GreenTree Hospitality Group Ltd. Reports First Quarter of 2026 Financial Results
Total revenues decreased by 14.0% year over year to RMB227.7 million (US$33.0 million) [1] . Income from operations was RMB28.7 million (US$4.2 million) [1] compared to RMB11.3 million for the first quarter of 2025. Net income was RMB14.0 million (US$2.0 million) [1] compared to RMB7.8 million for the first quarter of 2025. Core net income (non-GAAP) [3] increased 31.7% year over year to RMB23.9 million (US$3.5 million) [1] . Cash from operations maintained nearly stable year over year to RMB58.1 million (US$8.4 million) [1] . SHANGHAI , June 30, 2026 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the first quarter of 2026. First Quarter of 2026 Operational Highlights Hotels A total of 4,605 hotels with 328,646 hotel rooms were in operation as of March 31, 2026. The Company opened 43 hotels and had a pipeline of 1,268 hotels contracted for or under development as of March 31, 2026. The average daily room rate was RMB152, a decrease of 3.4% from RMB157 in the first quarter of 2025. The occupancy rate was 62.5%, decreased from 64.0% in the first quarter of 2025. Revenue per available room, or RevPAR, was RMB95, a 5.7% year-over-year decrease. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of 6.8980 on March 31, 2026 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260406/. [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 192 restaurants were in operation as of March 31, 2026 The AC (average check) was RMB45, a 7.6% year-over-year decrease. The ADT (average daily tickets) was 73, decreased from 83 in the first quarter of 2025. The ADS (average daily sales per store) was RMB3,270, a decrease of 18.8% from RMB4,029 in the first quarter of 2025. First Quarter Of 2026 Financial Results Quarter Ended March 31, 2025 March 31, 2025 March 31, 2025 March 31, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Revenues Leased-and-operated revenues 88,195,435 30,668,599 - 118,864,034 Franchised-and-managed revenues 123,856,609 1,754,786 - 125,611,395 Wholesales and others 917,053 19,435,748 - 20,352,801 Total revenues 212,969,097 51,859,133 - 264,828,230 Quarter Ended March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Revenues Leased-and-operated revenues 74,537,762 20,021,976 - 94,559,738 13,708,283 Franchised-and-managed revenues 113,366,610 1,933,155 - 115,299,765 16,714,956 Wholesales and others 790,888 17,125,511 (39,176) 17,877,223 2,591,653 Total revenues 188,695,260 39,080,642 (39,176) 227,736,726 33,014,892 Total revenues were RMB227.7 million (US$33.0 million) [1] ,a 14.0% year-over-year decrease. Hotel revenues were RMB188.7 million (US$27.4 million) [1] , an 11.4% year-over-year decrease due to a 5.7% year-over-year decrease in Revpar and a net closure of 13 L&O hotels since the first quarter of 2025 due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings. Restaurant revenues were RMB39.1 million (US$5.7 million) [1] , a 24.6% year-over-year decrease, mainly due to an 18.8% decrease in ADS and a net closure of 3 L&O stores since the first quarter of 2025 due to strategic reviews, offset by revenues from new F&M store openings. Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB94.5 million (US$13.7 million) [1] , a 20.4 % year-over-year decrease. Total revenues from L&O hotels were RMB74.5 million (US$10.8 million) [1] , a 15.5% year-over-year decrease. The decrease was primarily attributable to an 8.2% year-over-year decrease in the first quarter RevPAR of L&O hotels, a net closure of 13 L&O hotels since the first quarter of 2025, and the reduction in sublease revenues resulting from the closure of L&O hotels. Total revenues from L&O restaurants were RMB20.0 million (US$2.9 million) [1] , a 34.7% year-over-year decrease, mainly due to a net closure of 3 L&O stores and the year-over-year decrease of 18.1% in L&O store's ADS. Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB115.3 million (US$16.7 million) [1] , an 8.2% year-over-year decrease. Total revenues from F&M hotels were RMB113.4 million (US$16.4 million) [1] , an 8.5% year-over-year decrease, primary due to a 5.6% decrease in F&M hotels' Revpar, an exemption of management fees for hotels facing business difficulties, and a decline of RMB1.5 million in membership revenues. Considering the ongoing impact from exemptions, we have assessed this impact since the first quarter of 2026 and adjusted the corresponding data of 2025 on a comparable basis. The decrease in membership revenues 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. Total revenues from F&M restaurants were RMB1.9 million (US$0.3 million) [1] , a 10.2% year-over-year increase, mainly due to an increase of 6.6% in the number of F&M stores. Total revenues from wholesale and others were RMB17.9 million (US$2.6 million) [1] , a 12.2% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business. Total operating costs and expenses Quarter Ended March 31, 2025 March 31, 2025 March 31, 2025 March 31, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Operating costs and expenses Operating costs 142,718,174 44,539,665 - 187,257,839 Selling and marketing expenses 14,540,243 2,501,787 - 17,042,030 General and administrative expenses 41,651,362 5,288,684 - 46,940,046 Other operating expenses 49,194 221,149 - 270,343 Other general expenses 5,805,656 - - 5,805,656 Total operating costs and expenses 204,764,629 52,551,285 - 257,315,914 Quarter Ended March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Operating costs and expenses Operating costs 125,007,424 33,824,914 (39,176) 158,793,162 23,020,174 Selling and marketing expenses 9,213,432 2,203,214 - 11,416,646 1,655,066 General and administrative expenses 24,084,942 2,927,781 - 27,012,723 3,916,022 Other operating expenses 3,172,068 33,325 - 3,205,393 464,684 Other general expenses 5,111,119 - - 5,111,119 740,957 Total operating costs and expenses 166,588,985 38,989,234 (39,176) 205,539,043 29,796,903 Operating costs were RMB158.8 million (US$23.0 million) [1] , a 15.2% year-over-year decrease. Operating costs of the hotel business were RMB125.0 million (US$18.1 million) [1] , a 12.4% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization, lower staff related costs, and lower rental costs caused by the net closure of 13 L&O hotels since the first quarter of 2025. Operating costs of the restaurant business in the first quarter of 2026 were RMB33.8 million (US$ 4.9 million) [1] , a 24.1% year-over-year decrease, due to the closure of L&O stores. Selling and marketing expenses were RMB11.4 million (US$1.7 million) [1] , a 33.0% year-over-year decrease. Selling and marketing expenses of the hotel business were RMB9.2 million (US$1.3 million) [1] , a 36.6% year-over-year decrease. The decrease was mainly due to lower staff related expenses. Selling and marketing expenses of the restaurant business were RMB2.2 million (US$0.3 million) [1] , an 11.9% year-over-year decrease, mainly attributable to lower sales staff related expenses and lower sales-channel commissions. General and administrative, or G&A expenses were RMB27.0 million (US$3.9 million) [1] , a 42.5% year-over-year decrease. G&A expenses of the hotel business were RMB24.1 million (US$3.5 million) [1] , a 42.2% year-over-year decrease. The decrease was mainly due to lower staff G&A staff related expenses, lower credit losses for accounts receivable and lower consulting fees. G&A expenses of the restaurant business were RMB2.9 million (US$0.4 million) [1] , a 44.6% year-over-year