GreenTree Hospitality Group Ltd. Reports Second Quarter of 2024 Financial Results

  • Total revenues decreased by 20.5% year over year to RMB 329.7million (US$45.4 million)[1].
  • Income from operations was RMB84.4 million (US$11.6 million)[1] compared to RMB98.6 million for the second quarter of 2023.
  • Net income was RMB62.3 million (US$8.6 million)[1] compared to RMB101.9 million for the second quarter of 2023.
  • Adjusted EBITDA (non-GAAP)[2] decreased 34.5% year over year to RMB83.1 million (US$11.4 million)[1].
  • Core net income (non-GAAP)[3] increased 2.4% year over year to RMB70.2million (US$9.7 million)[1]

SHANGHAI, Aug. 15, 2024 /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 second quarter of 2024. 

[1].The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.2672 on March 31, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/.

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

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

Second Quarter of 2024 Operational Highlights

Hotels 

  • A total of 4,272 hotels with 312,734 hotel rooms were in operation as of June 30, 2024.
  • The Company opened 44 hotels and had a pipeline of 1,022 hotels contracted for or under development as of June 30, 2024. 
  • The average daily room rate was RMB173, a decrease of 4.3% from RMB181 in the second quarter of 2023.
  • The occupancy rate was 72.5%, down from 77.8% in the second quarter of 2023.
  • Revenue per available room, or RevPAR, was RMB125, a 10.8% year-over-year decrease. 

Restaurants

  • A total of 183 restaurants were in operation as of June 30, 2024.
  • The AC (average check) was RMB53, a 6.0% year-over-year decrease.
  • The ADT (average daily tickets) was 90, down from 109 in the second quarter of 2023.
  • The ADS (average daily sales per store) was RMB4,737, a decrease of 22.1% from RMB6,082 in the second quarter of 2023.

“In the second quarter, we faced challenges as China’s economy continued to recover. We believe both consumers and businesses exercised caution in discretionary spending, which had a negative impact on our overall performance. However, we continued to upgrade a number of hotels in our portfolio in order to better respond to increasing competition. While we believe this will help our performance in the future, second quarter hotel revenues decreased 14.8% year-over-year.

We continued to execute on our strategy to return our restaurant business to profitability by moving away from leased-and-operated restaurants in supermarkets and regional shopping centers towards franchised street stores. As a result, the net income turned positive this quarter after breaking even last quarter compared to losses in both corresponding quarters a year ago. Our focus is now fully on growing the number of franchised street stores and stores with stable consumer traffic,” said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.

Second Quarter Of 2024 Financial Results


Quarter Ended


 June 30, 2023

  June 30, 2023

  June 30, 2023

  June 30, 2023


RMB

RMB

RMB

RMB


Hotel

Restaurant

Elimination

Total

Revenues





Leased-and-operated revenues

131,490,687

78,963,181

(565,963)

209,887,905

Franchised-and-managed
revenues

177,936,543

2,201,340

180,137,883

Wholesales and others

1,188,730

23,775,051

24,963,781

Total revenues

310,615,960

104,939,572

(565,963)

414,989,569


Quarter Ended


  June 30,
2024

  June 30,
2024

   June 30,
2024

   June 30,
2024

   June 30,
2024


RMB

RMB

RMB

RMB

US$


Hotel

Restaurant

Elimination

Total

Total

Revenues






Leased-and-operated
revenues

105,851,820

43,306,857

149,158,677

20,524,917

Franchised-and-managed
revenues

157,810,770

2,234,412

160,045,182

22,022,950

Wholesales and others

940,479

19,752,299

(184,981)

20,507,797

2,821,967

Total revenues

264,603,069

65,293,568

(184,981)

329,711,656

45,369,834


Six Month Ended


  June 30, 2023

  June 30, 2023

  June 30, 2023

  June 30, 2023


RMB

RMB

RMB

RMB


Hotel

Restaurant

Elimination

Total

Revenues





Leased-and-operated
revenues

213,563,927

168,340,074

(1,125,179)

380,778,822

Franchised-and-managed
revenues

347,417,000

3,165,259

350,582,259

Wholesales and others

2,225,579

60,623,330

62,848,909

Total revenues

563,206,506

232,128,663

(1,125,179)

794,209,990


Six Month Ended


  June 30,
2024

  June 30,
2024

   June 30,
2024

   June 30,
2024

   June 30,
2024


RMB

RMB

RMB

RMB

US$


Hotel

Restaurant

Elimination

Total

Total

Revenues






Leased-and-operated
revenues

228,393,613

89,674,836

318,068,449

43,767,675

Franchised-and-managed
revenues

308,970,282

3,769,753

312,740,035

43,034,461

Wholesales and others

2,085,206

49,505,598

(460,202)

51,130,602

7,035,805

Total revenues

539,449,101

142,950,187

(460,202)

681,939,086

93,837,941

Total revenues were RMB329.7 million (US$45.4 million)[1],a 20.5% year-over-year decrease.  

Hotel revenues of 2024 were RMB264.6 million (US$36.4 million)[1], a 14.8% year-over-year decrease. There were two major reasons: first, a 10.8% year-over-year decrease in Revpar ; second, the closure of 5 L&O hotels in the second quarter due to lease expiration and strategic decisions; and partially setoff by new openings. 

Restaurant revenues were of 2024 RMB65.3 million (US$9.0 million)[1], a 37.8% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores due to the closure of unprofitable L&O stores.

Total revenues for the first half of 2024 were RMB681.9 million (US$93.8 million)[1], a 14.1% year-over-year decrease.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB149.2 million (US$20.5 million)[1], a 28.9% year-over-year decrease.

