STOCK TITAN

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2020 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

GreenTree Hospitality Group (NYSE: GHG) reported its Q4 2020 financial results, showing total revenues of RMB 289.8 million (US$ 44.4 million), an increase of 0.1% YoY, and 8.6% sequentially. Income from operations rose 17.4% to RMB 118.5 million (US$ 18.2 million), with a gross profit margin of 65.6%. Core net income grew 18.3% to RMB 109.3 million (US$ 16.8 million). Despite challenges from COVID-19, the company opened 203 hotels in Q4. For 2021, GHG anticipates a revenue increase of 48%-53% compared to 2020, supported by a strong recovery in the hospitality sector.

Positive
  • Total revenues increased 8.6% sequentially to RMB 289.8 million (US$ 44.4 million).
  • Core net income rose 18.3% YoY to RMB 109.3 million (US$ 16.8 million).
  • Income from operations grew 17.4% to RMB 118.5 million (US$ 18.2 million).
  • Opened 203 hotels in Q4 2020, indicating strong growth and demand.
Negative
  • Total revenues decreased 14.8% YoY for the full year 2020 to RMB 930.0 million (US$ 142.5 million).
  • Gross profit decreased 3.5% YoY in Q4 2020, reflecting ongoing COVID-19 impacts.
  • Occupancy rate in Q4 declined due to COVID-19 resurgence, impacting overall performance.

Continuous Recovery

  • Total revenues increased 8.6% to RMB289.8 million (US$44.4 million) [1] from RMB266.9 million in the third quarter.
  • Income from operations increased 17.4% to RMB118.5 million (US$18.2 million) [1] from RMB100.9 million in the third quarter.
  • Adjusted EBITDA (non-GAAP) [2] increased 17.8% to RMB130.6 million (US$20.0 million) [1] from RMB110.8 million in the third quarter.
  • Core net income (non-GAAP) increased 18.3% to RMB109.3 million (US$16.8 million) [1] from RMB92.4 million in the third quarter.

SHANGHAI, April 14, 2021 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2020.

Fourth Quarter of 2020 Operational Highlights

  • A total of 4,340 hotels with 315,335 hotel rooms were in operation as of December 31, 2020, compared to 4,195 hotels and 305,125 hotel rooms as of September 30, 2020.
  • As of December 31, 2020, the Company had 40 leased-and-operated ("L&O") hotels and 4,300 franchised-and-managed ("F&M") hotels in operation in 345 cities across China, compared to 34 L&O hotels and 3,923 F&M hotels in operation in 339 cities as of December 31, 2019. The geographic coverage increased by 1.8% year over year.
  • During the quarter, the Company opened 203 hotels, an increase of 13 comparing to 190 hotels in the fourth quarter of 2019. Among the hotels opened, 3 was in the luxury segment, 29 in the mid-to-up-scale segment, 141 in the mid-scale segment, and 30 in the economy segment. Geographically speaking, 19 hotels were in Tier 1 cities [3], 42 in Tier 2 cities and the remaining 142 in Tier 3 and smaller cities in China.
    The Company closed 58 hotels, 8 due to brand upgrades, and 35 due to their non-compliance with the Company's brand and operating standards. The remaining 15 were closed for property related issues. The Company added a net opening of 145 hotels to its portfolio.
  • As of December 31, 2020, the Company had a pipeline of 1,186 hotels contracted for or under development, among which 54 hotels were in the luxury hotel segment, 246 in the mid-to-up-scale segment, 483 in the mid-scale segment, and 403 in the economy segment.
  • The average daily room rate, or ADR, for all hotels in operation, was RMB 162, a decrease of 3.6% year over year, an increase of 7.3% compared with the third quarter.
  • The occupancy rate, or OCC for all hotels in operation was 76.7%, an increase of 0.3% compared with 76.4% in the fourth quarter of 2019, and a decrease of 2.4% compared with 79.1% in the third quarter of 2020.
  • The revenue per available room, or RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB 124, representing a -3.2% year-over-year decrease, and a 4.1% sequential increase.
  • As of December 31, 2020, the Company's loyalty program had more than 56 million individual members and approximately 1,670,000 corporate members, compared to approximately 52 million and over 1,610,000 corporate members as of September 30, 2020. The Company had approximately 92.2% of room nights sold directly.

2020 Full Year Operational Highlights

  • For the full year 2020, the Company opened 538 hotels, a decrease of 11.4% comparing to 607 newly opened hotels in the full year 2019. Among the hotels opened, 5 were in the luxury hotel segment, 109 in the mid-to-up-scale segment, 308 in the mid-scale segment, and 116 in the economy segment. Geographically speaking, 33 hotels were in Tier 1 cities,120 were in Tier 2 cities and the remaining 385 were in Tier 3 and other cities in China.
    During this year, the Company closed 155 hotels, 21 due to brand upgrade, and 89 due to their non-compliance with the Company's brand and operating standards. The remaining 45 were closed for property related issues. The Company added a net opening of 383 hotels to its portfolio.
  • The average daily room rate, or ADR, for all hotels in operation, was RMB 152 in the full year 2020, a decrease of 9.6% year-over-year.
  • The occupancy rate, or OCC for all hotels in operation was 68.7% in the full year 2020, compared with 77.8% in the full year 2019.
  • The revenue per available room, or RevPAR, which is calculated by multiplying our hotels' ADR by its occupancy rate, was RMB 105 in the full year 2020, representing a 20.1% year-over-year decrease.