decrease, mainly due to lower G&A staff related expenses and lower credit losses for accounts receivable. Other operating expenses were RMB3.2 million (US$0.5 million) [1] , mainly due to the disposal of L&O hotel assets. Other general expenses were RMB5.1 million (US$0.7 million) [1] , mainly due to provisions for loan receivables related to franchisee loans. Gross profit was RMB68.9 million (US$10.0 million) [1] , a year-over-year decrease of 11.1%. Gross margin was 30.3%, compared to 29.3% a year ago. The gross profit of the hotel business was RMB63.7 million (US$9.2 million) [1] , a 9.3% year-over-year decrease. The gross profit of the restaurant business was RMB5.3 million (US$0.8 million) [1] , a 28.2% year-over-year decrease. Income from operations in the first quarter of 2026 was RMB28.7 million (US$4.2 million) [1] , compared to income from operations of RMB11.3 million in the first quarter of 2025, with a margin of 12.6%. The increased profitability was mainly attributable to lower operating costs and expenses, despite the decline in revenue. Income from operations of the hotel business was RMB28.5 million (US$4.1 million) [1] , compared to an income from operations of RMB11.8 million in the first quarter of 2025, with a margin of 15.1%. Income from operations of the restaurant business in the first quarter of 2026 was RMB0.1 million (US$18.9 k) [1] , compared to loss from operations of RMB0.5 million in the first quarter of 2025, with a margin of 0.3%. Net income in the first quarter of 2026 was RMB14.0 million (US$2.0 million) [1] , compared to a net income of RMB7.8 million in the first quarter of 2025, and net margin was 6.2%. Net income of the hotel business was RMB14.3 million (US$2.1 million) [1] , compared to a net income of RMB8.5 million in the first quarter of 2025, and net margin was 7.6%. Net loss of the restaurant business in the first quarter of 2026 was RMB0.3 million (US$46.1 k) [1] , compared to a net loss of RMB0.7 million in the first quarter of 2025, and net margin was -0.8%. Adjusted EBITDA (non-GAAP) [2] in the first quarter of 2026 was RMB53.2 million (US$7.7 million) [1] , a year-over-year increase of 34.3%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 23.4%, compared to 15.0% a year ago. Core net income (non-GAAP) in the first quarter of 2026 was RMB23.9 million (US$3.5 million) [1] , a year-over-year increase of 31.7%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 10.5%, compared to 6.8% one year ago. Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.15 (US$0.02) [1] , increased from RMB0.09 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.24 (US$0.03) [1] , increased from RMB0.18 a year ago. Cash flow Operating cash inflow in the first quarter of 2026 was RMB58.1 million (US$8.4 million) as a result of income from operations. Investing cash outflow was RMB50.3 million (US$7.3 million) [1] , which was primarily due to advance payment for the purchase of strategic assets. Financing cash inflow was RMB46.8 million (US$6.8 million) [1] ,mainly due to proceeds from bank borrowings for the purpose of purchase of strategic assets. Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of March 31, 2026, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,010.2 million (US$291.4 million) [1] ,compared to RMB1,964.0 million as of December 31, 2025. The increase was mainly attributable to cash from operating activities and proceeds from bank borrowings. The bank borrowings were simultaneously paid for the purchase of strategic assets. Guidance Taking into account the strategic reviews leading to the closure of L&O hotels and the standardization process resulting in a slowdown in hotel openings, we expect the total revenues of our organic hotel business to -10% ~ -15% year over year. 