GHG 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

December 2025

Commission File Number: 001-38425

GreenTree Hospitality Group Ltd.

(Registrant’s name)

Kosmos Group, 3F, Building 1, Binjiang InternationalPlaza,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: December 23, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	GreenTree Hospitality Group Ltd. Reports Third Quarter 2025 Financial Results

Exhibit 99.1

GreenTree Hospitality Group Ltd.Reports Third Quarter of 2025 Financial Results

●	Total revenues decreased by 15.0% year over year to RMB303.6 million (US$42.6 million) ^[1]^.
●	Income from operations was RMB70.1 million(US$9.8 million)^[1]^ compared to RMB106.4 million for the third quarter of 2024.
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●	Net income was RMB60.3 million (US$8.5 million)^[1]^<br>compared to RMB65.2 million for the third quarter of 2024.
---	---
●	Adjusted EBITDA (non-GAAP)^^^[2]^decreased6.1% year over year to RMB115.0 million (US$16.1 million)^[1]^
---	---
●	Cash from operations increased 3.8% year overyear to RMB144.5 million (US$20.3 million) ^[1]^
---	---

SHANGHAI, December 23, 2025 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) (“GreenTree”, the “Company”, “we”, “us” and “our”), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the third quarter of 2025.

Third Quarter of 2025 Operational Highlights

Hotels

●	A total of 4,533 hotels with 323,510 hotel rooms<br>were in operation as of September 30, 2025.
●	The Company opened 41 hotels and had a pipeline<br>of 1,248 hotels contracted for or under development as of September 30, 2025.
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●	The average daily room rate was RMB173, a decrease<br>of 4.1% from RMB181 in the third quarter of 2024.
---	---
●	The occupancy rate was 71.3%, decreased from<br>74.6% in the third quarter of 2024.
---	---
●	Revenue per available room, or RevPAR, was RMB124,<br>an 8.4% year-over-year decrease.
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1.	The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is<br> based on the exchange rate of US$1.00=RMB 7. 1190 on September 30, 2025 as set forth in H. 10 statistical release of the U.S.<br> Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20251006/.
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2.	Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees,<br>net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, other general expenses, and<br>other 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.
---	---
3.	Core net income (non-GAAP) is calculated as net income plus<br>share-based compensation, losses from investments in equity securities (net of 25% tax), other expense (net of 25% tax), one-time fees<br>and expense, income tax expenses related to dividend distribution, and other general expenses but excludes government subsidies (net<br>of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax).
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4.	Each ADS represents one ordinary share.
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Restaurants

●	A total of 185 restaurants were in operation<br>as of September 30, 2025.
●	The AC (average check) was RMB37, a 19.3% year-over-year<br>decrease.
---	---
●	The ADT (average daily tickets) was 100, down<br>from 106 in the third quarter of 2024.
---	---
●	The ADS (average daily sales per store) was RMB3,714,<br>a decrease of 24.1% from RMB4,891 in the third quarter of 2024.
---	---

Third Quarter Of 2025 Financial Results

	Quarter Ended<br> <br>September 30, 2024
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		118,159,125		41,117,277					159,276,402
Franchised-and-managed revenues		167,928,127		1,757,933					169,686,060
Wholesales and others		796,488		27,766,790		(544,290	)		28,018,988
Total revenues		286,883,740		70,642,000		(544,290	)		356,981,450

	Quarter Ended<br> <br>September 30, 2025
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		115,597,165		26,516,648		(34,568	)		142,079,245
Franchised-and-managed revenues		138,566,905		1,848,818					140,415,723
Wholesales and others		311,831		21,018,623		(219,986	)		21,110,468
Total revenues		254,475,901		49,384,089		(254,554	)		303,605,436

All values are in US Dollars.

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	Nine Month Ended<br> <br>September 30, 2024
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		346,552,738		130,792,112					477,344,850
Franchised-and-managed revenues		476,898,409		5,527,686					482,426,095
Wholesales and others		2,881,694		77,272,388		(1,004,493	)		79,149,589
Total revenues		826,332,841		213,592,186		(1,004,493	)		1,038,920,534

	Nine Month Ended<br> <br>September 30, 2025
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		310,356,692		85,575,101		(241,982	)		395,689,811
Franchised-and-managed revenues		424,320,098		5,025,292					429,345,390
Wholesales and others		1,790,129		56,530,382		(663,791	)		57,656,720
Total revenues		736,466,919		147,130,775		(905,773	)		882,691,921

All values are in US Dollars.

3 / 20

Total revenues were RMB303.6 million (US$42.6 million)^[1]^，a 15.0% year-over-year decrease.

Hotel revenues were RMB254.5 million (US$35.7 million)^[1]^, a 11.3% year-over-year decrease due to an 8.4% year-over-year decrease in RevPAR and the closure of 7 L&O hotels since the fourth quarter of 2024 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.

Restaurant revenues were RMB49.4 million (US$6.9 million)^[1]^, a 30.1% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores.

