GreenTree Hospitality Group Ltd. Reports Third Quarter of 2024 Financial Results
- Total revenues decreased by 22.5% year over year to RMB357.0 million (US$50.9 million)[1].
- Income from operations was RMB106.4 million (US$15.2 million)[1] compared to RMB137.8 million for the third quarter of 2023.
- Net income was RMB65.2 million (US$9.3 million)[1] compared to RMB117.4 million for the third quarter of 2023.
- Adjusted EBITDA (non-GAAP)[2] decreased 32.1% year over year to RMB122.5million (US$17.5 million)[1].
- Core net income (non-GAAP)[3] decreased 26.6% year over year to RMB93.5million (US$13.3 million)[1].
SHANGHAI, Nov. 21, 2024 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE:GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the third quarter of 2024.
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0176 on September 30, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/. |
[2] Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities and other general expenses, but excludes other operating income, interest income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above mentioned definition. |
[3] Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), other expense(net of 25% tax), one-time fees and expense, and other general expenses but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax). |
Third Quarter of 2024 Operational Highlights
Hotels
- A total of 4,336 hotels with 316,461 hotel rooms were in operation as of September 30, 2024.
- The Company opened 109 hotels and had a pipeline of 1,085 hotels contracted for or under development as of September 30, 2024.
- The average daily room rate was RMB181, a decrease of 6.0% from RMB192 in the third quarter of 2023.
- The occupancy rate was 74.6%, decreased from 81.2% in the third quarter of 2023.
- Revenue per available room, or RevPAR, was RMB135, a 13.6% year-over-year decrease.
Restaurants
- A total of 182 restaurants were in operation as of September 30, 2024
- The AC (average check) was RMB46, a 15.9% year-over-year decrease.
- The ADT (average daily tickets) was 106, decreased from 120 in the third quarter of 2023.
- The ADS (average daily sales per store) was RMB4,891, a decrease of 25.6% from RMB6,570 in the third quarter of 2023.
Our hotel business improved in the third quarter over the first two quarters of this year as the economy continued to recover. Travel consumption returned to a more normal pattern following last year's surge, which has influenced year-over-year comparisons. We are back to a more positive environment, focusing on growing our pipeline and upgrading numerous hotels across our portfolio. We are confident that we are on the right track and will benefit from the ongoing stimulus measures implemented by the government.
Our restaurant business' net income remained positive for a second consecutive quarter as we continued to grow the number of franchised street stores and stores with stable consumer traffic. Such stores now account for 55.5% of our store count compared to 44.6% a year ago. Following the closing of unprofitable stores over the past year, the number restaurants in operation had stabilized at 182 at the end of quarter and we are now focused on growing that number," said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.
Quarter Ended | ||||
September | September | September | September | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Revenues | ||||
Leased-and-operated revenues | 151,839,044 | 80,358,490 | 49,624 | 232,247,158 |
Franchised-and-managed | 186,043,016 | 4,070,541 | - | 190,113,557 |
Wholesales and others | 1,168,017 | 37,355,462 | - | 38,523,479 |
Total revenues | 339,050,077 | 121,784,493 | 49,624 | 460,884,194 |
Quarter Ended | |||||
September | September | September | September | September | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Revenues | |||||
Leased-and-operated | 118,159,125 | 41,117,277 | - | 159,276,402 | 22,696,706 |
Franchised-and-managed | 167,928,127 | 1,757,933 | - | 169,686,060 | 24,180,070 |
Wholesales and others | 796,488 | 27,766,790 | (544,290) | 28,018,988 | 3,992,674 |
Total revenues | 286,883,740 | 70,642,000 | (544,290) | 356,981,450 | 50,869,450 |
Nine Month Ended | ||||
September | September | September | September | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Revenues | ||||
Leased-and-operated | 365,402,970 | 248,698,564 | (1,075,555) | 613,025,979 |
Franchised-and-managed | 533,460,017 | 7,235,800 | - | 540,695,817 |
Wholesales and others | 3,393,596 | 97,978,792 | - | 101,372,388 |
Total revenues | 902,256,583 | 353,913,156 | (1,075,555) | 1,255,094,184 |
Nine Month Ended | |||||
September | September | September | September | September | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Revenues | |||||
Leased-and-operated | 346,552,738 | 130,792,112 | - | 477,344,850 | 68,021,097 |
Franchised-and-managed | 476,898,409 | 5,527,686 | - | 482,426,095 | 68,745,169 |
Wholesales and others | 2,881,694 | 77,272,388 | (1,004,493) | 79,149,589 | 11,278,726 |
Total revenues | 826,332,841 | 213,592,186 | (1,004,493) | 1,038,920,534 | 148,044,992 |
Total revenues were RMB357.0 million (US$50.9 million), a 22.5% year-over-year decrease.
Hotel revenues were RMB286.9 million (US$40.9 million), a 15.4% year-over-year decrease due to a 13.6% year-over-year decrease in Revpar and the closure of 6 L&O hotels in the third quarter due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB70.6 million (US$10.1 million), a 42.0% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores. By the end of the third quarter, we had completed the strategic transformation of our business model.
Total revenues for the first nine months of 2024 were RMB1,038.9 million (US$148.0 million)[1], a 17.2% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB159.3 million (US$22.7 million)[1], a 31.4% year-over-year decrease.
Total revenues from L&O hotels were RMB118.2 million (US$16.8 million)[1], a 22.2% year-over-year decrease. The decrease was primarily attributable to an 7.5% year-over-year decrease in the third quarter RevPAR of L&O hotels, the closing of 6 L&O hotels, and a reduction in sublease revenues mainly due to the disposal of a property.
