GreenTree Hospitality Group Ltd. Reports Third Quarter of 2025 Financial Results
- Total revenues decreased by 15.0% year over year to RMB303.6 million (US$42.6million)[1].
- Income from operations was RMB70.1 million (US$9.8 million)[1]compared to RMB106.4 million for the thirdquarter of 2024.
- Net income was RMB60.3 million (US$8.5million)[1]compared to RMB65.2 million for the thirdquarter of 2024.
- Adjusted EBITDA (non-GAAP) [2] decreased6.1% year over year to RMB115.0 million (US$16.1 million)[1]
- Cash from operations increased 3.8% year over year to RMB144.5 million (US$20.3 million) [1]
SHANGHAI, Dec. 23, 2025 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the third quarter of 2025.
Third Quarter of2025Operational Highlights
Hotels
- A total of 4,533 hotels with 323,510 hotel rooms were in operation as of September 30, 2025.
- The Company opened 41 hotels and had a pipeline of 1,248 hotels contracted for or under development as of September 30, 2025.
- The average daily room rate was RMB173, a decrease of 4.1% from RMB181 in the third quarter of 2024.
- The occupancy rate was 71.3%, decreased from 74.6% in the third quarter of 2024.
- Revenue per available room, or RevPAR, was RMB124, an 8.4% year-over-year decrease.
[1]. The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.1190 on September 30, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at .
[2]. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, 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.
[3]. 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).
[4]. Each ADS represents one ordinary share.
Restaurants
- A total of 185 restaurants were in operation as of September 30, 2025.
- The AC (average check) was RMB37, a 19.3% year-over-year decrease.
- The ADT (average daily tickets) was 100, down from 106 in the third quarter of 2024.
- The ADS (average daily sales per store) was RMB3,714, a decrease of 24.1% from RMB4,891 in the third quarter of 2024.
Third Quarter of 2025Financial Results
Quarter Ended
September 30, 2024
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Revenues
Leased-and-operated revenues
118,159,125
41,117,277
159,276,402
Franchised-and-managed
revenues
167,928,127
1,757,933
169,686,060
Wholesales and others
796,488
27,766,790
-544,290
28,018,988
Total revenues
286,883,740
70,642,000
-544,290
356,981,450
Quarter Ended
September 30, 2025
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Revenues
Leased-and-operated revenues
115,597,165
26,516,648
-34,568
142,079,245
19,957,753
Franchised-and-managed
revenues
138,566,905
1,848,818
140,415,723
19,724,080
Wholesales and others
311,831
21,018,623
-219,986
21,110,468
2,965,370
Total revenues
254,475,901
49,384,089
-254,554
303,605,436
42,647,203
Nine Month Ended
September 30, 2024
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Revenues
Leased-and-operated revenues
346,552,738
130,792,112
477,344,850
Franchised-and-managed
revenues
476,898,409
5,527,686
482,426,095
Wholesales and others
2,881,694
77,272,388
-1,004,493
79,149,589
Total revenues
826,332,841
213,592,186
-1,004,493
1,038,920,534
Nine Month Ended
September 30, 2025
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Revenues
Leased-and-operated revenues
310,356,692
85,575,101
-241,982
395,689,811
55,582,218
Franchised-and-managed
revenues
424,320,098
5,025,292
429,345,390
60,309,789
Wholesales and others
1,790,129
56,530,382
-663,791
57,656,720
8,098,991
Total revenues
736,466,919
147,130,775
-905,773
882,691,921
123,990,998
Total revenues were RMB303.6 million (US$42.6 million)[1]，a 15.0% year-over-year decrease.
Hotel revenues were RMB254.5 million (US$35.7 million)[1], a 11.3% year-over-year decrease due to an 8.4% year-over-year decrease in RevPAR and the closure of 7 L&O hotels since the fourth quarter of 2024 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB49.4 million (US$6.9 million)[1], a 30.1% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores.
Total revenues for the first nine months of 2025 were RMB882.7 million (US$124.0 million)[1], a 15.0% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotelsand restaurants were RMB142.1 million (US$20.0 million)[1], a 10.8% year-over-year decrease.
Total revenues from L&O hotels were RMB115.6 million (US$16.2 million)[1], a 2.2% year-over-year decrease. The decrease was primarily attributable to a 7.9% year-over-year decrease in L&O hotels' RevPAR, the closure of 7 L&O hotels since the fourth quarter of 2024, offset by revenues from the opening of 4 L&O hotels since the fourth quarter of 2024.
Total revenues from L&O restaurants were RMB26.5 million (US$3.7 million)[1], a 35.5% year-over-year decrease, mainly due to the closure of 8 L&O restaurants since the fourth quarter of 2024 and the year-over-year decrease in ADS.
Total revenues from L&O hotels and restaurants for the first nine months of 2025 were RMB395.7 million (US$55.6 million)[1], a 17.1% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotelsand restaurants were RMB140.4 million (US$19.7 million)[1], a 17.2% year-over-year decrease.
