6-K - GHG - 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

November 2023

Commission File Number: 001-38425

GreenTree Hospitality Group Ltd.

(Registrant’s name)

1228 Zhongshan North Road, Putuo District

Shanghai 200065

People’s Republic of China

(Address of principal executive offices)

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

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) : ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) : ¨

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.

GREEN<br> TREE HOSPITALITY GROUP LTD .
By:	/s/ Alex S. Xu
Name:	Alex<br> S. Xu
Title:	Chairman<br> and Chief Executive Officer

Date: November 24, 2023

EXHIBIT INDEX

Exhibit No.	Description
99.1	GreenTree Hospitality Group<br> Ltd. Reports Third Quarter 2023 Financial Results

Exhibit 99.1

GreenTree HospitalityGroup Ltd. Reports Third Quarter 2023 Financial Results

·	Total revenues increased by 15.3% year over year to RMB460.9 million (US$63.2 million)^[1]^.
·	Income from operations was RMB137.8 million (US$18.9 million), compared to RMB3.7 million for the third quarter of 2022 .
---	---
·	Net income was RMB117.4 million (US$16.1 million), compared to RMB-62.3 million for the third quarter of 2022.
---	---
·	Adjusted EBITDA (non-GAAP)^[2]^increased by 215.0% year over year to RMB173.4 million (US$23.8 million)^[1]^.
---	---
·	Core net income (non-GAAP)^[3]^increased by 2625.6% year over year to RMB127.2 million (US$17.4 million)^[1]^.
---	---

SHANGHAI, November 22, 2023 /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 2023. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of our founder, Alex S. Xu, until their acquisition by the Company, the Company accounted for the common-control acquisitions by using the pooling of interest method. The consolidated balance sheets and consolidated statements of comprehensive income/(loss) include the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control. In this report, the comparative financial data have been restated to reflect the business combinations under common control.

Third Quarterof 2023 Operational Highlights

Hotels

·	A<br> total of 4,185 hotels with 307,010 hotel rooms were in operation as of September 30,<br> 2023.
·	The<br> Company opened 130 hotels during the third quarter of 2023 and had a pipeline of 979 hotels<br> contracted for or under development as of September 30, 2023.
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·	The<br> average daily room rate was RMB192 in the third quarter of 2023, an increase of 14.2% from<br> RMB168 in the third quarter of 2022.
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1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.296 on September 30, 2023 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/.

2 Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities and other general expenses, but excludes other operating income, interest income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above mentioned definition.

3 Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), other expense(net of 25% tax), one-time fees and expense, and other general expenses but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax).

1/27

·	The<br> occupancy rate was 81.2% in the third quarter of 2023, up from 71.1% in the third quarter<br> of 2022.
·	Revenue<br> per available room, or RevPAR, was RMB156 in the third quarter of 2023, a 30.5% year-over-year<br> increase.
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Restaurants

·	A<br> total of 206 restaurants were in operation as of September 30, 2023.
·	The<br> AC (average check) was RMB55 in the third quarter of 2023, a 5.7% year-over-year increase.
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·	The<br> ADT (average daily tickets) was 119 in the third quarter of 2023, up from 117 in the third<br> quarter of 2022.
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·	The<br> ADS (average daily sales per store) was RMB6,548 in the third quarter of 2023, an increase<br> of 7.4% from RMB6,096 in the third quarter of 2022.
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"We had a good third quarter with a sustained recovery in tourism and business. The recovery in the hospitality industry continued during the third quarter. RevPAR increased 30.5% year over year, reaching as high as 110.0% of the third quarter of 2019 level in July and August with a surge in the tourist numbers during the summer vacation. While the recovery of RevPAR slowed down gradually in September, it remained healthy. During the Mid-Autumn Festival and the National Day, we ushered in a new round of development and growth.

We continued to focus on improving the profitability of our restaurant business. To this effect, we further expanded the proportion of franchised-and-managed restaurants to 74.8% and the number of street stores to 60, and closed 10 unprofitable stores. In the third quarter of 2023, the ADS of restaurant business recovered to 107.4% of its third quarter of 2022 level.

“We are extremely appreciated for our team, franchisees, and partners for their hard work and supporting each other, which enabled our Group’s stable development in the third quarter of 2023," said Mr. Alex S. Xu, Chairman and Chief Executive Officer of GreenTree.

2/27

Third Quarter of 2023 Financial Results

	Quarter<br> Ended
	September 30,<br><br><br> 2022		September 30,<br><br><br> 2022		September 30,<br><br><br> 2022		September 30,<br><br><br> 2022
	RMB		RMB		RMB		RMB
	Hotel		Restaurant		Elimination		Total
Revenues
Leased-and-operated<br> revenues		82,933,960		114,605,522		10,237		197,549,719
Franchised-and-managed revenues		154,008,269		14,077,204		-		168,085,473
Wholesales and others		4,491,130		29,617,936		-		34,109,066
Total revenues		241,433,359		158,300,662		10,237		399,744,258
	Quarter<br> Ended
---	---	---	---	---	---	---	---	---	---
	September <br> 30,<br><br> 2023		September <br> 30,<br><br> 2023		September <br> 30,<br><br> 2023		September 30,<br><br><br> 2023		September <br> 30,<br> 2023
	RMB		RMB		RMB		RMB		US
	Hotel		Restaurant		Elimination		Total		Total
Revenues
Leased-and-operated<br> revenues		151,839,044		80,358,490		49,623		232,247,157
Franchised-and-managed revenues		186,043,016		17,153,919		-		203,196,935
Wholesales and others		1,168,017		24,272,083		-		25,440,100
Total revenues		339,050,077		121,784,492		49,623		460,884,192

All values are in US Dollars.

