March 26, 2024

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Total revenues increased by 3.2% year over year to RMB372.2 million (US$52.4 million)[1].Income from operations was RMB23.1 million (US$3.2 million) compared to RMB-5.1 million for the fourth quarter of 2022 . Net income was RMB7.4 million (US$1.0 million) compared to RMB-3.8 million for the fourth quarter of 2022.Adjusted EBITDA (non-GAAP)[2] increased by 2.1% year over year to RMB116.3 million (US$16.4 million)[1].

SHANGHAI, March 25, 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 fourth quarter and fiscal year of 2023. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of GreenTree Inns Hotel Management Group, Inc., until their acquisition by the Company, the acquisition was accounted for a common-control acquisition in a manner similar to the pooling -of-interests method. The consolidated balance sheets and consolidated statements of comprehensive income/(loss) include the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control. In this report, the comparative financial data have been restated to reflect the business combinations under common control.

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.0999 on December 31, 2023 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.

Fourth Quarter of 2023 Operational Highlights

Hotels

A total of 4,238 hotels with 309,495 hotel rooms were in operation as of December 31, 2023.The Company opened 107 hotels and had a pipeline of 963 hotels contracted for or under development as of December 31, 2023.The average daily room rate was RMB177, an increase of 7.3% from RMB165 in the fourth quarter of 2022.The occupancy rate was 72.4%, up from63.0% in the fourth quarter of 2022.Revenue per available room, or RevPAR, was RMB128, a 23.3% year-over-year increase.

Restaurants

A total of 194 restaurants were in operation as of December 31, 2023.The AC (average check) was RMB54, a 19.3% year-over-year increase.The ADT (average daily tickets) was 101, down from 105 in the fourth quarter of 2022.The ADS (average daily sales per store) was RMB5,433, an increase of 14% from RMB4,780 in the fourth quarter of 2022.

“2023 marked a return to more normal times in the hospitality industry in China as we left the COVID pandemic behind us and focused on growing our hotel business again in terms of revenues, profitability, and hotel openings, while we continued to diversify geographically. For the full year, revenues came in at RMB1,627 million and net income was RMB310.6 million compared to a loss of RMB446.1 million in 2022. We ended the year with 4,238 hotels in operation and 963 in our pipeline.”

“It was also a year of transformation in our restaurant business with a greater focus on leveraging our expertise to attract and support franchisees as we continue to grow our footprint in local communities.”

“We are very thankful to our team, franchisees, and partners who worked extremely hard under difficult conditions and to our customers who remained loyal to our many brands. We believe the China travel market will remain robust and we look confidently to a better future for all our stakeholders,” said Mr. Alex S. Xu, Chairman and Chief Executive Officer of GreenTree.

Fourth Quarter of 2023 Financial Results

Quarter Ended

December 31,
2022

December 31,

2022

December 31,
2022

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

84,299,894

77,192,256

(1,070,750)

160,421,400

Franchised-and-managed
revenues

152,893,262

6,936,922

159,830,184

Wholesales and others

798,068

39,834,953

(223,991)

40,409,030

Total revenues

237,991,224

123,964,131

(1,294,741)

360,660,614

Quarter Ended

December 31,
2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

125,521,091

48,191,718

1,075,554

174,788,363

24,618,426

Franchised-and-managed
revenues

162,861,220

9,665,210

172,526,430

24,299,839

Wholesales and others

1,267,182

29,865,880

(6,284,350)

24,848,712

3,499,868

Total revenues

289,649,493

87,722,808

(5,208,796)

372,163,505

52,418,133

2023 Financial Results

Year Ended

December 31,
2022

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

338,506,220

362,806,697

(1,290,268)

700,022,649

Franchised-and-managed revenues

582,441,077

39,243,436

621,684,513

Wholesales and others

15,853,985

131,737,118

(223,991)

147,367,112

Total revenues

936,801,282

533,787,251

(1,514,259)

1,469,074,274

Year Ended

December
31, 2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

490,924,060

296,890,282

787,814,342

110,961,329

Franchised-and-managed

revenues

696,321,236

44,175,022

740,496,258

104,296,717

Wholesales and others

4,660,777

100,570,661

(6,284,350)

98,947,088

13,936,406

Total revenues

1,191,906,073

441,635,965

(6,284,350)

1,627,257,688

229,194,452

Total revenues were RMB372.2 million (US$52.4 million)，a 3.2% year-over-year increase.

Hotel revenues were RMB289.6 million (US$40.8 million), a 21.7% year-over-year increase. The increase was mainly attributable to the recovery in RevPAR and the increase in the number of hotels.

Restaurant revenues were RMB87.7 million (US$12.4 million), a 29.2% year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and partially offset by an increase in ADS.

Total revenues for the year were RMB1,627.3 million (US$229.2 million)[1], a 10.8% year-over-year increase.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB174.8 million (US$24.6 million)[1], a 9.0% year-over-year increase.

Total revenues from L&O hotels were RMB125.5 million (US$17.7 million)[1], an 48.9% year-over-year increase. The increase was primarily attributable to a 24.0% year-over-year increase in the fourth quarter RevPAR of L&O hotels and four newly opened L&O hotels in the fourth quarter of 2023 as compared to the fourth quarter of 2022.

