-- Total revenues for the fourth quarter decreased by 24.9% year over year
to RMB 228.7 million (US$32.7 million)[1].
-- Net income was RMB-55.7million (US$-8.0 million)[1] compared to RMB-72.8
million for the fourth quarter of 2024.
-- Core net income[4] was RMB63.2 million (US$9.0 million)[1] compared to
RMB57.8 million for the fourth quarter of 2024.
SHANGHAI, April 29, 2026 /PRNewswire/ -- GreenTree Hospitality Group Ltd. $(GHG)$ ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2025.
Fourth Quarter of 2025 Operational Highlights
Hotels
-- A total of 4,580 hotels with 327,060 hotel rooms were in operation as of
December 31, 2025.
-- The Company opened 76 hotels and had a pipeline of 1,260 hotels
contracted for or under development as of December 31, 2025.
-- The average daily room rate was RMB162, a decrease of 4.0% from RMB169 in
the fourth quarter of 2024.
-- The occupancy rate was 64.7%, down from 68.6% in the fourth quarter of
2024.
-- Revenue per available room, or RevPAR, was RMB105, a 9.5% year-over-year
decrease.
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is
based on the exchange rate of US$1.00=RMB 6.9931 on December 31, 2025 as set
forth in H.10 statistical release of the U.S. Federal Reserve Board and
available at https://www.federalreserve.gov/releases/h10/20260105/.
2. Adjusted net income is defined as net income excluding the impact by the
exemption of fees from franchisees, impact from disposal of L&O hotel assets,
impairment of goodwill and trademarks of restaurant business, impairment of
assets, provisions for loan to franchisee loans, foreign exchange losses., and
earnings from the disposal of investment.
3. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating
expenses, income tax expense, share of loss in equity investees, net of tax,
interest expense, depreciation and amortization, losses from investment in
equity securities, other general expenses, and other expense, net, but
excludes other operating income, interest income and other, net, gains from
investment in equity securities, share of gains in equity investees (net of
tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP)
included in this report has been aligned according to the above mentioned
definition.
4. Core net income (non-GAAP) is calculated as net income plus share-based
compensation, losses from investments in equity securities (net of 25% tax),
other expense(net of 25% tax), one-time fees and expense, income tax expenses
related to dividend distribution, and other general expenses but excludes
government subsidies (net of 25% tax), gains from investment in equity
securities (net of 25% tax), and other income (net of 25% tax).
5. Each ADS represents one ordinary share.
Restaurants
-- A total of 191 restaurants were in operation as of December 31, 2025.
-- The AC (average check) was RMB38, a 17.8% year-over-year decrease.
-- The ADT (average daily tickets) was 88, down from 93 in the fourth
quarter of 2024.
-- The ADS (average daily sales per store) was RMB3,312, a decrease of 21.8%
from RMB4,234 in the fourth quarter of 2024.
Quarter Ended
-----------------------------------------------------
December December December December
31, 2024 31, 2024 31, 2024 31, 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Revenues
Leased-and-operated
revenues 90,969,160 28,534,041 (207,412) 119,295,789
Franchised-and-managed
revenues 148,174,447 4,759,771 - 152,934,218
Wholesales and others 1,026,363 31,759,229 (495,936) 32,289,656
----------- ------------ ------------ ------------
Total revenues 240,169,970 65,053,041 (703,348) 304,519,663
=========== ============ ============ ============
Quarter Ended
-------------------------------------------------------------
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Revenues
Leased-and-operated
revenues 85,005,220 21,237,340 - 106,242,560 15,192,484
Franchised-and-managed
revenues 104,151,920 954,557 - 105,106,477 15,030,026
Wholesales and others 724,362 16,926,284 (338,210) 17,312,436 2,475,646
----------
Total revenues 189,881,502 39,118,181 (338,210) 228,661,473 32,698,156
=========== ========== =========== =========== ==========
2025 Financial Results
Year Ended
------------------------------------------------------
December 31, December December December 31,
2024 31, 2024 31, 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Revenues
Leased-and-operated
revenues 437,521,898 159,326,153 -207,411 596,640,640
Franchised-and-managed
revenues 625,072,856 10,287,457 - 635,360,313
Wholesales and others 3,908,057 109,031,616 -1,500,428 111,439,245
Total revenues 1,066,502,811 278,645,226 -1,707,839 1,343,440,198
============= =========== =========== =============
Year Ended
-----------------------------------------------------------------
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Revenues
Leased-and-operated
revenues 381,361,912 106,812,441 (241,982) 487,932,371 69,773,401
Franchised-and-managed
revenues 528,472,018 5,979,850 - 534,451,868 76,425,601
Wholesales and others 2,514,491 73,456,665 (1,002,001) 74,969,155 10,720,446
Total revenues 912,348,421 186,248,956 (1,243,983) 1,097,353,394 156,919,448
=========== =========== =========== ============= ===========
Total revenue
Total revenues were RMB228.7 million (US$32.7 million)([1]) a 24.9% year-over-year decrease.
