GreenTree Hospitality Group Ltd. Reports Second Quarter of 2024 Financial Results
GreenTree Hospitality Group (NYSE: GHG) reported a 20.5% YoY decrease in total revenues to RMB 329.7 million (US$45.4 million) for Q2 2024. Income from operations fell to RMB 84.4 million (US$11.6 million) compared to RMB 98.6 million in Q2 2023. Net income dropped to RMB 62.3 million (US$8.6 million), down from RMB 101.9 million. Adjusted EBITDA (non-GAAP) also decreased 34.5% YoY to RMB 83.1 million (US$11.4 million).
Operationally, the company had 4,272 hotels and 183 restaurants as of June 30, 2024. Hotel revenues decreased by 14.8% YoY, driven by a 10.8% decline in RevPAR and strategic closures. Restaurant revenues declined by 37.8% due to a reduction in ADS and store closures.
Guidance for 2024 is revised to remain flat compared to 2023, reflecting the economic challenges and closures. The board approved a dividend of US$0.10 per ADS payable on September 30, 2024. The company will hold an earnings call on August 15, 2024.
GreenTree Hospitality Group (NYSE: GHG) ha riportato un decremento del 20,5% anno su anno nei ricavi totali, scendendo a 329,7 milioni di RMB (45,4 milioni di dollari USA) per il secondo trimestre del 2024. Il reddito operativo è sceso a 84,4 milioni di RMB (11,6 milioni di dollari USA), rispetto ai 98,6 milioni di RMB nel secondo trimestre del 2023. L'utile netto è diminuito a 62,3 milioni di RMB (8,6 milioni di dollari USA), in calo rispetto ai 101,9 milioni di RMB. L'EBITDA rettificato (non-GAAP) è sceso del 34,5% anno su anno a 83,1 milioni di RMB (11,4 milioni di dollari USA).
Operativamente, l'azienda disponeva di 4.272 hotel e 183 ristoranti al 30 giugno 2024. I ricavi degli hotel sono diminuiti del 14,8% anno su anno, a causa di un calo del 10,8% in RevPAR e chiusure strategiche. I ricavi dei ristoranti sono calati del 37,8% a causa di una riduzione delle ADS e delle chiusure dei negozi.
Le previsioni per il 2024 sono state riviste per rimanere stabili rispetto al 2023, riflettendo le sfide economiche e le chiusure. Il consiglio di amministrazione ha approvato un dividendo di 0,10 dollari USA per ADS pagabile il 30 settembre 2024. L'azienda terrà una conferenza sugli utili il 15 agosto 2024.
GreenTree Hospitality Group (NYSE: GHG) informó sobre una disminución del 20,5% interanual en los ingresos totales, alcanzando los 329,7 millones de RMB (45,4 millones de dólares) para el segundo trimestre de 2024. Los ingresos operativos cayeron a 84,4 millones de RMB (11,6 millones de dólares) en comparación con los 98,6 millones de RMB en el segundo trimestre de 2023. La utilidad neta se redujo a 62,3 millones de RMB (8,6 millones de dólares), frente a los 101,9 millones de RMB anteriores. El EBITDA ajustado (no-GAAP) también disminuyó un 34,5% interanual, alcanzando los 83,1 millones de RMB (11,4 millones de dólares).
Operativamente, la empresa tenía 4,272 hoteles y 183 restaurantes al 30 de junio de 2024. Los ingresos por hoteles disminuyeron un 14,8% interanual, impulsados por una caída del 10,8% en RevPAR y cierres estratégicos. Los ingresos por restaurantes cayeron un 37,8% debido a una reducción en ADS y cierres de locales.
Las proyecciones para 2024 se han revisado para permanecer estables en comparación con 2023, reflejando los desafíos económicos y cierres. La junta aprobó un dividendo de 0,10 dólares estadounidenses por ADS que se pagará el 30 de septiembre de 2024. La empresa llevará a cabo una conferencia de ganancias el 15 de agosto de 2024.
그린트리 호스피탈리티 그룹 (NYSE: GHG)은 2024년 2분기 총 수익이 전년 대비 20.5% 감소하여 3억 2,970만 RMB (4,540만 달러)에 달했다고 보고했습니다. 운영 수익은 8,440만 RMB (1,160만 달러)로, 2023년 2분기의 9,860만 RMB와 비교해 감소했습니다. 순이익은 6,230만 RMB (860만 달러)로, 1억 1,900만 RMB에서 하락했습니다. 조정된 EBITDA(비-GAAP)도 전년 대비 34.5% 감소하여 8,310만 RMB (1,140만 달러)에 달했습니다.
운영 측면에서 회사는 2024년 6월 30일 기준 4,272개의 호텔과 183개의 레스토랑을 보유하고 있었습니다. 호텔 수익은 RevPAR의 10.8% 하락과 전략적 폐쇄로 인해 전년 대비 14.8% 감소했습니다. 레스토랑 수익은 ADS 감소와 매장 폐쇄로 인해 37.8% 하락했습니다.
2024년 전망은 2023년과 비교해 평탄하게 유지되도록 수정되었으며, 경제적 도전과 폐쇄를 반영하고 있습니다. 이사회는 ADS당 0.10달러의 배당금을 2024년 9월 30일에 지급하기로 승인했습니다. 회사는 2024년 8월 15일에 실적 발표 전화 회의를 개최할 예정입니다.
GreenTree Hospitality Group (NYSE: GHG) a annoncé une diminution de 20,5 % des revenus totaux par rapport à l'année précédente, atteignant 329,7 millions de RMB (45,4 millions de dollars) pour le deuxième trimestre de 2024. Le revenu d'exploitation a chuté à 84,4 millions de RMB (11,6 millions de dollars) par rapport à 98,6 millions de RMB au deuxième trimestre de 2023. Le bénéfice net a baissé à 62,3 millions de RMB (8,6 millions de dollars), contre 101,9 millions de RMB. L'EBITDA ajusté (non-GAAP) a également diminué de 34,5 % d'une année sur l'autre, atteint 83,1 millions de RMB (11,4 millions de dollars).
