GHG 0001213900-26-093247 6-K Filing: Aug 25, 2026

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

August 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 ☒ 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: August 24, 2026

EXHIBIT INDEX

Exhibit No.	Description
99.1	GreenTree Hospitality Group Ltd. Reports Second Quarter of 2026 Financial Results

Exhibit 99.1

GreenTree Hospitality Group Ltd. Reports Second Quarter of 2026 Financial Results

●	Total<br>revenues decreased by 18.7% year over year to RMB235.1 million (US$34.7 million)^[1]^.
●	Income from operations was RMB48.2 million<br>(US$7.1 million)^[1]^ compared to RMB49.2 million for the second quarter of 2025.
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●	Net income was RMB21.3 million (US$3.1 million)^[1]^<br>compared to RMB160.0 million for the second quarter of 2025.
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●	Core net income<br>(non-GAAP)^[3]^ increased 4.4% year over year to RMB47.2 million (US$7.0<br>million)^[1]^.
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SHANGHAI, August 24, 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 second quarter of 2026.

^[1]^	The conversion of Renminbi<br>(“RMB”) into United States dollars (“US$”) is based on the exchange rate of 6.7851 on June 30, 2026 as set<br>forth in H.10 statistical release of the U.S. Federal Reserve Board and available at<br>https://www.federalreserve.gov/releases/h10/20260706/. No representation is made that the RMB amounts could have been, or<br>could be, converted into US$ at such rate or at any other rate.
^[2]^	Adjusted<br>EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net<br>of tax, interest expense, depreciation and amortization, losses from investment in equity securities, other general expenses, and other<br>expense, net, but excludes other operating income, interest income and other, net, gains from investment in equity securities, share<br>of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report<br>has been aligned according to the above mentioned definition.
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^[3]^	Core<br>net income (non-GAAP) is calculated as net income plus share-based compensation, losses from investments in equity securities (net of<br>25% tax), other expense (net of 25% tax), one-time fees and expense, income tax expenses related to dividend distribution, and other<br>general expenses but excludes subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and<br>other income (net of 25% tax).
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^[4]^	Each<br>ADS represents one ordinary share.
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Second Quarter of 2026 Operational Highlights

Hotels

●	A total of 4,615 hotels with 330,029 hotel rooms<br>were in operation as of June 30, 2026.
●	The Company opened 18 hotels in the second<br>quarter of 2026 and had a pipeline of 1,278 hotels contracted for or under development as of June 30, 2026.
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●	The average daily room rate was RMB157, a decrease<br>of 5.3% from RMB166 in the second quarter of 2025.
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●	The occupancy rate was 65.2%, decreased from<br>67.9% in the second quarter of 2025.
---	---
●	Revenue per available room, or RevPAR, was RMB103,<br>a 9.1% year-over-year decrease.
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Restaurants

●	A total of 198 restaurants were in operation<br>as of June 30, 2026.
●	The AC (average check) was RMB36, a 15.5% year-over-year<br>decrease.
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●	The ADT (average daily tickets) was 81, decreased<br>from 85 in the second quarter of 2025.
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●	The ADS (average daily sales per store) was RMB2,893,<br>a decrease of 20.3% from RMB3,629 in the second quarter of 2025.
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Second Quarter of 2026 Financial Results

	Quarter Ended
	June 30,<br><br>2025		June 30,<br><br>2025		June 30,<br><br>2025			June 30,<br><br>2025
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		105,970,283		28,389,854		(207,413	)		134,152,724
Franchised-and-managed revenues		137,496,914		1,421,688		-			138,918,602
Wholesales and others		561,244		16,076,011		(443,807	)		16,193,448
Total revenues		244,028,441		45,887,553		(651,220	)		289,264,774

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	Quarter Ended
	June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br>2026
	RMB		RMB		RMB		RMB
	Hotel		Restaurant		Elimination		Total		Total
Revenues
Leased-and-operated revenues		77,613,926		18,246,301		-		95,860,227	14,128,049
Franchised-and-managed revenues		126,253,871		505,479		-		126,759,350	18,682,016
Wholesales and others		717,195		11,771,620		-		12,488,815	1,840,624
Total revenues		204,584,992		30,523,400		-		235,108,392	34,650,689

All values are in US Dollars.

		Six Months Ended
		June 30,<br><br>2025				June 30,<br><br>2025				June 30,<br><br>2025			June 30,<br><br>2025
		RMB				RMB				RMB			RMB
		Hotel				Restaurant				Elimination			Total
Revenues
Leased-and-operated revenues			194,165,718				59,058,453				(207,413	)		253,016,758
Franchised-and-managed revenues			261,353,522				3,176,474				-			264,529,996
Wholesales and others			1,478,298				35,511,759				(443,807	)		36,546,250
Total revenues			456,997,538				97,746,686				(651,220	)		554,093,004
	Six Months Ended
---	---	---	---	---	---	---	---	---	---	---
	June 30,<br>2026		June 30,<br>2026		June 30,<br>2026			June 30,<br>2026		June 30, 2026
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		152,151,688		38,268,277		-			190,419,965	28,064,430
Franchised-and-managed revenues		239,620,481		2,438,634		-			242,059,115	35,675,099
Wholesales and others		1,508,083		28,897,131		(39,176	)		30,366,038	4,475,400
Total revenues		393,280,252		69,604,042		(39,176	)		462,845,118	68,214,929

All values are in US Dollars.