Hotel revenues were RMB189.9 million (US$27.2 million)([1]) , a 20.9% year-over-year decrease due to a 9.5% year-over-year decrease in RevPAR, the closure of 15 L&O hotels since the first quarter of 2025 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB39.1 million (US$5.6 million)([1]) , a 39.9% year-over-year decrease, mainly due to a 21.8% decrease in ADS and the decrease in the number of L&O stores.
Total revenues for the year ended December 31, 2025 were RMB1,097.4 million (US$156.9 million)([1]) , an 18.3% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB106.2million (US$15.2 million)([1]) , a 10.9% year-over-year decrease.
Total revenues from L&O hotels were RMB85.0 million (US$12.2 million)([1]) , a 6.6% year-over-year decrease. The decrease was primarily attributable to a 4.6% year-over-year decrease in L&O hotels' RevPAR, the closure of 15 L&O hotels since the first quarter of 2025, and the reduction in sublease income resulting from the closure of L&O hotels, offset by revenues from the opening of 5 L&O hotels during 2025.
Total revenues from L&O restaurants were RMB21.2 million (US$3.0 million)([1]) , a 25.6 % year-over-year decrease. The decrease was mainly due to the closure of 6 L&O stores since the first quarter of 2025 and a 14.1% year-over-year decrease in L&O stores' ADS. Same L&O store revenues in the fourth quarter of 2025 decreased by 10.4% year over year.
Total revenues from L&O hotels and restaurants for the year ended December 31, 2025 were RMB487.9 million (US$69.8 million)([1]) , an 18.2% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB105.1 million (US$15.0 million)([1]) , a 31.3% year-over-year decrease.
Total revenues from F&M hotels were RMB104.2 million (US$14.9 million)([1]) , a 29.7% year-over-year decrease, primarily attributable to a temporary waiver of RMB21.0 million of management fees for hotels facing business difficulties, and a decline of RMB6.9 million in membership revenues. The decrease was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically underperformed. Excluding these impacts, revenues from F&M hotels decreased 10.9% year over year, due to a 9.6% decrease in F&M hotels' RevPAR.
Total revenues from F&M restaurants were RMB1.0 million (US$0.1 million)([1]) , a 79.9% year-over-year decrease. The decrease was mainly due to a 10.9% decrease in ADS.
Total revenues from F&M hotels and restaurants for the year were RMB534.5million (US$76.4million)([1]) , a 15.9% year-over-year decrease.
Total revenues from wholesale and others were RMB17.3 million (US$2.5 million)([1]) , a 46.4% year-over-year decrease.
Total revenues from wholesale and others for the year were RMB75.0 million (US$10.7 million)([1]) , a 32.7% year-over-year decrease.
