GHG 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

April 2025

Commission File Number: 001-38425

GreenTree Hospitality Group Ltd.

(Registrant’s name)

1228 Zhongshan North Road, Putuo District

Shanghai 200065

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GREENTREE HOSPITALITY GROUP LTD.
By:	/s/ Alex S. Xu
Name:	Alex S. Xu
Title:	Chairman and Chief Executive Officer

Date: April 25, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	GreenTree<br>Hospitality Group Ltd. Fourth Quarter and Fiscal Year 2024 Financial Results

Exhibit 99.1

GreenTree Hospitality Group Ltd.Reports Fourth Quarter and Fiscal Year 2024 Financial Results

●	Total revenues decreased by 18.2% year overyear to RMB304.5 million (US$41.7 million)^[1]^.
●	Net income was RMB-72.8million (US$-10.0 million)^[1]^<br>compared to RMB8.6 million for the fourth quarter of 2023.
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●	Adjusted net income^[2]^ wasRMB77.3 million (US$10.6 million)^[1]^ compared to RMB60.9 million for the fourth quarter of 2023.
---	---
●	Cash from operations increased year over yearto RMB74.2 million (US$10.2 million)^[1]^.
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SHANGHAI, April 24, 2025 /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 fourth quarter and fiscal year of 2024. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of GreenTree Inns Hotel Management Group, Inc., until their acquisition by the Company, the acquisition was accounted for a common-control acquisition in a manner similar to the pooling -of-interests method. The consolidated balance sheets and consolidated statements of comprehensive income/(loss) include the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control. In this report, the comparative financial data have been restated to reflect the business combinations under common control.

Fourth Quarter of 2024 Operational Highlights

Hotels

●	A total of 4,425 hotels with 321,282 hotel rooms<br>were in operation as of December 31, 2024.
●	The Company opened 143 hotels and had a pipeline<br>of 1,214 hotels contracted for or under development as of December 31, 2024.
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●	The average daily room rate was RMB169, a decrease<br>of 4.6% from RMB177 in the fourth quarter of 2023.
---	---
●	The occupancy rate was 68.6%, down from 72.4%<br>in the fourth quarter of 2023.
---	---
●	Revenue per available room, or RevPAR, was RMB116,<br>a 9.6% year-over-year decrease.
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^1^	The conversion of Renminbi (“RMB”) into United States<br>dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.2993 on December 31, 2024 as set forth in H.10 statistical<br>release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/.
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^2^	Adjustd net income is defined as net income excluding the impairment<br>of goodwill and trademarks of restaurant business impairment of assets, and provisions for loan receviables related to franchisee loans.
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Restaurants

●	A total of 182 restaurants were in operation<br>as of December 31, 2024.
●	The AC (average check) was RMB46, a 11.0% year-over-year<br>decrease.
---	---
●	The ADT (average daily tickets) was 93, down<br>from 99 in the fourth quarter of 2023.
---	---
●	The ADS (average daily sales per store) was RMB4,234,<br>a decrease of 16.8% from RMB5,090 in the fourth quarter of 2023.
---	---

Our performance in the fourth quarter was negatively impacted by the closure of 12 leased and managed hotels during the year, lower RevPar compared to a high base last year, and the continued optimization of our restaurant business.

In our hotel business we are simultaneously accelerating the opening of new hotels, with a planned 480 in 2025, and upgrading our existing portfolio with an absolute focus on quality to ensure higher standards of products and services. We believe that the rejuvenation of our portfolio that was slowed down by the pandemic will be completed by the Summer of 2026. While Midscale remains our core segment, hotel openings in 2024 and our pipeline highlight our strategic commitment to expanding our Mid-to-upscale segment where we expect growth over the next two years to deliver significant economies of scale. Finally, we will continue the phased closure of leased and managed hotels, retaining only select flagship properties in key cities to serve as showcases of our capabilities for prospective franchisees.

The strategic transformation of our restaurant business made further progress on our two priorities. At the end of the quarter, franchised and managed stores accounted for almost 90% of all stores up from 78% a year ago , and street stores that benefit from more stable consumer traffic accounted for 50% of all stores, up from 40% a year ago. Additionally, we have been rightsizing many of our stores, reflecting the new economic reality, to improve overall profitability. We believe we now have a strong foundation to build on and will grow the overall number of restaurants in 2025 with a particular focus on franchised and managed as well as street stores.

	Quarter Ended
	December 31,<br><br> 2023		December 31,<br><br> 2023		December 31,<br><br> 2023			December 31,<br><br> 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		125,521,090		48,191,718		1,075,555			174,788,363
Franchised-and-managed revenues		162,861,219		1,687,913		-			164,549,132
Wholesales and others		1,267,181		37,843,179		(6,284,349	)		32,826,011
Total revenues		289,649,490		87,722,810		(5,208,794	)		372,163,506

	Quarter Ended
	December 31,<br><br> 2024		December 31,<br><br> 2024		December 31,<br><br> 2024			December 31,<br><br> 2024		December 31,<br> 2024
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		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

All values are in US Dollars.

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2024 Financial Results

	Year Ended
	December 31,<br><br> 2023		December 31,<br><br> 2023		December 31,<br><br> 2023			December 31,<br><br> 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		490,924,060		296,890,282		-			787,814,342
Franchised-and-managed revenues		696,321,236		8,923,712		-			705,244,948
Wholesales and others		4,660,777		135,821,972		(6,284,350	)		134,198,399
Total revenues		1,191,906,073		441,635,966		(6,284,350	)		1,627,257,689
	Year Ended
---	---	---	---	---	---	---	---	---	---	---
	December 31,<br><br> 2024		December 31,<br><br> 2024		December 31,<br><br> 2024			December 31,<br><br> 2024		December 31,<br> 2024
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		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

All values are in US Dollars.