Total revenues were RMB235.1 million (US$34.7 million)^[1]^, an 18.7% year-over-year decrease.

Hotel revenues were RMB204.6 million (US$30.2 million)^[1]^, a 16.2% year-over-year decrease due to a 9.1% year-over-year decrease in RevPAR and a net closure of 13 L&O hotels since the second quarter of 2025 due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings.

Restaurant revenues were RMB30.5 million (US$4.5 million)^[1]^, a 33.5% year-over-year decrease, mainly due to a 20.3% decrease in ADS and a net closure of 2 L&O stores since the second quarter of 2025 due to strategic reviews, offset by revenues from new F&M store openings.

Total revenues for the first six months of 2026 were RMB462.8 million (US$68.2 million)^[1]^, a 16.5% year-over-year decrease.

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Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB95.9 million (US$14.1 million)^[1]^, a 28.5% year-over-year decrease.

Total revenues from L&O hotels were RMB77.6 million (US$11.4 million)^[1]^, a 26.8% year-over-year decrease. The decrease was primarily attributable to a 15.3% year-over-year decrease in the second quarter RevPAR of L&O hotels, a net closure of 13 L&O hotels since the second quarter of 2025, and the reduction in sublease revenues resulting from the closure of L&O hotels.

Total revenues from L&O restaurants were RMB18.2 million (US$2.7 million)^[1]^, a 35.7% year-over-year decrease, mainly due to a net closure of 2 L&O stores and the year-over-year decrease of 15.1% in L&O store’s ADS.

Total revenues from L&O hotels and restaurants for the first six months of 2026 were RMB190.4 million (US$28.1 million)^[1]^, a 24.7% year-over-year decrease.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB126.8 million (US$18.7 million)^[1]^, an 8.8% year-over-year decrease.

Total revenues from F&M hotels were RMB126.3 million (US$18.6 million)^[1]^, an 8.2% year-over-year decrease, primarily due to an 8.8% decrease in F&M hotels’ RevPAR, an exemption of management fees for hotels facing business difficulties, and a decline of RMB3.0 million in membership revenues. For comparability, the year-over-year change is presented on a basis that applies the same fee-exemption treatment to the corresponding period of 2025. The decrease in membership revenues was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically under-performed.

Total revenues from F&M restaurants were RMB0.5 million (US$74,498.4)^[1]^, a 64.4% year-over-year decrease, mainly due to a decrease of 12.8% in the ADS of F&M stores and an exemption of management fees.

Total revenues from F&M hotels and restaurants for the first six months of 2026 were RMB242.1 million (US$35.7 million)^[1]^, an 8.5% year-over-year decrease.

Total revenues from wholesale and others were RMB12.5 million (US$1.8 million)^[1]^, a 22.9% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.

Total revenues from wholesale and others for the first six months of 2026 were RMB30.4 million (US$4.5 million)^[1]^, a 16.9% year-over-year decrease.

Total operating costs and expenses

	Quarter Ended
	June 30,<br><br>2025		June 30,<br><br>2025		June 30,<br><br>2025			June 30,<br><br>2025
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		144,150,447		39,588,702		(651,220	)		183,087,929
Selling and marketing expenses		8,424,702		2,062,702		-			10,487,404
General and administrative expenses		38,032,276		5,186,679		-			43,218,955
Other operating expenses		4,241,044		221,149		-			4,462,193
Other general expenses		5,805,656		-		-			5,805,656
Total operating costs and expenses		200,654,125		47,059,232		(651,220	)		247,062,137
	Quarter Ended
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	June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br>2026
	RMB		RMB		RMB		RMB
	Hotel		Restaurant		Elimination		Total		Total
Operating costs and expenses
Operating costs		120,581,608		25,958,440		-		146,540,048	21,597,331
Selling and marketing expenses		8,896,407		1,308,420		-		10,204,827	1,504,005
General and administrative expenses		25,084,172		3,026,966		-		28,111,138	4,143,069
Other operating expenses		182,467		9,112		-		191,579	28,235
Other general expenses		4,607,450		-		-		4,607,450	679,054
Total operating costs and expenses		159,352,104		30,302,938		-		189,655,042	27,951,694

All values are in US Dollars.

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	Six Months Ended
	June 30,<br><br>2025		June 30,<br><br>2025		June 30,<br><br>2025			June 30,<br><br>2025
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		286,868,622		84,128,367		(651,220	)		370,345,769
Selling and marketing expenses		22,964,944		4,564,490		-			27,529,434
General and administrative expenses		79,683,638		10,475,363		-			90,159,001
Other operating expenses		4,290,239		442,297		-			4,732,536
Other general expenses		11,611,311		-		-			11,611,311
Total operating costs and expenses		405,418,755		99,610,517		(651,220	)		504,378,052
	Six Months Ended
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	June 30,<br><br>2026		June 30,<br><br>2026		June 30,<br><br>2026			June 30,<br><br>2026		June 30,<br>2026
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		245,589,032		59,783,354		(39,176	)		305,333,210	45,000,547
Selling and marketing expenses		18,109,839		3,511,634		-			21,621,473	3,186,611
General and administrative expenses		49,169,114		5,954,747		-			55,123,861	8,124,252
Other operating expenses		3,354,535		42,437		-			3,396,972	500,652
Other general expenses		9,718,569		-		-			9,718,569	1,432,340
Total operating costs and expenses		325,941,089		69,292,172		(39,176	)		395,194,085	58,244,402

All values are in US Dollars.