Total revenues for the first nine months of 2025 were RMB882.7 million (US$124.0 million)^[1]^, a 15.0% year-over-year decrease.

Total revenues from leased-and-operated,or L&O, hotels and restaurants were RMB142.1 million (US$20.0 million)^[1]^, a 10.8% year-over-year decrease.

Total revenues from L&O hotels were RMB115.6 million (US$16.2 million)^[1]^, a 2.2% year-over-year decrease. The decrease was primarily attributable to a 7.9% year-over-year decrease in L&O hotels’ RevPAR, the closure of 7 L&O hotels since the fourth quarter of 2024, offset by revenues from the opening of 4 L&O hotels since the fourth quarter of 2024.

Total revenues from L&O restaurants were RMB26.5 million (US$3.7 million)^[1]^, a 35.5% year-over-year decrease, mainly due to the closure of 8 L&O restaurants since the fourth quarter of 2024 and the year-over-year decrease in ADS.

Total revenues from L&O hotels and restaurants for the first nine months of 2025 were RMB395.7 million (US$55.6 million)^[1]^, a 17.1% year-over-year decrease.

Total revenues fromfranchised-and-managed, or F&M, hotels and restaurants were RMB140.4 million (US$19.7 million)^[1]^, a 17.2% year-over-year decrease.

Total revenues from F&M hotels were RMB138.6 million (US$19.5 million)^[1]^, a 17.5% year-over-year decrease, primarily due to a temporary waiver of RMB15 million of management fees for hotels facing business difficulties. Excluding this temporary fee waiver, revenues from F&M hotels decreased 8.6% year over year, due to an 8.3% decrease in F&M hotels’ RevPAR.

Total revenues from F&M restaurants were RMB1.8 million (US$0.3 million)^[1]^, a 5.2% year-over-year increase, mainly due to the opening of 28 franchised restaurants since the fourth quarter of 2024.

Total revenues from F&M hotels and restaurants for the first nine months of 2025 were RMB429.3 million (US$60.3 million)^[1]^, a 11.0% year-over-year decrease.

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Total revenues fromwholesale and others were RMB21.1 million (US$3.0 million)^[1]^, a 24.7% 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 nine months of 2025 were RMB57.7 million (US$8.1 million)^[1]^, a 27.2% year-over-year decrease.

Total operating costs and expenses

	Quarter Ended<br> <br>September 30, 2024
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		155,278,796		53,365,650		(475,648	)		208,168,798
Selling and marketing expenses		12,899,411		2,881,942		(68,642	)		15,712,711
General and administrative expenses		32,309,079		7,023,449					39,332,528
Other operating expenses		1,363,201		654,777					2,017,978
Other general expenses
Total operating costs and expenses		201,850,487		63,925,818		(544,290	)		265,232,015

	Quarter Ended<br> <br>September 30, 2025
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		134,346,844		43,015,455		(254,554	)		177,107,745
Selling and marketing expenses		11,314,233		2,133,816					13,448,049
General and administrative expenses		22,001,373		2,180,546					24,181,919
Other operating expenses		5,652,433		1,158,623					6,811,056
Other general expenses		19,483,576							19,483,576
Total operating costs and expenses		192,798,459		48,488,440		(254,554	)		241,032,345

All values are in US Dollars.

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	Nine Month Ended<br> <br>September 30, 2024
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		450,888,078		170,642,273		(916,517	)		620,613,834
Selling and marketing expenses		41,576,925		8,473,078		(87,975	)		49,962,028
General and administrative expenses		119,706,277		22,802,128					142,508,405
Other operating expenses		2,301,445		2,136,726					4,438,171
Other general expenses		11,756,531							11,756,531
Total operating costs and expenses		626,229,256		204,054,205		(1,004,492	)		829,278,969

	Nine Month Ended<br> <br>September 30, 2025
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		429,606,985		127,143,822		(905,774	)		555,845,033
Selling and marketing expenses		34,279,177		6,698,306					40,977,483
General and administrative expenses		93,293,494		12,655,909					105,949,403
Other operating expenses		9,942,672		1,600,920					11,543,592
Other general expenses		31,094,887							31,094,887
Total operating costs and expenses		598,217,215		148,098,957		(905,774	)		745,410,398

All values are in US Dollars.

Operating costs were RMB177.1 million (US$24.9 million)^[1]^, a 14.9% year-over-year decrease.

Operating costs of the hotel business were RMB134.3 million (US$18.9 million)^[1]^, a 13.5% year-over-year decrease. The decrease was mainly attributable to lower rental resulting from the closure of L&O hotels.

Operating costs of the restaurant business in the third quarter of 2025 were RMB43.0 million (US$6.0 million)^[1]^, a 19.4% year-over-year decrease, due to the closure of L&O stores.

For the first nine months of 2025, operating costs were RMB555.8 million (US$78.1 million)^[1]^, a 10.4% year-over-year decrease.