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 March 31, 2026, GreenTree had a total number of 4,605 hotels and 192 restaurants. GreenTree was the fourth largest hospitality company in China in 2025 according to the China Hospitality Association. 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 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, and efficient system, 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 March 31 March 31 2025 2026 2026 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,652,179,474 1,701,459,446 246,659,821 Restricted cash 7,389,650 4,250,895 616,250 Short-term investments - 285,570,000 41,398,956 Accounts receivable, net of allowance 81,335,494 77,650,325 11,256,933 Amounts due from related parties 18,843,062 18,998,527 2,754,208 Inventories 4,922,160 5,049,662 732,047 Other current assets 92,557,400 114,037,520 16,531,969 Loans receivable, net 38,798,333 33,688,685 4,883,834 Total current assets 1,896,025,573 2,240,705,060 324,834,018 Non-current assets: Amounts due from a related party 110,000,000 110,000,000 15,946,651 Restricted cash 18,869,900 18,870,700 2,735,677 Long-term time deposits 285,570,000 - - Loans receivable, net 12,034,825 11,148,275 1,616,160 Property and equipment, net 559,918,957 542,978,635 78,715,372 Intangible assets, net 56,403,818 54,998,062 7,973,045 Goodwill 25,721,262 25,650,746 3,718,577 Long-term investments 156,929,090 155,673,013 22,567,848 Operating lease right-of-use assets 1,130,088,595 1,127,368,064 163,434,048 Other assets 297,560,050 330,240,039 47,874,753 Deferred tax assets 237,098,634 237,177,055 34,383,452 TOTAL ASSETS 4,786,220,704 4,854,809,649 703,799,601 LIABILITIES AND EQUITY Current liabilities: Long-term bank loans, current portion 56,800,000 256,200,000 37,141,200 Accounts payable 44,687,183 48,331,315 7,006,569 Advance from customers 21,946,599 20,046,314 2,906,105 Amounts due to related parties 17,518,102 17,098,480 2,478,759 Salary and welfare payable 73,657,641 74,807,853 10,844,861 Deferred revenue 169,139,889 169,342,137 24,549,454 Accrued expenses and other current liabilities 539,836,968 549,584,247 79,672,984 Income tax payable 72,129,824 65,867,123 9,548,728 Operating lease liabilities, current 184,665,265 186,330,517 27,012,252 Total current liabilities 1,180,381,471 1,387,607,986 201,160,912 Long-term bank loans 199,400,000 46,755,101 6,778,066 Deferred revenue 134,414,010 124,044,979 17,982,746 Other long-term liabilities 117,513,512 115,810,949 16,789,062 Operating lease liabilities, non-current 1,032,472,822 1,032,936,722 149,744,381 Deferred tax liabilities 55,941,338 53,577,679 7,767,132 Unrecognized tax benefits 457,930,743 467,908,180 67,832,441 TOTAL LIABILITIES 3,178,053,896 3,228,641,596 468,054,740 Shareholders' equity: Class A ordinary shares 222,587,070 222,587,070 32,268,349 Class B ordinary shares 115,534,210 115,534,210 16,748,943 Treasury Stock (48,054,863) (48,054,863) (6,966,492) Additional paid-in capital 1,566,949,877 1,566,949,877 227,160,029 Retained earnings (Accumulated losses) (291,545,545) (276,040,960) (40,017,536) Accumulated other comprehensive income 11,093,099 15,062,951 2,183,669 Total GreenTree Hospitality Group Ltd. shareholders' equity 1,576,563,848 1,596,038,285 231,376,962 Non-controlling interests 31,602,960 30,129,768 4,367,899 Total shareholders' equity 1,608,166,808 1,626,168,053 235,744,861 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,786,220,704 4,854,809,649 703,799,601 GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements of Comprehensive Income Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Revenues Leased-and-operated revenues 118,864,034 94,559,738 13,708,283 Franchised-and-managed revenues 125,611,395 