3/27

	Nine<br> Months Ended
	September 30,<br><br><br> 2022		September 30,<br><br><br> 2022		September 30,<br><br><br> 2022			September 30,<br><br><br> 2022
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated<br> revenues		254,206,326		285,614,441		(219,518	)		539,601,249
Franchised-and-managed revenues		429,547,816		32,306,514		-			461,854,330
Wholesales<br> and others		15,055,917		91,902,165		-			106,958,082
Total<br> revenues		698,810,059		409,823,120		(219,518	)		1,108,413,661
	Nine Months<br> Ended
---	---	---	---	---	---	---	---	---	---	---
	September <br> 30,<br><br> 2023		September <br> 30,<br><br> 2023		September <br> 30,<br><br> 2023			September 30,<br><br><br> 2023		September <br> 30,<br> 2023
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated<br> revenues		365,402,970		248,698,564		(1,075,557	)		613,025,977
Franchised-and-managed revenues		533,460,017		34,509,812					567,969,829
Wholesales<br> and others		3,393,596		70,704,781					74,098,377
Total<br> revenues		902,256,583		353,913,157		(1,075,557	)		1,255,094,183

All values are in US Dollars.

4/27

Total revenueswere RMB460.9 million (US$63.2 million)，a 15.3% year-over-year increase.

Hotel revenues were RMB339.1 million (US$46.5 million), a 40.4% year-over-year increase. The increase was mainly attributable to the recovery in RevPAR and the increase in the number of hotels.

Restaurant revenues were RMB121.8 million (US$16.7 million), a 23.1% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months, and partially offset by an increase in ADS.

Total revenues for the first nine months of 2023 were RMB1,255.1 million (US$172.0 million)^[1]^, representing a 13.2% year-over-year increase.

Total revenuesfrom leased-and-operated, or L&O, hotels and restaurants were RMB232.2 million (US$31.8 million)^[1]^, a 17.6% year-over-year increase.

Total revenues from L&O hotels were RMB151.8 million (US$20.8 million)^[1]^, an 83.1% year-over-year increase. The increase was primarily attributable to a 38.4% year-over-year increase in the RevPAR of L&O hotels and one newly opened L&O hotel in the third quarter of 2023 as compared to the third quarter of 2022.

Total revenues from L&O restaurants were RMB80.4 million (US$11.0 million)^[1]^, a 29.9% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months, and partially offset by an increase in ADS.

Total revenues from L&O hotels and restaurants for the nine months of 2023 were RMB613.0 million (US$84.0 million)^[1]^, a 13.6% year-over-year increase.

Totalrevenues from franchised-and-managed, or F&M, hotels and restaurants were RMB203.2 million (US$27.9 million), a 20.9% year-over-year increase.

Total revenues from F&M hotels were RMB186.0 million (US$25.5 million), a 20.8% year-over-year increase. The increase was mainly due to a 23.5% increase in F&M hotels’ RevPAR and a net increase of 174 F&M hotels.

Total revenues from F&M restaurants were RMB17.2 million (US$2.4 million), a 21.9% year-over-year increase. The increase was mainly due to a net increase of 23 F&M restaurants.

Total revenues from F&M hotels and restaurants for the first nine months of 2023 were RMB568.0 million (US$77.8 million)^[1]^, a 23.0% year-over-year decrease.

5/27

Totalrevenues from wholesale and others were RMB25.4 million (US$3.5 million), a 25.4% year-over-year decrease, mainly because of reduced business from supermarkets, partially offset by increased business through distributors. Total revenues from wholesale and others for the first nine months of 2023 were RMB74.1 million (US$10.2 million), a 30.7% year-over-year decrease.

Total operating costs and expenses

	Quarter<br> Ended
	September 30,<br><br><br> 2022		September <br> 30,<br><br> 2022		September <br> 30,<br><br> 2022		September <br> 30,<br><br> 2022
	RMB		RMB		RMB		RMB
	Hotel		Restaurant		Elimination		Total
Operating costs and expenses
Operating costs		142,631,811		122,529,299		10,237		265,171,347
Selling and marketing expenses		11,435,030		18,148,390		-		29,583,420
General and administrative expenses		54,276,339		17,734,454		-		72,010,793
Other operating expenses		335,350		315,396		-		650,746
Other general<br> expenses		40,288,592		-		-		40,288,592
Total<br> operating costs and expenses		248,967,122		158,727,539		10,237		407,704,898

6/27

	Quarter<br> Ended
	September <br> 30,<br><br> 2023		September 30,<br><br><br> 2023		September <br> 30,<br><br> 2023		September <br> 30,<br><br> 2023		September <br> 30,<br> 2023
	RMB		RMB		RMB		RMB		US
	Hotel		Restaurant		Elimination		Total		Total
Operating costs and expenses
Operating costs		159,920,582		87,814,484		49,623		247,784,689
Selling and marketing expenses		14,277,225		12,026,085				26,303,310
General and administrative expenses		26,655,780		11,858,500				38,514,280
Other operating expenses		180,515		120,654				301,169
Other general<br> expenses		11,322,509		-				11,322,509
Total<br> operating costs and expenses		212,356,611		111,819,723		49,623		324,225,957

All values are in US Dollars.

