- Total revenues for the fourth quarter decreased by 24.9% year over year to RMB 228.7 million (US$32.7 million)[1].
- Net income was RMB-55.7million (US$-8.0 million)[1] compared to RMB-72.8 million for the fourth quarter of 2024.
- Core net income[4] was RMB63.2 million (US$9.0 million)[1] compared to RMB57.8 million for the fourth quarter of 2024.
SHANGHAI, April 29, 2026 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2025.
Fourth Quarter of 2025 Operational Highlights
Hotels
- A total of 4,580 hotels with 327,060 hotel rooms were in operation as of December 31, 2025.
- The Company opened 76 hotels and had a pipeline of 1,260 hotels contracted for or under development as of December 31, 2025.
- The average daily room rate was RMB162, a decrease of 4.0% from RMB169 in the fourth quarter of 2024.
- The occupancy rate was 64.7%, down from 68.6% in the fourth quarter of 2024.
- Revenue per available room, or RevPAR, was RMB105, a 9.5% year-over-year decrease.
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 6.9931 on December 31, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260105/.
2. Adjusted net income is defined as net income excluding the impact by the exemption of fees from franchisees, impact from disposal of L&O hotel assets, impairment of goodwill and trademarks of restaurant business, impairment of assets, provisions for loan to franchisee loans, foreign exchange losses., and earnings from the disposal of investment.
3. 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, other general expenses, and other expense, net, 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.
4. Core net income (non-GAAP) 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, income tax expenses related to dividend distribution, 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).
5. Each ADS represents one ordinary share.
Restaurants
- A total of 191 restaurants were in operation as of December 31, 2025.
- The AC (average check) was RMB38, a 17.8% year-over-year decrease.
- The ADT (average daily tickets) was 88, down from 93 in the fourth quarter of 2024.
- The ADS (average daily sales per store) was RMB3,312, a decrease of 21.8% from RMB4,234 in the fourth quarter of 2024.
Quarter Ended
December 31, December 31, December 31, December 31,
2024 2024 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Revenues
Leased-and-operated 90,969,160 28,534,041 (207,412) 119,295,789
revenues
Franchised-and-managed revenues 148,174,447 4,759,771 152,934,218
Wholesales and others 1,026,363 31,759,229 (495,936) 32,289,656
Total revenues 240,169,970 65,053,041 (703,348) 304,519,663
Quarter Ended
December 31, December 31, December 31, December 31, December 31,
2025 2025 2025 2025 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Revenues
Leased-and-operated 85,005,220 21,237,340 106,242,560 15,192,484
revenues
Franchised-and-managed 104,151,920 954,557 105,106,477 15,030,026
revenues
Wholesales and others 724,362 16,926,284 (338,210) 17,312,436 2,475,646
Total revenues 189,881,502 39,118,181 (338,210) 228,661,473 32,698,156
2025 Financial Results
Year Ended
December 31, December 31, December 31, December 31,
2024 2024 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Revenues
Leased-and-operated 437,521,898 159,326,153 -207,411 596,640,640
revenues
Franchised-and-managed 625,072,856 10,287,457 635,360,313
revenues
Wholesales and others 3,908,057 109,031,616 -1,500,428 111,439,245
Total revenues 1,066,502,811 278,645,226 -1,707,839 1,343,440,198
Year Ended
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Revenues
Leased-and-operated 381,361,912 106,812,441 (241,982) 487,932,371 69,773,401
revenues
Franchised-and-managed 528,472,018 5,979,850 534,451,868 76,425,601
revenues
Wholesales and others 2,514,491 73,456,665 (1,002,001) 74,969,155 10,720,446
Total revenues 912,348,421 186,248,956 (1,243,983) 1,097,353,394 156,919,448
Total revenue
Total revenues were RMB228.7 million (US$32.7 million)[1]?a 24.9% year-over-year decrease.
Hotel revenues were RMB189.9 million (US$27.2 million)[1], a 20.9% year-over-year decrease due to a 9.5% year-over-year decrease in RevPAR, the closure of 15 L&O hotels since the first quarter of 2025 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB39.1 million (US$5.6 million)[1], a 39.9% year-over-year decrease, mainly due to a 21.8% decrease in ADS and the decrease in the number of L&O stores.
Total revenues for the year ended December 31, 2025 were RMB1,097.4 million (US$156.9 million)[1], an 18.3% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB106.2million (US$15.2 million)[1], a 10.9% year-over-year decrease.
Total revenues from L&O hotels were RMB85.0 million (US$12.2 million)[1], a 6.6% year-over-year decrease. The decrease was primarily attributable to a 4.6% year-over-year decrease in L&O hotels' RevPAR, the closure of 15 L&O hotels since the first quarter of 2025, and the reduction in sublease income resulting from the closure of L&O hotels, offset by revenues from the opening of 5 L&O hotels during 2025.
Total revenues from L&O restaurants were RMB21.2 million (US$3.0 million)[1], a 25.6 % year-over-year decrease. The decrease was mainly due to the closure of 6 L&O stores since the first quarter of 2025 and a 14.1% year-over-year decrease in L&O stores' ADS. Same L&O store revenues in the fourth quarter of 2025 decreased by 10.4% year over year.
Total revenues from L&O hotels and restaurants for the year ended December 31, 2025 were RMB487.9 million (US$69.8 million)[1], an 18.2% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB105.1 million (US$15.0 million)[1], a 31.3% year-over-year decrease.
Total revenues from F&M hotels were RMB104.2 million (US$14.9 million)[1], a 29.7% year-over-year decrease, primarily attributable to a temporary waiver of RMB21.0 million of management fees for hotels facing business difficulties, and a decline of RMB6.9 million in membership revenues. The decrease was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically underperformed. Excluding these impacts, revenues from F&M hotels decreased 10.9% year over year, due to a 9.6% decrease in F&M hotels' RevPAR.
