GreenTree Hospitality Group Ltd. Reports Third Quarter 2023 Financial Results

Total revenues increased by 15.3% year over year to RMB460.9 million (US$63.2 million)[[1]]. Income from operations was RMB137.8 million (US$18.9 million), compared to RMB3.7 million for the third quarter of 2022 . Net income was RMB117.4 million (US$16.1 million), compared to RMB-62.3 million for the third quarter of 2022. Adjusted EBITDA (non-GAAP)[[2]] increased by 215.0% year over year to RMB173.4 million (US$23.8 million)[1]. Core net income (non-GAAP)[[3]] increased by 2625.6% year over year to RMB127.2 million (US$17.4 million)[1].

SHANGHAI, Nov. 22, 2023 /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 2023. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of our founder, Alex S. Xu, until their acquisition by the Company, the Company accounted for the common-control acquisitions by using the pooling of interest 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.

Third Quarter of 2023 Operational Highlights

Hotels

A total of 4,185 hotels with 307,010 hotel rooms were in operation as of September 30, 2023. The Company opened 130 hotels during the third quarter of 2023 and had a pipeline of 979 hotels contracted for or under development as of September 30, 2023. The average daily room rate was RMB192 in the third quarter of 2023, an increase of 14.2% from RMB168 in the third quarter of 2022. The occupancy rate was 81.2% in the third quarter of 2023, up from 71.1% in the third quarter of 2022. Revenue per available room, or RevPAR, was RMB156 in the third quarter of 2023, a 30.5% year-over-year increase.

Restaurants

A total of 206 restaurants were in operation as of September 30, 2023. The AC (average check) was RMB55 in the third quarter of 2023, a 5.7% year-over-year increase. The ADT (average daily tickets) was 119 in the third quarter of 2023, up from 117 in the third quarter of 2022. The ADS (average daily sales per store) was RMB6,548 in the third quarter of 2023, an increase of 7.4% from RMB6,096 in the third quarter of 2022.

"We had a good third quarter with a sustained recovery in tourism and business. The recovery in the hospitality industry continued during the third quarter. RevPAR increased 30.5% year over year, reaching as high as 110.0% of the third quarter of 2019 level in July and August with a surge in the tourist numbers during the summer vacation. While the recovery of RevPAR slowed down gradually in September, it remained healthy. During the Mid-Autumn Festival and the National Day, we ushered in a new round of development and growth.

We continued to focus on improving the profitability of our restaurant business. To this effect, we further expanded the proportion of franchised-and-managed restaurants to 74.8% and the number of street stores to 60, and closed 10 unprofitable stores. In the third quarter of 2023, the ADS of restaurant business recovered to 107.4% of its third quarter of 2022 level.

"We are extremely appreciated for our team, franchisees, and partners for their hard work and supporting each other, which enabled our Group’s stable development in the third quarter of 2023," said Mr. Alex S. Xu, Chairman and Chief Executive Officer of GreenTree.

Third Quarter of 2023 Financial Results

Quarter Ended

September 30,
2022

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

82,933,960

114,605,522

10,237

197,549,719

Franchised-and-managed revenues

154,008,269

14,077,204

–

168,085,473

Wholesales and others

4,491,130

29,617,936

–

34,109,066

Total revenues

241,433,359

158,300,662

10,237

399,744,258

Quarter Ended

September 30,
2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

151,839,044

80,358,490

49,623

232,247,157

31,832,121

Franchised-and-managed revenues

186,043,016

17,153,919

–

203,196,935

27,850,457

Wholesales and others

1,168,017

24,272,083

–

25,440,100

3,486,856

Total revenues

339,050,077

121,784,492

49,623

460,884,192

63,169,434

Nine Months Ended

September 30,
2022

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

254,206,326

285,614,441

(219,518)

539,601,249

Franchised-and-managed revenues

429,547,816

32,306,514

–

461,854,330

Wholesales and others

15,055,917

91,902,165

–

106,958,082

Total revenues

698,810,059

409,823,120

(219,518)

1,108,413,661

Nine Months Ended

September 30,
2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

365,402,970

248,698,564

(1,075,557)

613,025,977

84,022,201

Franchised-and-managed revenues

533,460,017

34,509,812

567,969,829

77,846,742

Wholesales and others

3,393,596

70,704,781

74,098,377

10,156,028

Total revenues

902,256,583

353,913,157

(1,075,557)

1,255,094,183

172,024,971

Total revenues were RMB460.9 million (US$63.2 million)，a 15.3% year-over-year increase.

Hotel revenues were RMB339.1 million (US$46.5 million), a 40.4% 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 RMB121.8 million (US$16.7 million), a 23.1% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months, and partially offset by an increase in ADS.

Total revenues for the first nine months of 2023 were RMB1,255.1 million (US$172.0 million)[1], representing a 13.2% year-over-year increase.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB232.2 million (US$31.8 million)[1], a 17.6% year-over-year increase.

