$GHG

GreenTree Hospitality Group Ltd.

CIK:0001724755|SEC Filings

Consolidated Statements of Comprehensive Income	12 Months Ended
Consolidated Statements of Comprehensive Income	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 1,097,353,393	$ 156,919,448	¥ 1,343,440,196	¥ 1,627,257,689
Operating costs and expenses:
Operating costs (including purchases from related parties of RMB1,574,642, RMB1,185,014 and RMB45,531 (USD6,511) for the years ended December 31, 2023, 2024 and 2025, respectively)	(714,394,432)	(102,157,045)	(822,587,314)	(947,438,814)
Selling and marketing expenses (including services from related parties of RMB1,276,474, RMB802,606 and RMB2,778,142 (USD397,269) for the years ended December 31, 2023, 2024 and 2025, respectively)	(54,784,569)	(7,834,089)	(67,585,059)	(71,618,033)
General and administrative expenses	(130,461,846)	(18,655,796)	(182,551,094)	(208,433,678)
Other operating expenses	(51,731,476)	(7,397,503)	(7,090,463)	(11,704,553)
Impairment of goodwill	(66,491,000)	(9,508,087)	(81,008,000)
Impairment of indefinite-lived intangible asset	(17,331,000)	(2,478,300)	(39,072,000)	(16,027,000)
Other general expenses	(82,874,510)	(11,850,897)	(41,769,330)	(63,556,586)
Total operating costs and expenses	(1,118,068,833)	(159,881,717)	(1,241,663,260)	(1,318,778,664)
Other operating income	77,371,724	11,064,009	60,147,558	27,169,901
Income from operations	56,656,284	8,101,740	161,924,494	335,648,926
Interest income (including interest income from related parties of RMB465,500, RMB395,694 and RMB302,195 (USD43,213) for the years ended December 31, 2023, 2024 and 2025, respectively)	37,806,975	5,406,326	40,072,068	41,371,162
Interest expenses	(7,644,628)	(1,093,167)	(6,310,152)	(14,053,841)
(Loss) gains on equity securities held	5,000,000	714,990	(14,953,679)	(5,378,104)
Other income, net	113,255,005	16,195,250	16,474,064	22,783,715
Income before income taxes and share of losses in equity method investments	205,073,636	29,325,139	197,206,795	380,371,858
Income tax expense	(45,880,022)	(6,560,756)	(88,726,969)	(118,452,255)
Income before share of (loss) income in equity method investments	159,193,614	22,764,383	108,479,826	261,919,603
Share of (loss) income in equity method investments, net of tax	4,163,620	595,390	(1,165,474)	(1,392,002)
Net (loss) income	163,357,234	23,359,773	107,314,352	260,527,601
Net loss attributable to noncontrolling interests	3,434,790	491,168	2,687,878	8,788,707
Net income attributable to ordinary shareholders	166,792,024	23,850,941	110,002,230	269,316,308
Other comprehensive income (loss), net of tax
-Foreign currency translation adjustments	5,059,836	723,547	(22,374,019)	672,112
-Unrealized (losses) income on available-for-sale investments \| ¥			6,000	(2,934)
Other comprehensive income (loss), net of tax	5,059,836	723,547	(22,368,019)	669,178
Comprehensive income, net of tax	168,417,070	24,083,320	84,946,333	261,196,779
Comprehensive loss attributable to noncontrolling interests	3,434,790	491,168	2,687,878	8,788,707
Comprehensive income attributable to ordinary shareholders	¥ 171,851,860	$ 24,574,488	¥ 87,634,211	¥ 269,985,486
Class A Ordinary Shares
Earnings per share
Ordinary shares-basic (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 1.65	$ 0.24	¥ 1.08	¥ 2.64
Ordinary shares-diluted (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 1.65	$ 0.24	¥ 1.08	¥ 2.64
Weighted average shares outstanding
Ordinary shares-basic (in Shares)	66,366,641	66,366,641	66,776,243	67,321,003
Ordinary shares-diluted (in Shares)	66,366,641	66,366,641	66,776,243	67,321,003
Class B Ordinary Shares
Earnings per share
Ordinary shares-basic (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 1.65	$ 0.24	¥ 1.08	¥ 2.64
Ordinary shares-diluted (in Dollars per share and Yuan Renminbi per share) \| (per share)	¥ 1.65	$ 0.24	¥ 1.08	¥ 2.64
Weighted average shares outstanding
Ordinary shares-basic (in Shares)	34,762,909	34,762,909	34,762,909	34,762,909
Ordinary shares-diluted (in Shares)	34,762,909	34,762,909	34,762,909	34,762,909
Leased-and-operated revenue
Revenues:
Total revenues	¥ 488,174,353	$ 69,808,004	¥ 596,640,639	¥ 787,814,342
Franchised-and-managed revenue
Revenues:
Total revenues	534,451,868	76,425,601	635,360,312	705,244,948
Wholesales and others
Revenues:
Total revenues	¥ 74,727,172	$ 10,685,843	¥ 111,439,245	¥ 134,198,399