Total revenues from L&O restaurants were RMB41.1 million (US$5.9 million)[1], a 48.8% year-over-year decrease, mainly due to the closure of 29 L&O restaurants since the third quarter of 2023 and the year-over-year decrease in ADS.
Total revenues from L&O hotels and restaurants for the first nine months of 2024 were RMB477.3 million (US$68.0 million)[1], a 22.1% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB169.7 million (US$24.2 million), a 10.7% year-over-year decrease.
Total revenues from F&M hotels were RMB167.9 million (US$23.9 million), a 9.7% year-over-year decrease, primary due to a 13.8% decrease in F&M hotels' Revpar and partially offset by new openings.
Total revenues from F&M restaurants were RMB1.8 million (US$0.3 million), a 56.8% year-over-year decrease, mainly due to the year-over-year decrease in ADS.
Total revenues from F&M hotels and restaurants for the first nine months of 2024 were RMB482.4 million (US$68.7 million)[1], a 10.8% year-over-year decrease.
Total revenues from wholesale and others were RMB28.0M (US$4.0 million), a 27.3% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.
Total revenues from wholesale and others for the first nine months of 2024 were RMB79.1 million (US$11.3 million), a 21.9% year-over-year decrease.
Total operating costs and expenses
Quarter Ended | ||||
September | September | September | September | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Operating costs and | ||||
Operating costs | 159,920,582 | 87,814,484 | 49,623 | 247,784,689 |
Selling and marketing | 14,277,225 | 12,026,085 | - | 26,303,310 |
General and administrative | 26,655,780 | 11,858,500 | - | 38,514,280 |
Other operating expenses | 180,515 | 120,654 | - | 301,169 |
Other general expenses | 11,322,509 | - | - | 11,322,509 |
Total operating costs and | 212,356,611 | 111,819,723 | 49,623 | 324,225,957 |
Quarter Ended | |||||
September | September | September | September | September | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Operating costs and | |||||
Operating costs | 152,278,796 | 53,365,650 | (475,648) | 205,168,798 | 29,236,320 |
Selling and marketing | 12,899,411 | 2,881,942 | (68,642) | 15,712,711 | 2,239,043 |
General and | 35,309,079 | 7,023,449 | - | 42,332,528 | 6,032,337 |
Other operating | 1,363,201 | 654,777 | - | 2,017,978 | 287,560 |
Other general | - | - | - | - | - |
Total operating costs | 201,850,487 | 63,925,818 | (544,290) | 265,232,015 | 37,795,260 |
Nine Month Ended | ||||
September | September | September | September | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Operating costs and | ||||
Operating costs | 444,284,960 | 292,122,643 | (560,465) | 735,847,138 |
Selling and marketing | 39,115,830 | 21,411,730 | - | 60,527,560 |
General and administrative | 117,191,327 | 33,197,310 | - | 150,388,637 |
Other operating expenses | 1,024,079 | 7,111,308 | - | 8,135,387 |
Other general expenses | 27,296,093 | - | - | 27,296,093 |
Total operating costs and | 628,912,289 | 353,842,991 | (560,465) | 982,194,815 |
Nine Month Ended | |||||
September | September | September | September | September | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Operating costs and | |||||
Operating costs | 441,888,078 | 170,642,273 | (916,517) | 611,613,834 | 87,154,274 |
Selling and marketing | 41,576,925 | 8,473,078 | (87,975) | 49,962,028 | 7,119,532 |
General and | 128,706,277 | 22,802,128 | - | 151,508,405 | 21,589,775 |
Other operating | 2,301,445 | 2,136,726 | - | 4,438,171 | 632,434 |
Other general | 11,756,531 | - | - | 11,756,531 | 1,675,292 |
Total operating costs | 626,229,256 | 204,054,205 | (1,004,492) | 829,278,969 | 118,171,308 |
Operating costs were 205.2 million (US$ 29.2 million)[1], a 17.2% year-over-year decrease.
Operating costs of the hotel business were RMB152.3 million (US$21.7million)[1], a 4.8% year-over-year decrease. The decrease was mainly attributable to lower staff related costs due to the disposal of L&O hotels.
Operating costs of the restaurant business in the third quarter of 2024 were RMB53.4 million (US$ 7.6 million)[1], a 39.2% year-over-year decrease, due to the closure of L&O stores.
For the first nine months of 2024, operating costs were RMB611.6 million (US$87.2 million)[1], a 16.9% decrease.
Selling and marketing expenses were RMB15.7 million (US$2.2 million)[1], a 40.3% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB12.9 million (US$1.8 million)[1], a 9.7% year-over-year decrease. The decrease was mainly due to lower advertising expenses.
Selling and marketing expenses of the restaurant business were RMB2.9 million (US$0.4 million)[1], a 76.0% year-over-year decrease, mainly attributable to lower sales staff related expenses and lower sales-channel commissions.
For the first nine months of 2024, selling and marketing expenses were RMB50.0 million (US$7.1 million)[1], a 17.5% decrease.
General and administrative, or G&A expenses were RMB42.3 million (US$6.0 million)[1], a 9.9% year-over-year increase.
G&A expenses of the hotel business were RMB35.3 million (US$5.0 million)[1], a 32.5% year-over-year increase. The increase was mainly due to an increase of approximately RMB11 million in bad debt provisions for long-aged account receivables.
G&A expenses of the restaurant business were RMB7.0 million (US$1.0 million)[1], a 40.8% year-over-year decrease, mainly due to lower staff related expenses.
