# EDGAR Filing Document

**Accession Number:** 0001724755
**File Stem:** 0001213900-25-094237
**Filing Date:** 2025-10
**Character Count:** 48468
**Document Hash:** 842ab9cf6037fdfb8481b41bdede7438
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-094237.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001213900-25-094237

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GreenTree Hospitality Group Ltd.
- **CENTRAL INDEX KEY:** 0001724755
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38425
- **FILM NUMBER:** 251362244

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KOSMOS GROUP 3F BLDG 1 BINJIANG INTL PLZ
- **STREET 2:** NO. 1058 YANGSHUPU ROAD, YANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 0000
- **BUSINESS PHONE:** 86-21-3617-4886

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** KOSMOS GROUP 3F BLDG 1 BINJIANG INTL PLZ
- **STREET 2:** NO. 1058 YANGSHUPU ROAD, YANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **ZIP:** 0000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**September 2025**

**Commission File Number: 001-38425**

**GreenTree Hospitality Group Ltd.**

**(Registrant's name)**

**Kosmos Group, 3F, Building 1, Binjiang International Plaza, No. 1058 Yangshupu Road, Yangpu District, Shanghai, China.200082** 

**People's Republic of China**

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **GREENTREE HOSPITALITY GROUP LTD**. | **GREENTREE HOSPITALITY GROUP LTD**. |
| By: | /s/ Alex S. Xu |
| Name: | Alex S. Xu |
| Title: | Chairman and Chief Executive Officer |

---

Date: September 30, 2025

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Green Tree Hospitality Group Ltd. Reports First Half 2025 Financial Results](ea025963501ex99-1_greentree.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

**GreenTree Hospitality Group Ltd. Reports First Half 2025 Financial Results**

● *Total revenues decreased by 14.2% year over year to RMB585.1 million (US$81.7 million)* <sup>1</sup> *.* 

 

● *Income from operations was RMB91.5 million (US$12.8 million)* <sup>1</sup> *compared to RMB156.7 million for the first half of 2024.* 

 

● *Net income was RMB198.8 million (US$27.7 million)* <sup>1</sup> *compared to RMB119.6 million for the first half of 2024.* 

 

● *Adjusted EBITDA (non-GAAP)<sup></sup>* <sup>2</sup> *decreased by 22.2% year over year to RMB149.7 million (US$20.9 million)* <sup>1</sup> <sup>。</sup>

 

● *Core net income (non-GAAP)* <sup>3</sup> *decreased by 29.6% year over year to RMB92.1 million (US$12.9 million)* <sup>1</sup> *.* 

SHANGHAI, September 30, 2025 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the first half of 2025.

**First Half 2025 Operational Highlights**

**Hotels**

 ****

● A total of 4,509 hotels with 321,977 hotel rooms were in operation as of June 30, 2025.

● The Company opened 138 hotels and had a pipeline of 1,245 hotels contracted for or under development as of June 30, 2025.

● The average daily room rate was RMB157 in the first quarter of 2025, a decrease of 6.9% from RMB169 in the first quarter of 2024, and RMB166 in the second quarter of 2025, a 3.9% year-over-year decrease.

● The occupancy rate was 64.0% in the first quarter of 2025, down from 67.8% in the first quarter of 2024, and 67.9% in the second quarter of 2025, compared to 72.5% in the second quarter of 2024.

● Revenue per available room, or RevPAR, was RMB100 in the first quarter of 2025, a 12.1% year-over-year decrease, and RMB113 in the second quarter of 2025, a 10.0% year-over-year decrease.

---

| | |
|:---|:---|
| <sup>1.</sup> | The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.1636 on June 30, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20250707/. |

---

---

| | |
|:---|:---|
| <sup>2.</sup> | 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. |

---

---

| | |
|:---|:---|
| <sup>3.</sup> | Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), other expense(net of 25% tax), one-time fees and expense, and other general expenses but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax). |

---

1 / 15

**Restaurants**

● A total of 183 restaurants were in operation as of June 30, 2025

● The AC (average check) was RMB48 in the first quarter of 2025, a 21.5% year-over-year decrease, and RMB43 in the second quarter of 2025, a 23.8% year-over-year decrease.

● The ADT (average daily tickets) was 83 in the first quarter of 2025, down from 94 in the first quarter of 2024, and 85 in the second quarter of 2025, compared to 90 in the second quarter of 2024.

● The ADS (average daily sales per store) was RMB 4,029 in the first quarter of 2025, a decrease of 37.1% from RMB 5,525 in the first quarter of 2024, and RMB 3,629 in the second quarter of 2025, a 30.5% year-over-year decrease.