Selling and marketing expenses were RMB13.4 million (US$1.9 million)^[1]^, a 14.4% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB11.3 million (US$1.6 million)^[1]^, a 12.3% year-over-year decrease. The decrease was mainly due to lower staff related costs.

Selling and marketing expenses of the restaurant business were RMB2.1 million (US$0.3 million)^[1]^, a 26.0% year-over-year decrease, mainly attributable to lower travelling expenses and lower sales-channel commissions.

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For the first nine months of 2025, selling and marketing expenses were RMB41.0 million (US$5.8 million)^[1]^, a 18.0% year-over-year decrease.

General and administrative, or G&A expenses were RMB24.2 million (US$3.4 million)^[1]^, a 38.5% year-over-year decrease.

G&A expenses of the hotel business were RMB22.0 million (US$3.1 million)^[1]^, a 31.9% year-over-year decrease. The decrease was mainly attributable to lower bad debt provisions for long-aged account receivables, lower staff related expenses, and lower consulting fees.

G&A expenses of the restaurant business were RMB2.2 million (US$0.3 million)^[1]^, a 69.0% year-over-year decrease, mainly due to lower staff related expenses, lower office expenses, and a decrease in depreciation and amortization and bad debt provisions for long-aged account receivables.

General and administrative expenses for the first nine months of 2025 were RMB105.9 million (US$14.9 million)^[1]^, a 25.7% year-over-year decrease.

Other general expenses were RMB19.5 million (US$2.7 million)^[1]^, entirely attributable to provisions for loan receivables related to franchisee loans.

Other general expenses for the first nine months of 2025 were RMB31.1 million (US$4.4 million)^[1]^, up from RMB11.8 million one year ago.

Gross profit was RMB126.5 million (US$17.8 million)^[1]^, a year-over-year decrease of 15.0%. Gross margin was 41.7%, the same as the third quarter of 2024. Gross profit of the hotel business was RMB120.1 million (US$16.9 million)^[1]^, an 8.7% year-over-year decrease. Gross profit of the restaurant business was RMB6.4 million (US$0.9 million)^[1]^, a 63.1% year-over-year decrease.

Income from operations in the third quarter of 2025 was RMB70.1 million (US$9.8 million)^[1]^, compared to income from operations of RMB106.4 million in the third quarter of 2024, with a margin of 23.1%. The lower profitability was due to the exemption of fees from franchisees, the loss from disposal of L&O hotels, and bad debt provisions. Excluding these, the adjusted income from operations decreased 1.9% year over year, and the margin for the third quarter of 2025 was 34.6%, up from 31.5% one year ago, thanks to lower operating costs and expenses.

Income from operations of the hotel business was RMB69.1 million (US$9.7 million)^[1]^, compared to income from operations of RMB99.5 million in the third quarter of 2024, with a margin of 27.2%. Excluding the impact of the above-mentioned items on hotels, adjusted income from operations of the hotel business increased 3.6% year over year, and the margin for the third quarter of 2025 was 40.5%, up from 36.8% one year ago, due to lower operating costs and expenses.

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Income from operations of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)^[1]^, compared to income from operations of RMB6.9 million in the third quarter of 2024, with a margin of 1.9%.

Income from operations for the first nine months of 2025 was RMB155.5 million (US$21.8 million)^[1]^ compared to income from operations of RMB263.1 million in 2024, with a margin of 17.6%.

Net income in the third quarter of 2025 was RMB60.3 million (US$8.5 million)^[1]^, compared to a net income of RMB65.2 million in the third quarter of 2024, and net margin was 19.9%. The decrease was mainly due to the decline in income from operations, which were negatively impacted by the above-mentioned items, and foreign exchange losses. Excluding these one-time or non-operation impacts, adjusted net income was RMB90.5 million, an increase of 5.7%, with a margin of 28.4%.

Net income of the hotel business was RMB59.5 million (US$8.4 million)^[1]^, up from net income of RMB58.6 million in the third quarter of 2024, and net margin was 23.4%. Excluding the impact of the above-mentioned items, which were composed of impacts by exemption of fees from franchisees in 2025Q3, the disposal of L&O hotels, the bad debt provisions, as well as foreign exchange losses, the adjusted net income of hotel business was RMB89.6 million, an increase of 13.4% year over year, with a margin of 33.3%.

Net income of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)^[1]^, compared to a net income of RMB6.6 million in the third quarter of 2024, and net margin was 1.8%.

Net income for the first nine months of 2025 was RMB253.1 million (US$35.6 million)^[1]^, compared to a net income of RMB184.8 million in 2024, and net margin was 28.7%.

Adjusted EBITDA (non-GAAP)^[2]^ in the third quarter of 2025 was RMB115.0 million (US$16.1 million)^[1]^, a year-over-year decrease of 6.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP)^[2]^ as a percentage of total revenues, was 37.9%, compared to 34.3% a year ago, primarily due to lower operating costs and disciplined expense management.

