		-		161,984		513,564
Purchase of coffee beans from TDL	(iii)		34,582,491		44,539,371		63,400,907
Services provided by DataCo	(iv)		4,795,456		5,866,415		8,097,359
Provision of services to Bobipai Shanghai	(v)		1,949,211		1,211,216		-
Reimbursements from Bobipai Shanghai	(vi)		-		185,097		-

Amount due from related parties:

		As of December 31,
		2025		2024
Amount due from Bobipai Shanghai related to provision of services	(v)		194,765		1,092,991
Amount due from RBI related to Popeyes Disposal	(vii)		-		4,764,645
Total			194,765		5,857,636

Amount due to related parties:

		As of December 31,
		2025		2024
TDL	(iii)		5,435,579		20,983,264
THRI	(i)(ii)		8,732,153		24,640,581
DataCo	(iv)		3,245,899		1,528,811
Cartesian			-		963,940
Total			17,413,631		48,116,596

(i)

(ii)

(iii)

(iv)

(v)

(vi)

The Company paid reimbursements on behalf of Bobipai Shanghai for employee cost and raw material procurement in the amount of RMB185,097 for the year ended December 31, 2024.

(vii)

Inventories

12 Months Ended

Dec. 31, 2025

Inventories [Abstract]

Inventories

5.	Inventories

Inventories consist of the following:

	As of December 31,
	2025		2024
Food, beverage and packaged products		26,648,228		26,230,212
Merchandise for e-commerce sales		2,815,376		2,979,839
Others		7,329,118		8,368,364
Total		36,792,722		37,578,415

Provision for inventories write-down was recognized in costs of other revenues, amounting to RMB2,789,113, RMB3,407,308 and RMB11,589,111 for the years ended December 31, 2025, 2024 and 2023, respectively.

Related Parties - Schedule of Related Parties (Details)	12 Months Ended
Related Parties - Schedule of Related Parties (Details)	Dec. 31, 2025
Pangaea XXIIA [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Largest shareholder of the Company
THRI [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Shareholder of the Company
Cartesian [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Ultimate controlling party of Pangaea XXIIA
Holdings IV [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Entity controlled by Cartesian
Pangaea Data Tech (Shanghai) Co., Ltd. (“DataCo”) [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Entity controlled by Cartesian
RBI [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Ultimate controlling party of THRI
TDL [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Entity controlled by THRI
PLK [Member
Schedule of Related Parties [Line Items]
Nature of relationship	Entity controlled by THRI subsequent to June 28, 2024
Bobipai (Shanghai) Catering Management Co., Ltd. (“Bobipai Shanghai”) [Member]
Schedule of Related Parties [Line Items]
Nature of relationship	Entity controlled by THRI subsequent to June 28, 2024

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Measurement [Abstract]

Fair Value Measurement

23.	Fair Value Measurement

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:

	As of December 31, 2025						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Current liabilities
Liability-settled share-based payment to non-employee		-		-		1,265,184		1,265,184
Non-current liabilities
Convertible Junior Notes		-		-		514,508,160		514,508,160
Convertible Senior Secured Notes		-		-		638,215,040		638,215,040
Total		-		-		1,153,988,384		1,153,988,384

	As of December 31, 2024						Total Fair
	Level 1		Level 2		Level 3		Value
	RMB		RMB		RMB		RMB
Current liabilities
Convertible Senior Notes		-		-		473,715,560		473,715,560
Liability-settled share-based payment to non-employee		-		-		1,581,448		1,581,448
Non-current liabilities
Convertible Junior Notes		-		-		464,847,231		464,847,231
Total		-		-		940,144,239		940,144,239

The fair value of convertible notes and liability-settled share-based payment to non-employee were estimated by management with the assistance of an independent valuation firm. The convertible notes were measured at fair value using the Binomial Option Pricing Model. The liability-settled share-based payment to non-employee were measured at fair value using the Black-Scholes Option Pricing Model.

As of December 31, 2025, the assumptions were as follow:

	Convertible Senior Secured Notes			Convertible Junior Notes			Liability-settled share- based payment to non-employee
Expected volatility		20.00	%		20.00	%		52.00	%
Risk-free interest rate (per annum)		3.63	%		3.63	%		3.56	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$2.49			US$2.49			US$2.49
Bond yield		12.08	%		12.08	%		N/A

As of December 2, 2025, the Closing Date of 2025 Debt Restructuring (Note 2(c)), the assumptions were as follow:

	Convertible Senior Notes – before extinguishment			Convertible Senior Secured Notes			Convertible Junior Note – before amendment			Convertible Junior Note – after amendment
Expected volatility		60.00	%		20.00	%		60.00	%		20.00	%
Risk-free interest rate (per annum)		3.58	%		3.59	%		3.56	%		3.59	%
Expected dividend yield		0.00	%		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$2.66			US$2.66			US$2.66			US$2.66
Bond yield		12.00	%		11.91	%		12.00	%		11.91	%

As of December 31, 2024, the assumptions were as follow:

	Convertible Senior Notes			Convertible Junior Notes			Liability-settled share- based payment to non-employee
Expected volatility		82.00	%		22.00	%		93.00	%
Risk-free interest rate (per annum)		4.25	%		4.27	%		5.53	%
Expected dividend yield		0.00	%		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$3.55			US$3.55			US$3.55
Bond yield		10.52	%		10.33	%		N/A

As of June 28, 2024, the Transaction Date (Note 2(b)), the assumptions were as follow:

	Convertible Junior Note			Deferred Contingent Consideration
Expected volatility		22.00	%		21.00	%
Risk-free interest rate (per annum)		4.52	%		3.10	%
Expected dividend yield		0.00	%		0.00	%
Fair value of the underlying ordinary share		US$3.75			US$3.75
Bond yield		10.80	%		N/A
Discount rate		N/A			21.00	%

The expected volatility was estimated based on the historical volatility of the Company or comparable peer public companies with a time horizon close to the expected term of convertible notes, liability-settled share-based payment to non-employee and Deferred Contingent Consideration. The risk-free interest rate was estimated based on the yield to maturity of U.S. treasury bonds denominated in US$ for a term consistent with the expected term of convertible notes, liability-settled share-based payment to non-employee and Deferred Contingent Consideration in effect at the valuation date. The expected dividend yield is zero as the Company has never declared or paid any cash dividends on its shares and the Company does not intend to pay dividend before the Company becomes profitable. The fair value of the underlying ordinary share was obtained from the listed trading price of the Company. The bond yield was based on the market yield of comparable bonds with similar credit rating.

The Deferred Contingent Consideration was measured at fair value using a combination of discounted cashflow model and the Black-Scholes Model as it is largely based on revenue generated from Popeyes restaurants. The cashflow forecast of Deferred contingent consideration is based on management plan of Popeyes restaurants to be opened during the forecast period and expected average revenue per store, which consider the store opening milestones stipulated in the Popeyes master development agreement and historical experience of per store revenue with comparable store size and type of food menu.

	Convertible Senior Notes			Convertible Junior Notes			Convertible Senior Secured Notes			Liability-settled share-based payment to non-employee
Balance as of January 1, 2025		473,715,560			464,847,231			-			1,581,448
Additions		-			-			636,595,230			-
Changes in fair value, excluding impact of instrument-specific credit risk		36,388,500			(12,024,615	)		6,263,095			(292,792	)
Changes in fair value due to instrument specific credit risk		-			(2,004,935	)		-			-
Repurchase of Convertible Senior Notes		(495,007,230	)		-			-			-
Loss of debt extinguishment		(7,690,096	)		74,917,500			-			-
Foreign currency translation adjustment		(7,406,734	)		(11,227,021	)		(4,643,285	)		(23,472	)
Balance as of December 31, 2025		-			514,508,160			638,215,040			1,265,184

	Convertible Senior Notes		Convertible Junior Notes		Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2024		420,712,380		-		2,833,080			94,199,910
Additions		-		439,723,560		-			-
Changes in fair value, excluding impact of instrument-specific credit risk		44,764,043		21,110,267		(1,277,140	)		16,941,248
Changes in fair value due to instrument specific credit risk		1,494,507		-		-			-
Foreign currency translation adjustment		6,744,630		4,013,404		25,508			602,346
Settlement of deferred contingent consideration		-		-		-			(111,743,504	)
Balance as December 31, 2024		473,715,560		464,847,231		1,581,448			-

	Convertible Senior Notes		Short-term investments			Warrant liabilities			ESA derivative liabilities			Liability-settled share-based payment to non-employee			Deferred contingent consideration
Balance as of January 1, 2023		354,080,264		372,375,701			19,083,004			269,251,436			4,039,468			-
Additions		-		-			-			-			-			65,968,319
Changes in fair value, excluding impact of instrument-specific credit risk		58,280,908		3,584,872			83,966,126			(19,654,006	)		(1,386,708	)		26,106,460
Realized gain recognized in interest income		-		(5,718,400	)		-			-			-			-
Changes in fair value due to instrument specific credit risk		2,116,740		-			-						-			-
Foreign currency translation adjustment		6,234,468		(944,458	)		2,882,251			(126,498	)		180,320			2,125,131
Exercise of Public and Private warrants		-		-			(105,931,381	)		-			-			-
Settlement of 1^st, 2^nd and 3^rd tranches of ESA Agreement		-		(369,297,715	)		-			(249,470,932	)		-			-
Balance as of December 31, 2023		420,712,380		-			-			-			2,833,080			94,199,910

(Expressed in Renminbi Yuan)

Nonrecurring Fair Value Measurements

Long-lived assets within asset groups were measured at fair value based on unobservable inputs (Level 3) on a nonrecurring basis at the end of each quarter due to impairment recognized on those assets at that date (see Note 7). The fair values of store-level assets primarily reflect the price market participant would pay to sub-lease the ROU assets and acquire remaining store assets, representing the highest and best use of these assets. Significant unobservable inputs used in the fair value measurement include future market rental prices.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Other Current Liabilities [Abstract]

Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Other Current Liabilities

13.	Other Current Liabilities

Other current liabilities consist of the following:

		As of December 31,
		2025		2024
Accrued payroll and employee-related costs			32,587,186		37,435,535
Payable for acquisition of property and equipment			29,496,455		75,330,611
Guarantee deposits			25,345,754		16,808,155
Accrued marketing expenses			3,762,206		7,528,051
Sundry taxes payable			15,317,979		10,435,265
Accrued professional service fees			13,106,747		10,733,915
Accrued offering costs	(i)		1,265,184		1,581,448
Accrued rental expenses			2,161,456		2,371,324
Other accrual expenses			49,563,049		28,982,559
Total			172,606,016		191,206,863

(i)

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2025

Accounts Receivable, Net [Abstract]

Accounts Receivable, Net

4.	Accounts Receivable, Net

Accounts receivable, net of allowance for expected credit losses consist of the following:

	As of December 31,
	2025			2024
Accounts receivable		35,049,387			44,147,035
Less: allowance for expected credit losses		(17,357,471	)		(13,621,115	)
Accounts receivable, net		17,691,916			30,525,920

	As of December 31,
	2025		2024
Beginning balance		13,621,115		4,958,889
Provision		3,736,356		8,662,226
Ending balance		17,357,471		13,621,115