Total operating costs and expenses
Quarter Ended
-----------------------------------------------------------
December 31, December 31, December 31, December 31,
2024 2024 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Operating costs
and expenses
Operating costs 139,910,728 59,854,076 (791,324) 198,973,480
Selling and
marketing
expenses 13,451,271 4,083,785 87,975 17,623,031
General and
administrative
expenses 39,695,498 3,347,191 - 43,042,689
Other operating
expenses 2,635,870 16,422 - 2,652,292
Impairment loss
of goodwill - 81,008,000 - 81,008,000
Impairment of
indefinite-lived
intangible
asset - 39,072,000 - 39,072,000
Other general
expenses 30,012,799 - - 30,012,799
------------- ------------- ------------- --------------
Total operating
costs and
expenses 225,706,166 187,381,474 (703,349) 412,384,291
============= ============= ============= ==============
Quarter Ended
--------------------------------------------------------------
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Operating costs
and expenses
Operating costs 123,262,562 35,625,047 (338,210) 158,549,399 22,672,263
Selling and
marketing
expenses 11,805,604 2,001,482 - 13,807,086 1,974,387
General and
administrative
expenses 18,578,972 5,933,471 - 24,512,443 3,505,233
Other operating
expenses 40,245,786 (57,902) - 40,187,884 5,746,791
Impairment loss
of goodwill - 66,491,000 - 66,491,000 9,508,087
Impairment of
indefinite-lived
intangible
asset - 17,331,000 - 17,331,000 2,478,300
Other general
expenses 31,779,622 - - 31,779,622 4,544,424
----------- ----------- ----------- ----------
Total operating
costs and
expenses 225,672,546 127,324,098 (338,210) 352,658,434 50,429,485
=========== =========== =========== =========== ==========
Year Ended
December 31, December 31, December 31, December 31,
2024 2024 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Operating costs
and expenses
Operating costs 593,798,806 230,496,349 (1,707,841) 822,587,314
Selling and
marketing
expenses 55,028,196 12,556,863 - 67,585,059
General and
administrative
expenses 156,401,775 26,149,319 - 182,551,094
Other operating
expenses 4,937,315 2,153,148 - 7,090,463
Impairment loss of
goodwill - 81,008,000 - 81,008,000
Impairment of
indefinite-lived
intangible asset - 39,072,000 - 39,072,000
Other general
expenses 41,769,330 - - 41,769,330
Total operating
costs and
expenses 851,935,422 391,435,679 (1,707,841) 1,241,663,260
============= ============= ============= =============
Year Ended
-----------------------------------------------------------------
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Operating costs
and expenses
Operating costs 552,869,547 162,768,869 (1,243,984) 714,394,432 102,157,045
Selling and
marketing
expenses 46,084,781 8,699,788 - 54,784,569 7,834,089
General and
administrative
expenses 111,872,466 18,589,380 - 130,461,846 18,655,796
Other operating
expenses 50,188,458 1,543,018 - 51,731,476 7,397,503
Impairment loss
of goodwill - 66,491,000 - 66,491,000 9,508,087
Impairment of
indefinite-lived
intangible
asset - 17,331,000 - 17,331,000 2,478,300
Other general
expenses 82,874,509 - - 82,874,509 11,850,897
Total operating
costs and
expenses 843,889,761 275,423,055 (1,243,984) 1,118,068,832 159,881,717
Operating costs were RMB158.5 million (US$22.7 million)([1]) , a 20.3% year-over-year decrease.
Operating costs of the hotel business were RMB123.3 million (US$17.6million)([1]) , an 11.9% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization, lower staff related costs, and lower consumable, food and beverage caused by the closing of 15 L&O hotels, partially offset by the rental increase caused by 5 new L&O hotels and the renewal of certain lease agreements.
Operating costs of the restaurant business were RMB35.6million (US$5.1 million)([1]) , a 40.5% year-over-year decrease. The decrease was mainly due to the closure of L&O stores.
For the year, operating costs were RMB714.4 million (US$102.2 million) ([1]) , representing a 13.2% decrease.
Selling and marketing expenses in the fourth quarter of 2025 was RMB13.8 million (US$2.0 million)([1]) , a 21.7% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB11.8 million (US$1.7 million)([1]) , a 12.2% year-over-year decrease. The decrease was mainly due to lower staff related costs, and lower traveling and meal expenses.
Selling and marketing expenses of the restaurant business were RMB2.0 million (US$0.3 million)([1].) , a 51.0% year-over-year decrease. The decrease was mainly due to lower staff related expenses, and lower sales-channel commissions.
For the year, selling and marketing expenses were RMB54.8 million (US$7.8million) ([1]) , an 18.9% decrease.
General and administrative, or G&A expenses were RMB24.5 million (US$3.5 million)([1]) , a 43.1% year-over-year decrease.
G&A expenses of the hotel business were RMB18.6 million (US$2.7 million)([1]) , a 53.2% year-over-year decrease. The decrease was mainly due to lower staff G&A staff related expenses, lower traveling and meal expenses, and lower consulting fees.