Total revenues from L&O hotels were RMB105.9 million (US$14.6 million)[1], a 19.5% year-over-year decrease. The decrease was primarily attributable to a 7.3% year-over-year decrease in the second quarter RevPAR of L&O hotels, 5 L&O hotels closed and reduction of sublease revenues mainly due to the disposal of a property.

Total revenues from L&O restaurants were RMB43.3 million (US$6.0 million)[1], a 45.2% year-over-year decrease, mainly due to the closure of L&O restaurants since the third quarter of 2023 and the year-over-year decrease in ADS.

Total revenues from L&O hotels and restaurants for the first half of 2024 were RMB318.1 million (US$43.8 million)[1], a 16.5% year-over-year decrease.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB160.0 million (US$22.0 million)[1], a 11.2% year-over-year decrease.  

Total revenues from F&M hotels were RMB157.8 million (US$21.7 million)[1], a 11.3% year-over-year decrease, primary due to a 10.9% decrease in F&M hotels’ Revpar and remodeling.

Total revenues from F&M restaurants were RMB2.2 million (US$0.3 million)[1], a 1.5% year-over-year increase, as we opened more F&M stores.

Total revenues from F&M hotels and restaurants for the first half of 2024 were RMB312.7 million (US$43.0 million)[1], a 10.8% year-over-year decrease.

Total revenues from wholesale and others were RMB17.8% 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 half of 2024 were RMB51.1 million (US$7.0 million)[1], a 18.6% year-over-year decrease.

Total operating costs and expenses


Quarter Ended


 June 30, 2023

  June 30, 2023

  June 30, 2023

  June 30, 2023


RMB

RMB

RMB

RMB


Hotel

Restaurant

Elimination

Total

Operating costs and
expenses





Operating costs

150,127,380

95,088,176

(308,417)

244,907,139

Selling and marketing
expenses

13,762,606

4,446,065

18,208,671

General and administrative
expenses

44,443,478

9,675,734

54,119,212

Other operating expenses

692,344

5,649,391

6,341,735

Other general expenses

4,309,239

4,309,239

Total operating costs and
expenses

213,335,047

114,859,366

(308,417)

327,885,996


Quarter Ended


June 30, 2024

June 30, 2024

June 30, 2024

June 30, 2024

June 30, 2024


RMB

RMB

RMB

RMB

US$


Hotel

Restaurant

Elimination

Total

Total

Operating costs and
expenses






Operating costs

143,382,640

55,127,026

(184,981)

198,324,685

27,290,385

Selling and marketing
expenses

13,222,891

2,636,823

15,859,714

2,182,369

General and
administrative
expenses

54,927,567

6,606,681

61,534,248

8,467,394

Other operating
expenses

271,943

(60,032)

211,911

29,160

Other general
expenses

5,911,956

5,911,956

813,512

Total operating costs
and expenses

217,716,997

64,310,498

(184,981)

281,842,514

38,782,820


Six Month Ended


 June 30, 2023

  June 30, 2023

  June 30, 2023

  June 30, 2023


RMB

RMB

RMB

RMB


Hotel

Restaurant

Elimination

Total

Operating costs and
expenses





Operating costs

284,364,378

204,308,159

(610,088)

488,062,449

Selling and marketing
expenses

24,838,605

9,385,645

34,224,250

General and administrative
expenses

90,535,547

21,338,810

111,874,357

Other operating expenses

843,564

6,990,654

7,834,218

Other general expenses

15,973,584

15,973,584

Total operating costs and
expenses

416,555,678

242,023,268

(610,088)

657,968,858


Six Month Ended


 June 30, 2024

 June 30, 2024

 June 30, 2024

 June 30, 2024

June 30, 2024


RMB

RMB

RMB

RMB

US$


Hotel

Restaurant

Elimination

Total

Total

Operating costs and
expenses






Operating costs

289,609,282

117,276,623

(440,869)

406,445,036

55,928,698

Selling and marketing
expenses

28,677,514

5,591,136

(19,333)

34,249,317

4,712,863

General and
administrative
expenses

93,397,198

15,778,679

109,175,877

15,023,101

Other operating
expenses

938,244

1,481,949

2,420,193

333,030

Other general
expenses

11,756,531

11,756,531

1,617,753

Total operating costs
and expenses

424,378,769

140,128,387

(460,202)

564,046,954

77,615,445

Operating costs were RMB 198.3 million (US$27.3 million)[1], a 19.0% year-over-year decrease.

Operating costs of the hotel business were RMB143.4 million (US$19.7 million)[1], a 4.5% year-over-year decrease. The decrease was mainly due to the lower personnel costs, lower hotel related material consumption, and lower utilities given lower occupancy rate and the closure of L&O hotels, offset by increased rental costs and depreciation and amortization due to newly opened L&O hotels since the third quarter of 2023.

Operating costs of the restaurant business were RMB55.1million (US$7.6 million)[1], a 42.0% year-over-year decrease, due to closure of L&O stores.

For the first half of 2024, operating costs were RMB406.4 million (US$55.9 million)[1], representing a 16.7% decrease.

Selling and marketing expenses were RMB15.9 million (US$2.2 million)[1], a 12.9% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB13.2 million (US$1.8  million)[1], a 3.9% year-over-year decrease. The decrease was mainly due to lower advertising expenses.

Selling and marketing expenses of the restaurant business were RMB2.6 million (US$0.4  million)[1], a 40.7% year-over-year decrease, mainly attributable to lower sales staff related expenses.