General and administrative expenses for the first nine months of 2024 were RMB151.5 million (US$21.6 million)[1], a 0.7% year-over-year increase.
Other general expenses were nil for this quarter, and for the first nine months of 2024 were RMB11.8 million (US$1.7 million) [1], a 56.9% year-over-year decrease.
Gross profit was RMB151.8 million (US$21.6 million)[1], a year-over-year decrease of 28.8%. Gross margin was 42.5%, compared to 46.2% a year ago. The gross profit of the hotel business was RMB134.6 million (US$19.2 million)[1], an 24.9% year-over-year decrease. The gross profit of the restaurant business was RMB17.3 million (US$2.5 million)[1], a 49.1% year-over-year decrease.
Income from operations in the third quarter of 2024 was RMB106.4 million (US$15.2 million)[1] , compared to income from operations of RMB137.8 million in the third quarter of 2023, with a margin of 29.8%. The lower profitability was due to the decline in revenue, despite lower operating costs and expenses.
Income from operations of the hotel business was RMB99.5 million (US$14.2 million)[1], compared to an income from operations of RMB127.5 million in the third quarter of 2023, with a margin of 34.7%.
Income from operations of the restaurant business in the third quarter of 2024 was RMB6.9 million (US$1.0 million)[1], compared to income from operations of RMB10.3 million in the third quarter of 2023, with a margin of 9.7%.
Income from operations for the first nine months of 2024 was RMB263.1 million (US$37.5 million)[1] compared to income from operations of RMB288.7 million in 2023, with a margin of 25.3%.
Net income in the third quarter of 2024 was RMB65.2 million (US$9.3 million)[1], compared to a net income of RMB117.4 million in the third quarter of 2023, and net margin was 18.3%. Net income was partially negatively impacted by a foreign exchange loss of approximately RMB33 million.
Net income of the hotel business was RMB58.6 million (US$8.4 million)[1], compared to a net income of RMB108.5 million in the third quarter of 2023, and net margin was 20.4%.
Net income of the restaurant business in the third quarter of 2024 was RMB6.6 million (US$0.9 million)[1], compared to a net income of RMB8.8 million in the third quarter of 2023, and net margin was 9.4%.
Net income for the first nine months of 2024 was RMB184.8 million (US$26.3million)[1], compared to a net income of RMB 251.9 million in 2023, and net margin was 17.8%.
Adjusted EBITDA (non-GAAP)[2] in the third quarter of 2024 was RMB122.5 million (US$17.5 million)[1], a year-over-year decrease of 32.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 34.3%, compared to 39.2% a year ago.
Adjusted EBITDA (non-GAAP) for the first nine months of 2024 was RMB315.0 million (US$44.9 million), a year-over-year decrease of 21.4%.
Core net income (non-GAAP) in the third quarter of 2024 was RMB93.5 million (US$13.3 million)[1], a year-over-year decrease of 26.6%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 26.2%, compared to 27.6% one year ago.
Core net income (non-GAAP) for the first nine months of 2024 was RMB224.4 million (US$ 32.0 million)[1], a year-over-year decrease of 8.7%.
Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.65 (US$0.09 )[1], decreased from RMB1.15 one year ago.
Earnings per American Depositary Share, or ADS, (basic and diluted) for the first nine months of 2024 were RMB1.83 (US$0.26 )[1], decreased from RMB2.52 one year ago.
Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.92 (US$0.13 )[1], decreased from RMB1.25 a year ago.
Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.21 (US$0.31)[1] for the first nine months of 2024, an decrease from RMB2.41 a year ago.
Cash flow Operating cash inflow was RMB139.2 million (US$19.8 million)[1] as a result of income from operations. Investing cash outflow for the third quarter of 2024 was RMB0.1 million (US$0.01 million)[1], which was primarily due to purchase of equipment for the newly opened LO store in the second quarter and offset by repayment of loans from franchisees. Financing cash outflow was RMB1.3 million (US$0.2 million)[1],mainly due to the repurchase of ordinary shares.
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of September 30, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,883.9million (US$268.5 million)[1],compared to RMB1,737.2 million as of June 30, 2024. The increase was mainly attributable to continued operating cash inflow and repayment of loans from franchisees.
Guidance
We now anticipate revenue for our hotel business for the full year 2024 to decrease approximately 8% compared to 2023. This is based on our operating performance so far this year, in particular lower than expected travel in the third quarter, and the strategic review of our LO hotels segment that led to the net closure of 9 hotels by the end of the third quarter and contributed nearly half of the decline.
Conference Call
GreenTree's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on November 21, 2024, (9:00 PM Beijing/Hong Kong Time on November 21, 2024).
Dial-in numbers for the live conference call are as follows:
International | 1-412-902-4272 |
Mainland China | 4001-201-203 |
US | 1-888-346-8982 |
Hong Kong | 800-905-945 or 852-3018-4992 |
Singapore | 800-120-6157 |
Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.
A telephone replay of the conference call will be available after the conclusion of the live conference call until november 28, 2024.
Dial-in numbers for the replay are as follows:
International Dial-in | 1-412-317-0088 |
U.S. Toll Free | 1-877-344-7529 |
Canada Toll Free | 855-669-9658 |
Passcode: | 5184244 |
Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.
Use of Non-GAAP Financial Measures
We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.
The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.
The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.
The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.
Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE:GHG) is a leading hospitality and restaurant management group in China. As of September 30, 2024, GreenTree had a total number of 4,336 hotels and 182 restaurants. In 2023, HOTELS magazine ranked GreenTree 11th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2023 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China.
GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.
For more information on GreenTree, please visit http://ir.998.com
Safe Harbor Statements
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.
Financial Tables and Operational Data Follow
GreenTree Hospitality Group Ltd. | |||
Unaudited Condensed Consolidated Balance Sheets | |||
December 31 | September 30 | September 30 | |
2023 | 2024 | 2024 | |
RMB | RMB | US$ | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 765,547,547 | 1,513,020,988 | 215,603,766 |
Restricted cash | 6,576,906 | 7,240,598 | 1,031,777 |
Short-term investments | 417,711,617 | 64,034 | 9,125 |
Investments in equity securities | 26,076,169 | 22,798,811 | 3,248,805 |
Accounts receivable, net of | 123,887,879 | 112,807,834 | 16,074,988 |
Amounts due from related parties | 19,928,781 | 17,890,534 | 2,549,381 |
Inventories | 20,462,490 | 6,423,582 | 915,353 |
Other current assets | 117,047,122 | 125,926,677 | 17,944,408 |
Loans receivable, net | 129,521,094 | 79,569,204 | 11,338,521 |
Total current assets | 1,626,759,605 | 1,885,742,262 | 268,716,124 |
Non-current assets: | |||
Amounts due from a related party | 110,000,000 | 110,000,000 | 15,674,875 |
Restricted cash | 19,476,259 | 19,397,031 | 2,764,055 |
Long-term time deposits | 63,340,000 | 285,570,000 | 40,693,399 |
Loans receivable, net | 70,690,305 | 43,154,241 | 6,149,430 |
Property and equipment, net | 814,949,026 | 634,881,632 | 90,469,909 |
Intangible assets, net | 117,720,693 | 114,380,472 | 16,299,087 |
Goodwill | 177,082,468 | 177,082,468 | 25,234,050 |
Long-term investments | 184,758,800 | 188,946,438 | 26,924,652 |
Operating lease right-of-use | 1,535,330,762 | 1,353,807,671 | 192,916,050 |
Other assets | 104,725,600 | 106,200,135 | 15,133,398 |
Deferred tax assets | 241,965,360 | 180,650,424 | 25,742,479 |
TOTAL ASSETS | 5,066,798,878 | 5,099,812,774 | 726,717,508 |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Long-term bank loans, current | 200,000 | - | - |
Short-term bank loans | 116,800,000 | 400,000 | 57,000 |
Accounts payable | 73,126,677 | 45,619,837 | 6,500,775 |
Advance from customers | 22,393,097 | 21,258,689 | 3,029,339 |
Amounts due to related parties | 16,310,293 | 15,694,608 | 2,236,464 |
Salary and welfare payable | 86,332,096 | 74,484,735 | 10,613,990 |
Deferred revenue | 186,281,838 | 197,495,166 | 28,142,836 |
Accrued expenses and other | 459,832,717 | 493,142,341 | 70,272,221 |
Income tax payable | 112,782,712 | 124,691,079 | 17,768,337 |
Dividends payable | - | 70,176,000 | 10,000,000 |
Operating lease liabilities, current | 267,536,846 | 183,764,847 | 26,186,281 |
Total current liabilities | 1,341,596,276 | 1,226,727,302 | 174,807,243 |
Long-term bank loans | 56,800,000 | 256,400,000 | 36,536,708 |
Deferred revenue | 207,905,769 | 182,882,796 | 26,060,590 |
Other long-term liabilities | 111,711,748 | 117,713,049 | 16,773,975 |
Operating lease liabilities, | 1,391,909,309 | 1,300,009,022 | 185,249,804 |
Deferred tax liabilities | 94,716,495 | 54,099,834 | 7,709,165 |
Unrecognized tax benefits | 382,125,786 | 371,085,335 | 52,879,237 |
TOTAL LIABILITIES | 3,586,765,383 | 3,508,917,338 | 500,016,722 |
Shareholders' equity: | |||
Class A ordinary shares | 222,587,070 | 222,587,070 | 31,718,404 |
Class B ordinary shares | 115,534,210 | 115,534,210 | 16,463,493 |
Treasury Stock | (36,677,832) | (36,977,954) | (5,269,316) |
Additional paid-in capital | 1,680,713,349 | 1,680,194,335 | 239,425,777 |
Retained earnings (Accumulated | (568,339,799) | (452,428,018) | (64,470,477) |
Accumulated other | 28,401,282 | 26,759,125 | 3,813,145 |
Total GreenTree Hospitality | 1,442,218,280 | 1,555,668,768 | 221,681,026 |
Non-controlling interests | 37,815,215 | 35,226,668 | 5,019,760 |
Total shareholders' equity | 1,480,033,495 | 1,590,895,436 | 226,700,786 |
TOTAL LIABILITIES AND | 5,066,798,878 | 5,099,812,774 | 726,717,508 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 232,247,158 | 159,276,402 | 22,696,706 | 613,025,979 | 477,344,850 | 68,021,097 |
Franchised-and- | 190,113,557 | 169,686,060 | 24,180,070 | 540,695,817 | 482,426,095 | 68,745,169 |
Wholesales and | 38,523,479 | 28,018,988 | 3,992,674 | 101,372,388 | 79,149,589 | 11,278,726 |