**First Half 2025 Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months Ended** | **Six months Ended** | **Six months Ended** | **Six months Ended** |
|  | **June 30, <br> 2024** | **June 30,<br> 2024** | **June 30,<br> 2024** | **June 30,<br> 2024** |
|  | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **Hotel** | **Restaurant** | **Elimination** | **Total** |
| **Revenues** | | | | |
| Leased-and-operated revenues | 228393612 | 89674836 |  | 318068448 |
| Franchised-and-managed revenues | 308970282 | 3769753 |  | 312740035 |
| Wholesales and others | 2085205 | 49505598 | -460202 | 51130601 |
| **Total revenues** | 539449099 | 142950187 | -460202 | 681939084 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months Ended** | **Six months Ended** | **Six months Ended** | **Six months Ended** | **Six months Ended** |
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **US$** |
|  | **Hotel** | **Restaurant** | **Elimination** | **Total** | **Total** |
| **Revenues** | | | | | |
| Leased-and-operated revenues | 194759527 | 59058453 | -207413 | 253610567 | 35402670 |
| Franchised-and-managed revenues | 291753194 | 3176474 |  | 294929668 | 41170594 |
| Wholesales and others | 1478298 | 35511759 | -443807 | 36546250 | 5101660 |
| **Total revenues** | 487991019 | 97746686 | -651220 | 585086485 | 81674924 |

---

**Total revenues** for the first half of 2025 were RMB585.1 million (US$81.7 million)<sup>1</sup>, a 14.2% year-over-year decrease.

Hotel revenues were RMB488.0 million (US$68.1 million), a 9.5% year-over-year decrease due to an 11% year-over-year decrease in blended RevPAR across the first half year and the closure of 9 L&O hotels since the third quarter of last year. The decrease was partially offset by revenues from new openings.

Restaurant revenues were RMB97.7 million (US$13.6 million), a 31.6% year-over-year decrease, mainly due to the decrease in the number of L&O stores and lower ADS in the second quarter low season.

**Total revenues from leased-and-operated, or L&O, hotels and restaurants** were RMB253.6 million (US$35.4 million)<sup>1</sup>, a 20.3% year-over-year decrease.

Total revenues from L&O hotels were RMB 194.8 million (US$27.2 million)<sup>1</sup>, a 14.7% year-over-year decrease. The decrease was primarily attributable to the closing of 9 L&O hotels since the third quarter of last year, a 3.4% year-over-year decrease in RevPAR, and a reduction in sublease revenues mainly due to lease expiration.

Total revenues from L&O restaurants were RMB59.1 million (US$8.2 million)<sup>1</sup>, a 34.1% year-over-year decrease, mainly due to the closure of 13 L&O restaurants since the third quarter of 2024 and the year-over-year decrease in ADS.

2 / 15

**Total revenues from franchised-and-managed, or F&M, hotels and restaurants** were RMB294.9 million (US$41.2 million), a 5.7% year-over-year decrease.

Total revenues from F&M hotels were RMB291.8 million (US$40.7 million)<sup>1</sup>, a 5.6% year-over-year decrease, primarily due to a 11% decrease in F&M hotels' blended RevPAR across the first half year and partially offset by new openings.

Total revenues from F&M restaurants were RMB3.2 million (US$0.4 million)<sup>1</sup>, a 15.7% year-over-year decrease, mainly due to the year-over-year decrease in ADS and partially offset by new openings.

**Total revenues from wholesale and others** were RMB36.5 million (US$5.1 million)<sup>1</sup>, a 28.5% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.

**Total operating costs and expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2024** | **June 30,<br> 2024** | **June 30,<br> 2024** | **June 30,<br> 2024** |
|  | **RMB** | **RMB** | **RMB** | **RMB** |
|  | **Hotel** | **Restaurant** | **Elimination** | **Total** |
| **Operating costs and expenses** | | | | |
| Operating costs | 295609282 | 117276623 | -440869 | 412445036 |
| Selling and marketing expenses | 28677514 | 5591136 | -19334 | 34249316 |
| General and administrative expenses | 87397198 | 15778679 |  | 103175877 |
| Other operating expenses | 938244 | 1481949 |  | 2420193 |
| Other general expenses | 11756531 | - | - | 11756531 |
| **Total operating costs and expenses** | **424378769** | **140128387** | **-460203** | **564046953** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **RMB** | **RMB** | **US$** |
|  | **Hotel** | **Restaurant** | **Elimination** | **Total** | **Total** |
| **Operating costs and expenses** | | | | | |
| Operating costs | 286868623 | 84128367 | -651220 | 370345770 | 51698276 |
| Selling and marketing expenses | 22964944 | 4564490 |  | 27529434 | 3842961 |
| General and administrative expenses | 79683639 | 10475363 |  | 90159002 | 12585711 |
| Other operating expenses | 4290239 | 442297 |  | 4732536 | 660637 |
| Other general expenses | 11611311 | - | - | 11611311 | 1620877 |
| **Total operating costs and expenses** | 405418756 | 99610517 | -651220 | 504378053 | 70408462 |

---

**Operating costs** were RMB370.3 million (US$51.7 million)<sup>1</sup>, a 10.2% year-over-year decrease.

Operating costs of the hotel business were RMB286.9 million (US$40.0 million)<sup>1</sup>, a 0.9% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization and lower consumable, food and beverage caused by the closing of L&O hotels, partially offset by the rental increase caused by the renewal of certain lease agreements.