Total revenues from F&M hotels were RMB138.6 million (US$19.5 million)[1], a 17.5% year-over-year decrease, primarily due to a temporary waiver of RMB15 million of management fees for hotels facing business difficulties. Excluding this temporary fee waiver, revenues from F&M hotels decreased 8.6% year over year, due to an 8.3% decrease in F&M hotels' RevPAR.
Total revenues from F&M restaurants were RMB1.8 million (US$0.3 million)[1], a 5.2% year-over-year increase, mainly due to the opening of 28 franchised restaurants since the fourth quarter of 2024.
Total revenues from F&M hotels and restaurants for the first nine months of 2025 were RMB429.3 million (US$60.3 million)[1], a 11.0% year-over-year decrease.
Total revenues from wholesale and others were RMB21.1 million (US$3.0 million)[1], a 24.7% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.
Total revenues from wholesale and others for the first nine months of 2025 were RMB57.7 million (US$8.1 million)[1], a 27.2% year-over-year decrease.
Total operating costs and expenses
Quarter Ended
September 30, 2024
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Operating costs and expenses
Operating costs
155,278,796
53,365,650
-475,648
208,168,798
Selling and marketing expenses
12,899,411
2,881,942
-68,642
15,712,711
General and administrative expenses
32,309,079
7,023,449
39,332,528
Other operating expenses
1,363,201
654,777
2,017,978
Other general expenses
Total operating costs and expenses
201,850,487
63,925,818
-544,290
265,232,015
Quarter Ended
September 30, 2025
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Operating costs and expenses
Operating costs
134,346,844
43,015,455
-254,554
177,107,745
24,878,178
Selling and marketing expenses
11,314,233
2,133,816
13,448,049
1,889,036
General and administrative expenses
22,001,373
2,180,546
24,181,919
3,396,814
Other operating expenses
5,652,433
1,158,623
6,811,056
956,743
Other general expenses
19,483,576
19,483,576
2,736,842
Total operating costs and expenses
192,798,459
48,488,440
-254,554
241,032,345
33,857,613
Nine Month Ended
September 30, 2024
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Operating costs and expenses
Operating costs
450,888,078
170,642,273
-916,517
620,613,834
Selling and marketing expenses
41,576,925
8,473,078
-87,975
49,962,028
General and administrative expenses
119,706,277
22,802,128
142,508,405
Other operating expenses
2,301,445
2,136,726
4,438,171
Other general expenses
11,756,531
11,756,531
Total operating costs and expenses
626,229,256
204,054,205
-1,004,492
829,278,969
Nine Month Ended
September 30, 2025
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Operating costs and expenses
Operating costs
429,606,985
127,143,822
-905,774
555,845,033
78,079,089
Selling and marketing expenses
34,279,177
6,698,306
40,977,483
5,756,073
General and administrative expenses
93,293,494
12,655,909
105,949,403
14,882,624
Other operating expenses
9,942,672
1,600,920
11,543,592
1,621,519
Other general expenses
31,094,887
31,094,887
4,367,873
Total operating costs and expenses
598,217,215
148,098,957
-905,774
745,410,398
104,707,178
Operating costs were RMB177.1 million (US$24.9 million)[1], a 14.9% year-over-year decrease.
Operating costs of the hotel business were RMB134.3 million (US$18.9 million)[1], a 13.5% year-over-year decrease. The decrease was mainly attributable to lower rental resulting from the closure of L&O hotels.
Operating costs of the restaurant business in the third quarter of 2025 were RMB43.0 million (US$6.0 million)[1], a 19.4% year-over-year decrease, due to the closure of L&O stores.
For the first nine months of 2025, operating costs were RMB555.8 million (US$78.1 million)[1], a 10.4% year-over-year decrease.
Selling and marketing expenses were RMB13.4 million (US$1.9 million)[1], a 14.4% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB11.3 million (US$1.6 million)[1], a 12.3% year-over-year decrease. The decrease was mainly due to lower staff related costs.
Selling and marketing expenses of the restaurant business were RMB2.1 million (US$0.3 million)[1], a 26.0% year-over-year decrease, mainly attributable to lower travelling expenses and lower sales-channel commissions.
For the first nine months of 2025, selling and marketing expenses were RMB41.0 million (US$5.8 million)[1], a 18.0% year-over-year decrease.
General and administrative, or G&A expenses were RMB24.2 million (US$3.4 million)[1], a 38.5% year-over-year decrease.
G&A expenses of the hotel business were RMB22.0 million (US$3.1 million)[1], a 31.9% year-over-year decrease. The decrease was mainly attributable to lower bad debt provisions for long-aged account receivables, lower staff related expenses, and lower consulting fees.
G&A expenses of the restaurant business were RMB2.2 million (US$0.3 million)[1], a 69.0% year-over-year decrease, mainly due to lower staff related expenses, lower office expenses, and a decrease in depreciation and amortization and bad debt provisions for long-aged account receivables.