Total revenues were RMB304.5 million (US$41.7 million)^[1]^，a 18.2% year-over-year decrease.

Hotel revenues were RMB240.2 million (US$32.9 million)^[1]^, a 17.1% year-over-year decrease. The decrease was mainly attributable to a 9.8% decrease in F&M hotels’ Revpar and the closure of 12 L&O hotels in 2024 while revenues a year ago benefited from a one-time revenue recognition of requisitioned rooms during COVID and a one-time revenue recognition due to a successful lawsuit against sublease.

Restaurant revenues were RMB65.1 million (US$8.9 million)^[1]^, a 25.8% year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and a 16.8% decrease in ADS.

Total revenues for the year were RMB1,343.4 million (US$184.1 million)^[1]^, a 17.4% year-over-year decrease.

Total revenues fromleased-and-operated, or L&O, hotels and restaurants were RMB119.3 million (US$16.3 million)^[1]^, a 31.7% year-over-year decrease.

Total revenues from L&O hotels were RMB91.0 million (US$12.5 million)^[1]^, a 27.5% year-over-year decrease. The decrease was mainly attributable to the closure of 12 L&O hotels in 2024 while revenues a year ago benefited from a one-time revenue recognition of requisitioned rooms during COVID and a one-time revenue recognition due to a successful lawsuit against sublease. Same L&O hotel revenues in the fourth quarter of 2024 decreased by 2.4% year over year.

Total revenues from L&O restaurants were RMB28.5 million (US$3.9 million)^[1]^, a 40.8 % year-over-year decrease. The decrease was mainly due to the closure of 24 L&O stores during the year and offset by 47.1% increase in ADS. Same L&O store revenues in the fourth quarter of 2024 decreased by 3.1% year over year.

Total revenues from L&O hotels and restaurants for the year were RMB596.6 million (US$81.7 million)^[1]^, a 24.3% year-over-year decrease.

Total revenues fromfranchised-and-managed, or F&M, hotels and restaurants were RMB152.9 million (US$21.0 million)^[1]^, a 7.1% year-over-year decrease.

Total revenues from F&M hotels were RMB148.2 million (US$20.3 million)^[1]^, a 9.0% year-over-year decrease, mainly due to a 9.8% decrease in F&M hotels’ Revpar.

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Total revenues from F&M restaurants were RMB4.8 million (US$0.7 million)^[1]^, a 182.0% year-over-year increase. The increase was mainly due to the opening of 39 F&M restaurants during the year.

Total revenues from F&M hotels and restaurants for the year were RMB635.4 million (US$87.0 million)^[1]^, a 9.9% year-over-year decrease.

Total revenues fromwholesale and others were RMB32.3 million (US$4.4 million)^[1]^, a 1.6% year-over-year decrease. Total revenues from wholesale and others for the year were RMB111.4 million (US$15.3 million)^[1]^, a 17.0% year-over-year decrease.

Total operating costs and expenses

	Quarter Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		154,556,991		66,896,044		(9,861,359	)		211,591,676
Selling and marketing expenses		8,318,853		2,821,243		(49,623	)		11,090,473
General and administrative expenses		49,670,060		8,374,981		-			58,045,041
Other operating expenses		3,429,367		139,799		-			3,569,166
Impairment loss of goodwill		-		-		-			-
Other general expenses		36,260,493		16,027,000		-			52,287,493
Total operating costs and expenses		252,235,764		94,259,067		(9,910,982	)		336,583,849
	Quarter Ended
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	December 31, 2024		December 31, 2024		December 31, 2024			December 31, 2024		December 31, 2024
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		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
Other general expenses		30,012,799		39,072,000		-			69,084,799
Total operating costs and expenses		225,706,166		187,381,474		(703,349	)		412,384,291

All values are in US Dollars.

	Year Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		598,841,951		359,018,687		(10,421,824	)		947,438,814
Selling and marketing expenses		47,434,683		24,232,973		(49,623	)		71,618,033
General and administrative expenses		166,861,387		41,572,291		-			208,433,678
Other operating expenses		4,453,446		7,251,107		-			11,704,553
Impairment loss of goodwill		-		-		-			-
Other general expenses		63,556,586		16,027,000		-			79,583,586
Total operating costs and expenses		881,148,053		448,102,058		(10,471,447	)		1,318,778,664

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	Year Ended
	December 31, 2024		December 31, 2024		December 31, 2024			December 31, 2024		December 31, 2024
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		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
Other general expenses		41,769,330		39,072,000		-			80,841,330
Total operating costs and expenses		851,935,422		391,435,679		(1,707,841	)		1,241,663,260

All values are in US Dollars.

Operating costs were RMB199.0 million (US$ 27.3 million)^[1]^, a 6.0% year-over-year decrease.

Operating costs of the hotel business were RMB139.9 million (US$19.2million)^[1]^, a 9.5% year-over-year decrease. The decrease was mainly attributable to the closure of 12 L&O stores in 2024, which resulted in lower rental, consumable, food and beverage, and staff related costs.

Operating costs of the restaurant business were RMB59.9million (US$8.2 million)^[1]^, a 10.5% year-over-year decrease. The decrease was mainly due to the closure of 24 L&O stores.