7/27

	Nine<br> Months Ended
	September 30,<br><br><br> 2022		September <br> 30,<br><br> 2022		September <br> 30,<br><br> 2022		September <br> 30,<br><br> 2022
	RMB		RMB		RMB		RMB
	Hotel		Restaurant		Elimination		Total
Operating costs and expenses
Operating costs		450,381,839		357,441,041		299,842		808,122,722
Selling and marketing expenses		30,287,636		27,865,825				58,153,461
General and administrative expenses		154,000,741		39,581,650				193,582,391
Other operating expenses		2,384,084		2,556,316				4,940,400
Other general<br> expenses		530,908,302		-				530,908,302
Total<br> operating costs and expenses		1,167,962,602		427,444,832		299,842		1,595,707,276
	Nine Months<br> Ended
---	---	---	---	---	---	---	---	---	---	---
	September <br> 30,<br><br> 2023		September 30,<br><br><br> 2023		September <br> 30,<br><br> 2023			September <br> 30,<br><br> 2023		September <br> 30,<br> 2023
	RMB		RMB		RMB			RMB		US
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		444,284,960		292,122,643		(560,465	)		735,847,138
Selling and marketing expenses		39,115,830		21,411,730					60,527,560
General and administrative expenses		117,191,327		33,197,310					150,388,637
Other operating expenses		1,024,079		7,111,308					8,135,387
Other general<br> expenses		27,296,093		-					27,296,093
Total<br> operating costs and expenses		628,912,289		353,842,991		(560,465	)		982,194,815

All values are in US Dollars.

8/27

Operating costswere RMB247.8 million (US$34.0 million)^[1]^, a 6.6% year-over-year decrease.

Operating costs of the hotel business were RMB159.9 million (US$21.9 million)^[1]^, a 12.1% year-over-year increase. The increase was mainly due to higher personnel costs, higher consumables and higher utilities as business rebounded,as well as higher depreciation and amortization with increase in assets, partially offset by the deconsolidation of Argyle Hotel Management Group (Australia) Pty Ltd., and the disposal of our interest in Urban Hotel Group.

Operating costs of the restaurant business were RMB87.7 million (US$12.0 million)^[1]^, a 28.3% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months.

For the first nine months of 2023, operating costs were RMB735.8 million (US$100.9 million)^[1]^, representing an 8.9% decrease.

Selling andmarketing expenses were RMB26.3 million (US$3.6 million)^[1]^, an 11.1% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB14.3 million (US$2.0million)^[1]^, a 24.9% year-over-year increase. The increase was mainly attributable to higher sales-channel commissions and higher sales staff salaries.

9/27

Selling and marketing expenses of the restaurant business were RMB12.0 million (US$1.6 million)^[1]^, a 33.7% year-over-year decrease. The decrease was mainly attributable to lower sales-channel commissions.

For the first nine months of 2023, selling and marketing expenses were RMB60.5 million (US$8.3 million)^[1]^, a 4.1% increase.

General andadministrative, or G&A expenses were RMB38.5 million (US$5.3 million)^[1]^, a 46.5% year-over-year decrease.

G&A expenses of the hotel business were RMB26.7 million (US$3.7 million)^[1]^, a 50.9% year-over-year decrease. The decrease was mainly due to lower bad debts,lower staff related expenses, and lower consulting fees.

G&A expenses of the restaurant business were RMB11.9 million (US$1.6 million)^[1]^, a 33.1% year-over-year decrease. The decrease was mainly due to lower staff related expenses.

General and administrative expenses for the first nine months of 2023 were RMB150.4 million (US$20.6 million) ^[1]^, a 22.3% year-over-year decrease.

Other generalexpenses were RMB11.3 million (US$1.6 million)^[1]^, a 71.9% year-over-year decrease. These expenses include the provisions for loan receivables related to franchisee loans. Other general expenses for the first nine months of 2023 were RMB27.3 million (US$3.7 million) ^[1]^, a 94.9% year-over-year decrease.

Gross profitwas RMB213.1 million (US$29.2 million)^[1]^, a year-over-year increase of 58.4%. Gross margin was 46.2%, compared to 33.7% a year ago. The gross profit of the hotel business was RMB179.1 million (US$24.6 million)^[1]^, an 81.3% year-over-year increase，with a margin of 52.8%. The gross profit of the restaurant business was RMB34.0 million (US$4.7 million)^[1]^, a 5.0% year-over-year decrease, with a margin of 27.9%. Gross profit for the first nine months of 2023 was RMB519.2 million (US$71.2 million) ^[1]^, a 72.9% year-over-year increase.

Income from operations was RMB137.8 million (US$18.9 million)^[1] ,^compared to income from operations of RMB3.7 million in the third quarter of 2022, with a margin of 29.9%.

Income from operations of the hotel business was RMB127.5 million (US$17.5 million)^[1]^, compared to a income from operations of RMB1.3 million in the third quarter of 2022, with a margin of 37.6%.

Income from operations of the restaurant business was RMB10.3 million (US$1.4 million)^[1]^, compared to income from operations of RMB2.4 million in the third quarter of 2022, with a margin of 8.5%.

10/27

Income from operations for the first nine months of 2023 was RMB288.7 million (US$39.6 million) ^[1]^ compared to loss from operations of RMB470.6 million in 2022, with a margin of 23.0%.

Net income was RMB117.4 million (US$16.1 million)^[1]^, compared to a net loss of RMB 62.3 million in the third quarter of 2022, and net margin was 25.5%.