Operating costs of the restaurant business were RMB84.1 million (US$11.7 million)<sup>1</sup>, a 28.3% year-over-year decrease. The decrease was mainly due to the closure of L&O stores.

3 / 15

**Selling and marketing expenses** were RMB27.5 million (US$3.8 million)<sup>1</sup>, a 19.6% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB23.0 million (US$3.2 million)<sup>1</sup>, a19.9% year-over-year decrease. The decrease was mainly due to lower advertising expenses, traveling and meal expenses.

Selling and marketing expenses of the restaurant business were RMB4.6 million (US$0.6 million)<sup>1</sup>, an 18.4% year-over-year decrease.

**General and administrative, or G&A expenses** were RMB90.2 million (US$12.6 million)<sup>1</sup>, a 12.6% year-over-year decrease.

G&A expenses of the hotel business were RMB79.7 million (US$11.1 million)<sup>1</sup>, a 14.7% year-over-year decrease. The decrease was mainly due to a decrease in depreciation and amortization and lower consulting fees.

G&A expenses of the restaurant business were RMB10.5 million (US$1.5 million)<sup>1</sup>, a 33.6% year-over-year decrease, mainly due to lower staff related expenses.

**Other general expenses** of the hotel business were RMB11.6 million (US$1.6 million)<sup>1</sup>, a 1.2% year-over-year decrease. These expenses for the first half of 2025 include only the provisions for loan receivables related to franchisee loans.

**Gross profit** was RMB214.7 million (US$30.0 million)<sup>1</sup>, a year-over-year decrease of 22.1%. Gross margin was 36.7%, compared to 40.4% in the first half of 2024. Gross profit of the hotel business was RMB201.1 million (US$28.1 million)<sup>1</sup>, a 19.5% year-over-year decrease. Gross profit of the restaurant business was RMB13.6 million (US$1.9 million)<sup>1</sup>, a 47.0% year-over-year decrease.

**Income from operations** was RMB91.5 million (US$12.8 million)<sup>1 ,</sup> compared to RMB156.7 million in the first half of 2024, with a margin of 15.6%.

**Income from operations of the hotel business** was RMB93.0 million (US$13.0 million)<sup>1 ,</sup> compared to income from operations of RMB151.9 million in the first half of 2024, with a margin of 19.1%.

**Income from operations of the hotel business** in the first half of 2024 included the gain form the disposal of a property. Excluding this impact and the impact from the closing of L&O hotels, as well as the impact of bad debts, income from operations purely related to operations decreased by approximately 12.1%.

**Income (loss) from operations of the restaurant business** in the first half of 2025 was a loss of RMB1.5 million (US$0.2 million)<sup>1</sup>, compared to income from operations of RMB4.7 million in the first half of 2024, with a margin of -1.5%.

**Net income** in the first half of 2025 was RMB198.8 million (US$27.7 million)<sup>1</sup>, compared to net income of RMB119.6 million in the first half of 2024, and net margin was 34.0%.

**Net income of the hotel business** was RMB200.6 million (US$28.0 million)<sup>1</sup>, compared to a net income of RMB120.4 million in the first half of 2024, and net margin was 41.1%. Hotel net income was impacted by the divestment of our ownership in Argyle, the realized gain from an equity investment, foreign exchange losses, the closure of L&O hotels, and bad debt expenses driven by accounts receivables. Excluding these factors, net income decreased by almost 9.5%.

4 / 15

**Net income (loss) of the restaurant business** in the first half of 2025 was a loss of RMB1.8 million (US$0.3 million)<sup>1</sup>, compared to a net income of RMB3.7 million in the first half of 2024, and net margin was -1.9%.

**Adjusted EBITDA (non-GAAP)**<sup>2</sup> was RMB149.7 million (US$20.9 million)<sup>1</sup>, a year-over-year decrease of 22.2%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 25.6%, compared to 28.2% in the first half of 2024.

**Core net income (non-GAAP)** was RMB92.1 million (US$12.9 million)<sup>1</sup>, a year-over-year decrease of 29.6%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, for the first half of 2025 was 15.7%, compared to 19.2% in the first half of 2024.

**Earnings per American Depositary Share, or ADS, (basic and diluted)** were RMB1.99 (US$0.28)<sup>1</sup>, increased from RMB1.19 in the first half of 2024.

**Core net income per ADS (basic and diluted) (non-GAAP)** was RMB0.91 (US$0.13)<sup>1</sup>, decreased from RMB1.29 in the first half of 2024.

