6-K
GreenTree Hospitality Group Ltd. (GHG)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
Form6-K
REPORTOF FOREIGN PRIVATE ISSUER
PURSUANTTO RULE 13a-16 OR 15d-16
UNDERTHE SECURITIES EXCHANGE ACT OF 1934
June 2026
CommissionFile Number: 001-38425
GreenTreeHospitality Group Ltd.
(Registrant’sname)
3F,No. 1058 Yangshupu Road, Yangpu District, Shanghai, China.200082
People’sRepublic of China
(Addressof 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: June 30, 2026
1
EXHIBITINDEX
| Exhibit No. | Description | |
|---|---|---|
| 99.1 | GreenTree<br> Hospitality Group Ltd. Reports First Quarter of 2026 Financial Results |
2
Exhibit 99.1
GreenTree Hospitality Group Ltd.Reports First Quarter of 2026 Financial Results
| ● | Totalrevenues decreased by 14.0% year over year to RMB227.7 million (US$33.0 million)^[1]^. |
|---|---|
| ● | Incomefrom operations was RMB28.7 million (US$4.2 million)^[1]^ compared to RMB11.3 million for the first quarter of 2025. |
| --- | --- |
| ● | Netincome was RMB14.0 million (US$2.0 million)^[1]^ compared to RMB7.8 million for the first quarter of 2025. |
| --- | --- |
| ● | Corenet income (non-GAAP)^[3]^ increased 31.7% year over year to RMB23.9 million (US$3.5 million)^[1]^. |
| --- | --- |
| ● | Cashfrom operations maintained nearly stable year over year to RMB58.1 million (US$8.4 million)^[1]^. |
| --- | --- |
SHANGHAI, June 30, 2026 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) (“GreenTree”, the “Company”, “we”, “us” and “our”), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the first quarter of 2026.
First Quarter of 2026 Operational Highlights
Hotels
| ● | A<br>total of 4,605 hotels with 328,646 hotel rooms were in operation as of March 31, 2026. |
|---|---|
| ● | The<br>Company opened 43 hotels and had a pipeline of 1,268 hotels contracted for or under development as of March 31, 2026. |
| --- | --- |
| ● | The<br>average daily room rate was RMB152, a decrease of 3.4% from RMB157 in the first quarter of 2025. |
| --- | --- |
| ● | The<br>occupancy rate was 62.5%, decreased from 64.0% in the first quarter of 2025. |
| --- | --- |
| ● | Revenue<br>per available room, or RevPAR, was RMB95, a 5.7% year-over-year decrease. |
| --- | --- |
| 1 | The<br>conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of 6.8980 on<br>March 31, 2026 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260406/. |
| --- | --- |
| 2. | Adjusted net income is defined as net income excluding the<br>impact by the exemption of fees from franchisees, impact from disposal of L&O hotel assets, impairment of goodwill and trademarks<br>of restaurant business, impairment of assets, provisions for loan to franchisee loans, foreign exchange losses, and earnings from the<br>disposal of investment. |
| --- | --- |
| 3. | Adjusted EBITDA (non-GAAP) is calculated as net income plus<br>other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization,<br>losses from investment in equity securities, other general expenses, and other expense, net, but excludes other operating income, interest<br>income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income,<br>net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above mentioned definition. |
| --- | --- |
| 4. | 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). |
| --- | --- |
| 5. | Each ADS represents one ordinary share. |
| --- | --- |
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Restaurants
| ● | A<br>total of 192 restaurants were in operation as of March 31, 2026 |
|---|---|
| ● | The<br>AC (average check) was RMB45, a 7.6% year-over-year decrease. |
| --- | --- |
| ● | The<br>ADT (average daily tickets) was 73, decreased from 83 in the first quarter of 2025. |
| --- | --- |
| ● | The<br>ADS (average daily sales per store) was RMB3,270, a decrease of 18.8% from RMB4,029 in the first quarter of 2025. |
| --- | --- |
First Quarter Of 2026 Financial Results
| Quarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31,<br><br> 2025 | March 31,<br><br> 2025 | March 31,<br><br> 2025 | March 31,<br><br> 2025 | |||||
| RMB | RMB | RMB | RMB | |||||
| Hotel | Restaurant | Elimination | Total | |||||
| Revenues | ||||||||
| Leased-and-operated revenues | 88,195,435 | 30,668,599 | - | 118,864,034 | ||||
| Franchised-and-managed revenues | 123,856,609 | 1,754,786 | - | 125,611,395 | ||||
| Wholesales and others | 917,053 | 19,435,748 | - | 20,352,801 | ||||
| Total revenues | 212,969,097 | 51,859,133 | - | 264,828,230 |
| Quarter Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br> 2026 | |||||||
| RMB | RMB | RMB | RMB | US | |||||||
| Hotel | Restaurant | Elimination | Total | Total | |||||||
| Revenues | |||||||||||
| Leased-and-operated revenues | 74,537,762 | 20,021,976 | - | 94,559,738 | 13,708,283 | ||||||
| Franchised-and-managed revenues | 113,366,610 | 1,933,155 | - | 115,299,765 | 16,714,956 | ||||||
| Wholesales and others | 790,888 | 17,125,511 | (39,176 | ) | 17,877,223 | 2,591,653 | |||||
| Total revenues | 188,695,260 | 39,080,642 | (39,176 | ) | 227,736,726 | 33,014,892 |
All values are in US Dollars.