Total revenues | 460,884,194 | 356,981,450 | 50,869,450 | 1,255,094,184 | 1,038,920,534 | 148,044,992 |
Operating costs | ||||||
Operating costs | (247,784,689) | (205,168,798) | (29,236,320) | (735,847,138) | (611,613,834) | (87,154,274) |
Selling and | (26,303,310) | (15,712,711) | (2,239,043) | (60,527,560) | (49,962,028) | (7,119,532) |
General and | (38,514,280) | (42,332,528) | (6,032,337) | (150,388,637) | (151,508,405) | (21,589,775) |
Other operating | (301,169) | (2,017,978) | (287,560) | (8,135,387) | (4,438,171) | (632,434) |
Other general | (11,322,509) | - | - | (27,296,093) | (11,756,531) | (1,675,292) |
Total operating | (324,225,957) | (265,232,015) | (37,795,260) | (982,194,815) | (829,278,969) | (118,171,308) |
Other operating | 1,136,022 | 14,654,068 | 2,088,188 | 15,806,939 | 53,422,304 | 7,612,617 |
Income from | 137,794,259 | 106,403,503 | 15,162,378 | 288,706,308 | 263,063,869 | 37,486,301 |
Interest income | 13,662,038 | 7,488,034 | 1,067,036 | 31,041,389 | 27,438,533 | 3,909,960 |
Interest expense | (3,740,491) | (116,161) | (16,553) | (13,137,021) | (4,485,219) | (639,139) |
Gains (losses) | 365,577 | 10,015,229 | 1,427,159 | (4,434,821) | (5,409,426) | (770,837) |
Other income, net | 1,779,998 | (34,653,121) | (4,938,030) | 42,926,246 | (17,862,097) | (2,545,328) |
Income before | 149,861,381 | 89,137,484 | 12,701,990 | 345,102,101 | 262,745,660 | 37,440,957 |
Income tax expense | (32,385,239) | (24,330,641) | (3,467,089) | (92,335,322) | (77,512,335) | (11,045,419) |
Income (loss) | 117,476,142 | 64,806,843 | 9,234,901 | 252,766,779 | 185,233,325 | 26,395,538 |
Share of | (83,027) | 405,064 | 57,721 | (869,910) | (464,693) | (66,218) |
Net income(loss) | 117,393,115 | 65,211,907 | 9,292,622 | 251,896,869 | 184,768,632 | 26,329,320 |
Net loss/(income) | 227,170 | 288,968 | 41,178 | 5,304,468 | 1,319,147 | 187,977 |
Net income | 117,620,285 | 65,500,875 | 9,333,800 | 257,201,337 | 186,087,779 | 26,517,297 |
Net earnings per | ||||||
Class A ordinary | 1.15 | 0.65 | 0.09 | 2.52 | 1.83 | 0.26 |
Class B ordinary | 1.15 | 0.65 | 0.09 | 2.52 | 1.83 | 0.26 |
Net earnings per | ||||||
Class A ordinary | 1.15 | 0.65 | 0.09 | 2.52 | 1.83 | 0.26 |
Class B ordinary | 1.15 | 0.65 | 0.09 | 2.52 | 1.83 | 0.26 |
Weighted | ||||||
Class A ordinary | 67,416,046 | 66,778,809 | 66,778,809 | 67,416,046 | 66,780,008 | 66,780,008 |
Class B ordinary | 34,762,909 | 34,762,909 | 34,762,909 | 34,762,909 | 34,762,909 | 34,762,909 |
Other | ||||||
Foreign currency | (68,502) | 6,463,594 | 921,055 | 927,605 | (1,642,157) | (234,006) |
Unrealized | ||||||
Comprehensive | 117,324,613 | 71,675,501 | 10,213,677 | 252,824,474 | 183,126,475 | 26,095,314 |
Comprehensive | 6,379,505 | 288,968 | 41,178 | 5,304,468 | 1,319,147 | 187,977 |
Comprehensive | 123,704,118 | 71,964,469 | 10,254,855 | 258,128,942 | 184,445,622 | 26,283,291 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Hotel Business Results | ||||||
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 151,839,044 | 118,159,125 | 16,837,541 | 365,402,970 | 346,552,738 | 49,383,370 |
Franchised-and- | 186,043,016 | 167,928,127 | 23,929,567 | 533,460,017 | 476,898,409 | 67,957,480 |
Others | 1,168,017 | 796,488 | 113,499 | 3,393,596 | 2,881,694 | 410,638 |
Total revenues | 339,050,077 | 286,883,740 | 40,880,607 | 902,256,583 | 826,332,841 | 117,751,488 |
Operating costs | ||||||
Hotel operating | (159,920,582) | (152,278,796) | (21,699,555) | (444,284,960) | (441,888,078) | (62,968,547) |
Selling and | (14,277,225) | (12,899,411) | (1,838,151) | (39,115,830) | (41,576,925) | (5,924,664) |
General and | (26,655,780) | (35,309,079) | (5,031,504) | (117,191,327) | (128,706,277) | (18,340,498) |
Other operating | (180,515) | (1,363,201) | (194,255) | (1,024,079) | (2,301,445) | (327,953) |
Other general | (11,322,509) | - | - | (27,296,093) | (11,756,531) | (1,675,292) |
Total operating | (212,356,611) | (201,850,487) | (28,763,465) | (628,912,289) | (626,229,256) | (89,236,954) |
Other operating | 796,141 | 14,496,942 | 2,065,798 | 14,587,926 | 51,347,340 | 7,316,937 |
Income from | 127,489,607 | 99,530,195 | 14,182,940 | 287,932,220 | 251,450,925 | 35,831,471 |