Opérationnellement, l'entreprise comptait 4 272 hôtels et 183 restaurants au 30 juin 2024. Les revenus des hôtels ont diminué de 14,8 % d'une année sur l'autre, en raison d'une baisse de 10,8 % du RevPAR et de fermetures stratégiques. Les revenus des restaurants ont chuté de 37,8 % en raison d'une réduction des ADS et de fermetures de magasins.
Les prévisions pour 2024 ont été révisées pour rester stables par rapport à 2023, reflétant les défis économiques et les fermetures. Le conseil d'administration a approuvé un dividende de 0,10 $ par ADS qui sera versé le 30 septembre 2024. L'entreprise tiendra une conférence téléphonique sur les résultats le 15 août 2024.
Die GreenTree Hospitality Group (NYSE: GHG) berichtete von einem Rückgang der Gesamteinnahmen um 20,5 % im Jahresvergleich auf 329,7 Millionen RMB (45,4 Millionen US-Dollar) im zweiten Quartal 2024. Der Betriebsgewinn fiel auf 84,4 Millionen RMB (11,6 Millionen US-Dollar) im Vergleich zu 98,6 Millionen RMB im zweiten Quartal 2023. Der Nettogewinn sank auf 62,3 Millionen RMB (8,6 Millionen US-Dollar), gegenüber 101,9 Millionen RMB. Das bereinigte EBITDA (non-GAAP) fiel ebenfalls um 34,5 % im Jahresvergleich auf 83,1 Millionen RMB (11,4 Millionen US-Dollar).
Operativ hatte das Unternehmen zum 30. Juni 2024 insgesamt 4.272 Hotels und 183 Restaurants. Die Hotelumsätze sanken im Jahresvergleich um 14,8 %, bedingt durch einen Rückgang von 10,8 % im RevPAR und strategische Schließungen. Die Restaurantumsätze gingen um 37,8 % zurück, was auf eine Reduzierung der ADS und Schließungen zurückzuführen ist.
Die Prognose für 2024 wurde überarbeitet, um im Vergleich zu 2023 stabil zu bleiben, was die wirtschaftlichen Herausforderungen und Schließungen widerspiegelt. Der Vorstand genehmigte eine Dividende von 0,10 US-Dollar pro ADS, die am 30. September 2024 ausgezahlt werden soll. Das Unternehmen wird am 15. August 2024 eine Earnings-Call veranstalten.
- Core net income (non-GAAP) increased 2.4% YoY to RMB 70.2 million (US$9.7 million).
- The restaurant segment turned profitable with a net income of RMB 3.7 million (US$0.5 million).
- Cash and cash equivalents rose to RMB 1,737.2 million (US$239.0 million) from RMB 1,517.3 million.
- Total revenue decreased by 20.5% YoY to RMB 329.7 million (US$45.4 million).
- Net income declined to RMB 62.3 million (US$8.6 million) from RMB 101.9 million.
- Adjusted EBITDA (non-GAAP) fell 34.5% YoY to RMB 83.1 million (US$11.4 million).
- Hotel revenues dropped 14.8% YoY due to a 10.8% decrease in RevPAR and strategic closures.
- Restaurant revenues decreased 37.8% YoY, impacted by lower ADS and store closures.
- Total revenues decreased by
20.5% year over year to RMB 329.7million (US )[1].$45.4 million - Income from operations was RMB84.4 million (
US 1.6 million)[1] compared to RMB98.6 million for the second quarter of 2023.$1 - Net income was RMB62.3 million (US$8.6 million)[1] compared to RMB101.9 million for the second quarter of 2023.
- Adjusted EBITDA (non-GAAP)[2] decreased 34.5% year over year to RMB83.1 million (US$11.4 million)[1].
- Core net income (non-GAAP)[3] increased 2.4% year over year to RMB70.2million (US$9.7 million)[1]
[1].The conversion of Renminbi ("RMB") into |
[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 |
Second Quarter of 2024 Operational Highlights
Hotels
- A total of 4,272 hotels with 312,734 hotel rooms were in operation as of June 30, 2024.
- The Company opened 44 hotels and had a pipeline of 1,022 hotels contracted for or under development as of June 30, 2024.
- The average daily room rate was
RMB173 , a decrease of4.3% from RMB181 in the second quarter of 2023. - The occupancy rate was
72.5% , down from77.8% in the second quarter of 2023. - Revenue per available room, or RevPAR, was
RMB125 , a10.8% year-over-year decrease.
Restaurants
- A total of 183 restaurants were in operation as of June 30, 2024.
- The AC (average check) was
RMB53 , a6.0% year-over-year decrease. - The ADT (average daily tickets) was 90, down from 109 in the second quarter of 2023.
- The ADS (average daily sales per store) was
RMB4,737 , a decrease of22.1% fromRMB6 ,082 in the second quarter of 2023.
"In the second quarter, we faced challenges as
We continued to execute on our strategy to return our restaurant business to profitability by moving away from leased-and-operated restaurants in supermarkets and regional shopping centers towards franchised street stores. As a result, the net income turned positive this quarter after breaking even last quarter compared to losses in both corresponding quarters a year ago. Our focus is now fully on growing the number of franchised street stores and stores with stable consumer traffic," said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.