For the year, operating costs were RMB822.6 million (US$112.7 million)^[1]^, representing an 13.2% decrease.

Selling and marketing expenses were RMB17.6 million (US$2.4 million)^[1]^, a 58.9% year-over-year increase.

Selling and marketing expenses of the hotel business were RMB13.5 million (US$1.8 million)^[1]^, a 61.7% year-over-year increase.

Selling and marketing expenses of the restaurant business were RMB4.1 million (US$0.6 million)^[1].^.

For the year, selling and marketing expenses were RMB67.6 million (US$9.3 million)^[1]^, a 5.6% decrease.

General and administrative, or G&A expenses were RMB43.0 million (US$5.9 million)^[1]^, a 25.8% year-over-year decrease.

G&A expenses of the hotel business were RMB39.7 million (US$5.4 million)^[1]^, a 20.1% year-over-year decrease. The decrease was mainly due to lower consulting fees, lower bad debts from accounts receivables, and lower G&A staff related expenses.

G&A expenses of the restaurant business were RMB3.3 million (US$0.5 million)^[1]^, a 60.0 % year-over-year decrease. The decrease was mainly due to lower staff related expenses.

For the year, G&A expenses were RMB182.6 million (US$25.0 million)^[1]^, a 12.4% year-over-year decrease.

Impairment loss of goodwill were RMB81.0million (US$11.1 million)^[1],^ These expenses were impairment of goodwill related to the restaurant business.

Other general expenses were RMB69.1million (US$9.5 million)^[1]^, a 32.1% year-over-year increase. These expenses include impairment of trademarks related to the restaurant business, impairment of assets, and provisions for franchisee loans receivables related to franchisee loans.

Gross profit was RMB105.5 million (US$14.5 million)^[1]^, a year-over-year decrease of 34.3%. Gross margin was 34.7%, compared to 43.1% a year ago. The gross profit of the hotel business was RMB100.3 million (US$13.7 million)^[1]^, an 25.8% year-over-year decrease. The gross profit of the restaurant business was RMB5.2 million (US$0.7 million)^[1]^, a 75.0% year-over-year decrease. Gross profit for the year was RMB520.9 million (US$71.4 million)^[1]^, a 23.4% year-over-year decrease.

Income from operations was RMB-95.0 million (US$-13.0 million)^[1]^,compared to income from operations of RMB46.9million in the fourth quarter of 2023, with a margin of -31.2%. Excluding impairment loss of goodwill and other general expenses, income from operations was RMB55.1 million(US$7.6million) with a margin of 18.1%.

Income from operations of the hotel business was RMB26.1 million (US$3.6 million)^[1]^, compared to an income from operations of RMB47.4 million in the fourth quarter of 2023, with a margin of10.9%. Excluding other general expenses, income from operations of the hotel business was RMB56.1 million (US$7.7 million), a decrease of 32.9%, with a margin of 23.4%.

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Loss from operations of the restaurant business was RMB121.1 million (US$16.6 million)^[1]^, compared to loss from operations of RMB5.1 million in the fourth quarter of 2023, with a margin of -186.1%. Excluding impairment loss of goodwill and other general expenses, loss from operations of the restaurant business was RMB1.0 million(US$0.1million) with a margin of -1.5%.

Income from operations for the year was RMB161.9 million (US$22.2 million)^[1]^ compared to income from operations of RMB335.6 million in 2023, with a margin of 12.1%.

Net income was RMB-72.8million (US$-10.0 million)^[1]^, compared to a net income of RMB8.6 million in the fourth quarter of 2023, and net margin was -23.9%. Excluding impairment loss of goodwill and other general expenses, adjusted net income increased 26.8% year over year to RMB77.3 million(US$10.6 million)^[1]^ with a margin of 25.4%.

Net income of the hotel business was RMB28.4 million (US$3.9 million)^[1]^, compared to a net income of RMB8.1 million in the fourth quarter of 2023, and net margin was 11.8%. Excluding other general expenses, adjusted net income of the hotel business increased 31.7% to RMB58.4 million (US$8.0 million)^[1]^ with a margin of 24.3%.

Net loss of the restaurant business was RMB101.2million (US$13.9million)^[1]^, compared to a net loss of RMB2.9million in the fourth quarter of 2023, and net margin was -155.5%. Excluding the impairment of trademarks and goodwill, adjusted net income of the restaurant business was RMB18.9 million(US$2.6 million)^[1]^ with a margin of 29.1%.

Net income for the year was RMB107.3 million (US$14.7 million)^[1]^ compared to net income of RMB260.5 million in 2023, with a margin of 8.0%. Excluding the impairment of goodwill due to the restaurant business and other general expenses, adjusted net income decreased 20.9% to RMB269.2 million with a margin of 20.0%.

Adjusted EBITDA (non-GAAP)^[2]^ **** was RMB71.5 million (US$9.8 million)^[1]^, a year-over-year decrease of 38.3%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 23.5%, compared to 31.1% a year ago. Adjusted EBITDA (non-GAAP) for the year was RMB386.5 million (US$52.9 million)^1^, a year-over-year decrease of 25.2%.

Core net income (non-GAAP) was RMB57.8million (US$7.9 million)^[1]^, a year-over-year decrease of 22.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 19.0%, compared to 20.0% one year ago. Core net income (non-GAAP) for the year was RMB277.6 million (US$38.0 million)^1^, a year-over-year decrease of 13.3%.

Earnings per American Depositary Share, orADS, (basic and diluted) were RMB-0.70(US$-0.10 )^[1]^, down from RMB0.12 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.57 (US$0.08 )^[1]^, down from RMB0.73 a year ago.