Total revenues from L&O hotels were RMB151.8 million (US$20.8 million)[1], an 83.1% year-over-year increase. The increase was primarily attributable to a 38.4% year-over-year increase in the RevPAR of L&O hotels and one newly opened L&O hotel in the third quarter of 2023 as compared to the third quarter of 2022.

Total revenues from L&O restaurants were RMB80.4 million (US$11.0 million)[1], a 29.9% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months, and partially offset by an increase in ADS.

Total revenues from L&O hotels and restaurants for the nine months of 2023 were RMB613.0 million (US$84.0 million)[1], a 13.6% year-over-year increase.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB203.2 million (US$27.9 million), a 20.9% year-over-year increase.

Total revenues from F&M hotels were RMB186.0 million (US$25.5 million), a 20.8% year-over-year increase. The increase was mainly due to a 23.5% increase in F&M hotels’ RevPAR and a net increase of 174 F&M hotels.

Total revenues from F&M restaurants were RMB17.2 million (US$2.4 million), a 21.9% year-over-year increase. The increase was mainly due to a net increase of 23 F&M restaurants.

Total revenues from F&M hotels and restaurants for the first nine months of 2023 were RMB568.0 million (US$77.8 million)[1], a 23.0% year-over-year decrease.

Total revenues from wholesale and others were RMB25.4 million (US$3.5 million), a 25.4% 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 first nine months of 2023 were RMB74.1 million (US$10.2 million), a 30.7% year-over-year decrease.

Total operating costs and expenses

Quarter Ended

September 30,
2022

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

142,631,811

122,529,299

10,237

265,171,347

Selling and marketing expenses

11,435,030

18,148,390

–

29,583,420

General and administrative expenses

54,276,339

17,734,454

–

72,010,793

Other operating expenses

335,350

315,396

–

650,746

Other general expenses

40,288,592

–

40,288,592

Total operating costs and expenses

248,967,122

158,727,539

10,237

407,704,898

Quarter Ended

September 30,
2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

159,920,582

87,814,484

49,623

247,784,689

33,961,717

Selling and marketing expenses

14,277,225

12,026,085

26,303,310

3,605,169

General and administrative expenses

26,655,780

11,858,500

38,514,280

5,278,821

Other operating expenses

180,515

120,654

301,169

41,279

Other general expenses

11,322,509

–

11,322,509

1,551,879

Total operating costs and expenses

212,356,611

111,819,723

49,623

324,225,957

44,438,865

Nine Months Ended

September 30,
2022

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

450,381,839

357,441,041

299,842

808,122,722

Selling and marketing expenses

30,287,636

27,865,825

58,153,461

General and administrative expenses

154,000,741

39,581,650

193,582,391

Other operating expenses

2,384,084

2,556,316

4,940,400

Other general expenses

530,908,302

–

530,908,302

Total operating costs and expenses

1,167,962,602

427,444,832

299,842

1,595,707,276

Nine Months Ended

September 30,
2023

RMB

US$

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

444,284,960

292,122,643

(560,465)

735,847,138

100,856,242

Selling and marketing expenses

39,115,830

21,411,730

60,527,560

8,295,992

General and administrative expenses

117,191,327

33,197,310

150,388,637

20,612,478

Other operating expenses

1,024,079

7,111,308

8,135,387

1,115,048

Other general expenses

27,296,093

–

27,296,093

3,741,241

Total operating costs and expenses

628,912,289

353,842,991

(560,465)

982,194,815

134,621,001

Operating costs were RMB247.8 million (US$34.0 million)[1], a 6.6% year-over-year decrease.

Operating costs of the hotel business were RMB159.9 million (US$21.9 million)[1], a 12.1% year-over-year increase. The increase was mainly due to higher personnel costs, higher consumables and higher utilities as business rebounded,as well as higher depreciation and amortization with increase in assets, partially offset by the deconsolidation of Argyle Hotel Management Group (Australia) Pty Ltd., and the disposal of our interest in Urban Hotel Group.

Operating costs of the restaurant business were RMB87.7 million (US$12.0 million)[1], a 28.3% year-over-year decrease. The decrease was mainly due to the closure of 85 L&O stores over the past 12 months.

For the first nine months of 2023, operating costs were RMB735.8 million (US$100.9 million) [1], representing an 8.9% decrease.

Selling and marketing expenses were RMB26.3 million (US$3.6 million)[1], an 11.1% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB14.3 million (US$2.0million)[1], a 24.9% year-over-year increase. The increase was mainly attributable to higher sales-channel commissions and higher sales staff salaries.

Selling and marketing expenses of the restaurant business were RMB12.0 million (US$1.6 million)[1], a 33.7% year-over-year decrease. The decrease was mainly attributable to lower sales-channel commissions.

For the first nine months of 2023, selling and marketing expenses were RMB60.5 million (US$8.3 million) [1], a 4.1% increase.

General and administrative, or G&A expenses were RMB38.5 million (US$5.3 million)[1], a 46.5% year-over-year decrease.