Total revenues from F&M restaurants were RMB1.0 million (US$0.1 million)[1], a 79.9% year-over-year decrease. The decrease was mainly due to a 10.9% decrease in ADS.
Total revenues from F&M hotels and restaurants for the year were RMB534.5million (US$76.4million)[1], a 15.9% year-over-year decrease.
Total revenues from wholesale and others were RMB17.3 million (US$2.5 million)[1], a 46.4% year-over-year decrease.
Total revenues from wholesale and others for the year were RMB75.0 million (US$10.7 million)[1], a 32.7% year-over-year decrease.
Total operating costs and expenses
Quarter Ended
December 31, 2024 December 31, 2024 December 31, 2024 December 31, 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Operating costs and
expenses
Operating costs 139,910,728 59,854,076 (791,324) 198,973,480
Selling and marketing expenses 13,451,271 4,083,785 87,975 17,623,031
General and administrative 39,695,498 3,347,191 43,042,689
expenses
Other operating expenses 2,635,870 16,422 2,652,292
Impairment loss of goodwill 81,008,000 81,008,000
Impairment of indefinite-lived 39,072,000 39,072,000
intangible asset
Other general expenses 30,012,799 30,012,799
Total operating costs and 225,706,166 187,381,474 (703,349) 412,384,291
expenses
Quarter Ended
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Operating costs and expenses
Operating costs 123,262,562 35,625,047 (338,210) 158,549,399 22,672,263
Selling and marketing expenses 11,805,604 2,001,482 13,807,086 1,974,387
General and administrative expenses 18,578,972 5,933,471 24,512,443 3,505,233
Other operating expenses 40,245,786 (57,902) 40,187,884 5,746,791
Impairment loss of goodwill 66,491,000 66,491,000 9,508,087
Impairment of indefinite-lived 17,331,000 17,331,000 2,478,300
intangible asset
Other general expenses 31,779,622 31,779,622 4,544,424
Total operating costs and expenses 225,672,546 127,324,098 (338,210) 352,658,434 50,429,485
Year Ended
December 31, December 31, December 31, December 31,
2024 2024 2024 2024
RMB RMB RMB RMB
Hotel Restaurant Elimination Total
Operating costs and expenses
Operating costs 593,798,806 230,496,349 (1,707,841) 822,587,314
Selling and marketing expenses 55,028,196 12,556,863 67,585,059
General and administrative expenses 156,401,775 26,149,319 182,551,094
Other operating expenses 4,937,315 2,153,148 7,090,463
Impairment loss of goodwill 81,008,000 81,008,000
Impairment of indefinite-lived intangible 39,072,000 39,072,000
asset
Other general expenses 41,769,330 41,769,330
Total operating costs and expenses 851,935,422 391,435,679 (1,707,841) 1,241,663,260
Year Ended
December December December December December
31, 2025 31, 2025 31, 2025 31, 2025 31, 2025
RMB RMB RMB RMB US$
Hotel Restaurant Elimination Total Total
Operating costs and expenses
Operating costs 552,869,547 162,768,869 (1,243,984) 714,394,432 102,157,045
Selling and marketing expenses 46,084,781 8,699,788 54,784,569 7,834,089
General and administrative expenses 111,872,466 18,589,380 130,461,846 18,655,796
Other operating expenses 50,188,458 1,543,018 51,731,476 7,397,503
Impairment loss of goodwill 66,491,000 66,491,000 9,508,087
Impairment of indefinite-lived 17,331,000 17,331,000 2,478,300
intangible asset
Other general expenses 82,874,509 82,874,509 11,850,897
Total operating costs and 843,889,761 275,423,055 (1,243,984) 1,118,068,832 159,881,717
expenses
Operating costs were RMB158.5 million (US$22.7 million)[1], a 20.3% year-over-year decrease.
Operating costs of the hotel business were RMB123.3 million (US$17.6million)[1], an 11.9% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization, lower staff related costs, and lower consumable, food and beverage caused by the closing of 15 L&O hotels, partially offset by the rental increase caused by 5 new L&O hotels and the renewal of certain lease agreements.
Operating costs of the restaurant business were RMB35.6million (US$5.1 million)[1], a 40.5% year-over-year decrease. The decrease was mainly due to the closure of L&O stores.
For the year, operating costs were RMB714.4 million (US$102.2 million) [1], representing a 13.2% decrease.
Selling and marketing expenses in the fourth quarter of 2025 was RMB13.8 million (US$2.0 million)[1], a 21.7% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB11.8 million (US$1.7 million)[1], a 12.2% year-over-year decrease. The decrease was mainly due to lower staff related costs, and lower traveling and meal expenses.
Selling and marketing expenses of the restaurant business were RMB2.0 million (US$0.3 million)[1]., a 51.0% year-over-year decrease. The decrease was mainly due to lower staff related expenses, and lower sales-channel commissions.
For the year, selling and marketing expenses were RMB54.8 million (US$7.8million) [1], an 18.9% decrease.
General and administrative, or G&A expenses were RMB24.5 million (US$3.5 million)[1], a 43.1% year-over-year decrease.
G&A expenses of the hotel business were RMB18.6 million (US$2.7 million)[1], a 53.2% year-over-year decrease. The decrease was mainly due to lower staff G&A staff related expenses, lower traveling and meal expenses, and lower consulting fees.
G&A expenses of the restaurant business were RMB5.9 million (US$0.8 million)[1], a 77.3 % year-over-year increase. The increase was mainly due to higher bad debt provisions for long-aged account receivables.
For the year, G&A expenses were RMB130.5 million (US$18.7 million)[1], a 28.5% year-over-year decrease.
Other operating expenses were RMB40.2 million (US$5.7 million)[1], mainly due to the disposal of L&O hotel assets. For the year, other operating expenses were RMB51.7 million, (US$7.4 million)[1], increased from RMB7.1 million in 2024.
Impairment loss of goodwill was RMB66.5million (US$9.5 million)[1] , a 17.9% decrease year over year. Impairment of indefinite-lived intangible asset was RMB17.3 million(US$2.5 million), a 55.6% decrease year over year. These expenses were impairment of goodwill and trademarks related to the restaurant business.
Other general expenses were RMB31.8million (US$4.5 million)[1], a 5.9% year-over-year increase. These expenses include provisions for loan receivables related to franchisee loans, and impairment of assets.
For the year, other general expenses were RMB82.9 million (US$11.9 million)[1].
Gross profit, defined as total revenues deducted by hotel and restaurant costs, was RMB70.1 million (US$10.0 million)[1], a year-over-year decrease of 33.6%. Gross margin was 30.7%, compared to 34.7% a year ago. The gross profit of the hotel business was RMB66.6 million (US$9.5 million)[1], a 33.6% year-over-year decrease. The gross profit of the restaurant business was RMB3.5 million (US$0.5 million)[1], a 32.8% year-over-year decrease. Gross profit for the year was RMB383.0 million (US$54.8 million) [1], a 26.5% year-over-year decrease.
Income from operations was RMB-64.9 million (US$-9.3 million)[1] , compared to income from operations of RMB-95.0million in the fourth quarter of 2024, with a margin of -28.4%. The loss was due to certain one-time or non-operation impacts, including impairment loss of goodwill and trademarks related to restaurant business, provisions for loan receivables related to franchisee loans, impairment of assets, while offset by impact from disposal of L&O hotel assets. Excluding these, the adjusted income from operations decreased 8.3% year over year, mainly due to the year-over-year 9.6% decrease in Revpar. The margin for the adjusted income from operations was 24.3%, up from 19.9% one year ago, thanks to lower operating costs and expenses.
Income from operations of the hotel business was RMB23.2 million (US$3.3 million)[1], compared to an income from operations of RMB26.1 million in the fourth quarter of 2024. Excluding the impact of the above-mentioned items on hotels, adjusted income from operations of the hotel business decreased 2.8% year over year, and the margin for the third quarter of 2025 was 22.1%, up from 21.6% one year ago, due to lower operating costs and expenses.
Loss from operations of the restaurant business was RMB88.1 million (US$12.6 million)[1], compared to loss from operations of RMB121.1 million in the fourth quarter of 2024. Excluding impairment loss of goodwill, and impairment of indefinite-lived intangible asset, loss from operations of the restaurant business was RMB4.3 million(US$0.6million) with a negative margin of 11.0%.
Income from operations for the year was RMB56.7 million (US$8.1 million) [1] compared to income from operations of RMB161.9 million in 2024.
Net income in the fourth quarter of 2025 was RMB-55.7million (US$-8.0 million)[1], compared to a net income of RMB-72.8 million in the fourth quarter of 2024, and net margin was -24.4%. The loss was impacted by certain one-time or non-operation impacts, including impairment loss of goodwill and trademarks related to restaurant business, provisions for loan receivables related to franchisee loans, impairment of assets, and foreign exchange losses, while offset by earnings from the disposal of investment in equity securities and disposal of L&O hotel assets. Excluding the impact of the above-mentioned items on hotels, adjusted net income [2] was RMB60.5 million, an increase of 6.7%, with a margin of 26.5%.
Net income of the hotel business was RMB29.5 million (US$4.2 million)[1], compared to a net income of RMB28.4million in the fourth quarter of 2024, and net margin was15.5%. Excluding the impact of the above-mentioned items on hotels, adjusted net income[2] of the hotel business increased 63.9% to RMB61.9million (US$8.9 million)[1] with a margin of 32.6%.
Net loss of the restaurant business was RMB85.2million (US$12.2million)[1], compared to a net loss of RMB101.2million in the fourth quarter of 2024. Excluding the impairment of trademarks and goodwill, adjusted net loss of the restaurant business was RMB1.4 million(US$0.2 million)[1] with a margin of -3.6%.
Net income for the year was RMB163.4 million (US$23.4 million) [1] compared to net income of RMB107.3 million in 2024, with a margin of 14.9%.
Adjusted EBITDA (non-GAAP)[3] in the fourth quarter of 2025 was RMB41.9 million (US$6.0 million)[1], a year-over-year decrease of 41.3%. Adjusted EBITDA[3] margin, defined as adjusted EBITDA (non-GAAP) [3] as a percentage of total revenues, was 18.3%, compared to 23.5% a year ago. Adjusted EBITDA (non-GAAP) [3] for the year was RMB286.6 million (US$41.0 million)[1], a year-over-year decrease of 25.8%.
Core net income (non-GAAP) [4] in the fourth quarter of 2025 was RMB63.2 million (US$9.0 million)[1], a year-over-year increase of 9.2%. The core net margin, defined as core net income (non-GAAP) [4] as a percentage of total revenues, was 27.6%, up from 19.0% one year ago. Core net income (non-GAAP) [4] for the year was RMB211.2 million (US$30.2million)[1], a year-over-year decrease of 23.9%.
Earnings per American Depositary Share, or ADS, (basic and diluted) in the fourth quarter of 2025 was RMB-0.55(US$-0.08)[1], down from RMB-0.70 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) [4] was RMB0.63 (US$0.09)[1], increase from RMB0.57 a year ago.
Earnings per ADS (basic and diluted) for the hotel business were RMB 0.29 (US$0.04)[1], as stable as one year ago. Core net income per ADS (basic and diluted) (non-GAAP) [4] for the hotel business were RMB0.63 (US$0.09)[1], increase from RMB0.45 a year ago.
Earnings per ADS (basic and diluted) for the year of 2025 was RMB1.65 (US$0.24)[1] increased from RMB1.08 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) [4] was RMB2.09 (US$0.30)[1] for the year, a decrease from RMB2.73 a year ago.
Cash flow Operating cash inflow in the fourth quarter of 2025 was RMB32.5 million (US$4.6 million)[1] as a result of income from operations. Investing cash inflow for the fourth quarter 2025 was RMB27.6 million (US$3.9million)[1], which was primarily attributable to proceeds from disposal of long-term investments?offset by an advance payment for the purchase of strategic assets. Financing cash outflow in the fourth quarter of 2025 was RMB43.2 million (US$6.2 million)[1], mainly attributable to dividends distributed to the shareholders.
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of December 31, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,964.0 million (US$280.8 million)[1], compared to RMB2,014.6million as of September 30, 2025. The decrease was primarily due to dividends distributed to the shareholders, an advance payment for the purchase of strategic assets, partially offset by cash from operating activities, and disposal of investment on equity securities.
Guidance
Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect the decline of total revenues of our organic hotel business for the full year of 2026 to be flat compared to their 2025 levels.
The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.
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.
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 December 31, 2025, GreenTree had a total number of 4,580 hotels and 191 restaurants. In 2024, HOTELS magazine ranked GreenTree 13th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2024 according to the China Hospitality Association.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit http://ir.998.com
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.
Financial Tables and Operational Data Follow
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Balance Sheets
December 31 December 31 December 31
2024 2025 2025
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 1,490,235,562 1,652,179,474 236,258,523
Restricted cash 16,096,476 7,389,650 1,056,706
Short-term investments 10,475
Accounts receivable, net of 99,688,034 81,335,494 11,630,821
allowance
Amounts due from related parties 21,839,929 18,843,062 2,694,522
Inventories 6,881,470 4,922,160 703,860
Other current assets 114,898,590 92,557,400 13,235,532
Loans receivable, net 85,463,467 38,798,333 5,548,088
Total current assets 1,835,114,003 1,896,025,573 271,128,052
Non-current assets:
Amounts due from a related party 110,000,000 110,000,000 15,729,791
Restricted cash 18,869,900 18,869,900 2,698,360
Long-term time deposits 285,570,000 285,570,000 40,835,967
Loans receivable, net 15,372,238 12,034,825 1,720,957
Property and equipment, net 649,528,210 559,918,957 80,067,346
Intangible assets, net 75,677,551 56,403,818 8,065,639
Goodwill 96,074,468 25,721,262 3,678,092
Long-term investments 184,024,217 156,929,090 22,440,561
Operating lease right-of-use assets 1,328,582,419 1,130,088,595 161,600,520
Other assets 102,545,848 297,560,050 42,550,519
Deferred tax assets 245,760,095 237,098,634 33,904,654
TOTAL ASSETS 4,947,118,949 4,786,220,704 684,420,458
LIABSLITIES AND EQUITY
Current liabilities:
Long-term bank loans, current 400,000 56,800,000 8,122,292
portion
Accounts payable 56,488,405 44,687,183 6,390,182
Advance from customers 25,684,437 21,946,599 3,138,322
Amounts due to related parties 17,462,176 17,518,102 2,505,055
Salary and welfare payable 78,234,585 73,657,641 10,532,903
Deferred revenue 175,046,178 169,139,889 24,186,682
Accrued expenses and other current 481,910,291 539,836,968 77,195,660
liabilities
Income tax payable 88,876,497 72,129,824 10,314,428
Operating lease liabilities, current 241,363,244 184,665,265 26,406,782
Total current liabilities 1,165,465,813 1,180,381,471 168,792,306
Long-term bank loans 256,200,000 199,400,000 28,513,821
Deferred revenue 176,353,919 134,414,010 19,220,948
Other long-term liabilities 120,975,955 117,513,512 16,804,208
Operating lease liabilities, non-current 1,215,776,075 1,032,472,822 147,641,650
Deferred tax liabilities 79,670,908 55,941,338 7,999,505
Unrecognized tax benefits 440,072,214 457,930,743 65,483,225
Total liabilities 3,454,514,884 3,178,053,896 454,455,663
Shareholders' equity:
Class A ordinary shares 222,587,070 222,587,070 31,829,528
Class B ordinary shares 115,534,210 115,534,210 16,521,172
Treasury Stock (37,043,116) (48,054,863) (6,871,754)
Additional paid-in capital 1,609,972,272 1,566,949,877 224,070,852
Retained earnings (Accumulated (458,337,571) (291,545,545) (41,690,458)
losses)
Accumulated other comprehensive 6,033,263 11,093,099 1,586,292
income
Total GreenTree Hospitality Group 1,458,746,128 1,576,563,848 225,445,632
Ltd. shareholders' equity
Non-controlling interests 33,857,937 31,602,960 4,519,163
Total shareholders' equity 1,492,604,065 1,608,166,808 229,964,795
TOTAL LIABSLITIES AND 4,947,118,949 4,786,220,704 684,420,458
SHAREHOLDERS' EQUITY
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
Quarter Ended
Year Ended
December December December December December December
31, 2024 31, 2025 31, 2025 31, 2024 31, 2025 31, 2025
RMB RMB US$ RMB RMB US$
Revenues
Leased-and-operated 119,295,789 106,242,560 15,192,484 596,640,640 487,932,371 69,773,401
revenues
Franchised-and-managed 152,934,218 105,106,477 15,030,026 635,360,313 534,451,868 76,425,601
revenues
Wholesales and others 32,289,656 17,312,436 2,475,646 111,439,245 74,969,155 10,720,446
Total revenues 304,519,663 228,661,473 32,698,156 1,343,440,198 1,097,353,394 156,919,448
Operating costs and
expenses
Operating costs (198,973,480) (158,549,399) (22,672,263) (822,587,314) (714,394,432) (102,157,045)
Selling and marketing (17,623,031) (13,807,086) (1,974,387) (67,585,059) (54,784,569) (7,834,089)
expenses
General and (43,042,689) (24,512,443) (3,505,233) (182,551,094) (130,461,846) (18,655,796)
administrative expenses
Other operating expenses (2,652,292) (40,187,884) (5,746,791) (7,090,463) (51,731,476) (7,397,503)
Impairment loss of (81,008,000) (66,491,000) (9,508,087) (81,008,000) (66,491,000) (9,508,087)
goodwill
Impairment of (39,072,000) (17,331,000) (2,478,300) (39,072,000) (17,331,000) (2,478,300)
indefinite-lived intangible
asset
Other general expenses (30,012,799) (31,779,622) (4,544,424) (41,769,330) (82,874,509) (11,850,897)
Total operating costs (412,384,291) (352,658,434) (50,429,485) (1,241,663,260) (1,118,068,832) (159,881,717)
and expenses
Other operating income 12,898,817 59,110,768 8,452,727 60,147,558 77,371,723 11,064,010
Income from operations (94,965,811) (64,886,193) (9,278,602) 161,924,496 56,656,285 8,101,741
Interest income and 12,633,535 9,393,209 1,343,211 40,072,068 37,806,975 5,406,326
other, net
Interest expense (1,824,933) (2,095,890) (299,708) (6,310,152) (7,644,628) (1,093,167)
Gains (losses) from (9,544,253) (24,444,565) (3,495,526) (14,953,679) 5,000,000 714,990
investment in equity
securities
Other income, net 34,336,161 22,218,586 3,177,215 16,474,064 113,255,005 16,195,250
Income before income (59,365,301) (59,814,853) (8,553,410) 197,206,797 205,073,637 29,325,140
taxes
Income tax expense (12,758,025) 3,254,084 465,328 (88,726,969) (45,880,022) (6,560,756)
Income (loss) before (72,123,326) (56,560,769) (8,088,082) 108,479,828 159,193,615 22,764,384
share of gains in equity
investees
Share of loss/(income) in (700,781) 818,603 117,058 (1,165,474) 4,163,620 595,390
equity investees, net of
tax
Net income(loss) (72,824,107) (55,742,166) (7,971,024) 107,314,354 163,357,235 23,359,774
Net loss/(income) 1,368,731 258,970 37,032 2,687,878 3,434,790 491,168
attributable to
non-controlling interests
Net income attributable (71,455,377) (55,483,196) (7,933,992) 110,002,232 166,792,025 23,850,942
to ordinary
shareholders
Net earnings per share
Class A ordinary (0.70) (0.55) (0.08) 1.08 1.65 0.24
share-basic and diluted
Class B ordinary (0.70) (0.55) (0.08) 1.08 1.65 0.24
share-basic and diluted
Net earnings per ADS
Class A ordinary (0.70) (0.55) (0.08) 1.08 1.65 0.24
share-basic and diluted
Class B ordinary (0.70) (0.55) (0.08) 1.08 1.65 0.24
share-basic and diluted
Weighted average
shares outstanding
Class A ordinary 66,765,032 66,134,813 66,134,813 66,776,243 66,366,641 66,366,641
share-basic and diluted
Class B ordinary 34,762,909 34,762,909 34,762,909 34,762,909 34,762,909 34,762,909
share-basic and diluted
Other comprehensive
income, net of tax
Foreign currency (20,725,862) 7,667,013 1,096,369 (22,368,019) 5,059,836 723,547
translation adjustments
Comprehensive (93,549,969) (48,075,153) (6,874,655) 84,946,335 168,417,071 24,083,321
income, net of tax
Comprehensive 1,368,731 258,970 37,032 2,687,878 3,434,790 491,168
loss/(income) attributable
to non-controlling
interests
Comprehensive income (92,181,238) (47,816,183) (6,837,623) 87,634,213 171,851,861 24,574,489
(loss) attributable to
ordinary shareholders
GreenTree Hospitality Group Ltd.
Unaudited Condensed Hotel Statements of Comprehensive Income
Quarter Ended
Year Ended
December 31, 2024 December 31, 2025 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2025
RMB RMB US$ RMB RMB US$
Revenues
Leased-and-operated revenues 90,969,160 85,005,220 12,155,585 437,521,898 381,361,912 54,534,028
Franchised-and-managed revenues 148,174,447 104,151,920 14,893,526 625,072,856 528,472,018 75,570,493
Wholesales and others 1,026,363 724,362 103,583 3,908,057 2,514,491 359,567
Total revenues 240,169,970 189,881,502 27,152,694 1,066,502,811 912,348,421 130,464,088
Operating costs and expenses
Operating costs (139,910,728) (123,262,562) (17,626,312) (593,798,806) (552,869,547) (79,059,294)
Selling and marketing expenses (13,451,271) (11,805,604) (1,688,179) (55,028,196) (46,084,781) (6,590,036)
General and administrative expenses (39,695,498) (18,578,972) (2,656,758) (156,401,775) (111,872,466) (15,997,550)
Other operating expenses (2,635,870) (40,245,786) (5,755,071) (4,937,315) (50,188,458) (7,176,854)
Other general expenses (30,012,799) (31,779,622) (4,544,425) (41,769,330) (82,874,509) (11,850,897)
Total operating costs and expenses (225,706,166) (225,672,546) (32,270,745) (851,935,422) (843,889,761) (120,674,631)
Other operating income 11,644,397 59,024,549 8,440,398 56,818,174 76,874,333 10,992,883
Income from operations 26,108,201 23,233,505 3,322,347 271,385,563 145,332,993 20,782,340
Interest income and other, net 12,606,174 9,365,397 1,339,234 39,982,179 37,684,201 5,388,769
Interest expense (1,825,243) (2,168,449) (310,084) (6,310,152) (7,644,628) (1,093,167)
Gains (losses) from investment in equity securities (9,544,253) (24,444,565) (3,495,526) (10,314,000) 5,000,000 714,990
Other income, net 34,321,711 22,941,763 3,280,628 16,383,657 114,001,612 16,302,016
Income before income taxes 61,666,590 28,927,651 4,136,599 311,127,247 294,374,178 42,094,948
Income tax expense (32,610,806) (261,788) (37,435) (107,223,277) (48,997,177) (7,006,503)
Income (loss) before share of gains in equity investees 29,055,784 28,665,863 4,099,164 203,903,970 245,377,001 35,088,445
Share of loss/(income) in equity investees, net of tax (700,781) 818,603 117,059 (1,165,474) 4,163,620 595,390
Net income(loss) 28,355,003 29,484,466 4,216,223 202,738,496 249,540,621 35,683,835
GreenTree Hospitality Group Ltd.