General and administrative expenses for the first nine months of 2025 were RMB105.9 million (US$14.9 million)[1], a 25.7% year-over-year decrease.
Other general expenseswere RMB19.5 million (US$2.7 million)[1], entirely attributable to provisions for loan receivables related to franchisee loans.
Other general expenses for the first nine months of 2025 were RMB31.1 million (US$4.4 million)[1], up from RMB11.8 million one year ago.
Gross profit was RMB126.5 million (US$17.8 million)[1], a year-over-year decrease of 15.0%. Gross margin was 41.7%, the same as the third quarter of 2024. Gross profit of the hotel business was RMB120.1 million (US$16.9 million)[1], an 8.7% year-over-year decrease. Gross profit of the restaurant business was RMB6.4 million (US$0.9 million)[1], a 63.1% year-over-year decrease.
Income from operations in the third quarter of 2025 was RMB70.1 million (US$9.8 million)[1], compared to income from operations of RMB106.4 million in the third quarter of 2024, with a margin of 23.1%. The lower profitability was due to the exemption of fees from franchisees, the loss from disposal of L&O hotels, and bad debt provisions. Excluding these, the adjusted income from operations decreased 1.9% year over year, and the margin for the third quarter of 2025 was 34.6%, up from 31.5% one year ago, thanks to lower operating costs and expenses.
Income from operations of the hotel business was RMB69.1 million (US$9.7 million)[1], compared to income from operations of RMB99.5 million in the third quarter of 2024, with a margin of 27.2%. Excluding the impact of the above-mentioned items on hotels, adjusted income from operations of the hotel business increased 3.6% year over year, and the margin for the third quarter of 2025 was 40.5%, up from 36.8% one year ago, due to lower operating costs and expenses.
Income from operations of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], compared to income from operations of RMB6.9 million in the third quarter of 2024, with a margin of 1.9%.
Income from operations for the first nine months of 2025 was RMB155.5 million (US$21.8 million)[1] compared to income from operations of RMB263.1 million in 2024, with a margin of 17.6%.
Net income in the third quarter of 2025 was RMB60.3 million (US$8.5 million)[1], compared to a net income of RMB65.2 million in the third quarter of 2024, and net margin was 19.9%. The decrease was mainly due to the decline in income from operations, which were negatively impacted by the above-mentioned items, and foreign exchange losses. Excluding these one-time or non-operation impacts, adjusted net income was RMB90.5 million, an increase of 5.7%, with a margin of 28.4%.
Net income of the hotel business was RMB59.5 million (US$8.4 million)[1], up from net income of RMB58.6 million in the third quarter of 2024, and net margin was 23.4%. Excluding the impact of the above-mentioned items, which were composed of impacts by exemption of fees from franchisees in 2025Q3, the disposal of L&O hotels, the bad debt provisions, as well as foreign exchange losses, the adjusted net income of hotel business was RMB89.6 million, an increase of 13.4% year over year, with a margin of 33.3%.
Net income of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], compared to a net income of RMB6.6 million in the third quarter of 2024, and net margin was 1.8%.
Net income for the first nine months of 2025 was RMB253.1 million (US$35.6 million)[1], compared to a net income of RMB184.8 million in 2024, and net margin was 28.7%.
Adjusted EBITDA (non-GAAP)[2] in the third quarter of 2025 was RMB115.0 million (US$16.1 million)[1], a year-over-year decrease of 6.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP)[2] as a percentage of total revenues, was 37.9%, compared to 34.3% a year ago, primarily due to lower operating costs and disciplined expense management.
Adjusted EBITDA (non-GAAP)[2] of the hotel business in the third quarter of 2025 was RMB110.2 million (US$15.5 million)[1], a year-over-year decrease of 0.3%, with a margin of 43.3%, up from 38.5% one year ago.
Adjusted EBITDA (non-GAAP)[2] of the restaurant business in the third quarter of 2025 was RMB4.8 million (US$0.7 million)[1], a year-over-year decrease of 52.5%.
Adjusted EBITDA (non-GAAP)[2] for the first nine months of 2025 was RMB258.7 million (US$36.3 million)[1], a year-over-year decrease of 17.9%.
Core net income (non-GAAP)[3] in the third quarter of 2025 was RMB78.0 million (US$11.0 million)[1], a year-over-year decrease of 16.5%. The core net margin, defined as core net income (non-GAAP)[3] as a percentage of total revenues, was 25.7%, compared to 26.2% one year ago.
Core net income (non-GAAP)[3] of the hotel business in the third quarter of 2025 was RMB77.2 million (US$10.8 million)[1], a year-over-year decrease of 11.2%, with a margin of 30.3%, the same as one year ago.
Core net income (non-GAAP)[3] of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], a year-over-year decrease of 86.7%.
Core net income (non-GAAP)[3] for the first nine months of 2025 was RMB158.0 million (US$22.2 million)[1], a year-over-year decrease of 29.6%.