"Despite the many unprecedented challenges brought upon us by COVID-19, the company delivered a robust Q4, with sequential improvement in operating and financial metrics above the average of the hospitality industry," said Mr. Alex Xu, Chairman and Chief Executive Officer of GreenTree. "I am extremely grateful for the achievements of our team. I cannot thank enough, all of our employees, franchisees, and guests, for their support and dedication. Thanks to our resilient business model, we were able to weather an extremely difficult year in the travel industry, and perform better than most of our peers. With our well-segmented and robust brand portfolio, the loyalty of our members and our strong balance sheet, we are well-positioned to capitalize on opportunities and create long-term and sustainable growth for our shareholders, in 2021 and beyond. " continued Mr. Xu.

"The key message for 2020 is that we demonstrated resilience and outperformed. We did this by working work closely with our franchisees and providing full support to them. Franchisee support included direct help from our Operation/IT/Design department, fee waivers on a recurring basis, loans for hotel decoration and professional training. We continued to optimize our preferred brands in attractive markets and segments, and build stronger technology and loyalty platforms to serve our franchisees and guests to capture demand. As a result, in December, our occupancy rate rebounded to the same level as 2019, while RevPAR was 100.4% of 2019. Q3 marked the period when the virus was contained in most of the country, although a few regional outbreaks created market fluctuations. We believe that the resilience of our business model, well-segmented and robust brand portfolio, the loyalty and stickiness of our members and our strong balance sheet will help us capitalize on growth opportunities and create long-term and sustainable growth for our shareholders in 2021 and beyond. "

Fourth Quarter of 2020 Financial Results


Quarter Ended


December 31, 2019


December 31, 2020


December 31, 2020


RMB


RMB


US$

Revenues






Leased-and-operated hotels

 

68,553,356


76,113,015


11,664,830

Franchised-and-managed hotels

217,190,598


207,222,721


 

31,758,272

others

3,688,472


6,420,830


984,035

Total revenues

289,432,426


289,756,566


44,407,137








Year Ended


December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$

Revenues






Leased-and-operated hotels

253,420,676


227,074,041


34,800,619

Franchised-and-managed hotels

831,340,340


677,480,818


103,828,478

others

7,032,119


25,455,237


3,901,186

Total revenues

1,091,793,135


930,010,096


142,530,283

Total revenues for the fourth quarter of 2020 were RMB289.8 million (US$44.4 million) [1], representing a 0.1% year-over-year increase. The slight increase was primarily due to the sustained recovery in hotel operations from the impact of COVID-19, as well as the revenue contribution from the newly opened L&O hotels. Total revenues increased from RMB266.9 million in the third quarter, a 8.6% sequential increase, which was mainly attributable to a RevPAR growth from 120 RMB to 124 RMB. Total revenues for the full year 2020 were RMB930.0 million (US$142.5 million) [1], representing a 14.8% decrease.

Total revenues from leased-and-operated hotels for the fourth quarter of 2020 were RMB76.1 million (US$11.7 million) [1], representing a 11.0% year over year increase. The increase was primarily due to the RevPAR increase of 0.6% compared to one year ago, the contribution from L&O hotels of the Urban Hotel Group ("Urban"), as well as the contribution from 10 newly opened L&O hotels in 2020. The revenue increase was partially offset by  the reduction and extension of sublease income, and the closure of 4 L&O hotels in 2020. Compared with the third quarter, total revenues from L&O hotels increased by 13.9%, mainly attributable to rising RevPAR and net newly opened 3 L&O hotels. Total revenues from L&O hotels for the full year 2020 were RMB227.1 million (US$34.8 million) [1], representing a 10.4% decrease.

Total revenues from franchised-and-managed hotels for the fourth quarter of 2020 were RMB207.2 million (US$31.8 million) [1], representing a 4.6% year-over-year decrease. Initial franchise fees increased by 32.3% year over year, mainly attributable to the gross opening of 199 hotels. The 7.1% decrease from the fourth quarter of 2019 in recurring franchisee management fees and others was primarily due to RevPAR decrease of 3.4%, as well as the reduction in franchise fees and central reservation fees for hotels affected by COVID-19. Compared with the third quarter, initial franchise fees increased by 8.7%, mainly attributable to more hotels opened; recurring franchisee management fees and others increased by 3.1%, mainly due to RevPAR sequential growth from 120RMB to 124RMB. Total revenues from F&M hotels for the full year 2020 were RMB677.5 million (US$103.8 million) [1], representing a 18.5% decrease.


Quarter Ended


December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$

Initial franchise fee

13,655,873


18,065,889


2,768,719

Recurring franchise
management fee and others

203,534,725


189,156,832


28,989,553

Revenues from franchised-and-managed hotels

217,190,598


207,222,721


31,758,272








Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$

Initial franchise fee

54,930,266


61,051,369


9,356,532

Recurring franchise
management fee and others

776,410,074


616,429,449


94,471,946

Revenues from franchised-
and-managed hotels

831,340,340


677,480,818


103,828,478

 

Total operating costs and expenses


Quarter Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$

Operating costs and expenses






Hotel operating costs

92,609,618


99,817,161


 

15,297,650

Selling and marketing expenses

23,155,218


24,232,688


3,713,822

General and administrative expenses

79,597,392


50,885,097


7,798,482

Other operating expenses

3,124,942


98,341


15,071

Total operating costs and expenses

198,487,170


175,033,287


26,825,025








 Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$

Operating costs and expenses






Hotel operating costs

338,826,479


392,522,306


60,156,675

Selling and marketing expenses

84,970,401


75,347,166


11,547,458

General and administrative expenses

184,989,324


172,557,554


26,445,602

Other operating expenses

3,286,652


1,731,405


 