Unaudited Condensed Restaurant Statements of Comprehensive Income
Quarter Ended
Year Ended
December 31, 2024 December 31, 2025 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2025
RMB RMB US$ RMB RMB US$
Revenues
Leased-and-operated revenues 28,534,041 21,237,340 3,036,899 159,326,153 106,812,441 15,273,976
Franchised-and-managed revenues 4,759,771 954,557 136,500 10,287,457 5,979,850 855,107
Wholesales and others 31,759,229 16,926,284 2,420,426 109,031,616 73,456,665 10,504,163
Total revenues 65,053,041 39,118,181 5,593,825 278,645,226 186,248,956 26,633,246
Operating costs and expenses
Operating costs (59,854,076) (35,625,047) (5,094,314) (230,496,349) (162,768,869) (23,275,639)
Selling and marketing expenses (4,083,785) (2,001,482) (286,208) (12,556,863) (8,699,788) (1,244,053)
General and administrative expenses (3,347,191) (5,933,471) (848,475) (26,149,319) (18,589,380) (2,658,246)
Other operating expenses (16,422) 57,902 8,280 (2,153,148) (1,543,018) (220,649)
Impairment loss of goodwill (81,008,000) (66,491,000) (9,508,087) (81,008,000) (66,491,000) (9,508,087)
Impairment of indefinite-lived intangible asset (39,072,000) (17,331,000) (2,478,300) (39,072,000) (17,331,000) (2,478,300)
Total operating costs and expenses (187,381,474) (127,324,098) (18,207,104) (391,435,679) (275,423,055) (39,384,974)
Other operating income 1,254,420 86,219 12,330 3,329,384 497,391 71,127
Income from operations (121,074,013) (88,119,698) (12,600,949) (109,461,069) (88,676,708) (12,680,601)
Interest income and other, net 27,361 27,812 3,977 89,889 122,774 17,556
Interest expense 310 72,559 10,376
Other income, net 14,450 (723,176) (103,413) (18,672) (746,607) (106,763)
Income before income taxes (121,031,894) (88,742,503) (12,690,009) (109,389,852) (89,300,541) (12,769,808)
Income tax expense 19,852,781 3,515,872 502,763 18,496,308 3,117,155 445,748
Income (loss) before share of gains in equity investees (101,179,113) (85,226,631) (12,187,246) (90,893,544) (86,183,386) (12,324,060)
Net income(loss) (101,179,113) (85,226,631) (12,187,246) (90,893,544) (86,183,386) (12,324,060)
GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated
Statements
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
December 31, December 31, December 31, December 31, 2024
2024 2024 2024
Hotel Restaurant Elimination Total
RMB RMB RMB RMB
Revenues
Leased-and-operated revenues 90,969,160 28,534,041 (207,412) 119,295,789
Franchised-and-managed revenues 148,174,447 4,759,771 152,934,218
Wholesales and others 1,026,363 31,759,229 (495,936) 32,289,656
Total revenues 240,169,970 65,053,041 (703,348) 304,519,663
Operating costs and expenses
Operating costs (139,910,728) (59,854,076) 791,324 (198,973,480)
Selling and marketing expenses (13,451,271) (4,083,785) (87,975) (17,623,031)
General and administrative expenses (39,695,498) (3,347,191) (43,042,689)
Other operating expenses (2,635,870) (16,422) (2,652,292)
Impairment loss of goodwill (81,008,000) (81,008,000)
Impairment of indefinite-lived intangible asset (39,072,000) (39,072,000)
Other general expenses (30,012,799) (30,012,799)
Total operating costs and expenses (225,706,166) (187,381,474) 703,349 (412,384,291)
Other operating income 11,644,397 1,254,420 12,898,817
Income from operations 26,108,201 (121,074,012) (94,965,811)
GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated
Statements
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
December 31, 2025 December 31, 2025 December 31, 2025 December 31, 2025
Hotel Restaurant Elimination Total
RMB RMB RMB RMB
Revenues
Leased-and-operated revenues 85,005,220 21,237,340 106,242,560
Franchised-and-managed revenues 104,151,920 954,557 105,106,477
Wholesales and others 724,362 16,926,284 (338,210) 17,312,436
Total revenues 189,881,502 39,118,181 (338,210) 228,661,473
Operating costs and expenses
Operating costs (123,262,562) (35,625,047) 338,210 (158,549,399)
Selling and marketing expenses (11,805,604) (2,001,482) (13,807,086)
General and administrative expenses (18,578,972) (5,933,471) (24,512,443)
Other operating expenses (40,245,786) 57,902 (40,187,884)
Impairment loss of goodwill (66,491,000) (66,491,000)
Impairment of indefinite-lived intangible asset (17,331,000) (17,331,000)
Other general expenses (31,779,622) (31,779,622)
Total operating costs and expenses (225,672,546) (127,324,098) 338,210 (352,658,434)
Other operating income 59,024,549 86,219 59,110,768
Income from operations 23,233,505 (88,119,698) (64,886,193)
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended
Year Ended
December 31, 2024 December 31, 2025 December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2025
RMB RMB US$ RMB RMB US$
Operating activities:
Net (loss) income (72,824,109) (55,742,166) (7,971,024) 107,314,353 163,357,235 23,359,774
Depreciation and amortization 26,575,903 10,137,484 1,449,641 115,746,538 88,932,782 12,717,219