Net income of the hotel business was RMB108.5 million (US$14.9 million)^[1]^, compared to a net loss of RMB 61.6 million in the third quarter of 2022, and net margin was 32.0%.

Net income of the restaurant business was RMB8.8 million (US$1.2 million)^[1]^, compared to a net loss of RMB0.6 million in the third quarter of 2022, and net margin was 7.3%.

Net income for the first nine months of 2023 was RMB 294.7 million (US$40.4million)^[1]^, compared to a net loss of RMB 446.8 million in 2022, and net margin was 23.5%.

Adjusted EBITDA(non-GAAP)^[2]^ **** was was RMB173.4 million (US$23.8 million)^[1]^, a year-over-year increase of 215.0%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 37.6%, compared to 13.8% a year ago. Adjusted EBITDA (non-GAAP) for the first nine months of 2023 was RMB400.3 million (US$54.9 million), a year-over-year increase of 166.0%, with a margin of 21.9%.

Core net income(non-GAAP) was RMB127.2 million (US$17.4 million)^[1]^, increased from 4.67 million for the third quarter of 2022. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, for the third quarter of 2023 was 27.6%, compared to 1.2% one year ago. Core net income (non-GAAP) for the first nine months of 2023 was RMB263.3 million (US$36.1 million)^[1]^, a year-over-year increase of 202.5%.

Earnings perAmerican Depositary Share, or ADS, (basic and diluted) were RMB 1.15 (US$ 0.16)^[1]^, up from RMB-0.59 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) for the third quarter of 2023 was RMB1.25 (US$0.17)^[1]^, up from RMB0.05 a year ago. Earnings per ADS (basic and diluted) for the first nine months of 2023 was RMB2.94 (US$0.40)^[1]^up from RMB-3.97 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.58 (US$0.35)^[1]^ for the nine months of 2023, an increase from RMB0.84 a year ago.

Cash flow Operatingcash inflow was RMB154.8 million (US$21.2 million)^[1]^ as a result of income from operations. Investing cash outflow for the third quarter of 2023 was RMB95.1 million (US$13.0 million)^[1]^, which was primarily attributable to purchases of short-term investments, and was partially offset by repayment from franchisees. Financing cash outflow was RMB296.2 million (US$40.6 million)^[1]^, mainly attributable to the repayment of bank loans by the end of the September 30, 2023.

11/27

**Cash and cashequivalents, restricted cash, short-term investments, investments in equity securities and time deposits.**As of September 30, 2023, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,331.4 million (US$182.5 million)^[1]^,compared to RMB1,440.1 million as of June 30, 2023. The decrease was primarily due to repayment of bank loans and investment of property, partially offset by cash from operating activities and repayment from franchisees.

Guidance

Based on our performance in the first nine months of this year, we revise our full year 2023 guidance for the total revenues of our organic hotels upwards. We now expect them to grow 36% to 38% year over year. We expect total combined revenues from our restaurant and organic hotel businesses, for the full year of 2023 to grow 17%-19% over the 2022 levels, reflecting the impact of the closure of restaurants.

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.

Share Repurchase Transaction

In October 2023, the Company repurchased 554,158 of its ADSs from a single investor at a price of US$4.40 per ADSs, for a total consideration of US$2,438,295.20, in a privately negotiated transaction. The repurchase was made under the auspices of the Company’s share repurchase program, which was authorized by its board of directors in October 2023.

Conference Call

GreenTree's management will hold an earnings conference call at 9:00 PM U.S. Eastern Time on November 21, 2023, (9:00 AM Beijing/Hong Kong Time on November 22, 2023).

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

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

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

12/27

A telephone replay of the conference call will be available after the conclusion of the live conference call until November 28, 2023.

Dial-in numbers for the replay are as follows:

International Dial-in	1-412-317-0088
U.S. Toll Free	1-877-344-7529
Canada Toll Free	855-669-9658
Passcode:	8284002

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

Use of Non-GAAPFinancial 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.

13/27

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 GreenTreeHospitality 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, 2023, GreenTree had a total number of 4,185 hotels and 206 restaurants. In 2023, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2022 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China.

GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.

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

Safe HarborStatements

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.

14/27

Financial Tables and Operational Data Follow

GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Balance Sheets
	December 31,		September 30,		September 30,
---	---	---	---	---	---
	2022		2023		2023
	RMB		RMB		US
ASSETS
Current assets:
Cash and cash equivalents		701,332,213		878,440,877
Restricted cash		7,937,397		-
Short-term investments		186,031,572		361,091,153
Investments in equity securities		41,361,346		27,841,824
Accounts receivable, net of allowance		140,429,505		129,829,644
Amounts due from related parties		451,786,275		41,646,064
Prepaid rent		-		129,472
Inventories		30,503,712		26,793,399
Other current assets		142,169,713		137,543,314
Loans receivable, net		181,667,170		126,767,946
Total current assets		1,883,218,903		1,730,083,693
Non-current assets:
Amounts due from a related party		112,360,000		112,360,000
Restricted cash		25,359,592		23,554,601
Long-term time deposits		130,000,000		-
Loans receivable, net		177,172,509		85,808,668
Property and equipment, net		899,985,340		857,532,015
Intangible assets, net		174,748,932		170,494,189
Goodwill		128,752,950		128,752,950
Long-term investments		176,854,460		186,318,825
Operating lease right-of-use assets		1,676,544,520		1,574,294,748
Other assets		120,620,533		119,705,771
Deferred tax assets		242,186,616		251,744,672
TOTAL ASSETS		5,747,804,355		5,240,650,132

All values are in US Dollars.