For the first half of 2024, selling and marketing expenses were RMB34.2 million (US$4.7 million)[1], a 0.1% increase.

General and administrative, or G&A expenses were RMB61.5 million (US$8.5 million)[1], a 13.7% year-over-year increase.

G&A expenses of the hotel business were RMB54.9 million (US$7.6 million)[1], a 23.6% year-over-year increase. The increase was mainly due to an increase in bad debt provisions for long-aged account receivables.

G&A expenses of the restaurant business were RMB6.6 million (US$0.9 million)[1], a 31.7% year-over-year decrease, mainly due to lower staff related expenses.

General and administrative expenses for the first half of 2024 were RMB109.2 million (US$15.0 million)[1], a 2.4% year-over-year decrease.

Other general expenses were RMB5.9 million (US$0.8 million)[1], a 37.2% year-over-year increase. These expenses recorded provisions for loan receivables related to franchisee loans. This provision was made in consideration of the potential increase in bad debt rates for franchisees who were already overdue.

Other general expenses for the first half of 2024 were RMB11.8 million (US$1.6 million)[1], a 26.4% year-over-year decrease.

Gross profit was RMB131.4 million (US$18.1 million)[1], a year-over-year decrease of 22.8%. Gross margin was 39.8%, compared to 41.0% a year ago. The gross profit of the hotel business was RMB121.2 million (US$16.7 million)[1], a 24.5% year-over-year decrease. The gross profit of the restaurant business was RMB10.2 million (US$1.4 million)[1], a 3.2% year-over-year increase.      

Income from operations was RMB84.4 million (US$11.6 million)[1] , compared to income from operations of RMB98.6 million in the second quarter of 2023, with a margin of 25.6%.

Income from operations of the hotel business was RMB81.6 million (US$11.2 million)[1], compared to an income from operations of RMB108.5 million in the second quarter of 2023, with a margin of 30.8%.

Income from operations of the restaurant business was RMB2.9 million (US$0.4 million)[1], compared to income from operations of RMB-9.6 million in the second quarter of 2023, with a margin of 4.4%. 

Income from operations for the first half of 2024 was RMB156.7 million (US$21.6 million)[1] compared to income from operations of RMB150.9 million in 2023, with a margin of 23.0%.

Net income was RMB62.3million (US$8.6 million)[1], compared to a net income of RMB101.9  million in the second quarter of 2023, and net margin was 18.9%.

Net income of the hotel business was RMB63.1 million (US$8.7 million)[1], compared to a net income of RMB114.0 million in the second quarter of 2023, and net margin was 23.9%.

Net income of the restaurant business of 2024 was RMB3.7 million (US$0.5 million)[1], compared to a net lose of RMB11.9 million in the second quarter of 2023,and net margin was 5.6%.

Net income for the first half of 2024 was RMB 119.6million (US$16.5million)[1], compared to a net loss of RMB 134.5 million in 2023, and net margin was 17.5%.

Adjusted EBITDA (non-GAAP)[2] in the second quarter of 2024 was RMB 83.1 million (US$11.4 million)[1], a year-over-year decrease of 34.5%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP)[2] as a percentage of total revenues, was 25.2%, compared to 30.6% a year ago.

Adjusted EBITDA (non-GAAP)[2] for the first half of 2024 was RMB 192.5 million (US$26.5 million)[1], a year-over-year decrease of 12.6%.

Core net income (non-GAAP)[3] in the second quarter of 2024 was RMB 70.2 million (US$9.7 million)[1], a year-over-year increase of 2.4%. The core net margin, defined as core net income (non-GAAP)[3] as a percentage of total revenues, was 21.3%, compared to 16.5% one year ago.

Core net income (non-GAAP)[3] for the first half of 2024 was RMB 130.9 million (US$18.0 million)[1], a year-over-year increase of 10.4%.

Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.61 (US$0.36 )[1],  a decrease from RMB1.01 one year ago.

Earnings per American Depositary Share, or ADS, (basic and diluted) for the first half of 2024 were RMB1.19 (US$0.16 )[1], a decrease from RMB1.37 one year ago. 

Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.69 (US$0.10 )[1], an increase from RMB0.67 a year ago.

Core net income per ADS (basic and diluted) (non-GAAP) was RMB1.29 (US$0.18)[1] for the first half of 2024, an increase from RMB1.16 a year ago.  

Cash flow Operating cash inflow was RMB69.2 million (US$9.5 million)[1] as a result of income from operations. Investing cash inflow for the second quarter of 2024 was RMB157.6 million (US$21.7 million)[1], which was primarily attributable to the gain from the disposal of a property and also benefit from repayment of loans from franchisees. Financing cash outflow was RMB1.0 million (US$0.1 million)[1],mainly due to the repayment of bank loans.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of June 30, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,737.2million (US$239.0 million)[1],compared to RMB1,517.3 million as of March 31, 2024. The increase was mainly attributable to continued operating cash inflow, disposal of property, and repayment of loans from franchisees.

Guidance

Considering our performance during the first half of the year and the impact of closing certain L&O hotels due to lease expirations and strategic decisions, we have revised our revenue guidance for the hotel business. We now anticipate its performance in 2024 to remain flat compared to 2023.

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.

Dividend distribution

The board of directors has approved the payment of a cash dividend of US$0.10 per ordinary share, or US$0.10 per American Depositary Sahre(“ADS”) payable to holders of the Company’s ordinary shares shown on the Company’s record at the close of trading on September 30,2024(the “Record Date”).