Impairment of long lived assets 51,672,000 893,149 127,719 51,672,000 20,893,149 2,987,681
Impairment of indefinite-lived intangible assets - 17,331,001 2,478,300 17,331,001 2,478,300
Impairment of goodwill 81,008,000 66,491,000 9,508,087 81,008,000 66,491,000 9,508,087
Gains from disposal of a long-term investment - (49,964,806) (7,144,872) (164,007,612) (23,452,777)
Others non-cash expense(income) 7,070,827 (818,603) (117,059) 1,166,397 (4,163,620) (595,390)
Noncash lease expense 58,283,373 65,943,269 9,429,762 263,911,503 246,116,498 35,194,191
Losses (gain) from disposal of subsidiaries - 4,623,539 661,157 (488,227) 5,399,022 772,050
Allowances for credit losses 21,857,669 36,473,346 5,215,619 56,241,392 81,698,368 11,682,711
Losses (gain) on disposal of property, plant and equipment (555,551) 35,098,580 5,019,030 (25,338,789) 35,565,640 5,085,819
(Losses and impairment) gains on equity securities held 9,544,253 24,444,565 3,495,527 14,953,679 (5,000,000) (714,990)
Gains from early termination of operating leases - (52,949,738) (7,571,712) (52,949,738) (7,571,712)
Foreign exchange (gains)losses (26,182,753) 21,188,452 3,029,908 (27,497,301) 31,315,924 4,478,118
Accounts receivable 9,076,784 23,849,190 3,410,389 (4,015,520) 3,471,625 496,436
Inventories (493,764) 1,852,379 264,887 14,618,912 1,959,310 280,178
Amounts due from related parties (3,904,741) 459,253 65,672 (1,416,495) 1,032,243 147,609
Other current assets (1,821,998) (6,964,809) (995,954) (3,067,256) 1,901,317 271,885
Other assets 5,200,506 4,030,567 576,363 3,725,971 8,481,614 1,212,855
Accounts payable 17,296,435 (9,060,433) (1,295,625) (3,021,869) (18,962,750) (2,711,637)
Amounts due to related parties 1,767,567 (608,572) (87,025) 1,151,882 55,926 7,997
Salary and welfare payable 3,672,156 (758,915) (108,523) (7,916,485) (4,452,881) (636,754)
Deferred revenue (28,977,865) (13,816,880) (1,975,788) (42,787,510) (47,846,198) (6,841,915)
Advance from customers 4,428,730 (5,089,423) (727,778) 3,305,355 (3,664,385) (524,000)
Accrued expenses and other current liabilities (29,307,543) 7,400,025 1,058,190 3,161,614 60,924,816 8,712,133
Income tax payable (34,457,583) (19,261,683) (2,754,384) (23,195,720) (16,746,673) (2,394,742)
Unrecognized tax benefits 68,986,879 16,061,992 2,296,834 57,946,428 17,858,529 2,553,736
Operating lease liabilities (57,896,801) (74,496,586) (10,652,870) (247,702,691) (234,674,168) (33,557,960)
Other long-term liabilities 3,262,911 (5,613,384) (802,703) 1,264,213 (3,462,443) (495,123)
Deferred taxes (39,040,264) (8,662,368) (1,238,702) (17,362,607) (15,068,109) (2,154,711)
Net cash provided by operating activities 74,241,021 32,469,425 4,643,066 373,377,767 281,787,422 40,295,068
Investing activities:
Prepayments and purchases of property, plant and equipment (50,616,409) (51,990,595) (7,434,556) (79,582,039) (261,153,578) (37,344,465)
Purchases of intangible assets (37,057) (37,057)
Proceeds from disposal of property and equipment (283,895) 187,693 26,840 139,900,865 429,141 61,366
Purchases of a long-term investment (3,600,000) (10,400,000)
Purchases of short-term investments - 15,272 2,184
Proceeds from short-term investments (1,660,895) 10,475 1,498 417,701,142 10,475 1,498
Increase of long-term time deposits - (222,230,000)
Proceeds from disposal of equity securities 21,812,329 79,023,553 11,300,218 21,812,329 188,059,939 26,892,214
Proceeds from disposal of subsidiaries - 2,807,500
Loan to related parties (588,000) 265,000 37,894 (858,000)
Repayment from related parties 363,347 1,845,642 263,923 363,347 1,964,624 280,937
Loan to third parties 1,200,000
Repayment of loan from third parties - 5,900,000
Loans to franchisees (8,673,811) (6,143,481) (878,506) (14,323,812) (15,275,441) (2,184,359)
Repayment from franchisees 16,870,520 4,370,466 624,968 84,337,321 23,188,484 3,315,909
Net cash (used in) provided by investing activities (25,213,871) 27,584,025 3,944,463 345,391,596 (62,776,356) (8,976,900)
Financing activities:
Distribution to the shareholders (70,241,162) (43,027,722) (6,152,883) (71,301,605) (43,027,722) (6,152,883)
Repayment of bank loans (200,000) (200,000) (28,600) (117,200,000) (400,000) (57,199)
Proceeds from bank loans - 200,000,000
Capital contribution from noncontrolling interest holders - (966,000)
Net cash used in financing activities (70,441,162) (43,227,722) (6,181,483) 10,532,395 (43,427,722) (6,210,082)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 6,957,333 (10,685,429) (1,527,994) 4,299,468 (22,346,256) (3,195,471)
Net increase in cash, cash equivalents and restricted cash (14,456,679) 6,140,299 878,052 733,601,226 153,237,088 21,912,615
Cash, cash equivalents and restricted cash at the beginning of the year 1,539,658,617 1,672,298,727 239,135,537 791,600,712 1,525,201,938 218,100,976
Cash, cash equivalents and restricted cash at the end of the year 1,525,201,938 1,678,439,026 240,013,589 1,525,201,938 1,678,439,026 240,013,591
GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
Quarter Ended
Year Ended
December December December December December December
31, 2024 31, 2025 31, 2025 31, 2024 31, 2025 31, 2025
RMB RMB US$ RMB RMB US$
Net income (72,824,109) (55,742,166) (7,971,024) 107,314,353 163,357,235 23,359,774
Deduct:
Other operating income 12,898,817 59,110,768 8,452,727 60,147,558 77,371,724 11,064,009
Interest income and other, net 12,633,535 9,393,209 1,343,211 40,072,068 37,806,975 5,406,326
Gains from investment in equity securities - 5,000,000 714,990
Share of gain in equity investees, net of tax - 818,603 117,059 4,163,620 595,390
Other income, net 34,336,161 22,218,587 3,177,216 16,474,064 113,255,005 16,195,250
Add:
Other operating expenses 2,652,292 40,187,884 5,746,791 7,090,463 51,731,476 7,397,503
Impairment loss of goodwill 81,008,000 66,491,000 9,508,087 81,008,000 66,491,000 9,508,087
Other general expenses 69,084,799 49,110,622 7,022,726 80,841,330 100,205,509 14,329,197
Income tax expenses (benefits) 12,758,025 (3,254,084) (465,328) 88,726,969 45,880,022 6,560,756
Share of loss in equity investees, net of tax 700,781 1,165,474
Interest expenses 1,824,933 2,095,890 299,708 6,310,152 7,644,628 1,093,167
Depreciation and amortization 26,575,903 10,137,484 1,449,641 115,746,538 88,932,782 12,717,219
Losses from investment in equity securities 9,544,253 24,444,565 3,495,526 14,953,679
Adjusted EBITDA (Non-GAAP) 71,456,364 41,930,028 5,995,914 386,463,268 286,645,328 40,989,738
Quarter Ended Year Ended
December December December December December December
31, 2024 31, 2025 31, 2025 31, 2024 31, 2025 31, 2025
RMB RMB US$ RMB RMB US$
Net income (72,824,109) (55,742,166) (7,971,024) 107,314,353 163,357,235 23,359,774
Deduct:
Government subsidies (net of 25% tax) 7,122,585 1,800,113 257,413 11,967,221 11,105,111 1,588,010
Gains from investment in equity securities (net of 25% tax) 5,000,000 714,990
Other income (net of 25% tax) 25,752,121 16,663,940 2,382,912 12,355,548 113,451,955 16,223,414
Add:
Share-based compensation (46,986)
Losses from investments in equity securities (net of 25% tax) 7,158,190 18,333,424 2,621,645 11,215,259
One-time fees and expenses 621,172 3,439,673 491,867 2,335,161 3,439,673 491,867
Impairment loss of goodwill 81,008,000 66,491,000 9,508,087 81,008,000 66,491,000 9,508,087
Other general expenses 69,084,799 49,110,622 7,022,726 80,841,330 100,205,509 14,329,197
Income tax expenses related to dividend distribution 5,698,810 19,195,050 7,299,300 1,043,786
Core net income (Non-GAAP) 57,825,169 63,168,500 9,032,976 277,586,384 211,235,651 30,206,297
Core net income per ADS (Non-GAAP)
Class A ordinary share-basic and diluted 0.57 0.63 0.09 2.73 2.09 0.30
Class B ordinary share-basic and diluted 0.57 0.63 0.09 2.73 2.09 0.30
Hotel Operational Data
December 31, December 31,
2024 2025
Total hotels in operation: 4,425 4,580
Leased and owned hotels 55 45
Franchised hotels 4,370 4,535
Total hotel rooms in operation 321,282 327,060
Leased and owned hotels 6,264 5,130
Franchised hotels 315,018 321,930
Number of cities 352 355
Quarter Ended
2024 Q4 2025 Q4
Occupancy rate (as a percentage)
Leased-and-owned hotels 65.5 % 63.9 %
Franchised hotels 68.6 % 64.7 %
Blended 68.6 % 64.7 %
Average daily rate (in RMB)
Leased-and-owned hotels 241 239
Franchised hotels 167 160
Blended 169 162
RevPAR (in RMB)
Leased-and-owned hotels 158 153
Franchised hotels 115 104
Blended 116 105
Number of Hotels in Number of Hotel Rooms
Operation in
Operation
December December December December
31, 2024 31, 2025 31, 2024 31, 2025
Mid-to-up-scale 553 585 51,649 54,980
GreenTree Eastern 239 245 25,683 26,761
Deepsleep Hotel 8 9 610 710
Gem 105 118 9,386 10,746
Gya 74 76 6,155 6,360
Vx 105 110 9,093 9,127
others 22 27 722 1276
Mid-scale 2,978 3,026 230,298 227,573
GreenTree Inn 2,340 2,394 183,439 186,185
GT Alliance 505 498 37,631 32,285
GreenTree Apartment 24 29 1,545 1,760
Vatica 109 105 7,683 7,343
Economy hotels 894 969 39,335 44,507
Shell 894 969 39,335 44,507
Total 4,425 4,580 321,282 327,060
Restaurant Operational Data
December 31, December 31,
2024 2025
Total restaurants in operation: 182 191
Leased and owned restaurants 18 15
Franchised restaurants 164 176
Number of cities 53 53
Da Niang Dumplings 161 172
Bellagio 21 19
Total restaurants in operation: 182 191
Quarter Ended
2024 Q4 2025 Q4
ADT
Leased-and-owned restaurants 186 199
Franchised restaurants 78 79
Blended 93 88
AC (in RMB)
Leased-and-owned restaurants 99 79
Franchised restaurants 33 29
Blended 46 37
ADS (in RMB)
Leased-and-owned restaurants 18,384 15,790
Franchised restaurants 2,605 2,321
Blended 4,234 3,312
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: ir@998.com
Ms. Hannah Zhang
Phone: +86-182-2560-8592
E-mail: ir@998.com
View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-fourth-quarter-and-fiscal-year-2025-financial-results-302757311.html
SOURCE GreenTree Hospitality Group Ltd.