G&A expenses of the hotel business were RMB26.7 million (US$3.7 million)[1], a 50.9% year-over-year decrease. The decrease was mainly due to lower bad debts,lower staff related expenses, and lower consulting fees.

G&A expenses of the restaurant business were RMB11.9 million (US$1.6 million)[1], a 33.1% year-over-year decrease. The decrease was mainly due to lower staff related expenses.

General and administrative expenses for the first nine months of 2023 were RMB150.4 million (US$20.6 million) [1], a 22.3% year-over-year decrease.

Other general expenses were RMB11.3 million (US$1.6 million)[1], a 71.9% year-over-year decrease. These expenses include the provisions for loan receivables related to franchisee loans. Other general expenses for the first nine months of 2023 were RMB27.3 million (US$3.7 million) [1], a 94.9% year-over-year decrease.

Gross profit was RMB213.1 million (US$29.2 million)[1], a year-over-year increase of 58.4%. Gross margin was 46.2%, compared to 33.7% a year ago. The gross profit of the hotel business was RMB179.1 million (US$24.6 million)[1], an 81.3% year-over-year increase, with a margin of 52.8%. The gross profit of the restaurant business was RMB34.0 million (US$4.7 million)[1], a 5.0% year-over-year decrease with a margin of 27.9%. Gross profit for the first nine months of 2023 was RMB519.2 million (US$71.2 million) [1], a 72.9% year-over-year increase.

Income from operations was RMB137.8 million (US$18.9 million)[1] , compared to income from operations of RMB3.7 million in the third quarter of 2022, with a margin of 29.9%.

Income from operations of the hotel business was RMB127.5 million (US$17.5 million)[1], compared to a income from operations of RMB1.3 million in the third quarter of 2022, with a margin of 37.6%.

Income from operations of the restaurant business was RMB10.3 million (US$1.4 million)[1], compared to income from operations of RMB2.4 million in the third quarter of 2022, with a margin of 8.5%.

Income from operations for the first nine months of 2023 was RMB288.7 million (US$39.6 million) [1] compared to loss from operations of RMB470.6 million in 2022, with a margin of 23.0%.

Net income was RMB117.4 million (US$16.1 million)[1], compared to a net loss of RMB 62.3 million in the third quarter of 2022, and net margin was 25.5%.

Net income of the hotel business was RMB108.5 million (US$14.9 million)[1], compared to a net loss of RMB 61.6 million in the third quarter of 2022, and net margin was 32.0%.

Net income of the restaurant business was RMB8.8 million (US$1.2 million)[1], compared to a net loss of RMB0.6 million in the third quarter of 2022, and net margin was 7.3%.

Net income for the first nine months of 2023 was RMB 294.7 million (US$40.4million)[1], compared to a net loss of RMB 446.8 million in 2022, and net margin was 23.5%.

Adjusted EBITDA (non-GAAP)[2] was was RMB173.4 million (US$23.8 million)[1], a year-over-year increase of 215.0%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 37.6%, compared to 13.8% a year ago. Adjusted EBITDA (non-GAAP) for the first nine months of 2023 was RMB400.3 million (US$54.9 million), a year-over-year increase of 166.0%, with a margin of 21.9%.

Core net income (non-GAAP) was RMB127.2 million (US$17.4 million)[1], increased from 4.67 million for the third quarter of 2022. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, for the third quarter of 2023 was 27.6%, compared to 1.2% one year ago. Core net income (non-GAAP) for the first nine months of 2023 was RMB263.3 million (US$36.1 million)[1], a year-over-year increase of 202.5%.

Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB 1.15 (US$ 0.16)[1], up from RMB-0.59 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) for the third quarter of 2023 was RMB1.25 (US$0.17)[1], up from RMB0.05 a year ago. Earnings per ADS (basic and diluted) for the first nine months of 2023 was RMB2.94 (US$0.40)[1] up from RMB-3.97 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.58 (US$0.35)[1] for the nine months of 2023, an increase from RMB0.84 a year ago.

Cash flow Operating cash inflow was RMB154.8 million (US$21.2 million)[1] as a result of income from operations. Investing cash outflow for the third quarter of 2023 was RMB95.1 million (US$13.0 million)[1], which was primarily attributable to purchases of short-term investments, and was partially offset by repayment from franchisees. Financing cash outflow was RMB296.2 million (US$40.6 million)[1], mainly attributable to the repayment of bank loans by the end of the September 30, 2023.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of September 30, 2023, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,331.4 million (US$182.5 million)[1],compared to RMB1,440.1 million as of June 30, 2023. The decrease was primarily due to repayment of bank loans and investment of property, partially offset by cash from operating activities and repayment from franchisees.

Guidance

Based on our performance in the first nine months of this year, we revise our full year 2023 guidance for the total revenues of our organic hotels upwards. We now expect them to grow 36% to 38% year over year. We expect total combined revenues from our restaurant and organic hotel businesses, for the full year of 2023 to grow 17%-19% over the 2022 levels, reflecting the impact of the closure of restaurants.

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.

Share Repurchase Transaction

In October 2023, the Company repurchased 554,158 of its ADSs from a single investor at a price of US$4.40 per ADSs, for a total consideration of US$2,438,295.20, in a privately negotiated transaction. The repurchase was made under the auspices of the Company’s share repurchase program, which was authorized by its board of directors in October 2023.

Conference Call

GreenTree’s management will hold an earnings conference call at 9:00 PM U.S. Eastern Time on November 21, 2023, (9:00 AM Beijing/Hong Kong Time on November 22, 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 November 28, 2023.

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:

8284002

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.

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.296 on September 30, 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.

[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).

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, 2023, GreenTree had a total number of 4,185 hotels and 206 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,

September 30,

2022

2023

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

701,332,213

878,440,877

120,400,340

Restricted cash

7,937,397

–

Short-term investments

186,031,572

361,091,153

49,491,660

Investments in equity securities

41,361,346

27,841,824

3,816,039

Accounts receivable, net of allowance

140,429,505

129,829,644

17,794,633

Amounts due from related parties

451,786,275

41,646,064

5,708,068

Prepaid rent

–

129,472

17,746

Inventories

30,503,712

26,793,399

3,672,341

Other current assets

142,169,713

137,543,314

18,851,880

Loans receivable, net

181,667,170

126,767,946

17,374,993

Total current assets

1,883,218,903

1,730,083,693

237,127,700

Non-current assets:

Amounts due from a related party

112,360,000

15,400,219

Restricted cash

25,359,592

23,554,601

3,228,427

Long-term time deposits

130,000,000

–

Loans receivable, net

177,172,509

85,808,668

11,761,056

Property and equipment, net

899,985,340

857,532,015

117,534,542

Intangible assets, net

174,748,932

170,494,189

23,368,173

Goodwill

128,752,950

17,647,060

Long-term investments

176,854,460

186,318,825

25,537,120

Operating lease right-of-use assets

1,676,544,520

1,574,294,748

215,775,048

Other assets

120,620,533

119,705,771

16,407,041

Deferred tax assets

242,186,616

251,744,672

34,504,478

TOTAL ASSETS

5,747,804,355

5,240,650,132

718,290,864

LIABILITIES AND EQUITY

Current liabilities:

Short-term bank loans

298,100,000

124,500,000

17,064,145

Long-term bank loans, current portion

–

Accounts payable

123,522,029

94,473,295

12,948,642

Advance from customers

26,480,779

25,192,181

3,452,876

Amounts due to related parties

24,810,304

25,569,971

3,504,656

Salary and welfare payable

89,343,058

94,372,633

12,934,846

Deferred rent

–

Deferred revenue

199,656,130

190,662,815

26,132,513

Accrued expenses and other current liabilities

455,519,530

530,299,587

72,683,606

Income tax payable

74,672,133

116,316,300

15,942,475

Dividends payable

–

Operating lease liabilities, current

271,518,556

311,267,733

42,662,792

Deferred tax liabilities

34,473,265

34,344,492

4,707,304

Total current liabilities

1,598,095,784

1,546,999,007

212,033,855

Long-term bank loans

160,000,000

–

Deferred rent

–

Deferred revenue

232,857,456

220,202,708

30,181,292

Other long-term liabilities

128,196,031

109,216,750

14,969,401

Operating lease liabilities, non-current

1,521,589,481

1,388,610,641

190,324,923

Deferred tax liabilities

63,815,023

41,258,161

5,654,901

Unrecognized tax benefits

350,002,241

393,532,440

53,938,109

TOTAL LIABILITIES

4,054,556,016

3,699,819,707

507,102,481

Shareholders’ equity:

Class A ordinary shares

222,587,070

30,508,096

Class B ordinary shares

115,534,210

15,835,281

Paid-in capital

94,000,801

12,883,882

Treasury Stock

(16,971,057)

(2,326,077)

Additional paid-in capital

1,911,328,052

1,491,544,647

204,433,203

Retained earnings (Accumulated losses)

(698,677,163)

(426,129,808)

(58,405,950)

Accumulated other comprehensive income

27,732,104

28,659,709

3,928,140

Total GreenTree Hospitality Group Ltd. shareholders’ equity

1,655,534,017

1,509,225,572

206,856,575

Non-controlling interests

37,714,322

31,604,854

4,331,806

Total shareholders’ equity

1,693,248,339

1,540,830,426

211,188,381

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,747,804,355

5,240,650,133

718,290,862

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

Nine Months Ended

September 30, 2022

September 30, 2023

September 30,
2023

September 30, 2022

September 30, 2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated revenues

197,549,719

232,247,157

31,832,121

539,601,249

613,025,977

84,022,201

Franchised-and-managed revenues

168,085,473

203,196,935

27,850,457

461,854,330

567,969,829

77,846,742

Wholesales and others

34,109,066

25,440,100

3,486,856

106,958,082

74,098,377

10,156,028

Total revenues

399,744,258

460,884,192

63,169,434

1,108,413,661

1,255,094,183

172,024,971

Operating costs and expenses

Operating costs

(265,171,347)