Other Non-Current Liabilities - Schedule of Other Non-Current Liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Other Non-Current Liabilities [Abstract]
Asset retirement obligations	¥ 7,591,989	¥ 7,506,609
Others	118,929	166,501
Total	¥ 7,710,918	¥ 7,673,110

Consolidated Statements of Cash Flows - CNY (¥)	12 Months Ended
Consolidated Statements of Cash Flows - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	¥ (435,811,746)	¥ (408,985,210)	¥ (872,926,433)
Net loss/(income) from discontinued operations		(51,443,794)	33,196,461
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	146,795,464	169,680,769	163,149,386
Loss on disposal of property and equipment	6,469,536	4,146,858	16,404,477
Loss on disposal of intangible assets		125,747	646,162
Provision for inventories write-down	2,789,113	3,407,308	11,589,111
Allowance for expected credit losses	3,736,356	8,662,226	2,602,855
Impairment losses of long-lived assets	60,319,579	56,287,026	111,426,961
Share-based payment expenses	2,874,494	1,045,008	64,476,991
Unrealized foreign currency transaction loss/(gain)	615,431	(1,209,646)	4,966,290
Transaction cost for issuance of convertible notes	13,608,491	3,784,959
Changes in fair value of Deferred Contingent Consideration		16,941,248	26,106,460
Changes in fair value of convertible notes	30,626,980	65,874,310	58,280,908
Changes in fair value of warrant liabilities			83,966,126
Changes in fair value of ESA derivative liabilities			(19,654,006)
Loss of debt extinguishment	73,078,104	10,657,161
Accrued interests on promissory notes		5,269,007
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable	9,097,648	(11,626,637)	(24,547,169)
Amount due from related parties	898,226	(1,092,991)
Inventories	(2,003,420)	8,880,522	10,012,161
Prepaid expenses and other current assets	16,646,209	(2,027,059)	(48,579,798)
Other non-current assets	(34,084,042)	9,887,639	18,416,158
Accounts payable	(24,685,823)	4,062,778	109,135,149
Amounts due to related parties	84,573,195	130,391,595	28,777,686
Contract liabilities	(746,525)	1,712,807	20,553,014
Other current liabilities	25,157,653	(76,675,057)	(1,066,449)
Other non-current liabilities	37,808	(963,571)	716,728
Right-of-use assets and lease liabilities	7,300,431	6,825,974	4,211,516
Net cash used in operating activities from continuing operations	(12,706,838)	(46,381,023)	(198,139,255)
Net cash provided by operating activities from discontinued operations		6,714,061	2,009,374
Net cash used in operating activities	(12,706,838)	(39,666,962)	(196,129,881)
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(65,618,942)	(102,838,582)	(291,667,204)
Purchase of time deposits			(17,165,400)
Proceeds from disposal of property and equipment	2,785,480	9,839,495	271,437
Proceeds from maturity of time deposits		17,165,400
Proceeds from disposal of short-term investments			369,297,715
Net cash (used in)/provided by investing activities from continuing operations	(62,833,462)	(75,833,687)	60,736,548
Net cash provided by/(used in) investing activities from discontinued operations		67,796,931	(737,636)
Net cash (used in)/provided by investing activities	(62,833,462)	(8,036,756)	59,998,912
Cash flows from financing activities:
Proceeds from convertible notes	20,433,704	41,104,980
Payment of issuance costs of convertible notes	(11,360,352)	(3,784,959)
Proceeds from issuance of promissory notes		142,536,000
Proceeds from bank borrowings	757,450,162	700,060,825	1,003,893,914
Repayment of bank borrowings	(744,837,963)	(862,297,171)	(877,002,532)
Proceeds from issuance of preferred shares		713
Payments to Shaolin Capital Management LLC due to ESA Transaction			(249,470,932)
Proceeds from exercise of employee share options	16,598	8,383,181	1,412,126
Payment of offering costs			(4,657,323)
Proceeds from financing through Popeyes Acquisition			206,658,000
Net cash provided by financing activities from continuing operations	21,702,149	26,003,569	80,833,253
Net cash provided by financing activities	21,702,149	26,003,569	80,833,253
Effect of foreign currency exchange rate changes on cash and cash equivalents	(688,403)	2,350,888	19,806,978
Net decrease in cash and cash equivalents and restricted cash	(54,526,554)	(19,349,261)	(35,490,738)
Cash and cash equivalents and restricted cash at beginning of the year	184,237,431	203,586,692	239,077,430
Cash and cash equivalents and restricted cash at end of the year	129,710,877	184,237,431	203,586,692
Less: Cash and restricted cash of discontinued operations at end of the year			(1,271,738)
Cash and cash equivalents and restricted cash at end of the year	129,710,877	184,237,431	202,314,954
Supplemental disclosure of cash flow information:
Interest expenses paid	15,228,346	17,912,322	20,048,704
Income tax paid	1,542,076	151,983
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment with unpaid costs accrued within other current liabilities	29,496,455	75,330,611	116,595,550
Settlement of amount due to related parties through issuance of convertible notes	121,154,296	134,277,011
Settlement of Convertible Senior Notes through issuance of convertible notes	495,007,230
Accrual for the transaction cost relating to 2025 Debt Restructuring	2,248,139
Settlement of promissory notes through issuance of convertible notes		147,819,389
Settlement of Deferred Contingent Consideration in exchange of issuance convertible note to Cartesian		100,569,154
Settlement of Deferred Contingent Consideration in exchange of consideration for Popeyes Disposal		11,174,350
Non-cash effect of disposal of Popeyes China		17,764,115
Exchange of Public and Private Warrants by issuance of ordinary shares			¥ 105,931,381

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Compensation [Abstract]

Schedule of Activities of Original Option Units

The following table sets forth the activities of Original Option Units for the year ended December 31, 2025:

	Number of Original Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
				US$		US$				US$
Outstanding as of January 1, 2025		19,957,442			0.40		0.32		4.88		71,540
Granted		1,812,220			0.16		-		-		-
Forfeited		(199,565	)		0.51		-		-		-
Outstanding as of December 31, 2025		21,570,097			0.35		0.29		4.35		-
Expected to be vested as of December 31, 2025		21,570,097			0.35		0.29		4.35		-
Exercisable as of December 31, 2025		17,756,231			0.33		0.27		3.59		-

The following table sets forth the activities of Additional Option Units for the year ended December 31, 2025:

	Number of Additional Option Units			Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual years		Aggregate intrinsic value
					US$		US$				US$
Outstanding as of January 1, 2025		528,942			0.82		0.58		0.03		-
Forfeited		(19,399	)		1.06		-		-		-
Outstanding as of December 31, 2025		509,543			0.81		0.58		-		-
Expected to be vested as of December 31, 2025		509,543			0.81		0.58		-		-
Exercisable as of December 31, 2025		509,543			0.81		0.58		-		-

The following table sets forth the activities of Restricted Share Units for the year ended December 31, 2025:

	Number of Restricted Share Units			Weighted average exercise price		Weighted average grant date fair value		Aggregate intrinsic value
				US$		US$		US$
Outstanding as of January 1, 2025		13,545,875			0.00		0.62		2,786,010
Exercise		(379,703	)		0.00		-		-
Outstanding as of December 31, 2025		13,166,172			0.00		0.61		1,875,834
Vested and expected to be vested as of December 31, 2025		13,166,172			0.00		0.61		1,875,834

Schedule of Lock-up Period

The Lock-up period is specified as below:

Lock-up Period of the relevant percentage of the option	Cap of vested Share Unit
After 6 months since the vesting date		20	%
After 12 months since the vesting date		50	%
After 18 months since the vesting date		100	%

Schedule of Key Assumptions are Listed

The key assumptions are listed as follows:

	2025			2024			2023
Expected volatility		23.00	%		24.00	%		24.00	%
Risk-free interest rate (per annum)		4.10	%		4.60	%		5.02	%
Exercise multiple		2.80			2.20			2.80
Expected dividend yield		0.00	%		0.00	%		0.00	%
Expected term (in years)		10			10			10
Fair value of the underlying ordinary share		US$2.70			US$3.45			US$2.15-US$4.15

Consolidated Statements of Operations - CNY (¥)	12 Months Ended
Consolidated Statements of Operations - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	¥ 1,316,196,474	¥ 1,391,157,811	¥ 1,560,005,807
Costs and expenses, net
Food and packaging (including cost of Company owned and operated stores from transactions with a related party of RMB30,743,744, RMB53,208,876 and RMB72,109,353 for the years ended December 31, 2025, 2024 and 2023, respectively)	321,947,596	374,086,268	486,359,371
Store rental expenses	220,884,832	241,425,171	289,556,435
Payroll and employee benefits	199,341,612	231,541,640	304,545,595
Delivery costs	130,650,009	119,171,120	116,449,046
Other operating expenses (including service fee from transactions with a related party of RMB600,000, RMB600,000 and RMB600,000 for the years ended December 31, 2025, 2024 and 2023, respectively)	84,316,942	95,035,952	118,633,641
Store depreciation and amortization	107,930,233	129,613,822	138,734,429
Company owned and operated store costs and expenses	1,065,071,224	1,190,873,973	1,454,278,517
Costs of other revenues	171,325,892	153,611,770	149,692,427
Marketing expenses	63,456,595	64,848,548	96,678,285
General and administrative expenses	204,342,527	210,322,557	325,258,149
Franchise and royalty expenses (including franchise and royalty expenses from transactions with a related party of RMB49,935,665, RMB47,477,864 and RMB51,697,551 for the years ended December 31, 2025, 2024 and 2023, respectively)	62,736,133	57,761,479	57,063,007
Other operating costs and expenses	3,282,975	10,794,362	28,872,217
Loss on disposal of property and equipment	6,469,536	4,146,858	16,404,477
Impairment losses of long-lived assets	60,319,579	56,287,026	111,426,961
Other income	(3,455,175)	(8,408,091)	(11,743,225)
Total costs and expenses, net	1,633,549,286	1,740,238,482	2,227,930,815
Operating loss from continuing operations	(317,352,812)	(349,080,671)	(667,925,008)
Interest income	3,528,064	3,202,948	14,182,881
Interest expenses	(16,679,066)	(22,448,159)	(20,419,992)
Foreign currency transaction (loss)/gain	(1,119,173)	3,484,612	(16,771,124)
Loss of debt extinguishment	(73,078,104)	(10,657,161)
Changes in fair value of Deferred Contingent Consideration		(16,941,248)	(26,106,460)
Changes in fair value of convertible notes	(30,626,980)	(65,874,310)	(58,280,908)
Changes in fair value of warrant liabilities			(83,966,126)
Changes in fair value of ESA derivative liabilities			19,654,006
Loss from continuing operations before income taxes	(435,328,071)	(458,313,989)	(839,632,731)
Income tax expenses	(483,675)	(2,115,015)	(97,241)
Net loss from continuing operations	(435,811,746)	(460,429,004)	(839,729,972)
Discontinued operations:
Net income/(loss) from discontinued operations		51,443,794	(33,196,461)
Net loss	(435,811,746)	(408,985,210)	(872,926,433)
Net loss from continuing operations	(435,811,746)	(460,429,004)	(839,729,972)
Less: Net (loss)/income from continuing operations attributable to non-controlling interests	(1,323,251)	3,096,345	3,323,950
Net loss from continuing operations attributable to shareholders of the Company	(434,488,495)	(463,525,349)	(843,053,922)
Net income/(loss) from discontinued operations attributable to shareholders of the Company		51,443,794	(33,196,461)
Net loss attributable to shareholders of the Company	¥ (434,488,495)	¥ (412,081,555)	¥ (876,250,383)
Basic and diluted loss per ordinary share (in Yuan Renminbi per share)	¥ (13.36)	¥ (12.7)	¥ (28.41)
Diluted loss per ordinary share (in Yuan Renminbi per share)	¥ (13.36)	¥ (12.7)	¥ (28.41)
Company Owned And Operated Stores
Revenues
Total revenues	¥ 1,068,169,775	¥ 1,188,292,854	¥ 1,389,640,747
Other Revenues
Revenues
Total revenues	¥ 248,026,699	¥ 202,864,957	¥ 170,365,060