Second Quarter Of 2024 Financial Results
Quarter Ended | ||||
June 30, 2023 | June 30, 2023 | June 30, 2023 | June 30, 2023 | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Revenues | ||||
Leased-and-operated revenues | 131,490,687 | 78,963,181 | (565,963) | 209,887,905 |
Franchised-and-managed | 177,936,543 | 2,201,340 | - | 180,137,883 |
Wholesales and others | 1,188,730 | 23,775,051 | - | 24,963,781 |
Total revenues | 310,615,960 | 104,939,572 | (565,963) | 414,989,569 |
Quarter Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Revenues | |||||
Leased-and-operated | 105,851,820 | 43,306,857 | - | 149,158,677 | 20,524,917 |
Franchised-and-managed | 157,810,770 | 2,234,412 | - | 160,045,182 | 22,022,950 |
Wholesales and others | 940,479 | 19,752,299 | (184,981) | 20,507,797 | 2,821,967 |
Total revenues | 264,603,069 | 65,293,568 | (184,981) | 329,711,656 | 45,369,834 |
Six Month Ended | ||||
June 30, 2023 | June 30, 2023 | June 30, 2023 | June 30, 2023 | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Revenues | ||||
Leased-and-operated | 213,563,927 | 168,340,074 | (1,125,179) | 380,778,822 |
Franchised-and-managed | 347,417,000 | 3,165,259 | - | 350,582,259 |
Wholesales and others | 2,225,579 | 60,623,330 | - | 62,848,909 |
Total revenues | 563,206,506 | 232,128,663 | (1,125,179) | 794,209,990 |
Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Revenues | |||||
Leased-and-operated | 228,393,613 | 89,674,836 | - | 318,068,449 | 43,767,675 |
Franchised-and-managed | 308,970,282 | 3,769,753 | - | 312,740,035 | 43,034,461 |
Wholesales and others | 2,085,206 | 49,505,598 | (460,202) | 51,130,602 | 7,035,805 |
Total revenues | 539,449,101 | 142,950,187 | (460,202) | 681,939,086 | 93,837,941 |
Total revenues were
Hotel revenues of 2024 were
Restaurant revenues were of 2024 RMB65.3 million (
Total revenues for the first half of 2024 were
Total revenues from leased-and-operated, or L&O, hotels and restaurants were
Total revenues from L&O hotels were
Total revenues from L&O restaurants were
Total revenues from L&O hotels and restaurants for the first half of 2024 were RMB318.1 million (
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were
Total revenues from F&M hotels were
Total revenues from F&M restaurants were
Total revenues from F&M hotels and restaurants for the first half of 2024 were RMB312.7 million (
Total revenues from wholesale and others were
Total revenues from wholesale and others for the first half of 2024 were RMB51.1 million (
Total operating costs and expenses
Quarter Ended | ||||
June 30, 2023 | June 30, 2023 | June 30, 2023 | June 30, 2023 | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Operating costs and | ||||
Operating costs | 150,127,380 | 95,088,176 | (308,417) | 244,907,139 |
Selling and marketing | 13,762,606 | 4,446,065 | - | 18,208,671 |
General and administrative | 44,443,478 | 9,675,734 | - | 54,119,212 |
Other operating expenses | 692,344 | 5,649,391 | - | 6,341,735 |
Other general expenses | 4,309,239 | - | - | 4,309,239 |
Total operating costs and | 213,335,047 | 114,859,366 | (308,417) | 327,885,996 |
Quarter Ended | |||||
June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Operating costs and | |||||
Operating costs | 143,382,640 | 55,127,026 | (184,981) | 198,324,685 | 27,290,385 |
Selling and marketing | 13,222,891 | 2,636,823 | - | 15,859,714 | 2,182,369 |
General and | 54,927,567 | 6,606,681 | - | 61,534,248 | 8,467,394 |
Other operating | 271,943 | (60,032) | - | 211,911 | 29,160 |
Other general | 5,911,956 | - | - | 5,911,956 | 813,512 |
Total operating costs | 217,716,997 | 64,310,498 | (184,981) | 281,842,514 | 38,782,820 |
Six Month Ended | ||||
June 30, 2023 | June 30, 2023 | June 30, 2023 | June 30, 2023 | |
RMB | RMB | RMB | RMB | |
Hotel | Restaurant | Elimination | Total | |
Operating costs and | ||||
Operating costs | 284,364,378 | 204,308,159 | (610,088) | 488,062,449 |
Selling and marketing | 24,838,605 | 9,385,645 | - | 34,224,250 |
General and administrative | 90,535,547 | 21,338,810 | - | 111,874,357 |
Other operating expenses | 843,564 | 6,990,654 | - | 7,834,218 |
Other general expenses | 15,973,584 | - | - | 15,973,584 |
Total operating costs and | 416,555,678 | 242,023,268 | (610,088) | 657,968,858 |
Six Month Ended | |||||
June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2024 | |
RMB | RMB | RMB | RMB | US$ | |
Hotel | Restaurant | Elimination | Total | Total | |
Operating costs and | |||||
Operating costs | 289,609,282 | 117,276,623 | (440,869) | 406,445,036 | 55,928,698 |
Selling and marketing | 28,677,514 | 5,591,136 | (19,333) | 34,249,317 | 4,712,863 |
General and | 93,397,198 | 15,778,679 | - | 109,175,877 | 15,023,101 |
Other operating | 938,244 | 1,481,949 | - | 2,420,193 | 333,030 |
Other general | 11,756,531 | - | - | 11,756,531 | 1,617,753 |
Total operating costs | 424,378,769 | 140,128,387 | (460,202) | 564,046,954 | 77,615,445 |
Operating costs were RMB 198.3 million (
Operating costs of the hotel business were
Operating costs of the restaurant business were
For the first half of 2024, operating costs were RMB406.4 million (
Selling and marketing expenses were
Selling and marketing expenses of the hotel business were
Selling and marketing expenses of the restaurant business were
For the first half of 2024, selling and marketing expenses were RMB34.2 million (
General and administrative, or G&A expenses were
G&A expenses of the hotel business were
G&A expenses of the restaurant business were
General and administrative expenses for the first half of 2024 were RMB109.2 million (
Other general expenses were
Other general expenses for the first half of 2024 were RMB11.8 million (
Gross profit was
Income from operations was
Income from operations of the hotel business was
Income from operations of the restaurant business was
Income from operations for the first half of 2024 was RMB156.7 million (
Net income was
Net income of the hotel business was
Net income of the restaurant business of 2024 was RMB3.7 million (
Net income for the first half of 2024 was RMB 119.6million (
Adjusted EBITDA (non-GAAP)[2] in the second quarter of 2024 was
Adjusted EBITDA (non-GAAP)[2] for the first half of 2024 was RMB 192.5 million (
Core net income (non-GAAP)[3] in the second quarter of 2024 was RMB 70.2 million (
Core net income (non-GAAP)[3] for the first half of 2024 was RMB 130.9 million (
Earnings per American Depositary Share, or ADS, (basic and diluted) were
Earnings per American Depositary Share, or ADS, (basic and diluted) for the first half of 2024 were
Core net income per ADS (basic and diluted) (non-GAAP) was
Core net income per ADS (basic and diluted) (non-GAAP) was RMB1.29 (
Cash flow Operating cash inflow was
Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of June 30, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of
Guidance
Considering our performance during the first half of the year and the impact of closing certain L&O hotels due to lease expirations and strategic decisions, we have revised our revenue guidance for the hotel business. We now anticipate its performance in 2024 to remain flat compared to 2023.