**Cash flow**- Operating cash inflow was RMB104.8 million (US$14.6 million)<sup>1</sup> as a result of income from operations. Investing cash inflow for the first half of 2025 was RMB77.0 million (US$10.8 million)<sup>1</sup>, which was primarily due to the disposal of our ownership in Argyle. Financing cash outflow was RMB0.2 million (US$0.03 million)<sup>1</sup>, due to the repayment of bank loans by the end of June 2025.

**Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits.** As of June 30, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,034.9 million (US$284.1 million)<sup>1</sup>,compared to RMB1,839.1 million as of December 31, 2024. The increase was mainly attributable to continued operating cash inflow and the divestment of our investment in Argyle.

**Guidance** 

Based on our performance in the first half of 2025 and considering the impact from closure of certain L&O hotels due to lease expiration and business strategy adjustments, we adjust our previous revenue guidance for the hotel business to -10% to -13% year-over-year.

**Dividend distribution**

The board of directors has approved the payment of a cash dividend of US$0.06 per ordinary share, or US$0.06 per American Depositary Share("ADS") payable to holders of the Company's ordinary shares shown on the Company's record at the close of trading on October 31, 2025 (the "Record Date").

**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.

5 / 15

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.

Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.

**About GreenTree Hospitality Group Ltd.**

GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading hospitality and restaurant management group in China. As of June 30, 2025, GreenTree had a total number of 4,509 hotels and 183 restaurants. In 2024, HOTELS magazine ranked GreenTree 13th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2024 according to the China Hospitality Association.

GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, and efficient system, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.

For more information on GreenTree, please visit http://ir.998.com

**Safe Harbor Statements**

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree's goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.

Financial Tables and Operational Data Follow

6 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31**<br>**2024** | **June 30,**<br>**2025** | **June 30,**<br>**2025** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 1490235562 | 1666620666 | 232651274 |
| Restricted cash | 16096476 | 11391736 | 1590225 |
| Short-term investments | 10475 | 33622 | 4693 |
| Investments in equity securities |  |  |  |
| Accounts receivable, net of allowance | 99688034 | 118040098 | 16477762 |
| Amounts due from related parties | 21839929 | 21683467 | 3026895 |
| Inventories | 6881470 | 7269088 | 1014726.00 |
| Other current assets | 114898590 | 140022478 | 19546384 |
| Loans receivable, net | 85463467 | 64146183 | 8954462 |
| **Total current assets** | **1835114003** | **2029207338** | **283266421** |
| **Non-current assets:** |  |  |  |
| Amounts due from a related party | 110000000 | 110000000 | 15355408 |
| Restricted cash | 18869900 | 18869900 | 2634136 |
| Long-term time deposits | 285570000 | 285570000 | 39864035 |
| Loans receivable, net | 15372238 | 12404118 | 1731548 |
| Property and equipment, net | 649528210 | 631282765 | 88123676 |
| Intangible assets, net | 75677551 | 74635340 | 10418692 |
| Goodwill | 96074468 | 96074468 | 13411479 |
| Long-term investments | 184024217 | 202703037 | 28296253 |
| Operating lease right-of-use assets | 1328582419 | 1352475974 | 188798366 |
| Other assets | 102545848 | 136936782 | 19115638 |
| Deferred tax assets | 245760095 | 243030389 | 33925734 |
| **TOTAL ASSETS** | **4947118949** | **5193190111** | **724941386** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| Long-term bank loans, current portion |  |  |  |
| Short-term bank loans | 400000 | 400000 | 55838 |
| Accounts payable | 56488405 | 48217419 | 6730892 |
| Advance from customers | 25684437 | 27171457 | 3792989 |
| Amounts due to related parties | 17462176 | 15717073 | 2194019 |
| Salary and welfare payable | 78234585 | 78631590 | 10976547 |
| Deferred revenue | 175046178 | 158656395 | 22147579 |
| Accrued expenses and other current liabilities | 481910291 | 528230470 | 73738130 |
| Income tax payable | 88876497 | 85376977 | 11918166 |
| Dividends payable |  |  |  |
| Operating lease liabilities, current | 241363244 | 253428345 | 35377233 |
| **Total current liabilities** | **1165465813** | **1195829726** | **166931393** |
| Long-term bank loans | 256200000 | 256000000 | 35736222 |
| Deferred revenue | 176353919 | 167654624 | 23403683 |
| Other long-term liabilities | 120975955 | 119503626 | 16682063 |
| Operating lease liabilities, non-current | 1215776075 | 1259009381 | 175750933 |
| Deferred tax liabilities | 79670908 | 59930841 | 8366023 |
| Unrecognized tax benefits | 440072214 | 445234185 | 62152296 |
| **TOTAL LIABILITIES** | **3454514884** | **3503162383** | **489022613** |
| **Shareholders' equity:** |  |  |  |
| Class A ordinary shares | 222587070 | 222587070 | 31071957 |
| Class B ordinary shares | 115534210 | 115534210 | 16127954 |
| Treasury Stock | (37043116) | (48049536) | (6707457) |
| Additional paid-in capital | 1680148272 | 1609972272 | 224743463 |
| Retained earnings (Accumulated losses) | (528513571) | (256875683) | (35858463) |
| Accumulated other comprehensive income | 6033263 | 15696666 | 2191170 |
| **Total GreenTree Hospitality Group Ltd. shareholders' equity** | **1458746128** | **1658864999** | **231568624** |
| Non-controlling interests | 33857937 | 31162729 | 4350149 |
| **Total shareholders' equity** | **1492604065** | **1690027728** | **235918773** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **4947118949** | **5193190111** | **724941386** |