Conference Call

GreenTree’s management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on August 15, 2024, (8:00 PM Beijing/Hong Kong Time on August 15, 2024).

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

International 

1-412-902-4272 

Mainland China

4001-201-203 

US 

1-888-346-8982 

Hong Kong 

800-905-945 or 852-3018-4992 

Singapore

800-120-6157 

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

A telephone replay of the conference call will be available after the conclusion of the live conference call until August 22, 2024.

Dial-in numbers for the replay are as follows:

International Dial-in 

1-412-317-0088

U.S. Toll Free 

1-877-344-7529

Canada Toll Free

855-669-9658

Passcode:

2914023

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

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 June 30, 2024, GreenTree had a total number of 4,272 hotels and 183 restaurants. In 2023, HOTELS magazine ranked GreenTree 11th 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 2023 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China.

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

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

Safe 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

 June 30

 June 30


2,023

2,024

2,024


 RMB

 RMB

 US$

 ASSETS




 Current assets:




 Cash and cash equivalents

765,547,547

1,374,876,965

189,189,367

 Restricted cash

6,576,906

7,450,696

1,025,250

 Short-term investments

417,711,617

33,612

4,625

 Investments in equity securities

26,076,169

20,161,988

2,774,382

 Accounts receivable, net of
allowance

123,887,879

121,134,755

16,668,697

 Amounts due from related parties

19,928,781

20,078,953

2,762,956

 Prepaid rent

 Inventories

20,462,490

6,309,470

868,212

 Other current assets

117,047,122

121,704,746

16,747,130

 Loans receivable, net

129,521,094

96,796,622

13,319,658

 Deferred tax assets

 Total current assets

1,626,759,605

1,768,547,807

243,360,277





 Non-current assets:




 Amounts due from a related party

110,000,000

110,000,000

15,136,504

 Restricted cash

19,476,259

19,315,343

2,657,880

 Long-term time deposits

63,340,000

285,700,000

39,313,628

 Loans receivable, net

70,690,305

36,685,137

5,048,043

 Property and equipment, net

814,949,026

669,043,887

92,063,503

 Intangible assets, net

117,720,693

115,281,993

15,863,330

 Goodwill

177,082,468

177,082,468

24,367,358

 Long-term investments

184,758,800

175,521,257

24,152,528

 Operating lease right-of-use
assets

1,535,330,762

1,444,254,641

198,736,052

 Other assets

104,725,600

103,294,642

14,213,815

 Deferred tax assets

241,965,360

218,658,563

30,088,419

  TOTAL ASSETS

5,066,798,878

5,123,385,738

705,001,337





 LIABILITIES AND EQUITY




 Current liabilities:




 Long-term bank loans, current
portion

200,000

400,000

55,042

 Short-term bank loans

116,800,000

 Accounts payable

73,126,677

53,525,451

7,365,347

 Advance from customers

22,393,097

21,975,810

3,023,972

 Amounts due to related parties

16,310,293

14,905,639

2,051,084

 Salary and welfare payable

86,332,096

84,908,037

11,683,735

 Deferred rent

 Deferred revenue

186,281,838

178,834,473

24,608,442

 Accrued expenses and other
current liabilities

459,832,717

466,056,353

64,131,488

 Income tax payable

112,782,712

104,521,389

14,382,622

 Dividends payable

 Operating lease liabilities, current

267,536,846

263,079,422

36,200,933

 Deferred tax liabilities

 Total current liabilities

1,341,596,276

1,188,206,574

163,502,665





 Long-term bank loans

56,800,000

256,400,000

35,281,814

 Deferred rent

 Deferred revenue

207,905,769

183,650,198

25,271,108

 Other long-term liabilities

111,711,748

111,391,913

15,328,037

 Operating lease liabilities,
non-current

1,391,909,309

1,332,750,964

183,392,636

 Deferred tax liabilities

94,716,495

85,375,998

11,748,128

 Unrecognized tax benefits

382,125,786

375,929,696

51,729,648

  TOTAL LIABILITIES

3,586,765,383

3,533,705,343

486,254,036





Shareholders’ equity:




Class A ordinary shares

222,587,070

222,587,070

30,629,000

Class B ordinary shares

115,534,210

115,534,210

15,898,036

Paid-in capital

Treasury Stock

(36,677,832)

(36,677,832)

(5,047,038)

Additional paid-in capital

1,680,713,349

1,680,178,673

231,200,280

Retained earnings (Accumulated
losses)

(568,339,799)

(447,752,894)

(61,612,849)

Accumulated other
comprehensive income

28,401,282

20,295,531

2,792,758

Total GreenTree Hospitality
Group Ltd. shareholders’ equity

1,442,218,280

1,554,164,758

213,860,187





Non-controlling interests

37,815,215

35,515,637

4,887,114

Total shareholders’ equity

1,480,033,495

1,589,680,395

218,747,301





TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY

5,066,798,878

5,123,385,738

705,001,337

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income


Quarter Ended

Six Month Ended


  June 30,
2023

 June 30,
2024

 June 30,
2024

  June 30,
2023

 June 30,
2024

 June 30,
2024


RMB

RMB

US$

RMB

RMB

US$

Revenues







Leased-and-operated
revenues

209,887,905

149,158,677

20,524,917

380,778,822

318,068,449

43,767,675

Franchised-and-
managed
revenues

180,137,883

160,045,182

22,022,950

350,582,259

312,740,035

43,034,461

Wholesales and
others

24,963,781

20,507,797

2,821,967

62,848,909

51,130,602

7,035,805

Total revenues

414,989,569

329,711,656

45,369,834

794,209,990

681,939,086

93,837,941








Operating costs
and expenses







Operating costs

(244,907,139)