Earnings per American Depositary Share, or ADS[4], (basic and diluted) were RMB0.60 (US$0.08)[1], decreased from RMB0.65 one year ago.
Earnings per American Depositary Share, or ADS[4], (basic and diluted) for the first nine months of 2025 were RMB2.53 (US$0.36)[1], decreased from RMB1.83 one year ago.
Core net income per ADS[4](basic and diluted) (non-GAAP) was RMB0.77 (US$0.11)[1], decreased from RMB0.92 a year ago.
Core net income per ADS[4] (basic and diluted) (non-GAAP) was RMB1.56 (US$0.22)[1] for the first nine months of 2025, a decrease from RMB2.21 a year ago.
Cash flow: Operating Cash inflow was RMB144.5 million (US$20.3 million)[1], as a result of income from operations. Investing cash outflow for the third quarter of 2025 was RMB167.4 million (US$23.5 million)[1], primarily due to an advance payment for the purchase of strategic assets. Financing cash outflow was nil (US$0.0 million)[1] in the third quarter.
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of September 30, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,014.6 million (US$283.0 million)[1],compared to RMB2,034.9 million as of June 30, 2025. The decrease of RMB20.3 million was mainly due to an advance payment for the purchase of strategic assets, and was offset by cash from operating activities.
Guidance
Based on our performance in the first nine months of this year and considering the impact from the closure of certain L&O hotels due to lease expirations and business strategy adjustments, we maintain our previous revenue guidance for the hotel business to be in the range of -10% to -13% year-over-year.
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 September 30, 2025, GreenTree had a total number of 4,533 hotels and 185 restaurants. In 2024, HOTELS magazine ranked GreenTree 13th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2024 according to the China Hospitality Association.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, and efficient system, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit
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
September 30
September 30
2,024
2,025
2,025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
1,490,235,562
1,638,695,772
230,186,230
Restricted cash
16,096,476
14,733,054
2,069,540
Short-term investments
10,475
25,747
3,617
Accounts receivable, net of allowance
99,688,034
105,663,744
14,842,498
Amounts due from related parties
21,839,929
21,184,099
2,975,713
Inventories
6,881,470
6,774,539
951,614
Other current assets
114,898,590
107,569,096
15,110,140
Loans receivable, net
85,463,467
46,212,004
6,491,362
Total current assets
1,835,114,003
1,940,858,055
272,630,714
Non-current assets:
Amounts due from a related party
110,000,000
110,000,000
15,451,608
Restricted cash
18,869,900
18,869,900
2,650,639
Long-term time deposits
285,570,000
285,570,000
40,113,780
Loans receivable, net
15,372,238
13,842,756
1,944,480
Property and equipment, net
649,528,210
622,995,148
87,511,609
Intangible assets, net
75,677,551
73,999,664
10,394,671
Goodwill
96,074,468
96,074,468
13,495,500
Long-term investments
184,024,217
208,539,976
29,293,437
Operating lease right-of-use assets
1,328,582,419
1,297,598,192
182,272,537
Other assets
102,545,847
273,179,697
38,373,325
Deferred tax assets
245,760,095
241,431,976
33,913,749
TOTAL ASSETS
4,947,118,948
5,182,959,832
728,046,049
LIABILITIES AND EQUITY
Current liabilities:
Long-term bank loans, current portion
400,000
400,000
56,188
Accounts payable
56,488,405
49,486,457
6,951,321
Advance from customers
25,684,437
27,019,373
3,795,389
Amounts due to related parties
17,462,176
18,341,649
2,576,436
Salary and welfare payable
78,234,582
74,551,051
10,472,124
Deferred revenue
175,046,178
170,182,790
23,905,435
Accrued expenses and other current liabilities
481,910,291
535,728,663
75,253,359
Income tax payable
88,876,497
91,412,799
12,840,680
Operating lease liabilities, current
241,363,244
217,018,055
30,484,345
Total current liabilities
1,165,465,810
1,184,140,837
166,335,277
Long-term bank loans
256,200,000
256,000,000
35,960,107
Deferred revenue
176,353,919
147,187,989
20,675,374
Other long-term liabilities
120,975,955
123,126,896
17,295,533
Operating lease liabilities, non-current
1,215,776,075
1,228,789,575
172,607,048
Deferred tax liabilities
79,670,908
69,755,914
9,798,555
Unrecognized tax benefits
440,072,214
441,868,751
62,068,935
TOTAL LIABILITIES
3,454,514,881
3,450,869,962
484,740,829
Shareholders' equity:
Class A ordinary shares
222,587,070
222,587,070
31,266,620
Class B ordinary shares
115,534,210
115,534,210
16,228,994
Treasury Stock
-37,043,116
-48,049,536
-6,749,478
Additional paid-in capital
1,609,972,272
1,609,972,272
226,151,464
Retained earnings (Accumulated losses)
-458,337,569
-202,062,349
-28,383,530
Accumulated other comprehensive income
6,033,263
3,426,086
481,259
Total GreenTree Hospitality Group Ltd.