Earnings per ADS (basic and diluted) for the hotel business were RMB 0.29 (US$0.04)^[1]^, increaed from RMB 0.10 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) for the hotel business were RMB0.45 (US$0.06)^[1]^.

Earnings per ADS (basic and diluted) for the year of 2024 was RMB1.08 (US$0.15 )^[1]^ down from RMB2.64 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.73 (US$0.37 )^[1]^ for the year, a decrease from RMB3.14 a year ago.

Cash flow Operating cash inflow was RMB 74.2 million (US$10.2 million)^[1]^ as a result of income from operations. Investing cash outflow for the fourth quarter 2024 was RMB 25.2million (US$3.5million)^[1]^, which was primarily attributable to investment of property and purchases of equipment, and was partially offset by proceeds from disposal of equity securities. Financing cash outflow was RMB 70.4 million (US$9.7 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, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB 1,839.1 million (US$252.0 million)^[1]^, compared to RMB1,883.9million as of September 30, 2024. The decrease was primarily due to dividends distributed to the shareholders and investment of property, partially offset by cash from operating activities.

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 2025 to be flat compared to their 2024 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.

6 / 18

Conference Call

GreenTree’s management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on April 24, 2025, (8:00 PM Beijing/Hong Kong Time on April 24, 2025).

Dial-in numbers for the live conference call are as follows:

International	1-412-902-4272
Mainland China	4001-201-203
US	1-888-346-8982
Hong Kong	800-905-945 or 852-3018-4992
Singapore	800-120-6157

Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.

A telephone replay of the conference call will be available after the conclusion of the live conference call until May 1, 2025.

Dial-in numbers for the replay are as follows:

International Dial-in	1-412-317-0088
U.S. Toll Free	1-877-344-7529
Canada Toll Free	855-669-9658
Passcode:	2742742

Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.

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.

7 / 18

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, 2024, GreenTree had a total number of 4,425 hotels and 182 restaurants. In 2023, HOTELS magazine ranked GreenTree 12th 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 2022 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China.

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

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GreenTree Hospitality Group Ltd.

UnauditedCondensed Consolidated Balance Sheets

	December 31			December 31			December 31
	2023			2024			2024
	RMB			RMB			US
ASSETS
Current assets:
Cash and cash equivalents		765,547,547			1,490,235,562
Restricted cash		6,576,906			16,096,476
Short-term investments		417,711,617			10,475
Investments in equity securities		26,076,169			-
Accounts receivable, net of allowance		123,887,879			99,688,034
Amounts due from related parties		19,928,781			21,839,929
Prepaid rent		-			-
Inventories		20,462,490			6,881,470
Other current assets		117,047,122			114,898,590
Loans receivable, net		129,521,094			85,463,467
Deferred tax assets		-			-
Total current assets		1,626,759,605			1,835,114,003
Non-current assets:
Amounts due from a related party		110,000,000			110,000,000
Restricted cash		19,476,259			18,869,900
Long-term time deposits		63,340,000			285,570,000
Loans receivable, net		70,690,305			15,372,238
Property and equipment, net		814,949,026			649,528,210
Intangible assets, net		117,720,693			75,677,551
Goodwill		177,082,468			96,074,468
Long-term investments		184,758,800			184,024,217
Operating lease right-of-use assets		1,535,330,762			1,328,582,419
Other assets		104,725,600			102,545,848
Deferred tax assets		241,965,360			245,760,095
TOTAL ASSETS		5,066,798,878			4,947,118,949
LIABSLITIES AND EQUITY
Current liabilities:
Long-term bank loans, current portion		200,000			-
Short-term bank loans		116,800,000			400,000
Accounts payable		73,126,677			56,488,405
Advance from customers		22,393,097			25,684,437
Amounts due to related parties		16,310,293			17,462,176
Salary and welfare payable		86,332,096			78,234,585
Deferred rent		-			-
Deferred revenue		186,281,838			175,046,178
Accrued expenses and other current liabilities		459,832,717			481,910,291
Income tax payable		112,782,712			88,876,497
Dividends payable		-			-
Operating lease liabilities, current		267,536,846			241,363,244
Deferred tax liabilities		-			-
Total current liabilities		1,341,596,276			1,165,465,813
Long-term bank loans		56,800,000			256,200,000
Deferred rent		-			-
Deferred revenue		207,905,769			176,353,919
Other long-term liabilities		111,711,748			120,975,955
Operating lease liabilities, non-current		1,391,909,309			1,215,776,075
Deferred tax liabilities		94,716,495			79,670,908
Unrecognized tax benefits		382,125,786			440,072,214
Total liabilities		3,586,765,383			3,454,514,884
Shareholders’ equity:
Class A ordinary shares		222,587,070			222,587,070
Class B ordinary shares		115,534,210			115,534,210
Paid-in capital		-			-
Treasury Stock		(36,677,832	)		(37,043,116	)		)
Additional paid-in capital		1,680,713,349			1,680,148,272
Retained earnings (Accumulated losses)		(568,339,799	)		(528,513,571	)		)
Accumulated other comprehensive income		28,401,282			6,033,263
Total GreenTree Hospitality Group Ltd. shareholders’ equity		1,442,218,280			1,458,746,128
Non-controlling interests		37,815,215			33,857,937
Total shareholders’ equity		1,480,033,495			1,492,604,065
TOTAL LIABSLITIES AND SHAREHOLDERS’ EQUITY		5,066,798,878			4,947,118,949

All values are in US Dollars.

