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
September 30,
2022
September 30,
2022
September 30,
2022
RMB
RMB
RMB
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
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
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
September 30,
2022
September 30,
2022
September 30,
2022
RMB
RMB
RMB
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
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
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$10.2 million), a 30.7% year-over-year decrease.
Total operating costs and expenses
Quarter Ended
September 30,
2022
September 30,
2022
September 30,
2022
September 30,
2022
RMB
RMB
RMB
RMB
Hotel
Restaurant
Elimination
Total
Operating costs and expenses
Operating costs
142,631,811
122,529,299
10,237
265,171,347
Selling and marketing expenses
11,435,030
18,148,390
–
29,583,420
General and administrative expenses
54,276,339
17,734,454
–
72,010,793
Other operating expenses
335,350
315,396
–
650,746
Other general expenses
40,288,592
–
–
40,288,592
Total operating costs and expenses
248,967,122
158,727,539
10,237
407,704,898
Quarter Ended
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
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
September 30,
2022
September 30,
2022
September 30,
2022
RMB
RMB
RMB
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
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
RMB
RMB
RMB
RMB
US$
Hotel
Restaurant
Elimination
Total
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
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, 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,
September 30,
2022
2023
2023
RMB
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
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
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
222,587,070
30,508,096
Class B ordinary shares
115,534,210
115,534,210
15,835,281
Paid-in capital
94,000,801
94,000,801
12,883,882
Treasury Stock
(16,971,057)
(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
September 30, 2023
RMB
RMB
US$
RMB
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
67,416,046
68,286,954
67,416,046
67,416,046
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)
(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,
2023
September 30,
2022
September 30,
2023
September 30,
2023
RMB
RMB
US$
RMB
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,
2023
September 30,
2022
September 30,
2023
September 30,
2023
RMB
RMB
US$
RMB
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
Quarter Ended
Quarter Ended
Quarter Ended
September 30,
2022
September 30,
2022
September 30,
2022
September 30,
2022
Hotel
Restaurant
Elimination
Total
RMB
RMB
RMB
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
Quarter Ended
Quarter Ended
Quarter Ended
September 30,
2023
September 30,
2023
September 30,
2023
September 30,
2023
Hotel
Restaurant
Elimination
Total
RMB
RMB
RMB
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,
2023
September 30,
2022
September 30,
2023
September 30,
2023
RMB
RMB
US$
RMB
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,
2023
September 30,
2022
September 30,
2023
September 30,
2023
RMB
RMB
US$
RMB
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,
2023
September 30,
2022
September 30,
2023
September 30,
2023
RMB
RMB
US$
RMB
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
69
64
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
7
7
467
534
Gem
52
61
4,728
5,372
Gya
67
71
5,719
5,899
Vx
85
92
7,405
8,041
Urban Garden and others
123
0
7,464
0
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
19
20
1,260
1,308
Vatica
111
111
8,007
7,927
City 118 Selected and others
132
0
6,450
0
Economy hotels
1,169
765
51,859
32,870
Shell
668
765
28,917
32,870
City 118 and others
501
0
22,942
0
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
52
Franchised restaurants
131
154
Number of cities
64
53
Da Niang Dumplings
234
171
Bellagio
34
35
Total restaurants in operation:
268
206
Quarter Ended
2022 Q3
2023 Q3
ADT
Leased-and-owned restaurants
137
161
Franchised restaurants
97
105
Blended
117
119
AC (in RMB)
Leased-and-owned restaurants
58
86
Franchised restaurants
42
39
Blended
52
55
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
>
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