Total revenues from L&O restaurants were RMB48.2 million (US$6.8 million)[1], a 37.6 % year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and partially offset by an increase in ADS .

Total revenues from L&O hotels and restaurants for the year were RMB787.8 million (US$111.0 million)[1], a 12.5% year-over-year increase.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB172.5 million (US$24.3 million), a 7.9% year-over-year increase.

Total revenues from F&M hotels were RMB162.9 million (US$22.9 million), a 6.5% year-over-year increase. Initial franchise fees increased 104.4% year-over-year, mainly because of the increase in the gross opening number of F&M hotels. Recurring franchisee management fees and others increaesed by 2.6% year-over-year, primarily due to a 20.6% increase in F&M hotels’ Revpar,and offset by the a waving of franchisee management fees for refurbished hotels.

Total revenues from F&M restaurants were RMB9.7 million (US$1.4 million), a 39.3% year-over-year increase. The increase was mainly due to the increase in ADS, and a net increase of 12 F&M restaurants. Total revenues from F&M restaurants for the year were RMB44.2 million (US$6.2 million)[1], an 12.6% year-over-year increase.

Total revenues from F&M hotels and restaurants for the year were RMB740.5 million (US$104.3 million)[1], a 19.1% year-over-year increase.

Total revenues from wholesale and others were RMB24.8 million (US$3.5 million), a 38.5% year-over-year decrease, mainly because of reduced business from supermarkets, partially offset by increased business through distributors. Total revenues from wholesale and others for the year were RMB98.9 million (US$13.9 million), a 32.9% year-over-year decrease.

Total operating costs and expenses

Quarter Ended

December 31,
2022

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

143,637,483

114,848,354

(95,608)

258,390,229

Selling and marketing expenses

8,246,791

2,110,091

(19,904)

10,336,978

General and administrative
expenses

56,758,869

9,172,602

65,931,471

Other operating expenses

860,771

2,615,189

3,475,960

Impairment loss of goodwill

91,236,480

Other general expenses

(69,310,842)

13,041,702

(56,269,140)

Total operating costs and
expenses

231,429,552

141,787,938

(115,512)

373,101,978

Quarter Ended

December
31, 2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Operating costs and
expenses

Operating costs

154,556,991

66,896,044

(9,861,359)

211,591,676

29,802,064

Selling and marketing expenses

8,318,853

2,821,243

(49,623)

11,090,473

1,562,060

General and administrative
expenses

49,670,060

8,374,981

58,045,041

8,175,473

Other operating expenses

3,429,367

139,799

3,569,166

502,707

Impairment loss of goodwill

Other general expenses

36,260,493

39,913,000

76,173,493

10,728,812

Total operating costs and
expenses

252,235,764

118,145,067

(9,910,982)

360,469,849

50,771,116

Year Ended

December 31,
2022

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

594,019,322

472,289,395

204,234

1,066,512,951

Selling and marketing expenses

38,534,427

29,975,916

(19,904)

68,490,439

General and administrative
expenses

210,759,610

48,754,252

259,513,862

Other operating expenses

3,244,855

5,171,505

8,416,360

Impairment loss of goodwill

91,236,480

Other general expenses

461,597,460

13,041,702

474,639,162

Total operating costs and
expenses

1,399,392,154

569,232,770

184,330

1,968,809,254

Year Ended

December
31, 2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Operating costs and
expenses

Operating costs

598,841,951

359,018,687

(10,421,824)

947,438,814

133,443,966

Selling and marketing
expenses

47,434,683

24,232,973

(49,623)

71,618,033

10,087,189

General and administrative
expenses

166,861,387

41,572,291

208,433,678

29,357,270

Other operating expenses

4,453,446

7,251,107

11,704,553

1,648,552

Impairment loss of goodwill

Other general expenses

63,556,586

39,913,000

103,469,586

14,573,386

Total operating costs and
expenses

881,148,053

471,988,058

(10,471,447)

1,342,664,664

189,110,363

Operating costs were RMB211.6 million (US$ 29.8 million)[1], a 18.1% year-over-year decrease.

Operating costs of the hotel business were RMB154.6 million (US$21.8million)[1], a 7.6% year-over-year increase. The increase was mainly due to higher consumables and higher costs for general managers of franchised-and-managed hotels due to the increase in F&M hotels, and partially offset by lower utilities.

Operating costs of the restaurant business were RMB66.9million (US$9.4 million)[1], a 41.8% year-over-year decrease. The decrease was due to closure of L&O stores.

For the year, operating costs were RMB 944.3 million (US$133.0 million) [1], representing an 11.1% decrease.

Selling and marketing expenses were RMB11.1 million (US$1.6 million)[1], a 7.3% year-over-year increase.

Selling and marketing expenses of the hotel business were RMB8.3 million (US$1.2 million)[1], a 0.9% year-over-year increase.

Selling and marketing expenses of the restaurant business were RMB2.8 million (US$0.4 million)[1], a 33.7% year-over-year increase. The increase was mainly attributable to higher sales-channel commissions.

For the year, selling and marketing expenses were RMB71.6 million (US$10.1 million) [1], a 4.6% increase.

General and administrative, or G&A expenses were RMB58.0 million (US$ 8.2 million)[1], a 12.5% year-over-year decrease.