Income Tax - Schedule of Deferred Income Tax Assets and Liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Deferred Income Tax Assets and Liabilities [Abstract]
Operating losses carryforwards	¥ 445,565,581	¥ 409,124,311
Contract liabilities	11,832,534	6,644,531
Impairment losses	38,101,318	26,434,674
Operating lease liabilities	105,272,049	139,547,582
Other current liabilities	20,124,872	31,384,591
Property and equipment	6,810,195	7,164,319
Total gross deferred tax assets	627,706,549	620,300,008
Less: valuation allowances	(528,140,664)	(482,127,651)	¥ (418,748,714)
Deferred tax assets, net of valuation allowance	99,565,885	138,172,357
Operating right-of-use assets	(87,229,080)	(123,327,098)
Property and equipment	(12,336,805)	(14,845,259)
Total deferred tax liabilities	(99,565,885)	(138,172,357)
Deferred tax assets	99,565,885	138,172,357
Deferred tax liabilities	(99,565,885)	(138,172,357)
Net deferred tax assets

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable, Net of Allowance for Expected Credit Losses

Accounts receivable, net of allowance for expected credit losses consist of the following:

	As of December 31,
	2025			2024
Accounts receivable		35,049,387			44,147,035
Less: allowance for expected credit losses		(17,357,471	)		(13,621,115	)
Accounts receivable, net		17,691,916			30,525,920

Schedule of Allowance for Doubtful Accounts

	As of December 31,
	2025		2024
Beginning balance		13,621,115		4,958,889
Provision		3,736,356		8,662,226
Ending balance		17,357,471		13,621,115

Bank Borrowings (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Bank Borrowings [Line Items]
Unused credit limits under credit facility agreements (in Yuan Renminbi)	¥ 321,125,256
Credit Facility Agreements [Member]
Bank Borrowings [Line Items]
Draw down borrowings (in Yuan Renminbi)	¥ 715,000,000
Minimum [Member] \| Long-term Bank Borrowings [Member]
Bank Borrowings [Line Items]
Credit facility agreements bore interest rate	2.00%	2.40%
Minimum [Member] \| Long-term Bank Borrowings [Member]
Bank Borrowings [Line Items]
Credit facility agreements bore interest rate		4.20%
Maximum [Member] \| Long-term Bank Borrowings [Member]
Bank Borrowings [Line Items]
Credit facility agreements bore interest rate	4.50%	4.20%
Maximum [Member] \| Long-term Bank Borrowings [Member]
Bank Borrowings [Line Items]
Credit facility agreements bore interest rate		4.60%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Maturities of operating lease liabilities

Significant Transactions

12 Months Ended

Dec. 31, 2025

Significant Transactions [Abstract]

Significant Transactions

2.	Significant Transactions

(a)

Popeyes Acquisition

On March 30, 2023 (the “Acquisition Date”), the Company entered into a share purchase agreement (the “Popeyes SPA”) with Pangaea Three Acquisition Holdings IV, Limited (“Holdings IV”) and PLK APAC Pte. Ltd. (“PLK”) to acquire 100% of the outstanding shares of PLKC International Limited (“Popeyes China”) from Holdings IV (90%) and PLK (10%), which are related parties of the Company as Holdings IV and PLK are subsidiaries of Cartesian Capital Group, LLC (“Cartesian”) and THRI respectively (“Popeyes Transaction”). Pursuant to the Popeyes master development agreement signed between PLKC HK International Limited (the “Popeyes China Franchisee”), a wholly owned subsidiary of Popeyes China and PLK, effective from March 30, 2023, with an initial contractual term of 20 years (the “Popeyes Master Franchise Right”), the Company acquired the exclusive franchise right authorized by PLK, and is authorized to develop and operate stores branded “Popeyes” throughout the Chinese Mainland and Macau. On the Acquisition Date, Popeyes China and Popeyes China Franchisee did not have any business operations nor employees, and did not have assets and liabilities other than the Popeyes Master Franchise Right and US$30,000,000 (equivalent to RMB206,658,000) in cash. Accordingly, the Company accounted for this transaction as an asset acquisition.

On the Acquisition Date, the Company issued a total of 2,293,315 ordinary shares (among which 2,063,984 ordinary shares were issued to Holdings IV and 229,331 ordinary shares were issued to PLK) with lock-up periods of 18 months from issuance date, in exchange for all of the outstanding shares of Popeyes China. The fair value of the ordinary shares issued was US$38,550,000 (equivalent to RMB265,555,530) (the “Non-contingent Consideration”) at acquisition day and was recorded in share capital of US$108 (equivalent to RMB742) and additional paid-in capital of US$38,549,892 (equivalent to RMB265,554,788).

In accordance with the Popeyes SPA for the acquisition of Popeyes China, the Company is also obligated to issue an additional number of ordinary shares to Holdings IV and PLK, based on the ratio of 90:10 and with lock-up periods of 18 months from the issuance date as annual deferred contingent consideration, which is calculated as: (a) 3% of annual revenue of Popeyes China; divided by (b) 85% of the volume-weighted average price (VWAP) of the Company’s shares during the forty (40) trading days ended the last trading day of the applicable fiscal year as long as the Popeyes Master Franchise Right is in effect. In addition, the Company may at any time after the Acquisition Date, and at its sole option, pay a lumpsum deferred contingent consideration, plus any unpaid accrued annual deferred contingent consideration. If the Company pays such lumpsum deferred contingent consideration, it will not need to pay any further annual deferred contingent consideration. Such lumpsum deferred contingent consideration will be settled by issuing an additional number of ordinary shares with lock-up periods of 18 months from the issuance date to Holdings IV and PLK based on the ratio of 90:10, which is calculated as: (a) US$35,000,0000, divided by (b) 85% of the VWAP of the Company’s shares during the forty (40) trading days ended as of the date of notifying the exercise of this option. The fair value of the annual deferred contingent consideration inclusive of the lumpsum deferred contingent consideration prepayment settlement feature (collectively “Deferred Contingent Consideration” or “DCC”) was determined as US$9,600,000 (equivalent to RMB66,130,560) as of March 30, 2023 and recorded as an amount due to related parties. The Deferred Contingent Consideration is in the scope of ASC 480 since the instrument embodies an unconditional obligation that the Company must settle by issuing a variable number of its equity shares and, at inception, the monetary value of the obligation is based predominantly on variations in something other than the fair value of the Company’s equity shares. It is measured initially at fair value and subsequently at fair value with changes in fair value recognized in earnings. For the years ended December 31, 2024 and 2023, the Company recognized US$2,383,607 (equivalent to RMB16,941,248) and US$3,700,000 (equivalent to RMB26,106,460), respectively, in the changes in fair value of Deferred Contingent Consideration.

In addition, if the number of Popeyes Restaurants opened by Popeyes China on or prior to December 31, 2026 (net of store closures) exceeds Cumulative Opening Target (as defined in the Popeyes master development agreement as amended) for store openings through such date, PLK shall surrender to the Company or one or more of its designees and forfeit for no consideration, 286,664 of the Company’s ordinary shares it received from the Popeyes Transaction to be included in the Company’s Employee Stock Ownership Plan pool (“Potential PLK forfeiture”). The fair value of this forfeiture feature was determined as US$950,000 (equivalent to RMB6,544,170) and recorded as a reduction of additional paid-in capital, and a reduction of the acquisition cost of intangible asset for the same amount. The Potential PLK forfeiture is accounted for as an equity-linked financial instrument initially measured at fair value. Since the instrument is considered indexed to the Company’s own shares and qualifies for equity classification, there will be no subsequent remeasurement of the instrument.

The total fair value of the Non-contingent Consideration, the Deferred Contingent Consideration less the Potential PLK forfeiture feature was US$47,200,000 (equivalent to RMB325,141,920), and was allocated to intangible asset of US$3,865,000 (equivalent to RMB26,624,439), cash of US$30,000,000 (equivalent to RMB206,658,000) and a reduction of additional paid-in capital of US$13,335,000 (equivalent to RMB91,859,481) as cost of financing. The acquisition cost of the intangible asset pertains to the annual deferred contingent consideration and lumpsum deferred contingent consideration attributed to PLK less the fair value of the Potential PLK forfeiture. The Company also incurred legal fees and other transaction costs of US$1,414,371 (equivalent to RMB9,743,037) which is capitalized in the cost of intangible asset.

(b)

June 28, 2024 Transactions

On June 28, 2024 (the “Transaction Date”), the Company entered into a series of transactions.

Popeyes Disposal

On Transaction Date, the Company entered into a share purchase agreement for the sale of 100% of equity interest of Popeyes China to PLK for a purchase price on a cash free, debt free basis, subject to certain post-closing adjustments of cash consideration US$10,979,203 (equivalent to RMB78,284,821), net of Popeyes China’s liabilities of RMB17,764,115 assumed by the Company as well as settlement of the Deferred Contingent Consideration due to RBI (“RBI DCC”) which is measured at the fair value on Transaction Date in the amount of US$1,568,361 (equivalent to RMB11,174,350). In accordance with ASC 810-10, the gain of disposal of Popeyes China are recognized in the amount of US$10,257,280 (equivalent to RMB73,109,395) measured as the excess of the disposal consideration over carrying amount of the former subsidiary’s net deficit of RMB1,441,722.

Concurrently, the Company issued one Series A-1 Convertible Note in the amount of US$15,000,000 to settle the Deferred Contingent Consideration due to Cartesian (“Cartesian DCC”). The difference between the fair value of the Series A-1 Convertible Note in the amount of US$15,257,975 (equivalent to RMB108,740,538) and the fair value of Cartesian DCC in the amount of US$14,115,246 (equivalent to RMB100,569,154) are recorded in the loss of debt extinguishment in the amount of US$1,142,729 (equivalent to RMB8,121,832).

The disposal of Popeyes China represents a strategic shift for the Company, as a result of qualifying for reporting as discontinued operations. Financial position, results of operations, and cash flows for Popeyes China are reported as discontinued operation for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis.