Operating costs were RMB146.5 million (US$21.6 million)^[1]^, a 20.0% year-over-year decrease.

Operating costs of the hotel business were RMB120.6 million (US$17.8 million)^[1]^, a 16.4% year-over-year decrease. The decrease was mainly attributable to lower staff related costs, lower depreciation and amortization, and lower rental costs caused by the net closure of 13 L&O hotels since the second quarter of 2025.

Operating costs of the restaurant business in the second quarter of 2026 were RMB26.0 million (US$3.8 million)^[1]^, a 34.4% year-over-year decrease, due to the closure of L&O stores.

For the first six months of 2026, operating costs were RMB305.3 million (US$45.0 million)^[1]^, a 17.6% decrease.

Selling and marketing expenses were RMB10.2 million (US$1.5 million)^[1]^, a 2.7% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB8.9 million (US$1.3 million)^[1]^, a 5.6% year-over-year increase. The increase was mainly due to higher advertising and commission expenses.

Selling and marketing expenses of the restaurant business were RMB1.3 million (US$0.2 million)^[1]^, a 36.6% year-over-year decrease, mainly attributable to lower advertising expenses and lower sales-channel commissions.

For the first six months of 2026, selling and marketing expenses were RMB21.6 million (US$3.2 million)^[1]^, a 21.5% decrease.

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General and administrative, or G&A expenses were RMB28.1 million (US$4.1 million)^[1]^, a 35.0% year-over-year decrease.

G&A expenses of the hotel business were RMB25.1 million (US$3.7 million)^[1]^, a 34.0% year-over-year decrease. The decrease was mainly due to lower G&A staff related expenses, lower credit losses for accounts receivable and lower consulting fees.

G&A expenses of the restaurant business were RMB3.0 million (US$0.4 million)^[1]^, a 41.6% year-over-year decrease, mainly due to lower G&A staff related expenses and lower credit losses for accounts receivable.

General and administrative expenses for the first six months of 2026 were RMB55.1 million (US$8.1 million)^[1]^, a 38.9% year-over-year decrease.

Other operating expenses were RMB0.2 million (US$28,235.0)^[1]^.

Other operating expenses for the first six months of 2026 were RMB3.4 million (US$0.5 million)^[1]^, decreased from RMB4.7 million one year ago.

Other general expenses were RMB4.6 million (US$0.7 million)^[1]^, mainly attributable to provisions for franchisee loans.

Other general expenses for the first six months of 2026 were RMB9.7 million (US$1.4 million)^[1]^, a decrease from RMB11.6 million one year ago.

Gross profit was RMB88.6 million (US$13.1 million)^[1]^, a year-over-year decrease of 16.6%. Gross margin was 37.7%, compared to 36.7% a year ago. The gross profit of the hotel business was RMB84.0 million (US$12.4 million)^[1]^, a 15.9% year-over-year decrease. The gross profit of the restaurant business was RMB4.6 million (US$0.7 million)^[1]^, a 27.5% year-over-year decrease.

Income from operations in the second quarter of 2026 was RMB48.2 million (US$7.1 million)^[1]^, compared to income from operations of RMB49.2 million in the second quarter of 2025, with a margin of 20.5%. The stable profitability was mainly attributable to lower operating costs and expenses, despite the decline in revenue.

Income from operations of the hotel business was RMB46.7 million (US$6.9 million)^[1]^, compared to an income from operations of RMB50.2 million in the second quarter of 2025, with a margin of 22.8%.

Income from operations of the restaurant business in the second quarter of 2026 was RMB1.6 million (US$0.2 million)^[1]^, compared to loss from operations of RMB1.0 million in the second quarter of 2025, with a margin of 5.2%.

Income from operations for the first six months of 2026 was RMB76.9 million (US$11.3 million)^[1]^ compared to income from operations of RMB60.5 million in 2025, with a margin of 16.6%.

Net income in the second quarter of 2026 was RMB21.3 million (US$3.1 million)^[1]^, compared to a net income of RMB160.0 million in the second quarter of 2025, and net margin was 9.0%.

Net income of the hotel business was RMB19.7 million (US$2.9 million)^[1]^, compared to a net income of RMB161.2 million in the second quarter of 2025, and net margin was 9.7%. Hotel net income in the second quarter of 2025 was impacted by the one-time divestment of our ownership in Argyle and fair value fluctuation in securities. Besides, hotel net income was also impacted by foreign exchange losses, bad debt expenses driven by accounts receivables, and withholding tax due to dividends distributions.

Net income of the restaurant business in the second quarter of 2026 was RMB1.5 million (US$0.2 million)^[1]^, compared to a net loss of RMB1.2 million in the second quarter of 2025, and net margin was 4.9%.

Net income for the first six months of 2026 was RMB35.3 million (US$5.2 million)^[1]^, compared to a net income of RMB167.8 million in 2025, and net margin was 7.6%.