G&A expenses of the restaurant business were RMB5.9 million (US$0.8 million)([1]) , a 77.3 % year-over-year increase. The increase was mainly due to higher bad debt provisions for long-aged account receivables.
For the year, G&A expenses were RMB130.5 million (US$18.7 million)([1]) , a 28.5% year-over-year decrease.
Other operating expenses were RMB40.2 million (US$5.7 million)([1]) , mainly due to the disposal of L&O hotel assets. For the year, other operating expenses were RMB51.7 million, (US$7.4 million)([1]) , increased from RMB7.1 million in 2024.
Impairment loss of goodwill was RMB66.5million (US$9.5 million)([1]) , a 17.9% decrease year over year. Impairment of indefinite-lived intangible asset was RMB17.3 million(US$2.5 million), a 55.6% decrease year over year. These expenses were impairment of goodwill and trademarks related to the restaurant business.
Other general expenses were RMB31.8million (US$4.5 million)([1]) , a 5.9% year-over-year increase. These expenses include provisions for loan receivables related to franchisee loans, and impairment of assets.
For the year, other general expenses were RMB82.9 million (US$11.9 million)([1]) .
Gross profit, defined as total revenues deducted by hotel and restaurant costs, was RMB70.1 million (US$10.0 million)([1]) , a year-over-year decrease of 33.6%. Gross margin was 30.7%, compared to 34.7% a year ago. The gross profit of the hotel business was RMB66.6 million (US$9.5 million)([1]) , a 33.6% year-over-year decrease. The gross profit of the restaurant business was RMB3.5 million (US$0.5 million)([1]) , a 32.8% year-over-year decrease. Gross profit for the year was RMB383.0 million (US$54.8 million) ([1]) , a 26.5% year-over-year decrease.
Income from operations was RMB-64.9 million (US$-9.3 million)([1] ,) compared to income from operations of RMB-95.0million in the fourth quarter of 2024, with a margin of -28.4%. The loss was due to certain one-time or non-operation impacts, including impairment loss of goodwill and trademarks related to restaurant business, provisions for loan receivables related to franchisee loans, impairment of assets, while offset by impact from disposal of L&O hotel assets. Excluding these, the adjusted income from operations decreased 8.3% year over year, mainly due to the year-over-year 9.6% decrease in Revpar. The margin for the adjusted income from operations was 24.3%, up from 19.9% one year ago, thanks to lower operating costs and expenses.
Income from operations of the hotel business was RMB23.2 million (US$3.3 million)([1]) , compared to an income from operations of RMB26.1 million in the fourth quarter of 2024. Excluding the impact of the above-mentioned items on hotels, adjusted income from operations of the hotel business decreased 2.8% year over year, and the margin for the third quarter of 2025 was 22.1%, up from 21.6% one year ago, due to lower operating costs and expenses.
Loss from operations of the restaurant business was RMB88.1 million (US$12.6 million)([1]) , compared to loss from operations of RMB121.1 million in the fourth quarter of 2024. Excluding impairment loss of goodwill, and impairment of indefinite-lived intangible asset, loss from operations of the restaurant business was RMB4.3 million(US$0.6million) with a negative margin of 11.0%.
Income from operations for the year was RMB56.7 million (US$8.1 million) ([1]) compared to income from operations of RMB161.9 million in 2024.
Net income in the fourth quarter of 2025 was RMB-55.7million (US$-8.0 million)([1]) , compared to a net income of RMB-72.8 million in the fourth quarter of 2024, and net margin was -24.4%. The loss was impacted by certain one-time or non-operation impacts, including impairment loss of goodwill and trademarks related to restaurant business, provisions for loan receivables related to franchisee loans, impairment of assets, and foreign exchange losses, while offset by earnings from the disposal of investment in equity securities and disposal of L&O hotel assets. Excluding the impact of the above-mentioned items on hotels, adjusted net income ([2]) was RMB60.5 million, an increase of 6.7%, with a margin of 26.5%.
Net income of the hotel business was RMB29.5 million (US$4.2 million)([1]) , compared to a net income of RMB28.4million in the fourth quarter of 2024, and net margin was15.5%. Excluding the impact of the above-mentioned items on hotels, adjusted net income([2]) of the hotel business increased 63.9% to RMB61.9million (US$8.9 million)([1]) with a margin of 32.6%.