The results of the discontinued operation for the years ended December 31, 2024 and 2023 are as follows:

(i)

Results of discontinued “Popeyes China” operation

	For the year ended December 31,
	2024 (Note)			2023 (Note)

Company owned and operated store sales		30,875,454			15,761,230
Other revenues		22,449			13,143
Total revenues		30,897,903			15,774,373
Costs and expenses, net
Company owned and operated stores
Food and packaging		11,978,585			6,839,014
Store rental expenses		8,735,620			6,200,927
Payroll and employee benefits		7,971,499			6,173,813
Delivery costs		2,362,132			510,438
Other operating expenses		2,810,735			2,783,167
Store depreciation and amortization		1,888,301			877,370
Company owned and operated store costs and expenses		35,746,872			23,384,729

Marketing expenses		3,828,211			5,506,486
General and administrative expenses		8,630,449			18,363,979
Franchise and royalty expenses		1,895,613			1,885,515
Other operating costs and expenses		9,129			-
Other income		(50	)		(108,615	)
Total costs and expenses, net		50,110,224			49,032,094

Operating loss		(19,212,321	)		(33,257,721	)
Interest income		3,482			66,912
Interest expense		(11,921	)		(5,652	)
Foreign currency transaction loss		(130	)		-

Loss before taxation		(19,220,890	)		(33,196,461	)
Income tax expenses		-			-

Net loss for the year		(19,220,890	)		(33,196,461	)
Gain on disposal of Popeyes business		70,664,684			-

Net income/(loss) from discontinued operation		51,443,794			(33,196,461	)

Note: For the years ended December 31, 2024 and 2023, Popeye’s operating results included the periods from January 1, 2024 to June 28, 2024, and from March 30, 2023 to December 31, 2023, respectively.

(ii)

Effect of disposal on the financial position

	As of December 31, 2023

Cash		1,271,738
Inventories		852,604
Prepaid expenses and other current assets		2,732,684
Total current assets		4,857,026

Property and equipment, net		25,884,026
Intangible assets, net		36,482,168
Operating lease right-of-use assets		63,641,599
Other non-current assets		4,561,539
Total non-current assets		130,569,332
Total assets		135,426,358

Accounts payable		5,074,452
Amount due to related party		1,002,196
Operating lease liabilities - current		11,043,233
Other current liabilities		46,438,123
Total current liabilities		63,558,004

Operating lease liabilities - non-current		54,029,794
Other non-current liabilities		259,578
Total non-current liabilities		54,289,372
Total liabilities		117,847,376

Issuance of Convertible Notes to THRI

On Transaction Date, the Company entered into a security purchase agreement with THRI to issue one Series A Convertible Note in the amount of US$20,000,000 in exchange for cash consideration of US$1,560,836 (equivalent to RMB11,123,053), settlement of overdue accounts payable due to THRI and TDL Group Corp. (“TDL”) in amount of US$18,079,264 (equivalent to RMB128,847,299) as well as payment of legal fees and other transaction costs of US$360,000 (equivalent to RMB2,558,664) which was charged directly in the earnings.

In addition, the Company issued Series A Convertible Notes of US$5,000,000 on August 15, 2024 to THRI in exchange for cash consideration of US$4,050,146 (equivalent to RMB28,755,632), settlement of overdue accounts payable due to THRI and TDL in amount of US$774,854 (equivalent to RMB5,429,712) as well as payment of legal fees and other transaction costs of US$175,000 (equivalent to RMB1,226,295) which was charged directly in the earnings.

The Series A Convertible Notes issued to THRI are recorded as a debt in accordance with ASC 470. The Company elected fair value option to measure the Series A Convertible Notes. The forward meet the definition of freestanding derivative and need to be bifurcated and measured at fair value at initial recognition date and each balance sheet date. The fair value of the derivative was nil on Transaction Date.

The loss between the fair value in amount of US$25,343,967 (equivalent to RMB180,024,384) and principal amount in amount of US$25,000,000 (equivalent to RMB 177,579,673) of the Series A Convertible Note issued to THRI are recorded in the gain on disposal of Popeyes business in amount of US$343,967 (equivalent to RMB2,444,711).

Issuance of Convertible Notes to Cartesian

On March 7 and March 20, 2024, the Company issued promissory notes in aggregate principal amount of US$20 million (equivalent to RMB142,536,000) to Holdings IV.

On Transaction date, the Company issued two Series A Convertible Notes in principal amount of US$10,000,000 each and one Series A-1 Convertible Note in the principal amount of US$741,340 to entities controlled by Cartesian in settlement of outstanding principal and interest of promissory notes issued in March 2024 in aggregate amount of US$20,741,340 (equivalent to RMB147,819,389).

In accordance with ASC 470-50, the issuance of convertible notes extinguished promissory notes, and the excess of the fair value of the convertible note over the carrying amount of the promissory note was recorded in loss of debt extinguishment in amount of US$356,718 (equivalent to RMB2,535,329).

The Series A Convertible Notes and the Series A-1 Convertible Notes are collectively referred to as the “Convertible Junior Notes”. See Note 15(b) for key terms of Convertible Junior Notes.

Issuance of Class A-1 Special Voting Share and Series A-2 Convertible Preferred Share

On Transaction date, the Company issued 0.2 Class A-1 Special Voting Share to THRI in par value of US$0.00004697934970338660 and nil proceeds to entitle THRI the number of votes equal to the aggregate number of votes which would be exercisable by the holders of outstanding Series A Convertible Notes upon the exchange of all outstanding Series A Convertible Notes.

Concurrently, 0.2 Series A-2 Convertible Preferred Share was issued to THRI for US$99.99 (equivalent to RMB713). The difference between par value of US$0.00004697934970338660 and issue value is recorded in additional paid-in capital.

See Note 17 for the detail rights of the shares.

(c)

2025 Debt Restructuring

On October 31, 2025, the Company entered into a definitive agreement for the following debt restructuring, which was closed on December 2, 2025 (the “Closing Date”).

Issuance of Convertible Senior Secured Notes

On Closing Date, the Company issued senior secured convertible notes due on September 30, 2029 (the “Convertible Senior Secured Notes”) in an aggregate principal amount of US$89,922,201 (equivalent to RMB636,595,230) to Sona Credit Master Fund Limited and Sona Blue Peak, Ltd. (collectively referred to as “SONA”) and THRI, in exchange for the repurchase of all outstanding amount due under Convertible Senior Notes issued to SONA (See Note 15(a)) in amount of US$69,922,201 (equivalent to RMB495,007,230), settlement of overdue accounts payable due to THRI and TDL in amount of US$17,113,639 (equivalent to RMB121,154,296), and cash proceeds of US$2,886,361 (equivalent to RMB20,433,704). See Note 15(c) for key terms of Convertible Senior Secured Notes.

Extension and Alignment of Convertible Junior Notes

Concurrently, THRI and Cartesian agreed to extend the maturity of Convertible Junior Notes (See Note 15(b)) from June 28, 2027 to September 30, 2029, remove the term of mandatory conversion and reset the conversion price of Convertible Junior Notes to align with that of Convertible Senior Secured Notes.

In accordance with ASC 470-50, the Company concluded that both new issued Convertible Senior Secured Notes and modified Convertible Junior Notes are substantially different from old debt instruments, and as a result, extinguishment accounting should be applied. The excess of the fair value of new debts over the net carrying amount of old debts was recorded in loss of debt extinguishment in amount of US$9,422,201 (equivalent to RMB67,227,404).

In addition, upon repurchase of Convertible Senior Notes, the accumulated other comprehensive loss relating to change in fair value due to instrument specific credit of Convertible Senior Notes due to instrument-specific credit risk of US$820,000 (equivalent to RMB5,850,700) was reclassified to loss of debt extinguishment on the consolidated statement of operations for the year ended December 31, 2025.

The Company incurred legal fees and other transaction costs associated with 2025 Debt Restructuring in amount of US$1,922,266 (equivalent to RMB13,608,491), which were charged directly in the consolidated statements of operations under the fair value option election for convertible notes (See Note 15). As of December 31, 2025, the unpaid transaction costs of US$317,561 (equivalent to RMB2,248,139) was included in other current liabilities.

Inventories - Schedule of Inventories (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Inventories [Abstract]
Food, beverage and packaged products	¥ 26,648,228	¥ 26,230,212
Merchandise for e-commerce sales	2,815,376	2,979,839
Others	7,329,118	8,368,364
Total	¥ 36,792,722	¥ 37,578,415

Inventories (Details) - CNY (¥)	12 Months Ended
Inventories (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Provision for inventories write-down	¥ 2,789,113	¥ 3,407,308	¥ 11,589,111

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Leases

The components of rental expense were summarized as follows:

	For the years ended December 31,
	2025		2024		2023
Operating lease cost		211,908,384		229,718,169		279,526,257
Variable lease cost		17,975,126		20,286,865		22,664,025
Short-term lease cost		-		-		200,917
Total rental expense		229,883,510		250,005,034		302,391,199

Amounts reported on the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:

	As of December 31,
	2025		2024
Assets
Operating lease right-of-use assets		348,916,320		493,308,393

Liabilities
Current operating lease liabilities		180,805,734		178,115,199
Non-current operating lease liabilities		240,282,461		380,075,128
Total operating lease liabilities		421,088,195		558,190,327

Other information related to operating leases for the years ended December 31, 2025 and 2024 were as follows:

	For the years ended December 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities		182,297,992		204,719,215
Right-of-use assets obtained in exchange for new lease liabilities		42,320,016		16,855,171

	As of December 31,
	2025			2024
Weighted-average remaining lease term (years)		2.61			3.45
Weighted-average discount rate		5.97	%		6.01	%

Maturities of operating lease liabilities under non-cancellable leases as of December 31, 2025 are as follows:

	Operating lease commitments
2026		187,176,731
2027		149,626,294
2028		102,186,779
2029		57,809,171
2030		29,328,241
Thereafter		25,594,808

Total undiscounted lease payments		551,722,024

Less: imputed interest		(130,633,829	)

Total lease liabilities		421,088,195

Derivative Financial Liabilities

12 Months Ended

Dec. 31, 2025

Derivative Financial Liabilities [Abstract]

Derivative Financial Liabilities

14.	Derivative Financial Liabilities

(a)

Warrant liabilities

On September 28, 2022, the Company issued 22,900,000 warrants, which consists of 17,250,000 Public Warrants, 4,450,000 Sponsor Warrants and 1,200,000 PIPE Warrants. The Public Warrants began trading on NASDAQ on September 29, 2022, while the Sponsor Warrants and the PIPE Warrants (collectively, the “Private Warrants”) which were held by Silver Crest Management LLC (the “Sponsor”), the PIPE investors or any of their permitted transferees were not traded.

Management considers Public Warrants and Private Warrants as liabilities and measures them at fair value in accordance with ASC 815, with fair value changes recognized in the consolidated statements of operations.