Adjusted EBITDA (non-GAAP)^[2]^ of the hotel business in the third quarter of 2025 was RMB110.2 million (US$15.5 million)^[1]^, a year-over-year decrease of 0.3%, with a margin of 43.3%, up from 38.5% one year ago.

Adjusted EBITDA (non-GAAP)^[2]^ of the restaurant business in the third quarter of 2025 was RMB4.8 million (US$0.7 million)^[1]^, a year-over-year decrease of 52.5%.

Adjusted EBITDA (non-GAAP)^[2]^ for the first nine months of 2025 was RMB258.7 million (US$36.3 million)^[1]^, a year-over-year decrease of 17.9%.

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Core net income (non-GAAP)^[3]^ in the third quarter of 2025 was RMB78.0 million (US$11.0 million)^[1]^, a year-over-year decrease of 16.5%. The core net margin, defined as core net income (non-GAAP)^[3]^ as a percentage of total revenues, was 25.7%, compared to 26.2% one year ago.

Core net income (non-GAAP)^[3]^ of the hotel business in the third quarter of 2025 was RMB77.2 million (US$10.8 million)^[1]^, a year-over-year decrease of 11.2%, with a margin of 30.3%, the same as one year ago.

Core net income (non-GAAP)^[3]^ of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)^[1]^, a year-over-year decrease of 86.7%.

Core net income (non-GAAP)^[3]^ for the first nine months of 2025 was RMB158.0 million (US$22.2 million)^[1]^, a year-over-year decrease of 29.6%.

Earnings per American Depositary Share, orADS^[4]^, (basic and diluted) were RMB0.60 (US$0.08)^[1]^, decreased from RMB0.65 one year ago.

Earnings per American Depositary Share, or ADS^[4]^, (basic and diluted) for the first nine months of 2025 were RMB2.53 (US$0.36)^[1]^, decreased from RMB1.83 one year ago.

Core net income per ADS^[4]^ (basicand diluted) (non-GAAP) was RMB0.77 (US$0.11)^[1]^, decreased from RMB0.92 a year ago.

Core net income per ADS^[4]^ (basic and diluted) (non-GAAP) was RMB1.56 (US$0.22)^[1]^ for the first nine months of 2025, a decrease from RMB2.21 a year ago.

Cash flow: Operating Cash inflow was RMB144.5 million (US$20.3 million)^[1]^, as a result of income from operations. Investing cash outflow for the third quarter of 2025 was RMB167.4 million (US$23.5 million)^[1]^, primarily due to an advance payment for the purchase of strategic assets. Financing cash outflow was nil (US$0.0 million)^[1]^ in the third quarter.

**Cash and cash equivalents, restricted cash,short-term investments, investments in equity securities and time deposits.**As of September 30, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,014.6 million (US$283.0 million)^[1]^,compared to RMB2,034.9 million as of June 30, 2025. The decrease of RMB20.3 million was mainly due to an advance payment for the purchase of strategic assets, and was offset by cash from operating activities.

Guidance

Based on our performance in the first nine months of this year and considering the impact from the closure of certain L&O hotels due to lease expirations and business strategy adjustments, we maintain our previous revenue guidance for the hotel business to be in the range of -10% to -13% year-over-year.

9 / 20

Use of Non-GAAP Financial Measures

We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.

The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

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

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

10 / 20

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 September 30, 2025, GreenTree had a total number of 4,533 hotels and 185 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, 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.

11 / 20

Financial Tables and Operational Data Follow

**<br><br>GreenTree Hospitality Group Ltd.**
Unaudited Condensed Consolidated Balance Sheets
	December 31,			September 30,			September 30,
	2024			2025			2025
	RMB			RMB			US
ASSETS
Current assets:
Cash and cash equivalents		1,490,235,562			1,638,695,772
Restricted cash		16,096,476			14,733,054
Short-term investments		10,475			25,747
Accounts receivable, net of allowance		99,688,034			105,663,744
Amounts due from related parties		21,839,929			21,184,099
Inventories		6,881,470			6,774,539
Other current assets		114,898,590			107,569,096
Loans receivable, net		85,463,467			46,212,004
Total current assets		1,835,114,003			1,940,858,055
Non-current assets:
Amounts due from a related 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			13,842,756
Property and equipment, net		649,528,210			622,995,148
Intangible assets, net		75,677,551			73,999,664
Goodwill		96,074,468			96,074,468
Long-term investments		184,024,217			208,539,976
Operating lease right-of-use assets		1,328,582,419			1,297,598,192
Other assets		102,545,847			273,179,697
Deferred tax assets		245,760,095			241,431,976
TOTAL ASSETS		4,947,118,948			5,182,959,832
LIABILITIES AND EQUITY
Current liabilities:
Long-term bank loans, current portion		400,000			400,000
Accounts payable		56,488,405			49,486,457
Advance from customers		25,684,437			27,019,373
Amounts due to related parties		17,462,176			18,341,649
Salary and welfare payable		78,234,582			74,551,051
Deferred revenue		175,046,178			170,182,790
Accrued expenses and other current liabilities		481,910,291			535,728,663
Income tax payable		88,876,497			91,412,799
Operating lease liabilities, current		241,363,244			217,018,055
Total current liabilities		1,165,465,810			1,184,140,837
Long-term bank loans		256,200,000			256,000,000
Deferred revenue		176,353,919			147,187,989
Other long-term liabilities		120,975,955			123,126,896
Operating lease liabilities, non-current		1,215,776,075			1,228,789,575
Deferred tax liabilities		79,670,908			69,755,914
Unrecognized tax benefits		440,072,214			441,868,751
TOTAL LIABILITIES		3,454,514,881			3,450,869,962
Shareholders’ 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	)		(48,049,536	)		)
Additional paid-in capital		1,609,972,272			1,609,972,272
Retained earnings (Accumulated losses)		(458,337,569	)		(202,062,349	)		)
Accumulated other comprehensive income		6,033,263			3,426,086
Total GreenTree Hospitality Group Ltd. shareholders’ equity		1,458,746,130			1,701,407,753
Non-controlling interests		33,857,937			30,682,117
Total shareholders’ equity		1,492,604,067			1,732,089,870
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		4,947,118,948			5,182,959,832