15/27

LIABILITIES AND EQUITY
Current liabilities:
Short-term bank loans	298,100,000		124,500,000		17,064,145
Long-term bank loans, current portion	-		-		-
Accounts payable	123,522,029		94,473,295		12,948,642
Advance from customers	26,480,779		25,192,181		3,452,876
Amounts due to related parties	24,810,304		25,569,971		3,504,656
Salary and welfare payable	89,343,058		94,372,633		12,934,846
Deferred rent	-		-		-
Deferred revenue	199,656,130		190,662,815		26,132,513
Accrued expenses and other current liabilities	455,519,530		530,299,587		72,683,606
Income tax payable	74,672,133		116,316,300		15,942,475
Dividends payable	-		-		-
Operating lease liabilities, current	271,518,556		311,267,733		42,662,792
Deferred tax liabilities	34,473,265		34,344,492		4,707,304
Total current liabilities	1,598,095,784		1,546,999,007		212,033,855
Long-term bank loans	160,000,000		-		-
Deferred rent	-		-		-
Deferred revenue	232,857,456		220,202,708		30,181,292
Other long-term liabilities	128,196,031		109,216,750		14,969,401
Operating lease liabilities, non-current	1,521,589,481		1,388,610,641		190,324,923
Deferred tax liabilities	63,815,023		41,258,161		5,654,901
Unrecognized tax benefits	350,002,241		393,532,440		53,938,109
TOTAL LIABILITIES	4,054,556,016		3,699,819,707		507,102,481
Shareholders’ equity:
Class A ordinary shares	222,587,070		222,587,070		30,508,096
Class B ordinary shares	115,534,210		115,534,210		15,835,281
Paid-in capital	94,000,801		94,000,801		12,883,882
Treasury Stock	(16,971,057	)	(16,971,057	)	(2,326,077	)
Additional paid-in capital	1,911,328,052		1,491,544,647		204,433,203
Retained earnings (Accumulated losses)	(698,677,163	)	(426,129,808	)	(58,405,950	)
Accumulated other comprehensive income	27,732,104		28,659,709		3,928,140
Total GreenTree Hospitality Group Ltd. shareholders’ equity	1,655,534,017		1,509,225,572		206,856,575
Non-controlling interests	37,714,322		31,604,854		4,331,806
Total shareholders’ equity	1,693,248,339		1,540,830,426		211,188,381
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	5,747,804,355		5,240,650,133		718,290,862

16/27

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended								Nine Months Ended
	September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023		September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		197,549,719			232,247,157					539,601,249			613,025,977
Franchised-and-managed revenues		168,085,473			203,196,935					461,854,330			567,969,829
Wholesales and others		34,109,066			25,440,100					106,958,082			74,098,377
Total revenues		399,744,258			460,884,192					1,108,413,661			1,255,094,183
Operating costs and expenses
Operating costs		(265,171,347	)		(247,784,689	)		)		(808,122,722	)		(735,847,138	)		)
Selling and marketing expenses		(29,583,420	)		(26,303,310	)		)		(58,153,461	)		(60,527,560	)		)
General and administrative expenses		(72,010,793	)		(38,514,280	)		)		(193,582,391	)		(150,388,637	)		)
Other operating expenses		(650,746	)		(301,169	)		)		(4,940,400	)		(8,135,387	)		)
Other general expenses		(40,288,592	)		(11,322,509	)		)		(530,908,302	)		(27,296,093	)		)
Total operating costs and expenses		(407,704,898	)		(324,225,957	)		)		(1,595,707,276	)		(982,194,815	)		)
Other operating income		11,641,661			1,136,022					16,685,368			15,806,939
Income from operations		3,681,021			137,794,257					(470,608,247	)		288,706,307
Interest income and other, net		14,926,702			13,662,038					38,969,260			31,041,389
Interest expense		(5,576,725	)		(3,740,491	)		)		(23,018,300	)		(13,137,021	)		)
Gains (losses) from investment in equity securities		(63,542,030	)		365,577					(41,854,446	)		(4,434,821	)		)
Other income, net		20,442,641			1,779,998					35,194,410			76,749,505
Income before income taxes		(30,068,391	)		149,861,379					(461,317,323	)		378,925,359
Income tax expense		(32,530,351	)		(32,385,239	)		)		14,128,239			(83,335,322	)		)
Income (loss) before share of gains in equity investees		(62,598,742	)		117,476,140					(447,189,084	)		295,590,037
Share of loss/(income) in equity investees, net of tax		344,898			(83,027	)		)		420,023			(869,910	)		)
Net income(loss)		(62,253,844	)		117,393,113					(446,769,061	)		294,720,127
Net loss/(income) attributable to non-controlling interests		1,838,762			227,170					37,639,230			5,304,468
Net income attributable to ordinary shareholders		(60,415,082	)		117,620,283					(409,129,831	)		300,024,595
Net earnings per share
Class A ordinary share-basic and diluted		(0.59	)		1.15					(3.97	)		2.94
Class B ordinary share-basic and diluted		(0.59	)		1.15					(3.97	)		2.94
Net earnings per ADS
Class A ordinary share-basic and diluted		(0.59	)		1.15					(3.97	)		2.94
Class B ordinary share-basic and diluted		(0.59	)		1.15					(3.97	)		2.94
Weighted average shares outstanding
Class A ordinary share-basic and diluted		68,286,954			67,416,046					68,286,954			67,416,046
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					(68,502	)		)		(9,730,001	)		927,605
Comprehensive income, net of tax		(62,253,844	)		117,324,611					(456,499,062	)		295,647,732
Comprehensive loss/(income) attributable to non-controlling interests		1,838,762			227,170					35,856,166			5,304,468
Comprehensive income (loss) attributable to ordinary shareholders		(60,415,082	)		117,551,781					(420,642,896	)		300,952,200

All values are in US Dollars.