2 / 18
Total revenues were RMB227.7 million (US$33.0 million)^[1]^，a 14.0% year-over-year decrease.
Hotel revenues were RMB188.7 million (US$27.4 million)^[1]^, an 11.4% year-over-year decrease due to a 5.7% year-over-year decrease in Revpar and a net closure of 13 L&O hotels since the first quarter of 2025 due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB39.1 million (US$5.7 million)^[1]^, a 24.6% year-over-year decrease, mainly due to an 18.8% decrease in ADS and a net closure of 3 L&O stores since the first quarter of 2025 due to strategic reviews, offset by revenues from new F&M store openings.
Total revenues from leased-and-operated,or L&O, hotels and restaurants were RMB94.5 million (US$13.7 million)^[1]^, a 20.4% year-over-year decrease.
Total revenues from L&O hotels were RMB74.5 million (US$10.8 million)^[1]^, a 15.5% year-over-year decrease. The decrease was primarily attributable to an 8.2% year-over-year decrease in the first quarter RevPAR of L&O hotels, a net closure of 13 L&O hotels since the first quarter of 2025, and the reduction in sublease revenues resulting from the closure of L&O hotels.
Total revenues from L&O restaurants were RMB20.0 million (US$2.9 million)^[1]^, a 34.7% year-over-year decrease, mainly due to a net closure of 3 L&O stores and the year-over-year decrease of 18.1% in L&O store’s ADS.
Total revenues fromfranchised-and-managed, or F&M, hotels and restaurants were RMB115.3 million (US$16.7 million)^[1]^, an 8.2% year-over-year decrease.
Total revenues from F&M hotels were RMB113.4 million (US$16.4 million)^[1]^, an 8.5% year-over-year decrease, primary due to a 5.6% decrease in F&M hotels’ Revpar, an exemption of management fees for hotels facing business difficulties, and a decline of RMB1.5 million in membership revenues. Considering the ongoing impact from exemptions, we have assessed this impact since the first quarter of 2026 and adjusted the corresponding data of 2025 on a comparable basis. The decrease in membership revenues was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically underperformed.
Total revenues from F&M restaurants were RMB1.9 million (US$0.3 million)^[1]^, a 10.2% year-over-year increase, mainly due to an increase of 6.6% in the number of F&M stores.
Total revenues fromwholesale and others were RMB17.9 million (US$2.6 million)^[1]^, a 12.2% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.
3 / 18
Total operating costs and expenses
| Quarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| March 31,<br><br> 2025 | March 31,<br><br> 2025 | March 31,<br><br> 2025 | March 31,<br><br> 2025 | |||||
| RMB | RMB | RMB | RMB | |||||
| Hotel | Restaurant | Elimination | Total | |||||
| Operating costs and expenses | ||||||||
| Operating costs | 142,718,174 | 44,539,665 | - | 187,257,839 | ||||
| Selling and marketing expenses | 14,540,243 | 2,501,787 | - | 17,042,030 | ||||
| General and administrative expenses | 41,651,362 | 5,288,684 | - | 46,940,046 | ||||
| Other operating expenses | 49,194 | 221,149 | - | 270,343 | ||||
| Other general expenses | 5,805,656 | - | - | 5,805,656 | ||||
| Total operating costs and expenses | 204,764,629 | 52,551,285 | - | 257,315,914 |
| Quarter Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br><br> 2026 | March 31,<br> 2026 | |||||||
| RMB | RMB | RMB | RMB | US | |||||||
| Hotel | Restaurant | Elimination | Total | Total | |||||||
| Operating costs and expenses | |||||||||||
| Operating costs | 125,007,424 | 33,824,914 | (39,176 | ) | 158,793,162 | 23,020,174 | |||||
| Selling and marketing expenses | 9,213,432 | 2,203,214 | - | 11,416,646 | 1,655,066 | ||||||
| General and administrative expenses | 24,084,942 | 2,927,781 | - | 27,012,723 | 3,916,022 | ||||||
| Other operating expenses | 3,172,068 | 33,325 | - | 3,205,393 | 464,684 | ||||||
| Other general expenses | 5,111,119 | - | - | 5,111,119 | 740,957 | ||||||
| Total operating costs and expenses | 166,588,985 | 38,989,234 | (39,176 | ) | 205,539,043 | 29,796,903 |
All values are in US Dollars.
Operating costs were RMB158.8 million (US$23.0 million)^[1]^, a 15.2% year-over-year decrease.