Net loss of the restaurant business was RMB85.2million (US$12.2million)([1]) , compared to a net loss of RMB101.2million in the fourth quarter of 2024. Excluding the impairment of trademarks and goodwill, adjusted net loss of the restaurant business was RMB1.4 million(US$0.2 million)([1]) with a margin of -3.6%.
Net income for the year was RMB163.4 million (US$23.4 million) ([1]) compared to net income of RMB107.3 million in 2024, with a margin of 14.9%.
Adjusted EBITDA (non-GAAP)([3]) in the fourth quarter of 2025 was RMB41.9 million (US$6.0 million)([1]) , a year-over-year decrease of 41.3%. Adjusted EBITDA([3]) margin, defined as adjusted EBITDA (non-GAAP) ([3]) as a percentage of total revenues, was 18.3%, compared to 23.5% a year ago. Adjusted EBITDA (non-GAAP) ([3]) for the year was RMB286.6 million (US$41.0 million)([1]) , a year-over-year decrease of 25.8%.
Core net income (non-GAAP) ([4]) in the fourth quarter of 2025 was RMB63.2 million (US$9.0 million)([1]) , a year-over-year increase of 9.2%. The core net margin, defined as core net income (non-GAAP) ([4]) as a percentage of total revenues, was 27.6%, up from 19.0% one year ago. Core net income (non-GAAP) ([4]) for the year was RMB211.2 million (US$30.2million)([1]) , a year-over-year decrease of 23.9%.
Earnings per American Depositary Share, or ADS, (basic and diluted) in the fourth quarter of 2025 was RMB-0.55(US$-0.08)([1]) , down from RMB-0.70 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) ([4]) was RMB0.63 (US$0.09)([1]) , increase from RMB0.57 a year ago.
Earnings per ADS (basic and diluted) for the hotel business were RMB 0.29 (US$0.04)([1]) , as stable as one year ago. Core net income per ADS (basic and diluted) (non-GAAP) ([4]) for the hotel business were RMB0.63 (US$0.09)([1]) , increase from RMB0.45 a year ago.
Earnings per ADS (basic and diluted) for the year of 2025 was RMB1.65 (US$0.24)([1]) increased from RMB1.08 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) ([4]) was RMB2.09 (US$0.30)([1]) for the year, a decrease from RMB2.73 a year ago.
Cash flow Operating cash inflow in the fourth quarter of 2025 was RMB32.5 million (US$4.6 million)([1]) as a result of income from operations. Investing cash inflow for the fourth quarter 2025 was RMB27.6 million (US$3.9million)([1]) , which was primarily attributable to proceeds from disposal of long-term investments offset by an advance payment for the purchase of strategic assets. Financing cash outflow in the fourth quarter of 2025 was RMB43.2 million (US$6.2 million)([1]) , mainly attributable to dividends distributed to the shareholders.
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of December 31, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,964.0 million (US$280.8 million)([1]) , compared to RMB2,014.6million as of September 30, 2025. The decrease was primarily due to dividends distributed to the shareholders, an advance payment for the purchase of strategic assets, partially offset by cash from operating activities, and disposal of investment on equity securities.
Guidance
Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect the decline of total revenues of our organic hotel business for the full year of 2026 to be flat compared to their 2025 levels.
The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.
Use of Non-GAAP Financial Measures
We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.
The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.
The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.
Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading hospitality and restaurant management group in China. As of December 31, 2025, GreenTree had a total number of 4,580 hotels and 191 restaurants. In 2024, HOTELS magazine ranked GreenTree 13th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2024 according to the China Hospitality Association.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit http://ir.998.com
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential, " "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.