The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.
Dividend distribution
The board of directors has approved the payment of a cash dividend of
Conference Call
GreenTree's management will hold an earnings conference call at 8:00 AM
Dial-in numbers for the live conference call are as follows:
International | 1-412-902-4272 |
Mainland | 4001-201-203 |
US | 1-888-346-8982 |
Hong Kong | 800-905-945 or 852-3018-4992 |
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 August 22, 2024.
Dial-in numbers for the replay are as follows:
International Dial-in | 1-412-317-0088 |
1-877-344-7529 | |
Canada Toll Free | 855-669-9658 |
Passcode: | 2914023 |
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
The terms Adjusted EBITDA and core net income are not defined under
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 June 30, 2024, GreenTree had a total number of 4,272 hotels and 183 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
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
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
Financial Tables and Operational Data Follow
GreenTree Hospitality Group Ltd. | |||
Unaudited Condensed Consolidated Balance Sheets | |||
December 31 | June 30 | June 30 | |
2,023 | 2,024 | 2,024 | |
RMB | RMB | US$ | |
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | 765,547,547 | 1,374,876,965 | 189,189,367 |
Restricted cash | 6,576,906 | 7,450,696 | 1,025,250 |
Short-term investments | 417,711,617 | 33,612 | 4,625 |
Investments in equity securities | 26,076,169 | 20,161,988 | 2,774,382 |
Accounts receivable, net of | 123,887,879 | 121,134,755 | 16,668,697 |
Amounts due from related parties | 19,928,781 | 20,078,953 | 2,762,956 |
Prepaid rent | - | - | - |
Inventories | 20,462,490 | 6,309,470 | 868,212 |
Other current assets | 117,047,122 | 121,704,746 | 16,747,130 |
Loans receivable, net | 129,521,094 | 96,796,622 | 13,319,658 |
Deferred tax assets | - | - | - |
Total current assets | 1,626,759,605 | 1,768,547,807 | 243,360,277 |
Non-current assets: | |||
Amounts due from a related party | 110,000,000 | 110,000,000 | 15,136,504 |
Restricted cash | 19,476,259 | 19,315,343 | 2,657,880 |
Long-term time deposits | 63,340,000 | 285,700,000 | 39,313,628 |
Loans receivable, net | 70,690,305 | 36,685,137 | 5,048,043 |
Property and equipment, net | 814,949,026 | 669,043,887 | 92,063,503 |
Intangible assets, net | 117,720,693 | 115,281,993 | 15,863,330 |
Goodwill | 177,082,468 | 177,082,468 | 24,367,358 |
Long-term investments | 184,758,800 | 175,521,257 | 24,152,528 |
Operating lease right-of-use | 1,535,330,762 | 1,444,254,641 | 198,736,052 |
Other assets | 104,725,600 | 103,294,642 | 14,213,815 |
Deferred tax assets | 241,965,360 | 218,658,563 | 30,088,419 |
TOTAL ASSETS | 5,066,798,878 | 5,123,385,738 | 705,001,337 |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Long-term bank loans, current | 200,000 | 400,000 | 55,042 |
Short-term bank loans | 116,800,000 | - | - |
Accounts payable | 73,126,677 | 53,525,451 | 7,365,347 |
Advance from customers | 22,393,097 | 21,975,810 | 3,023,972 |
Amounts due to related parties | 16,310,293 | 14,905,639 | 2,051,084 |
Salary and welfare payable | 86,332,096 | 84,908,037 | 11,683,735 |
Deferred rent | - | - | - |
Deferred revenue | 186,281,838 | 178,834,473 | 24,608,442 |
Accrued expenses and other | 459,832,717 | 466,056,353 | 64,131,488 |
Income tax payable | 112,782,712 | 104,521,389 | 14,382,622 |
Dividends payable | - | - | - |
Operating lease liabilities, current | 267,536,846 | 263,079,422 | 36,200,933 |
Deferred tax liabilities | - | - | - |
Total current liabilities | 1,341,596,276 | 1,188,206,574 | 163,502,665 |
Long-term bank loans | 56,800,000 | 256,400,000 | 35,281,814 |
Deferred rent | - | - | - |
Deferred revenue | 207,905,769 | 183,650,198 | 25,271,108 |
Other long-term liabilities | 111,711,748 | 111,391,913 | 15,328,037 |
Operating lease liabilities, | 1,391,909,309 | 1,332,750,964 | 183,392,636 |
Deferred tax liabilities | 94,716,495 | 85,375,998 | 11,748,128 |
Unrecognized tax benefits | 382,125,786 | 375,929,696 | 51,729,648 |
TOTAL LIABILITIES | 3,586,765,383 | 3,533,705,343 | 486,254,036 |
Shareholders' equity: | |||
Class A ordinary shares | 222,587,070 | 222,587,070 | 30,629,000 |
Class B ordinary shares | 115,534,210 | 115,534,210 | 15,898,036 |
Paid-in capital | - | - | - |
Treasury Stock | (36,677,832) | (36,677,832) | (5,047,038) |