265,350

Total operating costs and expenses

612,072,856


642,158,431


98,415,085

 

Hotel operating costs for the fourth quarter of 2020 were RMB99.8 million (US$15.3 million) [1], representing a 7.8% increase year over year. The increase was mainly attributable to higher rents and other cost related to L&O hotels. In the fourth quarter, there were 4 L&O hotels newly opened, which accounted for the main increase in hotel operating costs. Excluding L&O hotel operating costs, costs related to F&M hotels and others decreased 7.0%. Compared with the third quarter, we observe a 7.6% sequential decrease, mainly due to higher newly opening expenses in the third quarter. For the full year 2020, hotel operating costs were RMB392.5 million (US$60.2 million) [1], representing a 15.8% increase.


Quarter Ended


December 31,


December 31,


December 31,

2019


2020


2020


RMB


RMB


US$

Rental

22,270,218


28,196,927


4,321,368

Utilities

3,842,009


4,113,416


630,409

Personnel cost

10,069,427


10,034,679


1,537,882

Depreciation and amortization

15,401,030


13,450,611


2,061,396

Consumable, food and beverage

6,136,477


11,584,105


1,775,342

Costs of general managers of franchised-and-
managed hotels

23,458,837


26,088,907


3,998,300

Other costs of franchised-and-managed hotels

7,799,192


5,132,814


786,638

Others

3,632,428


 

1,215,702


 

186,315

Hotel Operating Costs

92,609,618


99,817,161


15,297,650








 Year Ended


December 31,


December 31,


December 31,

2019


2020


2020


RMB


RMB


US$

Rental

79,597,408


118,295,183


18,129,530

Utilities

19,119,300


15,372,385


2,355,921

Personnel cost

38,277,298


41,330,758


6,334,216

Depreciation and amortization

34,727,153


50,324,493


7,712,566

Consumable, food and beverage

27,666,435


43,257,796


6,629,547

Costs of general managers of franchised-and-managed hotels

96,565,044


91,664,745


14,048,237

Other costs of franchised-and-managed hotels

29,192,923


22,985,917


3,522,746

Others

13,680,917


9,291,029


1,423,912

Hotel Operating Costs

338,826,479


392,522,306


60,156,675

 

Selling and marketing expenses for the fourth quarter of 2020 were RMB24.2 million (US$3.7 million) [1], representing a 4.7% year-over-year increase. The increase was mainly attributable to increases in advertising costs. Compared with the third quarter, selling and marketing expenses increased by 13.9%, attributable to higher advertising expense. For the full year of 2020, selling and marketing expenses were RMB75.3 million (US11.5 million) [1], representing a 11.3% decrease.

General and administrative expenses for the fourth quarter of 2020 were RMB50.9 million (US$7.8 million) [1], representing a 36.1% year-over-year decrease. The decrease was primarily attributable to the effective control of business travel expenses and the impact of a one-time provision for bad debts during the same period last year. Excluding the impact of this bad debt provision in the fourth quarter of 2019, G&A expenses decreased by 14.3%. Compared with the third quarter, G&A expenses increased by 13.6%, which was mainly attributable to the increase of consulting fees and higher staff costs. General and administrative expenses for the full year 2020 were RMB172.6 million (US$26.4 million) [1], representing a 6.7% year-over-year decrease.

Gross profit for the fourth quarter of 2020 was RMB189.9 million (US$29.1 million) [1], representing a year-over-year decrease of 3.5%. Gross margin was 65.6%, compared to 68.0% a year ago. The decrease was primarily due the impact of COVID-19. Compared with the third quarter, gross profit increased by 19.6%, and gross margin increased from 59.5% to 65.6%. Gross profit for the full year 2020 was RMB537.5 million (US$82.4 million) [1], representing a 28.6% year-over-year decrease.

Income from operations for the fourth quarter of 2020 totaled RMB118.5 million (US$18.2 million) [1], representing a year-over-year increase of 19.9%. The increase was mainly due to the sustained RevPAR recovery, the increased number of hotels and better control of costs and expenses during the quarter. Operating margin, defined as income from operations as percentage of total revenues, was 40.9%, compared to 34.1% a year ago. Compared with the third quarter, income from operations increased by 17.4%, and operating margin increased from 37.8% to 40.9%, mainly attributable to revenue increase. Income from operations for the full year 2020 totaled RMB319.3 million (US$48.9 million) [1], representing a year-over-year decrease of 36.7%.

Adjusted EBITDA (non-GAAP) [2] for the fourth quarter of 2020 was RMB130.6 million (US$20.0 million) [1], representing a year-over-year increase of 17.2%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 45.1%, compared to 38.5% a year ago. Compared with the third quarter, adjusted EBITDA increased by 17.8%, and adjusted EBITDA margin increased from 41.5% to 45.1%. Adjusted EBITDA (non-GAAP) for the full year 2020 was RMB355.5 million (US$54.5 million) [1], representing a year-over-year decrease of 32.1%.

Net income for the fourth quarter of 2020 was RMB79.5 million (US$12.2 million) [1], representing a year-over-year increase of 6.6%. Net margin was 27.4%, compared to 25.8% a year ago, the year-over-year increase was mainly attributable to the increase in income from operations. Compared with the third quarter, net income decreased by 7.2%, and net margin decreased from 32.1% to 27.4%, mainly due to losses from investments in equity securities. Net income for the full year 2020 was RMB244.7 million (US$37.5 million) [1], representing a year-over-year decrease of 44.1%.

