GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

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,
2024

RMB

Hotel

Restaurant

Elimination

Total

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

Quarter Ended

December 31,
2025

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

85,005,220

21,237,340

–

106,242,560

15,192,484

Franchised-and-managed
revenues

104,151,920

954,557

–

105,106,477

15,030,026

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,
2024

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

437,521,898

159,326,153

-207,411

596,640,640

Franchised-and-managed
revenues

625,072,856

10,287,457

–

635,360,313

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
31, 2025

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

381,361,912

106,812,441

(241,982)

487,932,371

69,773,401

Franchised-and-managed
revenues

528,472,018

5,979,850

–

534,451,868

76,425,601

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

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
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

Quarter Ended

December
31, 2025

RMB

US$

Hotel

Restaurant

Elimination

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
intangible asset

–

17,331,000

–

17,331,000

2,478,300

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,
2024

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
asset

–

39,072,000

–

39,072,000

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
31, 2025

RMB

US$

Hotel

Restaurant

Elimination

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
intangible asset

–

17,331,000

–

17,331,000

2,478,300

Other general expenses

82,874,509

–

82,874,509

11,850,897

Total operating costs and
expenses

843,889,761

275,423,055

(1,243,984)

1,118,068,832

159,881,717

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

2024

2025

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
allowance

99,688,034

81,335,494

11,630,821

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

15,729,791

Restricted cash

18,869,900

2,698,360

Long-term time deposits

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
portion

400,000

56,800,000

8,122,292

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
liabilities

481,910,291

539,836,968

77,195,660

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

31,829,528

Class B ordinary shares

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
losses)

(458,337,571)

(291,545,545)

(41,690,458)

Accumulated other comprehensive
income

6,033,263

11,093,099

1,586,292

Total GreenTree Hospitality Group
Ltd. shareholders’ equity

1,458,746,128

1,576,563,848

225,445,632

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
SHAREHOLDERS’ EQUITY

4,947,118,949

4,786,220,704

684,420,458

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

Year Ended

December
31, 2024

December
31, 2025

December
31, 2024

December
31, 2025

RMB

US$

RMB

US$

Revenues

Leased-and-operated
revenues

119,295,789

106,242,560

15,192,484

596,640,640

487,932,371

69,773,401

Franchised-and-managed
revenues

152,934,218

105,106,477

15,030,026

635,360,313

534,451,868

76,425,601

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
expenses

(17,623,031)

(13,807,086)

(1,974,387)

(67,585,059)

(54,784,569)

(7,834,089)

General and
administrative expenses

(43,042,689)

(24,512,443)

(3,505,233)

(182,551,094)

(130,461,846)

(18,655,796)

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)

Impairment of
indefinite-lived intangible
asset

(39,072,000)

(17,331,000)

(2,478,300)

(39,072,000)

(17,331,000)

(2,478,300)

Other general expenses

(30,012,799)

(31,779,622)

(4,544,424)

(41,769,330)

(82,874,509)

(11,850,897)

Total operating costs
and expenses

(412,384,291)

(352,658,434)

(50,429,485)

(1,241,663,260)

(1,118,068,832)

(159,881,717)

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
other, net

12,633,535

9,393,209

1,343,211

40,072,068

37,806,975

5,406,326

Interest expense

(1,824,933)

(2,095,890)

(299,708)

(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)

(14,953,679)

5,000,000

714,990

Other income, net

34,336,161

22,218,586

3,177,215

16,474,064

113,255,005

16,195,250

Income before income
taxes

(59,365,301)

(59,814,853)

(8,553,410)

197,206,797

205,073,637

29,325,140

Income tax expense

(12,758,025)

3,254,084

465,328

(88,726,969)

(45,880,022)

(6,560,756)

Income (loss) before
share of gains in equity
investees

(72,123,326)

(56,560,769)

(8,088,082)

108,479,828

159,193,615

22,764,384

Share of loss/(income) in
equity investees, net of
tax

(700,781)

818,603

117,058

(1,165,474)

4,163,620

595,390

Net income(loss)

(72,824,107)

(55,742,166)

(7,971,024)

107,314,354

163,357,235

23,359,774

Net loss/(income)
attributable to
non-controlling interests

1,368,731

258,970

37,032

2,687,878

3,434,790

491,168

Net income attributable
to ordinary
shareholders

(71,455,377)

(55,483,196)

(7,933,992)

110,002,232

166,792,025

23,850,942

Net earnings per share

Class A ordinary
share-basic and diluted

(0.70)

(0.55)

(0.08)

1.08

1.65

0.24

Class B ordinary
share-basic and diluted

(0.70)

(0.55)

(0.08)

1.08

1.65

0.24

Net earnings per ADS

Class A ordinary
share-basic and diluted

(0.70)

(0.55)

(0.08)

1.08

1.65

0.24

Class B ordinary
share-basic and diluted

(0.70)

(0.55)

(0.08)

1.08

1.65

0.24

Weighted average
shares outstanding

Class A ordinary
share-basic and diluted

66,765,032

66,134,813

66,776,243

66,366,641

Class B ordinary
share-basic and diluted

34,762,909

Other comprehensive
income, net of tax

Foreign currency
translation adjustments

(20,725,862)

7,667,013

1,096,369

(22,368,019)

5,059,836

723,547

Comprehensive
income, net of tax

(93,549,969)

(48,075,153)

(6,874,655)

84,946,335

168,417,071

24,083,321

Comprehensive
loss/(income) attributable
to non-controlling
interests

1,368,731

258,970

37,032

2,687,878

3,434,790

491,168

Comprehensive income
(loss) attributable to
ordinary shareholders

(92,181,238)

(47,816,183)

(6,837,623)

87,634,213

171,851,861

24,574,489

GreenTree Hospitality Group Ltd.

Unaudited Condensed Hotel Statements of Comprehensive Income

Quarter Ended

Year Ended

December 31, 2024

December 31, 2025

December 31, 2024

December 31, 2025

RMB

US$

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, 2024

December 31, 2025

RMB

US$

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

December 31,
2024

December 31, 2024

Hotel

Restaurant

Elimination

Total

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)

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

December 31, 2025

Hotel

Restaurant

Elimination

Total

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, 2024

December 31, 2025

RMB

US$

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)

(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
31, 2024

December
31, 2025

December
31, 2024

December
31, 2025

RMB

US$

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
31, 2024

December
31, 2025

December
31, 2024

December
31, 2025

RMB

US$

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,
2024

December 31,
2025

Total hotels in operation:

4,425

4,580

Leased and owned hotels

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 Operation

Number of Hotel Rooms in
Operation

December
31, 2024

December
31, 2025

December
31, 2024

December
31, 2025

Mid-to-up-scale

553

585

51,649

54,980

GreenTree Eastern

239

245

25,683

26,761

Deepsleep Hotel

610

710

Gem

105

118

9,386

10,746

Gya

6,155

6,360

105

110

9,093

9,127

others

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

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,
2024

December 31,
2025

Total restaurants in operation:

182

191

Leased and owned restaurants

Franchised restaurants

164

176

Number of cities

Da Niang Dumplings

161

172

Bellagio

Total restaurants in operation:

182

191

Quarter Ended

2024 Q4

2025 Q4

ADT

Leased-and-owned restaurants

186

199

Franchised restaurants

Blended

AC (in RMB)

Leased-and-owned restaurants

Franchised restaurants

Blended

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

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Leave a Reply Cancel reply