17/27

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

	Quarter Ended								Nine Months Ended
	September 30,<br> 2022			September 30,<br> 2023			September 30, 2023		September 30,<br> 2022			September 30,<br> 2023			September 30, 2023
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		82,933,960			151,839,044					254,206,326			365,402,970
Franchised-and-managed revenues		154,008,269			186,043,016					429,547,816			533,460,017
Others		4,491,130			1,168,017					15,055,917			3,393,596
Total revenues		241,433,359			339,050,077					698,810,059			902,256,583
Operating costs and expenses
Hotel operating costs		(142,631,811	)		(159,920,582	)		)		(450,381,839	)		(444,284,960	)		)
Selling and marketing expenses		(11,435,030	)		(14,277,225	)		)		(30,287,636	)		(39,115,830	)		)
General and administrative expenses		(54,276,339	)		(26,655,780	)		)		(154,000,741	)		(117,191,327	)		)
Other operating expenses		(335,350	)		(180,515	)		)		(2,384,084	)		(1,024,079	)		)
Other general expenses		(40,288,592	)		(11,322,509	)		)		(530,908,302	)		(27,296,093	)		)
Total operating costs and expenses		(248,967,122	)		(212,356,611	)		)		(1,167,962,602	)		(628,912,289	)		)
Other operating income		8,795,882			796,141					12,713,280			14,587,926
Income from operations		1,262,119			127,489,607					(456,439,263	)		287,932,220
Interest income and other, net		14,771,377			13,514,958					38,501,515			30,587,298
Interest expense		(4,820,142	)		(3,004,677	)		)		(19,998,754	)		(10,896,629	)		)
Gains (losses) from investment in equity securities		(63,542,030	)		365,577					(41,854,446	)		(4,434,821	)		)
Other income, net		20,321,008			2,150,576					34,985,625			76,670,199
Income before income taxes		(32,007,668	)		140,516,041					(444,805,323	)		379,858,267
Income tax expense		(29,954,576	)		(31,888,801	)		)		21,846,119			(78,620,126	)		)
Income (loss) before share of gains in equity investees		(61,962,244	)		108,627,240					(422,959,204	)		301,238,141
Share of loss/(income) in equity investees, net of tax		344,898			(83,027	)		)		420,023			(869,910	)		)
Net income(loss)		(61,617,346	)		108,544,213					(422,539,181	)		300,368,231

All values are in US Dollars.

18/27

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

	Quarter Ended								Nine Months Ended
	September 30,<br> 2022			September 30,<br> 2023			September 30, 2023		September 30,<br> 2022			September 30,<br> 2023			September 30, 2023
	RMB			RMB			US		RMB			RMB			US
Revenues
Leased-and-operated revenues		114,605,522			80,358,490					285,614,441			248,698,564
Franchised-and-managed revenues		14,077,204			17,153,919					32,306,514			34,509,812
Wholesales and others		29,617,936			24,272,083					91,902,165			70,704,781
Total revenues		158,300,662			121,784,492					409,823,120			353,913,157
Operating costs and expenses
Restaurant operating costs		(122,529,299	)		(87,814,484	)		)		(357,441,041	)		(292,122,643	)		)
Selling and marketing expenses		(18,148,390	)		(12,026,085	)		)		(27,865,825	)		(21,411,730	)		)
General and administrative expenses		(17,734,454	)		(11,858,500	)		)		(39,581,650	)		(33,197,310	)		)
Other operating expenses		(315,396	)		(120,654	)		)		(2,556,316	)		(7,111,308	)		)
Other general expenses		-			-					-			-
Total operating costs and expenses		(158,727,539	)		(111,819,723	)		)		(427,444,832	)		(353,842,991	)		)
Other operating income		2,845,779			339,881					3,972,088			1,219,013
Income from operations		2,418,902			10,304,650					(13,649,624	)		1,289,179
Interest income and other, net		155,325			147,080					467,745			454,091
Interest expense		(756,583	)		(735,814	)		)		(3,019,546	)		(2,240,392	)		)
Gains (losses) from investment in equity securities
Other income, net		121,633			(370,578	)		)		208,785			79,306
Income before income taxes		1,939,277			9,345,338					(15,992,640	)		(417,816	)		)
Income tax expense		(2,575,775	)		(496,438	)		)		(7,847,720	)		(4,843,969	)		)
Income (loss) before share of gains in equity investees		(636,498	)		8,848,900					(23,840,360	)		(5,261,785	)		)
Share of loss/(income) in equity investees, net of tax
Net income(loss)		(636,498	)		8,848,900					(23,840,360	)		(5,261,785	)		)

All values are in US Dollars.