Additional paid-in capital | 1,680,713,349 | 1,680,178,673 | 231,200,280 |
Retained earnings (Accumulated | (568,339,799) | (447,752,894) | (61,612,849) |
Accumulated other | 28,401,282 | 20,295,531 | 2,792,758 |
Total GreenTree Hospitality | 1,442,218,280 | 1,554,164,758 | 213,860,187 |
Non-controlling interests | 37,815,215 | 35,515,637 | 4,887,114 |
Total shareholders' equity | 1,480,033,495 | 1,589,680,395 | 218,747,301 |
TOTAL LIABILITIES AND | 5,066,798,878 | 5,123,385,738 | 705,001,337 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income | ||||||
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 209,887,905 | 149,158,677 | 20,524,917 | 380,778,822 | 318,068,449 | 43,767,675 |
Franchised-and- | 180,137,883 | 160,045,182 | 22,022,950 | 350,582,259 | 312,740,035 | 43,034,461 |
Wholesales and | 24,963,781 | 20,507,797 | 2,821,967 | 62,848,909 | 51,130,602 | 7,035,805 |
Total revenues | 414,989,569 | 329,711,656 | 45,369,834 | 794,209,990 | 681,939,086 | 93,837,941 |
Operating costs | ||||||
Operating costs | (244,907,139) | (198,324,685) | (27,290,385) | (488,062,449) | (406,445,036) | (55,928,698) |
Selling and | (18,208,671) | (15,859,714) | (2,182,369) | (34,224,250) | (34,249,317) | (4,712,863) |
General and | (54,119,212) | (61,534,248) | (8,467,394) | (111,874,357) | (109,175,877) | (15,023,101) |
Other operating | (6,341,735) | (211,911) | (29,160) | (7,834,218) | (2,420,193) | (333,030) |
Other general | (4,309,239) | (5,911,956) | (813,512) | (15,973,584) | (11,756,531) | (1,617,753) |
Total operating | (327,885,996) | (281,842,514) | (38,782,820) | (657,968,858) | (564,046,954) | (77,615,445) |
Other operating | 11,511,398 | 36,542,303 | 5,028,388 | 14,670,917 | 38,768,236 | 5,334,687 |
Income from | 98,614,971 | 84,411,445 | 11,615,402 | 150,912,049 | 156,660,368 | 21,557,183 |
Interest income | 9,750,337 | 11,003,960 | 1,514,195 | 17,379,351 | 19,950,499 | 2,745,280 |
Interest expense | (3,868,469) | (2,629,228) | (361,793) | (9,396,530) | (4,369,057) | (601,203) |
Gains (losses) | (263,836) | (6,172,071) | (849,305) | (4,800,398) | (15,424,655) | (2,122,503) |
Other income, net | 43,295,830 | 3,556,454 | 489,384 | 41,146,248 | 16,791,024 | 2,310,522 |
Income before | 147,528,833 | 90,170,560 | 12,407,883 | 195,240,720 | 173,608,179 | 23,889,279 |
Income tax | (45,241,208) | (26,733,733) | (3,678,684) | (59,950,083) | (53,181,694) | (7,318,045) |
Income (loss) | 102,287,625 | 63,436,827 | 8,729,199 | 135,290,637 | 120,426,485 | 16,571,234 |
Share of | (341,265) | (1,174,966) | (161,681) | (786,883) | (869,757) | (119,683) |
Net income(loss) | 101,946,360 | 62,261,861 | 8,567,518 | 134,503,754 | 119,556,728 | 16,451,551 |
Net loss/(income) non-controlling | 1,308,704 | (571,587) | (78,653) | 5,077,298 | 1,030,179 | 141,757 |
Net income | 103,255,064 | 61,690,274 | 8,488,865 | 139,581,052 | 120,586,907 | 16,593,308 |
Net earnings per | ||||||
Class A ordinary | 1.01 | 0.61 | 0.36 | 1.37 | 1.19 | 0.16 |
Class B ordinary | 1.01 | 0.61 | 0.36 | 1.37 | 1.19 | 0.16 |
Net earnings per | ||||||
Class A ordinary | 1.01 | 0.61 | 0.36 | 1.37 | 1.19 | 0.16 |
Class B ordinary | 1.01 | 0.61 | 0.36 | 1.37 | 1.19 | 0.16 |
Weighted | ||||||
Class A ordinary | 67,416,046 | 66,780,612 | 9,189,318 | 67,416,046 | 66,780,612 | 9,189,318 |
Class B ordinary | 34,762,909 | 34,762,909 | 4,783,535 | 34,762,909 | 34,762,909 | 4,783,535 |
Other | ||||||
Foreign currency | 185,533 | (487,856) | (67,131) | 996,107 | (8,105,751) | (1,115,388) |
Unrealized | ||||||
Comprehensive | 102,131,893 | 61,774,005 | 8,500,387 | 135,499,861 | 111,450,977 | 15,336,163 |
Comprehensive | (4,843,631) | (571,587) | (78,653) | (1,075,037) | 1,030,179 | 141,757 |
Comprehensive | 97,288,262 | 61,202,418 | 8,421,734 | 134,424,824 | 112,481,156 | 15,477,920 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Hotel Business Results | ||||||
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 131,490,687 | 105,851,820 | 14,565,695 | 213,563,927 | 228,393,613 | 31,428,007 |
Franchised-and- | 177,936,543 | 157,810,770 | 21,715,485 | 347,417,000 | 308,970,282 | 42,515,726 |
Others | 1,188,730 | 940,479 | 129,414 | 2,225,579 | 2,085,206 | 286,934 |
Total revenues | 310,615,960 | 264,603,069 | 36,410,594 | 563,206,506 | 539,449,101 | 74,230,667 |
Operating costs | ||||||
Hotel operating | (150,127,380) | (143,382,640) | (19,730,108) | (284,364,378) | (289,609,282) | (39,851,563) |
Selling and | (13,762,606) | (13,222,891) | (1,819,530) | (24,838,605) | (28,677,514) | (3,946,157) |