G&A expenses of the hotel business were RMB49.7 million (US$7.0 million)[1], a 12.5 % year-over-year decrease. The decrease was mainly due to lower staff related expenses and lower bad debts.

G&A expenses of the restaurant business were RMB8.4 million (US$1.2 million)[1], a 8.7% year-over-year decrease. The decrease was mainly due to lower staff related expenses.

Other general expenses were RMB76.2 million (US$10.7 million)[1], a 235.4% year-over-year decrease. These expenses include provisions for trademarks especially due to the acquisition of the restaurant business, loan receivables related to franchisee loans, and impairment of assets.

Gross profit was RMB160.6 million (US$22.6 million)[1], a year-over-year increase of 57.0%. Gross margin was 43.1%, compared to 28.4% a year ago. The gross profit of the hotel business was RMB135.1 million (US$19.0 million)[1], an 43.2% year-over-year increase. The gross profit of the restaurant business was RMB20.8 million (US$2.9 million)[1], a 128.5% year-over-year increase. Gross profit for the year was RMB679.8 million (US$95.8 million) [1], a 68.9% year-over-year increase.

Income from operations was RMB23.1 million (US$3.2 million)[1] , compared to loss from operations of RMB5.1 million in the fourth quarter of 2022, with a margin of 6.2%. Excluding other general expenses, income from operations turned positive at RMB99.2 million(US$14.0 million) with a margin of 6.2%.

Income from operations of the hotel business was RMB47.4 million (US$6.7 million)[1], compared to an income from operations of RMB13.3 million in the fourth quarter of 2022, with a margin of 16.3%. Excluding other general expenses, income from operations of the hotel business was RMB83.6 million(US$11.8 million), an increase of 137.4%, with a margin of 28.9%.

Loss from operations of the restaurant business was RMB29.0 million (US$4.1 million)[1], compared to loss from operations of RMB17.3 million in the fourth quarter of 2022, with a margin of -33.1%. Excluding other general expenses, income from operations of the restaurant business turned positive at RMB10.9 million(US$1.5 million) with a margin of 12.4%.

Income from operations for the year was RMB315.8 million (US$44.5 million) [1] compared to loss from operations of RMB471.9 million in 2022, with a margin of 19.4%

Net income was RMB7.4 million (US$1.0 million)[1], compared to a net income of RMB-3.8 million in the fourth quarter of 2022, and net margin was 2.0%. Excluding other general expenses, net income of the hotel business was RMB161.3 million(US$22.7 million), an increase of 41.6%, with a margin of 43.4%.

Net income of the hotel business was RMB21.0 million (US$3.0 million)[1], compared to a net income of RMB7.5 million in the fourth quarter of 2022, and net margin was 7.2%. Excluding other general expenses, net income of the restaurant business was RMB57.2 million(US$8.1 million), an increase of 94.7%, with a margin of 19.8%.

Net loss of the restaurant business was RMB18.2 million (US$2.6 million)[1], compared to a net loss of RMB10.0 million in the fourth quarter of 2022, and net margin was -20.7%.Excluding other general expenses, net income of the restaurant business was RMB21.7 million(US$3.1 million), an increase of 604.5%, with a margin of 24.8%.

Adjusted EBITDA (non-GAAP)[2] was RMB116.3 million (US$16.4 million)[1], a year-over-year increase of 2.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 14.0%, compared to 31.6% a year ago. Adjusted EBITDA (non-GAAP) for the year was RMB516.6 million (US$72.8 million), a year-over-year increase of 112.9%.

Core net income (non-GAAP) was RMB88.7 million (US$12.5 million)[1], a year-over-year increase of 70.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 23.8%, compared to 14.4% one year ago. Core net income (non-GAAP) for the year was RMB340.8 million (US$48.0 million)[1], a year-over-year increase of 144.9%.

Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.11 (US$0.01 )[1], up from RMB-0.05 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.87 (US$0.12 )[1], up from RMB0.51 a year ago. Earnings per ADS (basic and diluted) for the year was RMB2.6 (US$0.37)[1] up from RMB-3.71 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB3.34 (US$0.47 )[1] for the year, a increase from RMB1.35 a year ago.

Cash flow Operating cash outflow was RMB 12.8 million (US$1.8 million)[1] as a result of income from operations. Investing cash outflow for the full year 2023 was RMB 126.8million (US$17.9million)[1], which was primarily attributable to purchases of short-term investments and increase of long-term time deposits . The investing cash outflow was partially offset repayment from franchisees. Financing cash inflow was RMB 29.9 million (US$4.2 million)[1], mainly attributable to proceeds from bank borrowings

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of December 31, 2023, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB 1,337.1 million (US$188.3 million)[1],compared to RMB1,331.4million as of September 30, 2023. The decrease was primarily due to investment in property and repurchase of ordinary shares, partially offset by primarily by bank loans and repayments from franchisees.

Guidance

Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect total revenues of our organic hotel business for the full year of

2024 to grow 7%~12% over the 2023 levels. Furthermore, considering the closure of restaurant LO stores and stores in shopping malls, we expect total revenues from our restaurant and organic hotel businesses for the full year of 2024 to grow 3-5% over the 2023 levels.

The guidance set forth above reflects the Company’s current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.