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended								Year Ended
	December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024		December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		174,788,363			119,295,789					787,814,342			596,640,640
Franchised-and-managed revenues		164,549,132			152,934,218					705,244,948			635,360,313
Wholesales and others		32,826,011			32,289,656					134,198,399			111,439,245
Total revenues		372,163,506			304,519,663					1,627,257,689			1,343,440,198
Operating costs and expenses
Operating costs		(211,591,676	)		(198,973,480	)		)		(947,438,814	)		(822,587,314	)		)
Selling and marketing expenses		(11,090,473	)		(17,623,031	)		)		(71,618,033	)		(67,585,059	)		)
General and administrative expenses		(58,045,041	)		(43,042,689	)		)		(208,433,678	)		(182,551,094	)		)
Other operating expenses		(3,569,166	)		(2,652,292	)		)		(11,704,553	)		(7,090,463	)		)
Impairment loss of goodwill		-			(81,008,000	)		)		-			(81,008,000	)		)
Other general expenses		(52,287,493	)		(69,084,799	)		)		(79,583,586	)		(80,841,330	)		)
Total operating costs and expenses		(336,583,849	)		(412,384,291	)		)		(1,318,778,664	)		(1,241,663,260	)		)
Other operating income		11,362,962			12,898,817					27,169,901			60,147,558
Income from operations		46,942,619			(94,965,811	)		)		335,648,926			161,924,496
Interest income and other, net		10,329,773			12,633,535					41,371,162			40,072,068
Interest expense		(916,820	)		(1,824,933	)		)		(14,053,841	)		(6,310,152	)		)
Gains (losses) from investment in equity securities		(943,283	)		(9,544,253	)		)		(5,378,104	)		(14,953,679	)		)
Other income, net		(20,142,532	)		34,336,161					22,783,714			16,474,064
Income before income taxes		35,269,757			(59,365,301	)		)		380,371,857			197,206,797
Income tax expense		(26,116,933	)		(12,758,025	)		)		(118,452,255	)		(88,726,969	)		)
Income (loss) before share of gains in equity investees		9,152,824			(72,123,326	)		)		261,919,602			108,479,828
Share of loss/(income) in equity investees, net of tax		(522,092	)		(700,781	)		)		(1,392,002	)		(1,165,474	)		)
Net income(loss)		8,630,732			(72,824,107	)		)		260,527,600			107,314,354
Net loss/(income) attributable to non-controlling interests		3,484,240			1,368,731					8,788,708			2,687,878
Net income attributable to ordinary shareholders		12,114,972			(71,455,377	)		)		269,316,308			110,002,232
Net earnings per share
Class A ordinary share-basic and diluted		0.12			(0.70	)		)		2.64			1.08
Class B ordinary share-basic and diluted		0.12			(0.70	)		)		2.64			1.08
Net earnings per ADS
Class A ordinary share-basic and diluted		0.12			(0.70	)		)		2.64			1.08
Class B ordinary share-basic and diluted		0.12			(0.70	)		)		2.64			1.08
Weighted average shares outstanding
Class A ordinary share-basic and diluted		67,038,968			66,765,032					67,321,003			66,776,243
Class B ordinary share-basic and diluted		34,762,909			34,762,909					34,762,909			34,762,909
Other comprehensive income, net of tax
Foreign currency translation adjustments		(258,427	)		(20,725,862	)		)		669,178			(22,368,019	)		)
Unrealized gains(loss) on available-for-sale investments, net of tax
Comprehensive income, net of tax		8,372,305			(93,549,969	)		)		261,196,778			84,946,335
Comprehensive loss/(income) attributable to non-controlling interests		3,381,135			1,368,731					8,685,603			2,687,878
Comprehensive income (loss) attributable to ordinary shareholders		11,753,440			(92,181,238	)		)		269,882,381			87,634,213

All values are in US Dollars.

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Hotel Statements of Comprehensive Income

	Quarter Ended								Year Ended
	December 31,<br><br> 2023			December 31,<br><br> 2024			December<br> 31, 2024		December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		125,521,090			90,969,160					490,924,060			437,521,898
Franchised-and-managed revenues		162,861,219			148,174,447					696,321,236			625,072,856
Wholesales and others		1,267,181			1,026,363					4,660,777			3,908,057
Total revenues		289,649,490			240,169,970					1,191,906,073			1,066,502,811
Operating costs and expenses
Operating costs		(154,556,991	)		(139,910,728	)		)		(598,841,951	)		(593,798,806	)		)
Selling and marketing expenses		(8,318,853	)		(13,451,271	)		)		(47,434,683	)		(55,028,196	)		)
General and administrative expenses		(49,670,060	)		(39,695,498	)		)		(166,861,387	)		(156,401,775	)		)
Other operating expenses		(3,429,367	)		(2,635,870	)		)		(4,453,446	)		(4,937,315	)		)
Impairment loss of goodwill		-			-					-			-
Other general expenses		(36,260,493	)		(30,012,799	)		)		(63,556,586	)		(41,769,330	)		)
Total operating costs and expenses		(252,235,764	)		(225,706,166	)		)		(881,148,053	)		(851,935,422	)		)
Other operating income		9,937,407			11,644,397					24,525,333			56,818,174
Income from operations		47,351,133			26,108,201					335,283,353			271,385,563
Interest income and other, net		10,653,312			12,606,174					41,240,610			39,982,179
Interest expense		(2,809,528	)		(1,825,243	)		)		(13,706,157	)		(6,310,152	)		)
Gains (losses) from investment in equity securities		(943,283	)		(9,544,253	)		)		(5,378,104	)		(10,314,000	)		)
Other income, net		(20,170,894	)		34,321,711					22,676,046			16,383,657
Income before income taxes		34,080,740			61,666,590					380,115,748			311,127,247
Income tax expense		(25,505,616	)		(32,610,806	)		)		(113,125,742	)		(107,223,277	)		)
Income (loss) before share of gains in equity investees		8,575,124			29,055,784					266,990,006			203,903,970
Share of loss/(income) in equity investees, net of tax		(522,092	)		(700,781	)		)		(1,392,002	)		(1,165,474	)		)
Net income(loss)		8,053,032			28,355,003					265,598,004			202,738,496

All values are in US Dollars.