General and | (44,443,478) | (54,927,567) | (7,558,285) | (90,535,547) | (93,397,198) | (12,851,882) |
Other operating | (692,344) | (271,943) | (37,421) | (843,564) | (938,244) | (129,107) |
Other general | (4,309,239) | (5,911,956) | (813,512) | (15,973,584) | (11,756,531) | (1,617,753) |
Total operating | (213,335,047) | (217,716,997) | (29,958,856) | (416,555,678) | (424,378,769) | (58,396,462) |
Other operating | 11,183,689 | 34,667,783 | 4,770,446 | 13,791,785 | 36,850,398 | 5,070,784 |
Income from | 108,464,602 | 81,553,855 | 11,222,184 | 160,442,613 | 151,920,730 | 20,904,989 |
Interest income | 9,597,042 | 10,978,362 | 1,510,673 | 17,072,340 | 19,908,718 | 2,739,531 |
Interest expense | (3,167,262) | (2,628,376) | (361,677) | (7,891,952) | (4,369,058) | (601,202) |
Gains (losses) | (263,836) | (1,474,720) | (202,928) | (4,800,398) | (10,784,976) | (1,484,062) |
Other income, | 43,122,904 | 3,404,139 | 468,425 | 40,696,364 | 16,709,039 | 2,299,240 |
Income before | 157,753,450 | 91,833,260 | 12,636,677 | 205,518,967 | 173,384,453 | 23,858,496 |
Income tax | (43,365,471) | (27,545,004) | (3,790,319) | (55,731,325) | (52,101,925) | (7,169,463) |
Income (loss) | 114,387,979 | 64,288,256 | 8,846,358 | 149,787,642 | 121,282,528 | 16,689,033 |
Share of | (341,265) | (1,174,966) | (161,681) | (786,883) | (869,757) | (119,683) |
Net | 114,046,714 | 63,113,290 | 8,684,677 | 149,000,759 | 120,412,771 | 16,569,350 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Restaurant Business Results | ||||||
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Revenues | ||||||
Leased-and-operated | 78,963,181 | 43,306,857 | 5,959,222 | 168,340,074 | 89,674,836 | 12,339,668 |
Franchised-and- | 2,201,340 | 2,234,412 | 307,465 | 3,165,259 | 3,769,753 | 518,735 |
Wholesales and | 23,775,051 | 19,752,299 | 2,718,007 | 60,623,330 | 49,505,598 | 6,812,197 |
Total revenues | 104,939,572 | 65,293,568 | 8,984,694 | 232,128,663 | 142,950,187 | 19,670,600 |
Operating costs | ||||||
Restaurant | (95,088,176) | (55,127,026) | (7,585,731) | (204,308,159) | (117,276,623) | (16,137,800) |
Selling and | (4,446,065) | (2,636,823) | (362,839) | (9,385,645) | (5,591,136) | (769,366) |
General and | (9,675,734) | (6,606,681) | (909,110) | (21,338,810) | (15,778,679) | (2,171,218) |
Other operating | (5,649,391) | 60,032 | 8,261 | (6,990,654) | (1,481,949) | (203,923) |
Other general | - | - | - | - | - | - |
Total operating | (114,859,366) | (64,310,498) | (8,849,419) | (242,023,268) | (140,128,387) | (19,282,307) |
Other operating | 327,709 | 1,874,520 | 257,943 | 879,132 | 1,917,838 | 263,903 |
Income from | (9,592,085) | 2,857,590 | 393,218 | (9,015,473) | 4,739,638 | 652,196 |
Interest income | 153,295 | 25,599 | 3,522 | 307,011 | 41,782 | 5,750 |
Interest expense | (701,207) | (853) | (117) | (1,504,578) | - | - |
Gains (losses) | - | (57,672) | (7,936) | - | - | - |
Other income, net | 172,926 | 43,236 | 5,949 | 449,884 | (27,094) | (3,728) |
Income before | (9,967,071) | 2,867,900 | 394,636 | (9,763,156) | 4,754,326 | 654,218 |
Income tax | (1,940,124) | 811,271 | 111,635 | (4,347,531) | (1,079,769) | (148,581) |
Income (loss) | (11,907,195) | 3,679,171 | 506,271 | (14,110,687) | 3,674,557 | 505,637 |
Share of | - | - | - | - | - | - |
Net | (11,907,195) | 3,679,171 | 506,271 | (14,110,687) | 3,674,557 | 505,637 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Operating | ||||||
Net (loss) | 101,946,360 | 62,261,861 | 8,567,518 | 134,503,754 | 119,556,728 | 16,451,551 |
Adjustments to | ||||||
Depreciation | 28,982,289 | 29,137,972 | 4,009,518 | 60,319,927 | 60,479,676 | 8,322,280 |
Impairment of | - | - | - | 2,900,000 | - | - |
Share of | 341,265 | 1,174,966 | 161,681 | 786,883 | 869,757 | 119,683 |
Noncash lease | 70,769,259 | 72,411,404 | 9,964,141 | 134,823,091 | 137,229,448 | 18,883,400 |
Loss from | - | (839,682) | (115,544) | 1,223,952 | (839,682) | (115,544) |
Interest income | (1,267,532) | (5,216,887) | (717,868) | (1,657,910) | (5,216,887) | (717,868) |
Bad debt | 6,320,196 | 16,294,501 | 2,242,198 | 18,679,474 | 21,768,072 | 2,995,386 |
(Gains) losses | 263,836 | 6,172,071 | 849,305 | 4,800,398 | 15,424,655 | 2,122,503 |
Loss (gains) on | 341,428 | (27,468,283) | (3,779,762) | 227,841 | (25,116,235) | (3,456,109) |
Foreign | (2,075,742) | (675,522) | (92,955) | (1,088,199) | (8,763,951) | (1,205,960) |