All values are in US Dollars.

12 / 20

GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
	Quarter Ended								Nine Month Ended
	September 30, 2024			September 30, 2025			September 30, 2025		September 30, 2024			September 30, 2025			September 30, 2025
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		159,276,402			142,079,245					477,344,850			395,689,811
Franchised-and-managed revenues		169,686,060			140,415,723					482,426,095			429,345,390
Wholesales and others		28,018,988			21,110,468					79,149,589			57,656,720
Total revenues		356,981,450			303,605,436					1,038,920,534			882,691,921
Operating costs and expenses
Operating costs		(208,168,798	)		(177,107,745	)		)		(611,613,834	)		(555,845,033	)		)
Selling and marketing expenses		(15,712,711	)		(13,448,049	)		)		(49,962,028	)		(40,977,483	)		)
General and administrative expenses		(39,332,528	)		(24,181,919	)		)		(151,508,405	)		(105,949,403	)		)
Other operating expenses		(2,017,978	)		(6,811,056	)		)		(4,438,171	)		(11,543,592	)		)
Other general expenses					(19,483,576	)		)		(11,756,531	)		(31,094,887	)		)
Total operating costs and expenses		(265,232,015	)		(241,032,345	)		)		(829,278,969	)		(745,410,398	)		)
Other operating income		14,654,068			7,498,608					53,422,304			18,260,956
Income from operations		106,403,503			70,071,699					263,063,869			155,542,479
Interest income and other, net		7,488,034			9,850,340					27,438,533			28,413,766
Interest expense		(116,161	)		(1,730,823	)		)		(4,485,219	)		(5,548,738	)		)
Gains (losses) from investment in equity securities		10,015,229			4,643,770					(5,409,426	)		29,444,565
Other income, net		(34,653,121	)		(6,293,033	)		)		(17,862,097	)		91,036,418
Income before income taxes		89,137,484			76,541,953					262,745,660			298,888,490
Income tax expense		(24,330,641	)		(18,950,376	)		)		(77,512,335	)		(49,134,106	)		)
Income (loss) before share of gains in equity investees		64,806,843			57,591,577					185,233,325			249,754,384
Share of loss/(income) in equity investees, net of tax		405,064			2,741,144					(464,693	)		3,345,017
Net income(loss)		65,211,907			60,332,721					184,768,632			253,099,401
Net loss/(income) attributable to non-controlling interests		288,968			480,612					1,319,147			3,175,820
Net income attributable to ordinary shareholders		65,500,875			60,813,333					186,087,779			256,275,221
Net earnings per share
Class A ordinary share-basic and diluted		0.65			0.60					1.83			2.53
Class B ordinary share-basic and diluted		0.65			0.60					1.83			2.53
Net earnings per ADS^[4]^
Class A ordinary share-basic and diluted		0.65			0.60					1.83			2.53
Class B ordinary share-basic and diluted		0.65			0.60					1.83			2.53
Weighted average shares outstanding
Class A ordinary share-basic and diluted		66,778,809			66,134,836					66,780,008			66,467,723
Class B ordinary share-basic and diluted		34,762,909			34,762,909					34,762,909			34,762,909
Other comprehensive income, net of tax
Foreign currency translation adjustments		6,463,594			(12,270,580	)		)		(1,642,157	)		(2,607,177	)		)
Comprehensive income, net of tax		71,675,501			48,062,141					183,126,475			250,492,224
Comprehensive loss/(income) attributable to non-controlling interests		288,968			480,612					1,319,147			3,175,820
Comprehensive income (loss) attributable to ordinary shareholders		71,964,469			48,542,753					184,445,622			253,668,044

All values are in US Dollars.