On May 12, 2023, the Company offered to the holders of outstanding Public and Private Warrants for a warrant modification to issue 0.048 ordinary shares in exchange for each of the outstanding warrants tendered by the holder and exchanged pursuant to the offer (the “Offer”). Concurrently with the Offer, the Company also solicited consents from holders of the warrants to modify the warrant agreement, which modification will govern all of the warrants, to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for 0.043 of an ordinary share, which is a ratio 10% less than the exchange ratio applicable to the Offer. Pursuant to the exchange, the Company issued an aggregate of 1,083,949 ordinary shares in June 2023 in exchange for all of its outstanding warrants, increasing the balances of ordinary shares and additional paid in capital in the amount of RMB365 and RMB105,931,016, respectively.

(b)

Contingent cash settlement features of ESA Transaction (“ESA derivative liabilities”)

On September 28, 2022, the Company issued 1,000,000 ordinary shares to Shaolin Capital Partners Master Fund Ltd, MAP 214 Segregated Portfolio, a segregated portfolio of LMA SPC, DS Liquid DIV RVA SCM LLC and Shaolin Capital Partners SP, a segregated portfolio of PC MAP SPC (collectively, “ESA Investors”) pursuant to Equity Support Agreement (“ESA Agreement”) entered into on March 8, 2022 and as amended on July 28, 2022, concurrently with receipt of the subscription price of US$50,000,000 (equivalent to RMB355,535,000) paid by the ESA Investors, which were deposited into a collateral account established in the name of the Company (the “ESA Transaction”).

According to the ESA Agreement and Amendment No. 2 To ESA Agreement entered into on December 27, 2022, the Company will receive the proceeds from the collateral account. Subject to acceleration and postponement in certain circumstances set forth in the ESA Agreement, the proceeds to be received by the Company at the end of each reference period will be an amount equal to the agreed number of shares provided in ESA Agreement multiplied by the lesser of (i) an agreed price provided in ESA Agreement and (ii) the average volume weighted average price for the reference period (“Reference Price”). Concurrently, the Company shall pay to the ESA Investors a reference period payment, which is an amount equal to the agreed number of shares multiplied by (i) if Reference Price is less than the agreed price, an amount equal to agreed price minus the reference price for the reference period, or (ii) if the Reference Price for the reference period is greater than or equal to the agreed price, zero. At the end of the final reference period, the outstanding cash balance in the collateral account shall be released to the Company. Within five business days following the release of the outstanding cash balance of the collateral account, the Company shall pay to the ESA Investors and/or Shaolin Capital Management LLC (“Shaolin”), at the direction of Shaolin, the aggregate amount of interest accrued on the funds held in the collateral account prior to the release less US$100,000, up to a maximum of US$300,000.

The contingent cash settlement features of ESA agreement were determined to be classified as liabilities measured at fair value in accordance with ASC 815, with fair value changes recognized in the consolidated statements of operations, since the Company does not have an unconditional right to avoid delivering cash.

In 2023, the accumulative ESA proceeds of US$17,292,158 (equivalent to RMB119,826,783) were released from the collateral account and received by the Company while US$35,874,489 (equivalent to RMB249,470,932) were released from the collateral account and returned to Shaolin. The Company received US$812,069 (equivalent to RMB5,718,400) of interest income from the collateral account and Shaolin received US$300,000 interest income from the collateral account. For the year ended December 31, 2023, realized gains of RMB5,718,400 was recorded in interest income due to the termination of ESA Agreement. The ESA derivative liabilities were settled in 2023.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Parent Only Financial Information [Abstract]

Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Condensed Balance Sheets

Condensed Balance Sheets

	As of December 31,
	2025			2024
	RMB			RMB
ASSETS
Current assets
Cash		235,274			1,262,397
Investment in and amount due from subsidiaries		-			51,711,938
Prepaid expenses and other current assets		1,183,943			5,592,243
Total current assets		1,419,217			58,566,578
Non-current assets
Intangible assets, net		43,637,133			48,222,183
Total non-current assets		43,637,133			48,222,183
Total assets		45,056,350			106,788,761

LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Convertible notes, at fair value, current		-			473,715,560
Other current liabilities		10,269,459			9,115,387
Total current liabilities		10,269,459			482,830,947
Non-current liabilities
Share of losses in excess of investments in subsidiaries and amount due to subsidiaries		125,049,372			-
Convertible notes, at fair value, non-current		1,152,723,200			464,847,231
Total non-current liabilities		1,277,772,572			464,847,231
Total liabilities		1,288,042,031			947,678,178

Shareholders’ deficit
Series A-2 Convertible Preferred Share		-			-
Class A-1 Special Voting Share		-			-
Ordinary shares		9,733			9,733
Additional paid-in capital		1,821,605,222			1,818,421,338
Accumulated losses		(3,102,993,825	)		(2,668,505,330	)
Accumulated other comprehensive income		38,393,189			9,184,842
Treasury shares		-			-
Total shareholders’ deficit		(1,242,985,681	)		(840,889,417	)

Total liabilities and shareholders’ deficit		45,056,350			106,788,761

Schedule of Condensed Statements of Operations and Comprehensive Loss

Condensed Statements of Operations and Comprehensive Loss

	For the year ended December 31,
	2025			2024			2023
	RMB			RMB			RMB

General and administrative expenses		24,204,888			15,519,779			103,314,272
Franchise and royalty expenses		3,567,500			3,558,350			3,527,900
Total costs and expenses, net		27,772,388			19,078,129			106,842,172

Operating loss		(27,772,388	)		(19,078,129	)		(106,842,172	)

Equity in loss of subsidiaries		(303,182,244	)		(364,918,487	)		(628,343,362	)
Interest income		-			-			7,641,583
Interest expense		-			(5,275,901	)		-
Foreign currency transaction gain/(loss)		171,221			(1,003	)		(6,944	)
Loss of debt extinguishment		(73,078,104	)		(10,657,161	)		-
Gain on disposal of Popeyes business		-			70,664,684			-
Changes in fair value of Deferred Contingent consideration		-			(16,941,248	)		(26,106,460	)
Changes in fair value of convertible notes		(30,626,980	)		(65,874,310	)		(58,280,908	)
Changes in fair value of warrant liabilities		-			-			(83,966,126	)
Changes in fair value of ESA derivative liabilities		-			-			19,654,006

Loss before income taxes		(434,488,495	)		(412,081,555	)		(876,250,383	)

Income tax expenses		-			-			-

Net loss		(434,488,495	)		(412,081,555	)		(876,250,383	)

Other comprehensive income/(loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes		2,004,935			(1,494,507	)		(2,116,740	)
Foreign currency translation adjustment, net of nil income taxes		21,352,712			(10,812,516	)		8,741,308
Amounts reclassified from accumulated other comprehensive income		5,850,700			-			(5,718,400	)
Unrealized gain on short-term investments, net of nil income taxes		-			-			3,584,872

Total comprehensive loss		(405,280,148	)		(424,388,578	)		(871,759,343	)

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	For the year ended December 31,
	2025			2024			2023
	RMB			RMB			RMB

Net cash used in operating activities		(1,031,594	)		(8,792,718	)		(33,401,467	)
Net cash (used in)/provided by investing activities		(9,352,284	)		(180,538,842	)		53,570,674
Net cash provided by/(used in) financing activities		9,089,950			188,239,915			(46,058,129	)
Effect of foreign currency exchange rate changes on cash		266,805			34,615			(1,263,825	)
Net decrease in cash		(1,027,123	)		(1,057,030	)		(27,152,747	)
Cash at beginning of year		1,262,397			2,319,427			29,472,174
Cash at end of year		235,274			1,262,397			2,319,427

Income Tax - Schedule of Components of Income Tax Expense (Details)	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 HKD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 HKD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 HKD ($)
Current income tax expense
Total current tax provision	¥ 483,675		¥ 2,115,015		¥ 97,241
Total income tax expense	483,675		2,115,015		97,241
Chinese Mainland [Member]
Current income tax expense
Total current tax provision	483,675		2,096,534		97,241
Hong Kong [Member]
Current income tax expense
Total current tax provision			¥ 18,481
Total income tax expense \| $

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Fair Value Measurement (Details)	Dec. 31, 2025
Expected Dividend Yield [Member]
Fair Value Measurement [Line Items]
Expected dividend yield	0

Consolidated Statements of Operations (Parentheticals) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Other revenues from transactions with a related party	¥ 1,949,211	¥ 1,211,216
Cost of Company owned and operated stores from transactions with a related party	30,743,744	53,208,876	72,109,353
Service fee from transactions with a related party	600,000	600,000	600,000
Franchise and royalty expenses from transactions with related parties	¥ 49,935,665	¥ 47,477,864	¥ 51,697,551

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases [Abstract]
Company-owned stores and office space	500
Operating leases			¥ 2,971,616

Contract Liabilities - Schedule of Contract Liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	¥ 37,197,137	¥ 39,677,547
Contract liabilities – non-current	10,132,998	8,021,755
Deferred revenue related to customer loyalty program [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	9,880,088	14,187,502
Advance from customers related to coupons and gift cards [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	10,730,632	12,390,620
Deferred revenue related to upfront franchise fees received from sub-franchisees [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	5,166,032	3,235,686
Contract liabilities – non-current	10,132,998	7,781,755
Advance from sub-franchisees related to other franchise support activities [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	9,054,363	8,435,669
Others [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities - current	2,366,022	1,428,070
Others [Member]
Contract with Customer, Asset, Past Due [Line Items]
Contract liabilities – non-current		¥ 240,000

Significant Transactions (Details)												12 Months Ended
Significant Transactions (Details)	Dec. 02, 2025 CNY (¥)	Dec. 02, 2025 USD ($)	Aug. 15, 2024 CNY (¥)	Aug. 15, 2024 USD ($)	Jun. 28, 2024 USD ($)	Mar. 20, 2024 CNY (¥)	Mar. 20, 2024 USD ($)	Mar. 07, 2024 CNY (¥)	Mar. 07, 2024 USD ($)	Mar. 30, 2023 CNY (¥)	Mar. 30, 2023 USD ($)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2026 shares	Dec. 31, 2025 USD ($) shares	Dec. 02, 2025 USD ($)	Dec. 31, 2024 USD ($) shares	Aug. 15, 2024 USD ($)	Jun. 28, 2024 ¥ / shares	Jun. 28, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Significant Transactions [Line Items]
Outstanding shares percentage										100.00%	100.00%
Cash \| ¥												¥ 678,309		¥ 588,493
Ordinary shares issued (in Shares) \| shares												33,243,582		33,243,582			33,243,582		33,243,582
Ordinary shares issued value \| ¥												¥ 9,733		¥ 9,733
Share capital												742	$ 108
Additional paid-in capital \| ¥												¥ 1,821,605,222		1,818,421,338
Volume weighted average price												85.00%					85.00%
Divided													$ 350,000,000,000
Divided percentage												85.00%	85.00%
Amount due to related parties										¥ 66,130,560	$ 9,600,000
Fair value of deferred contingent consideration												¥ 11,174,350		16,941,248	¥ 26,106,460				$ 2,383,607				$ 3,700,000
Forfeiture feature												6,544,170	$ 950,000
Intangible asset												26,624,439	3,865,000
Reduction of additional paid-in capital												91,859,481					$ 13,335,000
Legal fees			¥ 1,226,295	$ 175,000								9,743,037	1,414,371
Gain of disposal amount												73,109,395	10,257,280
Carrying amount of proceeds (in Yuan Renminbi) \| ¥												1,441,722
Convertible note amount \| ¥												1,152,723,200		938,562,791
Loss of debt extinguishment \| ¥												(73,078,104)		(10,657,161)
Cash consideration	¥ 495,007,230	$ 69,922,201	28,755,632
Fair value of derivative
Fair value												180,024,384					25,343,967
Principal amount	636,595,230																	$ 89,922,201
Proceeds from issuance \| ¥														¥ 142,536,000
Debt extinguishment amount												67,227,404	9,422,201
Debt restructuring costs												13,608,491	1,922,266
Unpaid transaction costs in other current liabilities												2,248,139					317,561
Convertible Debt [Member]
Significant Transactions [Line Items]
Loss of debt extinguishment	7,690,096	1,077,799
Fair value due to instrument specific credit												5,850,700					820,000
Ordinary Shares [Member]
Significant Transactions [Line Items]
Ordinary shares issued value												¥ 265,555,530					$ 38,550,000
PLKC International Limited [Member]
Significant Transactions [Line Items]
Purchase agreement equity interest												100.00%					100.00%
THRI [Member]
Significant Transactions [Line Items]
Legal fees		17,113,639										¥ 128,847,299	18,079,264
Cash proceeds		$ 2,886,361
TDL Group Corp [Member]
Significant Transactions [Line Items]
Legal fees \| ¥	121,154,296
Other transaction costs												2,558,664					$ 360,000
Cash proceeds \| ¥	20,433,704
Promissory Notes [Member]
Significant Transactions [Line Items]
Aggregate principal amount							$ 20,000,000		$ 20,000,000
Series A Convertible Notes [Member]
Significant Transactions [Line Items]
Principal amount																	$ 100					$ 45,000,000
Proceeds from issuance
1st Tranche [Member] \| Series A-2 Convertible Note [Member]
Significant Transactions [Line Items]
Principal amount \| ¥	¥ 636,595,230
Popeyes Disposal [Member]
Significant Transactions [Line Items]
Loss of debt extinguishment												¥ 8,121,832	1,142,729
Holdings IV [Member] \| Ordinary Shares [Member]
Significant Transactions [Line Items]
Ordinary shares issued (in Shares) \| shares												2,293,315					2,293,315
Pangaea Three Acquisition Holdings IV, Limited [Member] \| Promissory Notes [Member]
Significant Transactions [Line Items]
Aggregate principal amount \| ¥						¥ 142,536,000		¥ 142,536,000
Issuance of Convertible Notes to Cartesian [Member]
Significant Transactions [Line Items]
Loss of debt extinguishment												¥ 2,535,329	356,718
Issuance of Convertible Notes to Cartesian [Member] \| Series A Convertible Notes [Member]
Significant Transactions [Line Items]
Principal amount																	$ 10,000,000
Holdings IV [Member]
Significant Transactions [Line Items]
Percentage of exempted holding.										90.00%	90.00%
Additional paid-in capital												¥ 265,554,788					$ 38,549,892
Holdings IV [Member] \| Ordinary Shares [Member]
Significant Transactions [Line Items]
Ordinary shares issued (in Shares) \| shares												2,063,984					2,063,984
PLK [Member]
Significant Transactions [Line Items]
Percentage of exempted holding.										10.00%	10.00%
Cash												¥ 206,658,000					$ 30,000,000
Fair value of deferred contingent consideration												78,284,821					$ 10,979,203
Forfeiture feature												¥ 325,141,920	47,200,000
PLK [Member] \| Ordinary Shares [Member]
Significant Transactions [Line Items]
Ordinary shares issued (in Shares) \| shares												229,331					229,331
Popeyes China Franchisee [Member]
Significant Transactions [Line Items]
Contractual term										20 years	20 years
Annual revenue percentage												3.00%					3.00%
Fair value of deferred contingent consideration												¥ 17,764,115					$ 1,568,361
Popeyes China Franchisee [Member] \| Ordinary Shares [Member] \| Forecast [Member]
Significant Transactions [Line Items]
Ordinary shares issued (in Shares) \| shares																286,664
TH International Limited [Member]
Significant Transactions [Line Items]
Cash												206,658,000					30,000,000
Cartesian DCC [Member]
Significant Transactions [Line Items]
Fair value of deferred contingent consideration												100,569,154					14,115,246
THRI [Member]
Significant Transactions [Line Items]
Gain of disposal amount												2,444,711	343,967
Cash consideration												11,123,053	1,560,836
THRI [Member] \| Series A-2 Convertible Note [Member]
Significant Transactions [Line Items]
Principal amount												177,579,673	25,000,000
PLK APAC Pte. Ltd.[Member]
Significant Transactions [Line Items]
Fair value of deferred contingent consideration			¥ 5,429,712																	$ 774,854
Series A-1 Convertible Note [Member] \| Due to Related Parties [Member]
Significant Transactions [Line Items]
Fair value of deferred contingent consideration																	15,000,000
Series A-1 Convertible Note [Member] \| Popeyes Disposal [Member]
Significant Transactions [Line Items]
Convertible note amount												108,740,538					15,257,975
Series A-1 Convertible Note [Member] \| Issuance of Convertible Notes to Cartesian [Member]
Significant Transactions [Line Items]
Principal amount																	$ 741,340
Outstanding principal and interest												¥ 147,819,389	20,741,340
Series A Convertible Notes [Member]
Significant Transactions [Line Items]
Cash consideration				5,000,000
Series A Convertible Notes [Member] \| Convertible Notes [Member]
Significant Transactions [Line Items]
Cash consideration													$ 20,000,000
Series A Convertible Notes [Member] \| THRI [Member]
Significant Transactions [Line Items]
Cash consideration				$ 4,050,146
Class A Special Voting Share [Member] \| Tim Hortons Restaurants International GmbH [Member]
Significant Transactions [Line Items]
Share issued par value \| $ / shares																						$ 0.0000469793497033866
Series A-2 Convertible Preferred Share [Member]
Significant Transactions [Line Items]
Share issued par value \| (per share)																					¥ 713	99.99
Series A-2 Convertible Preferred Share [Member] \| THRI [Member]
Significant Transactions [Line Items]
Share issued par value \| $ / shares																						$ 0.0000469793497033866

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

27.	Subsequent Events

On January 21, 2026, the Company’s Board of Directors approved an ESOP exercise price adjustment for share options granted under the Scheme to the lower of US$2.7822 per share and the original ESOP exercise price.

Share-Based Compensation - Schedule of Key Assumptions are Listed (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Key Assumptions are Listed [Line Items]
Expected volatility	23.00%	24.00%	24.00%
Risk-free interest rate (per annum)	4.10%	4.60%	5.02%
Exercise multiple (in Dollars per share)	$ 2.8	$ 2.2	$ 2.8
Expected dividend yield	0.00%	0.00%	0.00%
Expected term (in years)	10 years	10 years	10 years
Fair value of the underlying ordinary share (in Dollars per share)	$ 2.7	$ 3.45
Minimum [Member]
Schedule of Key Assumptions are Listed [Line Items]
Fair value of the underlying ordinary share (in Dollars per share)			$ 2.15
Maximum [Member]
Schedule of Key Assumptions are Listed [Line Items]
Fair value of the underlying ordinary share (in Dollars per share)			$ 4.15

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Summary of Significant Accounting Policies [Abstract]

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
Creditable input VAT	¥ 99,058,265	¥ 122,007,581
Short-term deposits	12,874,167	9,003,252
Receivables from payment processors and aggregators	12,610,478	12,356,383
Prepaid marketing expenses	5,653,165	5,373,942
Others	12,039,303	10,140,429
Total	¥ 142,235,378	¥ 158,881,587

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

3.	Summary of Significant Accounting Policies

(a)

Basis of Preparation and Principles of Consolidation

(b)

Fiscal Calendar

The Company’s fiscal year is from January 1 to December 31.

(c)

Use of Estimates

(d)

Foreign Currency Transaction and Translation

(e)

Risks and Concentration

Foreign exchange risk

Concentration of credit risk

The Company has no significant concentrations of credit risk with respect to its prepaid expenses and other current assets.

Concentration of operation risk

(f)

Cash and cash equivalents and restricted cash

Cash and cash equivalents

The Company’s cash and cash equivalents consist of cash on hand, cash held in banks, time deposits which are less than three-months or highly liquid investments.

Restricted cash

Restricted cash represents amounts held by banks, which are not available for the Company’s use, primarily consisting of security for bank borrowings and deposits restricted for use.

Cash and cash equivalents and restricted cash are deposited in financial institutions at below locations:

	As of December 31,
	2025		2024
Cash on hand		678,309		588,493

Financial institutions in Chinese Mainland
- Denominated in RMB		38,284,253		50,460,661
- Denominated in USD		89,753,987		127,929,476
Total balance of cash and cash equivalents and restricted cash held at Chinese Mainland financial institutions		128,038,240		178,390,137

Financial institutions in HKSAR
- Denominated in RMB		969		29
- Denominated in USD		335,147		4,422,880
- Denominated in HKD		658,212		835,892
Total balance of cash held at the HKSAR financial institutions		994,328		5,258,801

Total balance of cash and cash equivalents and restricted cash held at financial institutions		129,032,568		183,648,938
Total balance of cash and cash equivalents and restricted cash		129,710,877		184,237,431

(g)

Revenue Recognition

Sales of food, beverage and packaged products by Company owned and operated stores

The Company generates majority of its revenue from sales of food, beverage and packaged products to customers by Company owned and operated stores. The revenue amounts exclude sales-related taxes.

For customers who visit the Company’s stores, sales revenue is recognized when Company satisfies its obligation by transferring control of the goods to the customer.

Franchise fees

Franchise fees primarily include upfront franchise fees, continuing fees and revenue from advertising services.

Revenues from other franchise support activities

Loyalty program

Revenue from e-commerce sales and wholesale products

The Company generated revenue from wholesale of canned coffee beverage and packaged coffee extract. The Company recognizes revenue when the control of the goods is transferred to the customers, which occurs upon the delivery of goods.

(h)

Accounts Receivable and Current Expected Credit Losses

(i)

Receivables from Payment Processors and Aggregators

(j)

Inventories

(k)

Property and Equipment

(l)

Internal Development Costs

(m)

Intangible Assets

(n)

Impairment of Long-Lived Assets

(o)

Employee Benefits

(p)

Share-Based Compensation

(q)

Asset Retirement Obligations

(r)

Commitments and Contingencies

(s)

Non-controlling Interests

(t)

Leases

The Company does not have finance leases for the years ended December 31, 2025, 2024 and 2023.