shareholders' equity
1,458,746,130
1,701,407,753
238,995,329
Non-controlling interests
33,857,937
30,682,117
4,309,891
Total shareholders' equity
1,492,604,067
1,732,089,870
243,305,220
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
4,947,118,948
5,182,959,832
728,046,049
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated revenues
159,276,402
142,079,245
19,957,753
477,344,850
395,689,811
55,582,218
Franchised-and-managed revenues
169,686,060
140,415,723
19,724,080
482,426,095
429,345,390
60,309,789
Wholesales and others
28,018,988
21,110,468
2,965,370
79,149,589
57,656,720
8,098,991
Total revenues
356,981,450
303,605,436
42,647,203
1,038,920,534
882,691,921
123,990,998
Operating costs and expenses
Operating costs
-208,168,798
-177,107,745
-24,878,178
-611,613,834
-555,845,033
-78,079,089
Selling and marketing expenses
-15,712,711
-13,448,049
-1,889,036
-49,962,028
-40,977,483
-5,756,073
General and administrative expenses
-39,332,528
-24,181,919
-3,396,814
-151,508,405
-105,949,403
-14,882,624
Other operating expenses
-2,017,978
-6,811,056
-956,743
-4,438,171
-11,543,592
-1,621,519
Other general expenses
-19,483,576
-2,736,842
-11,756,531
-31,094,887
-4,367,873
Total operating costs and expenses
-265,232,015
-241,032,345
-33,857,613
-829,278,969
-745,410,398
-104,707,178
Other operating income
14,654,068
7,498,608
1,053,323
53,422,304
18,260,956
2,565,101
Income from operations
106,403,503
70,071,699
9,842,913
263,063,869
155,542,479
21,848,921
Interest income and other, net
7,488,034
9,850,340
1,383,669
27,438,533
28,413,766
3,991,258
Interest expense
-116,161
-1,730,823
-243,127
-4,485,219
-5,548,738
-779,427
Gains (losses) from investment in equity securities
10,015,229
4,643,770
652,307
-5,409,426
29,444,565
4,136,054
Other income, net
-34,653,121
-6,293,033
-883,977
-17,862,097
91,036,418
12,787,810
Income before income taxes
89,137,484
76,541,953
10,751,785
262,745,660
298,888,490
41,984,616
Income tax expense
-24,330,641
-18,950,376
-2,661,944
-77,512,335
-49,134,106
-6,901,827
Income (loss) before share of gains in equity
investees
64,806,843
57,591,577
8,089,841
185,233,325
249,754,384
35,082,789
Share of loss/(income) in equity investees, net of tax
405,064
2,741,144
385,046
-464,693
3,345,017
469,872
Net income(loss)
65,211,907
60,332,721
8,474,887
184,768,632
253,099,401
35,552,661
Net loss/(income) attributable to non-controlling interests
288,968
480,612
67,511
1,319,147
3,175,820
446,105
Net income attributable to ordinary shareholders
65,500,875
60,813,333
8,542,398
186,087,779
256,275,221
35,998,766
Net earnings per share
Class A ordinary share-basic and diluted
0.65
0.6
0.08
1.83
2.53
0.36
Class B ordinary share-basic and diluted
0.65
0.6
0.08
1.83
2.53
0.36
Net earnings per ADS[4]
Class A ordinary share-basic and diluted
0.65
0.6
0.08
1.83
2.53
0.36
Class B ordinary share-basic and diluted
0.65
0.6
0.08
1.83
2.53
0.36
Weighted average shares outstanding
Class A ordinary share-basic and diluted
66,778,809
66,134,836
66,134,836
66,780,008
66,467,723
66,467,723
Class B ordinary share-basic and diluted
34,762,909
34,762,909
34,762,909
34,762,909
34,762,909
34,762,909
Other comprehensive income, net of tax
Foreign currency translation adjustments
6,463,594
-12,270,580
-1,723,638
-1,642,157
-2,607,177
-366,228
Comprehensive income, net of tax
71,675,501
48,062,141
6,751,249
183,126,475
250,492,224
35,186,433
Comprehensive loss/(income) attributable to non-controlling
interests
288,968
480,612
67,511
1,319,147
3,175,820
446,105
Comprehensive income (loss) attributable to
ordinary shareholders
71,964,469
48,542,753
6,818,760
184,445,622
253,668,044
35,632,538
GreenTree Hospitality Group Ltd.