Conference Call

GreenTree’s management will hold an earnings conference call at 9:00 PM U.S. Eastern Time on March 25, 2024, (9:00 AM Beijing/Hong Kong Time on November 26, 2023).

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

International

1-412-902-4272

Mainland China

4001-201-203

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 April 1, 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:

5843477

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 December 31, 2023, GreenTree had a total number of 4,238 hotels and 194 restaurants. In 2023, HOTELS magazine ranked GreenTree 12th 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 2022 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,

2022

2023

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

699,244,375

765,547,547

107,825,117

Restricted cash

7,937,683

6,576,906

926,338

Short-term investments

186,031,572

417,711,617

58,833,451

Investments in equity
securities

41,361,346

26,076,169

3,672,752

Accounts receivable, net of
allowance

134,916,930

123,887,879

17,449,243

Amounts due from related
parties

425,741,077

19,928,781

2,806,910

Prepaid rent

–

Inventories

21,920,802

20,462,490

2,882,081

Other current assets

114,715,923

117,047,122

16,485,742

Loans receivable, net

173,667,175

129,521,094

18,242,665

Total current assets

1,805,536,883

1,626,759,605

229,124,299

Non-current assets:

Amounts due from a
related party

112,360,000

110,000,000

15,493,176

Restricted cash

26,779,673

19,476,259

2,743,174

Long-term time deposits

130,000,000

63,340,000

8,921,252

Loans receivable, net

177,172,509

70,690,305

9,956,521

Property and equipment,
net

883,020,528

814,949,026

114,783,170

Intangible assets, net

186,054,705

120,202,693

16,930,195

Goodwill

164,528,468

23,173,350

Long-term investments

176,854,460

184,758,800

26,022,733

Operating lease
right-of-use assets

1,674,595,179

1,535,330,762

216,246,815

Other assets

119,764,831

104,725,600

14,750,292

Deferred tax assets

232,643,514

239,270,190

33,700,501

TOTAL ASSETS

5,689,310,750

5,054,031,708

711,845,479

LIABILITIES AND
EQUITY

Current liabilities:

Long-term bank loans,
current portion

141,800,000

200,000

28,169

Short-term bank loans

156,300,000

116,800,000

16,450,936

Accounts payable

123,577,770

73,126,677

10,299,677

Advance from customers

25,604,363

22,393,097

3,154,002

Amounts due to related parties

21,717,203

23,094,022

3,252,725

Salary and welfare payable

89,343,058

86,332,096

12,159,621

Deferred rent

–

Deferred revenue

193,352,239

186,281,838

26,237,248

Accrued expenses and
other current liabilities

441,610,408

478,235,399

67,358,047

Income tax payable

75,016,689

88,307,716

12,437,882

Dividends payable

–

Operating lease liabilities,
current

272,700,888

–

Deferred tax liabilities

–

267,536,846

37,681,777

Total current liabilities

1,541,022,618

1,342,307,691

189,060,084

Long-term bank loans

160,000,000

56,800,000

8,000,113

Deferred rent

–

Deferred revenue

234,374,415

207,905,765

29,282,915

Other long-term liabilities

116,504,594

111,711,748

15,734,271

Operating lease liabilities, non-
current

1,516,274,996

1,391,909,309

196,046,326

Deferred tax liabilities

99,658,423

88,180,537

12,419,969

Unrecognized tax benefits

350,002,241

385,528,814

54,300,598

TOTAL LIABILITIES

4,017,837,287

3,584,343,864

504,844,275

Shareholders’ equity:

Class A ordinary shares

222,587,070

31,350,733

Class B ordinary shares

115,534,210

16,272,653

Paid-in capital

Treasury Stock

(16,971,057)

(36,677,832)

(5,165,965)

Additional paid-in capital

2,080,450,699

1,660,713,349

233,906,583

Retained earnings
(Accumulated losses)

(804,950,820)

(559,275,891)

(78,772,362)

Accumulated other
comprehensive income

27,732,104

28,401,282

4,000,237

Total GreenTree
Hospitality Group Ltd.
shareholders’ equity

1,624,382,206

1,431,282,188

201,591,879

Non-controlling interests

47,091,257

38,405,656

5,409,324

Total shareholders’ equity

1,671,473,463

1,469,687,844

207,001,203

TOTAL LIABILITIES AND

SHAREHOLDERS’
EQUITY

5,689,310,750

5,054,031,708

711,845,478

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

Year Ended

December 31,
2022

December 31,
2023

December 31,
2022

December 31,
2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated
revenues

160,421,401

174,788,363

24,618,426

700,022,649

787,814,342

110,961,329

Franchised-and-
managed
revenues

159,830,184

172,526,430

24,299,839

621,684,514

740,496,258

104,296,717

Wholesales and
others

40,409,030

24,848,712

3,499,868

147,367,112

98,947,088

13,936,406

Total revenues

360,660,614

372,163,506

52,418,133

1,469,074,275

1,627,257,689

229,194,452

Operating
costs and
expenses

Operating costs

(258,390,229)

(211,591,676)

(29,802,064)

(1,066,512,951)

(947,438,814)

(133,443,966)

Selling and
marketing
expenses

(10,336,978)

(11,090,473)

(1,562,060)

(68,490,439)

(71,618,033)

(10,087,189)

General and
administrative
expenses

(65,931,472)

(58,045,041)

(8,175,473)

(259,513,863)

(208,433,678)

(29,357,270)

Other operating
expenses

(3,475,960)

(3,569,166)

(502,707)

(8,416,360)

(11,704,553)

(1,648,552)

Impairment loss
of goodwill

(91,236,479)

Other general
expenses

56,269,139

(76,173,493)

(10,728,812)

(474,639,163)

(103,469,586)

(14,573,386)

Total operating
costs and
expenses

(373,101,978)

(360,469,849)

(50,771,116)

(1,968,809,255)

(1,342,664,664)

(189,110,363)

Other operating
income

7,307,780

11,362,962

1,600,440

23,993,148

27,169,901

3,826,801

Income from
operations

(5,133,584)

23,056,619

3,247,457

(475,741,831)

311,762,926

43,910,890

Interest income
and other, net

9,135,865

10,329,773

1,454,918

48,105,125

41,371,162

5,827,006

Interest
expense

(4,969,542)

(916,820)

(129,131)

(27,987,842)

(14,053,841)

(1,979,442)

Gains (losses)
from investment
in equity
securities

(20,301,789)

(943,283)

(132,859)

(62,156,235)

(5,378,104)

(757,490)

Other income,
net

(10,789,683)

(8,965,791)

(1,262,805)

24,404,727

22,783,714

3,209,019

Income before
income taxes

(32,058,733)

22,560,498

3,177,580

(493,376,056)

356,485,857

50,209,983

Income tax
expense

30,284,418

(14,657,159)

(2,064,418)

44,412,657

(97,992,481)

(13,801,952)

Income (loss)
before share of
gains in equity
investees

(1,774,315)

7,903,339

1,113,162

(448,963,399)

258,493,376

36,408,030

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

(2,018,324)

(522,092)

(73,535)

(1,598,301)

(1,392,002)

(196,059)

Net
income(loss)

(3,792,639)

7,381,247

1,039,627

(450,561,700)

257,101,374

36,211,971

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

(1,378,340)

3,381,135

476,223

36,260,890

8,685,603

1,223,342

Net income
attributable to
ordinary
shareholders

(5,170,979)

10,762,382

1,515,850

(414,300,810)

265,786,977

37,435,313

Net earnings
per share

Class A
ordinary
share-basic and
diluted

(0.05)

0.11

0.01

(3.71)

2.60

0.37

Class B
ordinary
share-basic and
diluted

(0.05)

0.11

0.01

(3.71)

2.60

0.37

Net earnings
per ADS

Class A
ordinary
share-basic and
diluted

(0.05)

0.11

0.01

(3.71)

2.60

0.37

Class B
ordinary
share-basic and
diluted

(0.05)

0.11

0.01

(3.71)

2.60

0.37

Weighted
average shares
outstanding

Class A
ordinary
share-basic and
diluted

68,286,954

67,038,968

68,201,056

67,321,003

Class B
ordinary
share-basic and
diluted

34,762,909

Other
comprehensive
income, net
of tax

Foreign
currency
translation
adjustments

4,418,802

(258,427)

(36,399)

(14,148,803)

669,178

94,252

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

Comprehensive
income, net
of tax

8,211,441

7,122,820

1,003,228

(464,710,503)

257,770,552

36,306,223

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

(1,378,340)

3,381,135

476,223

36,260,890

8,685,603

1,223,342

Comprehensive
income (loss)
attributable to
ordinary
shareholders

(9,589,781)

10,503,955

1,479,451

(428,449,613)

266,456,155

37,529,564

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

Quarter Ended

Year Ended

December 31,
2022

December 31,
2023

December 31,
2022

December 31,
2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated
revenues

84,299,894

125,521,091

17,679,276

338,506,220

490,924,060

69,145,208

Franchised-and-
managed
revenues

152,893,262

162,861,220

22,938,523

582,441,077

696,321,236

98,074,795

Others

798,068

1,267,182

178,479

15,853,985

4,660,777

656,457

Total revenues

237,991,224

289,649,492

40,796,278

936,801,282

1,191,906,073

167,876,460

Operating costs
and expenses

Hotel operating
costs

(143,637,483)

(154,556,991)

(21,768,897)

(594,019,322)

(598,841,951)

(84,345,125)

Selling and
marketing
expenses

(8,246,791)

(8,318,853)

(1,171,686)

(38,534,427)

(47,434,683)

(6,681,035)

General and
administrative
expenses

(56,758,869)

(49,670,060)

(6,995,882)

(210,759,610)

(166,861,387)

(23,501,935)

Other operating
expenses

(860,771)

(3,429,367)

(483,016)

(3,244,855)

(4,453,446)

(627,255)

Impairment loss
of goodwill

(91,236,480)

Other general
expenses

69,310,842

(36,260,493)

(5,107,184)

(461,597,460)

(63,556,586)

(8,951,758)

Total operating
costs and
expenses

(231,429,552)

(252,235,764)

(35,526,664)

(1,399,392,154)

(881,148,053)

(124,107,108)

Other operating
income

6,735,609

9,937,407

1,399,655

19,448,889

24,525,333

3,454,321

Income from
operations

13,297,280

47,351,133

6,669,268

(443,141,983)

335,283,353

47,223,673

Interest income
and other, net

8,882,426

10,653,312

1,500,488

47,383,941

41,240,610

5,808,618

Interest expense

(5,377,094)

(2,809,528)

(395,714)

(25,375,848)

(13,706,157)

(1,930,472)

Gains (losses)
from investment
in equity
securities

(20,301,789)

(943,283)

(132,859)

(62,156,235)

(5,378,104)

(757,490)

Other income,
net

(10,756,089)

(8,994,153)

(1,266,800)

24,229,536

22,676,046

3,193,854

Income before
income taxes

(14,255,266)

45,257,483

6,374,383

(459,060,589)

380,115,748

53,538,183

Income tax
expense

23,746,300

(23,751,765)

(3,345,366)

45,592,419

(102,371,891)

(14,418,779)

Income (loss)
before share of
gains in equity
investees

9,491,034

21,505,716

3,029,017

(413,468,170)

277,743,857

39,119,404

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

(2,018,324)

(522,092)

(73,535)

(1,598,301)

(1,392,002)

(196,059)

Net
income(loss)

7,472,710

20,983,624

2,955,482

(415,066,471)

276,351,855

38,923,345

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

Quarter Ended

Year Ended

December 31, 2022

December 31, 2023

December 31, 2022

December 31, 2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated
revenues

77,192,256

48,191,718

6,787,662

362,806,697

296,890,282

41,816,122

Franchised-and-
managed revenues

6,936,922

9,665,210

1,361,316

39,243,436

44,175,022

6,221,922

Wholesales and
others

39,834,953

29,865,880

4,206,521

131,737,118

100,570,661

14,165,081

Total revenues

123,964,131

87,722,808

12,355,499

533,787,251

441,635,965

62,203,125

Operating costs
and expenses

Restaurant
operating costs

(114,848,354)

(66,896,044)

(9,422,111)

(472,289,395)

(359,018,687)

(50,566,724)

Selling and
marketing
expenses

(2,110,091)

(2,821,243)

(397,364)

(29,975,916)

(24,232,973)

(3,413,142)

General and
administrative
expenses

(9,172,602)

(8,374,981)

(1,179,591)

(48,754,252)

(41,572,291)

(5,855,335)

Other operating
expenses

(2,615,189)

(139,799)

(19,690)

(5,171,505)

(7,251,107)

(1,021,297)

Impairment loss of
goodwill

Other general
expenses

(13,041,702)

(39,913,000)

(5,621,628)

(13,041,702)

(39,913,000)

(5,621,628)

Total operating
costs and
expenses

(141,787,938)

(118,145,067)

(16,640,385)

(569,232,770)

(471,988,058)

(66,478,128)

Other operating
income

572,171

1,425,555

200,785

4,544,259

2,644,568

372,480

Income from
operations

(17,251,636)

(28,996,704)

(4,084,100)

(30,901,260)

(27,707,525)

(3,902,523)

Interest income
and other, net

253,439

(323,539)

(45,570)

721,184

130,552

18,388

Interest expense

407,552

1,892,708

266,582

(2,611,994)

(347,684)

(48,970)

Gains (losses) from
investment in
equity securities

–

Other income, net

(33,594)

28,362

3,995

175,191

107,668

15,164

Income before
income taxes

(16,624,239)

(27,399,173)

(3,859,093)

(32,616,879)

(27,816,989)

(3,917,941)

Income tax
expense

6,667,958

9,223,379

1,299,086

(1,179,762)

4,379,410

616,827

Income (loss)
before share of
gains in equity
investees

(9,956,281)

(18,175,794)

(2,560,007)

(33,796,641)

(23,437,579)

(3,301,114)

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

–

Net income(loss)

(9,956,281)

(18,175,794)

(2,560,007)

(33,796,641)

(23,437,579)

(3,301,114)

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

Quarter Ended

December 31, 2022

Hotel

Restaurant

Elimination

Total

RMB

Revenues

Leased-and-operated
revenues

84,299,894

77,192,256

(1,070,750)

160,421,400

Franchised-and-managed
revenues

152,893,262

6,936,922

159,830,184

Wholesales and Others

798,068

39,834,953

(223,991)

40,409,030

Total revenues

237,991,224

123,964,131

(1,294,740)

360,660,615

Operating costs and
expenses

Operating costs

(143,637,483)

(114,848,354)

95,608

(258,390,229)

Selling and marketing
expenses

(8,246,791)

(2,110,091)

19,904

(10,336,978)

General and
administrative expenses

(56,758,869)

(9,172,602)

(65,931,471)

Other operating expenses

(860,771)

(2,615,189)

(3,475,960)

Impairment loss of
goodwill

(91,236,480)

Other general expenses

69,310,842

(13,041,702)

56,269,140

Total operating costs
and expenses

(231,429,552)

(141,787,938)

115,511

(373,101,979)

Other operating income

6,735,609

572,171

7,307,780

Income from operations

13,297,280

(17,251,636)

(1,179,228)

(5,133,584)

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

Quarter Ended

December 31,
2023

Hotel

Restaurant

Elimination

Total

RMB

Revenues

Leased-and-operated revenues

125,521,091

48,191,718

1,075,554

174,788,363

Franchised-and-managed
revenues

162,861,220

9,665,210

172,526,430

Wholesales and Others

1,267,182

29,865,880

(6,284,350)

