GreenTree Hospitality Group Ltd. reported its unaudited financial results for the third quarter (Q3) of 2025. Total revenues declined by 15.0% year over year to CNY 303.6 million (USD 42.6 million). Income from operations was CNY 70.1 million (USD 9.8 million). Net income amounted to CNY 60.3 million (USD 8.5 million). Adjusted EBITDA (non-GAAP) decreased by 6.1% year over year to CNY 115.0 million (USD 16.1 million). Cash from operations increased by 3.8% year over year to CNY 144.5 million (USD 20.3 million). As of September 30, 2025, GreenTree operated 4,533 hotels with 323,510 hotel rooms. The company opened 41 hotels during the quarter and had a pipeline of 1,248 hotels contracted for or under development. The average daily room rate was CNY 173, and the occupancy rate stood at 71.3% for the quarter.
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