Unaudited Hotel Business Results
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated revenues
118,159,125
115,597,165
16,237,837
346,552,738
310,356,692
43,595,546
Franchised-and-managed revenues
167,928,127
138,566,905
19,464,378
476,898,409
424,320,098
59,603,891
Others
796,488
311,831
43,803
2,881,694
1,790,129
251,458
Total revenues
286,883,740
254,475,901
35,746,018
826,332,841
736,466,919
103,450,895
Operating costs and expenses
Hotel operating costs
-155,278,796
-134,346,844
-18,871,589
-450,888,078
-429,606,985
-60,346,535
Selling and marketing expenses
-12,899,411
-11,314,233
-1,589,301
-41,576,925
-34,279,177
-4,815,168
General and administrative expenses
-32,309,079
-22,001,373
-3,090,514
-119,706,277
-93,293,494
-13,104,859
Other operating expenses
-1,363,201
-5,652,433
-793,993
-2,301,445
-9,942,672
-1,396,639
Other general expenses
-19,483,576
-2,736,842
-11,756,531
-31,094,887
-4,367,873
Total operating costs and expenses
-201,850,487
-192,798,459
-27,082,239
-626,229,256
-598,217,215
-84,031,074
Other operating income
14,496,942
7,458,115
1,047,635
51,347,340
17,849,784
2,507,344
Income from operations
99,530,195
69,135,557
9,711,414
251,450,925
156,099,488
21,927,165
Interest income and other, net
7,467,287
9,815,879
1,378,828
27,376,005
28,318,804
3,977,919
Interest expense
-115,851
-1,706,980
-239,778
-4,484,909
-5,476,179
-769,234
Gains (losses) from investment in equity securities
10,015,229
4,643,770
652,306
-769,747
29,444,565
4,136,053
Other income, net
-34,647,093
-6,292,964
-883,967
-17,938,054
91,059,849
12,791,101
Income before income taxes
82,249,767
75,595,262
10,618,803
255,634,220
299,446,527
42,063,004
Income tax expense
-24,053,937
-18,884,574
-2,652,700
-76,155,862
-48,735,389
-6,845,819
Income (loss) before share of gains in equity
investees
58,195,830
56,710,688
7,966,103
179,478,358
250,711,138
35,217,185
Share of loss/(income) in equity investees, net of tax
405,064
2,741,144
385,046
-464,693
3,345,017
469,872
Net income(loss)
58,600,894
59,451,832
8,351,149
179,013,665
254,056,155
35,687,057
GreenTree Hospitality Group Ltd.
Unaudited Restaurant Business Results
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated revenues
41,117,277
26,516,648
3,724,772
130,792,112
85,575,101
12,020,663
Franchised-and-managed revenues
1,757,933
1,848,818
259,702
5,527,686
5,025,292
705,898
Wholesales and others
27,766,790
21,018,623
2,952,468
77,272,388
56,530,382
7,940,776
Total revenues
70,642,000
49,384,089
6,936,942
213,592,186
147,130,775
20,667,337
Operating costs and expenses
Restaurant operating costs
-53,365,650
-43,015,455
-6,042,346
-170,642,273
-127,143,822
-17,859,787
Selling and marketing expenses
-2,881,942
-2,133,816
-299,735
-8,473,078
-6,698,306
-940,905
General and administrative expenses
-7,023,449
-2,180,546
-306,299
-22,802,128
-12,655,909
-1,777,765
Other operating expenses
-654,777
-1,158,623
-162,751
-2,136,726
-1,600,920
-224,880
Total operating costs and expenses
-63,925,818
-48,488,440
-6,811,131
-204,054,205
-148,098,957
-20,803,337
Other operating income
157,126
40,493
5,688
2,074,964
411,172
57,757
Income from operations
6,873,308
936,142
131,499
11,612,945
-557,010
-78,243
Interest income and other, net
20,746
34,461
4,841
62,528
94,962
13,339
Interest expense
-310
-23,843
-3,349
-310
-72,559
-10,192
Other income, net
-6,028
-69
-10
-33,122
-23,431
-3,291
Income before income taxes
6,887,716
946,691
132,981
11,642,041
-558,038
-78,387
Income tax expense
-276,704
-65,802
-9,243
-1,356,473
-398,717
-56,007
Income (loss) before share of gains in equity
investees
6,611,012
880,889
123,738
10,285,568
-956,755
-134,394
Share of loss/(income) in equity investees, net of tax
Net income(loss)
6,611,012
880,889
123,738
10,285,568
-956,755
-134,394
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Operating activities:
Net (loss) income
65,211,908
60,332,721
8,474,887
184,768,634
253,099,401
35,552,661
Depreciation and amortization
28,690,959
26,099,091
3,666,118
89,170,635
78,795,298
11,068,310
Gains from disposal of a long-term investment
-114,042,806
-16,019,498
Others non-cash expense(income)
-1,588,624
-2,741,144
-385,046
-5,904,430
-3,345,017
-469,872
Noncash lease expense
68,398,682
50,999,606
7,163,872
205,628,129
180,173,228
25,308,783
