GreenTree Hospitality Group Ltd. Reports First Quarter of 2026 Financial Results
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- Total revenues decreased by 14.0% year over year to
RMB227.7 million (US$33.0 million )[1]. - Income from operations was
RMB28.7 million (US$4.2 million ) [1] compared toRMB11.3 million for the first quarter of 2025. - Net income was
RMB14.0 million (US$2.0 million )[1] compared toRMB7.8 million for the first quarter of 2025. - Core net income (non-GAAP)[3] increased 31.7% year over year to
RMB23.9 million (US$3.5 million )[1]. - Cash from operations maintained nearly stable year over year to
RMB58.1 million (US$8.4 million )[1].
First Quarter of 2026 Operational Highlights
Hotels
- A total of 4,605 hotels with 328,646 hotel rooms were in operation as of
March 31, 2026 . - The Company opened 43 hotels and had a pipeline of 1,268 hotels contracted for or under development as of
March 31, 2026 . - The average daily room rate was
RMB152 , a decrease of 3.4% fromRMB157 in the first quarter of 2025. - The occupancy rate was 62.5%, decreased from 64.0% in the first quarter of 2025.
- Revenue per available room, or RevPAR, was
RMB95 , a 5.7% year-over-year decrease.
[1] The conversion of Renminbi ("RMB") into |
[2] Adjusted net income is defined as net income excluding the impact by the exemption of fees from franchisees, impact from disposal of L&O hotel assets, impairment of goodwill and trademarks of restaurant business, impairment of assets, provisions for loan to franchisee loans, foreign exchange losses, and earnings from the disposal of investment. |
[3] Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, other general expenses, and other expense, net, but excludes other operating income, interest income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above mentioned definition. |
[4] Core net income (non-GAAP) is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), other expense (net of 25% tax), one-time fees and expense, income tax expenses related to dividend distribution, and other general expenses but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax). |
[5] Each ADS represents one ordinary share. |
Restaurants
- A total of 192 restaurants were in operation as of
March 31, 2026 - The AC (average check) was
RMB45 , a 7.6% year-over-year decrease. - The ADT (average daily tickets) was 73, decreased from 83 in the first quarter of 2025.
- The ADS (average daily sales per store) was
RMB3,270 , a decrease of 18.8% fromRMB4,029 in the first quarter of 2025.
First Quarter Of 2026 Financial Results
Quarter Ended | |||||
March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | ||
RMB | RMB | RMB | RMB | ||
Hotel | Restaurant | Elimination | Total | ||
Revenues | |||||
Leased-and-operated revenues | 88,195,435 | 30,668,599 | - | 118,864,034 | |
Franchised-and-managed revenues | 123,856,609 | 1,754,786 | - | 125,611,395 | |
Wholesales and others | 917,053 | 19,435,748 | - | 20,352,801 | |
Total revenues | 212,969,097 | 51,859,133 | - | 264,828,230 | |
Quarter Ended | |||||
March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Revenues | |||||
Leased-and-operated revenues | 74,537,762 | 20,021,976 | - | 94,559,738 | 13,708,283 |
Franchised-and-managed revenues | 113,366,610 | 1,933,155 | - | 115,299,765 | 16,714,956 |
Wholesales and others | 790,888 | 17,125,511 | (39,176) | 17,877,223 | 2,591,653 |
Total revenues | 188,695,260 | 39,080,642 | (39,176) | 227,736,726 | 33,014,892 |
Total revenues were
Hotel revenues were
Restaurant revenues were
Total revenues from leased-and-operated, or L&O, hotels and restaurants were
Total revenues from L&O hotels were
Total revenues from L&O restaurants were
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were
Total revenues from F&M hotels were
Total revenues from F&M restaurants were
Total revenues from wholesale and others were
Total operating costs and expenses
Quarter Ended | |||||
March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | ||
RMB | RMB | RMB | RMB | ||
Hotel | Restaurant | Elimination | Total | ||
Operating costs and expenses | |||||
Operating costs | 142,718,174 | 44,539,665 | - | 187,257,839 | |
Selling and marketing expenses | 14,540,243 | 2,501,787 | - | 17,042,030 | |
General and administrative expenses | 41,651,362 | 5,288,684 | - | 46,940,046 | |
Other operating expenses | 49,194 | 221,149 | - | 270,343 | |
Other general expenses | 5,805,656 | - | - | 5,805,656 | |
Total operating costs and expenses | 204,764,629 | 52,551,285 | - | 257,315,914 | |
Quarter Ended | |||||
March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Operating costs and expenses | |||||
Operating costs | 125,007,424 | 33,824,914 | (39,176) | 158,793,162 | 23,020,174 |
Selling and marketing expenses | 9,213,432 | 2,203,214 | - | 11,416,646 | 1,655,066 |
General and administrative expenses | 24,084,942 | 2,927,781 | - | 27,012,723 | 3,916,022 |
Other operating expenses | 3,172,068 | 33,325 | - | 3,205,393 | 464,684 |
Other general expenses | 5,111,119 | - | - | 5,111,119 | 740,957 |
Total operating costs and expenses | 166,588,985 | 38,989,234 | (39,176) | 205,539,043 | 29,796,903 |
Operating costs were
Operating costs of the hotel business were
Operating costs of the restaurant business in the first quarter of 2026 were
Selling and marketing expenses were
Selling and marketing expenses of the hotel business were
Selling and marketing expenses of the restaurant business were
General and administrative, or G&A expenses were
G&A expenses of the hotel business were
G&A expenses of the restaurant business were
Other operating expenses were
Other general expenses were
Gross profit was
Income from operations in the first quarter of 2026 was
Income from operations of the hotel business was
Income from operations of the restaurant business in the first quarter of 2026 was
Net income in the first quarter of 2026 was
Net income of the hotel business was
Net loss of the restaurant business in the first quarter of 2026 was
Adjusted EBITDA (non-GAAP)[2] in the first quarter of 2026 was
Core net income (non-GAAP) in the first quarter of 2026 was
Earnings per American Depositary Share, or ADS, (basic and diluted) were
Core net income per ADS (basic and diluted) (non-GAAP) was
Cash flow Operating cash inflow in the first quarter of 2026 was
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of
Guidance
Taking into account the strategic reviews leading to the closure of L&O hotels and the standardization process resulting in a slowdown in hotel openings, we expect the total revenues of our organic hotel business to -10% ~ -15% year over year.
The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.
Use of Non-GAAP Financial Measures
We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.
The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.
The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding
The terms Adjusted EBITDA and core net income are not defined under
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 March 31, 2026, GreenTree had a total number of 4,605 hotels and 192 restaurants. GreenTree was the fourth largest hospitality company in China in 2025 according to the China Hospitality Association. In 2024, HOTELS magazine ranked GreenTree 13th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, and efficient system, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit 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 | |||
March 31 | March 31 | ||
2025 | 2026 | 2026 | |
RMB | RMB | US$ | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 1,652,179,474 | 1,701,459,446 | 246,659,821 |
Restricted cash | 7,389,650 | 4,250,895 | 616,250 |
Short-term investments | - | 285,570,000 | 41,398,956 |
Accounts receivable, net of allowance | 81,335,494 | 77,650,325 | 11,256,933 |
Amounts due from related parties | 18,843,062 | 18,998,527 | 2,754,208 |
Inventories | 4,922,160 | 5,049,662 | 732,047 |
Other current assets | 92,557,400 | 114,037,520 | 16,531,969 |
Loans receivable, net | 38,798,333 | 33,688,685 | 4,883,834 |
Total current assets | 1,896,025,573 | 2,240,705,060 | 324,834,018 |
Non-current assets: | |||
Amounts due from a related party | 110,000,000 | 110,000,000 | 15,946,651 |
Restricted cash | 18,869,900 | 18,870,700 | 2,735,677 |
Long-term time deposits | 285,570,000 | - | - |
Loans receivable, net | 12,034,825 | 11,148,275 | 1,616,160 |
Property and equipment, net | 559,918,957 | 542,978,635 | 78,715,372 |
Intangible assets, net | 56,403,818 | 54,998,062 | 7,973,045 |
Goodwill | 25,721,262 | 25,650,746 | 3,718,577 |
Long-term investments | 156,929,090 | 155,673,013 | 22,567,848 |
Operating lease right-of-use assets | 1,130,088,595 | 1,127,368,064 | 163,434,048 |
Other assets | 297,560,050 | 330,240,039 | 47,874,753 |
Deferred tax assets | 237,098,634 | 237,177,055 | 34,383,452 |
TOTAL ASSETS | 4,786,220,704 | 4,854,809,649 | 703,799,601 |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Long-term bank loans, current portion | 56,800,000 | 256,200,000 | 37,141,200 |
Accounts payable | 44,687,183 | 48,331,315 | 7,006,569 |
Advance from customers | 21,946,599 | 20,046,314 | 2,906,105 |
Amounts due to related parties | 17,518,102 | 17,098,480 | 2,478,759 |
Salary and welfare payable | 73,657,641 | 74,807,853 | 10,844,861 |
Deferred revenue | 169,139,889 | 169,342,137 | 24,549,454 |
Accrued expenses and other current liabilities | 539,836,968 | 549,584,247 | 79,672,984 |
Income tax payable | 72,129,824 | 65,867,123 | 9,548,728 |
Operating lease liabilities, current | 184,665,265 | 186,330,517 | 27,012,252 |
Total current liabilities | 1,180,381,471 | 1,387,607,986 | 201,160,912 |
Long-term bank loans | 199,400,000 | 46,755,101 | 6,778,066 |
Deferred revenue | 134,414,010 | 124,044,979 | 17,982,746 |
Other long-term liabilities | 117,513,512 | 115,810,949 | 16,789,062 |
Operating lease liabilities, non-current | 1,032,472,822 | 1,032,936,722 | 149,744,381 |
Deferred tax liabilities | 55,941,338 | 53,577,679 | 7,767,132 |
Unrecognized tax benefits | 457,930,743 | 467,908,180 | 67,832,441 |
TOTAL LIABILITIES | 3,178,053,896 | 3,228,641,596 | 468,054,740 |
Shareholders' equity: | |||
Class A ordinary shares | 222,587,070 | 222,587,070 | 32,268,349 |
Class B ordinary shares | 115,534,210 | 115,534,210 | 16,748,943 |
Treasury Stock | (48,054,863) | (48,054,863) | (6,966,492) |
Additional paid-in capital | 1,566,949,877 | 1,566,949,877 | 227,160,029 |
Retained earnings (Accumulated losses) | (291,545,545) | (276,040,960) | (40,017,536) |
Accumulated other comprehensive income | 11,093,099 | 15,062,951 | 2,183,669 |
Total GreenTree Hospitality Group Ltd. shareholders' | 1,576,563,848 | 1,596,038,285 | 231,376,962 |
Non-controlling interests | 31,602,960 | 30,129,768 | 4,367,899 |
Total shareholders' equity | 1,608,166,808 | 1,626,168,053 | 235,744,861 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,786,220,704 | 4,854,809,649 | 703,799,601 |
GreenTree Hospitality Group Ltd. | |||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||
Quarter Ended | |||||
March 31, | March 31, | March 31, | |||
RMB | RMB | US$ | |||
Revenues | |||||
Leased-and-operated revenues | 118,864,034 | 94,559,738 | 13,708,283 | ||
Franchised-and-managed revenues | 125,611,395 | 115,299,765 | 16,714,956 | ||
Wholesales and others | 20,352,801 | 17,877,223 | 2,591,653 | ||
Total revenues | 264,828,230 | 227,736,726 | 33,014,892 | ||
Operating costs and expenses | |||||
Operating costs | (187,257,839) | (158,793,162) | (23,020,174) | ||
Selling and marketing expenses | (17,042,030) | (11,416,646) | (1,655,066) | ||
General and administrative expenses | (46,940,046) | (27,012,723) | (3,916,022) | ||
Other operating expenses | (270,343) | (3,205,393) | (464,684) | ||
Other general expenses | (5,805,656) | (5,111,119) | (740,957) | ||
Total operating costs and expenses | (257,315,914) | (205,539,043) | (29,796,903) | ||
Other operating income | 3,800,632 | 6,471,983 | 938,240 | ||
Income from operations | 11,312,948 | 28,669,666 | 4,156,229 | ||
Interest income and other, net | 10,622,202 | 8,833,178 | 1,280,542 | ||
Interest expense | (1,877,872) | (1,859,780) | (269,611) | ||
Other income, net | (8,356,677) | (10,653,889) | (1,544,490) | ||
Income before income taxes | 11,700,601 | 24,989,175 | 3,622,670 | ||
Income tax expense | (4,214,725) | (9,701,706) | (1,406,452) | ||
Income (loss) before share of gains in equity | 7,485,876 | 15,287,469 | 2,216,218 | ||
Share of loss/(income) in equity investees, net of tax | 301,937 | (1,256,077) | (182,093) | ||
Net income(loss) | 7,787,813 | 14,031,392 | 2,034,125 | ||
Net loss/(income) attributable to non-controlling | 1,044,332 | 1,473,192 | 213,568 | ||
Net income attributable to ordinary shareholders | 8,832,145 | 15,504,584 | 2,247,693 | ||
Net earnings per share | |||||
Class A ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||
Class B ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||
Net earnings per ADS | |||||
Class A ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||
Class B ordinary share-basic and diluted | 0.09 | 0.15 | 0.02 | ||
Weighted average shares outstanding | |||||
Class A ordinary share-basic and diluted | 66,761,582 | 66,134,416 | 66,134,416 | ||
Class B ordinary share-basic and diluted | 34,762,909 | 34,762,909 | 34,762,909 | ||
Other comprehensive income, net of tax | |||||
Foreign currency translation adjustments | 4,831,702 | 3,969,852 | 575,507 | ||
Comprehensive income, net of tax | 12,619,515 | 18,001,244 | 2,609,632 | ||
Comprehensive loss/(income) attributable to non- | 1,044,332 | 1,473,192 | 213,568 | ||
Comprehensive income (loss) attributable to | 13,663,847 | 19,474,436 | 2,823,200 | ||
GreenTree Hospitality Group Ltd. | |||||
Quarter Ended | |||||
March 31, 2025 | March 31, 2026 | March 31, 2026 | |||
RMB | RMB | US$ | |||
Revenues | |||||
Leased-and-operated revenues | 88,195,435 | 74,537,762 | 10,805,706 | ||
Franchised-and-managed revenues | 123,856,609 | 113,366,610 | 16,434,707 | ||
Others | 917,053 | 790,888 | 114,655 | ||
Total revenues | 212,969,097 | 188,695,260 | 27,355,068 | ||
Operating costs and expenses | |||||
Hotel operating costs | (142,718,174) | (125,007,424) | (18,122,271) | ||
Selling and marketing expenses | (14,540,243) | (9,213,432) | (1,335,667) | ||
General and administrative expenses | (41,651,362) | (24,084,942) | (3,491,583) | ||
Other operating expenses | (49,194) | (3,172,068) | (459,853) | ||
Other general expenses | (5,805,656) | (5,111,119) | (740,957) | ||
Total operating costs and expenses | (204,764,629) | (166,588,985) | (24,150,331) | ||
Other operating income | 3,564,716 | 6,432,863 | 932,569 | ||
Income from operations | 11,769,184 | 28,539,138 | 4,137,306 | ||
Interest income and other, net | 10,591,951 | 8,829,497 | 1,280,008 | ||
Interest expense | (1,877,872) | (1,859,780) | (269,611) | ||
Other income, net | (8,344,996) | (10,605,544) | (1,537,481) | ||
Income before income taxes | 12,138,267 | 24,903,311 | 3,610,222 | ||
Income tax expense | (3,981,392) | (9,297,825) | (1,347,902) | ||
Income (loss) before share of gains in equity | 8,156,875 | 15,605,486 | 2,262,320 | ||
Share of loss/(income) in equity investees, net of | 301,937 | (1,256,077) | (182,093) | ||
Net income(loss) | 8,458,812 | 14,349,409 | 2,080,227 | ||
GreenTree Hospitality Group Ltd. | |||||
Unaudited Restaurant Business Results | |||||
Quarter Ended | |||||
March 31, 2025 | March 31, 2026 | March 31, 2026 | |||
RMB | RMB | US$ | |||
Revenues | |||||
Leased-and-operated revenues | 30,668,599 | 20,021,976 | 2,902,577 | ||
Franchised-and-managed revenues | 1,754,786 | 1,933,155 | 280,249 | ||
Wholesales and others | 19,435,748 | 17,125,511 | 2,482,678 | ||
Total revenues | 51,859,133 | 39,080,642 | 5,665,504 | ||
Operating costs and expenses | |||||
Restaurant operating costs | (44,539,665) | (33,824,914) | (4,903,583) | ||
Selling and marketing expenses | (2,501,787) | (2,203,214) | (319,399) | ||
General and administrative expenses | (5,288,684) | (2,927,781) | (424,439) | ||
Other operating expenses | (221,149) | (33,325) | (4,831) | ||
Total operating costs and expenses | (52,551,285) | (38,989,234) | (5,652,252) | ||
Other operating income | 235,917 | 39,120 | 5,671 | ||
Income from operations | (456,235) | 130,528 | 18,923 | ||
Interest income and other, net | 30,251 | 3,681 | 534 | ||
Other income, net | (11,682) | (48,345) | (7,009) | ||
Income before income taxes | (437,666) | 85,864 | 12,448 | ||
Income tax expense | (233,333) | (403,881) | (58,551) | ||
Income (loss) before share of gains in equity | (670,999) | (318,017) | (46,103) | ||
Net income(loss) | (670,999) | (318,017) | (46,103) | ||
GreenTree Hospitality Group Ltd. | |||||||
Unaudited Condensed Consolidated Statements | |||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||
March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 | ||||
Hotel | Restaurant | Elimination | Total | ||||
RMB | RMB | RMB | RMB | ||||
Revenues | |||||||
Leased-and-operated revenues | 88,195,435 | 30,668,599 | - | 118,864,034 | |||
Franchised-and-managed revenues | 123,856,609 | 1,754,786 | - | 125,611,395 | |||
Wholesales and Others | 917,053 | 19,435,748 | - | 20,352,801 | |||
Total revenues | 212,969,097 | 51,859,133 | - | 264,828,230 | |||
Operating costs and expenses | |||||||
Operating costs | (142,718,174) | (44,539,665) | - | (187,257,839) | |||
Selling and marketing expenses | (14,540,243) | (2,501,787) | - | (17,042,030) | |||
General and administrative expenses | (41,651,362) | (5,288,684) | - | (46,940,046) | |||
Other operating expenses | (49,194) | (221,149) | - | (270,343) | |||
Other general expenses | (5,805,656) | - | - | (5,805,656) | |||
Total operating costs and expenses | (204,764,629) | (52,551,285) | - | (257,315,914) | |||
Other operating income | 3,564,715 | 235,917 | - | 3,800,632 | |||
Income from operations | 11,769,183 | (456,235) | - | 11,312,948 | |||
GreenTree Hospitality Group Ltd. | |||||||
Unaudited Condensed Consolidated Statements | |||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||
March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | ||||
Hotel | Restaurant | Elimination | Total | ||||
RMB | RMB | RMB | RMB | ||||
Revenues | |||||||
Leased-and-operated revenues | 74,537,762 | 20,021,976 | - | 94,559,738 | |||
Franchised-and-managed revenues | 113,366,610 | 1,933,155 | - | 115,299,765 | |||
Wholesales and Others | 790,888 | 17,125,511 | (39,176) | 17,877,223 | |||
Total revenues | 188,695,260 | 39,080,642 | (39,176) | 227,736,726 | |||
Operating costs and expenses | |||||||
Operating costs | (125,007,424) | (33,824,914) | 39,176 | (158,793,162) | |||
Selling and marketing expenses | (9,213,432) | (2,203,214) | - | (11,416,646) | |||
General and administrative expenses | (24,084,942) | (2,927,781) | - | (27,012,723) | |||
Other operating expenses | (3,172,068) | (33,325) | - | (3,205,393) | |||
Other general expenses | (5,111,119) | - | - | (5,111,119) | |||
Total operating costs and expenses | (166,588,985) | (38,989,234) | 39,176 | (205,539,043) | |||
Other operating income | 6,432,863 | 39,120 | - | 6,471,983 | |||
Income from operations | 28,539,138 | 130,528 | - | 28,669,666 | |||
GreenTree Hospitality Group Ltd. | |||||
Unaudited Condensed Consolidated Statements of Cash Flows | |||||
Quarter Ended | |||||
March 31, 2025 | March 31, 2026 | March 31, 2026 | |||
RMB | RMB | US$ | |||
Operating activities: | |||||
Net (loss) income | 7,787,813 | 14,031,392 | 2,034,125 | ||
Net cash provided by operating activities | 58,226,489 | 58,147,280 | 8,429,587 | ||
Investing activities: | |||||
Purchases of property, plant and equipment | (25,480,885) | (51,637,054) | (7,485,801) | ||
Purchases of intangible assets | - | (101,463) | (14,709) | ||
Proceeds from disposal of property, plant and equipment | 21,463 | - | - | ||
Proceeds from disposal of long-term investments | - | 500,000 | 72,485 | ||
Loan to fanchisees | (2,010,000) | (1,388,900) | (201,348) | ||
Repayment from franchisees | 6,059,358 | 2,369,916 | 343,566 | ||
Net cash (used in) provided by investing activities | (21,410,064) | (50,257,501) | (7,285,807) | ||
Financing activities: | |||||
Proceeds from bank loans | - | 46,754,778 | 6,778,019 | ||
Net cash provided by (used in) financing activities | - | 46,754,778 | 6,778,019 | ||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (4,979,488) | (8,502,540) | (1,232,609) | ||
Net (decrease) increase in cash and cash equivalents | 31,836,937 | 46,142,017 | 6,689,190 | ||
Cash and cash equivalents at the beginning of the period | 1,525,201,938 | 1,678,439,024 | 243,322,561 | ||
Cash and cash equivalents at the end of the period | 1,557,038,875 | 1,724,581,041 | 250,011,751 | ||
GreenTree Hospitality Group Ltd. | |||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||
Quarter Ended | |||||
March 31, | March 31, | March 31, | |||
RMB | RMB | US$ | |||
Net income | 7,787,813 | 14,031,392 | 2,034,125 | ||
Deduct: | |||||
Other operating income | 3,800,632 | 6,471,983 | 938,241 | ||
Interest income and other, net | 10,622,202 | 8,833,178 | 1,280,542 | ||
Share of gain in equity investees, net of tax | 301,937 | - | - | ||
Add: | |||||
Other operating expenses | 270,343 | 3,205,393 | 464,684 | ||
Other general expenses | 5,805,656 | 5,111,119 | 740,957 | ||
Income tax expenses (benefits) | 4,214,725 | 9,701,706 | 1,406,452 | ||
Share of loss in equity investees, net of tax | - | 1,256,077 | 182,093 | ||
Interest expenses | 1,877,872 | 1,859,780 | 269,611 | ||
Depreciation and amortization | 26,025,153 | 22,673,494 | 3,286,966 | ||
Other expense, net | 8,356,677 | 10,653,889 | 1,544,490 | ||
Adjusted EBITDA (Non-GAAP) | 39,613,468 | 53,187,689 | 7,710,595 | ||
Quarter Ended | |||||
March 31, | March 31, | March 31, | |||
RMB | RMB | US$ | |||
Net income | 7,787,813 | 14,031,392 | 2,034,125 | ||
Deduct: | |||||
Government subsidies (net of 25% tax) | 1,725,000 | 3,240,842 | 469,823 | ||
Add: | |||||
Other expense (net of 25% tax) | 6,267,508 | 7,990,417 | 1,158,367 | ||
Other general expenses | 5,805,656 | 5,111,119 | 740,957 | ||
Core net income (Non-GAAP) | 18,135,977 | 23,892,086 | 3,463,626 | ||
Core net income per ADS (Non-GAAP) | |||||
Class A ordinary share-basic and diluted | 0.18 | 0.24 | 0.03 | ||
Class B ordinary share-basic and diluted | 0.18 | 0.24 | 0.03 | ||
March 31, 2025 | March 31, 2026 | |||
Total hotels in operation: | 4,459 | 4,605 | ||
Leased and owned hotels | 55 | 42 | ||
Franchised hotels | 4,404 | 4,563 | ||
Total hotel rooms in operation | 319,262 | 328,646 | ||
Leased and owned hotels | 6,262 | 4,922 | ||
Franchised hotels | 313,000 | 323,724 | ||
Number of cities | 359 | 347 | ||
Quarter Ended | ||||
March 31, 2025 | March 31, 2026 | |||
Occupancy rate (as a percentage) | ||||
Leased-and-owned hotels | 61.00 % | 57.60 % | ||
Franchised hotels | 64.10 % | 62.60 % | ||
Blended | 64.00 % | 62.50 % | ||
Average daily rate (in RMB) | ||||
Leased-and-owned hotels | 236 | 229 | ||
Franchised hotels | 155 | 150 | ||
Blended | 157 | 152 | ||
RevPAR (in RMB) | ||||
Leased-and-owned hotels | 144 | 132 | ||
Franchised hotels | 99 | 94 | ||
Blended | 100 | 95 | ||
Number of Hotels in Operation | Number of | |||
March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | |
Mid-to-up-scale | 564 | 596 | 52,365 | 55,565 |
GreenTree Eastern | 242 | 251 | 25,843 | 27,343 |
Deepsleep Hotel | 8 | 9 | 610 | 710 |
Gem | 111 | 119 | 10,080 | 10,846 |
Gya | 74 | 78 | 6,171 | 6,546 |
Vx | 107 | 111 | 8,939 | 9,217 |
Others | 22 | 28 | 722 | 903 |
Mid-scale | 2,988 | 3,034 | 225,372 | 228,244 |
GreenTree Inn | 2,349 | 2,403 | 183,606 | 186,880 |
GT Alliance | 507 | 500 | 32,656 | 32,493 |
GreenTree Apartment | 24 | 29 | 1,545 | 1,760 |
Vatica | 108 | 102 | 7,565 | 7,111 |
Others | - | - | - | - |
Economy hotels | 907 | 975 | 41,525 | 44,837 |
Shell | 907 | 975 | 41,525 | 44,837 |
Others | - | - | - | - |
Total | 4,459 | 4,605 | 319,262 | 328,646 |
Restaurant Operational Data
March | March | |
Total restaurants in operation: | 184 | 192 |
Leased and owned | 17 | 14 |
Franchised restaurants | 167 | 178 |
Number of cities | 53 | 53 |
Da Niang Dumplings | 163 | 173 |
Bellagio | 21 | 19 |
Quarter Ended | ||
2025 Q1 | 2026 Q1 | |
ADT | ||
Leased-and-owned restaurants | 210 | 204 |
Franchised restaurants | 71 | 65 |
Blended | 83 | 73 |
AC (in RMB) | ||
Leased-and-owned | 98 | 83 |
Franchised restaurants | 35 | 36 |
Blended | 48 | 45 |
ADS (in RMB) | ||
Leased-and-owned | 20,545 | 16,836 |
Franchised restaurants | 2,459 | 2,356 |
Blended | 4,029 | 3,270 |
For more information, please contact:
GreenTree
Ms.
Phone: +86-158-2166-6251
E-mail: [email protected]
Ms.
Phone: +86-182-2560-8592
E-mail: [email protected]
View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-first-quarter-of-2026-financial-results-302814467.html
SOURCE GreenTree Hospitality Group Ltd.
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