13 / 20

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

	Quarter Ended								Nine Month Ended
	September 30, <br><br>2024			September 30,<br><br> 2025			September 30, <br>2025		September 30, <br><br>2024			September 30,<br><br> 2025			September 30,<br> 2025
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		118,159,125			115,597,165					346,552,738			310,356,692
Franchised-and-managed revenues		167,928,127			138,566,905					476,898,409			424,320,098
Others		796,488			311,831					2,881,694			1,790,129
Total revenues		286,883,740			254,475,901					826,332,841			736,466,919
Operating costs and expenses
Hotel operating costs		(155,278,796	)		(134,346,844	)		)		(450,888,078	)		(429,606,985	)		)
Selling and marketing expenses		(12,899,411	)		(11,314,233	)		)		(41,576,925	)		(34,279,177	)		)
General and administrative expenses		(32,309,079	)		(22,001,373	)		)		(119,706,277	)		(93,293,494	)		)
Other operating expenses		(1,363,201	)		(5,652,433	)		)		(2,301,445	)		(9,942,672	)		)
Other general expenses					(19,483,576	)		)		(11,756,531	)		(31,094,887	)		)
Total operating costs and expenses		(201,850,487	)		(192,798,459	)		)		(626,229,256	)		(598,217,215	)		)
Other operating income		14,496,942			7,458,115					51,347,340			17,849,784
Income from operations		99,530,195			69,135,557					251,450,925			156,099,488
Interest income and other, net		7,467,287			9,815,879					27,376,005			28,318,804
Interest expense		(115,851	)		(1,706,980	)		)		(4,484,909	)		(5,476,179	)		)
Gains (losses) from investment in equity securities		10,015,229			4,643,770					(769,747	)		29,444,565
Other income, net		(34,647,093	)		(6,292,964	)		)		(17,938,054	)		91,059,849
Income before income taxes		82,249,767			75,595,262					255,634,220			299,446,527
Income tax expense		(24,053,937	)		(18,884,574	)		)		(76,155,862	)		(48,735,389	)		)
Income (loss) before share of gains in equity investees		58,195,830			56,710,688					179,478,358			250,711,138
Share of loss/(income) in equity investees, net of tax		405,064			2,741,144					(464,693	)		3,345,017
Net income(loss)		58,600,894			59,451,832					179,013,665			254,056,155

All values are in US Dollars.

14 / 20

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

	Quarter Ended								Nine Month Ended
	September 30, <br><br>2024			September 30, <br><br>2025			September 30, <br>2025		September 30, <br><br>2024			September 30, <br><br>2025			September 30, <br>2025
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		41,117,277			26,516,648					130,792,112			85,575,101
Franchised-and-managed revenues		1,757,933			1,848,818					5,527,686			5,025,292
Wholesales and others		27,766,790			21,018,623					77,272,388			56,530,382
Total revenues		70,642,000			49,384,089					213,592,186			147,130,775
Operating costs and expenses
Restaurant operating costs		(53,365,650	)		(43,015,455	)		)		(170,642,273	)		(127,143,822	)		)
Selling and marketing expenses		(2,881,942	)		(2,133,816	)		)		(8,473,078	)		(6,698,306	)		)
General and administrative expenses		(7,023,449	)		(2,180,546	)		)		(22,802,128	)		(12,655,909	)		)
Other operating expenses		(654,777	)		(1,158,623	)		)		(2,136,726	)		(1,600,920	)		)
Total operating costs and expenses		(63,925,818	)		(48,488,440	)		)		(204,054,205	)		(148,098,957	)		)
Other operating income		157,126			40,493					2,074,964			411,172
Income from operations		6,873,308			936,142					11,612,945			(557,010	)		)
Interest income and other, net		20,746			34,461					62,528			94,962
Interest expense		(310	)		(23,843	)		)		(310	)		(72,559	)		)
Other income, net		(6,028	)		(69	)		)		(33,122	)		(23,431	)		)
Income before income taxes		6,887,716			946,691					11,642,041			(558,038	)		)
Income tax expense		(276,704	)		(65,802	)		)		(1,356,473	)		(398,717	)		)
Income (loss) before share of gains in equity investees		6,611,012			880,889					10,285,568			(956,755	)		)
Share of loss/(income) in equity investees, net of tax
Net income(loss)		6,611,012			880,889					10,285,568			(956,755	)		)

All values are in US Dollars.