19/27

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	September 30,<br> 2022			September 30,<br> 2022			September 30,<br> 2022			September 30,<br> 2022
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		82,933,960			114,605,522			10,237			197,549,719
Franchised-and-managed revenues		154,008,269			14,077,204			-			168,085,473
Wholesales and Others		4,491,130			29,617,936			-			34,109,066
Total revenues		241,433,359			158,300,662			10,237			399,744,258
Operating costs and expenses
Operating costs		(142,631,811	)		(122,529,299	)		(10,237	)		(265,171,347	)
Selling and marketing expenses		(11,435,030	)		(18,148,390	)		-			(29,583,420	)
General and administrative expenses		(54,276,339	)		(17,734,454	)		-			(72,010,793	)
Other operating expenses		(335,350	)		(315,396	)		-			(650,746	)
Other general expenses		(40,288,592	)		-			-			(40,288,592	)
Total operating costs and expenses		(248,967,122	)		(158,727,539	)		(10,237	)		(407,704,898	)
Other operating income		8,795,882			2,845,779			-			11,641,661
Income from operations		1,262,119			2,418,902			-			3,681,021

20/27

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	September 30,<br><br> 2023			September 30,<br><br> 2023			September 30,<br><br> 2023			September 30,<br><br> 2023
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		151,839,044			80,358,490			49,623			232,247,157
Franchised-and-managed revenues		186,043,016			17,153,919			-			203,196,935
Wholesales and Others		1,168,017			24,272,083			-			25,440,100
Total revenues		339,050,077			121,784,492			49,623			460,884,192
Operating costs and expenses
Operating costs		(159,920,582	)		(87,814,484	)		(49,623	)		(247,784,689	)
Selling and marketing expenses		(14,277,225	)		(12,026,085	)		-			(26,303,310	)
General and administrative expenses		(26,655,780	)		(11,858,500	)		-			(38,514,280	)
Other operating expenses		(180,515	)		(120,654	)		-			(301,169	)
Other general expenses		(11,322,509	)		-			-			(11,322,509	)
Total operating costs and expenses		(212,356,611	)		(111,819,723	)		(49,623	)		(324,225,957	)
Other operating income		796,141			339,881			-			1,136,022
Income from operations		127,489,607			10,304,650			-			137,794,257

21/27

GreenTreeHospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended								Nine Months Ended
	September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023		September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023
	RMB			RMB			US		RMB			RMB			US
Operating activities:
Net (loss) income		(62,253,843	)		117,393,115					(446,769,061	)		294,720,127
Depreciation and amortization		22,081,118			25,147,034					101,930,149			91,972,633
Impairment of long lived assets		4,093,856			-					60,306,705			2,900,000
Impairment of goodwill		-			-					91,236,480			-
Share of (gains) losses in equity method investments		(344,898	)		83,027					(420,023	)		869,910
Non-cash lease expense		68,815,360			58,627,753					110,474,620			193,450,844
Loss from disposal of a subsidiary		1,316,908			-					15,261,833			1,223,952
Interest income		-229,760			(2,025,838	)				(492,094	)		(3,683,748	)		)
Bad debt expense		57,826,972			18,349,856					398,673,400			37,029,330
Losses and impairment (Gains) on equity securities held		63,542,030			(365,577	)		)		41,854,446			4,434,821
(Gains) losses on disposal of property and equipment		(80,389	)		10,173					2,969,646			238,014
Foreign exchange (gains) losses		5,896,210			819,037					(6,127,943	)		(269,162	)		)
Share-based compensation		(78,215	)		(11,998	)		)		192,924			16,594
Common control acquisition		-			(2	)				519,360			515,090
Changes in operating assets and liabilities		(6,986,268	)		(63,241,769	)		)		(72,075,424	)		(155,524,939	)		)
Net cash provided by operating activities		153,599,081			154,784,811					297,535,018			467,893,466
Investing activities:
Purchases of property and equipment		(30,565,776	)		(833,691	)		)		(61,337,333	)		(72,566,925	)		)
Purchases of intangible assets		(224,507	)		185,683					(284,722	)		(166,598	)		)
Proceeds from disposal of property and equipment		(673,270	)		(29,960	)		)		1,615,553			14,666,721
Purchases of investments		(33,200,000	)		(150,860,480	)				(82,060,000	)		(202,230,480	)		)
Proceeds from investments		70,152,639			27,211,463					576,447,988			198,654,647
Loan advances		42,299,295			35,263,176					137,226,663			110,801,825
Loan collections		(18,205,540	)		(6,058,982	)		)		(219,073,700	)		(16,033,578	)		)
Net cash (used in) provided by investing activities		29,582,841			(95,122,791	)		)		352,534,449			33,125,612
Financing activities:
Distribution to the shareholders		-			-					(40,999,458	)		-
Loan from non- controlling interest		-			-					300,000			-
Repayment of short-term borrowings		(31,743,600	)		(296,200,000	)		)		(200,843,600	)		(450,600,000	)		)
Proceeds from bank borrowings		64,368,600			-					89,668,600			117,000,000
Capital contribution from non-controlling interest holders		2,000,000			-					400,000			-
Net cash provided by (used in) financing activities		34,625,000			(296,200,000	)		)		(151,474,458	)		(333,600,000	)		)

Effect of exchange rate changes on cash and cash equivalents		2,792,626			(395,858	)		)		3,442,014			(52,807	)		)
Net (decrease) increase in cash and cash equivalents		220,599,548			(236,933,838	)		)		502,037,023			167,366,271
Cash and cash equivalents at the beginning of the period		666,890,395			1,138,929,312					385,452,920			734,629,202
Cash and cash equivalents at the end of the period		887,489,943			901,995,474					887,489,943			901,995,473

All values are in US Dollars.