Loss from disposal of a subsidiary
-4,925,221
775,483
108,931
-5,764,903
775,483
108,931
Bad debt expenses
12,615,651
19,733,285
2,771,918
34,383,723
45,225,022
6,352,721
(Gains) losses and impairment on equity securities held
-10,015,229
-4,643,770
-652,307
5,409,426
-29,444,565
-4,136,054
Loss (gains) on disposal of property, plant and equipment
332,997
276,296
38,811
-24,783,238
467,060
65,608
Foreign exchange (gains)losses
7,449,403
4,237,778
595,277
-1,314,548
10,127,472
1,422,598
Accounts receivable
-5,363,153
5,854,925
822,436
-13,092,304
-20,377,565
-2,862,420
Inventories
223,113
494,549
69,469
15,112,676
106,931
15,021
Amounts due from related parties
2,188,419
139,368
19,577
2,488,246
572,990
80,487
Other current assets
-6,330,209
33,546,181
4,712,204
-1,245,258
8,866,126
1,245,417
Other assets
-2,775,493
-192,983
-27,108
-1,474,535
-9,548,953
-1,341,333
Accounts payable
-7,758,061
-1,610,758
-226,262
-20,318,304
-9,902,317
-1,390,970
Amounts due to related parties
788,969
2,624,576
368,672
-615,685
664,498
93,341
Salary and welfare payable
-10,164,582
-4,090,971
-574,655
-11,588,641
-3,693,966
-518,888
Deferred revenue
17,893,291
-8,940,240
-1,255,828
-13,809,645
-34,029,318
-4,780,070
Advance from customers
-706,088
-61,982
-8,707
-1,123,375
1,425,038
200,174
Accrued expenses and other current liabilities
35,754,773
7,204,618
1,012,027
32,469,157
53,524,791
7,518,583
Income tax payable
20,169,690
6,014,530
844,856
11,908,367
2,515,010
353,281
Unrecognized tax benefits
-4,844,361
-3,365,434
-472,740
-11,040,451
1,796,537
252,358
Operating lease liabilities
-80,036,795
-62,408,812
-8,766,514
-189,805,890
-160,177,582
-22,500,012
Other long-term liabilities
6,321,131
3,623,270
508,958
-1,998,698
2,150,941
302,141
Deferred taxes
7,711,357
10,604,620
1,489,622
21,677,657
-6,405,741
-899,809
Net cash provided by operating activities
139,242,527
144,504,803
20,298,468
299,136,745
249,317,996
35,021,489
Investing activities:
Purchases of property, plant and equipment
-8,771,704
-29,290,174
-4,114,366
-28,965,630
-48,647,716
-6,833,504
Proceeds from disposal of property, plant and equipment
451,660
4,114
578
140,184,760
241,448
33,916
Payment for acquisition of minority equity
966,000
Purchases of a long-term investment
-6,800,000
-6,800,000
Proceeds from disposal of a long-term investment
109,036,386
15,316,250
Advances for purchases of property and equipment
-135,480,304
-19,030,805
-160,515,267
-22,547,446
Purchases of short-term investments
7,875
1,106
-15,272
-2,145
Proceeds from short-term investments
419,362,037
Purchase of long-term time deposits
-222,230,000
Proceeds from disposal of subsidiaries
1,307,500
2,807,500
Loan to related parties
360,000
50,569
-270,000
-265,000
-37,224
Repayment from related parties
118,982
16,713
Loan to third parties
-1,200,000
Repayment of loan from third parties
304,111
5,900,000
Loan to fanchisees
-4,050,000
-7,121,960
-1,000,416
-5,650,000
-9,131,960
-1,282,759
Repayment from franchisees
16,489,580
4,133,925
580,689
67,466,801
18,818,018
2,643,351
Net cash (used in) provided by investing activities
-102,853
-167,386,524
-23,512,645
370,605,468
-90,360,381
-12,692,848
Financing activities:
Distribution to the shareholders
-760,321
Repurchase of ordinary shares
-300,122
-300,122
Repayment of short-term loans
-117,000,000
-200,000
-28,094
Proceeds from bank loans
200,000,000
Capital contribution from non-controlling interest holders
-966,000
-966,000
Net cash provided by (used in) financing activities
-1,266,122
80,973,557
-200,000
-28,094
Effect of exchange rate changes on cash and cash equivalents and restricted cash
142,061
-1,701,849
-239,057
-2,657,865
-11,660,827
-1,637,984
Net (decrease) increase in cash and cash equivalents
138,015,613
-24,583,570
-3,453,234
748,057,905
147,096,788
20,662,563
Cash and cash equivalents at the beginning of the period
1,401,643,004
1,696,882,296
238,359,643
791,600,712
1,525,201,938
214,243,846
Cash and cash equivalents at the end of the period
1,539,658,617
1,672,298,726
234,906,409
1,539,658,617
1,672,298,726
234,906,409
GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Net income
65,211,908
60,332,721
8,474,887
184,768,634
253,099,401
35,552,661
Deduct:
Other operating income
14,654,068
7,498,608
1,053,323
53,422,304
18,260,956
