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 ordinaryshare-basic and diluted
1.01
0.61
0.36
1.37
1.19
0.16
Weighted average shares outstanding
Class A ordinaryshare-basic and diluted
67,416,046
66,780,612
9,189,318
67,416,046
66,780,612
9,189,318
Class B ordinaryshare-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 oftax
102,131,893
61,774,005
8,500,387
135,499,861
111,450,977
15,336,163
Comprehensive loss/(income)attributable tonon-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 equityinvestees
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 costsand 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 operatingcosts andexpenses
(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 beforeincome 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) lossin equity methodinvestments
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 intangibleassets
(309,827)
–
–
(352,281)
–
–
Proceeds fromdisposal 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-terminvestments
(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 timedeposits
–
(222,230,000)
(30,579,866)
–
(222,230,000)
(30,579,866)
Purchases of long-terminvestments
–
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 thirdparties
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 tothe 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 fromnon-controlling interest holders
117,000,000
–
–
117,000,000
–
–
Net cashprovided 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 atthe beginning ofthe period
982,911,111
1,176,023,274
161,826,188
734,629,202
791,600,712
108,927,883
Cash and cashequivalents 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 generalexpenses
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 equitysecurities
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 inequity 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 andexpenses
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 incomeper 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 YangPhone: +86-158-2166-6251E-mail: ir@998.com
Mr. Maple MiaoPhone: +86-181-0184-0639E-mail: ir@998.com
Christensen
In ShanghaiMr. Jerry XuPhone: +86-138-1680-0706E-mail: jerry.xu@christensencomms.com
In Hong Kong Ms. Karen Hui Phone: +852-9266-4140 E-mail: karen.hui@christensencomms.com
In the US Ms. Linda Bergkamp Phone: +1-480-614-3004E-mail: linda.bergkamp@christensencomms.com
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