6-K
GreenTree Hospitality Group Ltd. (GHG)
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
May 2026
Commission File Number: 001-38425
GreenTree Hospitality Group Ltd.
(Registrant’s name)
3F, No. 1058 Yangshupu Road, Yangpu District,Shanghai, China.200082
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 x 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: May 6, 2026
1
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | GreenTree Hospitality Group<br> Ltd. Reports Fourth Quarter 2025 Financial Results |
2
Exhibit 99.1
GreenTreeHospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2025 Financial Results
| ● | 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$9.0 million)^1^ compared to RMB57.8 million for the fourth quarter of 2024. |
| --- | --- |
SHANGHAI, April 28, 2026 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) (“GreenTree”, the “Company”, “we”, “us” and “our”), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2025.
FourthQuarter of 2025 Operational Highlights
Hotels
| ● | A<br> total of 4,580 hotels with 327,060 hotel rooms were in operation as of December 31, 2025. |
|---|---|
| ● | The<br> Company opened 76 hotels and had a pipeline of 1,260 hotels contracted for or under development<br> as of December 31, 2025. |
| --- | --- |
| ● | The<br> average daily room rate was RMB162, a decrease of 4.0% from RMB169 in the fourth quarter<br> of 2024. |
| --- | --- |
| ● | The<br> occupancy rate was 64.7%, down from 68.6% in the fourth quarter of 2024. |
| --- | --- |
| ● | Revenue<br> per available room, or RevPAR, was RMB105, a 9.5% year-over-year decrease. |
| --- | --- |
| 1 | The<br> conversion of Renminbi (“RMB”) into United States dollars (“US$”)<br> is based on the exchange rate of US$1.00=RMB 6.9931 on December 31, 2025 as set forth in<br> H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260105/. |
| --- | --- |
| 2. | Adjusted<br> net income is defined as net income excluding the impact by the exemption of fees from franchisees,<br> impact from disposal of L&O hotel assets, impairment of goodwill and trademarks of restaurant<br> business, impairment of assets, provisions for loan to franchisee loans, foreign exchange<br> losses., and earnings from the disposal of investment. |
| --- | --- |
| 3. | Adjusted<br> EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense,<br> share of loss in equity investees, net of tax, interest expense, depreciation and amortization,<br> losses from investment in equity securities, other general expenses, and other expense, net,<br> but excludes other operating income, interest income and other, net, gains from investment<br> in equity securities, share of gains in equity investees (net of tax), and other income,<br> net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned<br> according to the above mentioned definition. |
| 4. | Core<br> net income (non-GAAP) is calculated as net income plus share-based compensation, losses from<br> investments in equity securities (net of 25% tax), other expense(net of 25% tax), one-time<br> fees and expense, income tax expenses related to dividend distribution, and other general<br> expenses but excludes government subsidies (net of 25% tax), gains from investment in equity<br> securities (net of 25% tax), and other income (net of 25% tax). |
| 5. | Each<br> ADS represents one ordinary share. |
1 / 19
Restaurants
| ● | A<br> total of 191 restaurants were in operation as of December 31, 2025. | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| ● | The<br> AC (average check) was RMB38, a 17.8% year-over-year decrease. | ||||||||
| --- | --- | ||||||||
| ● | The<br> ADT (average daily tickets) was 88, down from 93 in the fourth quarter of 2024. | ||||||||
| --- | --- | ||||||||
| ● | The<br> ADS (average daily sales per store) was RMB3,312, a decrease of 21.8% from RMB4,234 in the<br> fourth quarter of 2024. | ||||||||
| --- | --- | ||||||||
| Quarter<br> Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | ||||||
| RMB | RMB | RMB | RMB | ||||||
| Hotel | Restaurant | Elimination | Total | ||||||
| Revenues | |||||||||
| Leased-and-operated<br> 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<br> and others | 1,026,363 | 31,759,229 | (495,936 | ) | 32,289,656 | ||||
| Total<br> revenues | 240,169,970 | 65,053,041 | (703,348 | ) | 304,519,663 |
| Quarter<br> Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br> 2025 | ||||||
| RMB | RMB | RMB | RMB | US | ||||||
| Hotel | Restaurant | Elimination | Total | Total | ||||||
| Revenues | ||||||||||
| Leased-and-operated<br> revenues | 85,005,220 | 21,237,340 | - | 106,242,560 | ||||||
| Franchised-and-managed revenues | 104,151,920 | 954,557 | - | 105,106,477 | ||||||
| Wholesales<br> and others | 724,362 | 16,926,284 | (338,210 | ) | 17,312,436 | |||||
| Total<br> revenues | 189,881,502 | 39,118,181 | (338,210 | ) | 228,661,473 |
All values are in US Dollars.
2 / 19
2025Financial Results
| Year<br> Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | |||||
| RMB | RMB | RMB | RMB | |||||
| Hotel | Restaurant | Elimination | Total | |||||
| Revenues | ||||||||
| Leased-and-operated<br> 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<br> and others | 3,908,057 | 109,031,616 | -1,500,428 | 111,439,245 | ||||
| Total<br> revenues | 1,066,502,811 | 278,645,226 | -1,707,839 | 1,343,440,198 |
| Year<br> Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br> 2025 | ||||||
| RMB | RMB | RMB | RMB | US | ||||||
| Hotel | Restaurant | Elimination | Total | Total | ||||||
| Revenues | ||||||||||
| Leased-and-operated<br> revenues | 381,361,912 | 106,812,441 | (241,982 | ) | 487,932,371 | |||||
| Franchised-and-managed revenues | 528,472,018 | 5,979,850 | - | 534,451,868 | ||||||
| Wholesales<br> and others | 2,514,491 | 73,456,665 | (1,002,001 | ) | 74,969,155 | |||||
| Total<br> revenues | 912,348,421 | 186,248,956 | (1,243,983 | ) | 1,097,353,394 |
All values are in US Dollars.
3 / 19
Totalrevenue
Totalrevenues 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.
Totalrevenues 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.
Totalrevenues 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.
4 / 19
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.
Totalrevenues 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.