Consolidated Statements of Cash Flows

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

Operating activities:

Net income

¥ 163,357,234

$ 23,359,773

¥ 107,314,352

¥ 260,527,601

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

Depreciation and amortization

88,932,780

12,717,218

115,746,538

116,870,237

Impairment of goodwill

66,491,000

9,508,087

81,008,000

Impairment of indefinite-lived intangible assets

17,331,000

2,478,300

39,072,000

16,027,000

Impairment of long-lived assets

20,893,149

2,987,681

12,600,000

40,559,449

Noncash lease expense

246,116,498

35,194,191

263,911,503

271,156,173

Losses (gains) from disposal of subsidiaries

5,399,022

772,050

(488,227)

1,223,952

Gains from disposal of equity securities

(164,007,612)

(23,452,777)

Gains from early termination of operating leases

(52,949,738)

(7,571,712)

Allowances for credit losses

81,698,368

11,682,711

56,241,392

38,858,275

Losses (gains) on equity securities held

(5,000,000)

(714,990)

14,953,679

6,998,104

Losses (gains) on disposal of property, plant and equipment

35,565,640

5,085,819

(25,338,789)

2,166,990

Foreign exchange (gains) losses, net

30,801,965

4,404,622

(27,497,303)

(372,186)

Deferred taxes

(15,068,107)

(2,154,711)

(18,840,322)

(2,423,339)

Other non-cash (income) expenses

(4,163,620)

(595,390)

2,644,112

(4,554,719)

Changes in operating assets and liabilities:

Accounts receivable

3,471,625

496,436

(4,015,520)

(5,359,275)

Inventories

1,959,310

280,178

14,618,912

4,764,959

Amounts due from related parties

1,032,243

147,609

(1,416,495)

8,372,296

Other current assets

1,901,317

271,885

(3,067,256)

(47,920,887)

Other assets

8,481,614

1,212,855

3,725,971

17,250,340

Accounts payable

(18,962,750)

(2,711,637)

(3,021,869)

(50,451,092)

Amounts due to related parties

55,926

7,997

1,151,882

(5,406,910)

Salary and welfare payable

(4,452,881)

(636,754)

(7,916,485)

(3,010,962)

Deferred revenue

(47,846,198)

(6,841,915)

(42,787,510)

(33,539,045)

Advance from customers

(3,664,385)

(524,000)

3,305,355

(3,211,266)

Accrued expenses and other current liabilities

60,924,816

8,712,133

3,161,614

26,174,961

Income tax payable

(16,746,673)

(2,394,742)

(23,195,720)

32,861,850

Unrecognized tax benefits

17,858,529

2,553,736

57,946,428

28,569,943

Operating lease liabilities

(234,674,168)

(33,557,960)

(247,702,691)

(256,017,527)

Other long-term liabilities

(3,462,443)

(495,123)

1,264,213

(5,065,347)

Net cash generated from operating activities

281,273,461

40,221,570

373,377,764

455,049,575

Investing activities:

Prepayments and purchases of property, plant and equipment

(261,153,578)

(37,344,465)

(79,582,039)

(87,764,045)

Purchases of intangible assets

(37,057)

(740,406)

Proceeds from disposal of property, plant and equipment

429,141

61,366

139,900,865

2,951,611

Purchases of short-term investments

(262,680,045)

Proceeds from maturities of short-term investments

10,475

1,498

417,701,142

167,009,370

Purchases of long-term time deposits

(222,230,000)

(63,340,000)

Purchases of long-term investments

(10,400,000)

Proceeds from disposal of equity securities

188,059,939

26,892,214

21,812,329

Proceeds from disposal of subsidiaries

2,807,500

37,800,000

Loans to related parties

(858,000)

Repayment of loans from related parties

1,964,624

280,937

363,347

Repayment of loans from third parties

5,900,000

14,553,007

Loans to franchisees

(15,275,441)

(2,184,359)

(14,323,813)

(22,643,066)

Repayment of loans from franchisees

23,188,484

3,315,909

84,337,321

121,145,169

Net cash (used in) generated from investing activities

(62,776,356)

(8,976,900)

345,391,595

(93,708,405)

Financing activities:

Distribution to the shareholders (Note 1)

(43,022,395)

(6,152,121)

(70,936,321)

Repurchase of ordinary shares

(5,327)

(762)

(365,284)

(19,706,775)

Proceeds from bank loans

200,000,000

174,000,000

Repayment of bank loans

(400,000)

(57,199)

(117,200,000)

(458,300,000)

Loan from non-controlling interest

272,500

Purchase of noncontrolling interests

(966,000)

Net cash (used in) generated from financing activities

(43,427,722)

(6,210,082)

10,532,395

(303,734,275)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(21,832,297)

(3,121,976)