(247,784,689)

(33,961,717)

(808,122,722)

(735,847,138)

(100,856,242)

Selling and marketing expenses

(29,583,420)

(26,303,310)

(3,605,169)

(58,153,461)

(60,527,560)

(8,295,992)

General and administrative expenses

(72,010,793)

(38,514,280)

(5,278,821)

(193,582,391)

(150,388,637)

(20,612,478)

Other operating expenses

(650,746)

(301,169)

(41,279)

(4,940,400)

(8,135,387)

(1,115,048)

Other general expenses

(40,288,592)

(11,322,509)

(1,551,879)

(530,908,302)

(27,296,093)

(3,741,241)

Total operating costs and expenses

(407,704,898)

(324,225,957)

(44,438,865)

(1,595,707,276)

(982,194,815)

(134,621,001)

Other operating income

11,641,661

1,136,022

155,705

16,685,368

15,806,939

2,166,521

Income from operations

3,681,021

137,794,257

18,886,274

(470,608,247)

288,706,307

39,570,491

Interest income and other, net

14,926,702

13,662,038

1,872,538

38,969,260

31,041,389

4,254,576

Interest expense

(5,576,725)

(3,740,491)

(512,677)

(23,018,300)

(13,137,021)

(1,800,579)

Gains (losses) from investment in equity securities

(63,542,030)

365,577

50,106

(41,854,446)

(4,434,821)

(607,843)

Other income, net

20,442,641

1,779,998

243,969

35,194,410

76,749,505

10,519,395

Income before income taxes

(30,068,391)

149,861,379

20,540,210

(461,317,323)

378,925,359

51,936,040

Income tax expense

(32,530,351)

(32,385,239)

(4,438,766)

14,128,239

(83,335,322)

(11,422,056)

Income (loss) before share of gains in equity investees

(62,598,742)

117,476,140

16,101,444

(447,189,084)

295,590,037

40,513,984

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

344,898

(83,027)

(11,380)

420,023

(869,910)

(119,231)

Net income(loss)

(62,253,844)

117,393,113

16,090,064

(446,769,061)

294,720,127

40,394,753

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

1,838,762

227,170

31,136

37,639,230

5,304,468

727,038

Net income attributable to ordinary shareholders

(60,415,082)

117,620,283

16,121,200

(409,129,831)

300,024,595

41,121,791

Net earnings per share

Class A ordinary share-basic and diluted

(0.59)

1.15

0.16

(3.97)

2.94

0.40

Class B ordinary share-basic and diluted

(0.59)

1.15

0.16

(3.97)

2.94

0.40

Net earnings per ADS

Class A ordinary share-basic and diluted

(0.59)

1.15

0.16

(3.97)

2.94

0.40

Class B ordinary share-basic and diluted

(0.59)

1.15

0.16

(3.97)

2.94

0.40

Weighted average shares outstanding

Class A ordinary share-basic and diluted

68,286,954

67,416,046

68,286,954

67,416,046

Class B ordinary share-basic and diluted

34,762,909

Other comprehensive income, net of tax

Foreign currency translation adjustments

(68,502)

(9,389)

(9,730,001)

927,605

127,139

Comprehensive income, net of tax

(62,253,844)

117,324,611

16,080,675

(456,499,062)

295,647,732

40,521,892

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

1,838,762

227,170

31,136

35,856,166

5,304,468

727,038

Comprehensive income (loss) attributable to ordinary shareholders

(60,415,082)

117,551,781

16,111,811

(420,642,896)

300,952,200

41,248,930

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

Quarter Ended

Nine Months Ended

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated revenues

82,933,960

151,839,044

20,811,272

254,206,326

365,402,970

50,082,644

Franchised-and-managed revenues

154,008,269

186,043,016

25,499,317

429,547,816

533,460,017

73,116,779

Others

4,491,130

1,168,017

160,090

15,055,917

3,393,596

465,131

Total revenues

241,433,359

339,050,077

46,470,679

698,810,059

902,256,583

123,664,554

Operating costs and expenses

Hotel operating costs

(142,631,811)

(159,920,582)

(21,918,939)

(450,381,839)

(444,284,960)

(60,894,320)

Selling and marketing expenses

(11,435,030)

(14,277,225)

(1,956,856)

(30,287,636)

(39,115,830)

(5,361,271)

General and administrative expenses

(54,276,339)

(26,655,780)

(3,653,479)

(154,000,741)

(117,191,327)

(16,062,408)

Other operating expenses

(335,350)

(180,515)

(24,742)

(2,384,084)

(1,024,079)

(140,362)

Other general expenses

(40,288,592)

(11,322,509)

(1,551,879)

(530,908,302)

(27,296,093)

(3,741,241)

Total operating costs and expenses

(248,967,122)

(212,356,611)

(29,105,895)

(1,167,962,602)

(628,912,289)

(86,199,602)

Other operating income

8,795,882

796,141

109,120

12,713,280

14,587,926

1,999,442

Income from operations

1,262,119

127,489,607

17,473,904

(456,439,263)

287,932,220

39,464,394

Interest income and other, net

14,771,377

13,514,958

1,852,379

38,501,515

30,587,298

4,192,338

Interest expense

(4,820,142)

(3,004,677)

(411,825)

(19,998,754)

(10,896,629)

(1,493,507)

Gains (losses) from investment in equity securities

(63,542,030)

365,577

50,106

(41,854,446)

(4,434,821)

(607,843)

Other income, net

20,321,008

2,150,576

294,761

34,985,625

76,670,199

10,508,525

Income before income taxes

(32,007,668)

140,516,041

19,259,325

(444,805,323)

379,858,267

52,063,907

Income tax expense

(29,954,576)

(31,888,801)

(4,370,724)

21,846,119

(78,620,126)

(10,775,785)

Income (loss) before share of gains in equity investees

(61,962,244)

108,627,240

14,888,601

(422,959,204)

301,238,141

41,288,122

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

344,898

(83,027)

(11,380)

420,023

(869,910)

(119,231)

Net income(loss)

(61,617,346)

108,544,213

14,877,221

(422,539,181)

300,368,231

41,168,891

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

Quarter Ended

Nine Months Ended

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

RMB

US$

RMB

US$

Revenues

Leased-and-operated revenues

114,605,522

80,358,490

11,014,047

285,614,441

248,698,564

34,086,974

Franchised-and-managed revenues

14,077,204

17,153,919

2,351,140

32,306,514

34,509,812

4,729,963

Wholesales and others

29,617,936

24,272,083

3,326,766

91,902,165

70,704,781

9,690,896

Total revenues

158,300,662

121,784,492

16,691,953

409,823,120

353,913,157

48,507,833

Operating costs and expenses

Restaurant operating costs

(122,529,299)

(87,814,484)

(12,035,976)

(357,441,041)

(292,122,643)

(40,038,739)

Selling and marketing expenses

(18,148,390)

(12,026,085)

(1,648,312)

(27,865,825)

(21,411,730)

(2,934,722)

General and administrative expenses

(17,734,454)

(11,858,500)

(1,625,343)

(39,581,650)

(33,197,310)

(4,550,070)

Other operating expenses

(315,396)

(120,654)

(16,537)

(2,556,316)

(7,111,308)

(974,686)

Other general expenses

–

Total operating costs and expenses

(158,727,539)

(111,819,723)

(15,326,168)

(427,444,832)

(353,842,991)

(48,498,217)

Other operating income

2,845,779

339,881

46,585

3,972,088

1,219,013

167,080

Income from operations

2,418,902

10,304,650

1,412,370

(13,649,624)

1,289,179

176,696

Interest income and other, net

155,325

147,080

20,159

467,745

454,091

62,238

Interest expense

(756,583)

(735,814)

(100,852)

(3,019,546)

(2,240,392)

(307,071)

Gains (losses) from investment in equity securities

Other income, net

121,633

(370,578)

(50,792)

208,785

79,306

10,870

Income before income taxes

1,939,277

9,345,338

1,280,885

(15,992,640)

(417,816)

(57,267)

Income tax expense

(2,575,775)

(496,438)

(68,042)

(7,847,720)

(4,843,969)

(663,921)

Income (loss) before share of gains in equity investees

(636,498)

8,848,900

1,212,843

(23,840,360)

(5,261,785)

(721,188)

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

Net income(loss)

(636,498)

8,848,900

1,212,843

(23,840,360)

(5,261,785)

(721,188)

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

Quarter Ended

September 30,
2022

Hotel

Restaurant

Elimination

Total

RMB

Revenues

Leased-and-operated revenues

82,933,960

114,605,522

10,237

197,549,719

Franchised-and-managed revenues

154,008,269

14,077,204

–

168,085,473

Wholesales and Others

4,491,130

29,617,936

–

34,109,066

Total revenues

241,433,359

158,300,662

10,237

399,744,258

Operating costs and expenses

Operating costs

(142,631,811)

(122,529,299)

(10,237)

(265,171,347)

Selling and marketing expenses

(11,435,030)

(18,148,390)

–

(29,583,420)

General and administrative expenses

(54,276,339)

(17,734,454)

–

(72,010,793)

Other operating expenses

(335,350)

(315,396)

–

(650,746)

Other general expenses

(40,288,592)

–

(40,288,592)

Total operating costs and expenses

(248,967,122)

(158,727,539)

(10,237)

(407,704,898)

Other operating income

8,795,882

2,845,779

–

11,641,661

Income from operations

1,262,119

2,418,902

–

3,681,021

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

Quarter Ended

September 30,
2023

Hotel

Restaurant

Elimination

Total

RMB

Revenues

Leased-and-operated revenues

151,839,044

80,358,490

49,623

232,247,157

Franchised-and-managed revenues

186,043,016

17,153,919

–

203,196,935

Wholesales and Others

1,168,017

24,272,083

–

25,440,100

Total revenues

339,050,077

121,784,492

49,623

460,884,192

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)