Totaloperating costs and expenses
| Quarter<br> Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31,<br> 2024 | December 31,<br> 2024 | December 31, <br> 2024 | December 31, <br> 2024 | ||||||
| RMB | RMB | RMB | RMB | ||||||
| Hotel | Restaurant | Elimination | Total | ||||||
| Operating<br> 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<br> 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<br> intangible asset | - | 39,072,000 | - | 39,072,000 | |||||
| Other<br> general expenses | 30,012,799 | - | - | 30,012,799 | |||||
| Total<br> operating costs and expenses | 225,706,166 | 187,381,474 | (703,349 | ) | 412,384,291 |
| Quarter<br> Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31, <br> 2025 | December 31,<br> 2025 | December 31, 2025 | December 31, <br> 2025 | December 31, 2025 | |||||||
| RMB | RMB | RMB | RMB | US | |||||||
| Hotel | Restaurant | Elimination | Total | Total | |||||||
| Operating<br> costs and expenses | |||||||||||
| Operating costs | 123,262,562 | 35,625,047 | (338,210 | ) | 158,549,399 | ||||||
| Selling and marketing expenses | 11,805,604 | 2,001,482 | - | 13,807,086 | |||||||
| General and administrative<br> expenses | 18,578,972 | 5,933,471 | - | 24,512,443 | |||||||
| Other operating expenses | 40,245,786 | (57,902 | ) | - | 40,187,884 | ||||||
| Impairment loss of goodwill | - | 66,491,000 | - | 66,491,000 | |||||||
| Impairment of indefinite-lived<br> intangible asset | - | 17,331,000 | - | 17,331,000 | |||||||
| Other<br> general expenses | 31,779,622 | - | - | 31,779,622 | |||||||
| Total<br> operating costs and expenses | 225,672,546 | 127,324,098 | (338,210 | ) | 352,658,434 |
All values are in US Dollars.
| Year<br> Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | December 31,<br><br> 2024 | ||||||
| RMB | RMB | RMB | RMB | ||||||
| Hotel | Restaurant | Elimination | Total | ||||||
| Operating<br> 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<br> 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<br> intangible asset | - | 39,072,000 | - | 39,072,000 | |||||
| Other<br> general expenses | 41,769,330 | - | - | 41,769,330 | |||||
| Total<br> operating costs and expenses | 851,935,422 | 391,435,679 | (1,707,841 | ) | 1,241,663,260 |
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| Year<br> Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December<br> 31, <br><br> 2025 | December<br> 31,<br><br> 2025 | December<br> 31, <br><br> 2025 | December<br> 31, <br><br> 2025 | December<br> 31,<br> 2025 | ||||||
| RMB | RMB | RMB | RMB | US | ||||||
| Hotel | Restaurant | Elimination | Total | Total | ||||||
| Operating<br> costs and expenses | ||||||||||
| Operating costs | 552,869,547 | 162,768,869 | (1,243,984 | ) | 714,394,432 | |||||
| Selling and marketing expenses | 46,084,781 | 8,699,788 | - | 54,784,569 | ||||||
| General and administrative<br> expenses | 111,872,466 | 18,589,380 | - | 130,461,846 | ||||||
| Other operating expenses | 50,188,458 | 1,543,018 | - | 51,731,476 | ||||||
| Impairment loss of goodwill | - | 66,491,000 | - | 66,491,000 | ||||||
| Impairment of indefinite-lived<br> intangible asset | - | 17,331,000 | - | 17,331,000 | ||||||
| Other<br> general expenses | 82,874,509 | - | - | 82,874,509 | ||||||
| Total operating<br> costs and expenses | 843,889,761 | 275,423,055 | (1,243,984 | ) | 1,118,068,832 |
All values are in US Dollars.
Operatingcosts 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.
Sellingand 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.
Generaland 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.
Otheroperating 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.
Impairmentloss of goodwill was RMB66.5million (US$9.5 million)^1^ , a 17.9% decrease year over year. Impairment of indefinite-livedintangible 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.
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Othergeneral 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^.
Grossprofit, 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$54.8 million) ^1^, a 26.5% year-over-year decrease.
Incomefrom operations was RMB-64.9 million (US$-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$8.1 million) ^1^ compared to income from operations of RMB161.9 million in 2024.
Netincome in the fourth quarter of 2025 was RMB-55.7million (US$-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%.
AdjustedEBITDA (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%.
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Corenet 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$30.2million)^1^, a year-over-year decrease of 23.9%.
Earningsper American Depositary Share, or ADS, (basic and diluted) in the fourth quarter of 2025 was RMB-0.55(US$-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.
CashflowOperating 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.
Cashand 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.
Useof 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.
8 / 19
AboutGreenTree 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
SafeHarbor 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.