(198,324,685)

(27,290,385)

(488,062,449)

(406,445,036)

(55,928,698)

Selling and
marketing
expenses

(18,208,671)

(15,859,714)

(2,182,369)

(34,224,250)

(34,249,317)

(4,712,863)

General and
administrative
expenses

(54,119,212)

(61,534,248)

(8,467,394)

(111,874,357)

(109,175,877)

(15,023,101)

Other operating
expenses

(6,341,735)

(211,911)

(29,160)

(7,834,218)

(2,420,193)

(333,030)

Other general
expenses

(4,309,239)

(5,911,956)

(813,512)

(15,973,584)

(11,756,531)

(1,617,753)

Total operating
costs and
expenses

(327,885,996)

(281,842,514)

(38,782,820)

(657,968,858)

(564,046,954)

(77,615,445)








Other operating
income

11,511,398

36,542,303

5,028,388

14,670,917

38,768,236

5,334,687

Income from
operations

98,614,971

84,411,445

11,615,402

150,912,049

156,660,368

21,557,183








Interest income
and other, net

9,750,337

11,003,960

1,514,195

17,379,351

19,950,499

2,745,280

Interest expense

(3,868,469)

(2,629,228)

(361,793)

(9,396,530)

(4,369,057)

(601,203)

Gains (losses)
from investment
in equity
securities

(263,836)

(6,172,071)

(849,305)

(4,800,398)

(15,424,655)

(2,122,503)

Other income, net

43,295,830

3,556,454

489,384

41,146,248

16,791,024

2,310,522

Income before
income taxes

147,528,833

90,170,560

12,407,883

195,240,720

173,608,179

23,889,279








Income tax
expense

(45,241,208)

(26,733,733)

(3,678,684)

(59,950,083)

(53,181,694)

(7,318,045)

Income (loss)
before share of
gains in equity
investees

102,287,625

63,436,827

8,729,199

135,290,637

120,426,485

16,571,234








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

(341,265)

(1,174,966)

(161,681)

(786,883)

(869,757)

(119,683)

Net income(loss)

101,946,360

62,261,861

8,567,518

134,503,754

119,556,728

16,451,551








Net loss/(income)
attributable to

non-controlling
interests

1,308,704

(571,587)

(78,653)

5,077,298

1,030,179

141,757

Net income
attributable to
ordinary
shareholders

103,255,064

61,690,274

8,488,865

139,581,052

120,586,907

16,593,308








Net earnings per
share







Class A ordinary
share-basic and
diluted

1.01

0.61

0.36

1.37

1.19

0.16

Class B ordinary
share-basic and
diluted

1.01

0.61

0.36

1.37

1.19

0.16








Net earnings per
ADS







Class A ordinary
share-basic and
diluted

1.01

0.61

0.36

1.37

1.19

0.16

Class B ordinary
share-basic and
diluted

1.01

0.61

0.36

1.37

1.19

0.16








Weighted
average shares
outstanding







Class A ordinary
share-basic and
diluted

67,416,046

66,780,612

9,189,318

67,416,046

66,780,612

9,189,318

Class B ordinary
share-basic and
diluted

34,762,909

34,762,909

4,783,535

34,762,909

34,762,909

4,783,535








Other
comprehensive
income, net of
tax







Foreign currency
translation
adjustments

185,533

(487,856)

(67,131)

996,107

(8,105,751)

(1,115,388)

Unrealized
gains(loss) on
available-for-sale
investments, net
of tax














Comprehensive
income, net of
tax

102,131,893

61,774,005

8,500,387

135,499,861

111,450,977

15,336,163








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

(4,843,631)

(571,587)

(78,653)

(1,075,037)

1,030,179

141,757

Comprehensive
income (loss)
attributable to
ordinary
shareholders

97,288,262

61,202,418

8,421,734

134,424,824

112,481,156

15,477,920

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results


Quarter Ended

Six Month Ended


  June 30,
2023

 June 30,
2024

 June 30,
2024

  June 30,
2023

 June 30,
2024

 June 30,
2024


RMB

RMB

US$

RMB

RMB

US$

Revenues







Leased-and-operated
revenues

131,490,687

105,851,820

14,565,695

213,563,927

228,393,613

31,428,007

Franchised-and-
managed
revenues

177,936,543

157,810,770

21,715,485

347,417,000

308,970,282

42,515,726

Others

1,188,730

940,479

129,414

2,225,579

2,085,206

286,934

Total revenues

310,615,960

264,603,069

36,410,594

563,206,506

539,449,101

74,230,667








Operating costs
and expenses







Hotel operating
costs

(150,127,380)

(143,382,640)

(19,730,108)

(284,364,378)

(289,609,282)

(39,851,563)

Selling and
marketing
expenses

(13,762,606)

(13,222,891)

(1,819,530)

(24,838,605)

(28,677,514)

(3,946,157)

General and
administrative
expenses

(44,443,478)

(54,927,567)

(7,558,285)

(90,535,547)

(93,397,198)

(12,851,882)

Other operating
expenses

(692,344)

(271,943)

(37,421)

(843,564)

(938,244)

(129,107)

Other general
expenses

(4,309,239)

(5,911,956)

(813,512)

(15,973,584)

(11,756,531)

(1,617,753)

Total operating
costs and
expenses

(213,335,047)

(217,716,997)

(29,958,856)

(416,555,678)

(424,378,769)

(58,396,462)