115,299,765 16,714,956 Wholesales and others 20,352,801 17,877,223 2,591,653 Total revenues 264,828,230 227,736,726 33,014,892 Operating costs and expenses Operating costs (187,257,839) (158,793,162) (23,020,174) Selling and marketing expenses (17,042,030) (11,416,646) (1,655,066) General and administrative expenses (46,940,046) (27,012,723) (3,916,022) Other operating expenses (270,343) (3,205,393) (464,684) Other general expenses (5,805,656) (5,111,119) (740,957) Total operating costs and expenses (257,315,914) (205,539,043) (29,796,903) Other operating income 3,800,632 6,471,983 938,240 Income from operations 11,312,948 28,669,666 4,156,229 Interest income and other, net 10,622,202 8,833,178 1,280,542 Interest expense (1,877,872) (1,859,780) (269,611) Other income, net (8,356,677) (10,653,889) (1,544,490) Income before income taxes 11,700,601 24,989,175 3,622,670 Income tax expense (4,214,725) (9,701,706) (1,406,452) Income (loss) before share of gains in equity investees 7,485,876 15,287,469 2,216,218 Share of loss/(income) in equity investees, net of tax 301,937 (1,256,077) (182,093) Net income(loss) 7,787,813 14,031,392 2,034,125 Net loss/(income) attributable to non-controlling interests 1,044,332 1,473,192 213,568 Net income attributable to ordinary shareholders 8,832,145 15,504,584 2,247,693 Net earnings per share Class A ordinary share-basic and diluted 0.09 0.15 0.02 Class B ordinary share-basic and diluted 0.09 0.15 0.02 Net earnings per ADS Class A ordinary share-basic and diluted 0.09 0.15 0.02 Class B ordinary share-basic and diluted 0.09 0.15 0.02 Weighted average shares outstanding Class A ordinary share-basic and diluted 66,761,582 66,134,416 66,134,416 Class B ordinary share-basic and diluted 34,762,909 34,762,909 34,762,909 Other comprehensive income, net of tax Foreign currency translation adjustments 4,831,702 3,969,852 575,507 Comprehensive income, net of tax 12,619,515 18,001,244 2,609,632 Comprehensive loss/(income) attributable to non- controlling interests 1,044,332 1,473,192 213,568 Comprehensive income (loss) attributable to ordinary shareholders 13,663,847 19,474,436 2,823,200 GreenTree Hospitality Group Ltd. Unaudited Hotel Business Results Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Revenues Leased-and-operated revenues 88,195,435 74,537,762 10,805,706 Franchised-and-managed revenues 123,856,609 113,366,610 16,434,707 Others 917,053 790,888 114,655 Total revenues 212,969,097 188,695,260 27,355,068 Operating costs and expenses Hotel operating costs (142,718,174) (125,007,424) (18,122,271) Selling and marketing expenses (14,540,243) (9,213,432) (1,335,667) General and administrative expenses (41,651,362) (24,084,942) (3,491,583) Other operating expenses (49,194) (3,172,068) (459,853) Other general expenses (5,805,656) (5,111,119) (740,957) Total operating costs and expenses (204,764,629) (166,588,985) (24,150,331) Other operating income 3,564,716 6,432,863 932,569 Income from operations 11,769,184 28,539,138 4,137,306 Interest income and other, net 10,591,951 8,829,497 1,280,008 Interest expense (1,877,872) (1,859,780) (269,611) Other income, net (8,344,996) (10,605,544) (1,537,481) Income before income taxes 12,138,267 24,903,311 3,610,222 Income tax expense (3,981,392) (9,297,825) (1,347,902) Income (loss) before share of gains in equity investees 8,156,875 15,605,486 2,262,320 Share of loss/(income) in equity investees, net of tax 301,937 (1,256,077) (182,093) Net income(loss) 8,458,812 14,349,409 2,080,227 GreenTree Hospitality Group Ltd. Unaudited Restaurant Business Results Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Revenues Leased-and-operated revenues 30,668,599 20,021,976 2,902,577 Franchised-and-managed revenues 1,754,786 1,933,155 280,249 Wholesales