9 / 19
Financial Tables and Operational Data Follow
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Balance Sheets
| December<br> 31 | December<br> 31 | December<br> 31 | ||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | 2025 | ||||||
| RMB | RMB | US | ||||||
| ASSETS | ||||||||
| Current<br> assets: | ||||||||
| Cash and cash<br> equivalents | 1,490,235,562 | 1,652,179,474 | ||||||
| Restricted cash | 16,096,476 | 7,389,650 | ||||||
| Short-term investments | 10,475 | - | ||||||
| Accounts receivable, net of<br> allowance | 99,688,034 | 81,335,494 | ||||||
| Amounts due from related parties | 21,839,929 | 18,843,062 | ||||||
| Inventories | 6,881,470 | 4,922,160 | ||||||
| Other current assets | 114,898,590 | 92,557,400 | ||||||
| Loans<br> receivable, net | 85,463,467 | 38,798,333 | ||||||
| Total<br> current assets | 1,835,114,003 | 1,896,025,573 | ||||||
| Non-current<br> assets: | ||||||||
| Amounts due from a related<br> party | 110,000,000 | 110,000,000 | ||||||
| Restricted cash | 18,869,900 | 18,869,900 | ||||||
| Long-term time deposits | 285,570,000 | 285,570,000 | ||||||
| Loans receivable, net | 15,372,238 | 12,034,825 | ||||||
| Property and equipment, net | 649,528,210 | 559,918,957 | ||||||
| Intangible assets, net | 75,677,551 | 56,403,818 | ||||||
| Goodwill | 96,074,468 | 25,721,262 | ||||||
| Long-term investments | 184,024,217 | 156,929,090 | ||||||
| Operating lease right-of-use<br> assets | 1,328,582,419 | 1,130,088,595 | ||||||
| Other assets | 102,545,848 | 297,560,050 | ||||||
| Deferred<br> tax assets | 245,760,095 | 237,098,634 | ||||||
| TOTAL<br> ASSETS | 4,947,118,949 | 4,786,220,704 | ||||||
| LIABSLITIES<br> AND EQUITY | ||||||||
| Current<br> liabilities: | ||||||||
| Long-term bank loans, current<br> portion | 400,000 | 56,800,000 | ||||||
| Accounts payable | 56,488,405 | 44,687,183 | ||||||
| Advance from customers | 25,684,437 | 21,946,599 | ||||||
| Amounts due to related parties | 17,462,176 | 17,518,102 | ||||||
| Salary and welfare payable | 78,234,585 | 73,657,641 | ||||||
| Deferred revenue | 175,046,178 | 169,139,889 | ||||||
| Accrued expenses and other<br> current liabilities | 481,910,291 | 539,836,968 | ||||||
| Income tax payable | 88,876,497 | 72,129,824 | ||||||
| Operating<br> lease liabilities, current | 241,363,244 | 184,665,265 | ||||||
| Total<br> current liabilities | 1,165,465,813 | 1,180,381,471 | ||||||
| Long-term bank loans | 256,200,000 | 199,400,000 | ||||||
| Deferred revenue | 176,353,919 | 134,414,010 | ||||||
| Other long-term liabilities | 120,975,955 | 117,513,512 | ||||||
| Operating lease liabilities,<br> non-current | 1,215,776,075 | 1,032,472,822 | ||||||
| Deferred tax liabilities | 79,670,908 | 55,941,338 | ||||||
| Unrecognized<br> tax benefits | 440,072,214 | 457,930,743 | ||||||
| Total<br> liabilities | 3,454,514,884 | 3,178,053,896 | ||||||
| Shareholders’<br> equity: | ||||||||
| Class A ordinary shares | 222,587,070 | 222,587,070 | ||||||
| Class B ordinary shares | 115,534,210 | 115,534,210 | ||||||
| Treasury Stock | (37,043,116 | ) | (48,054,863 | ) | ) | |||
| Additional paid-in capital | 1,609,972,272 | 1,566,949,877 | ||||||
| Retained earnings (Accumulated<br> losses) | (458,337,571 | ) | (291,545,545 | ) | ) | |||
| Accumulated<br> other comprehensive income | 6,033,263 | 11,093,099 | ||||||
| Total<br> GreenTree Hospitality Group Ltd. shareholders’ equity | 1,458,746,128 | 1,576,563,848 | ||||||
| Non-controlling<br> interests | 33,857,937 | 31,602,960 | ||||||
| Total<br> shareholders’ equity | 1,492,604,065 | 1,608,166,808 | ||||||
| TOTAL<br> LIABSLITIES AND SHAREHOLDERS’ EQUITY | 4,947,118,949 | 4,786,220,704 |
All values are in US Dollars.
10 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Statements of Comprehensive Income
| Quarter<br> Ended | Year<br> Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | |||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Revenues | ||||||||||||||||
| Leased-and-operated<br> revenues | 119,295,789 | 106,242,560 | 596,640,640 | 487,932,371 | ||||||||||||
| Franchised-and-managed<br> revenues | 152,934,218 | 105,106,477 | 635,360,313 | 534,451,868 | ||||||||||||
| Wholesales<br> and others | 32,289,656 | 17,312,436 | 111,439,245 | 74,969,155 | ||||||||||||
| Total<br> revenues | 304,519,663 | 228,661,473 | 1,343,440,198 | 1,097,353,394 | ||||||||||||
| Operating<br> costs and expenses | ||||||||||||||||
| Operating<br> costs | (198,973,480 | ) | (158,549,399 | ) | ) | (822,587,314 | ) | (714,394,432 | ) | ) | ||||||
| Selling<br> and marketing expenses | (17,623,031 | ) | (13,807,086 | ) | ) | (67,585,059 | ) | (54,784,569 | ) | ) | ||||||
| General<br> and administrative expenses | (43,042,689 | ) | (24,512,443 | ) | ) | (182,551,094 | ) | (130,461,846 | ) | ) | ||||||
| Other<br> operating expenses | (2,652,292 | ) | (40,187,884 | ) | ) | (7,090,463 | ) | (51,731,476 | ) | ) | ||||||
| Impairment<br> loss of goodwill | (81,008,000 | ) | (66,491,000 | ) | ) | (81,008,000 | ) | (66,491,000 | ) | ) | ||||||
| Impairment<br> of indefinite-lived intangible asset | (39,072,000 | ) | (17,331,000 | ) | ) | (39,072,000 | ) | (17,331,000 | ) | ) | ||||||
| Other<br> general expenses | (30,012,799 | ) | (31,779,622 | ) | ) | (41,769,330 | ) | (82,874,509 | ) | ) | ||||||
| Total<br> operating costs and expenses | (412,384,291 | ) | (352,658,434 | ) | ) | (1,241,663,260 | ) | (1,118,068,832 | ) | ) | ||||||
| Other<br> operating income | 12,898,817 | 59,110,768 | 60,147,558 | 77,371,723 | ||||||||||||