Other operating income

796,141

339,881

–

1,136,022

Income from operations

127,489,607

10,304,650

–

137,794,257

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

Quarter Ended

Nine Months Ended

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

RMB

US$

RMB

US$

Operating activities:

Net (loss) income

(62,253,843)

117,393,115

16,090,065

(446,769,061)

294,720,127

40,394,754

Depreciation and amortization

22,081,118

25,147,034

3,446,688

101,930,149

91,972,633

12,605,898

Impairment of long lived assets

4,093,856

–

60,306,705

2,900,000

397,478

Impairment of goodwill

–

91,236,480

–

Share of (gains) losses in equity method investments

(344,898)

83,027

11,380

(420,023)

869,910

119,231

Non-cash lease expense

68,815,360

58,627,753

8,035,602

110,474,620

193,450,844

26,514,644

Loss from disposal of a subsidiary

1,316,908

–

15,261,833

1,223,952

167,757

Interest income

-229,760

(2,025,838)

-277,664

(492,094)

(3,683,748)

(504,900)

Bad debt expense

57,826,972

18,349,856

2,515,057

398,673,400

37,029,330

5,075,292

Losses and impairment (Gains) on equity securities held

63,542,030

(365,577)

(50,106)

41,854,446

4,434,821

607,843

(Gains) losses on disposal of property and equipment

(80,389)

10,173

1,394

2,969,646

238,014

32,623

Foreign exchange (gains) losses

5,896,210

819,037

112,258

(6,127,943)

(269,162)

(36,892)

Share-based compensation

(78,215)

(11,998)

(1,644)

192,924

16,594

2,274

Common control acquisition

–

(2)

–

519,360

515,090

70,599

Changes in operating assets and liabilities

(6,986,268)

(63,241,769)

(8,668,006)

(72,075,424)

(155,524,939)

(21,316,466)

Net cash provided by operating activities

153,599,081

154,784,811

21,215,024

297,535,018

467,893,466

64,130,135

Investing activities:

Purchases of property and equipment

(30,565,776)

(833,691)

(114,267)

(61,337,333)

(72,566,925)

(9,946,125)

Purchases of intangible assets

(224,507)

185,683

25,450

(284,722)

(166,598)

(22,834)

Proceeds from disposal of property and equipment

(673,270)

(29,960)

(4,106)

1,615,553

14,666,721

2,010,241

Purchases of investments

(33,200,000)

(150,860,480)

-20,677,149

(82,060,000)

(202,230,480)

(27,717,993)

Proceeds from investments

70,152,639

27,211,463

3,729,641

576,447,988

198,654,647

27,227,885

Loan advances

42,299,295

35,263,176

4,833,220

137,226,663

110,801,825

15,186,654

Loan collections

(18,205,540)

(6,058,982)

(830,453)

(219,073,700)

(16,033,578)

(2,197,585)

Net cash (used in) provided by investing activities

29,582,841

(95,122,791)

(13,037,664)

352,534,449

33,125,612

4,540,243

Financing activities:

Distribution to the shareholders

–

(40,999,458)

–

Loan from non- controlling interest

–

300,000

–

Repayment of short-term borrowings

(31,743,600)

(296,200,000)

(40,597,588)

(200,843,600)

(450,600,000)

(61,759,868)

Proceeds from bank borrowings

64,368,600

–

89,668,600

117,000,000

16,036,184

Capital contribution from non-controlling interest holders

2,000,000

–

400,000

–

Net cash provided by (used in) financing activities

34,625,000

(296,200,000)

(40,597,588)

(151,474,458)

(333,600,000)

(45,723,684)

–

Effect of exchange rate changes on cash and cash equivalents

2,792,626

(395,858)

(54,257)

3,442,014

(52,807)

(7,238)

Net (decrease) increase in cash and cash equivalents

220,599,548

(236,933,838)

(32,474,485)

502,037,023

167,366,271

22,939,456

Cash and cash equivalents at the beginning of the period

666,890,395

1,138,929,312

156,103,250

385,452,920

734,629,202

100,689,309

Cash and cash equivalents at the end of the period

887,489,943

901,995,474

123,628,765

887,489,943

901,995,473

123,628,765

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

Nine Months Ended

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

RMB

US$

RMB

US$

Net income

(62,253,843)

117,393,115

16,090,065

(446,769,061)

294,720,127

40,394,754

Deduct:

Other operating income

11,641,661

1,136,022

155,705

16,685,368

15,806,939

2,166,521

Interest income and other, net

14,926,702

13,662,038

1,872,538

38,969,260

31,041,389

4,254,576

Gains from investment in equity securities

–

Share of gain in equity investees, net of tax

344,898

–

420,023

–

Other income, net

20,442,641

1,779,998

243,969

35,194,410

76,749,505

10,519,395

Add:

Other operating expenses

650,746

301,169

41,279

4,940,400

8,135,387

1,115,048

Other general expenses

40,288,592

11,322,509

1,551,879

530,908,302

27,296,093

3,741,241

Income tax expenses (benefits)

32,530,351

32,385,239

4,438,766

(14,128,239)

83,335,322

11,422,056

Share of loss in equity investees, net of tax

–

83,027

11,380

–

869,910

119,231

Interest expenses

5,576,725

3,740,491

512,677

23,018,300

13,137,021

1,800,579

Depreciation and amortization

22,081,118

25,147,034

3,446,688

101,930,149

91,972,633

12,605,898

Losses from investment in equity securities

63,542,030

(365,577)

(50,106)

41,854,446

4,434,821

607,843

Adjusted EBITDA (Non-GAAP)

55,059,817

173,428,949

23,770,416

150,485,236

400,303,481

54,866,158

Quarter Ended

Nine Months Ended

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

RMB

US$

RMB

US$

Net income

(62,253,843)

117,393,115

16,090,065

(446,769,061)

294,720,127

40,394,754

Deduct:

Government subsidies (net of 25% tax)

5,914,992

–

7,166,057

6,671,305

914,378

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

(16,265,688)

–

Other income (net of 25% tax)

15,331,981

1,334,999

182,977

26,395,808

57,562,129

7,889,546

Add:

Share-based compensation

(78,215)

(11,998)

(1,644)

192,924

16,594

2,274

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

31,390,835

(274,183)

(37,580)

31,390,835

3,326,116

455,882

One-time fees and expenses

301,519

125,783

17,240

4,889,605

2,181,773

299,037

Other general expenses

40,288,592

11,322,509

1,551,879

530,908,302

27,296,093

3,741,241

Impairment charges and provisions for other assets

–

Core net income (Non-GAAP)

4,667,603

127,220,227

17,436,983

87,050,740

263,307,269

36,089,264

Core net income per ADS (Non-GAAP)

Class A ordinary share-basic and diluted

0.05

1.25

0.17

0.84

2.58

0.35

Class B ordinary share-basic and diluted

0.05

1.25

0.17

0.84

2.58

0.35

Hotel Operational Data

September 30,
2022

September 30,
2023

Total hotels in operation:

4,763

4,185

Leased and owned hotels

Franchised hotels

4,694

4,121

Total hotel rooms in operation

337,111

307,010

Leased and owned hotels

7,224

7,093

Franchised hotels

329,887

299,917

Number of cities

370

354

Quarter Ended

2022 Q3

2023 Q3

Occupancy rate (as a percentage)

Leased-and-owned hotels

63.0 %

79.0 %

Franchised hotels

71.3 %

81.3 %

Blended

71.1 %

81.2 %

Average daily rate (in RMB)

Leased-and-owned hotels

237

268

Franchised hotels

167

190

Blended

168

192

RevPAR (in RMB)

Leased-and-owned hotels

149

212

Franchised hotels

119

155

Blended

120

156

Number of Hotels in Operation

Number of Hotel Rooms in Operation

September 30,
2022

September 30,
2023

September 30,
2022

September 30,
2023

Mid-to-up-scale

544

455

48,381

43,485

GreenTree Eastern

210

224

22,598

23,639

Deepsleep Hotel

467

534

Gem

4,728

5,372

Gya

5,719

5,899

7,405

8,041

Urban Garden and others

123

7,464

Mid-scale

3,050

2,965

236,871

230,655

GreenTree Inn

2,255

2,282

182,842

182,041

GT Alliance

533

552

38,312

39,379

GreenTree Apartment

1,260

1,308

Vatica

111

8,007

7,927

City 118 Selected and others

132

6,450

Economy hotels

1,169

765

51,859

32,870

Shell

668

765

28,917

32,870

City 118 and others

501

22,942

Total

4,763

4,185

337,111

307,010

Restaurant Operational Data

September 30,
2022

September 30,
2023

Total restaurants in operation:

268

206

Leased and owned restaurants

137

Franchised restaurants

131

154

Number of cities

Da Niang Dumplings

234

171

Bellagio

Total restaurants in operation:

268

206

Quarter Ended

2022 Q3

2023 Q3

ADT

Leased-and-owned restaurants

137

161

Franchised restaurants

105

Blended

117

119

AC (in RMB)

Leased-and-owned restaurants

Franchised restaurants

Blended

ADS (in RMB)

Leased-and-owned restaurants

8,004

13,740

Franchised restaurants

4,101

4,119

Blended

6,096

6,548

For more information, please contact:

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

Mr. Allen Wang
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: karen.hui@christensencomms.com

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com

Source : GreenTree Hospitality Group Ltd. Reports Third Quarter 2023 Financial Results

This content was prepared by our news partner, Cision PR Newswire. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network

GreenTree Hospitality Group Ltd. Reports Third Quarter 2023 Financial Results

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