Interest income | 13,514,958 | 7,467,287 | 1,064,080 | 30,587,298 | 27,376,005 | 3,901,050 |
Interest expense | (3,004,677) | (115,851) | (16,509) | (10,896,629) | (4,484,909) | (639,094) |
Gains (losses) | 365,577 | 10,015,229 | 1,427,159 | (4,434,821) | (769,747) | (109,688) |
Other income, | 2,150,576 | (34,647,093) | (4,937,171) | 42,846,940 | (17,938,054) | (2,556,152) |
Income before | 140,516,041 | 82,249,767 | 11,720,499 | 346,035,008 | 255,634,220 | 36,427,587 |
Income tax | (31,888,801) | (24,053,937) | (3,427,659) | (87,620,126) | (76,155,862) | (10,852,124) |
Income (loss) | 108,627,240 | 58,195,830 | 8,292,840 | 258,414,882 | 179,478,358 | 25,575,463 |
Share of | (83,027) | 405,064 | 57,721 | (869,910) | (464,693) | (66,218) |
Net | 108,544,213 | 58,600,894 | 8,350,561 | 257,544,972 | 179,013,665 | 25,509,245 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Restaurant Business Results | ||||||
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 80,358,490 | 41,117,277 | 5,859,165 | 248,698,564 | 130,792,112 | 18,637,727 |
Franchised-and- | 4,070,541 | 1,757,933 | 250,503 | 7,235,800 | 5,527,686 | 787,689 |
Wholesales and | 37,355,462 | 27,766,790 | 3,956,736 | 97,978,792 | 77,272,388 | 11,011,227 |
Total revenues | 121,784,493 | 70,642,000 | 10,066,404 | 353,913,156 | 213,592,186 | 30,436,643 |
Operating costs | ||||||
Restaurant | (87,814,484) | (53,365,650) | (7,604,544) | (292,122,643) | (170,642,273) | (24,316,329) |
Selling and | (12,026,085) | (2,881,942) | (410,673) | (21,411,730) | (8,473,078) | (1,207,404) |
General and | (11,858,500) | (7,023,449) | (1,000,833) | (33,197,310) | (22,802,128) | (3,249,277) |
Other operating | (120,654) | (654,777) | (93,305) | (7,111,308) | (2,136,726) | (304,481) |
Other general | - | - | - | - | - | - |
Total operating | (111,819,723) | (63,925,818) | (9,109,355) | (353,842,991) | (204,054,205) | (29,077,491) |
Other operating | 339,881 | 157,126 | 22,390 | 1,219,013 | 2,074,964 | 295,680 |
Income from | 10,304,651 | 6,873,308 | 979,439 | 1,289,178 | 11,612,945 | 1,654,832 |
Interest income | 147,080 | 20,746 | 2,956 | 454,091 | 62,528 | 8,910 |
Interest expense | (735,814) | (310) | (44) | (2,240,392) | (310) | (44) |
Gains (losses) | - | - | - | - | - | - |
Other income, net | (370,578) | (6,028) | (859) | 79,306 | (33,122) | (4,720) |
Income before | 9,345,339 | 6,887,716 | 981,492 | (417,817) | 11,642,041 | 1,658,978 |
Income tax | (496,438) | (276,704) | (39,430) | (4,843,969) | (1,356,473) | (193,296) |
Income (loss) | 8,848,901 | 6,611,012 | 942,062 | (5,261,786) | 10,285,568 | 1,465,682 |
Share of | - | - | - | - | - | - |
Net | 8,848,901 | 6,611,012 | 942,062 | (5,261,786) | 10,285,568 | 1,465,682 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Operating | ||||||
Net (loss) | 117,393,114 | 65,211,908 | 9,292,623 | 251,896,867 | 184,768,634 | 26,329,320 |
Adjustments to | ||||||
Depreciation | 32,167,798 | 28,690,959 | 4,088,429 | 92,487,725 | 89,170,635 | 12,706,714 |
Impairment of | - | - | - | 2,900,000 | - | - |
Share of | 83,027 | (405,064) | (57,721) | 869,910 | 464,693 | 66,218 |
Noncash lease | 58,627,753 | 68,398,682 | 9,746,734 | 193,450,844 | 205,628,129 | 29,301,774 |
Loss from | - | (4,925,221) | (701,838) | 1,223,952 | (5,764,903) | (821,492) |
Interest income | (2,025,838) | (1,199,222) | (170,888) | (3,683,748) | (6,416,109) | (914,288) |
Bad debt | 18,349,856 | 12,615,651 | 1,797,716 | 37,029,330 | 34,383,723 | 4,899,641 |
(Gains) losses | (365,577) | (10,015,229) | (1,427,159) | 4,434,821 | 5,409,426 | 770,837 |
Loss (gains) on | 10,173 | 332,997 | 47,452 | 238,014 | (24,783,238) | (3,531,583) |
Foreign | 819,037 | 7,449,403 | 1,061,531 | (269,162) | (1,314,548) | (187,322) |
Share-based | (11,998) | 15,662 | 2,232 | 16,594 | 46,986 | 6,695 |
Accounts | (18,632,382) | (5,363,153) | (764,243) | (13,516,688) | (13,092,304) | (1,865,638) |
Prepaid rent | (129,472) | - | - | (129,472) | - | - |
Inventories | 637,459 | 223,113 | 31,793 | 8,088,185 | 15,112,676 | 2,153,539 |
Amounts due | 3,930,789 | 2,188,419 | 311,847 | 5,559,317 | 2,488,246 | 354,572 |
Other current | (5,238,709) | (6,330,209) | (902,048) | (40,136,745) | (1,245,258) | (177,448) |