Core net income (non-GAAP) for the fourth quarter of 2020 was RMB109.3 million (US$16.8 million) [1], representing a year-over-year increase of 22.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 37.7%, compared to 30.9% one year ago. Compared with the third quarter, core net income increased by 18.3%. Core net income (non-GAAP) for the full year 2020 was RMB289.5 million (US$44.4 million) [1], representing a year-over-year decrease of 33.9%.

Earnings per ADS (basic and diluted) for the fourth quarter of 2020 was RMB0.83 (US$0.13) [1], up from earnings per ADS of RMB0.75 one year ago and up from RMB 0.81 in the third quarter of 2020, mainly due to the recovery and improvement of operating profit. Core net income per ADS (basic and diluted) (non-GAAP) was RMB1.06 (US$0.16) [1], up from RMB0.87 a year ago, up from RMB0.90 of the third quarter of 2020. Earnings per ADS (basic and diluted) for the full year 2020 was RMB2.54 (US$0.39) [1], down from RMB4.34 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.81 (US$0.43) [1] for the full year 2020, decreased from RMB4.29 of 2019.

Cash flow. Operating cash inflow for the fourth quarter of 2020 was RMB112.8 million (US$17.3 million) [1] as a result of the recovery from COVID-19 and improved operating performance. Investing cash outflow for the fourth quarter of 2020 was RMB 161.7 million (US$24.8 million) [1], which was primarily attributable to loans to franchisees, investment in property and equipment and renovation on L&O hotels. The investing cash outflow was partially offset by repayment from franchisees, as well as proceeds from short-term investments. Financing cash inflow was RMB99.8 million (US$15.3million). Operating cash inflow for the full year 2020 was RMB297.3 million (US$45.6 million) [1]. Investing cash outflow for the full year 2020 was RMB115.6 million (US$17.7million) [1]. Financing cash inflow for the full year 2020 was RMB117.5million (US$18.0 million) [1].

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposit. As of December 31, 2020, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,904.9 million (US$291.9 million) [1], compared to RMB1,815.4 million as of September 30, 2020. The increase from the third quarter was primarily attributable to increased cash inflow from operating activities, offset by loans to franchisees, and investments and upgrade costs at our L&O hotels.

COVID-19 Update

Due to the resurgence of Covid-19 in several provinces and cities like Hebei, Shanghai, and Beijing, our occupancy rate declined in Q4 2020 and January 2021. Occupancy rate was at its lowest during the Chinese spring festival, due to the government's stay-local policy; however, it rebounded quickly, especially after March 16 when people could travel more freely in low-risk zones. With the rollout of the COVID-19 vaccines, most travel restrictions have been lifted. According to the official microblog of the Ministry of Culture and Tourism, the Tomb Sweeping holiday on April 5, 2021 saw 102 million domestic tourists. That represents a year-over-year growth of 144.6%, and 94.5% of the number of domestic tourists in the same period in 2019. By early April, our occupancy rate had recovered to 77.7%, and Revpar recovered to 92.7% of the 2019 levels. By the end of 2020 we had proved to be more resilient, and so performed better than most of our peers.

Guidance

So far in 2020, our operations are in line with our previous forecast. Assuming the pandemic remains under control in China in further quarters, the Company expects an increase in total revenues of 48%-53% for the full year 2021, compared to 2020; and an increase in total revenues of 25%-30% for the full year 2021, compared to 2019. 

The guidance set forth above reflects the Company's current and preliminary views based on our recovery speed and may not be indicative of the final financial results for future interim periods and the full year.

Conference Call

GreenTree's management will hold an earnings conference call at 9:00PM U.S. Eastern Time on April 14, 2021 (9:00 AM Beijing/Hong Kong Time on April 15, 2021).

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 call will be available after the conclusion of the conference call until xx, xx.

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:

10152831

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 it, is a useful financial metric 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 does 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 term Adjusted EBITDA and core net income is not defined under U.S. GAAP, and Adjusted EBITDA and core net income is not a measure 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 management group in China. As of December 31, 2020, GreenTree had a total number of 4,340 hotels. In 2019, GreenTree ranked among the Top 12 worldwide in terms of number of hotels in "World's Largest Hotel Companies: HOTELS' 325", published by HOTELS magazine, and was as well the fourth largest hospitality company in China in 2019 based on the statistics issued by the China Hospitality Association.

GreenTree has built a strong suite of brands including its flagship "GreenTree Inns" brand as a result of its long-standing dedication to the hospitality industry in China and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. GreenTree has further expanded its brand portfolio into mid-to-up-scale and luxury segments through a series of strategic investments. By offering diverse brands, 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 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, 


December 31, 


December 31, 

2019


2020


2020


RMB


RMB


US$

ASSETS






Current assets:






Cash and cash equivalents

319,847,701


611,358,209


93,694,745

Short-term investment

437,279,026


301,983,182


46,280,947

Investments in equity securities

207,007,926


242,378,696


37,146,160

Accounts receivable, net of allowance

99,701,226


101,511,057


15,557,250

Amounts due from related parties 

31,739,731


9,770,871


1,497,451

Prepaid rent 

18,794,665


13,597,867


2,083,964

Inventories 

2,537,717


3,804,680


583,093

Other current assets 

66,004,017


77,649,794


11,900,352

Loans receivable, net

82,312,201


222,244,629


34,060,480

Total current assets

1,265,224,210


1,584,298,985


242,804,442







Non-current assets:






Restricted cash

22,312,522


22,369,900


3,428,337

Long-term time deposits

560,000,000


490,000,000


75,095,785

Loan receivable, net

121,563,742


145,703,988


22,330,113

Property and equipment, net 

614,936,505


668,605,661


102,468,301

Intangible assets, net

496,280,316


491,513,073


75,327,674

Goodwill

100,078,236


100,231,487


15,361,147

Long-term investments

398,637,701


369,525,917


56,632,324

Other assets

76,957,992


66,635,394


10,212,322

Deferred tax assets

160,488,193


156,070,112


23,918,791

 TOTAL ASSETS

3,816,479,417


4,094,954,517


627,579,236













LIABILITIES AND EQUITY






Current liabilities:






Short-term bank loans

60,000,000


150,000,000


22,988,506

Accounts payable 

15,296,042


19,606,344


3,004,804

Advance from customers 

40,105,627


34,305,508


5,257,549

Amounts due to related parties 

3,518,031


3,198,253


490,154

Salary and welfare payable 

42,650,527


51,567,587


7,903,078

Deferred rent 

5,179,664


1,356,132


207,836

Deferred revenue 

231,925,272


221,314,997


33,918,007

Accrued expenses and other current liabilities 

302,448,361


300,696,673


46,083,782

Income tax payable 

93,909,177


87,483,970


13,407,505

Total current liabilities

795,032,701


869,529,464


133,261,221







Deferred rent 

17,821,686


28,642,973


4,389,728

Deferred revenue 

410,807,248


361,901,369


55,463,811

Other long-term liabilities 

118,112,511


115,862,713


17,756,737

Deferred tax liabilities 

195,303,547


178,413,413


27,343,052

Unrecognized tax benefits 

261,641,717


290,679,902


44,548,644

 TOTAL LIABILITIES

1,798,719,410


1,845,029,834


282,763,193







Shareholders' equity:






Class A ordinary shares 

219,526,699


222,587,070


34,112,961

Class B ordinary shares 

115,534,210


115,534,210


17,706,392

Additional paid-in capital

1,152,108,217


1,149,280,404


176,134,928

Retained earnings

308,698,533


570,042,924


87,362,900

Accumulated other comprehensive income

65,300,854


45,586,647


6,986,460

Total GreenTree Hospitality Group Ltd. shareholders'
equity

1,861,168,513


2,103,031,255


322,303,641







Non-controlling interests

156,591,494


146,893,428


22,512,402

Total shareholders' equity

2,017,760,007


2,249,924,683


344,816,043







TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

3,816,479,417


4,094,954,517


627,579,236

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income











Quarter Ended


 Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$


RMB


RMB


US$

Revenues












Leased-and-operated hotels

 

68,553,356


76,113,015


11,664,830


253,420,676


227,074,041


34,800,619

Franchised-and-managed hotels

217,190,598


207,222,721


31,758,272


831,340,340


677,480,818


103,828,478

Others

3,688,472


6,420,830


984,035


7,032,119


25,455,237


3,901,186

Total revenues

289,432,426


289,756,566


44,407,137


1,091,793,135


930,010,096


142,530,283













Operating costs and expenses












Hotel operating costs

(92,609,618)


(99,817,161)


(15,297,650)


(338,826,479)


(392,522,306)


(60,156,675)

Selling and marketing expenses

(23,155,218)


(24,232,688)


(3,713,822)


(84,970,401)


(75,347,166)


(11,547,458)

General and administrative expenses

(79,597,392)


(50,885,097)


(7,798,482)


(184,989,324)


(172,557,554)


(26,445,602)

Other operating expenses

(3,124,942)


(98,341)


(15,071)


(3,286,652)


(1,731,405)


(265,350)

Total operating costs and expenses

(198,487,170)


(175,033,287)


(26,825,025)


(612,072,856)


(642,158,431)


(98,415,085)













Other operating income

7,836,584


3,728,194


571,370


24,832,269


31,399,552


4,812,192

Income from operations

98,781,840


118,451,473


18,153,482


504,552,548


319,251,217


48,927,390













Interest income and other, net

13,804,787


25,072,336


3,842,504


66,088,425


72,934,212


11,177,657

Interest expense

(384,502)


(514,466)


(78,845)


(2,505,904)


(3,456,316)


(529,704)

Gains (losses)  from investment in equity securities

1,213,137


(27,038,739)


(4,143,868)


55,253,744


(36,773,521)


(5,635,789)

Other income, net 

-


1,779,000


272,643


2,690,742


2,296,981


352,028

Income before income taxes

113,415,262


117,749,604


18,045,916


626,079,555


354,252,573


54,291,582













Income tax expense

(39,356,563)


(38,060,701)


(5,833,057)


(189,567,817)


(110,459,202)


(16,928,613)

Income before share of gains in equity
investees 

74,058,699


79,688,903


12,212,859


436,511,738


243,793,371


37,362,969













Share of losses (gains) in equity investees, net of
tax 

483,062


(209,178)


(32,058)