Operating costs of the hotel business were RMB125.0 million (US$18.1 million)^[1]^, a 12.4% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization, lower staff related costs, and lower rental costs caused by the net closure of 13 L&O hotels since the first quarter of 2025.
Operating costs of the restaurant business in the first quarter of 2026 were RMB33.8 million (US$ 4.9 million)^[1]^, a 24.1% year-over-year decrease, due to the closure of L&O stores.
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Selling and marketing expenses were RMB11.4 million (US$1.7 million)^[1]^, a 33.0% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB9.2 million (US$1.3 million)^[1]^, a 36.6% year-over-year decrease. The decrease was mainly due to lower staff related expenses.
Selling and marketing expenses of the restaurant business were RMB2.2 million (US$0.3 million)^[1]^, an 11.9% year-over-year decrease, mainly attributable to lower sales staff related expenses and lower sales-channel commissions.
General and administrative, or G&A expenses were RMB27.0 million (US$3.9 million)^[1]^, a 42.5% year-over-year decrease.
G&A expenses of the hotel business were RMB24.1 million (US$3.5 million)^[1]^, a 42.2% year-over-year decrease. The decrease was mainly due to lower staff G&A staff related expenses, lower credit losses for accounts receivable and lower consulting fees.
G&A expenses of the restaurant business were RMB2.9 million (US$0.4 million)^[1]^, a 44.6% year-over-year decrease, mainly due to lower G&A staff related expenses and lower credit losses for accounts receivable.
Other operating expenses were RMB3.2 million (US$0.5 million)^[1]^, mainly due to the disposal of L&O hotel assets.
Other general expenses were RMB5.1 million (US$0.7 million)^[1]^, mainly due to provisions for loan receivables related to franchisee loans.
Gross profit was RMB68.9 million (US$10.0 million)^[1]^, a year-over-year decrease of 11.1%. Gross margin was 30.3%, compared to 29.3% a year ago. The gross profit of the hotel business was RMB63.7 million (US$9.2 million)^[1]^, a 9.3% year-over-year decrease. The gross profit of the restaurant business was RMB5.3 million (US$0.8 million)^[1]^, a 28.2% year-over-year decrease.
Income from operations in the first quarter of 2026 was RMB28.7 million (US$4.2 million)^[1]^, compared to income from operations of RMB11.3 million in the first quarter of 2025, with a margin of 12.6%. The increased profitability was mainly attributable to lower operating costs and expenses, despite the decline in revenue.
Income from operations of the hotel business was RMB28.5 million (US$4.1 million)^[1]^, compared to an income from operations of RMB11.8 million in the first quarter of 2025, with a margin of 15.1%.
Income from operations of the restaurant business in the first quarter of 2026 was RMB0.1 million (US$18.9 k)^[1]^, compared to loss from operations of RMB0.5 million in the first quarter of 2025, with a margin of 0.3%.
5 / 18
Net income in the first quarter of 2026 was RMB14.0 million (US$2.0 million)^[1]^, compared to a net income of RMB7.8 million in the first quarter of 2025, and net margin was 6.2%.
Net income of the hotel business was RMB14.3 million (US$2.1 million)^[1]^, compared to a net income of RMB8.5 million in the first quarter of 2025, and net margin was 7.6%.
Net loss of the restaurant business in the first quarter of 2026 was RMB0.3 million (US$46.1 k)^[1]^, compared to a net loss of RMB0.7 million in the first quarter of 2025, and net margin was -0.8%.
Adjusted EBITDA (non-GAAP)^[2]^ in the first quarter of 2026 was RMB53.2 million (US$7.7 million)^[1]^, a year-over-year increase of 34.3%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 23.4%, compared to 15.0% a year ago.
Core net income (non-GAAP) in the first quarter of 2026 was RMB23.9 million (US$3.5 million)^[1]^, a year-over-year increase of 31.7%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 10.5%, compared to 6.8% one year ago.
Earnings per American Depositary Share, orADS, (basic and diluted) were RMB0.15 (US$0.02)^[1]^, increased from RMB0.09 one year ago.
Core net income per ADS (basic and diluted)(non-GAAP) was RMB0.24 (US$0.03)^[1]^, increased from RMB0.18 a year ago.
Cash flowOperating cash inflow in the first quarter of 2026 was RMB58.1 million (US$8.4 million) as a result of income from operations. Investing cash outflow was RMB50.3 million (US$7.3 million)^[1]^, which was primarily due to advance payment for the purchase of strategic assets. Financing cash inflow was RMB46.8 million (US$6.8 million)^[1]^,mainly due to proceeds from bank borrowings for the purpose of purchase of strategic assets.
**Cash and cash equivalents, restricted cash,short-term investments, investments in equity securities and time deposits.**As of March 31, 2026, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,010.2 million (US$291.4 million)^[1]^,compared to RMB1,964.0 million as of December 31, 2025. The increase was mainly attributable to cash from operating activities and proceeds from bank borrowings. The bank borrowings were simultaneously paid for the purchase of strategic assets.