---

7 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Condensed Consolidated Statements of Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Revenues** | | | |
| Leased-and-operated revenues | 318068448 | 253610567 | 35402670 |
| Franchised-and-managed revenues | 312740035 | 294929668 | 41170594 |
| Wholesales and others | 51130601 | 36546250 | 5101660 |
| **Total revenues** | **681939084** | **585086485** | **81674924** |
| **Operating costs and expenses** |  |  |  |
| Operating costs | (412445036) | (370345770) | (51698276) |
| Selling and marketing expenses | (34249316) | (27529434) | (3842961) |
| General and administrative expenses | (103175877) | (90159002) | (12585711) |
| Other operating expenses | (2420193) | (4732536) | (660637) |
| Other general expenses | (11756531) | (11611311) | (1620877) |
| **Total operating costs and expenses** | **(564046953)** | **(504378053)** | **(70408462)** |
| Other operating income | 38768237 | 10762347 | 1502366 |
| **Income from operations** | **156660367** | **91470779** | **12768828** |
| Interest income and other, net | 19950499 | 18563426 | 2591354 |
| Interest expense | (4369058) | (3817915) | (532960) |
| Gains (losses) from investment in equity securities | (15424655) | 24800795 | 3462057 |
| Other income, net | 16791024 | 97329451 | 13586667 |
| **Income before income taxes** | **173608177** | **228346536** | **31875946** |
| Income tax expense | (53181694) | (30183730) | (4213486) |
| **Income (loss) before share of gains in equity investees** | **120426483** | **198162806** | **27662460** |
| Share of loss/(income) in equity investees, net of tax | (869757) | 603873 | 84297 |
| **Net income(loss)** | **119556726** | **198766679** | **27746757** |
| Net loss/(income) attributable to non-controlling interests | 1030179 | 2695208 | 376237 |
| **Net income attributable to ordinary shareholders** | **120586905** | **201461887** | **28122994** |
| **Net earnings per share**<sup>1</sup>** |  |  |  |
| Class A ordinary share-basic and diluted | 1.19 | 1.99 | 0.28 |
| Class B ordinary share-basic and diluted | 1.19 | 1.99 | 0.28 |
| **Net earnings per ADS<sup>1</sup>** |  |  |  |
| Class A ordinary share-basic and diluted | 1.19 | 1.99 | 0.28 |
| Class B ordinary share-basic and diluted | 1.19 | 1.99 | 0.28 |
| **Weighted average shares outstanding** |  |  |  |
| Class A ordinary share-basic and diluted | 66780612 | 66636925 | 66636925 |
| Class B ordinary share-basic and diluted | 34762909 | 34762909 | 34762909 |
| **Other comprehensive income, net of tax** |  |  |  |
| Foreign currency translation adjustments | (8105751) | 9663403 | 1348959 |
| Unrealized gains(loss) on available-for-sale investments, net of tax |  |  |  |
| **Comprehensive income, net of tax** | **111450975** | **208430082** | **29095716** |
| Comprehensive loss/(income) attributable to non-controlling interests | 1030179 | 2695208 | 376237 |
| **Comprehensive income (loss) attributable to ordinary shareholders** | **112481154** | **211125290** | **29471953** |

---

<sup>1.</sup> Each ADS represents one ordinary share. EPS per ADS equals EPS per ordinary share.