22/27

GreenTree HospitalityGroup Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

	Quarter Ended								Nine Months Ended
	September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023		September 30,<br><br> 2022			September 30,<br><br> 2023		September 30,<br> 2023
	RMB			RMB			US		RMB			RMB		US
Net income		(62,253,843	)		117,393,115					(446,769,061	)		294,720,127
Deduct:
Other operating income		11,641,661			1,136,022					16,685,368			15,806,939
Interest income and other, net		14,926,702			13,662,038					38,969,260			31,041,389
Gains from investment in equity securities		-			-					-			-
Share of gain in equity investees, net of tax		344,898			-					420,023			-
Other income, net		20,442,641			1,779,998					35,194,410			76,749,505
Add:
Other operating expenses		650,746			301,169					4,940,400			8,135,387
Other general expenses		40,288,592			11,322,509					530,908,302			27,296,093
Income tax expenses (benefits)		32,530,351			32,385,239					(14,128,239	)		83,335,322
Share of loss in equity investees, net of tax		-			83,027					-			869,910
Interest expenses		5,576,725			3,740,491					23,018,300			13,137,021
Depreciation and amortization		22,081,118			25,147,034					101,930,149			91,972,633
Losses from investment in equity securities		63,542,030			(365,577	)		)		41,854,446			4,434,821
Adjusted EBITDA (Non-GAAP)		55,059,817			173,428,949					150,485,236			400,303,481

All values are in US Dollars.

	Quarter Ended								Nine Months Ended
	September 30,<br><br> 2022			September 30,<br><br> 2023			September 30,<br> 2023		September 30,<br><br> 2022			September 30,<br><br> 2023		September 30,<br> 2023
	RMB			RMB			US		RMB			RMB		US
Net income		(62,253,843	)		117,393,115					(446,769,061	)		294,720,127
Deduct:
Government subsidies (net of 25% tax)		5,914,992			-					7,166,057			6,671,305
Gains from investment in equity securities (net of 25% tax)		(16,265,688	)		-					-			-
Other income (net of 25% tax)		15,331,981			1,334,999					26,395,808			57,562,129
Add:
Share-based compensation		(78,215	)		(11,998	)		)		192,924			16,594
Losses from investments in equity securities (net of 25% tax)		31,390,835			(274,183	)		)		31,390,835			3,326,116
One-time fees and expenses		301,519			125,783					4,889,605			2,181,773
Other general expenses		40,288,592			11,322,509					530,908,302			27,296,093
Impairment charges and provisions for other assets		-			-					-			-
Core net income (Non-GAAP)		4,667,603			127,220,227					87,050,740			263,307,269
Core net income per ADS (Non-GAAP)
Class A ordinary share-basic and diluted		0.05			1.25					0.84			2.58
Class B ordinary share-basic and diluted		0.05			1.25					0.84			2.58

All values are in US Dollars.

23/27

Hotel Operational Data

	September 30,<br><br> 2022		September 30,<br><br> 2023
Total hotels in operation:		4,763		4,185
Leased and owned hotels		69		64
Franchised hotels		4,694		4,121
Total hotel rooms in operation		337,111		307,010
Leased and owned hotels		7,224		7,093
Franchised hotels		329,887		299,917
Number of cities		370		354
	Quarter Ended
---	---	---	---	---
	2022 Q3	****	2023 Q3	****
Occupancy rate (as a percentage)
Leased-and-owned<br> hotels	63.0	%	79.0	%
Franchised<br> hotels	71.3	%	81.3	%
Blended	71.1	%	81.2	%
Average<br> daily rate (in RMB)
Leased-and-owned<br> hotels	237		268
Franchised<br> hotels	167		190
Blended	168		192
RevPAR<br> (in RMB)
Leased-and-owned<br> hotels	149		212
Franchised<br> hotels	119		155
Blended	120		156

24/27

	Number of Hotels in Operation				Number of Hotel Rooms in Operation
	September 30,<br><br> 2022		September 30,<br><br> 2023		September 30,<br><br> 2022		September 30,<br><br> 2023
Mid-to-up-scale		544		455		48,381		43,485
GreenTree Eastern		210		224		22,598		23,639
Deepsleep Hotel		7		7		467		534
Gem		52		61		4,728		5,372
Gya		67		71		5,719		5,899
Vx		85		92		7,405		8,041
Urban Garden and others		123		0		7,464		0
Mid-scale		3,050		2,965		236,871		230,655
GreenTree Inn		2,255		2,282		182,842		182,041
GT Alliance		533		552		38,312		39,379
GreenTree Apartment		19		20		1,260		1,308
Vatica		111		111		8,007		7,927
City 118 Selected and others		132		0		6,450		0
Economy hotels		1,169		765		51,859		32,870
Shell		668		765		28,917		32,870
City 118 and others		501		0		22,942		0
Total		4,763		4,185		337,111		307,010

Restaurant OperationalData


Total restaurants in operation:	268	206
Leased and owned restaurants	137	52
Franchised restaurants	131	154
Number of cities	64	53
Da Niang Dumplings	234	171
Bellagio	34	35
Total restaurants in operation:	268	206

25/27

****	Quarter Ended
****	2022 Q3		2023 Q3
ADT
Leased-and-owned restaurants		137		161
Franchised restaurants		97		105
Blended		117		119
AC (in RMB)
Leased-and-owned restaurants		58		86
Franchised restaurants		42		39
Blended		52		55
ADS (in RMB)
Leased-and-owned restaurants		8,004		13,740
Franchised restaurants		4,101		4,119
Blended		6,096		6,548