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Adjusted EBITDA (non-GAAP)^[2]^ in the second quarter of 2026 was RMB68.9 million (US$10.2 million)^[1]^, a year-over-year decrease of 12.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP)^[2]^ as a percentage of total revenues, was 29.3%, compared to 27.1% a year ago.

Adjusted EBITDA (non-GAAP)^[2]^ for the first six months of 2026 was RMB122.1 million (US$18.0 million)^[1]^, a year-over-year increase of 3.5%.

Core net income (non-GAAP)^[3]^ in the second quarter of 2026 was RMB47.2 million (US$7.0 million)^[1]^, a year-over-year increase of 4.4%. The core net margin, defined as core net income (non-GAAP)^[3]^ as a percentage of total revenues, was 20.1%, compared to 15.6% one year ago.

Core net income (non-GAAP)^[3]^ for the first six months of 2026 was RMB71.1 million (US$10.5 million)^[1]^, a year-over-year increase of 16.2%.

Earnings per American Depositary Share, or ADS^[4]^ (basic and diluted) were RMB0.21 (US$0.03)^[1]^, decreased from RMB1.59 one year ago.

Earnings per American Depositary Share, or ADS^[4]^ (basic and diluted) for the first six months of 2026 were RMB0.36 (US$0.05)^[1]^, decreased from RMB1.68 one year ago.

Core net income per ADS^[4]^ (basic and diluted) (non-GAAP) was RMB0.47 (US$0.07)^[1]^, increased from RMB0.45 a year ago.

Core net income per ADS^[4]^ (basic and diluted) (non-GAAP) was RMB0.70 (US$0.10)^[1]^ for the first six months of 2026, an increase from RMB0.60 a year ago.

Cash Flow. Operating cash inflow in the second quarter of 2026 was RMB23.3 million (US$3.4 million)^[1]^ as a result of income from operations. The amount decreased by RMB23.3 million compared with the second quarter of 2025, primarily due to a net decline of approximately RMB31.0 million in accounts payable to franchisees. Investing cash outflow was RMB25.0 million (US$3.7 million)^[1]^, which was primarily due to purchase of equipment for newly opened L&O hotels and loans for the renovation of newly opened resort hotels from strategic reviews. Financing cash outflow was RMB0.2 million (US$29,476.0)^[1]^, mainly due to repayment of bank borrowings.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of June 30, 2026, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,000.3 million (US$294.8 million)^[1]^, compared to RMB2,010.2 million as of March 31, 2026. The decrease was mainly due to investment on purchase of equipment for newly opened L&O hotels and loans for the renovation of newly opened resort hotels from strategic reviews, partially offset by cash from operating activities.

Guidance

Based on our performance in the first half year, we maintain our previous revenue guidance for the hotel business, that we expect revenue to decrease by 10% to 15% year over year for the year of 2026. 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.

Recent Development

In 2025, we entered into an agreement to acquire a hotel property located opposite the Twin Towers in Malaysia for strategic purposes. This property was handed over in July 2026 and will serve as our flagship asset to scale our hotel network across Malaysia and the broader Southeast Asian market.

In 2025, we entered into a letter of intent to acquire a landmark property along the Huangpu River waterfront in Yangpu District, Shanghai, and subsequently won the bid for the property through a competitive bidding process. The property is planned to be developed into the Company’s signature flagship hotel in Shanghai, anchoring our mid-to-up-scale strategy at one of the city's prime riverfront locations. Beyond hotel operations, the property will feature a curated regional lifestyle center with food-and-beverage and other amenities designed to complement the hotel, enhance the guest experience and generate additional recurring revenue streams, while one floor will house the Company's corporate offices. The remaining closing procedures are expected to be completed before the end of the third quarter of 2026, subject to customary closing conditions.

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Share Repurchase Program

The Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to US$5 million of its Class A ordinary shares over a two-year period, effective from the date of approval. Repurchases may be conducted through open market transactions at prevailing market prices, privately negotiated transactions, block trades or other legally permitted methods, at the Company’s discretion, subject to market conditions, applicable securities laws and regulations, and the trading price of the Company’s ADSs. The program may be suspended, modified or terminated at any time at the Board’s discretion without prior notice.

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, subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.

Reconciliations of the Company’s non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.

About GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. (“GreenTree” or the “Company”) (NYSE: GHG) is a leading hospitality and restaurant management group in China. As of June 30, 2026, GreenTree had a total number of 4,615 hotels and 198 restaurants. GreenTree was the fourth largest hospitality company in China in 2025 according to the China Hospitality Association. In 2025, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS’ 225.

GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, mid-to-up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, and efficient system, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.

For more information on GreenTree, please visit http://ir.998.com

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” “confident,” “future,” or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree’s current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree’s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.