Guidance
Taking into account the strategic reviews leading to the closure of L&O hotels and the standardization process resulting in a slowdown in hotel openings, we expect the total revenues of our organic hotel business to -10% ~ -15% year over year.
The guidance set forth above reflects the Company’s current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.
6 / 18
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.
7 / 18
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 March 31, 2026, GreenTree had a total number of 4,605 hotels and 192 restaurants. GreenTree was the fourth largest hospitality company in China in 2025 according to the China Hospitality Association. 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 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.
8 / 18
Financial Tables and Operational Data Follow
GreenTreeHospitality Group Ltd.
UnauditedCondensed Consolidated Balance Sheets
| December 31 | March 31 | March 31 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2026 | 2026 | |||||||
| RMB | RMB | US | |||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | 1,652,179,474 | 1,701,459,446 | 246,659,821 | ||||||
| Restricted cash | 7,389,650 | 4,250,895 | 616,250 | ||||||
| Short-term investments | - | 285,570,000 | 41,398,956 | ||||||
| Accounts receivable, net of allowance | 81,335,494 | 77,650,325 | 11,256,933 | ||||||
| Amounts due from related parties | 18,843,062 | 18,998,527 | 2,754,208 | ||||||
| Inventories | 4,922,160 | 5,049,662 | 732,047 | ||||||
| Other current assets | 92,557,400 | 114,037,520 | 16,531,969 | ||||||
| Loans receivable, net | 38,798,333 | 33,688,685 | 4,883,834 | ||||||
| Total current assets | 1,896,025,573 | 2,240,705,060 | 324,834,018 | ||||||
| Non-current assets: | |||||||||
| Amounts due from a related party | 110,000,000 | 110,000,000 | 15,946,651 | ||||||
| Restricted cash | 18,869,900 | 18,870,700 | 2,735,677 | ||||||
| Long-term time deposits | 285,570,000 | - | - | ||||||
| Loans receivable, net | 12,034,825 | 11,148,275 | 1,616,160 | ||||||
| Property and equipment, net | 559,918,957 | 542,978,635 | 78,715,372 | ||||||
| Intangible assets, net | 56,403,818 | 54,998,062 | 7,973,045 | ||||||
| Goodwill | 25,721,262 | 25,650,746 | 3,718,577 | ||||||
| Long-term investments | 156,929,090 | 155,673,013 | 22,567,848 | ||||||
| Operating lease right-of-use assets | 1,130,088,595 | 1,127,368,064 | 163,434,048 | ||||||
| Other assets | 297,560,050 | 330,240,039 | 47,874,753 | ||||||
| Deferred tax assets | 237,098,634 | 237,177,055 | 34,383,452 | ||||||
| TOTAL ASSETS | 4,786,220,704 | 4,854,809,649 | 703,799,601 | ||||||
| LIABILITIES AND EQUITY | |||||||||
| Current liabilities: | |||||||||
| Long-term bank loans, current portion | 56,800,000 | 256,200,000 | 37,141,200 | ||||||
| Accounts payable | 44,687,183 | 48,331,315 | 7,006,569 | ||||||
| Advance from customers | 21,946,599 | 20,046,314 | 2,906,105 | ||||||
| Amounts due to related parties | 17,518,102 | 17,098,480 | 2,478,759 | ||||||
| Salary and welfare payable | 73,657,641 | 74,807,853 | 10,844,861 | ||||||
| Deferred revenue | 169,139,889 | 169,342,137 | 24,549,454 | ||||||
| Accrued expenses and other current liabilities | 539,836,968 | 549,584,247 | 79,672,984 | ||||||
| Income tax payable | 72,129,824 | 65,867,123 | 9,548,728 | ||||||
| Operating lease liabilities, current | 184,665,265 | 186,330,517 | 27,012,252 | ||||||
| Total current liabilities | 1,180,381,471 | 1,387,607,986 | 201,160,912 | ||||||
| Long-term bank loans | 199,400,000 | 46,755,101 | 6,778,066 | ||||||
| Deferred revenue | 134,414,010 | 124,044,979 | 17,982,746 | ||||||
| Other long-term liabilities | 117,513,512 | 115,810,949 | 16,789,062 | ||||||
| Operating lease liabilities, non-current | 1,032,472,822 | 1,032,936,722 | 149,744,381 | ||||||
| Deferred tax liabilities | 55,941,338 | 53,577,679 | 7,767,132 | ||||||
| Unrecognized tax benefits | 457,930,743 | 467,908,180 | 67,832,441 | ||||||
| TOTAL LIABILITIES | 3,178,053,896 | 3,228,641,596 | 468,054,740 | ||||||
| Shareholders’ equity: | |||||||||
| Class A ordinary shares | 222,587,070 | 222,587,070 | 32,268,349 | ||||||
| Class B ordinary shares | 115,534,210 | 115,534,210 | 16,748,943 | ||||||
| Treasury Stock | (48,054,863 | ) | (48,054,863 | ) | (6,966,492 | ) | |||
| Additional paid-in capital | 1,566,949,877 | 1,566,949,877 | 227,160,029 | ||||||
| Retained earnings (Accumulated losses) | (291,545,545 | ) | (276,040,960 | ) | (40,017,536 | ) | |||
| Accumulated other comprehensive income | 11,093,099 | 15,062,951 | 2,183,669 | ||||||
| Total GreenTree Hospitality Group Ltd. shareholders’ equity | 1,576,563,848 | 1,596,038,285 | 231,376,962 | ||||||
| Non-controlling interests | 31,602,960 | 30,129,768 | 4,367,899 | ||||||
| Total shareholders’ equity | 1,608,166,808 | 1,626,168,053 | 235,744,861 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 4,786,220,704 | 4,854,809,649 | 703,799,601 |
All values are in US Dollars.