24,848,712

Total revenues

289,649,492

87,722,808

(5,208,794)

372,163,506

Operating costs and expenses

Operating costs

(154,556,991)

(66,896,044)

9,861,359

(211,591,676)

Selling and marketing expenses

(8,318,853)

(2,821,243)

49,623

(11,090,473)

General and administrative
expenses

(49,670,060)

(8,374,981)

(58,045,041)

Other operating expenses

(3,429,367)

(139,799)

(3,569,166)

Impairment loss of goodwill

Other general expenses

(36,260,493)

(39,913,000)

(76,173,493)

Total operating costs and
expenses

(252,235,764)

(118,145,067)

9,910,982

(360,469,849)

Other operating income

9,937,407

1,425,555

11,362,962

Income from operations

47,351,133

(28,996,704)

4,702,190

23,056,619

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

Quarter Ended

Year Ended

December 31, 2022

December 31, 2023

December 31, 2022

December 31, 2023

RMB

US$

RMB

US$

Operating activities:

Net (loss) income

(3,792,639)

7,381,247

1,039,627

(450,561,700)

257,101,374

36,211,971

Depreciation and amortization

23,928,112

24,382,514

3,434,205

125,338,901

116,870,237

16,460,829

Impairment of long lived assets

12,698,320

79,192,449

11,154,023

73,005,025

82,092,449

11,562,480

Impairment of goodwill

–

91,236,479

–

Share of (gains) losses in equity method
investments

2,018,324

522,093

73,535

1,598,301

1,392,003

196,060

Non-cash lease expense

192,827,430

77,705,328

10,944,567

303,302,050

271,156,173

38,191,548

Loss from disposal of a subsidiary

855,223

–

16,117,056

1,223,952

172,390

Interest income

(919,568)

(2,325,622)

(327,557)

(1,411,662)

(6,009,370)

(846,402)

Bad debt expense

32,507,188

1,828,945

257,602

431,180,588

38,858,275

5,473,074

Losses and impairment (Gains) on equity
securities held

20,301,789

943,283

132,859

62,156,235

5,378,104

757,490

(Gains) losses on disposal of property
and equipment

1,548,955

1,928,976

271,691

4,518,601

2,166,990

305,214

Foreign exchange (gains) losses

(11,715,615)

(103,025)

(14,511)

(17,843,558)

(372,187)

(52,421)

Share-based compensation

(255,280)

46,054

6,487

(62,356)

62,648

8,824

Changes in operating assets and liabilities

(266,665,301)

(204,346,136)

(28,781,551)

(344,375,879)

(314,871,075)

(44,348,663)

Net cash provided by operating activities

(3,336,938)

(12,843,894)

(1,809,023)

294,198,081

455,049,572

64,092,394

Investing activities:

Purchases of property and equipment

(18,795,260)

(15,197,120)

(2,140,470)

(80,132,593)

(87,764,045)

(12,361,307)

Purchases of intangible assets

176,694

(573,808)

(80,819)

(108,028)

(740,406)

(104,284)

Proceeds from disposal of property and
equipment

4,335,543

(11,715,110)

(1,650,039)

5,951,096

2,951,611

415,726

Purchases of investments

(79,700,000)

(123,789,565)

(17,435,395)

(161,760,000)

(326,020,045)

(45,918,963)

Proceeds from investments

170,437,530

6,154,723

866,875

746,885,518

204,809,370

28,846,796

Loan advances

3,811,596

24,896,351

3,506,578

141,038,259

135,698,176

19,112,688

Loan collections

(12,011,471)

(6,609,488)

(930,928)

(231,085,171)

(22,643,066)

(3,189,209)

Net cash (used in) provided by investing
activities

68,254,632

(126,834,017)

(17,864,198)

420,789,081

(93,708,405)

(13,198,553)

Financing activities:

Repurchase of ordinary shares

(19,706,775)

(2,775,641)

(19,706,775)

(2,775,641)

Distribution to the shareholders

–

(40,999,458)

–

Loan from non- controlling interest

4,803,298.85

272,500

38,381

5,103,299

272,500

38,381

Repayment of short-term borrowings

(404,656,400)

(7,700,000)

(1,084,522)

(605,500,000)

(458,300,000)

(64,550,205)

Proceeds from bank borrowings

215,931,400

57,000,000

8,028,282

305,600,000

174,000,000

24,507,387

Capital contribution from non-
controlling interest holders

–

400,000

–

Net cash provided by (used in)
financing activities

(183,921,701)

29,865,725

4,206,499

(335,396,159)

(303,734,275)

(42,780,078)

Effect of exchange rate changes on
cash and cash equivalents

(2,193,875)

84,902

11,958

1,248,139

32,095

4,520

Net (decrease) increase in cash and
cash equivalents

(121,197,882)

(109,727,284)

(15,454,763)

380,839,142

57,638,987

8,118,284

Cash and cash equivalents at the
beginning of the period

855,159,616

901,328,003

126,949,394

353,122,593

733,961,731

103,376,348

Cash and cash equivalents at the end
of the period

733,961,735

791,600,718

111,494,631

733,961,735

791,600,718

111,494,632

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

Year Ended

December 31, 2022

December 31, 2023

December 31, 2022

December 31, 2023

RMB

US$

RMB

US$

Net income

(3,792,639)