8 / 16

Financial Tables and Operational Data Follow

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Balance Sheets

December 31June 30June 30202520262026RMBRMBASSETSCurrent assets:Cash and cash equivalents1,652,179,4741,689,632,928249,021,080Restricted cash7,389,6506,209,434915,157Short-term investments-285,570,00042,087,810Accounts receivable, net of allowance81,335,49467,987,06510,020,053Amounts due from related parties18,843,06218,889,1432,783,915Inventories4,922,1605,140,534757,621Other current assets92,557,400100,329,83714,786,788Loans receivable, net38,798,33344,431,4786,548,390Total current assets1,896,025,5732,218,190,419326,920,814Non-current assets:Amounts due from a related party110,000,000110,000,00016,211,994Restricted cash18,869,90018,870,7002,781,197Long-term time deposits285,570,000--Loans receivable, net12,034,82512,880,3531,898,329Property and equipment, net559,918,957531,254,24878,297,188Intangible assets, net56,403,81854,609,3658,048,424Goodwill25,721,26225,650,7463,780,452Long-term investments156,929,090154,751,06022,807,484Operating lease right-of-use assets1,130,088,5951,110,322,494163,641,287Other assets297,560,050325,549,86147,980,112Deferred tax assets237,098,634233,667,46234,438,323TOTAL ASSETS4,786,220,7044,795,746,708706,805,604LIABILITIES AND EQUITYCurrent liabilities:Long-term bank loans, current portion56,800,000256,000,00037,729,731Accounts payable44,687,18344,670,5176,583,620Advance from customers21,946,59920,056,4372,955,953Amounts due to related parties17,518,10216,190,0502,386,118Salary and welfare payable73,657,64175,502,87411,127,747Deferred revenue169,139,889166,024,77924,469,025Accrued expenses and other current liabilities539,836,968523,274,74177,121,154Income tax payable72,129,82436,878,7085,435,249Operating lease liabilities, current184,665,265163,899,70524,155,827Total current liabilities1,180,381,4711,302,497,811191,964,424Long-term bank loans199,400,00045,597,4706,720,236Deferred revenue134,414,010115,474,94017,018,900Other long-term liabilities117,513,512110,137,97516,232,329Operating lease liabilities, non-current1,032,472,8221,047,898,560154,441,137Deferred tax liabilities55,941,33850,682,6067,469,692Unrecognized tax benefits457,930,743468,007,30368,975,741TOTAL LIABILITIES3,178,053,8963,140,296,665462,822,459Shareholders’ equity:Class A ordinary shares222,587,070222,587,07032,805,275Class B ordinary shares115,534,210115,534,21017,027,636Treasury Stock(48,054,863)(48,054,863)(7,082,410)Additional paid-in capital1,566,949,8771,566,949,877230,939,835Retained earnings (Accumulated losses)(291,545,545)(255,247,242)(37,618,789)Accumulated other comprehensive income11,093,09923,087,0473,402,610Total GreenTree Hospitality Group Ltd. shareholders’ equity1,576,563,8481,624,856,099239,474,157Non-controlling interests31,602,96030,593,9444,508,988Total shareholders’ equity1,608,166,8081,655,450,043243,983,145TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY4,786,220,7044,795,746,708706,805,604

All values are in US Dollars.

9 / 16

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended								Six Months Ended
	June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026		June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026
	RMB			RMB					RMB			RMB
Revenues
Leased-and-operated revenues		134,152,724			95,860,227		14,128,049			253,016,758			190,419,964		28,064,430
Franchised-and-managed revenues		138,918,602			126,759,349		18,682,016			264,529,997			242,059,115		35,675,099
Wholesales and others		16,193,449			12,488,815		1,840,624			36,546,250			30,366,038		4,475,400
Total revenues		289,264,774			235,108,391		34,650,689			554,093,005			462,845,118		68,214,929
Operating costs and expenses
Operating costs		(183,087,930	)		(146,540,048	)	(21,597,331	)		(370,345,769	)		(305,333,210	)	(45,000,547	)
Selling and marketing expenses		(10,487,404	)		(10,204,827	)	(1,504,005	)		(27,529,434	)		(21,621,473	)	(3,186,611	)
General and administrative expenses		(43,218,955	)		(28,111,138	)	(4,143,069	)		(90,159,001	)		(55,123,861	)	(8,124,252	)
Other operating expenses		(4,462,193	)		(191,579	)	(28,235	)		(4,732,536	)		(3,396,972	)	(500,652	)
Other general expenses		(5,805,656	)		(4,607,450	)	(679,054	)		(11,611,311	)		(9,718,569	)	(1,432,339	)
Total operating costs and expenses		(247,062,137	)		(189,655,042	)	(27,951,694	)		(504,378,052	)		(395,194,085	)	(58,244,401	)
Other operating income		6,961,716			2,787,310		410,799			10,762,348			9,259,293		1,364,651
Income from operations		49,164,353			48,240,659		7,109,794			60,477,301			76,910,325		11,335,179
Interest income and other, net		7,941,224			8,260,486		1,217,445			18,563,426			17,093,664		2,519,294
Interest expense		(1,940,043	)		(1,818,422	)	(268,002	)		(3,817,915	)		(3,678,202	)	(542,100	)
Gains (losses) from investment in equity securities		24,800,795			-		-			24,800,795			-		-
Other income, net		105,686,128			(22,673,585	)	(3,341,673	)		97,329,451			(33,327,474	)	(4,911,861	)
Income before income taxes		185,652,457			32,009,138		4,717,564			197,353,058			56,998,313		8,400,512
Income tax expense		(25,969,005	)		(9,829,293	)	(1,448,659	)		(30,183,730	)		(19,530,999	)	(2,878,513	)
Income (loss) before share of gains in equity investees		159,683,452			22,179,845		3,268,905			167,169,328			37,467,314		5,521,999
Share of income/(loss) in equity<br>investees, net of tax		301,937			(921,953	)	(135,879	)		603,873			(2,178,030	)	(321,002	)
Net income<br>(loss)		159,985,388			21,257,892		3,133,026			167,773,201			35,289,284		5,200,997
Net income/(loss) attributable to non-controlling interests		1,650,876			(464,173	)	(68,411	)		2,695,208			1,009,019		148,711
Net income attributable to ordinary shareholders		161,636,264			20,793,719		3,064,615			170,468,409			36,298,303		5,349,708
Net earnings per share
Class A ordinary share-basic and diluted		1.59			0.21		0.03			1.68			0.36		0.05
Class B ordinary share-basic and diluted		1.59			0.21		0.03			1.68			0.36		0.05
Net earnings per ADS^[4]^
Class A ordinary share-basic and diluted		1.59			0.21		0.03			1.68			0.36		0.05
Class B ordinary share-basic and diluted		1.59			0.21		0.03			1.68			0.36		0.05
Weighted average shares outstanding
Class A ordinary share-basic and diluted		66,636,925			66,134,416		66,134,416			66,636,925			66,134,416		66,134,416
Class B ordinary share-basic and diluted		34,762,909			34,762,909		34,762,909			34,762,909			34,762,909		34,762,909
Other comprehensive income, net of tax
Foreign currency translation adjustments		4,831,702			8,024,096		1,182,605			9,663,403			11,993,948		1,767,689
Comprehensive income, net of tax		164,817,090			29,281,988		4,315,631			177,436,604			47,283,232		6,968,686
Comprehensive income/(loss) attributable to non-controlling interests		1,650,876			(464,173	)	(68,411	)		2,695,208			1,009,019		148,711
Comprehensive income (loss) attributable to ordinary shareholders		166,467,965			28,817,815		4,247,220			180,131,812			48,292,251		7,117,397