2,565,101
Interest income and other, net
7,488,034
9,850,340
1,383,669
27,438,533
28,413,766
3,991,258
Gains from investment in equity securities
10,015,229
4,643,770
652,307
29,444,565
4,136,054
Share of gain in equity investees, net of tax
405,064
2,741,144
385,046
3,345,017
469,872
Other income, net
91,036,418
12,787,810
Add:
Other operating expenses
2,017,978
6,811,056
956,743
4,438,171
11,543,592
1,621,519
Other general expenses
19,483,576
2,736,842
11,756,531
31,094,887
4,367,873
Income tax expenses
24,330,641
18,950,376
2,661,944
77,512,335
49,134,106
6,901,827
Share of loss in equity investees, net of tax
464,693
Interest expenses
116,161
1,730,823
243,127
4,485,219
5,548,738
779,427
Depreciation and amortization
28,690,959
26,099,091
3,666,118
89,170,635
78,795,298
11,068,310
Losses from investment in equity securities
5,409,426
Other expense, net
34,653,121
6,293,033
883,977
17,862,097
Adjusted EBITDA (Non-GAAP)[2]
122,458,373
114,966,814
16,149,293
315,006,904
258,715,300
36,341,522
Quarter Ended
Nine Month Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
US$
RMB
RMB
US$
Net income
65,211,908
60,332,721
8,474,887
184,768,634
253,099,401
35,552,661
Deduct:
Government subsidies (net of 25% tax)
4,374,750
3,857,357
541,840
4,844,636
9,304,998
1,307,065
Gains from investment in equity securities (net of
25% tax)
7,511,422
4,643,770
652,307
29,444,565
4,136,054
Other income (net of 25% tax)
96,788,015
13,595,732
Add:
Share-based compensation
15,662
46,986
Losses from investments in equity securities (net of
25% tax)
4,057,070
Other expense (net of 25% tax)
25,989,841
4,719,775
662,983
13,396,573
One-time fees and expenses
658,981
1,713,989
Other general expenses
19,483,576
2,736,842
11,756,531
31,094,887
4,367,873
Income tax expenses related to dividend distribution
13,496,240
2,000,000
280,938
13,496,240
9,299,300
1,306,265
Core net income (Non-GAAP)[3]
93,486,460
78,034,945
10,961,503
224,391,387
157,956,010
22,187,948
Core net income per ADS[4] (Non-GAAP)
Class A ordinary share-basic and diluted
0.92
0.77
0.11
2.21
1.56
0.22
Class B ordinary share-basic and diluted
0.92
0.77
0.11
2.21
1.56
0.22
Hotel Operational Data
September 30,
2024
September 30,
2025
Total hotels in operation:
4,336
4,533
Leased and owned hotels
56
52
Franchised hotels
4,280
4,481
Total hotel rooms in operation
316,461
323,510
Leased and owned hotels
6,367
6,155
Franchised hotels
310,094
317,355
Number of cities
351
356
Quarter Ended
September 30,
2024
September 30,
2025
Occupancy rate (as a percentage)
Leased-and-operated hotels
75.90 %
70.90 %
Franchised hotels
74.60 %
71.40 %
Blended
74.60 %
71.30 %
Average daily rate (in RMB)
Leased-and-operated hotels
258
254
Franchised hotels
179
171
Blended
181
173
RevPAR (in RMB)
Leased-and-operated hotels
196
180
Franchised hotels
133
122
Blended
135
124
Number of Hotels in Operation
Number of Hotel Rooms in Operation
September 30,
2024
September 30,
2025
September 30,
2024
September 30,
2025
Mid-to-up-scale
527
572
49,763
53,108
GreenTree Eastern
234
237
25,245
25,143
Deepsleep Hotel
7
8
534
610
Gem
91
122
8,178
11,162
Gya
73
72
6,071
6,010
Vx
104
107
9,109
8,944
Others
18
26
626
1,239
Mid-scale
2,965
3,016
230,580
227,049
GreenTree Inn
2,336
2,391
184,086
186,236
GT Alliance
498
495
37,366
31,819
GreenTree Apartment
23
24
1,495
1,545
Vatica
108
106
7,633
7,449
Economy hotels
844
945
36,118
43,353
Shell
844
945
36,118
43,353
Total
4,336
4,533
316,461
323,510
Restaurant Operational Data
September 30, 2024
September 30, 2025
Total restaurants in operation:
182
185
Leased and owned restaurants
22
14
Franchised restaurants
160
171
Number of cities
53
53
Da Niang Dumplings
159
167
Bellagio
23
18
Quarter Ended
2024 Q3
2025 Q3
ADT
Leased-and-operated restaurants
188
223
Franchised restaurants
89
89
Blended
106
100
AC (in RMB)
Leased-and-operated restaurants
100
79
Franchised restaurants
33
30
Blended
46
37
ADS (in RMB)
Leased-and-operated restaurants
18,860
17,556
Franchised restaurants
2,950
2,628
Blended
4,891
3,714
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail:
Ms. Hannah Zhang
Phone: +86-182-2560-8592
E-mail:
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail:
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail:
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: