Total revenues decreased by 22.5% year over year to RMB357.0 million (US$50.9 million)[1]. Income from operations was RMB106.4 million (US$15.2 million)[1] compared to RMB137.8 million for the third quarter of 2023. Net income was RMB65.2 million (US$9.3 million)[1] compared to RMB117.4 million for the third quarter of 2023. Adjusted EBITDA (non-GAAP)[2] decreased 32.1% year over year to RMB122.5million (US$17.5 million)[1]. Core net income (non-GAAP)[3] decreased 26.6% year over year to RMB93.5million (US$13.3 million)[1].
SHANGHAI, Nov. 21, 2024 /PRNewswire/ — GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the third quarter of 2024.
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0176 on September 30, 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).
Third Quarter of 2024 Operational Highlights
Hotels
A total of 4,336 hotels with 316,461 hotel rooms were in operation as of September 30, 2024. The Company opened 109 hotels and had a pipeline of 1,085 hotels contracted for or under development as of September 30, 2024. The average daily room rate was RMB181, a decrease of 6.0% from RMB192 in the third quarter of 2023. The occupancy rate was 74.6%, decreased from 81.2% in the third quarter of 2023. Revenue per available room, or RevPAR, was RMB135, a 13.6% year-over-year decrease.
Restaurants
A total of 182 restaurants were in operation as of September 30, 2024 The AC (average check) was RMB46, a 15.9% year-over-year decrease. The ADT (average daily tickets) was 106, decreased from 120 in the third quarter of 2023. The ADS (average daily sales per store) was RMB4,891, a decrease of 25.6% from RMB6,570 in the third quarter of 2023.
Our hotel business improved in the third quarter over the first two quarters of this year as the economy continued to recover. Travel consumption returned to a more normal pattern following last year’s surge, which has influenced year-over-year comparisons. We are back to a more positive environment, focusing on growing our pipeline and upgrading numerous hotels across our portfolio. We are confident that we are on the right track and will benefit from the ongoing stimulus measures implemented by the government.
Our restaurant business’ net income remained positive for a second consecutive quarter as we continued to grow the number of franchised street stores and stores with stable consumer traffic. Such stores now account for 55.5% of our store count compared to 44.6% a year ago. Following the closing of unprofitable stores over the past year, the number restaurants in operation had stabilized at 182 at the end of quarter and we are now focused on growing that number," said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.
Quarter Ended
September
30, 2023
September
30, 2023
September
30, 2023
September
30, 2023
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Revenues
Leased-and-operated revenues
151,839,044
80,358,490
49,624
232,247,158
Franchised-and-managed
revenues
186,043,016
4,070,541
–
190,113,557
Wholesales and others
1,168,017
37,355,462
–
38,523,479
Total revenues
339,050,077
121,784,493
49,624
460,884,194
Quarter Ended
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Revenues
Leased-and-operated
revenues
118,159,125
41,117,277
–
159,276,402
22,696,706
Franchised-and-managed
revenues
167,928,127
1,757,933
–
169,686,060
24,180,070
Wholesales and others
796,488
27,766,790
(544,290)
28,018,988
3,992,674
Total revenues
286,883,740
70,642,000
(544,290)
356,981,450
50,869,450
Nine Month Ended
September
30, 2023
September
30, 2023
September
30, 2023
September
30, 2023
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Revenues
Leased-and-operated
revenues
365,402,970
248,698,564
(1,075,555)
613,025,979
Franchised-and-managed
revenues
533,460,017
7,235,800
–
540,695,817
Wholesales and others
3,393,596
97,978,792
–
101,372,388
Total revenues
902,256,583
353,913,156
(1,075,555)
1,255,094,184
Nine Month Ended
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Revenues
Leased-and-operated
revenues
346,552,738
130,792,112
–
477,344,850
68,021,097
Franchised-and-managed
revenues
476,898,409
5,527,686
–
482,426,095
68,745,169
Wholesales and others
2,881,694
77,272,388
(1,004,493)
79,149,589
11,278,726
Total revenues
826,332,841
213,592,186
(1,004,493)
1,038,920,534
148,044,992
Total revenues were RMB357.0 million (US$50.9 million), a 22.5% year-over-year decrease.
Hotel revenues were RMB286.9 million (US$40.9 million), a 15.4% year-over-year decrease due to a 13.6% year-over-year decrease in Revpar and the closure of 6 L&O hotels in the third quarter due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB70.6 million (US$10.1 million), a 42.0% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores. By the end of the third quarter, we had completed the strategic transformation of our business model.
Total revenues for the first nine months of 2024 were RMB1,038.9 million (US$148.0 million)[1], a 17.2% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB159.3 million (US$22.7 million)[1], a 31.4% year-over-year decrease.
Total revenues from L&O hotels were RMB118.2 million (US$16.8 million)[1], a 22.2% year-over-year decrease. The decrease was primarily attributable to an 7.5% year-over-year decrease in the third quarter RevPAR of L&O hotels, the closing of 6 L&O hotels, and a reduction in sublease revenues mainly due to the disposal of a property.
Total revenues from L&O restaurants were RMB41.1 million (US$5.9 million)[1], a 48.8% year-over-year decrease, mainly due to the closure of 29 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 nine months of 2024 were RMB477.3 million (US$68.0 million)[1], a 22.1% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB169.7 million (US$24.2 million), a 10.7% year-over-year decrease.
Total revenues from F&M hotels were RMB167.9 million (US$23.9 million), a 9.7% year-over-year decrease, primary due to a 13.8% decrease in F&M hotels’ Revpar and partially offset by new openings.
Total revenues from F&M restaurants were RMB1.8 million (US$0.3 million), a 56.8% year-over-year decrease, mainly due to the year-over-year decrease in ADS.
Total revenues from F&M hotels and restaurants for the first nine months of 2024 were RMB482.4 million (US$68.7 million)[1], a 10.8% year-over-year decrease.
Total revenues from wholesale and others were RMB28.0M (US$4.0 million), a 27.3% 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 nine months of 2024 were RMB79.1 million (US$11.3 million), a 21.9% year-over-year decrease.
Total operating costs and expenses
Quarter Ended
September
30, 2023
September
30, 2023
September
30, 2023
September
30, 2023
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Operating costs and
expenses
Operating costs
159,920,582
87,814,484
49,623
247,784,689
Selling and marketing
expenses
14,277,225
12,026,085
–
26,303,310
General and administrative
expenses
26,655,780
11,858,500
–
38,514,280
Other operating expenses
180,515
120,654
–
301,169
Other general expenses
11,322,509
–
–
11,322,509
Total operating costs and
expenses
212,356,611
111,819,723
49,623
324,225,957
Quarter Ended
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Operating costs and
expenses
Operating costs
152,278,796
53,365,650
(475,648)
205,168,798
29,236,320
Selling and marketing
expenses
12,899,411
2,881,942
(68,642)
15,712,711
2,239,043
General and
administrative
expenses
35,309,079
7,023,449
–
42,332,528
6,032,337
Other operating
expenses
1,363,201
654,777
–
2,017,978
287,560
Other general
expenses
–
–
–
–
–
Total operating costs
and expenses
201,850,487
63,925,818
(544,290)
265,232,015
37,795,260
Nine Month Ended
September
30, 2023
September
30, 2023
September
30, 2023
September
30, 2023
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Operating costs and
expenses
Operating costs
444,284,960
292,122,643
(560,465)
735,847,138
Selling and marketing
expenses
39,115,830
21,411,730
–
60,527,560
General and administrative
expenses
117,191,327
33,197,310
–
150,388,637
Other operating expenses
1,024,079
7,111,308
–
8,135,387
Other general expenses
27,296,093
–
–
27,296,093
Total operating costs and
expenses
628,912,289
353,842,991
(560,465)
982,194,815
Nine Month Ended
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
September
30, 2024
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
Total
Operating costs and
expenses
Operating costs
441,888,078
170,642,273
(916,517)
611,613,834
87,154,274
Selling and marketing
expenses
41,576,925
8,473,078
(87,975)
49,962,028
7,119,532
General and
administrative
expenses
128,706,277
22,802,128
–
151,508,405
21,589,775
Other operating
expenses
2,301,445
2,136,726
–
4,438,171
632,434
Other general
expenses
11,756,531
–
–
11,756,531
1,675,292
Total operating costs
and expenses
626,229,256
204,054,205
(1,004,492)
829,278,969
118,171,308
Operating costs were 205.2 million (US$ 29.2 million)[1], a 17.2% year-over-year decrease.
Operating costs of the hotel business were RMB152.3 million (US$21.7million)[1], a 4.8% year-over-year decrease. The decrease was mainly attributable to lower staff related costs due to the disposal of L&O hotels.
Operating costs of the restaurant business in the third quarter of 2024 were RMB53.4 million (US$ 7.6 million)[1], a 39.2% year-over-year decrease, due to the closure of L&O stores.
For the first nine months of 2024, operating costs were RMB611.6 million (US$87.2 million)[1], a 16.9% decrease.
Selling and marketing expenses were RMB15.7 million (US$2.2 million)[1], a 40.3% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB12.9 million (US$1.8 million)[1], a 9.7% year-over-year decrease. The decrease was mainly due to lower advertising expenses.
Selling and marketing expenses of the restaurant business were RMB2.9 million (US$0.4 million)[1], a 76.0% year-over-year decrease, mainly attributable to lower sales staff related expenses and lower sales-channel commissions.
For the first nine months of 2024, selling and marketing expenses were RMB50.0 million (US$7.1 million)[1], a 17.5% decrease.
General and administrative, or G&A expenses were RMB42.3 million (US$6.0 million)[1], a 9.9% year-over-year increase.
G&A expenses of the hotel business were RMB35.3 million (US$5.0 million)[1], a 32.5% year-over-year increase. The increase was mainly due to an increase of approximately RMB11 million in bad debt provisions for long-aged account receivables.
G&A expenses of the restaurant business were RMB7.0 million (US$1.0 million)[1], a 40.8% year-over-year decrease, mainly due to lower staff related expenses.
General and administrative expenses for the first nine months of 2024 were RMB151.5 million (US$21.6 million)[1], a 0.7% year-over-year increase.
Other general expenses were nil for this quarter, and for the first nine months of 2024 were RMB11.8 million (US$1.7 million) [1], a 56.9% year-over-year decrease.
Gross profit was RMB151.8 million (US$21.6 million)[1], a year-over-year decrease of 28.8%. Gross margin was 42.5%, compared to 46.2% a year ago. The gross profit of the hotel business was RMB134.6 million (US$19.2 million)[1], an 24.9% year-over-year decrease. The gross profit of the restaurant business was RMB17.3 million (US$2.5 million)[1], a 49.1% year-over-year decrease.
Income from operations in the third quarter of 2024 was RMB106.4 million (US$15.2 million)[1] , compared to income from operations of RMB137.8 million in the third quarter of 2023, with a margin of 29.8%. The lower profitability was due to the decline in revenue, despite lower operating costs and expenses.
Income from operations of the hotel business was RMB99.5 million (US$14.2 million)[1], compared to an income from operations of RMB127.5 million in the third quarter of 2023, with a margin of 34.7%.
Income from operations of the restaurant business in the third quarter of 2024 was RMB6.9 million (US$1.0 million)[1], compared to income from operations of RMB10.3 million in the third quarter of 2023, with a margin of 9.7%.
Income from operations for the first nine months of 2024 was RMB263.1 million (US$37.5 million)[1] compared to income from operations of RMB288.7 million in 2023, with a margin of 25.3%.
Net income in the third quarter of 2024 was RMB65.2 million (US$9.3 million)[1], compared to a net income of RMB117.4 million in the third quarter of 2023, and net margin was 18.3%. Net income was partially negatively impacted by a foreign exchange loss of approximately RMB33 million.
Net income of the hotel business was RMB58.6 million (US$8.4 million)[1], compared to a net income of RMB108.5 million in the third quarter of 2023, and net margin was 20.4%.
Net income of the restaurant business in the third quarter of 2024 was RMB6.6 million (US$0.9 million)[1], compared to a net income of RMB8.8 million in the third quarter of 2023, and net margin was 9.4%.
Net income for the first nine months of 2024 was RMB184.8 million (US$26.3million)[1], compared to a net income of RMB 251.9 million in 2023, and net margin was 17.8%.
Adjusted EBITDA (non-GAAP)[2] in the third quarter of 2024 was RMB122.5 million (US$17.5 million)[1], a year-over-year decrease of 32.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 34.3%, compared to 39.2% a year ago.
Adjusted EBITDA (non-GAAP) for the first nine months of 2024 was RMB315.0 million (US$44.9 million), a year-over-year decrease of 21.4%.
Core net income (non-GAAP) in the third quarter of 2024 was RMB93.5 million (US$13.3 million)[1], a year-over-year decrease of 26.6%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 26.2%, compared to 27.6% one year ago.
Core net income (non-GAAP) for the first nine months of 2024 was RMB224.4 million (US$ 32.0 million)[1], a year-over-year decrease of 8.7%.
Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.65 (US$0.09 )[1], decreased from RMB1.15 one year ago.
Earnings per American Depositary Share, or ADS, (basic and diluted) for the first nine months of 2024 were RMB1.83 (US$0.26 )[1], decreased from RMB2.52 one year ago.
Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.92 (US$0.13 )[1], decreased from RMB1.25 a year ago.
Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.21 (US$0.31)[1] for the first nine months of 2024, an decrease from RMB2.41 a year ago.
Cash flow Operating cash inflow was RMB139.2 million (US$19.8 million)[1] as a result of income from operations. Investing cash outflow for the third quarter of 2024 was RMB0.1 million (US$0.01 million)[1], which was primarily due to purchase of equipment for the newly opened LO store in the second quarter and offset by repayment of loans from franchisees. Financing cash outflow was RMB1.3 million (US$0.2 million)[1],mainly due to the repurchase of ordinary shares.
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of September 30, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,883.9million (US$268.5 million)[1],compared to RMB1,737.2 million as of June 30, 2024. The increase was mainly attributable to continued operating cash inflow and repayment of loans from franchisees.
Guidance
We now anticipate revenue for our hotel business for the full year 2024 to decrease approximately 8% compared to 2023. This is based on our operating performance so far this year, in particular lower than expected travel in the third quarter, and the strategic review of our LO hotels segment that led to the net closure of 9 hotels by the end of the third quarter and contributed nearly half of the decline.
Conference Call
GreenTree’s management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on November 21, 2024, (9:00 PM Beijing/Hong Kong Time on November 21, 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 november 28, 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:
5184244
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 September 30, 2024, GreenTree had a total number of 4,336 hotels and 182 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
September 30
September 30
2023
2024
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
765,547,547
1,513,020,988
215,603,766
Restricted cash
6,576,906
7,240,598
1,031,777
Short-term investments
417,711,617
64,034
9,125
Investments in equity securities
26,076,169
22,798,811
3,248,805
Accounts receivable, net of
allowance
123,887,879
112,807,834
16,074,988
Amounts due from related parties
19,928,781
17,890,534
2,549,381
Inventories
20,462,490
6,423,582
915,353
Other current assets
117,047,122
125,926,677
17,944,408
Loans receivable, net
129,521,094
79,569,204
11,338,521
Total current assets
1,626,759,605
1,885,742,262
268,716,124
Non-current assets:
Amounts due from a related party
110,000,000
110,000,000
15,674,875
Restricted cash
19,476,259
19,397,031
2,764,055
Long-term time deposits
63,340,000
285,570,000
40,693,399
Loans receivable, net
70,690,305
43,154,241
6,149,430
Property and equipment, net
814,949,026
634,881,632
90,469,909
Intangible assets, net
117,720,693
114,380,472
16,299,087
Goodwill
177,082,468
177,082,468
25,234,050
Long-term investments
184,758,800
188,946,438
26,924,652
Operating lease right-of-use
assets
1,535,330,762
1,353,807,671
192,916,050
Other assets
104,725,600
106,200,135
15,133,398
Deferred tax assets
241,965,360
180,650,424
25,742,479
TOTAL ASSETS
5,066,798,878
5,099,812,774
726,717,508
LIABILITIES AND EQUITY
Current liabilities:
Long-term bank loans, current
portion
200,000
–
–
Short-term bank loans
116,800,000
400,000
57,000
Accounts payable
73,126,677
45,619,837
6,500,775
Advance from customers
22,393,097
21,258,689
3,029,339
Amounts due to related parties
16,310,293
15,694,608
2,236,464
Salary and welfare payable
86,332,096
74,484,735
10,613,990
Deferred revenue
186,281,838
197,495,166
28,142,836
Accrued expenses and other
current liabilities
459,832,717
493,142,341
70,272,221
Income tax payable
112,782,712
124,691,079
17,768,337
Dividends payable
–
70,176,000
10,000,000
Operating lease liabilities, current
267,536,846
183,764,847
26,186,281
Total current liabilities
1,341,596,276
1,226,727,302
174,807,243
Long-term bank loans
56,800,000
256,400,000
36,536,708
Deferred revenue
207,905,769
182,882,796
26,060,590
Other long-term liabilities
111,711,748
117,713,049
16,773,975
Operating lease liabilities,
non-current
1,391,909,309
1,300,009,022
185,249,804
Deferred tax liabilities
94,716,495
54,099,834
7,709,165
Unrecognized tax benefits
382,125,786
371,085,335
52,879,237
TOTAL LIABILITIES
3,586,765,383
3,508,917,338
500,016,722
Shareholders’ equity:
Class A ordinary shares
222,587,070
222,587,070
31,718,404
Class B ordinary shares
115,534,210
115,534,210
16,463,493
Treasury Stock
(36,677,832)
(36,977,954)
(5,269,316)
Additional paid-in capital
1,680,713,349
1,680,194,335
239,425,777
Retained earnings (Accumulated
losses)
(568,339,799)
(452,428,018)
(64,470,477)
Accumulated other
comprehensive income
28,401,282
26,759,125
3,813,145
Total GreenTree Hospitality
Group Ltd. shareholders’ equity
1,442,218,280
1,555,668,768
221,681,026
Non-controlling interests
37,815,215
35,226,668
5,019,760
Total shareholders’ equity
1,480,033,495
1,590,895,436
226,700,786
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY
5,066,798,878
5,099,812,774
726,717,508
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated
revenues
232,247,158
159,276,402
22,696,706
613,025,979
477,344,850
68,021,097
Franchised-and-
managed
revenues
190,113,557
169,686,060
24,180,070
540,695,817
482,426,095
68,745,169
Wholesales and
others
38,523,479
28,018,988
3,992,674
101,372,388
79,149,589
11,278,726
Total revenues
460,884,194
356,981,450
50,869,450
1,255,094,184
1,038,920,534
148,044,992
Operating costs
and expenses
Operating costs
(247,784,689)
(205,168,798)
(29,236,320)
(735,847,138)
(611,613,834)
(87,154,274)
Selling and
marketing
expenses
(26,303,310)
(15,712,711)
(2,239,043)
(60,527,560)
(49,962,028)
(7,119,532)
General and
administrative
expenses
(38,514,280)
(42,332,528)
(6,032,337)
(150,388,637)
(151,508,405)
(21,589,775)
Other operating
expenses
(301,169)
(2,017,978)
(287,560)
(8,135,387)
(4,438,171)
(632,434)
Other general
expenses
(11,322,509)
–
–
(27,296,093)
(11,756,531)
(1,675,292)
Total operating
costs and
expenses
(324,225,957)
(265,232,015)
(37,795,260)
(982,194,815)
(829,278,969)
(118,171,308)
Other operating
income
1,136,022
14,654,068
2,088,188
15,806,939
53,422,304
7,612,617
Income from
operations
137,794,259
106,403,503
15,162,378
288,706,308
263,063,869
37,486,301
Interest income
and other, net
13,662,038
7,488,034
1,067,036
31,041,389
27,438,533
3,909,960
Interest expense
(3,740,491)
(116,161)
(16,553)
(13,137,021)
(4,485,219)
(639,139)
Gains (losses)
from investment
in equity
securities
365,577
10,015,229
1,427,159
(4,434,821)
(5,409,426)
(770,837)
Other income, net
1,779,998
(34,653,121)
(4,938,030)
42,926,246
(17,862,097)
(2,545,328)
Income before
income taxes
149,861,381
89,137,484
12,701,990
345,102,101
262,745,660
37,440,957
Income tax expense
(32,385,239)
(24,330,641)
(3,467,089)
(92,335,322)
(77,512,335)
(11,045,419)
Income (loss)
before share of
gains in equity
investees
117,476,142
64,806,843
9,234,901
252,766,779
185,233,325
26,395,538
Share of
loss/(income) in
equity investees,
net of tax
(83,027)
405,064
57,721
(869,910)
(464,693)
(66,218)
Net income(loss)
117,393,115
65,211,907
9,292,622
251,896,869
184,768,632
26,329,320
Net loss/(income)
attributable to
non-controlling
interests
227,170
288,968
41,178
5,304,468
1,319,147
187,977
Net income
attributable to
ordinary
shareholders
117,620,285
65,500,875
9,333,800
257,201,337
186,087,779
26,517,297
Net earnings per
share
Class A ordinary
share-basic and
diluted
1.15
0.65
0.09
2.52
1.83
0.26
Class B ordinary
share-basic and
diluted
1.15
0.65
0.09
2.52
1.83
0.26
Net earnings per
ADS
Class A ordinary
share-basic and
diluted
1.15
0.65
0.09
2.52
1.83
0.26
Class B ordinary
share-basic and
diluted
1.15
0.65
0.09
2.52
1.83
0.26
Weighted
average shares
outstanding
Class A ordinary
share-basic and
diluted
67,416,046
66,778,809
66,778,809
67,416,046
66,780,008
66,780,008
Class B ordinary
share-basic and
diluted
34,762,909
34,762,909
34,762,909
34,762,909
34,762,909
34,762,909
Other
comprehensive
income, net of
tax
Foreign currency
translation
adjustments
(68,502)
6,463,594
921,055
927,605
(1,642,157)
(234,006)
Unrealized
gains(loss) on
available-for-sale
investments, net
of tax
Comprehensive
income, net of
tax
117,324,613
71,675,501
10,213,677
252,824,474
183,126,475
26,095,314
Comprehensive
loss/(income)
attributable to
non-controlling
interests
6,379,505
288,968
41,178
5,304,468
1,319,147
187,977
Comprehensive
income (loss)
attributable to
ordinary
shareholders
123,704,118
71,964,469
10,254,855
258,128,942
184,445,622
26,283,291
GreenTree Hospitality Group Ltd.
Unaudited Hotel Business Results
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated
revenues
151,839,044
118,159,125
16,837,541
365,402,970
346,552,738
49,383,370
Franchised-and-
managed
revenues
186,043,016
167,928,127
23,929,567
533,460,017
476,898,409
67,957,480
Others
1,168,017
796,488
113,499
3,393,596
2,881,694
410,638
Total revenues
339,050,077
286,883,740
40,880,607
902,256,583
826,332,841
117,751,488
Operating costs
and expenses
Hotel operating
costs
(159,920,582)
(152,278,796)
(21,699,555)
(444,284,960)
(441,888,078)
(62,968,547)
Selling and
marketing
expenses
(14,277,225)
(12,899,411)
(1,838,151)
(39,115,830)
(41,576,925)
(5,924,664)
General and
administrative
expenses
(26,655,780)
(35,309,079)
(5,031,504)
(117,191,327)
(128,706,277)
(18,340,498)
Other operating
expenses
(180,515)
(1,363,201)
(194,255)
(1,024,079)
(2,301,445)
(327,953)
Other general
expenses
(11,322,509)
–
–
(27,296,093)
(11,756,531)
(1,675,292)
Total operating
costs and
expenses
(212,356,611)
(201,850,487)
(28,763,465)
(628,912,289)
(626,229,256)
(89,236,954)
Other operating
income
796,141
14,496,942
2,065,798
14,587,926
51,347,340
7,316,937
Income from
operations
127,489,607
99,530,195
14,182,940
287,932,220
251,450,925
35,831,471
Interest income
and other, net
13,514,958
7,467,287
1,064,080
30,587,298
27,376,005
3,901,050
Interest expense
(3,004,677)
(115,851)
(16,509)
(10,896,629)
(4,484,909)
(639,094)
Gains (losses)
from investment
in equity
securities
365,577
10,015,229
1,427,159
(4,434,821)
(769,747)
(109,688)
Other income,
net
2,150,576
(34,647,093)
(4,937,171)
42,846,940
(17,938,054)
(2,556,152)
Income before
income taxes
140,516,041
82,249,767
11,720,499
346,035,008
255,634,220
36,427,587
Income tax
expense
(31,888,801)
(24,053,937)
(3,427,659)
(87,620,126)
(76,155,862)
(10,852,124)
Income (loss)
before share of
gains in equity
investees
108,627,240
58,195,830
8,292,840
258,414,882
179,478,358
25,575,463
Share of
loss/(income) in
equity investees,
net of tax
(83,027)
405,064
57,721
(869,910)
(464,693)
(66,218)
Net
income(loss)
108,544,213
58,600,894
8,350,561
257,544,972
179,013,665
25,509,245
GreenTree Hospitality Group Ltd.
Unaudited Restaurant Business Results
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Revenues
Leased-and-operated
revenues
80,358,490
41,117,277
5,859,165
248,698,564
130,792,112
18,637,727
Franchised-and-
managed
revenues
4,070,541
1,757,933
250,503
7,235,800
5,527,686
787,689
Wholesales and
others
37,355,462
27,766,790
3,956,736
97,978,792
77,272,388
11,011,227
Total revenues
121,784,493
70,642,000
10,066,404
353,913,156
213,592,186
30,436,643
Operating costs
and expenses
Restaurant
operating costs
(87,814,484)
(53,365,650)
(7,604,544)
(292,122,643)
(170,642,273)
(24,316,329)
Selling and
marketing
expenses
(12,026,085)
(2,881,942)
(410,673)
(21,411,730)
(8,473,078)
(1,207,404)
General and
administrative
expenses
(11,858,500)
(7,023,449)
(1,000,833)
(33,197,310)
(22,802,128)
(3,249,277)
Other operating
expenses
(120,654)
(654,777)
(93,305)
(7,111,308)
(2,136,726)
(304,481)
Other general
expenses
–
–
–
–
–
–
Total operating
costs and
expenses
(111,819,723)
(63,925,818)
(9,109,355)
(353,842,991)
(204,054,205)
(29,077,491)
Other operating
income
339,881
157,126
22,390
1,219,013
2,074,964
295,680
Income from
operations
10,304,651
6,873,308
979,439
1,289,178
11,612,945
1,654,832
Interest income
and other, net
147,080
20,746
2,956
454,091
62,528
8,910
Interest expense
(735,814)
(310)
(44)
(2,240,392)
(310)
(44)
Gains (losses)
from investment
in equity
securities
–
–
–
–
–
–
Other income, net
(370,578)
(6,028)
(859)
79,306
(33,122)
(4,720)
Income before
income taxes
9,345,339
6,887,716
981,492
(417,817)
11,642,041
1,658,978
Income tax
expense
(496,438)
(276,704)
(39,430)
(4,843,969)
(1,356,473)
(193,296)
Income (loss)
before share of
gains in equity
investees
8,848,901
6,611,012
942,062
(5,261,786)
10,285,568
1,465,682
Share of
loss/(income) in
equity investees,
net of tax
–
–
–
–
–
–
Net
income(loss)
8,848,901
6,611,012
942,062
(5,261,786)
10,285,568
1,465,682
GreenTree Hospitality Group Ltd.
Unaudited Condensed Consolidated Statements of Cash Flows
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Operating
activities:
Net (loss)
income
117,393,114
65,211,908
9,292,623
251,896,867
184,768,634
26,329,320
Adjustments to
reconcile net
income to net
cash provided
by operating
activities:
Depreciation
and
amortization
32,167,798
28,690,959
4,088,429
92,487,725
89,170,635
12,706,714
Impairment of
long-lived
assets
–
–
–
2,900,000
–
–
Share of
(gains) losses
in equity
method
investments
83,027
(405,064)
(57,721)
869,910
464,693
66,218
Noncash lease
expense
58,627,753
68,398,682
9,746,734
193,450,844
205,628,129
29,301,774
Loss from
disposal of a
subsidiary
–
(4,925,221)
(701,838)
1,223,952
(5,764,903)
(821,492)
Interest income
(2,025,838)
(1,199,222)
(170,888)
(3,683,748)
(6,416,109)
(914,288)
Bad debt
expenses
18,349,856
12,615,651
1,797,716
37,029,330
34,383,723
4,899,641
(Gains) losses
and impairment
on equity
securities held
(365,577)
(10,015,229)
(1,427,159)
4,434,821
5,409,426
770,837
Loss (gains) on
disposal of
property, plant and
equipment
10,173
332,997
47,452
238,014
(24,783,238)
(3,531,583)
Foreign
exchange
(gains) losses
819,037
7,449,403
1,061,531
(269,162)
(1,314,548)
(187,322)
Share-based
compensation
(11,998)
15,662
2,232
16,594
46,986
6,695
Accounts
receivable
(18,632,382)
(5,363,153)
(764,243)
(13,516,688)
(13,092,304)
(1,865,638)
Prepaid rent
(129,472)
–
–
(129,472)
–
–
Inventories
637,459
223,113
31,793
8,088,185
15,112,676
2,153,539
Amounts due
from related
parties
3,930,789
2,188,419
311,847
5,559,317
2,488,246
354,572
Other current
assets
(5,238,709)
(6,330,209)
(902,048)
(40,136,745)
(1,245,258)
(177,448)
Other assets
1,942,473
(2,775,493)
(395,505)
7,889,240
(1,474,535)
(210,120)
Accounts
payable
(19,131,574)
(7,758,061)
(1,105,515)
(29,048,734)
(20,318,304)
(2,895,335)
Amounts due to
related parties
5,053,227
788,969
112,427
3,373,836
(615,685)
(87,734)
Salary and
welfare payable
(1,443,289)
(10,164,582)
(1,448,441)
5,029,575
(11,588,641)
(1,651,368)
Deferred
revenue
(18,693,576)
17,893,291
2,549,774
(24,552,689)
(13,809,645)
(1,967,859)
Advance from
customers
5,344,742
(706,088)
(100,617)
1,686,920
(1,123,375)
(160,080)
Accrued
expenses and
other current
liabilities
20,585,844
35,754,773
5,095,014
88,392,990
32,469,157
4,626,818
Income tax
payable
(638,107)
20,169,690
2,874,158
50,644,167
11,908,367
1,696,929
Unrecognized
tax benefits
11,569,800
(4,844,361)
(690,316)
43,530,199
(11,040,451)
(1,573,252)
Operating lease
liabilities
(54,348,610)
(80,036,795)
(11,405,152)
(179,026,778)
(189,805,890)
(27,047,123)
Other long-term
liabilities
(159,947)
6,321,131
900,754
(8,241,312)
(1,998,698)
(284,812)
Deferred taxes
(911,201)
7,711,357
1,098,860
(32,243,691)
21,677,657
3,089,041
Net cash
provided by
operating
activities
154,784,812
139,242,527
19,841,901
467,893,467
299,136,745
42,626,644
Investing
activities:
Purchases of
property, plant
and equipment
(833,691)
(8,771,704)
(1,249,958)
(72,566,925)
(28,965,630)
(4,127,569)
Purchases of
intangible
assets
185,683
–
–
(166,598)
–
–
Proceeds from
disposal of
property, plant
and equipment
(29,960)
451,660
64,361
14,666,721
140,184,760
19,976,168
Payment for
acquisition of
minority equity
–
966,000
137,654
–
–
–
Purchases of a
long-term
investment
–
(6,800,000)
(968,992)
–
(6,800,000)
(968,992)
Repayment of
Advances for
acquisitions
–
–
–
–
–
–
Purchases of
short-term
investments
(150,860,480)
–
–
(202,230,480)
–
–
Proceeds from
short-term
investments
27,211,463
–
–
160,854,647
419,362,037
59,758,612
Increase of
long-term time
deposits
–
–
–
–
(222,230,000)
(31,667,522)
Proceeds from
disposal of
subsidiaries
–
1,307,500
186,317
37,800,000
2,807,500
400,066
Loan to related
parties
–
–
–
–
(270,000)
(38,475)
Loan to third
parties
–
–
–
–
(1,200,000)
(170,999)
Repayment of
loan from third
parties
135,930
304,111
43,335
14,553,007
5,900,000
840,743
Loan to
fanchisees
(6,058,982)
(4,050,000)
(577,120)
(16,033,578)
(5,650,000)
(805,119)
Repayment
from
franchisees
35,127,246
16,489,580
2,349,746
96,248,818
67,466,801
9,613,942
Net cash (used
in) provided by
investing
activities
(95,122,791)
(102,853)
(14,657)
33,125,612
370,605,468
52,810,855
Financing
activities:
Distribution to
the
shareholders
–
–
–
–
(760,321)
(108,345)
Repurchase of
ordinary shares
–
(300,122)
(42,767)
–
(300,122)
(42,767)
Repayment of
short-term
loans
(450,600,000)
–
–
(450,600,000)
(117,000,000)
(16,672,367)
Proceeds from
bank loans
271,400,000
–
–
117,000,000
200,000,000
28,499,772
Capital
contribution
from
non-controlling
interest holders
(117,000,000)
(966,000)
(137,654)
–
(966,000)
(137,654)
Net cash
provided by
(used in)
financing
activities
(296,200,000)
(1,266,122)
(180,421)
(333,600,000)
80,973,557
11,538,639
Effect of
exchange rate
changes on
cash and cash
equivalents and
restricted cash
(395,858)
142,062
20,244
(52,807)
(2,657,865)
(378,743)
Net (decrease)
increase in
cash and cash
equivalents
(236,933,837)
138,015,614
19,667,067
167,366,272
748,057,905
106,597,395
Cash and cash
equivalents at
the beginning of
the period
1,138,929,311
1,401,643,004
167,581,976
734,629,202
791,600,712
112,802,199
Cash and cash
equivalents at
the end of the
period
901,995,474
1,539,658,617
187,249,043
901,995,474
1,539,658,617
219,399,594
GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Net income
117,393,115
65,211,908
9,292,623
251,896,868
184,768,634
26,329,320
Deduct:
Other operating
income
1,136,022
14,654,068
2,088,188
15,806,939
53,422,304
7,612,617
Interest income and
other, net
13,662,038
7,488,034
1,067,036
31,041,389
27,438,533
3,909,960
Gains from
investment in
equity
securities
365,577
10,015,229
1,427,159
–
–
–
Share of gain in
equity investees,
net of tax
–
405,064.00
57,721.00
–
–
–
Other income, net
1,779,998
–
–
42,926,246
–
–
Add:
Other operating
expenses
301,169
2,017,978
287,560
8,135,387
4,438,171
632,434
Other general
expenses
11,322,509
–
–
27,296,093
11,756,531
1,675,292
Income tax
expenses (benefits)
32,385,239
24,330,641
3,467,089
92,335,322
77,512,335
11,045,419
Share of loss in
equity investees,
net of tax
83,027
–
–
869,910
464,693
66,218
Interest expenses
3,740,491
116,161
16,553
13,137,021
4,485,219
639,139
Depreciation and
amortization
32,167,798
28,690,959
4,088,429
92,487,725
89,170,635
12,706,714
Losses from
investment in equity
securities
–
–
–
4,434,821
5,409,426
770,837
Other expense, net
–
34,653,121
4,938,030
–
17,862,097
2,545,328
Adjusted EBITDA
(Non-GAAP)
180,449,713
122,458,373
17,450,180
400,818,573
315,006,904
44,888,124
Quarter Ended
Nine Month Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Net income
117,393,115
65,211,908
9,292,623
251,896,868
184,768,634
26,329,320
Deduct:
Government
subsidies (net of
25% tax)
–
4,374,750
623,397
6,671,305
4,844,636
690,355
Gains from
investment in
equity securities
(net of 25% tax)
274,183
7,511,422
1,070,369
–
–
–
Other income (net
of 25% tax)
1,334,998
–
–
32,194,684
–
–
Add:
Share-based
compensation
(11,998)
15,662
2,232
16,594
46,986
6,695
Losses from
investments in
equity securities
(net of 25% tax)
–
–
–
3,326,116
4,057,070
578,128
Other expense (net
of 25% tax)
–
25,989,841
3,703,523
–
13,396,573
1,908,996
One-time fees and
expenses
220,916
658,981
93,904
2,181,773
1,713,989
244,242
Other general
expenses
11,322,509
–
–
27,296,093
11,756,531
1,675,292
Income tax
expenses related to
dividend
distribution
–
13,496,240
1,923,199
–
13,496,240
1,923,199
Core net income
(Non-GAAP)
127,315,361
93,486,460
13,321,714
245,851,454
224,391,387
31,975,517
Core net income
per ADS
(Non-GAAP)
Class A ordinary
share-basic and
diluted
1.25
0.92
0.13
2.41
2.21
0.31
Class B ordinary
share-basic and
diluted
1.25
0.92
0.13
2.41
2.21
0.31
Hotel Operational Data
September 30,
2023
September 30,
2024
Total hotels in operation:
4,185
4,336
Leased and owned hotels
64
56
Franchised hotels
4,121
4,280
Total hotel rooms in operation
307,010
316,461
Leased and owned hotels
7,093
6,367
Franchised hotels
299,917
310,094
Number of cities
354
351
Quarter Ended
September 30,
2023
September 30,
2024
Occupancy rate (as a percentage)
Leased-and-owned hotels
79.0 %
75.9 %
Franchised hotels
81.3 %
74.6 %
Blended
81.2 %
74.6 %
Average daily rate (in RMB)
Leased-and-owned hotels
268
258
Franchised hotels
190
179
Blended
192
181
RevPAR (in RMB)
Leased-and-owned hotels
212
196
Franchised hotels
155
133
Blended
156
135
Number of Hotels in Operation
Number of Hotel Rooms in
Operation
September
30, 2023
September
30, 2024
September
30, 2023
September
30, 2024
Mid-to-up-scale
455
527
43,485
49,763
GreenTree Eastern
224
234
23,639
25,245
Deepsleep Hotel
7
7
534
534
Gem
61
91
5,372
8,178
Gya
71
73
5,899
6,071
Vx
92
104
8,041
9,109
Others
–
18
–
626
Mid-scale
2,965
2,965
230,655
230,580
GreenTree Inn
2,282
2,336
182,041
184,086
GT Alliance
552
498
39,379
37,366
GreenTree Apartment
20
23
1,308
1,495
Vatica
111
108
7,927
7,633
Others
–
–
–
–
Economy hotels
765
844
32,870
36,118
Shell
765
844
32,870
36,118
Others
–
–
–
–
Total
4,185
4,336
307,010
316,461
Restaurant Operational Data
September 30,
2023
September 30,
2024
Total restaurants in operation:
202
182
Leased and owned restaurants
51
22
Franchised restaurants
151
160
Number of cities
66
53
Da Niang Dumplings
167
159
Bellagio
35
23
Quarter Ended
2023 Q3
2024 Q3
ADT
Leased-and-owned restaurants
158
188
Franchised restaurants
101
89
Blended
120
106
AC (in RMB)
Leased-and-owned restaurants
87
100
Franchised restaurants
40
33
Blended
55
46
ADS (in RMB)
Leased-and-owned restaurants
13,785
18,860
Franchised restaurants
4,015
2,950
Blended
6,570
4,891
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: [email protected]
Mr. Maple Miao
Phone: +86-181-0184-0639
E-mail: [email protected]
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: [email protected]
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: [email protected]
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]
Source : GreenTree Hospitality Group Ltd. Reports Third Quarter of 2024 Financial Results
>
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