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Restaurant Statements of Comprehensive Income

	Quarter Ended								Year Ended
	December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024		December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		48,191,718			28,534,041					296,890,282			159,326,153
Franchised-and-managed revenues		1,687,913			4,759,771					8,923,712			10,287,457
Wholesales and others		37,843,179			31,759,229					135,821,972			109,031,616
Total revenues		87,722,810			65,053,041					441,635,966			278,645,226
Operating costs and expenses
Operating costs		(66,896,044	)		(59,854,076	)		)		(359,018,687	)		(230,496,349	)		)
Selling and marketing expenses		(2,821,243	)		(4,083,785	)		)		(24,232,973	)		(12,556,863	)		)
General and administrative expenses		(8,374,981	)		(3,347,191	)		)		(41,572,291	)		(26,149,319	)		)
Other operating expenses		(139,799	)		(16,422	)		)		(7,251,107	)		(2,153,148	)		)
Impairment loss of goodwill		-			(81,008,000	)		)		-			(81,008,000	)		)
Other general expenses		(16,027,000	)		(39,072,000	)		)		(16,027,000	)		(39,072,000	)		)
Total operating costs and expenses		(94,259,067	)		(187,381,474	)		)		(448,102,058	)		(391,435,679	)		)
Other operating income		1,425,555			1,254,420					2,644,568			3,329,384
Income from operations		(5,110,702	)		(121,074,013	)		)		(3,821,524	)		(109,461,069	)		)
Interest income and other, net		(323,539	)		27,361					130,552			89,889
Interest expense		1,892,708			310					(347,684	)		-
Gains (losses) from investment in equity securities		-			-					-			-
Other income, net		28,362			14,450					107,668			(18,672	)		)
Income before income taxes		(3,513,171	)		(121,031,894	)		)		(3,930,988	)		(109,389,852	)		)
Income tax expense		564,230			19,852,781					(4,279,739	)		18,496,308
Income (loss) before share of gains in equity investees		(2,948,941	)		(101,179,113	)		)		(8,210,727	)		(90,893,544	)		)
Share of loss/(income) in equity investees, net of tax		-			-					-			-
Net income(loss)		(2,948,941	)		(101,179,113	)		)		(8,210,727	)		(90,893,544	)		)

All values are in US Dollars.

12 / 18

GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31,<br><br> 2023			December 31,<br><br> 2023			December 31,<br><br> 2023			December 31,<br><br> 2023
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		125,521,090			48,191,718			1,075,555			174,788,363
Franchised-and-managed revenues		162,861,219			1,687,913			-			164,549,132
Wholesales and others		1,267,181			37,843,179			(6,284,349	)		32,826,011
Total revenues		289,649,490			87,722,810			(5,208,794	)		372,163,506
Operating costs and expenses
Operating costs		(154,556,991	)		(66,896,044	)		9,861,359			(211,591,676	)
Selling and marketing expenses		(8,318,853	)		(2,821,243	)		49,623			(11,090,473	)
General and administrative expenses		(49,670,060	)		(8,374,981	)		-			(58,045,041	)
Other operating expenses		(3,429,367	)		(139,799	)		-			(3,569,166	)
Impairment loss of goodwill		-			-			-			-
Other general expenses		(36,260,493	)		(16,027,000	)		-			(52,287,493	)
Total operating costs and expenses		(252,235,764	)		(94,259,067	)		9,910,982			(336,583,849	)
Other operating income		9,937,407			1,425,555			-			11,362,962
Income from operations		47,351,133			(5,110,702	)		4,702,188			46,942,619

GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31,<br><br> 2024			December 31,<br><br> 2024			December 31,<br><br> 2024			December 31,<br><br> 2024
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
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
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	)
Other general expenses		(30,012,799	)		(39,072,000	)		-			(69,084,799	)
Total operating costs and expenses		(225,706,166	)		(187,381,474	)		703,349			(412,384,291	)
Other operating income		11,644,397			1,254,420			-			12,898,817
Income from operations		26,108,201			(121,074,012	)		-			(94,965,811	)