Other operating
income

11,183,689

34,667,783

4,770,446

13,791,785

36,850,398

5,070,784

Income from
operations

108,464,602

81,553,855

11,222,184

160,442,613

151,920,730

20,904,989








Interest income
and other, net

9,597,042

10,978,362

1,510,673

17,072,340

19,908,718

2,739,531

Interest expense

(3,167,262)

(2,628,376)

(361,677)

(7,891,952)

(4,369,058)

(601,202)

Gains (losses)
from investment
in equity
securities

(263,836)

(1,474,720)

(202,928)

(4,800,398)

(10,784,976)

(1,484,062)

Other income,
net

43,122,904

3,404,139

468,425

40,696,364

16,709,039

2,299,240

Income before
income taxes

157,753,450

91,833,260

12,636,677

205,518,967

173,384,453

23,858,496








Income tax
expense

(43,365,471)

(27,545,004)

(3,790,319)

(55,731,325)

(52,101,925)

(7,169,463)

Income (loss)
before share of
gains in equity
investees

114,387,979

64,288,256

8,846,358

149,787,642

121,282,528

16,689,033








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

(341,265)

(1,174,966)

(161,681)

(786,883)

(869,757)

(119,683)

Net
income(loss)

114,046,714

63,113,290

8,684,677

149,000,759

120,412,771

16,569,350

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results


Quarter Ended

Six Month Ended


  June 30,
2023

 June 30,
2024

 June 30,
2024

  June 30,
2023

 June 30,
2024

 June 30,
2024


RMB

RMB

US$

RMB

RMB

US$

Revenues







Leased-and-operated
revenues

78,963,181

43,306,857

5,959,222

168,340,074

89,674,836

12,339,668

Franchised-and-
managed
revenues

2,201,340

2,234,412

307,465

3,165,259

3,769,753

518,735

Wholesales and
others

23,775,051

19,752,299

2,718,007

60,623,330

49,505,598

6,812,197

Total revenues

104,939,572

65,293,568

8,984,694

232,128,663

142,950,187

19,670,600








Operating costs
and expenses







Restaurant
operating costs

(95,088,176)

(55,127,026)

(7,585,731)

(204,308,159)

(117,276,623)

(16,137,800)

Selling and
marketing
expenses

(4,446,065)

(2,636,823)

(362,839)

(9,385,645)

(5,591,136)

(769,366)

General and
administrative
expenses

(9,675,734)

(6,606,681)

(909,110)

(21,338,810)

(15,778,679)

(2,171,218)

Other operating
expenses

(5,649,391)

60,032

8,261

(6,990,654)

(1,481,949)

(203,923)

Other general
expenses

Total operating
costs and
expenses

(114,859,366)

(64,310,498)

(8,849,419)

(242,023,268)

(140,128,387)

(19,282,307)








Other operating
income

327,709

1,874,520

257,943

879,132

1,917,838

263,903

Income from
operations

(9,592,085)

2,857,590

393,218

(9,015,473)

4,739,638

652,196








Interest income
and other, net

153,295

25,599

3,522

307,011

41,782

5,750

Interest expense

(701,207)

(853)

(117)

(1,504,578)

Gains (losses)
from investment
in equity
securities

(57,672)

(7,936)

Other income, net

172,926

43,236

5,949

449,884

(27,094)

(3,728)

Income before
income taxes

(9,967,071)

2,867,900

394,636

(9,763,156)

4,754,326

654,218








Income tax
expense

(1,940,124)

811,271

111,635

(4,347,531)

(1,079,769)

(148,581)

Income (loss)
before share of
gains in equity
investees

(11,907,195)

3,679,171

506,271

(14,110,687)

3,674,557

505,637








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

Net
income(loss)

(11,907,195)

3,679,171

506,271

(14,110,687)

3,674,557

505,637

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows


Quarter Ended

Six Month Ended


  June 30,
2023

 June 30,
2024

 June 30,
2024

  June 30,
2023

 June 30,
2024

 June 30,
2024


RMB

RMB

US$

RMB

RMB

US$








Operating
activities:







Net (loss)
income

101,946,360

62,261,861

8,567,518

134,503,754

119,556,728

16,451,551








Adjustments to
reconcile net
income to net
cash provided
by operating
activities:







Depreciation
and
amortization

28,982,289

29,137,972

4,009,518

60,319,927

60,479,676

8,322,280

Impairment of
long-lived
assets

2,900,000

Share of
(income) loss
in equity
method
investments

341,265

1,174,966

161,681

786,883

869,757

119,683

Noncash lease
expense

70,769,259

72,411,404

9,964,141

134,823,091

137,229,448

18,883,400

Loss from
disposal of a
subsidiary

(839,682)

(115,544)

1,223,952

(839,682)

(115,544)

Interest income

(1,267,532)

(5,216,887)

(717,868)

(1,657,910)

(5,216,887)

(717,868)

Bad debt
expenses

6,320,196

16,294,501

2,242,198

18,679,474

21,768,072

2,995,386

(Gains) losses
and impairment
on equity
securities held

263,836

6,172,071

849,305

4,800,398

15,424,655

2,122,503

Loss (gains) on
disposal of
property, plant
and equipment

341,428

(27,468,283)

(3,779,762)

227,841

(25,116,235)

(3,456,109)

Foreign
exchange
(gains) losses

(2,075,742)

(675,522)

(92,955)

(1,088,199)

(8,763,951)

(1,205,960)

Share-based
compensation

40,228

15,662

2,155

28,592

31,324

4,310

Common
control
acquisition

Accounts
receivable

12,166,576

(9,573,578)