Other assets | 1,942,473 | (2,775,493) | (395,505) | 7,889,240 | (1,474,535) | (210,120) |
Accounts | (19,131,574) | (7,758,061) | (1,105,515) | (29,048,734) | (20,318,304) | (2,895,335) |
Amounts due to | 5,053,227 | 788,969 | 112,427 | 3,373,836 | (615,685) | (87,734) |
Salary and | (1,443,289) | (10,164,582) | (1,448,441) | 5,029,575 | (11,588,641) | (1,651,368) |
Deferred | (18,693,576) | 17,893,291 | 2,549,774 | (24,552,689) | (13,809,645) | (1,967,859) |
Advance from | 5,344,742 | (706,088) | (100,617) | 1,686,920 | (1,123,375) | (160,080) |
Accrued | 20,585,844 | 35,754,773 | 5,095,014 | 88,392,990 | 32,469,157 | 4,626,818 |
Income tax | (638,107) | 20,169,690 | 2,874,158 | 50,644,167 | 11,908,367 | 1,696,929 |
Unrecognized | 11,569,800 | (4,844,361) | (690,316) | 43,530,199 | (11,040,451) | (1,573,252) |
Operating lease | (54,348,610) | (80,036,795) | (11,405,152) | (179,026,778) | (189,805,890) | (27,047,123) |
Other long-term | (159,947) | 6,321,131 | 900,754 | (8,241,312) | (1,998,698) | (284,812) |
Deferred taxes | (911,201) | 7,711,357 | 1,098,860 | (32,243,691) | 21,677,657 | 3,089,041 |
Net cash | 154,784,812 | 139,242,527 | 19,841,901 | 467,893,467 | 299,136,745 | 42,626,644 |
Investing | ||||||
Purchases of | (833,691) | (8,771,704) | (1,249,958) | (72,566,925) | (28,965,630) | (4,127,569) |
Purchases of | 185,683 | - | - | (166,598) | - | - |
Proceeds from | (29,960) | 451,660 | 64,361 | 14,666,721 | 140,184,760 | 19,976,168 |
Payment for | - | 966,000 | 137,654 | - | - | - |
Purchases of a | - | (6,800,000) | (968,992) | - | (6,800,000) | (968,992) |
Repayment of | - | - | - | - | - | - |
Purchases of | (150,860,480) | - | - | (202,230,480) | - | - |
Proceeds from | 27,211,463 | - | - | 160,854,647 | 419,362,037 | 59,758,612 |
Increase of | - | - | - | - | (222,230,000) | (31,667,522) |
Proceeds from | - | 1,307,500 | 186,317 | 37,800,000 | 2,807,500 | 400,066 |
Loan to related | - | - | - | - | (270,000) | (38,475) |
Loan to third | - | - | - | - | (1,200,000) | (170,999) |
Repayment of | 135,930 | 304,111 | 43,335 | 14,553,007 | 5,900,000 | 840,743 |
Loan to | (6,058,982) | (4,050,000) | (577,120) | (16,033,578) | (5,650,000) | (805,119) |
Repayment | 35,127,246 | 16,489,580 | 2,349,746 | 96,248,818 | 67,466,801 | 9,613,942 |
Net cash (used | (95,122,791) | (102,853) | (14,657) | 33,125,612 | 370,605,468 | 52,810,855 |
Financing | ||||||
Distribution to | - | - | - | - | (760,321) | (108,345) |
Repurchase of | - | (300,122) | (42,767) | - | (300,122) | (42,767) |
Repayment of | (450,600,000) | - | - | (450,600,000) | (117,000,000) | (16,672,367) |
Proceeds from | 271,400,000 | - | - | 117,000,000 | 200,000,000 | 28,499,772 |
Capital | (117,000,000) | (966,000) | (137,654) | - | (966,000) | (137,654) |
Net cash | (296,200,000) | (1,266,122) | (180,421) | (333,600,000) | 80,973,557 | 11,538,639 |
Effect of | (395,858) | 142,062 | 20,244 | (52,807) | (2,657,865) | (378,743) |
Net (decrease) | (236,933,837) | 138,015,614 | 19,667,067 | 167,366,272 | 748,057,905 | 106,597,395 |
Cash and cash | 1,138,929,311 | 1,401,643,004 | 167,581,976 | 734,629,202 | 791,600,712 | 112,802,199 |
Cash and cash | 901,995,474 | 1,539,658,617 | 187,249,043 | 901,995,474 | 1,539,658,617 | 219,399,594 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income | 117,393,115 | 65,211,908 | 9,292,623 | 251,896,868 | 184,768,634 | 26,329,320 |
Deduct: | ||||||
Other operating | 1,136,022 | 14,654,068 | 2,088,188 | 15,806,939 | 53,422,304 | 7,612,617 |
Interest income and | 13,662,038 | 7,488,034 | 1,067,036 | 31,041,389 | 27,438,533 | 3,909,960 |
Gains from | 365,577 | 10,015,229 | 1,427,159 | - | - | - |
Share of gain in | - | 405,064.00 | 57,721.00 | - | - | - |
Other income, net | 1,779,998 | - | - | 42,926,246 | - | - |
Add: | ||||||
Other operating | 301,169 | 2,017,978 | 287,560 | 8,135,387 | 4,438,171 | 632,434 |
Other general | 11,322,509 | - | - | 27,296,093 | 11,756,531 | 1,675,292 |
Income tax | 32,385,239 | 24,330,641 | 3,467,089 | 92,335,322 | 77,512,335 | 11,045,419 |
Share of loss in | 83,027 | - | - | 869,910 | 464,693 | 66,218 |
Interest expenses | 3,740,491 | 116,161 | 16,553 | 13,137,021 | 4,485,219 | 639,139 |