| Income<br> from operations | (94,965,811 | ) | (64,886,193 | ) | ) | 161,924,496 | 56,656,285 | |||||||||
| Interest<br> income and other, net | 12,633,535 | 9,393,209 | 40,072,068 | 37,806,975 | ||||||||||||
| Interest<br> expense | (1,824,933 | ) | (2,095,890 | ) | ) | (6,310,152 | ) | (7,644,628 | ) | ) | ||||||
| Gains<br> (losses) from investment in equity securities | (9,544,253 | ) | (24,444,565 | ) | ) | (14,953,679 | ) | 5,000,000 | ||||||||
| Other<br> income, net | 34,336,161 | 22,218,586 | 16,474,064 | 113,255,005 | ||||||||||||
| Income<br> before income taxes | (59,365,301 | ) | (59,814,853 | ) | ) | 197,206,797 | 205,073,637 | |||||||||
| Income<br> tax expense | (12,758,025 | ) | 3,254,084 | (88,726,969 | ) | (45,880,022 | ) | ) | ||||||||
| Income<br> (loss) before share of gains in equity investees | (72,123,326 | ) | (56,560,769 | ) | ) | 108,479,828 | 159,193,615 | |||||||||
| Share<br> of loss/(income) in equity investees, net of tax | (700,781 | ) | 818,603 | (1,165,474 | ) | 4,163,620 | ||||||||||
| Net<br> income(loss) | (72,824,107 | ) | (55,742,166 | ) | ) | 107,314,354 | 163,357,235 | |||||||||
| Net<br> loss/(income) attributable to non-controlling interests | 1,368,731 | 258,970 | 2,687,878 | 3,434,790 | ||||||||||||
| Net<br> income attributable to ordinary shareholders | (71,455,377 | ) | (55,483,196 | ) | ) | 110,002,232 | 166,792,025 | |||||||||
| Net<br> earnings per share | ||||||||||||||||
| Class<br> A ordinary share-basic and diluted | (0.70 | ) | (0.55 | ) | ) | 1.08 | 1.65 | |||||||||
| Class<br> B ordinary share-basic and diluted | (0.70 | ) | (0.55 | ) | ) | 1.08 | 1.65 | |||||||||
| Net<br> earnings per ADS | ||||||||||||||||
| Class<br> A ordinary share-basic and diluted | (0.70 | ) | (0.55 | ) | ) | 1.08 | 1.65 | |||||||||
| Class<br> B ordinary share-basic and diluted | (0.70 | ) | (0.55 | ) | ) | 1.08 | 1.65 | |||||||||
| Weighted<br> average shares outstanding | ||||||||||||||||
| Class<br> A ordinary share-basic and diluted | 66,765,032 | 66,134,813 | 66,776,243 | 66,366,641 | ||||||||||||
| Class<br> B ordinary share-basic and diluted | 34,762,909 | 34,762,909 | 34,762,909 | 34,762,909 | ||||||||||||
| Other<br> comprehensive income, net of tax | ||||||||||||||||
| Foreign<br> currency translation adjustments | (20,725,862 | ) | 7,667,013 | (22,368,019 | ) | 5,059,836 | ||||||||||
| Comprehensive<br> income, net of tax | (93,549,969 | ) | (48,075,153 | ) | ) | 84,946,335 | 168,417,071 | |||||||||
| Comprehensive<br> loss/(income) attributable to non-controlling interests | 1,368,731 | 258,970 | 2,687,878 | 3,434,790 | ||||||||||||
| Comprehensive<br> income (loss) attributable to ordinary shareholders | (92,181,238 | ) | (47,816,183 | ) | ) | 87,634,213 | 171,851,861 |
All values are in US Dollars.
11 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Hotel Statements of Comprehensive Income
| Quarter<br> Ended | Year<br> Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | |||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Revenues | ||||||||||||||||
| Leased-and-operated<br> revenues | 90,969,160 | 85,005,220 | 437,521,898 | 381,361,912 | ||||||||||||
| Franchised-and-managed<br> revenues | 148,174,447 | 104,151,920 | 625,072,856 | 528,472,018 | ||||||||||||
| Wholesales<br> and others | 1,026,363 | 724,362 | 3,908,057 | 2,514,491 | ||||||||||||
| Total<br> revenues | 240,169,970 | 189,881,502 | 1,066,502,811 | 912,348,421 | ||||||||||||
| Operating<br> costs and expenses | ||||||||||||||||
| Operating<br> costs | (139,910,728 | ) | (123,262,562 | ) | ) | (593,798,806 | ) | (552,869,547 | ) | ) | ||||||
| Selling<br> and marketing expenses | (13,451,271 | ) | (11,805,604 | ) | ) | (55,028,196 | ) | (46,084,781 | ) | ) | ||||||
| General<br> and administrative expenses | (39,695,498 | ) | (18,578,972 | ) | ) | (156,401,775 | ) | (111,872,466 | ) | ) | ||||||
| Other<br> operating expenses | (2,635,870 | ) | (40,245,786 | ) | ) | (4,937,315 | ) | (50,188,458 | ) | ) | ||||||
| Other<br> general expenses | (30,012,799 | ) | (31,779,622 | ) | ) | (41,769,330 | ) | (82,874,509 | ) | ) | ||||||
| Total<br> operating costs and expenses | (225,706,166 | ) | (225,672,546 | ) | ) | (851,935,422 | ) | (843,889,761 | ) | ) | ||||||
| Other<br> operating income | 11,644,397 | 59,024,549 | 56,818,174 | 76,874,333 | ||||||||||||
| Income<br> from operations | 26,108,201 | 23,233,505 | 271,385,563 | 145,332,993 | ||||||||||||
| Interest<br> income and other, net | 12,606,174 | 9,365,397 | 39,982,179 | 37,684,201 | ||||||||||||
| Interest<br> expense | (1,825,243 | ) | (2,168,449 | ) | ) | (6,310,152 | ) | (7,644,628 | ) | ) | ||||||
| Gains<br> (losses) from investment in equity securities | (9,544,253 | ) | (24,444,565 | ) | ) | (10,314,000 | ) | 5,000,000 | ||||||||
| Other<br> income, net | 34,321,711 | 22,941,763 | 16,383,657 | 114,001,612 | ||||||||||||
| Income<br> before income taxes | 61,666,590 | 28,927,651 | 311,127,247 | 294,374,178 | ||||||||||||
| Income<br> tax expense | (32,610,806 | ) | (261,788 | ) | ) | (107,223,277 | ) | (48,997,177 | ) | ) | ||||||
| Income<br> (loss) before share of gains in equity investees | 29,055,784 | 28,665,863 | 203,903,970 | 245,377,001 | ||||||||||||
| Share<br> of loss/(income) in equity investees, net of tax | (700,781 | ) | 818,603 | (1,165,474 | ) | 4,163,620 | ||||||||||
| Net<br> income(loss) | 28,355,003 | 29,484,466 | 202,738,496 | 249,540,621 |
All values are in US Dollars.
12 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Restaurnt Statements of Comprehensive Income
| Quarter<br> Ended | Year<br> Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | |||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Revenues | ||||||||||||||||
| Leased-and-operated<br> revenues | 28,534,041 | 21,237,340 | 159,326,153 | 106,812,441 | ||||||||||||
| Franchised-and-managed<br> revenues | 4,759,771 | 954,557 | 10,287,457 | 5,979,850 | ||||||||||||
| Wholesales<br> and others | 31,759,229 | 16,926,284 | 109,031,616 | 73,456,665 | ||||||||||||
| Total<br> revenues | 65,053,041 | 39,118,181 | 278,645,226 | 186,248,956 | ||||||||||||
| Operating<br> costs and expenses | ||||||||||||||||
| Operating<br> costs | (59,854,076 | ) | (35,625,047 | ) | ) | (230,496,349 | ) | (162,768,869 | ) | ) | ||||||
| Selling<br> and marketing expenses | (4,083,785 | ) | (2,001,482 | ) | ) | (12,556,863 | ) | (8,699,788 | ) | ) | ||||||
| General<br> and administrative expenses | (3,347,191 | ) | (5,933,471 | ) | ) | (26,149,319 | ) | (18,589,380 | ) | ) | ||||||
| Other<br> operating expenses | (16,422 | ) | 57,902 | (2,153,148 | ) | (1,543,018 | ) | ) | ||||||||
| Impairment<br> loss of goodwill | (81,008,000 | ) | (66,491,000 | ) | ) | (81,008,000 | ) | (66,491,000 | ) | ) | ||||||
| Impairment<br> of indefinite-lived intangible asset | (39,072,000 | ) | (17,331,000 | ) | ) | (39,072,000 | ) | (17,331,000 | ) | ) | ||||||
| Total<br> operating costs and expenses | (187,381,474 | ) | (127,324,098 | ) | ) | (391,435,679 | ) | (275,423,055 | ) | ) | ||||||
| Other<br> operating income | 1,254,420 | 86,219 | 3,329,384 | 497,391 | ||||||||||||
| Income<br> from operations | (121,074,013 | ) | (88,119,698 | ) | ) | (109,461,069 | ) | (88,676,708 | ) | ) | ||||||
| Interest<br> income and other, net | 27,361 | 27,812 | 89,889 | 122,774 | ||||||||||||
| Interest<br> expense | 310 | 72,559 | - | - | ||||||||||||
| Other<br> income, net | 14,450 | (723,176 | ) | ) | (18,672 | ) | (746,607 | ) | ) | |||||||
| Income<br> before income taxes | (121,031,894 | ) | (88,742,503 | ) | ) | (109,389,852 | ) | (89,300,541 | ) | ) | ||||||
| Income<br> tax expense | 19,852,781 | 3,515,872 | 18,496,308 | 3,117,155 | ||||||||||||
| Income<br> (loss) before share of gains in equity investees | (101,179,113 | ) | (85,226,631 | ) | ) | (90,893,544 | ) | (86,183,386 | ) | ) | ||||||
| Net<br> income(loss) | (101,179,113 | ) | (85,226,631 | ) | ) | (90,893,544 | ) | (86,183,386 | ) | ) |
All values are in US Dollars.
13 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Statements
| Quarter<br> Ended | Quarter<br> Ended | Quarter<br> Ended | Quarter<br> 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<br> revenues | 90,969,160 | 28,534,041 | (207,412 | ) | 119,295,789 | |||||||
| Franchised-and-managed<br> revenues | 148,174,447 | 4,759,771 | - | 152,934,218 | ||||||||
| Wholesales<br> and others | 1,026,363 | 31,759,229 | (495,936 | ) | 32,289,656 | |||||||
| Total<br> revenues | 240,169,970 | 65,053,041 | (703,348 | ) | 304,519,663 | |||||||
| Operating<br> costs and expenses | ||||||||||||
| Operating<br> costs | (139,910,728 | ) | (59,854,076 | ) | 791,324 | (198,973,480 | ) | |||||
| Selling<br> and marketing expenses | (13,451,271 | ) | (4,083,785 | ) | (87,975 | ) | (17,623,031 | ) | ||||
| General<br> and administrative expenses | (39,695,498 | ) | (3,347,191 | ) | - | (43,042,689 | ) | |||||
| Other<br> operating expenses | (2,635,870 | ) | (16,422 | ) | - | (2,652,292 | ) | |||||
| Impairment<br> loss of goodwill | - | (81,008,000 | ) | (81,008,000 | ) | |||||||
| Impairment<br> of indefinite-lived intangible asset | - | (39,072,000 | ) | - | (39,072,000 | ) | ||||||
| Other<br> general expenses | (30,012,799 | ) | - | - | (30,012,799 | ) | ||||||
| Total<br> operating costs and expenses | (225,706,166 | ) | (187,381,474 | ) | 703,349 | (412,384,291 | ) | |||||
| Other<br> operating income | 11,644,397 | 1,254,420 | - | 12,898,817 | ||||||||
| Income<br> from operations | 26,108,201 | (121,074,012 | ) | - | (94,965,811 | ) |
14 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Statements
| Quarter<br> Ended | Quarter<br> Ended | Quarter<br> Ended | Quarter<br> Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2025 | December 31,<br><br> 2025 | December 31,<br> <br> 2025 | December 31,<br><br> 2025 | |||||||||
| Hotel | Restaurant | Elimination | Total | |||||||||
| RMB | RMB | RMB | RMB | |||||||||
| Revenues | ||||||||||||
| Leased-and-operated<br> revenues | 85,005,220 | 21,237,340 | - | 106,242,560 | ||||||||
| Franchised-and-managed revenues | 104,151,920 | 954,557 | - | 105,106,477 | ||||||||
| Wholesales and others | 724,362 | 16,926,284 | (338,210 | ) | 17,312,436 | |||||||
| Total revenues | 189,881,502 | 39,118,181 | (338,210 | ) | 228,661,473 | |||||||
| Operating<br> costs and expenses | ||||||||||||
| Operating costs | (123,262,562 | ) | (35,625,047 | ) | 338,210 | (158,549,399 | ) | |||||
| Selling and marketing expenses | (11,805,604 | ) | (2,001,482 | ) | - | (13,807,086 | ) | |||||
| General and administrative<br> expenses | (18,578,972 | ) | (5,933,471 | ) | - | (24,512,443 | ) | |||||
| Other operating expenses | (40,245,786 | ) | 57,902 | - | (40,187,884 | ) | ||||||
| Impairment loss of goodwill | - | (66,491,000 | ) | - | (66,491,000 | ) | ||||||
| Impairment of indefinite-lived<br> intangible asset | - | (17,331,000 | ) | - | (17,331,000 | ) | ||||||
| Other general expenses | (31,779,622 | ) | - | - | (31,779,622 | ) | ||||||
| Total operating<br> costs and expenses | (225,672,546 | ) | (127,324,098 | ) | 338,210 | (352,658,434 | ) | |||||
| Other operating income | 59,024,549 | 86,219 | - | 59,110,768 | ||||||||
| Income<br> from operations | 23,233,505 | (88,119,698 | ) | - | (64,886,193 | ) |
15 / 19
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Statements of Cash Flows
| Quarter<br> Ended | Year<br> Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | |||||||||||
| RMB | RMB | US | RMB | RMB | US | |||||||||||
| Operating<br> activities: | ||||||||||||||||
| Net<br> (loss) income | (72,824,109 | ) | (55,742,166 | ) | ) | 107,314,353 | 163,357,235 | |||||||||
| Depreciation<br> and amortization | 26,575,903 | 10,137,484 | 115,746,538 | 88,932,782 | ||||||||||||
| Impairment<br> of long lived assets | 51,672,000 | 893,149 | 51,672,000 | 20,893,149 | ||||||||||||
| Impairment<br> of indefinite-lived intangible assets | - | 17,331,001 | - | 17,331,001 | ||||||||||||
| Impairment<br> of goodwill | 81,008,000 | 66,491,000 | 81,008,000 | 66,491,000 | ||||||||||||
| Gains<br> from disposal of a long-term investment | - | (49,964,806 | ) | ) | - | (164,007,612 | ) | ) | ||||||||
| Others<br> non-cash expense(income) | 7,070,827 | (818,603 | ) | ) | 1,166,397 | (4,163,620 | ) | ) | ||||||||
| Noncash<br> lease expense | 58,283,373 | 65,943,269 | 263,911,503 | 246,116,498 | ||||||||||||
| Losses<br> (gain) from disposal of subsidiaries | - | 4,623,539 | (488,227 | ) | 5,399,022 | |||||||||||
| Allowances<br> for credit losses | 21,857,669 | 36,473,346 | 56,241,392 | 81,698,368 | ||||||||||||
| Losses<br> (gain) on disposal of property, plant and equipment | (555,551 | ) | 35,098,580 | (25,338,789 | ) | 35,565,640 | ||||||||||
| (Losses<br> and impairment) gains on equity securities held | 9,544,253 | 24,444,565 | 14,953,679 | (5,000,000 | ) | ) | ||||||||||
| Gains<br> from early termination of operating leases | - | (52,949,738 | ) | ) | - | (52,949,738 | ) | ) | ||||||||
| Foreign<br> exchange (gains)losses | (26,182,753 | ) | 21,188,452 | (27,497,301 | ) | 31,315,924 | ||||||||||
| Accounts<br> receivable | 9,076,784 | 23,849,190 | (4,015,520 | ) | 3,471,625 | |||||||||||
| Inventories | (493,764 | ) | 1,852,379 | 14,618,912 | 1,959,310 | |||||||||||
| Amounts<br> due from related parties | (3,904,741 | ) | 459,253 | (1,416,495 | ) | 1,032,243 | ||||||||||
| Other<br> current assets | (1,821,998 | ) | (6,964,809 | ) | ) | (3,067,256 | ) | 1,901,317 | ||||||||
| Other<br> assets | 5,200,506 | 4,030,567 | 3,725,971 | 8,481,614 | ||||||||||||
| Accounts<br> payable | 17,296,435 | (9,060,433 | ) | ) | (3,021,869 | ) | (18,962,750 | ) | ) | |||||||
| Amounts<br> due to related parties | 1,767,567 | (608,572 | ) | ) | 1,151,882 | 55,926 | ||||||||||
| Salary<br> and welfare payable | 3,672,156 | (758,915 | ) | ) | (7,916,485 | ) | (4,452,881 | ) | ) | |||||||
| Deferred<br> revenue | (28,977,865 | ) | (13,816,880 | ) | ) | (42,787,510 | ) | (47,846,198 | ) | ) | ||||||
| Advance<br> from customers | 4,428,730 | (5,089,423 | ) | ) | 3,305,355 | (3,664,385 | ) | ) | ||||||||
| Accrued<br> expenses and other current liabilities | (29,307,543 | ) | 7,400,025 | 3,161,614 | 60,924,816 | |||||||||||
| Income<br> tax payable | (34,457,583 | ) | (19,261,683 | ) | ) | (23,195,720 | ) | (16,746,673 | ) | ) | ||||||
| Unrecognized<br> tax benefits | 68,986,879 | 16,061,992 | 57,946,428 | 17,858,529 | ||||||||||||
| Operating<br> lease liabilities | (57,896,801 | ) | (74,496,586 | ) | ) | (247,702,691 | ) | (234,674,168 | ) | ) | ||||||
| Other<br> long-term liabilities | 3,262,911 | (5,613,384 | ) | ) | 1,264,213 | (3,462,443 | ) | ) | ||||||||
| Deferred<br> taxes | (39,040,264 | ) | (8,662,368 | ) | ) | (17,362,607 | ) | (15,068,109 | ) | ) | ||||||
| Net<br> cash provided by operating activities | 74,241,021 | 32,469,425 | 373,377,767 | 281,787,422 | ||||||||||||
| Investing<br> activities: | ||||||||||||||||
| Prepayments<br> and purchases of property, plant and equipment | (50,616,409 | ) | (51,990,595 | ) | ) | (79,582,039 | ) | (261,153,578 | ) | ) | ||||||
| Purchases<br> of intangible assets | (37,057 | ) | - | (37,057 | ) | - | ||||||||||
| Proceeds<br> from disposal of property and equipment | (283,895 | ) | 187,693 | 139,900,865 | 429,141 | |||||||||||
| Purchases<br> of a long-term investment | (3,600,000 | ) | - | (10,400,000 | ) | - | ||||||||||
| Purchases<br> of short-term investments | - | 15,272 | - | - | ||||||||||||
| Proceeds<br> from short-term investments | (1,660,895 | ) | 10,475 | 417,701,142 | 10,475 | |||||||||||
| Increase<br> of long-term time deposits | - | - | (222,230,000 | ) | - | |||||||||||
| Proceeds<br> from disposal of equity securities | 21,812,329 | 79,023,553 | 21,812,329 | 188,059,939 | ||||||||||||
| Proceeds<br> from disposal of subsidiaries | - | - | 2,807,500 | - | ||||||||||||
| Loan<br> to related parties | (588,000 | ) | 265,000 | (858,000 | ) | - | ||||||||||
| Repayment<br> from related parties | 363,347 | 1,845,642 | 363,347 | 1,964,624 | ||||||||||||
| Loan<br> to third parties | 1,200,000 | - | - | - | ||||||||||||
| Repayment<br> of loan from third parties | - | - | 5,900,000 | - | ||||||||||||
| Loans<br> to franchisees | (8,673,811 | ) | (6,143,481 | ) | ) | (14,323,812 | ) | (15,275,441 | ) | ) | ||||||
| Repayment<br> from franchisees | 16,870,520 | 4,370,466 | 84,337,321 | 23,188,484 | ||||||||||||
| Net<br> cash (used in) provided by investing activities | (25,213,871 | ) | 27,584,025 | 345,391,596 | (62,776,356 | ) | ) | |||||||||
| Financing<br> activities: | ||||||||||||||||
| Distribution<br> to the shareholders | (70,241,162 | ) | (43,027,722 | ) | ) | (71,301,605 | ) | (43,027,722 | ) | ) | ||||||
| Repayment<br> of bank loans | (200,000 | ) | (200,000 | ) | ) | (117,200,000 | ) | (400,000 | ) | ) | ||||||
| Proceeds<br> from bank loans | - | - | 200,000,000 | - | ||||||||||||
| Capital<br> contribution from noncontrolling interest holders | - | - | (966,000 | ) | - | |||||||||||
| Net<br> cash used in financing activities | (70,441,162 | ) | (43,227,722 | ) | ) | 10,532,395 | (43,427,722 | ) | ) | |||||||
| Effect<br> of exchange rate changes on cash and cash equivalents and restricted cash | 6,957,333 | (10,685,429 | ) | ) | 4,299,468 | (22,346,256 | ) | ) | ||||||||
| Net<br> increase in cash, cash equivalents and restricted cash | (14,456,679 | ) | 6,140,299 | 733,601,226 | 153,237,088 | |||||||||||
| Cash,<br> cash equivalents and restricted cash at the beginning of the year | 1,539,658,617 | 1,672,298,727 | 791,600,712 | 1,525,201,938 | ||||||||||||
| Cash,<br> cash equivalents and restricted cash at the end of the year | 1,525,201,938 | 1,678,439,026 | 1,525,201,938 | 1,678,439,026 |
All values are in US Dollars.
16 / 19
| GreenTree<br> Hospitality Group Ltd. | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Unaudited<br> Reconciliation of GAAP and Non-GAAP Results | |||||||||||||
| Quarter<br> Ended | Year<br> Ended | ||||||||||||
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | ||||||||
| RMB | RMB | US | RMB | RMB | US | ||||||||
| Net<br> income | (72,824,109 | ) | (55,742,166 | ) | ) | 107,314,353 | 163,357,235 | ||||||
| Deduct: | **** | **** | |||||||||||
| Other<br> operating income | 12,898,817 | 59,110,768 | 60,147,558 | 77,371,724 | |||||||||
| Interest<br> income and other, net | 12,633,535 | 9,393,209 | 40,072,068 | 37,806,975 | |||||||||
| Gains<br> from investment in equity securities | - | - | - | 5,000,000 | |||||||||
| Share<br> of gain in equity investees, net of tax | - | 818,603 | - | 4,163,620 | |||||||||
| Other<br> income, net | 34,336,161 | 22,218,587 | 16,474,064 | 113,255,005 | |||||||||
| Add: | **** | **** | |||||||||||
| Other<br> operating expenses | 2,652,292 | 40,187,884 | 7,090,463 | 51,731,476 | |||||||||
| Impairment<br> loss of goodwill | 81,008,000 | 66,491,000 | 81,008,000 | 66,491,000 | |||||||||
| Other<br> general expenses | 69,084,799 | 49,110,622 | 80,841,330 | 100,205,509 | |||||||||
| Income<br> tax expenses (benefits) | 12,758,025 | (3,254,084 | ) | ) | 88,726,969 | 45,880,022 | |||||||
| Share<br> of loss in equity investees, net of tax | 700,781 | - | 1,165,474 | - | |||||||||
| Interest<br> expenses | 1,824,933 | 2,095,890 | 6,310,152 | 7,644,628 | |||||||||
| Depreciation<br> and amortization | 26,575,903 | 10,137,484 | 115,746,538 | 88,932,782 | |||||||||
| Losses<br> from investment in equity securities | 9,544,253 | 24,444,565 | 14,953,679 | - | |||||||||
| Adjusted<br> EBITDA (Non-GAAP) | 71,456,364 | 41,930,028 | 386,463,268 | 286,645,328 |
All values are in US Dollars.
| Quarter<br> Ended | Year<br> Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br> 2025 | ||||||||
| RMB | RMB | US | RMB | RMB | US | ||||||||
| Net<br> income | (72,824,109 | ) | (55,742,166 | ) | ) | 107,314,353 | 163,357,235 | ||||||
| Deduct: | |||||||||||||
| Government<br> subsidies (net of 25% tax) | 7,122,585 | 1,800,113 | 11,967,221 | 11,105,111 | |||||||||
| Gains<br> from investment in equity securities (net of 25% tax) | - | - | - | 5,000,000 | |||||||||
| Other<br> income (net of 25% tax) | 25,752,121 | 16,663,940 | 12,355,548 | 113,451,955 | |||||||||
| Add: | |||||||||||||
| Share-based<br> compensation | (46,986 | ) | - | - | - | ||||||||
| Losses<br> from investments in equity securities (net of 25% tax) | 7,158,190 | 18,333,424 | 11,215,259 | - | |||||||||
| One-time<br> fees and expenses | 621,172 | 3,439,673 | 2,335,161 | 3,439,673 | |||||||||
| Impairment<br> loss of goodwill | 81,008,000 | 66,491,000 | 81,008,000 | 66,491,000 | |||||||||
| Other<br> general expenses | 69,084,799 | 49,110,622 | 80,841,330 | 100,205,509 | |||||||||
| Income<br> tax expenses related to dividend distribution | 5,698,810 | - | 19,195,050 | 7,299,300 | |||||||||
| Core<br> net income (Non-GAAP) | 57,825,169 | 63,168,500 | 277,586,384 | 211,235,651 | |||||||||
| Core<br> net income per ADS (Non-GAAP) | |||||||||||||
| Class<br> A ordinary share-basic and diluted | 0.57 | 0.63 | 2.73 | 2.09 | |||||||||
| Class<br> B ordinary share-basic and diluted | 0.57 | 0.63 | 2.73 | 2.09 |
All values are in US Dollars.
17 / 19
HotelOperational Data
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | |||||
|---|---|---|---|---|---|---|
| Total<br> hotels in operation: | 4,425 | 4,580 | ||||
| Leased<br> and owned hotels | 55 | 45 | ||||
| Franchised<br> hotels | 4,370 | 4,535 | ||||
| Total hotel<br> rooms in operation | 321,282 | 327,060 | ||||
| Leased<br> and owned hotels | 6,264 | 5,130 | ||||
| Franchised<br> hotels | 315,018 | 321,930 | ||||
| Number<br> of cities | 352 | 355 | ||||
| Quarter<br> Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| 2024<br> Q4 | 2025<br> Q4 | |||||
| Occupancy<br> rate (as a percentage) | ||||||
| Leased-and-owned<br> hotels | 65.5 | % | 63.9 | % | ||
| Franchised<br> hotels | 68.6 | % | 64.7 | % | ||
| Blended | 68.6 | % | 64.7 | % | ||
| Average<br> daily rate (in RMB) | ||||||
| Leased-and-owned<br> hotels | 241 | 239 | ||||
| Franchised<br> hotels | 167 | 160 | ||||
| Blended | 169 | 162 | ||||
| RevPAR<br> (in RMB) | ||||||
| Leased-and-owned<br> hotels | 158 | 153 | ||||
| Franchised<br> hotels | 115 | 104 | ||||
| Blended | 116 | 105 |
| Number<br> of Hotels in Operation | Number<br> of Hotel Rooms in Operation | |||||||
|---|---|---|---|---|---|---|---|---|
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | December 31,<br><br> 2024 | December 31,<br><br> 2025 | |||||
| Mid-to-up-scale | 553 | 585 | 51,649 | 54,980 | ||||
| GreenTree<br> Eastern | 239 | 245 | 25,683 | 26,761 | ||||
| Deepsleep<br> Hotel | 8 | 9 | 610 | 710 | ||||
| Gem | 105 | 118 | 9,386 | 10,746 | ||||
| Gya | 74 | 76 | 6,155 | 6,360 | ||||
| Vx | 105 | 110 | 9,093 | 9,127 | ||||
| others | 22 | 27 | 722 | 1276 | ||||
| Mid-scale | 2,978 | 3,026 | 230,298 | 227,573 | ||||
| GreenTree<br> Inn | 2,340 | 2,394 | 183,439 | 186,185 | ||||
| GT<br> Alliance | 505 | 498 | 37,631 | 32,285 | ||||
| GreenTree<br> Apartment | 24 | 29 | 1,545 | 1,760 | ||||
| Vatica | 109 | 105 | 7,683 | 7,343 | ||||
| Economy<br> hotels | 894 | 969 | 39,335 | 44,507 | ||||
| Shell | 894 | 969 | 39,335 | 44,507 | ||||
| Total | 4,425 | 4,580 | 321,282 | 327,060 |
18 / 19
RestaurantOperational Data
| December 31,<br><br> 2024 | December 31,<br><br> 2025 | |||
|---|---|---|---|---|
| Total<br> restaurants in operation: | 182 | 191 | ||
| Leased<br> and owned restaurants | 18 | 15 | ||
| Franchised<br> restaurants | 164 | 176 | ||
| Number<br> of cities | 53 | 53 | ||
| Da<br> Niang Dumplings | 161 | 172 | ||
| Bellagio | 21 | 19 | ||
| Total<br> restaurants in operation: | 182 | 191 | ||
| Quarter<br> Ended | ||||
| --- | --- | --- | --- | --- |
| 2024<br> Q4 | 2025<br> Q4 | |||
| ADT | ||||
| Leased-and-owned<br> restaurants | 186 | 199 | ||
| Franchised<br> restaurants | 78 | 79 | ||
| Blended | 93 | 88 | ||
| AC (in<br> RMB) | ||||
| Leased-and-owned<br> restaurants | 99 | 79 | ||
| Franchised<br> restaurants | 33 | 29 | ||
| Blended | 46 | 37 | ||
| ADS (in<br> RMB) | ||||
| Leased-and-owned<br> restaurants | 18,384 | 15,790 | ||
| Franchised<br> restaurants | 2,605 | 2,321 | ||
| Blended | 4,234 | 3,312 |
Formore information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: [email protected]
Ms. Hannah Zhang
Phone: +86-182-2560-8592
E-mail: [email protected]
19 / 19