1,262,431


909,364


139,366

Net income

74,541,761


79,479,725


12,180,801


437,774,169


244,702,735


37,502,335













Net loss attributable to non-controlling interests

1,672,204


6,078,488


931,569


4,944,094


16,641,655


2,550,445

Net income attributable to ordinary shareholders 

76,213,965


85,558,213


13,112,370


442,718,263


261,344,390


40,052,780













Net earnings per share












Class A ordinary share-basic and diluted

0.75


0.83


0.13


4.34


2.54


0.39

Class B ordinary share-basic and diluted

0.75


0.83


0.13


4.34


2.54


0.39













Net earnings per ADS












Class A ordinary share-basic and diluted

0.75


0.83


0.13


4.34


2.54


0.39

Class B ordinary share-basic and diluted

0.75


0.83


0.13


4.34


2.54


0.39













Weighted average shares outstanding












Class A ordinary share-basic and diluted

67,416,046


68,286,954


68,286,954


67,315,727


68,286,954


68,286,954

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

(12,891,247)


(18,663,525)


(2,860,311)


2,933,162


(19,714,207)


(3,021,335)

Comprehensive income, net of tax

61,650,514


60,816,200


9,320,490


440,707,331


224,988,528


34,481,000













Comprehensive loss attributable to non-controlling interests

1,672,204


6,078,488


931,569


4,944,094


16,641,655


2,550,445

Comprehensive income attributable to ordinary shareholders

63,322,718


66,894,688


10,252,059


445,651,425


241,630,183


37,031,445













 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows


























 Quarter Ended


 Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$


RMB


RMB


US$

Operating activities:












Net income

74,541,761


79,479,725


12,180,801


437,774,169


244,702,735


37,502,335













Adjustments to reconcile net income to net cash provided by operating activities:












Depreciation and amortization 

13,476,011


15,801,122


2,421,628


40,366,299


65,869,971


10,095,015

Share of (gain)/loss in equity method investments 

329,356


209,178


32,058


(140,564)


(909,364)


(139,366)

Fair value change in returnable consideration and contingent consideration, net

-


-


-


-


2,046,066


313,573

Gains from disposal of a long-term investment 

(788,341)


(1,779,000)


(272,644)


(1,097,790)


(1,779,000)


(272,644)

Interest income 

(20,997,598)


(4,483,050)


(687,057)


(35,659,822)


(11,542,121)


(1,768,907)

Bad debt expense 

32,759,437


7,900,690


1,210,834


38,423,347


29,953,404


4,590,560

(Gains)losses from investments in equity securities

(1,213,137)


27,020,151


4,141,019


(55,253,744)


44,506,823


6,820,970

(Gains) loss on disposal of property and equipment 

860,000


-


-


860,000


-


-

Foreign exchange (gains) losses

(1,494,388)


4,985,504


764,062


(1,408,437)


4,723,948


723,977

Share-based compensation 

7,857,619


-


-


26,490,395


232,558


35,641

Income tax expenses related to dividend distribution or retained profits

7,905,075


-14,576,403


(2,233,931)


19,845,708


-


-













Changes in operating assets and liabilities:












Accounts receivable 

(21,803,246)


14,567,549


2,232,575


(52,263,625)


(28,789,041)


(4,412,114)

Prepaid rent 

(12,957,495)


(5,367,732)


(822,641)


(14,316,252)


5,196,798


796,444

Inventories 

(761,786)


230,924


35,391


351,518


(1,281,009)


(196,323)

Amounts due from related parties 

(1,232,146)


193,653


29,679


(3,228,596)


10,329,181


1,583,016

Other current assets 

6,019,451


(15,613,220)


(2,392,831)


10,990,176


(18,807,170)


(2,882,325)

Other assets 

(14,762,172)


(4,022,768)


(616,516)


(22,637,263)


(21,180,102)


(3,245,993)

Accounts payable 

1,511,893


(2,941,115)


(450,746)


4,814,800


4,546,551


696,789

Amounts due to related parties 

2,476,922


1,206,655


184,928


3,232,453


(319,778)


(49,008)

Salary and welfare payable 

3,473,761


(864,348)


(132,467)


(2,047,293)


8,913,678


1,366,081

Deferred revenue 

8,470,702


(26,912,184)


(4,124,473)


18,973,331


(59,516,154)


(9,121,250)

Advance from customers 

2,886,080


2,297,569


352,118


3,735,302


(5,800,119)


(888,907)

Accrued expenses and other current liabilities 

(4,113,920)


(2,091,191)


(320,490)


27,198,083


14,669,673


2,248,226

Income tax payable 

3,404,824


24,167,283


3,703,798


(12,476,008)


(6,354,794)


(973,915)

Unrecognized tax benefits 

55,445,186


15,330,247


2,349,463


92,022,308


29,038,185


4,450,297

Deferred rent 

592,980


2,214,208


339,342


(1,939,759)


6,997,755


1,072,453

Other long-term liabilities 

9,489,162


(7,153,657)


(1,096,346)


21,538,701


(5,549,798)


(850,544)

Deferred taxes 

(32,907,584)


2,953,072


452,578


(30,207,540)


(12,595,878)


(1,930,403)

Net cash provided by operating activities 

118,468,407


112,752,862


17,280,132


513,939,897


297,302,998


45,563,678













Investing activities:












Purchases of property and equipment 

(50,493,636)


(43,353,048)


(6,644,145)


(213,329,308)


(111,929,994)


(17,154,022)

Purchases of intangible assets 

(2,240,298)


(878,818)


(134,685)


(2,240,298)


(887,893)


(136,076)

Proceeds from disposal of property and equipment 

(1,561,844)


8,968


1,374


1,800,000


80,355


12,315

Payment for acquisitions

(76,037,135)


(14,547,587)