8 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Hotel Business Results**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2024** | **June 30, <br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Revenues** | | | |
| Leased-and-operated revenues | 228393613 | 194759527 | 27187382 |
| Franchised-and-managed revenues | 308970282 | 291753194 | 40727175 |
| Others | 2085206 | 1478297 | 206362 |
| **Total revenues** | **539449101** | **487991018** | **68120919** |
| **Operating costs and expenses** |  |  |  |
| Hotel operating costs | (295609282) | (286868623) | (40045316) |
| Selling and marketing expenses | (28677514) | (22964944) | (3205783) |
| General and administrative expenses | (87397198) | (79683639) | (11123407) |
| Other operating expenses | (938244) | (4290239) | (598894) |
| Other general expenses | (11756531) | (11611311) | (1620877) |
| **Total operating costs and expenses** | **(424378769)** | **(405418756)** | **(56594277)** |
| Other operating income | 36850398 | 10391669 | 1450621 |
| **Income from operations** | **151920730** | **92963931** | **12977263** |
| Interest income and other, net | 19908718 | 18502925 | 2582909 |
| Interest expense | (4369058) | (3769199) | (526160) |
| Gains (losses) from investment in equity securities | (10784976) | 24800795 | 3462057 |
| Other income, net | 16709039 | 97352813 | 13589929 |
| **Income before income taxes** | **173384453** | **229851265** | **32085998** |
| Income tax expense | (52101925) | (29850815) | (4167013) |
| **Income (loss) before share of gains in equity investees** | **121282528** | **200000450** | **27918985** |
| Share of loss/(income) in equity investees, net of tax | (869757) | 603873 | 84297 |
| **Net income(loss)** | **120412771** | **200604323** | **28003282** |

---

9 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Restaurant Business Results**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, <br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Revenues** | | | |
| Leased-and-operated revenues | 89674836 | 59058453 | 8244242 |
| Franchised-and-managed revenues | 3769753 | 3176474 | 443419 |
| Wholesales and others | 49505597 | 35511759 | 4957250 |
| **Total revenues** | **142950186** | **97746686** | **13644911** |
| **Operating costs and expenses** |  |  |  |
| Restaurant operating costs | (117276623) | (84128367) | (11743867) |
| Selling and marketing expenses | (5591136) | (4564490) | (637178) |
| General and administrative expenses | (15778679) | (10475363) | (1462304) |
| Other operating expenses | (1481949) | (442297) | (61743) |
| Other general expenses | - | - | - |
| **Total operating costs and expenses** | **(140128387)** | **(99610517)** | **(13905092)** |
| Other operating income | 1917838 | 370679 | 51745 |
| **Income from operations** | **4739637** | **(1493152)** | **(208436)** |
| Interest income and other, net | 41782 | 60501 | 8446 |
| Interest expense |  | (48716) | (6800) |
| Gains (losses) from investment in equity securities |  |  |  |
| Other income, net | (27094) | (23362) | (3262) |
| **Income before income taxes** | **4754325** | **(1504729)** | **(210052)** |
| Income tax expense | (1079769) | (332915) | (46473) |
| **Income (loss) before share of gains in equity investees** | **3674556** | **(1837644)** | **(256525)** |
| Share of loss/(income) in equity investees, net of tax | - | - | - |
| **Net income(loss)** | **3674556** | **(1837644)** | **(256525)** |

---

10 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Operating activities:** | | | |
| **Net (loss) income** | **119556728** | **198766679** | **27746759** |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| Depreciation and amortization | 60479676 | 52696207 | 7356107 |
| Noncash lease expense | 137229448 | 129173622 | 18031942 |
| Loss from disposal of a subsidiary | (839682) |  |  |
| Bad debt expenses | 21768072 | 25491737 | 3558509 |
| Losses (Gains) and impairment on equity securities held | 15424655 | (24800795) | (3462057) |
| (Gains) losses on disposal of property, plant and equipment | (25116235) | 190764 | 26630 |
| Foreign exchange （gains）losses | (8763951) | 5889694 | 822170 |
| Others non-cash expense(income) | (4315806) | (603873) | (84297) |
| (Gains) from the disposal of long-term investments |  | (114042806) | (15919762) |
| Accounts receivable | (7729152) | (32232489) | (4499482) |
| Inventories | 14889563 | (387618) | (54109) |
| Amounts due from related parties | 299828 | 433622 | 60531 |
| Other current assets | 5084951 | (24680055) | (3445203) |
| Other assets | 1300958 | (9355971) | (1306043) |
| Accounts payable | (12560243) | (8291559) | (1157457) |
| Amounts due to related parties | (1404655) | (1960078) | (273616) |
| Salary and welfare payable | (1424059) | 397005 | 55420 |
| Deferred revenue | (31702936) | (25089078) | (3502300) |
| Advance from customers | (417287) | 1487020 | 207580 |
| Accrued expenses and other current liabilities | (3285616) | 46320173 | 6466047 |
| Income tax payable | (8261323) | (3499520) | (488514) |
| Unrecognized tax benefits | (6196090) | 5161971 | 720583 |
| Operating lease liabilities | (109769095) | (97768770) | (13647994) |
| Other long-term liabilities | (8319829) | (1472329) | (205529) |
| Deferred taxes | 13966300 | (17010361) | (2374555) |
| **Net cash provided by operating activities** | **159894221** | **104813193** | **14631360** |
| **Investing activities:** |  |  |  |
| Purchases of property, plant and equipment | (20193926) | (19357542) | (2702209) |
| Purchases of intangible assets |  |  |  |
| Proceeds from disposal of property, plant and equipment | 139733100 | 237334 | 33131 |
| Payment for acquisition of minority equity | (966000) |  |  |
| Proceeds from disposal of a long-term investment |  | 109036386 | 15220893 |
| Advances for purchases of property and equipment |  | (25034964) | (3494746) |
| Purchases of short-term investments |  | (23147) | (3231) |
| Proceeds from short-term investments | 419362037 |  |  |
| Proceeds from long-term time deposits | (222230000) |  |  |
| Proceeds from disposal of subsidiaries | 1500000 |  |  |
| Loan to related parties | (270000) | (625000) | (87247) |
| Repayment from related parties |  | 118982 | 16609 |
| Loan to third parties | (1200000) |  |  |
| Repayment of loan from third parties | 5595889 |  |  |
| Loan to franchisees | (1600000) | (2010000) | (280585) |
| Repayment from franchisees | 50977221 | 14684093 | 2049820 |
| **Net cash (used in) provided by investing activities** | **370708321** | **77026142** | **10752435** |
| **Financing activities:** |  |  |  |
| Distribution to the shareholders | (760321) |  |  |
| Repayment of short-term loans | (117000000) | (200000) | (27919) |
| Proceeds from bank loans | 200000000 |  |  |
| **Net cash provided by (used in) financing activities** | **82239679** | **(200000)** | **(27919)** |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2799929) | (9958977) | (1390220) |
| **Net (decrease) increase in cash and cash equivalents** | 610042292 | 171680358 | 23965656 |
| Cash and cash equivalents at the beginning of the period | 791600712 | 1525201938 | 212909981 |
| **Cash and cash equivalents at the end of the period** | 1401643003 | 1696882296 | 236875637 |

---

11 / 15

**GreenTree Hospitality Group Ltd.**

**Unaudited Reconciliation of GAAP and Non-GAAP Results**

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** |
| **Net income** | **119556728** | **198766679** | **27746759** |
| **Deduct:** |  |  |  |
| Other operating income | 38768236 | 10762348 | 1502366 |
| Interest income and other, net | 19950499 | 18563426 | 2591354 |
| Gains from investment in equity securities |  | 24800795 | 3462057 |
| Share of gain in equity investees, net of tax |  | 603873 | 84297 |
| Other income, net | 16791024 | 97329451 | 13586667 |
| **Add:** |  |  |  |
| Other operating expenses | 2420193 | 4732536 | 660637 |
| Other general expenses | 11756531 | 11611311 | 1620877 |
| Income tax expenses (benefits) | 53181694 | 30183730 | 4213486 |
| Share of loss in equity investees, net of tax | 869757 |  |  |
| Interest expenses | 4369058 | 3817915 | 532960 |
| Depreciation and amortization | 60479676 | 52696207 | 7356106 |
| Losses from investment in equity securities | 15424655 |  |  |
| Other expense, net | - | - | - |
| **Adjusted EBITDA (Non-GAAP)** | **192548532** | **149748485** | **20904084** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2025** |
| **Net income** | **119556728** | **198766679** | **27746759** |
| **Deduct:** |  |  |  |
| Government subsidies (net of 25% tax) | 469886 | 5447641 | 760461 |
| Gains from investment in equity securities |  | 18600596 | 3462057 |
| Other income (net of 25% tax) | 12593268 | 101507790 | 14169941 |
| **Add:** |  |  |  |
| Share-based compensation | 31324 |  |  |
| Losses from investments in equity securities (net of 25% tax) | 11568491 |  |  |
| Other expense (net of 25% tax) |  |  |  |
| One-time fees and expenses | 1055008 |  |  |
| Other general expenses | 11756531 | 11611311 | 1620877 |
| Income tax expenses related to dividend distribution | - | 7299300 | 1018943 |
| **Core net income (Non-GAAP)** | **130904926** | **92121263** | **11994120** |
| **Core net income per ADS (Non-GAAP)** |  |  |  |
| Class A ordinary share-basic and diluted | **1.29** | **0.91** | **0.12** |
| Class B ordinary share-basic and diluted | **1.29** | **0.91** | **0.12** |

---

12 / 15

**Hotel Operational Data** 

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2024** | **June 30,<br> 2025** |
| **Total hotels in operation:** | **4272** | **4509** |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased and owned hotels | 62 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchised hotels | 4210 | 4454 |
| **Total hotel rooms in operation** | **312734** | **321977** |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased and owned hotels | 6937 | 6772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchised hotels | 305797 | 315245 |
| **Number of cities** | **353** | **357** |

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **2024 Q1** | **2025 Q1** |
| **Occupancy rate (as a percentage)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 66.6% | 61.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchised hotels | 67.9% | 64.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 67.8% | 64.0% |
| **Average daily rate (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 235 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchised hotels | 167 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 169 | 157 |
| **RevPAR (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 157 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Franchised hotels | 113 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended | 114 | 100 |