9 / 18
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US | |||||||
| Revenues | |||||||||
| Leased-and-operated revenues | 118,864,034 | 94,559,738 | 13,708,283 | ||||||
| Franchised-and-managed revenues | 125,611,395 | 115,299,765 | 16,714,956 | ||||||
| Wholesales and others | 20,352,801 | 17,877,223 | 2,591,653 | ||||||
| Total revenues | 264,828,230 | 227,736,726 | 33,014,892 | ||||||
| Operating costs and expenses | |||||||||
| Operating costs | (187,257,839 | ) | (158,793,162 | ) | (23,020,174 | ) | |||
| Selling and marketing expenses | (17,042,030 | ) | (11,416,646 | ) | (1,655,066 | ) | |||
| General and administrative expenses | (46,940,046 | ) | (27,012,723 | ) | (3,916,022 | ) | |||
| Other operating expenses | (270,343 | ) | (3,205,393 | ) | (464,684 | ) | |||
| Other general expenses | (5,805,656 | ) | (5,111,119 | ) | (740,957 | ) | |||
| Total operating costs and expenses | (257,315,914 | ) | (205,539,043 | ) | (29,796,903 | ) | |||
| Other operating income | 3,800,632 | 6,471,983 | 938,240 | ||||||
| Income from operations | 11,312,948 | 28,669,666 | 4,156,229 | ||||||
| Interest income and other, net | 10,622,202 | 8,833,178 | 1,280,542 | ||||||
| Interest expense | (1,877,872 | ) | (1,859,780 | ) | (269,611 | ) | |||
| Other income, net | (8,356,677 | ) | (10,653,889 | ) | (1,544,490 | ) | |||
| Income before income taxes | 11,700,601 | 24,989,175 | 3,622,670 | ||||||
| Income tax expense | (4,214,725 | ) | (9,701,706 | ) | (1,406,452 | ) | |||
| Income (loss) before share of gains in equity investees | 7,485,876 | 15,287,469 | 2,216,218 | ||||||
| Share of loss/(income) in equity investees, net of tax | 301,937 | (1,256,077 | ) | (182,093 | ) | ||||
| Net income(loss) | 7,787,813 | 14,031,392 | 2,034,125 | ||||||
| Net loss/(income) attributable to non-controlling interests | 1,044,332 | 1,473,192 | 213,568 | ||||||
| Net income attributable to ordinary shareholders | 8,832,145 | 15,504,584 | 2,247,693 | ||||||
| Net earnings per share | |||||||||
| Class A ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||||||
| Class B ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||||||
| Net earnings per ADS | |||||||||
| Class A ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||||||
| Class B ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||||||
| Weighted average shares outstanding | |||||||||
| Class A ordinary share-basic and diluted | 66,761,582 | 66,134,416 | 66,134,416 | ||||||
| Class B ordinary share-basic and diluted | 34,762,909 | 34,762,909 | 34,762,909 | ||||||
| Other comprehensive income, net of tax | |||||||||
| Foreign currency translation adjustments | 4,831,702 | 3,969,852 | 575,507 | ||||||
| Comprehensive income, net of tax | 12,619,515 | 18,001,244 | 2,609,632 | ||||||
| Comprehensive loss/(income) attributable to non-controlling interests | 1,044,332 | 1,473,192 | 213,568 | ||||||
| Comprehensive income (loss) attributable to ordinary shareholders | 13,663,847 | 19,474,436 | 2,823,200 |
All values are in US Dollars.
10 / 18
GreenTree Hospitality Group Ltd.
