June 20, 2026
GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2025 Financial Results
B
- Total revenues for the fourth quarter decreased by 24.9% year over year to RMB 228.7 million (US$32.7 million)[1].
- Net income was RMB-55.7million (US$-8.0 million)[1]compared to RMB-72.8 million for the fourth quarter of 2024.
- Core net income[4]was RMB63.2 million (US$9.0 million)[1]compared to RMB57.8 million for the fourth quarter of 2024.
SHANGHAI, April 29, 2026 /PRNewswire/ — GreenTree Hospitality Group Ltd. (NYSE: GHG) (“GreenTree”, the “Company”, “we”, “us” and “our”), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2025.
Fourth Quarter of 2025 Operational Highlights
Hotels
- A total of 4,580 hotels with 327,060 hotel rooms were in operation as of December 31, 2025.
- The Company opened 76 hotels and had a pipeline of 1,260 hotels contracted for or under development as of December 31, 2025.
- The average daily room rate was RMB162, a decrease of 4.0% from RMB169 in the fourth quarter of 2024.
- The occupancy rate was 64.7%, down from 68.6% in the fourth quarter of 2024.
- Revenue per available room, or RevPAR, was RMB105, a 9.5% year-over-year decrease.
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[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 6.9931 on December 31, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260105/. |
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2. Adjusted net income is defined as net income excluding the impact by the exemption of fees from franchisees, impact from disposal of L&O hotel assets, impairment of goodwill and trademarks of restaurant business, impairment of assets, provisions for loan to franchisee loans, foreign exchange losses., and earnings from the disposal of investment. |
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3. 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, other general expenses, and other expense, net, 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. |
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4. Core net income (non-GAAP) 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, income tax expenses related to dividend distribution, 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). |
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5. Each ADS represents one ordinary share. |
Restaurants
- A total of 191 restaurants were in operation as of December 31, 2025.
- The AC (average check) was RMB38, a 17.8% year-over-year decrease.
- The ADT (average daily tickets) was 88, down from 93 in the fourth quarter of 2024.
- The ADS (average daily sales per store) was RMB3,312, a decrease of 21.8% from RMB4,234 in the fourth quarter of 2024.
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Quarter Ended |
||||
|
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
|
|
RMB |
RMB |
RMB |
RMB |
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Revenues |
||||
|
Leased-and-operated revenues |
90,969,160 |
28,534,041 |
(207,412) |
119,295,789 |
|
Franchised-and-managed revenues |
148,174,447 |
4,759,771 |
– |
152,934,218 |
|
Wholesales and others |
1,026,363 |
31,759,229 |
(495,936) |
32,289,656 |
|
Total revenues |
240,169,970 |
65,053,041 |
(703,348) |
304,519,663 |
|
Quarter Ended |
|||||
|
December 31,
2025 |
December 31,
2025 |
December 31,
2025 |
December 31,
2025 |
December 31,
2025 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
|
Revenues |
|||||
|
Leased-and-operated revenues |
85,005,220 |
21,237,340 |
– |
106,242,560 |
15,192,484 |
|
Franchised-and-managed
revenues |
104,151,920 |
954,557 |
– |
105,106,477 |
15,030,026 |
|
Wholesales and others |
724,362 |
16,926,284 |
(338,210) |
17,312,436 |
2,475,646 |
|
Total revenues |
189,881,502 |
39,118,181 |
(338,210) |
228,661,473 |
32,698,156 |
2025 Financial Results
|
Year Ended |
||||
|
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
|
|
RMB |
RMB |
RMB |
RMB |
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Revenues |
||||
|
Leased-and-operated revenues |
437,521,898 |
159,326,153 |
-207,411 |
596,640,640 |
|
Franchised-and-managed
revenues |
625,072,856 |
10,287,457 |
– |
635,360,313 |
|
Wholesales and others |
3,908,057 |
109,031,616 |
-1,500,428 |
111,439,245 |
|
Total revenues |
1,066,502,811 |
278,645,226 |
-1,707,839 |
1,343,440,198 |
|
Year Ended |
|||||
|
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
|
Revenues |
|||||
|
Leased-and-operated revenues |
381,361,912 |
106,812,441 |
(241,982) |
487,932,371 |
69,773,401 |
|
Franchised-and-managed
revenues |
528,472,018 |
5,979,850 |
– |
534,451,868 |
76,425,601 |
|
Wholesales and others |
2,514,491 |
73,456,665 |
(1,002,001) |
74,969,155 |
10,720,446 |
|
Total revenues |
912,348,421 |
186,248,956 |
(1,243,983) |
1,097,353,394 |
156,919,448 |
Total revenue
Total revenues were RMB228.7 million (US$32.7 million)[1]，a 24.9% year-over-year decrease.