15 / 20

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements ofCash Flows

	Quarter Ended								Nine Month Ended
	September 30, <br><br>2024			September 30, <br><br>2025			September 30,<br> 2025		September 30, <br><br>2024			September 30, <br><br>2025			September 30, <br>2025
	RMB			RMB			US		RMB			RMB			US
Operating activities:
Net (loss) income		65,211,908			60,332,721					184,768,634			253,099,401
Depreciation and amortization		28,690,959			26,099,091					89,170,635			78,795,298
Gains from disposal of a long-term investment													(114,042,806	)		)
Others non-cash expense(income)		(1,588,624	)		(2,741,144	)		)		(5,904,430	)		(3,345,017	)		)
Noncash lease expense		68,398,682			50,999,606					205,628,129			180,173,228
Loss from disposal of a subsidiary		(4,925,221	)		775,483					(5,764,903	)		775,483
Bad debt expenses		12,615,651			19,733,285					34,383,723			45,225,022
(Gains) losses and impairment on equity securities held		(10,015,229	)		(4,643,770	)		)		5,409,426			(29,444,565	)		)
Loss (gains) on disposal of property, plant and equipment		332,997			276,296					(24,783,238	)		467,060
Foreign exchange (gains)losses		7,449,403			4,237,778					(1,314,548	)		10,127,472
Accounts receivable		(5,363,153	)		5,854,925					(13,092,304	)		(20,377,565	)		)
Inventories		223,113			494,549					15,112,676			106,931
Amounts due from related parties		2,188,419			139,368					2,488,246			572,990
Other current assets		(6,330,209	)		33,546,181					(1,245,258	)		8,866,126
Other assets		(2,775,493	)		(192,983	)		)		(1,474,535	)		(9,548,953	)		)
Accounts payable		(7,758,061	)		(1,610,758	)		)		(20,318,304	)		(9,902,317	)		)
Amounts due to related parties		788,969			2,624,576					(615,685	)		664,498
Salary and welfare payable		(10,164,582	)		(4,090,971	)		)		(11,588,641	)		(3,693,966	)		)
Deferred revenue		17,893,291			(8,940,240	)		)		(13,809,645	)		(34,029,318	)		)
Advance from customers		(706,088	)		(61,982	)		)		(1,123,375	)		1,425,038
Accrued expenses and other current liabilities		35,754,773			7,204,618					32,469,157			53,524,791
Income tax payable		20,169,690			6,014,530					11,908,367			2,515,010
Unrecognized tax benefits		(4,844,361	)		(3,365,434	)		)		(11,040,451	)		1,796,537
Operating lease liabilities		(80,036,795	)		(62,408,812	)		)		(189,805,890	)		(160,177,582	)		)
Other long-term liabilities		6,321,131			3,623,270					(1,998,698	)		2,150,941
Deferred taxes		7,711,357			10,604,620					21,677,657			(6,405,741	)		)
Net cash provided by operating activities		139,242,527			144,504,803					299,136,745			249,317,996
Investing activities:
Purchases of property, plant and equipment		(8,771,704	)		(29,290,174	)		)		(28,965,630	)		(48,647,716	)		)
Proceeds from disposal of property, plant and equipment		451,660			4,114					140,184,760			241,448
Payment for acquisition of minority equity		966,000
Purchases of a long-term investment		(6,800,000	)							(6,800,000	)
Proceeds from disposal of a long-term investment													109,036,386
Advances for purchases of property and equipment					(135,480,304	)		)					(160,515,267	)		)
Purchases of short-term investments					7,875								(15,272	)		)
Proceeds from short-term investments										419,362,037
Purchase of long-term time deposits										(222,230,000	)
Proceeds from disposal of subsidiaries		1,307,500								2,807,500
Loan to related parties					360,000					(270,000	)		(265,000	)		)
Repayment from related parties													118,982
Loan to third parties										(1,200,000	)
Repayment of loan from third parties		304,111								5,900,000
Loan to fanchisees		(4,050,000	)		(7,121,960	)		)		(5,650,000	)		(9,131,960	)		)
Repayment from franchisees		16,489,580			4,133,925					67,466,801			18,818,018
Net cash (used in) provided by investing activities		(102,853	)		(167,386,524	)		)		370,605,468			(90,360,381	)		)
Financing activities:
Distribution to the shareholders										(760,321	)
Repurchase of ordinary shares		(300,122	)							(300,122	)
Repayment of short-term loans										(117,000,000	)		(200,000	)		)
Proceeds from bank loans										200,000,000
Capital contribution from non-controlling interest holders		(966,000	)							(966,000	)
Net cash provided by (used in) financing activities		(1,266,122	)							80,973,557			(200,000	)		)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		142,061			(1,701,849	)		)		(2,657,865	)		(11,660,827	)		)
Net (decrease) increase in cash and cash equivalents		138,015,613			(24,583,570	)		)		748,057,905			147,096,788
Cash and cash equivalents at the beginning of the period		1,401,643,004			1,696,882,296					791,600,712			1,525,201,938
Cash and cash equivalents at the end of the period		1,539,658,617			1,672,298,726					1,539,658,617			1,672,298,726

All values are in US Dollars.