Share-based | 40,228 | 15,662 | 2,155 | 28,592 | 31,324 | 4,310 |
Common | - | - | - | - | - | - |
Accounts | 12,166,576 | (9,573,578) | (1,317,368) | 5,115,694 | (7,729,151) | (1,063,567) |
Inventories | 6,481,086 | 2,827,794 | 389,117 | 7,450,726 | 14,889,563 | 2,048,872 |
Amounts due | 2,589,713 | 697,431 | 95,970 | 1,628,528 | 299,828 | 41,258 |
Other current | (27,171,354) | 10,574,968 | 1,455,164 | (34,898,036) | 5,084,951 | 699,713 |
Other assets | 982,532 | 3,957,871 | 544,621 | 5,946,767 | 1,300,958 | 179,018 |
Accounts | (14,607,485) | (3,702,034) | (509,417) | (9,917,160) | (12,560,243) | (1,728,347) |
Amounts due to | (47,036) | 471,776 | 64,919 | (1,679,391) | (1,404,655) | (193,287) |
Salary and | 1,978,299 | 2,882,934 | 396,705 | 6,472,864 | (1,424,059) | (195,957) |
Deferred | (1,377,240) | (24,826,323) | (3,416,216) | (5,859,113) | (31,702,936) | (4,362,469) |
Advance from | (7,260,648) | 3,539,512 | 487,053 | (3,657,822) | (417,287) | (57,421) |
Accrued | (8,464,829) | 20,530,026 | 2,825,026 | 67,807,146 | (3,285,616) | (452,116) |
Income tax | 32,970,813 | (16,508,534) | (2,271,650) | 51,282,274 | (8,261,323) | (1,136,796) |
Unrecognized | 16,935,503 | (13,752,067) | (1,892,347) | 31,960,399 | (6,196,090) | (852,610) |
Operating lease | (68,614,626) | (67,855,157) | (9,337,180) | (124,678,168) | (109,769,095) | (15,104,730) |
Other long-term | (1,510,480) | (7,223,642) | (994,006) | (8,081,365) | (8,319,829) | (1,144,847) |
Deferred taxes | (3,137,502) | 13,855,962 | 1,906,644 | (31,332,490) | 13,966,300 | 1,921,827 |
Net cash | 147,574,909 | 69,165,002 | 9,517,422 | 313,108,656 | 159,894,221 | 22,002,173 |
Investing | ||||||
Purchases of | (37,617,117) | (9,639,401) | (1,326,426) | (71,733,234) | (20,193,926) | (2,778,777) |
Purchases of | (309,827) | - | - | (352,281) | - | - |
Proceeds from | 7,723,107 | 138,000,000 | 18,989,432 | 14,696,681 | 139,733,100 | 19,227,914 |
Payment for | - | (966,000) | (132,926) | - | (966,000) | (132,926) |
Purchases of | (51,370,000) | - | (51,370,000) | - | ||
Proceeds from | 42,242,806 | - | - | 133,643,184 | 419,362,037 | 57,706,137 |
Increase of | - | (222,230,000) | (30,579,866) | - | (222,230,000) | (30,579,866) |
Purchases of | - | 222,230,000 | 30,579,866 | - | - | - |
Proceeds from | - | - | - | - | - | - |
Proceeds from | 18,900,000 | 1,500,000 | 206,407 | 37,800,000 | 1,500,000 | 206,407 |
Loan to related | - | (270,000) | (37,153) | - | (270,000) | (37,153) |
Repayment | - | - | - | - | - | - |
Loan to third | 1,000,000 | (1,200,000) | (165,125) | - | (1,200,000) | (165,125) |
Repayment of | 13,948,758 | 4,223,936 | 581,233 | 14,417,077 | 5,595,889 | 770,020 |
Loan to | (2,945,000) | (1,600,000) | (220,167) | (9,974,596) | (1,600,000) | (220,167) |
Repayment | 34,286,988 | 27,516,214 | 3,786,357 | 61,121,572 | 50,977,221 | 7,014,699 |
Net cash (used | 25,859,715 | 157,564,749 | 21,681,632 | 128,248,403 | 370,708,321 | 51,011,163 |
Financing | ||||||
Distribution to | - | (760,321) | (104,624) | - | (760,321) | (104,624) |
Repayment of | 136,600,000 | (200,000) | (27,521) | - | (117,000,000) | (16,099,736) |
Proceeds from | (271,400,000) | - | - | (154,400,000) | 200,000,000 | 27,520,916 |
Capital | 117,000,000 | - | - | 117,000,000 | - | - |
Net cash | (17,800,000) | (960,321) | (132,145) | (37,400,000) | 82,239,679 | 11,316,556 |
Effect of | 383,577 | (149,700) | (20,600) | 343,051 | (2,799,929) | (385,278) |
Net (decrease) | 156,018,201 | 225,619,730 | 31,046,309 | 404,300,110 | 610,042,292 | 83,944,614 |
Cash and cash | 982,911,111 | 1,176,023,274 | 161,826,188 | 734,629,202 | 791,600,712 | 108,927,883 |
Cash and cash | 1,138,929,312 | 1,401,643,004 | 192,872,497 | 1,138,929,312 | 1,401,643,004 | 192,872,497 |
GreenTree Hospitality Group Ltd. | ||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income | 101,946,360 | 62,261,861 | 8,567,518 | 134,503,754 | 119,556,728 | 16,451,551 |
Deduct: | ||||||
Other operating | 11,511,398 | 36,542,303 | 5,028,388 | 14,670,917 | 38,768,236 | 5,334,687 |
Interest income and | 9,750,337 | 11,003,960 | 1,514,195 | 17,379,351 | 19,950,499 | 2,745,280 |
Share of gain in | - | - | - | - | - | - |
Other income, net | 43,295,830 | 3,556,454 | 489,384 | 41,146,248 | 16,791,024 | 2,310,522 |
Add: | ||||||
Other operating | 6,341,735 | 211,911 | 29,160 | 7,834,218 | 2,420,193 | 333,030 |
Other general | 4,309,239 | 5,911,956 | 813,512 | 15,973,584 | 11,756,531 | 1,617,753 |