4,299,472

32,086

Net increase in cash and cash equivalents and restricted cash

153,237,086

21,912,612

733,601,226

57,638,981

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

1,525,201,938

218,100,976

791,600,712

733,961,731

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

1,678,439,024

240,013,588

1,525,201,938

791,600,712

Supplemental disclosure of cash flow information:

Interest paid

(7,771,545)

(1,111,316)

(7,880,777)

(14,053,841)

Income taxes paid

^[1]

(56,820,441)

(8,125,215)

(82,576,531)

(61,735,423)

Shares received from Argyle

11,006,420

$ 1,573,897

Reconciliation of cash, cash and equivalents and restricted cash

Cash and cash equivalents

1,652,179,474

1,490,235,562

765,547,547

Restricted cash, current

7,389,650

16,096,476

6,576,906

Restricted cash, non-current

18,869,900

19,476,259

Total cash, cash and equivalents and restricted cash shown in the statements of cash flows

¥ 1,678,439,024

¥ 1,525,201,938

¥ 791,600,712

[1]	For the year ended December 31, 2025, income taxes paid amounted to RMB56,820,441 (USD8,125,215) in Chinese mainland, and nil in jurisdictions outside Chinese mainland.

Consolidated Balance Sheets	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 1,652,179,474	$ 236,258,523	¥ 1,490,235,562
Restricted cash	7,389,650	1,056,706	16,096,476
Short-term investments			10,475
Accounts receivable, net of allowance for credit losses of RMB5,645,777 and RMB4,214,100 (USD 602,608) as of December 31, 2024 and 2025, respectively	81,335,494	11,630,821	99,688,034
Inventories, net	4,922,160	703,860	6,881,470
Other current assets, net	92,557,400	13,235,532	114,898,590
Loans receivable, net	38,798,333	5,548,088	85,463,467
Total current assets	1,896,025,573	271,128,052	1,835,114,003
Restricted cash	18,869,900	2,698,360	18,869,900
Long-term time deposits	285,570,000	40,835,967	285,570,000
Loans receivable, net	12,034,825	1,720,957	15,372,238
Property, plant and equipment, net	559,918,957	80,067,346	649,528,210
Intangible assets, net	56,403,818	8,065,639	75,677,551
Operating lease right-of-use assets	1,130,088,595	161,600,520	1,328,582,419
Goodwill	25,721,262	3,678,092	96,074,468
Long-term investments	156,929,090	22,440,561	184,024,217
Other assets	297,560,053	42,550,522	102,545,847
Deferred tax assets	237,098,634	33,904,654	245,760,095
TOTAL ASSETS	4,786,220,707	684,420,461	4,947,118,948
Current liabilities:
Long-term bank loans, current	56,800,000	8,122,292	400,000
Accounts payable	44,687,186	6,390,184	56,488,405
Advance from customers	21,946,599	3,138,322	25,684,437
Salary and welfare payable	73,657,641	10,532,903	78,234,582
Deferred revenue	169,139,889	24,186,682	175,046,178
Operating lease liabilities, current	184,665,265	26,406,782	241,363,244
Accrued expenses and other current liabilities	539,836,968	77,195,660	481,910,291
Income tax payable	72,129,824	10,314,428	88,876,497
Total current liabilities	1,180,381,474	168,792,308	1,165,465,810
Operating lease liabilities, non-current	1,032,472,822	147,641,650	1,215,776,075
Deferred revenue, non-current	134,414,010	19,220,948	176,353,919
Long-term bank loans, non-current	199,400,000	28,513,821	256,200,000
Other long-term liabilities	117,513,512	16,804,209	120,975,955
Deferred tax liabilities	55,941,338	7,999,505	79,670,908
Unrecognized tax benefits	457,930,743	65,483,225	440,072,214
Total liabilities	3,178,053,899	454,455,666	3,454,514,881
Commitments and contingencies
Shareholders’ equity:
Treasury stock	(48,054,863)	(6,871,754)	(37,043,116)
Additional paid-in capital	1,566,949,877	224,070,852	1,609,972,272
Accumulated losses	(291,545,545)	(41,690,458)	(458,337,569)
Accumulated other comprehensive income	11,093,099	1,586,292	6,033,263
Total GreenTree Hospitality Group Ltd.’s shareholders’ equity	1,576,563,848	225,445,632	1,458,746,130
Noncontrolling interests	31,602,960	4,519,163	33,857,937
Total shareholders’ equity	1,608,166,808	229,964,795	1,492,604,067
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	4,786,220,707	684,420,461	4,947,118,948
Class A Ordinary Shares
Shareholders’ equity:
Ordinary shares, value	222,587,070	31,829,528	222,587,070
Class B Ordinary Shares
Shareholders’ equity:
Ordinary shares, value	115,534,210	16,521,172	115,534,210
Related Parties
Current assets:
Amounts due from related parties	18,843,062	2,694,522	21,839,929
Amounts due from related parties	110,000,000	15,729,791	110,000,000
Current liabilities:
Amounts due to related parties	¥ 17,518,102	$ 2,505,055	¥ 17,462,176