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **2024 Q2** | **2025 Q2** |
| **Occupancy rate (as a percentage)** | | |
| &nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 70.7% | 72.3% |
| &nbsp;&nbsp;&nbsp;Franchised hotels | 72.6% | 67.8% |
| &nbsp;&nbsp;&nbsp;Blended | 72.5% | 67.9% |
| **Average daily rate (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 250 | 245 |
| &nbsp;&nbsp;&nbsp;Franchised hotels | 171 | 164 |
| &nbsp;&nbsp;&nbsp;Blended | 173 | 166 |
| **RevPAR (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned hotels | 177 | 177 |
| &nbsp;&nbsp;&nbsp;Franchised hotels | 124 | 111 |
| &nbsp;&nbsp;&nbsp;Blended | 135 | 113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Hotels <br> in Operation** | **Number of Hotels <br> in Operation** | **Number of Hotel Rooms<br> in Operation** | **Number of Hotel Rooms<br> in Operation** |
|  | **June 30,<br> 2024** | **June 30,<br> 2025** | **June 30,<br> 2024** | **June 30,<br> 2025** |
| **Mid-to-up-scale** | **505** | **569** | **47697** | **52773** |
| &nbsp;&nbsp;&nbsp;GreenTree Eastern | 227 | 236 | 24493 | 25107 |
| &nbsp;&nbsp;&nbsp;Deepsleep Hotel | 7 | 8 | 534 | 610 |
| &nbsp;&nbsp;&nbsp;Gem | 82 | 119 | 7258 | 10781 |
| &nbsp;&nbsp;&nbsp;Gya | 75 | 72 | 6238 | 6012 |
| &nbsp;&nbsp;&nbsp;Vx | 99 | 108 | 8695 | 9024 |
| &nbsp;&nbsp;&nbsp;Others | 15 | 26 | 499 | 1239 |
| **Mid-scale** | **2948** | **3005** | **229970** | **226336** |
| &nbsp;&nbsp;&nbsp;GreenTree Inn | 2315 | 2366 | 182957 | 184561 |
| &nbsp;&nbsp;&nbsp;GT Alliance | 428 | 408 | 32726 | 25930 |
| &nbsp;&nbsp;&nbsp;GreenTree Apartment | 21 | 24 | 1385 | 1545 |
| &nbsp;&nbsp;&nbsp;Vatica | 109 | 107 | 7705 | 7481 |
| &nbsp;&nbsp;&nbsp;Geli | 75 | 100 | 5197 | 6819 |
| **Economy hotels** | **819** | **935** | **35067** | **42868** |
| &nbsp;&nbsp;&nbsp;Shell | 819 | 935 | 35067 | 42868 |
| &nbsp;&nbsp;&nbsp;Others | - | - | - | - |
| **Total** | **4272** | **4509** | **312734** | **321977** |

---

13 / 15

**Restaurant Operational Data**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2024** | **June 30,<br> 2025** |
| **Total restaurants in operation:** | **183** | **183** |
| &nbsp;&nbsp;&nbsp;Leased and owned restaurants | 24 | 15 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 159 | 168 |
| **Number of cities**<sup>1</sup>** | **64** | **53** |
| **Da Niang Dumplings** | **155** | **164** |
| **Bellagio** | **28** | **19** |

---

<sup>1.</sup> Store mix shifted to fewer cities due to closures and relocations.

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **2024 Q1** | **2025 Q1** |
| **ADT** | | |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 155 | 210 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 81 | 71 |
| &nbsp;&nbsp;&nbsp;Blended | 94 | 83 |
| **AC (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 113 | 98 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 42 | 35 |
| &nbsp;&nbsp;&nbsp;Blended | 59 | 48 |
| **ADS (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 17580 | 20545 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 3364 | 2459 |
| &nbsp;&nbsp;&nbsp;Blended | 5525 | 4029 |

---

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **2024 Q2** | **2025 Q2** |
| **ADT** | | |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 165 | 215 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 73 | 74 |
| &nbsp;&nbsp;&nbsp;Blended | 90 | 85 |
| **AC (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 105 | 88 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 38 | 32 |
| &nbsp;&nbsp;&nbsp;Blended | 53 | 43 |
| **ADS (in RMB)** |  |  |
| &nbsp;&nbsp;&nbsp;Leased-and-owned restaurants | 17306 | 18931 |
| &nbsp;&nbsp;&nbsp;Franchised restaurants | 2814 | 2363 |
| &nbsp;&nbsp;&nbsp;Blended | 4737 | 3629 |

---

14 / 15

**For more information, please contact:**

**GreenTree**

Ms. Selina Yang

Phone: +86-158-2166-6251

E-mail: ir@998.com

Ms. Hannah Zhang

Phone: +86-182-2560-8592

E-mail: ir@998.com

**Christensen**

In Shanghai

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

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