(2,229,515)


(325,016,059)


(22,463,394)


(3,442,666)

Collection of acquisition advances

20,242,049


(6,550,000)


(1,003,831)


(38,869,400)


(6,550,000)


(1,003,831)

Repayment of Advances for acquisitions

-


40,000


6,130


-


36,352,700


5,571,297

Purchases of short-term investments 

(205,357,454)


(58,296,194)


(8,934,283)


(823,183,360)


(206,596,401)


(31,662,284)

Proceeds from short-term investments 

345,997,436


45,983,050


7,047,211


1,107,076,219


453,434,366


69,491,857

Increase of long-term time deposits

-


-


-


(500,000,000)


(30,000,000)


(4,597,701)

Purchases of investments in equity securities

-


(65,829,314)


(10,088,784)


(80,772,222)


(65,829,314)


(10,088,784)

Purchases of long term investments

-


-


-


(247,456,740)


-


-

Proceeds from disposal of subsidiaries

431,653


2,183,350


334,613


222,015,253


2,183,350


334,613

Proceeds from disposal of equity securities and dividends received from
equity securities

-


64,792


9,930


-


198,976


30,494

Proceeds from disposal of equity method investments

1,671,092


-


-


1,671,092


6,380,000


977,778

Loan to related parties

(288,771,163)


(223,590,000)


(34,266,667)


(634,638,425)


(528,356,500)


(80,974,176)

Repayment from a related party

121,472,780


242,740,000


37,201,533


458,752,530


539,996,179


82,758,035

Loan to third parties

(65,615,000)


(55,000,000)


(8,429,119)


(10,340,000)


(62,000,000)


(9,501,916)

Repayment of loan from third parties

18,047,360


-


-


-


-


-

Loan to franchisees

(24,500,000)


(13,060,194)


(2,001,562)


(157,411,151)


(218,821,974)


(33,535,935)

Repayment from franchisees

3,237,956


28,408,205


4,353,748


21,985,474


99,209,300


15,204,490

Net cash (used in) provided by investing activities 

(203,476,204)


(161,676,790)


(24,778,052)


(1,219,956,395)


(115,600,244)


(17,716,512)













Financing activities:












Distribution to the shareholders

(18,925,422)


-


-


(226,951,236)


-


-

Proceeds from short-term borrowings 

-


9,148,249


1,402,030


-


20,585,804


3,154,912

Repayment of short-term borrowings 

-


(60,000,000)


(9,195,402)


-


(70,000,000)


(10,727,969)

Loan from non controlling interest

-


150,000,000


22,988,506


-


160,000,000


24,521,073

Capital contribution from noncontrolling interest holders

1,959,481


681,000


104,368


14,719,481


6,943,589


1,064,152

Net cash provided by (used in) financing activities 

(16,965,941)


99,829,249


15,299,502


(212,231,755)


117,529,393


18,012,168













Effect of exchange rate changes on cash and cash equivalents 

(6,852,606)


(6,781,751)


(1,039,349)


(6,917,309)


(7,664,261)


(1,174,601)

Net (decrease)/increase in cash and cash equivalents and restricted cash

(108,826,344)


44,123,570


6,762,233


(925,165,562)


291,567,886


44,684,733

Cash and cash equivalents and restricted cash at the beginning of the
period

450,986,567


589,604,539


90,360,849


1,267,325,785


342,160,223


52,438,349

Cash and cash equivalents and restricted cash at the end of the period

342,160,223


633,728,109


97,123,082


342,160,223


633,728,109


97,123,082

 

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results














Quarter Ended


 Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$


RMB


RMB


US$

Net income

74,541,761


79,479,725


12,180,801


437,774,169


244,702,735


37,502,335













Deduct:












Other operating income

7,836,584


3,728,194


571,371


24,832,269


31,399,552


4,812,192

Interest income and other, net

13,804,787


25,072,336


3,842,504


66,088,425


72,934,212


11,177,657

Gains from investment in equity securities

1,213,137


-


-


77,050,188


45,440,136


6,964,006

Share of gain in equity investees, net of tax 

483,062


-


-


1,550,228


1,118,542


171,424

Other income, net

-


1,779,000


272,644


2,690,742


2,296,981


352,028













Add:












Other operating expenses

3,124,942


98,341


15,071


3,286,652


1,731,405


265,349

Income tax expense 

39,356,563


38,060,701


5,833,058


189,567,817


110,459,202


16,928,613

Share of loss in equity investees, net of tax 

-


209,178


32,058


287,797


209,178


32,058

Interest expense

384,502


514,466


78,845


2,505,904


3,456,316


529,704

Depreciation and amortization 

17,372,785


15,801,122


2,421,628


40,366,299


65,869,971


10,095,016

Losses from investment in equity securities

-


27,038,739


4,143,868


21,796,444


82,213,657


12,599,794

Adjusted EBITDA (Non-GAAP)

111,442,983


130,622,742


20,018,810


523,373,230


355,453,041


54,475,562














Quarter Ended


 Year Ended


 December 31, 2019


 December 31, 2020


 December 31, 2020


 December 31, 2019


 December 31, 2020


 December 31, 2020


RMB


RMB


US$


RMB


RMB


US$

Net income

74,541,761


79,479,725


12,180,801


437,774,169


244,702,735


37,502,335













Deduct:












Government subsidies (net of 25% tax)

-


853,820


130,854


5,048,981


15,071,058


2,309,741

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

909,853


-


-


57,787,642


-


-

Other income (net of 25% tax)

