Tsinghua University-Ma Huateng Telescopes for Survey (TMTS) aims to detect fast-evolving transients in the Universe, which has led to the discovery of thousands of short-period variables and eclipsing binaries since 2020. In this paper, we present the observed properties of 125 flare stars identified by TMTS within the first two years, with an attempt to constrain their eruption physics. As expected, most of these flares were recorded in late-type red stars with G(BP) - G(RP) >2.0 mag; however, the flares associated with bluer stars tend to be on average more energetic and have broader profiles. The peak flux (F-peak) of the flare is found to depend strongly on the equivalent duration (ED) of the energy release, i.e. F-peak proportional to ED0.72 +/- 0.04, which is consistent with results derived from the Kepler and Evryscope samples. This relation is likely to be related to the magnetic loop emission, while, for the more popular non-thermal electron heating model, a specific time evolution may be required to generate this relation. We notice that flares produced by hotter stars have a flatter F-peak - ED relation compared to that from cooler stars. This is related to the statistical discrepancy in light-curve shape of flare events with different colours. In spectra from LAMOST, we find that flare stars have apparently stronger H alpha emission than inactive stars, especially at the low-temperature end, suggesting that chromospheric activity plays an important role in producing flares. On the other hand, the subclass with frequent flares is found to show H alpha emission of similar strength in its spectra to that recorded with only a single flare but similar effective temperature, implying that chromospheric activity may not be the only trigger for eruptions.