Unaudited Hotel Business Results
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US | |||||||
| Revenues | |||||||||
| Leased-and-operated revenues | 88,195,435 | 74,537,762 | 10,805,706 | ||||||
| Franchised-and-managed revenues | 123,856,609 | 113,366,610 | 16,434,707 | ||||||
| Others | 917,053 | 790,888 | 114,655 | ||||||
| Total revenues | 212,969,097 | 188,695,260 | 27,355,068 | ||||||
| Operating costs and expenses | |||||||||
| Hotel operating costs | (142,718,174 | ) | (125,007,424 | ) | (18,122,271 | ) | |||
| Selling and marketing expenses | (14,540,243 | ) | (9,213,432 | ) | (1,335,667 | ) | |||
| General and administrative expenses | (41,651,362 | ) | (24,084,942 | ) | (3,491,583 | ) | |||
| Other operating expenses | (49,194 | ) | (3,172,068 | ) | (459,853 | ) | |||
| Other general expenses | (5,805,656 | ) | (5,111,119 | ) | (740,957 | ) | |||
| Total operating costs and expenses | (204,764,629 | ) | (166,588,985 | ) | (24,150,331 | ) | |||
| Other operating income | 3,564,716 | 6,432,863 | 932,569 | ||||||
| Income from operations | 11,769,184 | 28,539,138 | 4,137,306 | ||||||
| Interest income and other, net | 10,591,951 | 8,829,497 | 1,280,008 | ||||||
| Interest expense | (1,877,872 | ) | (1,859,780 | ) | (269,611 | ) | |||
| Other income, net | (8,344,996 | ) | (10,605,544 | ) | (1,537,481 | ) | |||
| Income before income taxes | 12,138,267 | 24,903,311 | 3,610,222 | ||||||
| Income tax expense | (3,981,392 | ) | (9,297,825 | ) | (1,347,902 | ) | |||
| Income (loss) before share of gains in equity investees | 8,156,875 | 15,605,486 | 2,262,320 | ||||||
| Share of loss/(income) in equity investees, net of tax | 301,937 | (1,256,077 | ) | (182,093 | ) | ||||
| Net income(loss) | 8,458,812 | 14,349,409 | 2,080,227 |
All values are in US Dollars.
11 / 18
GreenTree Hospitality Group Ltd.
Unaudited Restaurant Business Results
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US | |||||||
| Revenues | |||||||||
| Leased-and-operated revenues | 30,668,599 | 20,021,976 | 2,902,577 | ||||||
| Franchised-and-managed revenues | 1,754,786 | 1,933,155 | 280,249 | ||||||
| Wholesales and others | 19,435,748 | 17,125,511 | 2,482,678 | ||||||
| Total revenues | 51,859,133 | 39,080,642 | 5,665,504 | ||||||
| Operating costs and expenses | |||||||||
| Restaurant operating costs | (44,539,665 | ) | (33,824,914 | ) | (4,903,583 | ) | |||
| Selling and marketing expenses | (2,501,787 | ) | (2,203,214 | ) | (319,399 | ) | |||
| General and administrative expenses | (5,288,684 | ) | (2,927,781 | ) | (424,439 | ) | |||
| Other operating expenses | (221,149 | ) | (33,325 | ) | (4,831 | ) | |||
| Total operating costs and expenses | (52,551,285 | ) | (38,989,234 | ) | (5,652,252 | ) | |||
| Other operating income | 235,917 | 39,120 | 5,671 | ||||||
| Income from operations | (456,235 | ) | 130,528 | 18,923 | |||||
| Interest income and other, net | 30,251 | 3,681 | 534 | ||||||
| Other income, net | (11,682 | ) | (48,345 | ) | (7,009 | ) | |||
| Income before income taxes | (437,666 | ) | 85,864 | 12,448 | |||||
| Income tax expense | (233,333 | ) | (403,881 | ) | (58,551 | ) | |||
| Income (loss) before share of gains in equity investees | (670,999 | ) | (318,017 | ) | (46,103 | ) | |||
| Net income(loss) | (670,999 | ) | (318,017 | ) | (46,103 | ) |
All values are in US Dollars.
12 / 18
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements
| Quarter Ended | Quarter Ended | Quarter<br><br> Ended | Quarter Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2025 | March 31,<br><br> 2025 | March 31, 2025 | ||||||||
| Hotel | Restaurant | Elimination | Total | ||||||||
| RMB | RMB | RMB | RMB | ||||||||
| Revenues | |||||||||||
| Leased-and-operated revenues | 88,195,435 | 30,668,599 | - | 118,864,034 | |||||||
| Franchised-and-managed revenues | 123,856,609 | 1,754,786 | - | 125,611,395 | |||||||
| Wholesales and Others | 917,053 | 19,435,748 | - | 20,352,801 | |||||||
| Total revenues | 212,969,097 | 51,859,133 | - | 264,828,230 | |||||||
| Operating costs and expenses | |||||||||||
| Operating costs | (142,718,174 | ) | (44,539,665 | ) | - | (187,257,839 | ) | ||||
| Selling and marketing expenses | (14,540,243 | ) | (2,501,787 | ) | - | (17,042,030 | ) | ||||
| General and administrative expenses | (41,651,362 | ) | (5,288,684 | ) | - | (46,940,046 | ) | ||||
| Other operating expenses | (49,194 | ) | (221,149 | ) | - | (270,343 | ) | ||||
| Other general expenses | (5,805,656 | ) | - | - | (5,805,656 | ) | |||||
| Total operating costs and expenses | (204,764,629 | ) | (52,551,285 | ) | - | (257,315,914 | ) | ||||
| Other operating income | 3,564,715 | 235,917 | - | 3,800,632 | |||||||
| Income from operations | 11,769,183 | (456,235 | ) | - | 11,312,948 |