(u)

Marketing Expenses

(v)

Government Subsidies

(w)

Income Taxes

(x)

Loss Per Share

(y)

Fair Value Measurements

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

(z)

Statutory Reserve

(aa)

Recently adopted accounting pronouncements

(bb)

New accounting pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents and restricted cash are deposited in financial institutions at below locations:

	As of December 31,
	2025		2024
Cash on hand		678,309		588,493

Financial institutions in Chinese Mainland
- Denominated in RMB		38,284,253		50,460,661
- Denominated in USD		89,753,987		127,929,476
Total balance of cash and cash equivalents and restricted cash held at Chinese Mainland financial institutions		128,038,240		178,390,137

Financial institutions in HKSAR
- Denominated in RMB		969		29
- Denominated in USD		335,147		4,422,880
- Denominated in HKD		658,212		835,892
Total balance of cash held at the HKSAR financial institutions		994,328		5,258,801

Total balance of cash and cash equivalents and restricted cash held at financial institutions		129,032,568		183,648,938
Total balance of cash and cash equivalents and restricted cash		129,710,877		184,237,431

Parent Only Financial Information - Schedule of Condensed Statements of Operations and Comprehensive Loss (Details) - Reportable Legal Entities [Member] - Parent Company [Member] - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Condensed Statements of Operations [Line Items]
General and administrative expenses	¥ 24,204,888	¥ 15,519,779	¥ 103,314,272
Franchise and royalty expenses	3,567,500	3,558,350	3,527,900
Total costs and expenses, net	27,772,388	19,078,129	106,842,172
Operating loss	(27,772,388)	(19,078,129)	(106,842,172)
Equity in loss of subsidiaries	(303,182,244)	(364,918,487)	(628,343,362)
Interest income			7,641,583
Interest expense		(5,275,901)
Foreign currency transaction gain/(loss)	171,221	(1,003)	(6,944)
Loss of debt extinguishment	(73,078,104)	(10,657,161)
Gain on disposal of Popeyes business		70,664,684
Changes in fair value of Deferred Contingent consideration		(16,941,248)	(26,106,460)
Changes in fair value of convertible notes	(30,626,980)	(65,874,310)	(58,280,908)
Changes in fair value of warrant liabilities			(83,966,126)
Changes in fair value of ESA derivative liabilities			19,654,006
Loss before income taxes	(434,488,495)	(412,081,555)	(876,250,383)
Income tax expenses
Net loss	(434,488,495)	(412,081,555)	(876,250,383)
Other comprehensive income/(loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes	2,004,935	(1,494,507)	(2,116,740)
Foreign currency translation adjustment, net of nil income taxes	21,352,712	(10,812,516)	8,741,308
Amounts reclassified from accumulated other comprehensive income	5,850,700		(5,718,400)
Unrealized gain on short-term investments, net of nil income taxes			3,584,872
Total comprehensive loss	¥ (405,280,148)	¥ (424,388,578)	¥ (871,759,343)

Revenue - Schedule of Revenue (Details) - CNY (¥)	12 Months Ended
Revenue - Schedule of Revenue (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Revenue [Line Items]
Total revenues	¥ 1,316,196,474	¥ 1,391,157,811	¥ 1,560,005,807
Sales of Food, Beverage and Packaged Products by Company Owned and Operated Stores [Member]
Schedule of Revenue [Line Items]
Total revenues	1,068,169,775	1,188,292,854	1,389,640,747
Franchise Fees [Member]
Schedule of Revenue [Line Items]
Total revenues	36,552,434	24,214,820	15,443,024
Revenues from Other Franchise Support Activities [Member]
Schedule of Revenue [Line Items]
Total revenues	196,105,041	149,457,775	66,878,149
Revenue from E-Commerce Sales [Member]
Schedule of Revenue [Line Items]
Total revenues		808,861	59,067,398
Revenues from wholesale and other activities [Member]
Schedule of Revenue [Line Items]
Total revenues	¥ 15,369,224	¥ 28,383,501	¥ 28,976,489

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Paragraph 22
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Schedule of Components of Loss from Continuing Operations Before Income Taxes

Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Intangible Assets, Net [Abstract]

Intangible Assets, Net

8.	Intangible Assets, Net

Intangible assets, net consist of the following:

	Amortization		As of December 31,
	period (years)		2025			2024
Franchise right - authorized by THRI		20		70,288,000			71,884,000
Franchise right - upfront franchise fees		1-13.5		86,086,817			84,994,957
Less: accumulated amortization				(75,360,443	)		(59,859,869	)
Intangible assets, net				81,014,374			97,019,088

Amortization of intangible assets is charged to store depreciation and amortization and franchise and royalty expenses as follows:

	For the year ended December 31
	2025		2024		2023
Store depreciation and amortization		8,119,220		14,401,566		7,329,142
Franchise and royalty expenses		12,800,468		10,283,615		5,365,457
Total		20,919,688		24,685,181		12,694,599

The estimated future amortization expenses related to the intangible assets are set forth as follows:

Year ended December 31, 2026			15,178,233
2027			12,775,690
2028			9,952,207
2029			7,419,695
2030			5,695,992
Thereafter			29,992,557
Total			81,014,374

Derivative Financial Liabilities (Details)			12 Months Ended
Derivative Financial Liabilities (Details)	Jun. 30, 2023 CNY (¥) shares	Sep. 28, 2022 CNY (¥) shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	May 12, 2023 $ / shares	Dec. 27, 2022 USD ($) $ / shares	Sep. 28, 2022 USD ($) shares
Derivative Financial Liabilities [Line Items]
Increasing balances \| ¥	¥ 365
Additional paid in capital \| ¥	¥ 105,931,016
Collateral received			¥ 119,826,783	$ 17,292,158
Collateral received amount			249,470,932	35,874,489
Interest Income received from collateral account			5,718,400	812,069
Realized gains \| ¥			¥ 5,718,400
Warrant [Member]
Derivative Financial Liabilities [Line Items]
Number of warrants issued		22,900,000					22,900,000
Public Warrants [Member]
Derivative Financial Liabilities [Line Items]
Number of ordinary share		17,250,000					17,250,000
Sponsor Warrants [Member]
Derivative Financial Liabilities [Line Items]
Number of ordinary share		4,450,000					4,450,000
PIPE Warrants [Member]
Derivative Financial Liabilities [Line Items]
Number of ordinary share		1,200,000					1,200,000
ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Agreed price provided in ESA agreement \| $ / shares						$ 0
Shaolin [Member]
Derivative Financial Liabilities [Line Items]
Interest Income received from collateral account \| $				$ 300,000
Common Stock [Member] \| Warrant [Member]
Derivative Financial Liabilities [Line Items]
Aggregate share	1,083,949
Equity Support Agreement [Member]
Derivative Financial Liabilities [Line Items]
Collateral account		¥ 355,535,000					$ 50,000,000
Equity Support Agreement [Member] \| Shaolin [Member]
Derivative Financial Liabilities [Line Items]
Shares issued		1,000,000
Maximum [Member] \| ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Interest accrued on the funds held in the collateral \| $						$ 300,000
Maximum [Member] \| Warrant Agreement [Member] \| Warrant [Member]
Derivative Financial Liabilities [Line Items]
Share issued price per share \| $ / shares					$ 0.048
Minimum [Member] \| ESA Derivative Liabilities [Member]
Derivative Financial Liabilities [Line Items]
Interest accrued on the funds held in the collateral \| $						$ 100,000
Minimum [Member] \| Warrant Agreement [Member] \| Warrant [Member]
Derivative Financial Liabilities [Line Items]
Share issued price per share \| $ / shares					$ 0.043

Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax [Abstract]

The components of loss from continuing operations before income taxes are as follows:

	Year ended December 31,
	2025			2024			2023
Loss from continuing operations before income taxes:
- Chinese Mainland		(301,351,207	)		(342,851,600	)		(594,685,363	)
- Hong Kong		(2,670,612	)		3,637,071			4,576,236
- Cayman Islands		(131,306,252	)		(119,099,460	)		(249,523,604	)
Total		(435,328,071	)		(458,313,989	)		(839,632,731	)

Schedule of Components of Income Tax Expense

The components of income tax expense for the years ended December 31, 2025, 2024 and 2023 are as follows:

	Year ended December 31,
	2025		2024		2023
Current income tax expense
- Chinese Mainland		483,675		2,096,534		97,241
- Hong Kong		-		18,481		-
Total current tax provision		483,675		2,115,015		97,241

Total income tax expense		483,675		2,115,015		97,241

Schedule of Income Tax Rate

	Year ended December 31,
	2025
	Amount			Percent
Tax calculated at the PRC statutory tax rate		(108,832,018	)		25.0	%
Non-deductible expenses		734,500			(0.2	)%
Tax loss expiration		29,694,743			(6.8	)%
Change in valuation allowance		45,392,233			(10.4	)%
Foreign tax effect:
Cayman Islands
- Tax rate differential		32,826,563			(7.5	)%
Hong Kong
- Tax rate differential		227,002			(0.1	)%
- Tax-exempt income		(180,128	)		0.0	%
- Change in valuation allowance		620,780			(0.1	)%
Total		483,675			(0.1	)%

Reconciliation of the differences between PRC statutory income tax rate and the Company’s effective income tax rate for the years ended December 31, 2024 and 2023 are as follows:

	Year ended December 31,
	2024			2023
PRC statutory tax rate		25.0	%		25.0	%
Effect of tax rate differential for non-PRC entities		(6.5	)%		(7.1	)%
Effect of non-deductible expenses		(1.2	)%		(0.6	)%
Effect of tax-exempt income		0.1	%		-
Change in valuation allowance		(17.9	)%		(17.3	)%
Actual income tax rate		(0.5	)%		(0.0	)%

Schedule of Deferred Income Tax Assets and Liabilities

The principal components of the deferred tax assets and liabilities are as follows:

	As of December 31,
	2025			2024
Deferred tax assets:
Operating losses carryforwards		445,565,581			409,124,311
Contract liabilities		11,832,534			6,644,531
Impairment losses		38,101,318			26,434,674
Operating lease liabilities		105,272,049			139,547,582
Other current liabilities		20,124,872			31,384,591
Property and equipment		6,810,195			7,164,319
Total gross deferred tax assets		627,706,549			620,300,008

Less: valuation allowances		(528,140,664	)		(482,127,651	)

Deferred tax assets, net of valuation allowance		99,565,885			138,172,357

Deferred tax liabilities:
Operating right-of-use assets		(87,229,080	)		(123,327,098	)
Property and equipment		(12,336,805	)		(14,845,259	)
Total deferred tax liabilities		(99,565,885	)		(138,172,357	)

Deferred tax assets		99,565,885			138,172,357
Deferred tax liabilities		(99,565,885	)		(138,172,357	)
Net deferred tax assets		-			-

Schedule of Changes in Valuation Allowance

Changes in valuation allowance are as follows:

	Year ended December 31,
	2025			2024
Balance at the beginning of the year		482,127,651			418,748,714
Increases in the year		75,707,756			82,215,410
Decrease due to expiration of loss carryforwards		(29,694,743	)		(18,836,473	)
Balance at the end of the year		528,140,664			482,127,651

Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Current Liabilities [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consist of the following:

		As of December 31,
		2025		2024
Accrued payroll and employee-related costs			32,587,186		37,435,535
Payable for acquisition of property and equipment			29,496,455		75,330,611
Guarantee deposits			25,345,754		16,808,155
Accrued marketing expenses			3,762,206		7,528,051
Sundry taxes payable			15,317,979		10,435,265
Accrued professional service fees			13,106,747		10,733,915
Accrued offering costs	(i)		1,265,184		1,581,448
Accrued rental expenses			2,161,456		2,371,324
Other accrual expenses			49,563,049		28,982,559
Total			172,606,016		191,206,863