Financial Tables and Operational Data Follow
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Balance Sheets
December 31 December 31 December 31
2024 2025 2025
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 1,490,235,562 1,652,179,474 236,258,523
Restricted cash 16,096,476 7,389,650 1,056,706
Short-term investments 10,475 - -
Accounts receivable, net of
allowance 99,688,034 81,335,494 11,630,821
Amounts due from related parties 21,839,929 18,843,062 2,694,522
Inventories 6,881,470 4,922,160 703,860
Other current assets 114,898,590 92,557,400 13,235,532
Loans receivable, net 85,463,467 38,798,333 5,548,088
Total current assets 1,835,114,003 1,896,025,573 271,128,052
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Non-current assets:
Amounts due from a related party 110,000,000 110,000,000 15,729,791
Restricted cash 18,869,900 18,869,900 2,698,360
Long-term time deposits 285,570,000 285,570,000 40,835,967
Loans receivable, net 15,372,238 12,034,825 1,720,957
Property and equipment, net 649,528,210 559,918,957 80,067,346
Intangible assets, net 75,677,551 56,403,818 8,065,639
Goodwill 96,074,468 25,721,262 3,678,092
Long-term investments 184,024,217 156,929,090 22,440,561
Operating lease right-of-use
assets 1,328,582,419 1,130,088,595 161,600,520
Other assets 102,545,848 297,560,050 42,550,519
Deferred tax assets 245,760,095 237,098,634 33,904,654
TOTAL ASSETS 4,947,118,949 4,786,220,704 684,420,458
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LIABSLITIES AND EQUITY
Current liabilities:
Long-term bank loans, current
portion 400,000 56,800,000 8,122,292
Accounts payable 56,488,405 44,687,183 6,390,182
Advance from customers 25,684,437 21,946,599 3,138,322
Amounts due to related parties 17,462,176 17,518,102 2,505,055
Salary and welfare payable 78,234,585 73,657,641 10,532,903
Deferred revenue 175,046,178 169,139,889 24,186,682
Accrued expenses and other
current liabilities 481,910,291 539,836,968 77,195,660
Income tax payable 88,876,497 72,129,824 10,314,428
Operating lease liabilities,
current 241,363,244 184,665,265 26,406,782
Total current liabilities 1,165,465,813 1,180,381,471 168,792,306
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Long-term bank loans 256,200,000 199,400,000 28,513,821
Deferred revenue 176,353,919 134,414,010 19,220,948
Other long-term liabilities 120,975,955 117,513,512 16,804,208
Operating lease liabilities,
non-current 1,215,776,075 1,032,472,822 147,641,650
Deferred tax liabilities 79,670,908 55,941,338 7,999,505
Unrecognized tax benefits 440,072,214 457,930,743 65,483,225
Total liabilities 3,454,514,884 3,178,053,896 454,455,663
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Shareholders' equity:
Class A ordinary shares 222,587,070 222,587,070 31,829,528
Class B ordinary shares 115,534,210 115,534,210 16,521,172
Treasury Stock (37,043,116) (48,054,863) (6,871,754)
Additional paid-in capital 1,609,972,272 1,566,949,877 224,070,852
Retained earnings (Accumulated
losses) (458,337,571) (291,545,545) (41,690,458)
Accumulated other comprehensive
income 6,033,263 11,093,099 1,586,292
Total GreenTree Hospitality Group
Ltd. shareholders' equity 1,458,746,128 1,576,563,848 225,445,632
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Non-controlling interests 33,857,937 31,602,960 4,519,163
Total shareholders' equity 1,492,604,065 1,608,166,808 229,964,795
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TOTAL LIABSLITIES AND
SHAREHOLDERS' EQUITY 4,947,118,949 4,786,220,704 684,420,458
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
Quarter Ended Year Ended
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December December December December December December
31, 2024 31, 2025 31, 2025 31, 2024 31, 2025 31, 2025
RMB RMB US$ RMB RMB US$
Revenues
Leased-and-operated
revenues 119,295,789 106,242,560 15,192,484 596,640,640 487,932,371 69,773,401
Franchised-and-managed
revenues 152,934,218 105,106,477 15,030,026 635,360,313 534,451,868 76,425,601
Wholesales and others 32,289,656 17,312,436 2,475,646 111,439,245 74,969,155 10,720,446
Total revenues 304,519,663 228,661,473 32,698,156 1,343,440,198 1,097,353,394 156,919,448
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Operating costs and
expenses
Operating costs (198,973,480) (158,549,399) (22,672,263) (822,587,314) (714,394,432) (102,157,045)
Selling and marketing
expenses (17,623,031) (13,807,086) (1,974,387) (67,585,059) (54,784,569) (7,834,089)
General and
administrative
expenses (43,042,689) (24,512,443) (3,505,233) (182,551,094) (130,461,846) (18,655,796)
Other operating
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April 29, 2026 09:31 ET (13:31 GMT)
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