-


1,334,250


204,483


2,018,057


1,722,736


264,021













Add:












Share-based compensation

7,857,619


-


-


27,676,666


232,558


35,641

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

-


25,784,922


3,951,712


16,347,333


41,786,008


6,403,986

One-time fees and expense 

-


6,264,115


960,018


1,153,650


19,604,565


3,004,531

Income tax expenses related to dividend distribution

7,905,075


-


-


19,845,708


-


-

 Core net income(Non-GAAP)

89,394,602


109,340,692


16,757,194


437,942,846


289,532,073


44,372,731

























Core net income per ADS (Non-GAAP)












Class A ordinary share-basic and diluted

0.87


1.06


0.16


4.29


2.81


0.43

Class B ordinary share-basic and diluted

0.87


1.06


0.16


4.29


2.81


0.43

 

Operational Data









2019 Q4


 2020 Q4

 Total hotels in operation:

3,957


4,340

 Leased-and-owned hotels

34


40

 Franchised hotels

3,923


4,300

 Total hotel rooms in operation

290,026


315,335

 Leased-and-owned hotels

4,290


4,888

 Franchised hotels

285,736


310,447

 Number of cities

339


345

 


Quarter Ended

2019 Q4


2020 Q4

 Occupancy rate (as a percentage)




 Leased-and-owned hotels

67.5%


71.0%

 Franchised hotels

76.6%


76.8%

 Blended

76.4%


76.7%

 Average daily rate (in RMB)




 Leased-and-owned hotels

198


190

 Franchised hotels

168


162

 Blended

168


162

RevPAR (in RMB)




 Leased-and-owned hotels

134


135

 Franchised hotels

129


124

 Blended

129


124

 


Year Ended

2019


2020

 Occupancy rate (as a percentage)




 Leased-and-owned hotels

67.5%


57.8%

 Franchised hotels

78.0%


68.9%

 Blended

77.8%


68.7%

 Average daily rate (in RMB)




 Leased-and-owned hotels

205


179

 Franchised hotels

168


152

 Blended

168


152

RevPAR (in RMB)




 Leased-and-owned hotels

138


104

 Franchised hotels

131


105

 Blended

131


105

 


Number of Hotels in Operation


Number of Hotel Rooms in Operation


2019 Q4


2020 Q4


2019 Q4


2020 Q4

Luxury

20


23


4,556


4,749

Argyle

20


23


4,556


4,749

 Mid-to-up-scale

264


360


23,816


32,337

 GreenTree Eastern

105


151


11,263


15,653

 Deepsleep Hotel 

2


3


161


221

 Gem

27


35


2,397


3,202

 Gya

26


42


2,167


3,572

 Vx

22


33


1,816


2,681

Ausotel

10


13


1,183


1,666

Urban Garden and others*

72


83


4,829


5,342

 Mid-scale

2,563


2,786


209,966


225,069

 GreenTree Inn

2,013


2,163


171,414


181,295

 GT Alliance

314


374


24,141


28,560

 GreenTree Apartment

7


13


333


862

Vatica                                     

121


121


8,907


8,749

City 118 Selected and others*

108


115


5171


5,603

 Economy hotels

1110


1,171


51,688


53,180

Shell

541


620


23,617


26,784

City 118 and others*

569


551


28071


26,396

Total

3,957


4,340


290,026


315,335

"Notes:
1. Operational Data of 2019Q4 and full year of 2019 were re-stated with consideration of composition of Argyle Hotel Management Group (Australia) Pty Ltd and Urban Hotel Group's overall quarterly RevPAR.
2. Others include other brands in each segment of Urban.

For more information, please contact:

GreenTree

Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: ir@998.com

Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: ir@998.com

Christensen

In Shanghai
Ms. Constance Zhang
Phone: +86-138-1645-1798
E-mail: czhang@christensenIR.com

In Hong Kong 
Ms. Karen Hui 
Phone: +852-9266-4140 
E-mail: khui@christensenIR.com

In US 
Ms. Linda Bergkamp 
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com



  1. The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.5250 on December 31, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20210104/
  2. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, interest expense, depreciation and amortization, losses from investment in equity securities, share of loss in equity investees (net of tax), but excludes other operating income, gains from investment in equity securities, share of gain 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 abovementioned definition.
  3. Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou; Tier 2 Cities refers to the 32 major cities, other than Tier 1 Cities, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as municipalities with independent planning by the State Council.  

Cision View original content:http://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-fourth-quarter-and-fiscal-year-2020-financial-results-301269295.html

SOURCE GreenTree Hospitality Group Ltd.

FAQ

What were GreenTree Hospitality Group's revenues for Q4 2020?

GreenTree reported total revenues of RMB 289.8 million (US$ 44.4 million) for Q4 2020.

How did GreenTree's core net income perform in Q4 2020?

Core net income for Q4 2020 was RMB 109.3 million (US$ 16.8 million), an increase of 18.3% year-over-year.

What is GreenTree's revenue guidance for 2021?

GreenTree expects total revenues to increase by 48%-53% for the full year 2021 compared to 2020.

How many hotels did GreenTree open in Q4 2020?

GreenTree opened 203 hotels in Q4 2020.

GreenTree Hospitality Group Ltd. American depositary shares, each representing one

NYSE:GHG

GHG Rankings

GHG Latest News

GHG Stock Data

269.09M
10.19M
84.74%
12.92%
0.02%
Lodging
Consumer Cyclical
Link
United States of America
Shanghai