(i)

Cover	12 Months Ended
Cover	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Document Shell Company Report	false
Entity Interactive Data Current	Yes
Document Accounting Standard	U.S. GAAP
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Information [Line Items]
Entity Registrant Name	TH International Limited
Entity Central Index Key	0001877333
Entity File Number	001-41516
Entity Incorporation, State or Country Code	E9
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	2501 Central Plaza
Entity Address, Address Line Two	227 Huangpi North Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200003
Entity Listings [Line Items]
Title of 12(b) Security	Ordinary share, par value US$0.0000469793497033866 per share
Trading Symbol	THCH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	33,243,582
Business Contact [Member]
Entity Contact Personnel [Line Items]
Contact Personnel Name	Dong Li
Entity Address, Address Line One	2501 Central Plaza
Entity Address, Address Line Two	227 Huangpi North Road
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	200003
Entity Phone Fax Numbers [Line Items]
City Area Code	+86
Local Phone Number	021-6136-6616

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Other Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-Current Liabilities [Abstract]

Schedule of Other Non-Current Liabilities

Other non-current liabilities consist of the following:

	As of December 31,
	2025		2024
Asset retirement obligations		7,591,989		7,506,609
Others		118,929		166,501
Total		7,710,918		7,673,110

Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Other Non-Current Assets [Abstract]
Long-term rental deposits	¥ 45,088,451	¥ 53,966,563
Creditable input VAT	42,962,154
Total	¥ 88,050,605	¥ 53,966,563

Fair Value Measurement - Schedule of Fair Value Hierarchy for Assets and Liabilities Measured (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Current liabilities
Total Fair Value Assets and Liabilities	¥ 1,153,988,384	¥ 940,144,239
Liability-settled share-based payment to non-employee [Member]
Current liabilities
Total Fair Value Liabilities	1,265,184	1,581,448
Convertible Junior Notes [Member]
Current liabilities
Total Fair Value Liabilities	514,508,160	464,847,231
Convertible Senior Secured Notes [Member]
Current liabilities
Total Fair Value Liabilities	638,215,040
Convertible Senior Notes [Member]
Current liabilities
Total Fair Value Liabilities		473,715,560
Level 1 [Member]
Current liabilities
Total Fair Value Assets and Liabilities
Level 1 [Member] \| Liability-settled share-based payment to non-employee [Member]
Current liabilities
Total Fair Value Liabilities
Level 1 [Member] \| Convertible Junior Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 1 [Member] \| Convertible Senior Secured Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 1 [Member] \| Convertible Senior Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 2 [Member]
Current liabilities
Total Fair Value Assets and Liabilities
Level 2 [Member] \| Liability-settled share-based payment to non-employee [Member]
Current liabilities
Total Fair Value Liabilities
Level 2 [Member] \| Convertible Junior Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 2 [Member] \| Convertible Senior Secured Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 2 [Member] \| Convertible Senior Notes [Member]
Current liabilities
Total Fair Value Liabilities
Level 3 [Member]
Current liabilities
Total Fair Value Assets and Liabilities	1,153,988,384	940,144,239
Level 3 [Member] \| Liability-settled share-based payment to non-employee [Member]
Current liabilities
Total Fair Value Liabilities	1,265,184	1,581,448
Level 3 [Member] \| Convertible Junior Notes [Member]
Current liabilities
Total Fair Value Liabilities	514,508,160	464,847,231
Level 3 [Member] \| Convertible Senior Secured Notes [Member]
Current liabilities
Total Fair Value Liabilities	¥ 638,215,040
Level 3 [Member] \| Convertible Senior Notes [Member]
Current liabilities
Total Fair Value Liabilities		¥ 473,715,560

Other Income (Tables)

12 Months Ended

Dec. 31, 2025

Other Income [Abstract]

Schedule of Other Income

Other Income consists of the following:

	For the years ended December 31,
	2025		2024		2023
Unconditional government grants		1,652,039		6,696,779		9,945,338
Others		1,803,136		1,711,312		1,797,887
Total		3,455,175		8,408,091		11,743,225

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	¥ 970,921,427	¥ 1,023,946,379
Less: accumulated depreciation	(523,412,042)	(436,363,031)
Less: accumulated impairment loss	(115,439,649)	(85,424,646)
Property and equipment, net	332,069,736	502,158,702
Furniture and office equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	82,350,735	85,599,025
Kitchen equipment [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	189,690,984	213,069,648
Software [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	148,554,078	131,983,473
Leasehold improvements [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	550,222,280	591,976,672
Construction in progress [Member]
Schedule of Property and Equipment, Net [Line Items]
Property and equipment, gross	¥ 103,350	¥ 1,317,561

Consolidated Statements of Comprehensive Loss - CNY (¥)	12 Months Ended
Consolidated Statements of Comprehensive Loss - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	¥ (435,811,746)	¥ (408,985,210)	¥ (872,926,433)
Other comprehensive income/(loss)
Fair value changes of convertible notes due to instrument-specific credit risk, net of nil income taxes	2,004,935	(1,494,507)	(2,116,740)
Foreign currency translation adjustment, net of nil income taxes	21,352,712	(10,812,516)	8,741,308
Amounts reclassified from accumulated other comprehensive income	5,850,700		(5,718,400)
Unrealized gain on short-term investment, net of nil income taxes			3,584,872
Total comprehensive loss	(406,603,399)	(421,292,233)	(868,435,393)
Less: Comprehensive (loss)/income attributable to non-controlling interests	(1,323,251)	3,096,345	3,323,950
Comprehensive loss attributable to shareholders of the Company	¥ (405,280,148)	¥ (424,388,578)	¥ (871,759,343)

Intangible Assets, Net - Schedule of Amortization of Intangible Assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Amortization of Intangible Assets [Line Items]
Total	¥ 20,919,688	¥ 24,685,181	¥ 12,694,599
Store depreciation and amortization [Member]
Schedule of Amortization of Intangible Assets [Line Items]
Total	8,119,220	14,401,566	7,329,142
Franchise and royalty expenses [Member]
Schedule of Amortization of Intangible Assets [Line Items]
Total	¥ 12,800,468	¥ 10,283,615	¥ 5,365,457

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Leases - Schedule of Maturities of Operating Lease liabilities (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024
Schedule of Maturities of Operating Lease liabilities [Abstract]
2026	¥ 187,176,731
2027	149,626,294
2028	102,186,779
2029	57,809,171
2030	29,328,241
Thereafter	25,594,808
Total undiscounted lease payments	551,722,024
Less: imputed interest	(130,633,829)
Total lease liabilities	¥ 421,088,195	¥ 558,190,327

Pay vs Performance Disclosure - CNY (¥)	12 Months Ended
Pay vs Performance Disclosure - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	¥ (434,488,495)	¥ (412,081,555)	¥ (876,250,383)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Leases - Schedule of Leases (Details) - CNY (¥)	12 Months Ended
Leases - Schedule of Leases (Details) - CNY (¥)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Leases [Absract]
Operating lease cost	¥ 211,908,384	¥ 229,718,169	¥ 279,526,257
Variable lease cost	17,975,126	20,286,865	22,664,025
Short-term lease cost			200,917
Total rental expense	229,883,510	250,005,034	¥ 302,391,199
Assets
Operating lease right-of-use assets	348,916,320	493,308,393
Liabilities
Current operating lease liabilities	180,805,734	178,115,199
Non-current operating lease liabilities	240,282,461	380,075,128
Total operating lease liabilities	421,088,195	558,190,327
Cash paid for amounts included in the measurement of lease liabilities	182,297,992	204,719,215
Right-of-use assets obtained in exchange for new lease liabilities	¥ 42,320,016	¥ 16,855,171
Weighted-average remaining lease term (years)	2 years 7 months 9 days	3 years 5 months 12 days
Weighted-average discount rate	5.97%	6.01%

Loss Per Share

12 Months Ended

Dec. 31, 2025

Loss Per Share [Abstract]

Loss Per Share

22.	Loss Per Share

Basic and diluted losses per ordinary share for the years ended December 31, 2025, 2024 and 2023 are calculated as follow.

	As of and for the year ended December 31,
	2025			2024			2023
Numerator:
Net loss from continuing operations attributable to shareholders of the Company		(434,488,495	)		(463,525,349	)		(843,053,922	)
Net income/(loss) income from discontinued operations attributable to shareholders of the Company		-			51,443,794			(33,196,461	)
Net loss attributable to shareholders of the Company		(434,488,495	)		(412,081,555	)		(876,250,383	)

Denominator:
Basic and diluted weighted average number of ordinary shares		32,519,377			32,444,772			30,837,733

Basic and diluted loss per ordinary share
Continuing operations		(13.36	)		(14.29	)		(27.34	)
Discontinued operations		-			1.59			(1.07	)
Total		(13.36	)		(12.70	)		(28.41	)

For the year ended December 31, 2025, 2024 and 2023, the calculation of basic loss per ordinary shares excludes 280,000 unvested earn-in shares owned by the Sponsor that would only be vested upon the Company’s future share price reaching certain price thresholds.

	For the Years Ended December 31,
	2025		2024		2023

Earn-out shares		2,800,000		2,800,000		2,800,000
Original Option Units		1,249,771		1,156,334		1,579,525
Additional Option Units		29,523		30,647		51,690
Liability-settled share-based payment to non-employee		40,000		40,000		40,000
Convertible Senior Notes		-		921,659		921,659
Convertible Junior Notes		21,832,126		14,700,619		-
Convertible Senior Secured Notes		32,320,538		-		-

Bank Borrowings

12 Months Ended

Dec. 31, 2025

Bank Borrowings [Abstract]]

Bank Borrowings

10.	Bank Borrowings

Bank borrowings consist of the following:

	As of December 31,
	2025		2024
Short-term bank borrowings		395,087,735		375,996,175
Long-term bank borrowings due within one year		-		5,266,370
Total bank borrowings, current		395,087,735		381,262,545

	As of December 31,
	2025		2024
Long-term bank borrowings		-		5,266,370
Less: Long-term bank borrowings due within one year		-		(5,266,370	)
Total bank borrowings, non-current		-		-

The Company entered into RMB denominated credit facility agreements with commercial banks in the PRC, which allow the Company to draw down borrowings up to RMB715,000,000 as of December 31, 2025. As of December 31, 2025, the unused credit limit under credit facility agreements was RMB321,125,256.

Certain credit facilities contain covenant to meet the financial performance, if the Company fail to comply with these covenants and is not able to obtain covenant waivers or modifications, the banks could accelerate the indebtedness. As of and for the year ended December 31, 2025 and 2024, the Company was in compliance with these financial covenants.

As of December 31, 2025 and 2024, the outstanding short-term bank borrowings under credit facility agreements bore interest rates ranging from 2.00% to 4.50% and 2.40% to 4.20% per annum, respectively.

As of December 31 2024, the outstanding long-term bank borrowings under credit facility agreements bore interest rates ranging from 4.20% to 4.60% per annum.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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