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended								Year Ended
	December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024		December 31,<br><br> 2023			December 31,<br><br> 2024			December 31,<br> 2024
	RMB			RMB			US		RMB			RMB			US
Operating activities:
Net (loss) income		8,630,732			(72,824,109	)		)		260,527,599			107,314,353
Adjustments to reconcile net income to net Cash provided by operating activities:
Depreciation and amortization		24,382,512			26,575,903					116,870,237			115,746,538
Impairment of long lived assets		53,686,449			51,672,000					56,586,449			51,672,000
Impairment of goodwill		-			81,008,000					-			81,008,000
Share of (gains) losses in equity method investments		-			-					-			-
Noncash lease expense		77,037,857			58,283,373					271,156,173			263,911,503
Loss from disposal of a subsidiary		-			-					1,223,952			(488,227	)		)
Interest income		-			-					-			-
Bad debt expenses		1,828,945			21,857,669					38,858,275			56,241,392
Losses and impairment (Gains) on equity securities held		2,563,283			9,544,253					6,998,104			14,953,679
(Gains) losses on disposal of property and equipment		1,928,976			(555,551	)		)		2,166,990			(25,338,789	)		)
Foreign exchange (gains) losses		(103,025	)		(26,182,753	)		)		(372,187	)		(27,497,301	)		)
Share-based compensation		-			-					-			-
Other non-cash expense/(income)		(1,757,475	)		7,070,827					(4,554,719	)		1,166,397
Accounts receivable		8,157,413			9,076,784					(5,359,275	)		(4,015,520	)		)
Prepaid rent		129,472			-					-			-
Inventories		(3,323,226	)		(493,764	)		)		4,764,959			14,618,912
Amounts due from related parties		2,812,979			(3,904,741	)		)		8,372,296			(1,416,495	)		)
Other current assets		(7,784,142	)		(1,821,998	)		)		(47,920,887	)		(3,067,256	)		)
Other assets		9,361,100			5,200,506					17,250,340			3,725,971
Accounts payable		(21,402,358	)		17,296,435					(50,451,092	)		(3,021,869	)		)
Amounts due to related parties		(8,780,746	)		1,767,567					(5,406,910	)		1,151,882
Salary and welfare payable		(8,040,537	)		3,672,156					(3,010,962	)		(7,916,485	)		)
Deferred revenue		(8,986,356	)		(28,977,865	)		)		(33,539,045	)		(42,787,510	)		)
Advance from customers		(4,898,186	)		4,428,730					(3,211,266	)		3,305,355
Accrued expenses and other current liabilities		(62,218,027	)		(29,307,543	)		)		26,174,963			3,161,614
Income tax payable		(17,782,317	)		(34,457,583	)		)		32,861,850			(23,195,720	)		)
Unrecognized tax benefits		(14,960,256	)		68,986,879					28,569,943			57,946,428
Operating lease liabilities		(76,990,749	)		(57,896,801	)		)		(256,017,527	)		(247,702,691	)		)
Other long-term liabilities		3,175,965			3,262,911					(5,065,347	)		1,264,213
Deferred taxes		29,820,352			(39,040,264	)		)		(2,423,339	)		(17,362,607	)		)
Net cash provided by operating activities		(13,511,365	)		74,241,021					455,049,574			373,377,767
Investing activities:
Purchases of property and equipment		(15,197,120	)		(50,616,409	)		)		(87,764,045	)		(79,582,039	)		)
Purchases of intangible assets		(573,808	)		(37,057	)		)		(740,406	)		(37,057	)		)
Proceeds from disposal of property and equipment		(11,715,110	)		(283,895	)		)		2,951,611			139,900,865
Payment for acquisition of minority equity		-			-					-			-
Purchases of a long-term investment		-			(3,600,000	)		)		-			(10,400,000	)		)
Repayment of Advances for acquisitions		-			-					-			-
Purchases of short-term investments		(60,449,565	)		-					(262,680,045	)		-
Proceeds from short-term investments		6,154,723			(1,660,895	)		)		167,009,370			417,701,142
Increase of long-term time deposits		(63,340,000	)		-					(63,340,000	)		(222,230,000	)		)
Purchases of investments in equity securities		-			-					-			-
Proceeds from disposal of equity securities		-			21,812,329					-			21,812,329
Proceeds from disposal of subsidiaries		-			-					37,800,000			2,807,500
Loan to related parties		-			(588,000	)		)		-			(858,000	)		)
Repayment from related parties		-			363,347					-			363,347
Loan to third parties		-			1,200,000					-			-
Repayment of loan from third parties		-			-					14,553,007			5,900,000
Loan to franchisees		(6,609,495	)		(8,673,811	)		)		(22,643,074	)		(14,323,812	)		)
Repayment from franchisees		24,896,351			16,870,520					121,145,169			84,337,321
Net cash (used in) provided by investing activities		(126,834,024	)		(25,213,871	)		)		(93,708,413	)		345,391,596
Financing activities:
Distribution to the shareholders		-			(70,176,000	)		)		-			(70,936,321	)		)
Repurchase of ordinary shares		(19,706,775	)		(65,162	)		)		(19,706,775	)		(365,284	)		)
Loan from non controlling interest		272,500.00			-					272,500.00			-
Repayment of short-term borrowings		(7,700,000	)		(200,000	)		)		(458,300,000	)		(117,200,000	)		)
Proceeds from bank loans		57,000,000			-					174,000,000			200,000,000
Capital contribution from noncontrolling interest holders		-			-					-			(966,000	)		)
Net cash used in financing activities		29,865,725			(70,441,162	)		)		(303,734,275	)		10,532,395
Effect of exchange rate changes on cash and cash equivalents and restricted cash		84,902			6,957,333					32,095			4,299,468
Net increase in cash, cash equivalents and restricted cash		(110,394,762	)		(14,456,679	)		)		57,638,981			733,601,226
Cash, cash equivalents and restricted cash at the beginning of the year		901,995,474			1,539,658,617					733,961,731			791,600,712
Cash, cash equivalents and restricted cash at the end of the year		791,600,712			1,525,201,938					791,600,712			1,525,201,938

All values are in US Dollars.