All values are in US Dollars.

10 / 16

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

	Quarter Ended								Six Months Ended
	June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026		June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026
	RMB			RMB					RMB			RMB
Revenues
Leased-and-operated revenues		105,970,283			77,613,926		11,438,877			194,165,718			152,151,688		22,424,384
Franchised-and-managed revenues		137,496,914			126,253,871		18,607,518			261,353,522			239,620,481		35,315,689
Others		561,244			717,195		105,701			1,478,298			1,508,083		222,264
Total revenues		244,028,441			204,584,992		30,152,097			456,997,538			393,280,252		57,962,337
Operating costs and expenses
Hotel operating costs		(144,150,447	)		(120,581,608	)	(17,771,530	)		(286,868,622	)		(245,589,032	)	(36,195,345	)
Selling and marketing expenses		(8,424,702	)		(8,896,407	)	(1,311,168	)		(22,964,944	)		(18,109,839	)	(2,669,060	)
General and administrative expenses		(38,032,276	)		(25,084,172	)	(3,696,949	)		(79,683,638	)		(49,169,114	)	(7,246,631	)
Other operating expenses		(4,241,044	)		(182,467	)	(26,892	)		(4,290,239	)		(3,354,535	)	(494,397	)
Other general expenses		(5,805,656	)		(4,607,450	)	(679,054	)		(11,611,311	)		(9,718,569	)	(1,432,340	)
Total operating costs and expenses		(200,654,125	)		(159,352,104	)	(23,485,594	)		(405,418,755	)		(325,941,089	)	(48,037,773	)
Other operating income		6,826,954			1,434,752		211,456			10,391,669			7,867,615		1,159,543
Income from operations		50,201,269			46,667,640		6,877,959			61,970,453			75,206,778		11,084,107
Interest income and other, net		7,910,974			8,255,562		1,216,719			18,502,925			17,085,059		2,518,026
Interest expense		(1,891,327	)		(1,818,422	)	(268,002	)		(3,769,199	)		(3,678,202	)	(542,100	)
Gains (losses) from investment in equity securities		24,800,795			-		-			24,800,795			-		-
Other income, net		105,697,809			(22,629,180	)	(3,335,128	)		97,352,813			(33,234,724	)	(4,898,191	)
Income before income taxes		186,719,520			30,475,600		4,491,548			198,857,787			55,378,911		8,161,842
Income tax expense		(25,869,423	)		(9,804,376	)	(1,444,986	)		(29,850,815	)		(19,102,201	)	(2,815,316	)
Income (loss) before share of gains in equity investees		160,850,097			20,671,224		3,046,561			169,006,972			36,276,710		5,346,526
Share of income/(loss) in equity investees, net of tax		301,937			(921,953	)	(135,879	)		603,873			(2,178,030	)	(321,002	)
Net income<br>(loss)		161,152,033			19,749,271		2,910,682			169,610,845			34,098,680		5,025,524

All values are in US Dollars.

11 / 16

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

	Quarter Ended								Six Months Ended
	June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026		June 30,<br><br>2025			June 30,<br><br>2026			June 30,<br>2026
	RMB			RMB					RMB			RMB
Revenues
Leased-and-operated revenues		28,389,854			18,246,301		2,689,172			59,058,453			38,268,277		5,640,046
Franchised-and-managed revenues		1,421,688			505,479		74,498			3,176,474			2,438,634		359,410
Wholesales and others		16,076,011			11,771,620		1,734,922			35,511,759			28,897,131		4,258,910
Total revenues		45,887,553			30,523,400		4,498,593			97,746,686			69,604,042		10,258,366
Operating costs and expenses
Restaurant operating costs		(39,588,702	)		(25,958,440	)	(3,825,801	)		(84,128,367	)		(59,783,354	)	(8,810,976	)
Selling and marketing expenses		(2,062,703	)		(1,308,420	)	(192,837	)		(4,564,490	)		(3,511,634	)	(517,551	)
General and administrative expenses		(5,186,679	)		(3,026,966	)	(446,120	)		(10,475,363	)		(5,954,747	)	(877,621	)
Other operating expenses		(221,149	)		(9,112	)	(1,343	)		(442,297	)		(42,437	)	(6,254	)
Total operating costs and expenses		(47,059,232	)		(30,302,938	)	(4,466,100	)		(99,610,517	)		(69,292,172	)	(10,212,402	)
Other operating income		134,762			1,352,558		199,342			370,679			1,391,678		205,108
Income from operations		(1,036,917	)		1,573,020		231,834			(1,493,152	)		1,703,548		251,072
Interest income and other, net		30,251			4,924		726			60,501			8,605		1,268
Interest expense		(48,716	)		-		-			(48,716	)		-		-
Other income, net		(11,681	)		(44,405	)	(6,544	)		(23,362	)		(92,750	)	(13,670	)
Income before income taxes		(1,067,063	)		1,533,539		226,016			(1,504,729	)		1,619,403		238,670
Income tax expense		(99,582	)		(24,917	)	(3,672	)		(332,915	)		(428,798	)	(63,197	)
Income (loss) before share of gains in equity investees		(1,166,645	)		1,508,622		222,343			(1,837,644	)		1,190,605		175,473
Share of income/(loss) in equity investees, net of tax		-			-		-			-			-		-
Net income<br>(loss)		(1,166,645	)		1,508,622		222,343			(1,837,644	)		1,190,605		175,473

All values are in US Dollars.

12 / 16

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended								Six Months Ended
	June 30,			June 30,			June 30,		June 30,			June 30,			June 30,
	2025			2026			2026		2025			2026			2026
	RMB			RMB					RMB			RMB
Operating activities:
Net cash provided by operating activities		46,586,703			23,305,470		3,434,800			104,813,193			81,452,750		12,004,649
Investing activities:
Prepayments and purchases of property, plant and equipment		(18,911,621	)		(12,689,579	)	(1,870,213	)		(44,392,506	)		(64,326,633	)	(9,480,573	)
Purchases of intangible assets		-			-		-			-			(101,463	)	(14,954	)
Proceeds from disposal of property, plant and equipment		215,871			605,022		89,169			237,334			605,022		89,169
Proceeds from disposal of long-term investments		109,036,386			100,000		14,738			109,036,386			600,000		88,429
Purchases of short-term investments		(23,147	)		-		-			(23,147	)		-		-
Loan to related parties		(625,000	)		-		-			(625,000	)		-		-
Repayment from related parties		118,982			-		-			118,982			-		-
Loan to third parties		-			(16,167,100	)	(2,382,736	)		-			(16,167,100	)	(2,382,736	)
Loan to fanchisees		-			(215,659	)	(31,784	)		(2,010,000	)		(1,604,559	)	(236,483	)
Repayment from franchisees		8,624,735			3,343,480		492,769			14,684,093			5,713,396		842,052
Net cash (used in) provided by investing activities		98,436,206			(25,023,836	)	(3,688,057	)		77,026,142			(75,281,337	)	(11,095,096	)
Financing activities:
Repayment of bank loans		(200,000	)		(200,000	)	(29,476	)		(200,000	)		(200,000	)	(29,476	)
Proceeds from bank loans		-			-		-			-			46,754,778		6,890,801
Net cash provided by (used in) financing activities		(200,000	)		(200,000	)	(29,476	)		(200,000	)		46,554,778		6,861,325
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(4,979,489	)		(7,949,613	)	(1,171,627	)		(9,958,977	)		(16,452,153	)	(2,424,746	)
Net (decrease) increase in cash and cash equivalents and restricted cash		139,843,421			(9,867,979	)	(1,454,360	)		171,680,358			36,274,038		5,346,132
Cash and cash equivalents and restricted cash at the beginning of the period		1,557,038,875			1,724,581,041		254,171,794			1,525,201,938			1,678,439,024		247,371,302
Cash and cash equivalents and restricted cash at the end of the period		1,696,882,296			1,714,713,062		252,717,434			1,696,882,296			1,714,713,062		252,717,434

All values are in US Dollars.

13 / 16

GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
	Quarter Ended					Six Months Ended
	June 30,<br><br>2025		June 30,<br><br>2026		June 30,<br>2026	June 30,<br><br>2025		June 30,<br><br>2026		June 30,<br>2026
	RMB		RMB			RMB		RMB
Net income	159,985,388		21,257,892		3,133,026	167,773,201		35,289,284		5,200,997
Deduct:
Other operating income		6,961,716		2,787,310	410,799		10,762,348		9,259,293	1,364,651
Interest income and other, net		7,941,224		8,260,486	1,217,445		18,563,426		17,093,664	2,519,294
Gains from investment in equity securities		24,800,795		-	-		24,800,795		-	-
Share of gain in equity investees, net of tax		301,937		-	-		603,873		-	-
Other income, net		105,686,128		-	-		97,329,451		-	-
Add:
Other operating expenses		4,462,193		191,579	28,235		4,732,536		3,396,972	500,652
Other general expenses		5,805,656		4,607,450	679,054		11,611,311		9,718,569	1,432,340
Income tax expenses (benefits)		25,969,005		9,829,293	1,448,659		30,183,730		19,530,999	2,878,513
Share of loss in equity investees, net of tax		-		921,953	135,879		-		2,178,030	321,002
Interest expenses		1,940,043		1,818,422	268,002		3,817,915		3,678,202	542,100
Depreciation and amortization		25,875,796		18,625,227	2,745,019		51,900,949		41,298,721	6,086,678
Other expense, net		-		22,673,585	3,341,673		-		33,327,474	4,911,861
Adjusted EBITDA (Non-GAAP)^[2]^		78,346,281		68,877,605	10,151,303		117,959,749		122,065,294	17,990,198

All values are in US Dollars.

	Quarter Ended					Six Months Ended
	June 30,<br><br>2025		June 30,<br><br>2026		June 30,<br>2026	June 30,<br><br>2025		June 30,<br><br>2026		June 30,<br>2026
	RMB		RMB			RMB		RMB
Net income	159,985,388		21,257,892		3,133,026	167,773,201		35,289,284		5,200,997
Deduct:
Subsidies (net of 25% tax)		1,527,866		12,024	1,772		5,447,641		3,252,866	479,413
Gains from investment in equity securities (net of 25% tax)		18,600,596		-	-		18,600,596		-	-
Other income (net of 25% tax)		107,775,298		-	-		101,507,790		-	-
Add:
Other expense (net of 25% tax)		-		17,005,189	2,506,255		-		24,995,606	3,683,896
Other general expenses		5,805,656		4,607,450	679,053		11,611,311		9,718,569	1,432,340
Income tax expenses related to dividend distribution		7,299,300		4,307,627	634,866		7,299,300		4,307,627	634,866
Core net income (Non-GAAP)^[3]^		45,186,584		47,166,135	6,951,428		61,127,785		71,058,221	10,472,686
Core net income per ADS^[4]^ (Non-GAAP)
Class A ordinary share-basic and diluted		0.45		0.47	0.07		0.60		0.70	0.10
Class B ordinary share-basic and diluted		0.45		0.47	0.07		0.60		0.70	0.10

All values are in US Dollars.

14 / 16

Hotel Operational Data

	June 30,<br>2025		June 30,<br>2026
Total hotels in operation:		4,509		4,615
Leased-and-owned hotels		55		42
Franchised hotels		4,454		4,573
Total hotel rooms in operation		321,977		330,029
Leased-and-owned hotels		6,262		4,902
Franchised hotels		315,715		325,127
Number of cities		357		347
	Quarter Ended
---	---	---	---	---	---	---
	June 30,<br>2025			June 30,<br>2026
Occupancy rate (as a percentage)
Leased-and-owned hotels		72.30	%		63.50	%
Franchised hotels		67.80	%		65.20	%
Blended		67.90	%		65.20	%
Average daily rate (in RMB)
Leased-and-owned hotels		245			236
Franchised hotels		164			155
Blended		166			157
RevPAR (in RMB)
Leased-and-owned hotels		177			150
Franchised hotels		111			101
Blended		113			103
	Number of Hotels in Operation				Number of Hotel Rooms in Operation
---	---	---	---	---	---	---	---	---
	June 30,<br>2025		June 30,<br>2026		June 30,<br>2025		June 30,<br>2026
Mid-to-up-scale		569		596		52,773		56,448
GreenTree Eastern		236		252		25,107		28,316
Deep Sleep Hotel		8		9		610		710
Gem		119		118		10,781		10,726
Gya		72		79		6,012		6,676
Vx		108		110		9,024		9,117
Others		26		28		1,239		903
Mid-scale		3,005		3,040		226,336		228,537
GreenTree Inn		2,366		2,343		184,561		185,694
GT Alliance		408		392		25,930		24,936
GreenTree Apartment		24		30		1,545		1,860
Vatica		107		102		7,481		7,111
Others		100		173		6,819		8,936
Economy hotels		935		979		42,868		45,044
Shell		935		979		42,868		45,044
Others		-		-		-		-
Total		4,509		4,615		321,977		330,029

15 / 16

Restaurant Operational Data

	June 30,<br>2025		June 30,<br>2026
Total restaurants in operation:		183		198
Leased-and-owned restaurants		15		13
Franchised restaurants		168		185
Number of cities		53		53
Da Niang Dumplings		164		180
Bellagio		19		18
	Quarter Ended
---	---	---	---	---
	2025 Q2		2026 Q2
ADT
Leased-and-owned restaurants		215		194
Franchised restaurants		74		74
Blended		85		81
AC (in RMB)
Leased-and-owned restaurants		88		83
Franchised restaurants		32		28
Blended		43		36
ADS (in RMB)
Leased-and-owned restaurants		18,931		16,081
Franchised restaurants		2,363		2,062
Blended		3,629		2,893