16 / 20

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAPResults

	Quarter Ended					Nine Month Ended
	September 30, <br><br>2024		September 30,<br><br> 2025		September 30, <br>2025	September 30, <br><br>2024		September 30, <br><br>2025		September 30,<br> 2025
	RMB		RMB		US	RMB		RMB		US
Net income		65,211,908		60,332,721			184,768,634		253,099,401
Deduct:
Other operating income		14,654,068		7,498,608			53,422,304		18,260,956
Interest income and other, net		7,488,034		9,850,340			27,438,533		28,413,766
Gains from investment in equity securities		10,015,229		4,643,770					29,444,565
Share of gain in equity investees, net of tax		405,064		2,741,144					3,345,017
Other income, net									91,036,418
Add:
Other operating expenses		2,017,978		6,811,056			4,438,171		11,543,592
Other general expenses				19,483,576			11,756,531		31,094,887
Income tax expenses		24,330,641		18,950,376			77,512,335		49,134,106
Share of loss in equity investees, net of tax							464,693
Interest expenses		116,161		1,730,823			4,485,219		5,548,738
Depreciation and amortization		28,690,959		26,099,091			89,170,635		78,795,298
Losses from investment in equity securities							5,409,426
Other expense, net		34,653,121		6,293,033			17,862,097
Adjusted EBITDA (Non-GAAP)		122,458,373		114,966,814			315,006,904		258,715,300

All values are in US Dollars.

	Quarter Ended					Nine Month Ended
	September 30, <br><br>2024		September 30, <br><br>2025		September 30,<br> 2025	September 30, <br><br>2024		September 30,<br><br> 2025		September 30, <br>2025
	RMB		RMB		US	RMB		RMB		US
Net income		65,211,908		60,332,721			184,768,634		253,099,401
Deduct:
Government subsidies (net of 25% tax)		4,374,750		3,857,357			4,844,636		9,304,998
Gains from investment in equity securities (net of 25% tax)		7,511,422		4,643,770					29,444,565
Other income (net of 25% tax)									96,788,015
Add:
Share-based compensation		15,662					46,986
Losses from investments in equity securities (net of 25% tax)							4,057,070
Other expense (net of 25% tax)		25,989,841		4,719,775			13,396,573
One-time fees and expenses		658,981					1,713,989
Other general expenses				19,483,576			11,756,531		31,094,887
Income tax expenses related to dividend distribution		13,496,240		2,000,000			13,496,240		9,299,300
Core net income (Non-GAAP)		93,486,460		78,034,945			224,391,387		157,956,010
Core net income per ADS^[4]^(Non-GAAP)
Class A ordinary share-basic and diluted		0.92		0.77			2.21		1.56
Class B ordinary share-basic and diluted		0.92		0.77			2.21		1.56

All values are in US Dollars.

17 / 20

Hotel Operational Data

	September 30,<br><br> 2024		September 30,<br><br> 2025
Total hotels in operation:		4,336		4,533
Leased and owned hotels		56		52
Franchised hotels		4,280		4,481
Total hotel rooms in operation		316,461		323,510
Leased and owned hotels		6,367		6,155
Franchised hotels		310,094		317,355
Number of cities		351		356
	Quarter Ended
---	---	---	---	---	---	---
	September 30, <br><br>2024			September 30, <br><br>2025
Occupancy rate (as a percentage)
Leased-and-operated hotels		75.9	%		70.9	%
Franchised hotels		74.6	%		71.4	%
Blended		74.6	%		71.3	%
Average daily rate (in RMB)
Leased-and-operated hotels		258			254
Franchised hotels		179			171
Blended		181			173
RevPAR (in RMB)
Leased-and-operated hotels		196			180
Franchised hotels		133			122
Blended		135			124

	Number of Hotels<br><br> in Operation				Number of Hotel Rooms<br><br> in Operation
	September 30,<br><br> 2024		September 30, <br><br>2025		September 30, <br><br>2024		September 30, <br><br>2025
Mid-to-up-scale		527		572		49,763		53,108
GreenTree Eastern		234		237		25,245		25,143
Deepsleep Hotel		7		8		534		610
Gem		91		122		8,178		11,162
Gya		73		72		6,071		6,010
Vx		104		107		9,109		8,944
Others		18		26		626		1,239
Mid-scale		2,965		3,016		230,580		227,049
GreenTree Inn		2,336		2,391		184,086		186,236
GT Alliance		498		495		37,366		31,819
GreenTree Apartment		23		24		1,495		1,545
Vatica		108		106		7,633		7,449
Economy hotels		844		945		36,118		43,353
Shell		844		945		36,118		43,353
Total		4,336		4,533		316,461		323,510

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Restaurant Operational Data

	September 30, <br><br>2024		September 30, <br><br>2025
Total restaurants in operation:		182		185
Leased and owned restaurants		22		14
Franchised restaurants		160		171
Number of cities		53		53
Da Niang Dumplings		159		167
Bellagio		23		18
	Quarter Ended
---	---	---	---	---
	2024 Q3		2025 Q3
ADT
Leased-and-operated restaurants		188		223
Franchised restaurants		89		89
Blended		106		100
AC (in RMB)
Leased-and-operated restaurants		100		79
Franchised restaurants		33		30
Blended		46		37
ADS (in RMB)
Leased-and-operated restaurants		18,860		17,556
Franchised restaurants		2,950		2,628
Blended		4,891		3,714