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GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

	Quarter Ended							Year Ended
	December 31,<br> 2023		December 31,<br> 2024			December 31, 2024		December 31,<br> 2023		December 31,<br> 2024			December 31, 2024
	RMB		RMB			US		RMB		RMB			US
Net income		8,630,731		(72,824,109	)		)		260,527,599		107,314,353
Deduct:
Other operating income		11,362,962		12,898,817					27,169,901		60,147,558
Interest income and other, net		10,329,773		12,633,535					41,371,162		40,072,068
Gains from investment in equity securities		-		-					-		-
Share of gain in equity investees, net of tax		-		-					-		-
Other income, net		-		34,336,161					22,783,714		16,474,064
Add:
Other operating expenses		3,569,166		2,652,292					11,704,553		7,090,463
Impairment loss of goodwill		-		81,008,000					-		81,008,000	)
Other general expenses		52,287,493		69,084,799					79,583,586		80,841,330	)
Income tax expenses (benefits)		26,116,933		12,758,025					118,452,255		88,726,969
Share of loss in equity investees, net of tax		522,092		700,781					1,392,002		1,165,474
Interest expenses		916,820		1,824,933					14,053,841		6,310,152
Depreciation and amortization		24,382,512		26,575,903					116,870,237		115,746,538
Losses from investment in equity securities		943,283		9,544,253					5,378,104		14,953,679
Other expense, net		20,142,532		-					-		-
Adjusted EBITDA (Non-GAAP)		115,818,827		71,456,364					516,637,400		386,463,268

All values are in US Dollars.

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	Quarter Ended								Year Ended
	December 31,<br> 2023			December 31,<br> 2024			December 31, 2024		December 31,<br> 2023		December 31,<br> 2024		December 31, 2024
	RMB			RMB			US		RMB		RMB		US
Net income		8,630,731			(72,824,109	)		)		260,527,599		107,314,353
Deduct:
Government subsidies (net of 25% tax)		3,129,127			7,122,585					9,800,432		11,967,221
Gains from investment in equity securities (net of 25% tax)		-			-					-		-
Other income (net of 25% tax)		-			25,752,121					17,087,786		12,355,548
Add:
Share-based compensation		(16,594	)		(46,986	)		)		-		-
Losses from investments in equity securities (net of 25% tax)		707,462			7,158,190					4,033,578		11,215,259
Other expense (net of 25% tax)		15,106,898			-					-		-
One-time fees and expenses		828,267			621,172					3,010,039		2,335,161
Impairment loss of goodwill		-			81,008,000					-		81,008,000
Other general expenses		52,287,493			69,084,799					79,583,586		80,841,330
Income tax expenses related to dividend distribution		-			5,698,810					-		19,195,050
Core net income (Non-GAAP)		74,415,129			57,825,169					320,266,584		277,586,384
Core net income per ADS (Non-GAAP)
Class A ordinary share-basic and diluted		0.73			0.57					3.14		2.73
Class B ordinary share-basic and diluted		0.73			0.57					3.14		2.73

All values are in US Dollars.

Hotel Operational Data


Total hotels in operation:	4,238	4,425
Leased and owned hotels	65	55
Franchised hotels	4,173	4,370
Total hotel rooms in operation	309,495	321,182
Leased and owned hotels	7,318	6,624
Franchised hotels	302,177	315,018
Number of cities	360	352

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	Quarter Ended
	2023 Q4			2024 Q4
Occupancy rate (as a percentage)
Leased-and-owned hotels		66.9	%		65.5	%
Franchised hotels		72.5	%		68.6	%
Blended		72.4	%		68.6	%
Average daily rate (in RMB)
Leased-and-owned hotels		241			241
Franchised hotels		175			167
Blended		177			169
RevPAR (in RMB)
Leased-and-owned hotels		161			158
Franchised hotels		127			115
Blended		128			116
	Number of Hotels in<br><br> Operation				Number of Hotel Rooms in<br><br> Operation
---	---	---	---	---	---	---	---	---
	December 31,<br><br> 2023		December 31,<br><br> 2024		December 31, <br><br>2023		December 31, <br><br>2024
Mid-to-up-scale		474		553		45,488		51,649
GreenTree Eastern		222		239		24,377		25,683
Deepsleep Hotel		7		8		534		610
Gem		71		105		6,292		9,386,
Gya		71		74		5,899		6,155
Vx		92		105		8,041		9,093
others		11		22		345		722
Mid-scale		2,975		2,978		230,100		230,298
GreenTree Inn		2,220		2,340		179,631		183,439
GT Alliance		568		505		40,134		37,631
GreenTree Apartment		20		24		1,308		1,545
Vatica		110		109		7,805		7,683
Economy hotels		789		894		33,907		39,335
Shell		789		894		33,907		39,335
Total		4,238		4,425		309,495		321,282

Restaurant Operational Data

	December 31,<br> 2023		December 31,<br> 2024
Total restaurants in operation:		194		182
Leased and owned restaurants		42		18
Franchised restaurants		152		164
Number of cities		65		53
Da Niang Dumplings		162		161
Bellagio		32		21
Total restaurants in operation:		194		182
	Quarter Ended
---	---	---	---	---
	2023 Q4		2024 Q4
ADT
Leased-and-owned restaurants		141		186
Franchised restaurants		84		78
Blended		99		93
AC (in RMB)
Leased-and-owned restaurants		89		99
Franchised restaurants		37		33
Blended		51		46
ADS (in RMB)
Leased-and-owned restaurants		12,501		18,384
Franchised restaurants		3,127		2,605
Blended		5,090		4,234