(1,317,368)

5,115,694

(7,729,151)

(1,063,567)

Inventories

6,481,086

2,827,794

389,117

7,450,726

14,889,563

2,048,872

Amounts due
from related
parties

2,589,713

697,431

95,970

1,628,528

299,828

41,258

Other current
assets

(27,171,354)

10,574,968

1,455,164

(34,898,036)

5,084,951

699,713

Other assets

982,532

3,957,871

544,621

5,946,767

1,300,958

179,018

Accounts
payable

(14,607,485)

(3,702,034)

(509,417)

(9,917,160)

(12,560,243)

(1,728,347)

Amounts due to
related parties

(47,036)

471,776

64,919

(1,679,391)

(1,404,655)

(193,287)

Salary and
welfare payable

1,978,299

2,882,934

396,705

6,472,864

(1,424,059)

(195,957)

Deferred
revenue

(1,377,240)

(24,826,323)

(3,416,216)

(5,859,113)

(31,702,936)

(4,362,469)

Advance from
customers

(7,260,648)

3,539,512

487,053

(3,657,822)

(417,287)

(57,421)

Accrued
expenses and
other current
liabilities

(8,464,829)

20,530,026

2,825,026

67,807,146

(3,285,616)

(452,116)

Income tax
payable

32,970,813

(16,508,534)

(2,271,650)

51,282,274

(8,261,323)

(1,136,796)

Unrecognized
tax benefits

16,935,503

(13,752,067)

(1,892,347)

31,960,399

(6,196,090)

(852,610)

Operating lease
liabilities

(68,614,626)

(67,855,157)

(9,337,180)

(124,678,168)

(109,769,095)

(15,104,730)

Other long-term
liabilities

(1,510,480)

(7,223,642)

(994,006)

(8,081,365)

(8,319,829)

(1,144,847)

Deferred taxes

(3,137,502)

13,855,962

1,906,644

(31,332,490)

13,966,300

1,921,827

Net cash
provided by
operating
activities

147,574,909

69,165,002

9,517,422

313,108,656

159,894,221

22,002,173








Investing
activities:







Purchases of
property, plant
and equipment

(37,617,117)

(9,639,401)

(1,326,426)

(71,733,234)

(20,193,926)

(2,778,777)

Purchases of
intangible
assets

(309,827)

(352,281)

Proceeds from
disposal of
property, plant
and equipment

7,723,107

138,000,000

18,989,432

14,696,681

139,733,100

19,227,914

Payment for
acquisition of
minority equity

(966,000)

(132,926)

(966,000)

(132,926)

Purchases of
short-term
investments

(51,370,000)


(51,370,000)


Proceeds from
short-term
investments

42,242,806

133,643,184

419,362,037

57,706,137

Increase of
long-term time
deposits

(222,230,000)

(30,579,866)

(222,230,000)

(30,579,866)

Purchases of
long-term
investments

222,230,000

30,579,866

Proceeds from
disposal of
equity securities

Proceeds from
disposal of a
subsidiary

18,900,000

1,500,000

206,407

37,800,000

1,500,000

206,407

Loan to related
parties

(270,000)

(37,153)

(270,000)

(37,153)

Repayment
from related
parties

Loan to third
parties

1,000,000

(1,200,000)

(165,125)

(1,200,000)

(165,125)

Repayment of
loan from third
parties

13,948,758

4,223,936

581,233

14,417,077

5,595,889

770,020

Loan to
fanchisees

(2,945,000)

(1,600,000)

(220,167)

(9,974,596)

(1,600,000)

(220,167)

Repayment
from
franchisees

34,286,988

27,516,214

3,786,357

61,121,572

50,977,221

7,014,699

Net cash (used
in) provided by
investing
activities

25,859,715

157,564,749

21,681,632

128,248,403

370,708,321

51,011,163








Financing
activities:







Distribution to
the
shareholders

(760,321)

(104,624)

(760,321)

(104,624)

Repayment of
bank loans

136,600,000

(200,000)

(27,521)

(117,000,000)

(16,099,736)

Proceeds from
bank loans

(271,400,000)

(154,400,000)

200,000,000

27,520,916

Capital
contribution
from
non-controlling
interest holders

117,000,000

117,000,000

Net cash
provided by
(used in)
financing
activities

(17,800,000)

(960,321)

(132,145)

(37,400,000)

82,239,679

11,316,556








Effect of
exchange rate
changes on
cash and cash
equivalents and
restricted cash

383,577

(149,700)

(20,600)

343,051

(2,799,929)

(385,278)








Net (decrease)
increase in
cash and cash
equivalents

156,018,201

225,619,730

31,046,309

404,300,110

610,042,292

83,944,614

Cash and cash
equivalents at
the beginning of
the period

982,911,111

1,176,023,274

161,826,188

734,629,202

791,600,712

108,927,883

Cash and cash
equivalents at
the end of
the period

1,138,929,312

1,401,643,004

192,872,497

1,138,929,312

1,401,643,004

192,872,497

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results


Quarter Ended

Six Month Ended


 June 30,
2023

 June 30,
2024

 June 30,
2024

 June 30,
2023

  June 30,
2024

  June 30,
2024


RMB

RMB

US$

RMB

RMB

US$

Net income

101,946,360

62,261,861

8,567,518

134,503,754

119,556,728

16,451,551








Deduct:







Other operating
income

11,511,398

36,542,303

5,028,388

14,670,917

38,768,236

5,334,687

Interest income and
other, net

9,750,337

11,003,960

1,514,195

17,379,351

19,950,499

2,745,280

Share of gain in
equity investees,
net of tax

Other income, net

43,295,830

3,556,454

489,384

41,146,248

16,791,024

2,310,522








Add:







Other operating
expenses

6,341,735

211,911

29,160

7,834,218

2,420,193

333,030

Other general
expenses

4,309,239

5,911,956

813,512

15,973,584

11,756,531

1,617,753

Income tax
expenses (benefits) 

45,241,208

26,733,733

3,678,684

59,950,083

53,181,694

7,318,045

Share of loss in
equity investees,
net of tax

341,265

1,174,966

161,681

786,883

869,757

119,683

Interest expenses

3,868,469

2,629,228

361,793

9,396,530

4,369,057

601,203

Depreciation and
amortization

29,239,835

29,137,972

4,009,518

60,319,927

60,479,676

8,322,280

Losses from
investment in equity
securities

263,836

6,172,071

849,305

4,800,398

15,424,655

2,122,503

Other expense, net

Adjusted EBITDA
(Non-GAAP)

126,994,382

83,130,981

11,439,204

220,368,861

192,548,532

26,495,559


Quarter Ended

Six Month Ended


 June 30,
2023

 June 30,
2024

 June 30,
2024

 June 30,
2023

 June 30,
2024

 June 30,
2024


RMB

RMB

US$

RMB

RMB

US$

Net income

101,946,360

62,261,861

8,567,518

134,503,754

119,556,728

16,451,551








Deduct:







Government
subsidies (net of
25% tax)

6,275,245

210,000

28,897

6,671,305

469,886

64,658

Gains from
investment in
equity securities
(net of 25% tax)

Other income (net
of 25% tax)

30,859,686

2,667,340

367,038

30,859,686

12,593,268

1,732,891








Add:







Share-based
compensation

40,228

15,662

2,155

28,592

31,324

4,310

Losses from
investments in
equity securities
(net of 25% tax)

197,877

4,629,053

636,979

3,600,299

11,568,491

1,591,877

Other expense (net
of 25% tax)

(1,612,187)

One-time fees and
expenses

813,078

239,820

33,000

1,960,856

1,055,008

145,174

Other general
expenses

4,309,239

5,911,956

813,512

15,973,584

11,756,531

1,617,753

Core net income
(Non-GAAP)

68,559,664

70,181,012

9,657,229

118,536,094

130,904,928

18,013,116








Core net income
per ADS
(Non-GAAP)







Class A ordinary
share-basic and
diluted

0.67

0.69

0.10

1.16

1.29

0.18

Class B ordinary
share-basic and
diluted

0.67

0.69

0.10

1.16

1.29

0.18

Hotel Operational Data  


June 30, 2023 

June 30, 2024

Total hotels in operation:

4,108

4,272

    Leased and owned hotels

65

62

    Franchised hotels

4,043

4,210

Total hotel rooms in operation

303,387

312,734

    Leased and owned hotels

7,137

6,937

    Franchised hotels

296,250

305,797

Number of cities

357

353





Quarter Ended

2023 Q2

2024 Q2

 Occupancy rate (as a percentage)



 Leased-and-owned hotels

74.6 %

70.7 %

 Franchised hotels

77.9 %

72.6 %

 Blended

77.8 %

72.5 %

 Average daily rate (in RMB)



 Leased-and-owned hotels

255

250

 Franchised hotels

179

171

 Blended

181

173

RevPAR (in RMB)



 Leased-and-owned hotels

191

177

 Franchised hotels

139

124

 Blended

141

125


Number of Hotels in Operation

Number of Hotel Rooms in
Operation


June 30,
2023

June 30,
2024

June 30,
2023

June 30,
2024

 Mid-to-up-scale

438

505

42,338

47,697

GreenTree Eastern

217

227

23,205

24,493

Deepsleep Hotel

7

7

534

534

Gem

54

82

4,873

7,258

Gya

70

75

5,904

6,238

Vx

90

99

7,822

8,695

Others

15

499

 Mid-scale

2,933

2,948

229,270

229,970

GreenTree Inn

2,259

2,315

181,015

182,957

GT Alliance

545

503

39,091

37,923

GreenTree Apartment

21

21

1,351

1,385

Vatica                                

108

109

7,813

7,705

City 118 Selected and others

 Economy hotels

737

819

31,779

35,067

Shell

737

819

31,779

35,067

City 118 and others

Total

4,108

4,272

303,387

312,734

Restaurant Operational Data


June 30, 2023

June 30, 2024

Total restaurants in operation:

206

183

    Leased and owned restaurants

57

24

    Franchised restaurants

149

159

Number of cities

66

57

Da Niang Dumplings

170

155

Bellagio

36

28





Quarter Ended

2023 Q2

2024 Q2

ADT



Leased-and-owned restaurants

148

165

Franchised restaurants

88

73

Blended

109

90

AC (in RMB)



Leased-and-owned restaurants

84

105

Franchised restaurants

41

38

Blended

56

53

ADS (in RMB)



Leased-and-owned restaurants

12,456

17,306

Franchised restaurants

3575

2,815

Blended

6,082

4,737

For more information, please contact:

GreenTree

Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: [email protected]

Mr. Maple Miao
Phone: +86-181-0184-0639
E-mail: [email protected]     

Christensen

In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: [email protected] 

In Hong Kong 
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: [email protected]

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]

SOURCE GreenTree Hospitality Group Ltd.

Originally published at https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-second-quarter-of-2024-financial-results-302223480.html
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