and others 19,435,748 17,125,511 2,482,678 Total revenues 51,859,133 39,080,642 5,665,504 Operating costs and expenses Restaurant operating costs (44,539,665) (33,824,914) (4,903,583) Selling and marketing expenses (2,501,787) (2,203,214) (319,399) General and administrative expenses (5,288,684) (2,927,781) (424,439) Other operating expenses (221,149) (33,325) (4,831) Total operating costs and expenses (52,551,285) (38,989,234) (5,652,252) Other operating income 235,917 39,120 5,671 Income from operations (456,235) 130,528 18,923 Interest income and other, net 30,251 3,681 534 Other income, net (11,682) (48,345) (7,009) Income before income taxes (437,666) 85,864 12,448 Income tax expense (233,333) (403,881) (58,551) Income (loss) before share of gains in equity investees (670,999) (318,017) (46,103) Net income(loss) (670,999) (318,017) (46,103) GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, 2025 March 31, 2025 March 31, 2025 March 31, 2025 Hotel Restaurant Elimination Total RMB RMB RMB RMB Revenues Leased-and-operated revenues 88,195,435 30,668,599 - 118,864,034 Franchised-and-managed revenues 123,856,609 1,754,786 - 125,611,395 Wholesales and Others 917,053 19,435,748 - 20,352,801 Total revenues 212,969,097 51,859,133 - 264,828,230 Operating costs and expenses Operating costs (142,718,174) (44,539,665) - (187,257,839) Selling and marketing expenses (14,540,243) (2,501,787) - (17,042,030) General and administrative expenses (41,651,362) (5,288,684) - (46,940,046) Other operating expenses (49,194) (221,149) - (270,343) Other general expenses (5,805,656) - - (5,805,656) Total operating costs and expenses (204,764,629) (52,551,285) - (257,315,914) Other operating income 3,564,715 235,917 - 3,800,632 Income from operations 11,769,183 (456,235) - 11,312,948 GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, 2026 March 31, 2026 March 31, 2026 March 31, 2026 Hotel Restaurant Elimination Total RMB RMB RMB RMB Revenues Leased-and-operated revenues 74,537,762 20,021,976 - 94,559,738 Franchised-and-managed revenues 113,366,610 1,933,155 - 115,299,765 Wholesales and Others 790,888 17,125,511 (39,176) 17,877,223 Total revenues 188,695,260 39,080,642 (39,176) 227,736,726 Operating costs and expenses Operating costs (125,007,424) (33,824,914) 39,176 (158,793,162) Selling and marketing expenses (9,213,432) (2,203,214) - (11,416,646) General and administrative expenses (24,084,942) (2,927,781) - (27,012,723) Other operating expenses (3,172,068) (33,325) - (3,205,393) Other general expenses (5,111,119) - - (5,111,119) Total operating costs and expenses (166,588,985) (38,989,234) 39,176 (205,539,043) Other operating income 6,432,863 39,120 - 6,471,983 Income from operations 28,539,138 130,528 - 28,669,666 GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements of Cash Flows Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Operating activities: Net (loss) income 7,787,813 14,031,392 2,034,125 Net cash provided by operating activities 58,226,489 58,147,280 8,429,587 Investing activities: Purchases of property, plant and equipment (25,480,885) (51,637,054) (7,485,801) Purchases of intangible assets - (101,463) (14,709) Proceeds from disposal of property, plant and equipment 21,463 - - Proceeds from disposal of long-term investments - 500,000 72,485 Loan to fanchisees (2,010,000) (1,388,900) (201,348) Repayment from franchisees 6,059,358 2,369,916 343,566 Net cash (used in) provided by investing activities (21,410,064) (50,257,501) (7,285,807) Financing activities: Proceeds from bank loans - 46,754,778 6,778,019 Net cash provided by (used in) financing activities - 46,754,778 6,778,019 Effect of exchange rate changes on cash and cash equivalents and restricted cash (4,979,488) (8,502,540) (1,232,609) Net (decrease) increase in cash and cash equivalents 31,836,937 46,142,017 6,689,190 Cash and cash equivalents at the beginning of the period 1,525,201,938 1,678,439,024 243,322,561 Cash and cash equivalents at the end of the period 1,557,038,875 1,724,581,041 250,011,751 GreenTree Hospitality Group Ltd. Unaudited Reconciliation of GAAP and Non-GAAP Results Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Net income 7,787,813 14,031,392 2,034,125 Deduct: Other operating income 3,800,632 6,471,983 938,241 Interest income and other, net 10,622,202 8,833,178 1,280,542 Share of gain in equity investees, net of tax 301,937 - - Add: Other operating expenses 270,343 3,205,393 464,684 Other general expenses 5,805,656 5,111,119 740,957 Income tax expenses (benefits) 4,214,725 9,701,706 1,406,452 Share of loss in equity investees, net of tax - 1,256,077 182,093 Interest expenses 1,877,872 1,859,780 269,611 Depreciation and amortization 26,025,153 22,673,494 3,286,966 Other expense, net 8,356,677 10,653,889 1,544,490 Adjusted EBITDA (Non-GAAP) 39,613,468 53,187,689 7,710,595 Quarter Ended March 31, 2025 March 31, 2026 March 31, 2026 RMB RMB US$ Net income 7,787,813 14,031,392 2,034,125 Deduct: Government subsidies (net of 25% tax) 1,725,000 3,240,842 469,823 Add: Other expense (net of 25% tax) 6,267,508 7,990,417 1,158,367 Other general expenses 5,805,656 5,111,119 740,957 Core net income (Non-GAAP) 18,135,977 23,892,086 3,463,626 Core net income per ADS (Non-GAAP) Class A ordinary share-basic and diluted 0.18 0.24 0.03 Class B ordinary share-basic and diluted 0.18 0.24 0.03 Hotel Operational Data March 31, 2025 March 31, 2026 Total hotels in operation: 4,459 4,605 Leased and owned hotels 55 42 Franchised hotels 4,404 4,563 Total hotel rooms in operation 319,262 328,646 Leased and owned hotels 6,262 4,922 Franchised hotels 313,000 323,724 Number of cities 359 347 Quarter Ended March 31, 2025 March 31, 2026 Occupancy rate (as a percentage) Leased-and-owned hotels 61.00 % 57.60 % Franchised hotels 64.10 % 62.60 % Blended 64.00 % 62.50 % Average daily rate (in RMB) Leased-and-owned hotels 236 229 Franchised hotels 155 150 Blended 157 152 RevPAR (in RMB) Leased-and-owned hotels 144 132 Franchised hotels 99 94 Blended 100 95 Number of Hotels in Operation Number of Hotel Rooms in Operation March 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Mid-to-up-scale 564 596 52,365 55,565 GreenTree Eastern 242 251 25,843 27,343 Deepsleep Hotel 8 9 610 710 Gem 111 119 10,080 10,846 Gya 74 78 6,171 6,546 Vx 107 111 8,939 9,217 Others 22 28 722 903 Mid-scale 2,988 3,034 225,372 228,244 GreenTree Inn 2,349 2,403 183,606 186,880 GT Alliance 507 500 32,656 32,493 GreenTree Apartment 24 29 1,545 1,760 Vatica 108 102 7,565 7,111 Others - - - - Economy hotels 907 975 41,525 44,837 Shell 907 975 41,525 44,837 Others - - - - Total 4,459 4,605 319,262 328,646 Restaurant Operational Data March 31, 2025 March 31, 2026 Total restaurants in operation: 184 192 Leased and owned restaurants 17 14 Franchised restaurants 167 178 Number of cities 53 53 Da Niang Dumplings 163 173 Bellagio 21 19 Quarter Ended 2025 Q1 2026 Q1 ADT Leased-and-owned restaurants 210 204 Franchised restaurants 71 65 Blended 83 73 AC (in RMB) Leased-and-owned restaurants 98 83 Franchised restaurants 35 36 Blended 48 45 ADS (in RMB) Leased-and-owned restaurants 20,545 16,836 Franchised restaurants 2,459 2,356 Blended 4,029 3,270 For more information, please contact: GreenTree Ms. Selina Yang Phone: +86-158-2166-6251 E-mail: ir@998.com Ms. Hannah Zhang Phone: +86-182-2560-8592 E-mail: ir@998.com
2026-06-30 11:32:00
الروابط
ألعاب
ابحث في شبكة الانترنت
تحليلات
بريد إلكتروني/بريد ويب مجاني
متجر الويب
المجال الفرعي المجاني
URL صغير
الدردشة
أدوات
دليل المواقع
ويكي
ينقل
جدول أعمال
جهات الاتصال