13 / 18
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements
| Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | |||||||||
| Hotel | Restaurant | Elimination | Total | |||||||||
| RMB | RMB | RMB | RMB | |||||||||
| Revenues | ||||||||||||
| Leased-and-operated revenues | 74,537,762 | 20,021,976 | - | 94,559,738 | ||||||||
| Franchised-and-managed revenues | 113,366,610 | 1,933,155 | - | 115,299,765 | ||||||||
| Wholesales and Others | 790,888 | 17,125,511 | (39,176 | ) | 17,877,223 | |||||||
| Total revenues | 188,695,260 | 39,080,642 | (39,176 | ) | 227,736,726 | |||||||
| Operating costs and expenses | ||||||||||||
| Operating costs | (125,007,424 | ) | (33,824,914 | ) | 39,176 | (158,793,162 | ) | |||||
| Selling and marketing expenses | (9,213,432 | ) | (2,203,214 | ) | - | (11,416,646 | ) | |||||
| General and administrative expenses | (24,084,942 | ) | (2,927,781 | ) | - | (27,012,723 | ) | |||||
| Other operating expenses | (3,172,068 | ) | (33,325 | ) | - | (3,205,393 | ) | |||||
| Other general expenses | (5,111,119 | ) | - | - | (5,111,119 | ) | ||||||
| Total operating costs and expenses | (166,588,985 | ) | (38,989,234 | ) | 39,176 | (205,539,043 | ) | |||||
| Other operating income | 6,432,863 | 39,120 | - | 6,471,983 | ||||||||
| Income from operations | 28,539,138 | 130,528 | - | 28,669,666 |
14 / 18
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | |||||||
| RMB | RMB | US | |||||||
| Operating activities: | |||||||||
| Net (loss) income | 7,787,813 | 14,031,392 | 2,034,125 | ||||||
| Net cash provided by operating activities | 58,226,489 | 58,147,280 | 8,429,587 | ||||||
| Investing activities: | |||||||||
| Purchases of property, plant and equipment | (25,480,885 | ) | (51,637,054 | ) | (7,485,801 | ) | |||
| Purchases of intangible assets | - | (101,463 | ) | (14,709 | ) | ||||
| Proceeds from disposal of property, plant and equipment | 21,463 | - | - | ||||||
| Proceeds from disposal of long-term investments | - | 500,000 | 72,485 | ||||||
| Loan to fanchisees | (2,010,000 | ) | (1,388,900 | ) | (201,348 | ) | |||
| Repayment from franchisees | 6,059,358 | 2,369,916 | 343,566 | ||||||
| Net cash (used in) provided by investing activities | (21,410,064 | ) | (50,257,501 | ) | (7,285,807 | ) | |||
| Financing activities: | |||||||||
| Proceeds from bank loans | - | 46,754,778 | 6,778,019 | ||||||
| Net cash provided by (used in) financing activities | - | 46,754,778 | 6,778,019 | ||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (4,979,488 | ) | (8,502,540 | ) | (1,232,609 | ) | |||
| Net (decrease) increase in cash and cash equivalents | 31,836,937 | 46,142,017 | 6,689,190 | ||||||
| Cash and cash equivalents at the beginning of the period | 1,525,201,938 | 1,678,439,024 | 243,322,561 | ||||||
| Cash and cash equivalents at the end of the period | 1,557,038,875 | 1,724,581,041 | 250,011,751 |
All values are in US Dollars.
15 / 18
GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
| Quarter Ended | ||||||
|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
| RMB | RMB | US | ||||
| Net income | 7,787,813 | 14,031,392 | 2,034,125 | |||
| Deduct: | ||||||
| Other operating income | 3,800,632 | 6,471,983 | 938,241 | |||
| Interest income and other, net | 10,622,202 | 8,833,178 | 1,280,542 | |||
| Share of gain in equity investees, net of tax | 301,937 | - | - | |||
| Add: | ||||||
| Other operating expenses | 270,343 | 3,205,393 | 464,684 | |||
| Other general expenses | 5,805,656 | 5,111,119 | 740,957 | |||
| Income tax expenses (benefits) | 4,214,725 | 9,701,706 | 1,406,452 | |||
| Share of loss in equity investees, net of tax | - | 1,256,077 | 182,093 | |||
| Interest expenses | 1,877,872 | 1,859,780 | 269,611 | |||
| Depreciation and amortization | 26,025,153 | 22,673,494 | 3,286,966 | |||
| Other expense, net | 8,356,677 | 10,653,889 | 1,544,490 | |||
| Adjusted EBITDA (Non-GAAP) | 39,613,468 | 53,187,689 | 7,710,595 |
All values are in US Dollars.
| Quarter Ended | ||||||
|---|---|---|---|---|---|---|
| March 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
| RMB | RMB | US | ||||
| Net income | 7,787,813 | 14,031,392 | 2,034,125 | |||
| Deduct: | ||||||
| Government subsidies (net of 25% tax) | 1,725,000 | 3,240,842 | 469,823 | |||
| Add: | ||||||
| Other expense (net of 25% tax) | 6,267,508 | 7,990,417 | 1,158,367 | |||
| Other general expenses | 5,805,656 | 5,111,119 | 740,957 | |||
| Core net income (Non-GAAP) | 18,135,977 | 23,892,086 | 3,463,626 | |||
| Core net income per ADS (Non-GAAP) | ||||||
| Class A ordinary share-basic and diluted | 0.18 | 0.24 | 0.03 | |||
| Class B ordinary share-basic and diluted | 0.18 | 0.24 | 0.03 |
All values are in US Dollars.