Depreciation and | 32,167,798 | 28,690,959 | 4,088,429 | 92,487,725 | 89,170,635 | 12,706,714 |
Losses from | - | - | - | 4,434,821 | 5,409,426 | 770,837 |
Other expense, net | - | 34,653,121 | 4,938,030 | - | 17,862,097 | 2,545,328 |
Adjusted EBITDA | 180,449,713 | 122,458,373 | 17,450,180 | 400,818,573 | 315,006,904 | 44,888,124 |
Quarter Ended | Nine Month Ended | |||||
September | September | September | September | September | September | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income | 117,393,115 | 65,211,908 | 9,292,623 | 251,896,868 | 184,768,634 | 26,329,320 |
Deduct: | ||||||
Government | - | 4,374,750 | 623,397 | 6,671,305 | 4,844,636 | 690,355 |
Gains from | 274,183 | 7,511,422 | 1,070,369 | - | - | - |
Other income (net | 1,334,998 | - | - | 32,194,684 | - | - |
Add: | ||||||
Share-based | (11,998) | 15,662 | 2,232 | 16,594 | 46,986 | 6,695 |
Losses from | - | - | - | 3,326,116 | 4,057,070 | 578,128 |
Other expense (net | - | 25,989,841 | 3,703,523 | - | 13,396,573 | 1,908,996 |
One-time fees and | 220,916 | 658,981 | 93,904 | 2,181,773 | 1,713,989 | 244,242 |
Other general | 11,322,509 | - | - | 27,296,093 | 11,756,531 | 1,675,292 |
Income tax | - | 13,496,240 | 1,923,199 | - | 13,496,240 | 1,923,199 |
Core net income | 127,315,361 | 93,486,460 | 13,321,714 | 245,851,454 | 224,391,387 | 31,975,517 |
Core net income | ||||||
Class A ordinary | 1.25 | 0.92 | 0.13 | 2.41 | 2.21 | 0.31 |
Class B ordinary | 1.25 | 0.92 | 0.13 | 2.41 | 2.21 | 0.31 |
Hotel Operational Data
September 30, | September 30, | |
Total hotels in operation: | 4,185 | 4,336 |
Leased and owned hotels | 64 | 56 |
Franchised hotels | 4,121 | 4,280 |
Total hotel rooms in operation | 307,010 | 316,461 |
Leased and owned hotels | 7,093 | 6,367 |
Franchised hotels | 299,917 | 310,094 |
Number of cities | 354 | 351 |
Quarter Ended | ||
September 30, | September 30, | |
Occupancy rate (as a percentage) | ||
Leased-and-owned hotels | 79.0 % | 75.9 % |
Franchised hotels | 81.3 % | 74.6 % |
Blended | 81.2 % | 74.6 % |
Average daily rate (in RMB) | ||
Leased-and-owned hotels | 268 | 258 |
Franchised hotels | 190 | 179 |
Blended | 192 | 181 |
RevPAR (in RMB) | ||
Leased-and-owned hotels | 212 | 196 |
Franchised hotels | 155 | 133 |
Blended | 156 | 135 |
Number of Hotels in Operation | Number of Hotel Rooms in | |||
September | September | September | September | |
Mid-to-up-scale | 455 | 527 | 43,485 | 49,763 |
GreenTree Eastern | 224 | 234 | 23,639 | 25,245 |
Deepsleep Hotel | 7 | 7 | 534 | 534 |
Gem | 61 | 91 | 5,372 | 8,178 |
Gya | 71 | 73 | 5,899 | 6,071 |
Vx | 92 | 104 | 8,041 | 9,109 |
Others | - | 18 | - | 626 |
Mid-scale | 2,965 | 2,965 | 230,655 | 230,580 |
GreenTree Inn | 2,282 | 2,336 | 182,041 | 184,086 |
GT Alliance | 552 | 498 | 39,379 | 37,366 |
GreenTree Apartment | 20 | 23 | 1,308 | 1,495 |
Vatica | 111 | 108 | 7,927 | 7,633 |
Others | - | - | - | - |
Economy hotels | 765 | 844 | 32,870 | 36,118 |
Shell | 765 | 844 | 32,870 | 36,118 |
Others | - | - | - | - |
Total | 4,185 | 4,336 | 307,010 | 316,461 |
Restaurant Operational Data
September 30, | September 30, | |
Total restaurants in operation: | 202 | 182 |
Leased and owned restaurants | 51 | 22 |
Franchised restaurants | 151 | 160 |
Number of cities | 66 | 53 |
Da Niang Dumplings | 167 | 159 |
Bellagio | 35 | 23 |
Quarter Ended | ||
2023 Q3 | 2024 Q3 | |
ADT | ||
Leased-and-owned restaurants | 158 | 188 |
Franchised restaurants | 101 | 89 |
Blended | 120 | 106 |
AC (in RMB) | ||
Leased-and-owned restaurants | 87 | 100 |
Franchised restaurants | 40 | 33 |
Blended | 55 | 46 |
ADS (in RMB) | ||
Leased-and-owned restaurants | 13,785 | 18,860 |
Franchised restaurants | 4,015 | 2,950 |
Blended | 6,570 | 4,891 |
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: [email protected]
Mr. Maple Miao
Phone: +86-181-0184-0639
E-mail: [email protected]
Christensen
In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: [email protected]
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: [email protected]
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]
View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-third-quarter-of-2024-financial-results-302312911.html
SOURCE GreenTree Hospitality Group Ltd.