7,381,247

1,039,627

(450,561,700)

257,101,374

36,211,971

Deduct:

Other operating income

7,307,780

11,362,962

1,600,440

23,993,148

27,169,901

3,826,801

Interest income and other, net

9,135,865

10,329,773

1,454,918

48,105,125

41,371,162

5,827,006

Gains from investment in equity
securities

–

Share of gain in equity investees, net of
tax

(420,023)

–

Other income, net

(10,789,683)

(8,965,791)

(1,262,805)

24,404,727

22,783,714

3,209,019

Add:

Other operating expenses

3,475,960

3,569,166

502,707

8,416,360

11,704,553

1,648,552

Other general expenses

34,967,340

76,173,493

10,728,812

565,875,642

103,469,586

14,573,386

Income tax expenses (benefits)

14,128,239

14,657,159

2,064,418

97,992,481

13,801,952

Share of loss in equity investees, net of
tax

522,092

73,535

1,392,002

196,059

Interest expenses

4,969,542

916,820

129,131

27,987,842

14,053,841

1,979,442

Depreciation and amortization

23,408,752

24,897,604

3,506,754

125,338,901

116,870,237

16,460,829

Losses from investment in equity
securities

41,989,373

943,283

132,859

62,156,235

5,378,104

757,490

Adjusted EBITDA (Non-GAAP)

113,912,627

116,333,920

16,385,290

242,710,280

516,637,401

72,766,856

Quarter Ended

Year Ended

December 31, 2022

December 31, 2023

December 31, 2022

December 31, 2023

RMB

US$

RMB

US$

Net income

(3,792,639)

7,381,247

1,039,627

(450,561,700)

257,101,374

36,211,971

Deduct:

Government subsidies (net of 25% tax)

2,145,340

3,129,127

440,728

9,311,397

9,800,432

1,380,362

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

–

Other income (net of 25% tax)

(8,092,263)

(6,724,343)

(947,104)

18,303,545

17,087,786

2,406,764

Add:

Share-based compensation

(255,280)

46,054

6,487

(62,356)

62,648

8,824

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

15,226,341

707,462

99,644

46,617,176

4,033,578

568,118

One-time fees and expenses

828,267

116,659

4,889,605

3,010,039

423,955

Other general expenses

34,967,340

76,173,493

10,728,812

565,875,642

103,469,586

14,573,386

Impairment charges and provisions for
other assets

–

Core net income (Non-GAAP)

52,092,685

88,731,738

12,497,604

139,143,425

340,789,007

47,999,128

Core net income per ADS (Non-
GAAP)

Class A ordinary share-basic and
diluted

0.51

0.87

0.12

1.35

3.34

0.47

Class B ordinary share-basic and
diluted

0.51

0.87

0.12

1.35

3.34

0.47

Hotel Operational Data

December 31,
2022

December 31,
2023

Total hotels in operation:

4059

4238

Leased and owned hotels

Franchised hotels

3,998

4,173

Total hotel rooms in operation

302,497

309,495

Leased and owned hotels

6,565

7,318

Franchised hotels

330,089

302,177

Number of cities

355

360

Quarter Ended

2022 Q4

2023 Q4

Occupancy rate (as a percentage)

Leased-and-owned hotels

62.4 %

66.9 %

Franchised hotels

63.0 %

72.5 %

Blended

63.0 %

72.4 %

Average daily rate (in RMB)

Leased-and-owned hotels

208

241

Franchised hotels

163

175

Blended

165

177

RevPAR (in RMB)

Leased-and-owned hotels

130

161

Franchised hotels

103

127

Blended

104

128

Number of Hotels in Operation

Number of Hotel Rooms in
Operation

December
31, 2022

December
31, 2023

December
31, 2022

December
31, 2023

Mid-to-up-scale

426

474

41,255

45,488

GreenTree Eastern

205

222

22,492

24,377

Deepsleep Hotel

534

Gem

4,753

6,292

Gya

5,811

5,899

7,403

8,041

Urban Garden and others

262

345

Mid-scale

2,953

2,975

231,835

230,100

GreenTree Inn

2,226

2,220

183,116

179,631

GT Alliance

538

568

38,031

40,134

GreenTree Apartment

1,262

1,308

Vatica

111

110

8,009

7,805

City 118 Selected and others

–

1,417

–

Economy hotels

680

789

29,407

33,907

Shell

680

789

29,407

33,907

City 118 and others

–

Total

4,059

4,238

302,497

309,495

Restaurant Operational Data

December 31,
2022

December 31,
2023

Total restaurants in operation:

261

194

Leased and owned restaurants

121

Franchised restaurants

140

152

Number of cities

Da Niang Dumplings

226

162

Bellagio

Total restaurants in operation:

261

194

Quarter Ended

2022 Q4

2023 Q4

ADT

Leased-and-owned restaurants

134

141

Franchised restaurants

Blended

101

AC (in RMB)

Leased-and-owned restaurants

Franchised restaurants

Blended

ADS (in RMB)

Leased-and-owned restaurants

6,821

12,500

Franchised restaurants

3,286

3,331

Blended

4,564

5,433

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]

View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-fourth-quarter-and-fiscal-year-2023-financial-results-302098875.html

SOURCE GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2023 Financial Results

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GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2023 Financial Results

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