16 / 18
Hotel Operational Data
| March 31,<br><br> 2025 | March 31,<br><br> 2026 | |||||
|---|---|---|---|---|---|---|
| Total hotels in operation: | 4,459 | 4,605 | ||||
| Leased and owned hotels | 55 | 42 | ||||
| Franchised hotels | 4,404 | 4,563 | ||||
| Total hotel rooms in operation | 319,262 | 328,646 | ||||
| Leased and owned hotels | 6,262 | 4,922 | ||||
| Franchised hotels | 313,000 | 323,724 | ||||
| Number of cities | 359 | 347 | ||||
| Quarter Ended | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| March 31,<br><br> 2025 | March 31,<br><br> 2026 | |||||
| Occupancy rate (as a percentage) | ||||||
| Leased-and-owned hotels | 61.0 | % | 57.6 | % | ||
| Franchised hotels | 64.1 | % | 62.6 | % | ||
| Blended | 64.0 | % | 62.5 | % | ||
| Average daily rate (in RMB) | ||||||
| Leased-and-owned hotels | 236 | 229 | ||||
| Franchised hotels | 155 | 150 | ||||
| Blended | 157 | 152 | ||||
| RevPAR (in RMB) | ||||||
| Leased-and-owned hotels | 144 | 132 | ||||
| Franchised hotels | 99 | 94 | ||||
| Blended | 100 | 95 |
| Number of Hotels in Operation | Number of Hotel Rooms in Operation | |||||||
|---|---|---|---|---|---|---|---|---|
| March 31,<br> 2025 | March 31,<br> 2026 | March 31,<br> 2025 | March 31,<br> 2026 | |||||
| Mid-to-up-scale | 564 | 596 | 52,365 | 55,565 | ||||
| GreenTree Eastern | 242 | 251 | 25,843 | 27,343 | ||||
| Deepsleep Hotel | 8 | 9 | 610 | 710 | ||||
| Gem | 111 | 119 | 10,080 | 10,846 | ||||
| Gya | 74 | 78 | 6,171 | 6,546 | ||||
| Vx | 107 | 111 | 8,939 | 9,217 | ||||
| Others | 22 | 28 | 722 | 903 | ||||
| Mid-scale | 2,988 | 3,034 | 225,372 | 228,244 | ||||
| GreenTree Inn | 2,349 | 2,403 | 183,606 | 186,880 | ||||
| GT Alliance | 507 | 500 | 32,656 | 32,493 | ||||
| GreenTree Apartment | 24 | 29 | 1,545 | 1,760 | ||||
| Vatica | 108 | 102 | 7,565 | 7,111 | ||||
| Others | - | - | - | - | ||||
| Economy hotels | 907 | 975 | 41,525 | 44,837 | ||||
| Shell | 907 | 975 | 41,525 | 44,837 | ||||
| Others | - | - | - | - | ||||
| Total | 4,459 | 4,605 | 319,262 | 328,646 |
17 / 18
Restaurant Operational Data
| March 31,<br><br> 2025 | March 31,<br><br> 2026 | |||
|---|---|---|---|---|
| Total restaurants in operation: | 184 | 192 | ||
| Leased and owned restaurants | 17 | 14 | ||
| Franchised restaurants | 167 | 178 | ||
| Number of cities | 53 | 53 | ||
| Da Niang Dumplings | 163 | 173 | ||
| Bellagio | 21 | 19 | ||
| Quarter Ended | ||||
| --- | --- | --- | --- | --- |
| 2025 Q1 | 2026 Q1 | |||
| ADT | ||||
| Leased-and-owned restaurants | 210 | 204 | ||
| Franchised restaurants | 71 | 65 | ||
| Blended | 83 | 73 | ||
| AC (in RMB) | ||||
| Leased-and-owned restaurants | 98 | 83 | ||
| Franchised restaurants | 35 | 36 | ||
| Blended | 48 | 45 | ||
| ADS (in RMB) | ||||
| Leased-and-owned restaurants | 20,545 | 16,836 | ||
| Franchised restaurants | 2,459 | 2,356 | ||
| Blended | 4,029 | 3,270 |
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: [email protected]
Ms. Hannah Zhang
Phone: +86-182-2560-8592
E-mail: [email protected]
18 / 18