Income tax | 45,241,208 | 26,733,733 | 3,678,684 | 59,950,083 | 53,181,694 | 7,318,045 |
Share of loss in | 341,265 | 1,174,966 | 161,681 | 786,883 | 869,757 | 119,683 |
Interest expenses | 3,868,469 | 2,629,228 | 361,793 | 9,396,530 | 4,369,057 | 601,203 |
Depreciation and | 29,239,835 | 29,137,972 | 4,009,518 | 60,319,927 | 60,479,676 | 8,322,280 |
Losses from | 263,836 | 6,172,071 | 849,305 | 4,800,398 | 15,424,655 | 2,122,503 |
Other expense, net | - | - | - | - | - | - |
Adjusted EBITDA | 126,994,382 | 83,130,981 | 11,439,204 | 220,368,861 | 192,548,532 | 26,495,559 |
Quarter Ended | Six Month Ended | |||||
June 30, | June 30, | June 30, | June 30, | June 30, | June 30, | |
RMB | RMB | US$ | RMB | RMB | US$ | |
Net income | 101,946,360 | 62,261,861 | 8,567,518 | 134,503,754 | 119,556,728 | 16,451,551 |
Deduct: | ||||||
Government | 6,275,245 | 210,000 | 28,897 | 6,671,305 | 469,886 | 64,658 |
Gains from | - | - | - | - | - | - |
Other income (net | 30,859,686 | 2,667,340 | 367,038 | 30,859,686 | 12,593,268 | 1,732,891 |
Add: | ||||||
Share-based | 40,228 | 15,662 | 2,155 | 28,592 | 31,324 | 4,310 |
Losses from | 197,877 | 4,629,053 | 636,979 | 3,600,299 | 11,568,491 | 1,591,877 |
Other expense (net | (1,612,187) | - | - | - | - | - |
One-time fees and | 813,078 | 239,820 | 33,000 | 1,960,856 | 1,055,008 | 145,174 |
Other general | 4,309,239 | 5,911,956 | 813,512 | 15,973,584 | 11,756,531 | 1,617,753 |
Core net income | 68,559,664 | 70,181,012 | 9,657,229 | 118,536,094 | 130,904,928 | 18,013,116 |
Core net income | ||||||
Class A ordinary | 0.67 | 0.69 | 0.10 | 1.16 | 1.29 | 0.18 |
Class B ordinary | 0.67 | 0.69 | 0.10 | 1.16 | 1.29 | 0.18 |
Hotel Operational Data
June 30, 2023 | June 30, 2024 | |
Total hotels in operation: | 4,108 | 4,272 |
Leased and owned hotels | 65 | 62 |
Franchised hotels | 4,043 | 4,210 |
Total hotel rooms in operation | 303,387 | 312,734 |
Leased and owned hotels | 7,137 | 6,937 |
Franchised hotels | 296,250 | 305,797 |
Number of cities | 357 | 353 |
Quarter Ended | ||
2023 Q2 | 2024 Q2 | |
Occupancy rate (as a percentage) | ||
Leased-and-owned hotels | 74.6 % | 70.7 % |
Franchised hotels | 77.9 % | 72.6 % |
Blended | 77.8 % | 72.5 % |
Average daily rate (in RMB) | ||
Leased-and-owned hotels | 255 | 250 |
Franchised hotels | 179 | 171 |
Blended | 181 | 173 |
RevPAR (in RMB) | ||
Leased-and-owned hotels | 191 | 177 |
Franchised hotels | 139 | 124 |
Blended | 141 | 125 |
Number of Hotels in Operation | Number of Hotel Rooms in | |||
June 30, | June 30, | June 30, | June 30, | |
Mid-to-up-scale | 438 | 505 | 42,338 | 47,697 |
GreenTree Eastern | 217 | 227 | 23,205 | 24,493 |
Deepsleep Hotel | 7 | 7 | 534 | 534 |
Gem | 54 | 82 | 4,873 | 7,258 |
Gya | 70 | 75 | 5,904 | 6,238 |
Vx | 90 | 99 | 7,822 | 8,695 |
Others | - | 15 | - | 499 |
Mid-scale | 2,933 | 2,948 | 229,270 | 229,970 |
GreenTree Inn | 2,259 | 2,315 | 181,015 | 182,957 |
GT Alliance | 545 | 503 | 39,091 | 37,923 |
GreenTree Apartment | 21 | 21 | 1,351 | 1,385 |
Vatica | 108 | 109 | 7,813 | 7,705 |
City 118 Selected and others | - | - | - | - |
Economy hotels | 737 | 819 | 31,779 | 35,067 |
Shell | 737 | 819 | 31,779 | 35,067 |
City 118 and others | - | - | - | - |
Total | 4,108 | 4,272 | 303,387 | 312,734 |
Restaurant Operational Data
June 30, 2023 | June 30, 2024 | |
Total restaurants in operation: | 206 | 183 |
Leased and owned restaurants | 57 | 24 |
Franchised restaurants | 149 | 159 |
Number of cities | 66 | 57 |
Da Niang Dumplings | 170 | 155 |
Bellagio | 36 | 28 |
Quarter Ended | ||
2023 Q2 | 2024 Q2 | |
ADT | ||
Leased-and-owned restaurants | 148 | 165 |
Franchised restaurants | 88 | 73 |
Blended | 109 | 90 |
AC (in RMB) | ||
Leased-and-owned restaurants | 84 | 105 |
Franchised restaurants | 41 | 38 |
Blended | 56 | 53 |
ADS (in RMB) | ||
Leased-and-owned restaurants | 12,456 | 17,306 |
Franchised restaurants | 3575 | 2,815 |
Blended | 6,082 | 4,737 |
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: ir@998.com
Mr. Maple Miao
Phone: +86-181-0184-0639
E-mail: ir@998.com
Christensen
In
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: jerry.xu@christensencomms.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: karen.hui@christensencomms.com
In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com
View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-second-quarter-of-2024-financial-results-302223480.html
SOURCE GreenTree Hospitality Group Ltd.
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