Hotel revenues were RMB189.9 million (US$27.2 million)[1], a 20.9% year-over-year decrease due to a 9.5% year-over-year decrease in RevPAR, the closure of 15 L&O hotels since the first quarter of 2025 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.
Restaurant revenues were RMB39.1 million (US$5.6 million)[1], a 39.9% year-over-year decrease, mainly due to a 21.8% decrease in ADS and the decrease in the number of L&O stores.
Total revenues for the year ended December 31, 2025 were RMB1,097.4 million (US$156.9 million)[1], an 18.3% year-over-year decrease.
Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB106.2million (US$15.2 million)[1], a 10.9% year-over-year decrease.
Total revenues from L&O hotels were RMB85.0 million (US$12.2 million)[1], a 6.6% year-over-year decrease. The decrease was primarily attributable to a 4.6% year-over-year decrease in L&O hotels’ RevPAR, the closure of 15 L&O hotels since the first quarter of 2025, and the reduction in sublease income resulting from the closure of L&O hotels, offset by revenues from the opening of 5 L&O hotels during 2025.
Total revenues from L&O restaurants were RMB21.2 million (US$3.0 million)[1], a 25.6 % year-over-year decrease. The decrease was mainly due to the closure of 6 L&O stores since the first quarter of 2025 and a 14.1% year-over-year decrease in L&O stores’ ADS. Same L&O store revenues in the fourth quarter of 2025 decreased by 10.4% year over year.
Total revenues from L&O hotels and restaurants for the year ended December 31, 2025 were RMB487.9 million (US$69.8 million)[1], an 18.2% year-over-year decrease.
Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB105.1 million (US$15.0 million)[1], a 31.3% year-over-year decrease.
Total revenues from F&M hotels were RMB104.2 million (US$14.9 million)[1], a 29.7% year-over-year decrease, primarily attributable to a temporary waiver of RMB21.0 million of management fees for hotels facing business difficulties, and a decline of RMB6.9 million in membership revenues. The decrease was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically underperformed. Excluding these impacts, revenues from F&M hotels decreased 10.9% year over year, due to a 9.6% decrease in F&M hotels’ RevPAR.
Total revenues from F&M restaurants were RMB1.0 million (US$0.1 million)[1], a 79.9% year-over-year decrease. The decrease was mainly due to a 10.9% decrease in ADS.
Total revenues from F&M hotels and restaurants for the year were RMB534.5million (US$76.4million)[1], a 15.9% year-over-year decrease.
Total revenues from wholesale and others were RMB17.3 million (US$2.5 million)[1], a 46.4% year-over-year decrease.
Total revenues from wholesale and others for the year were RMB75.0 million (US$10.7 million)[1], a 32.7% year-over-year decrease.
Total operating costs and expenses
|
Quarter Ended |
||||
|
December 31, 2024 |
December 31, 2024 |
December 31, 2024 |
December 31, 2024 |
|
|
RMB |
RMB |
RMB |
RMB |
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Operating costs and
expenses |
||||
|
Operating costs |
139,910,728 |
59,854,076 |
(791,324) |
198,973,480 |
|
Selling and marketing expenses |
13,451,271 |
4,083,785 |
87,975 |
17,623,031 |
|
General and administrative
expenses |
39,695,498 |
3,347,191 |
– |
43,042,689 |
|
Other operating expenses |
2,635,870 |
16,422 |
– |
2,652,292 |
|
Impairment loss of goodwill |
– |
81,008,000 |
– |
81,008,000 |
|
Impairment of indefinite-lived
intangible asset |
– |
39,072,000 |
– |
39,072,000 |
|
Other general expenses |
30,012,799 |
– |
– |
30,012,799 |
|
Total operating costs and
expenses |
225,706,166 |
187,381,474 |
(703,349) |
412,384,291 |
|
Quarter Ended |
|||||
|
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
|
Operating costs and expenses |
|||||
|
Operating costs |
123,262,562 |
35,625,047 |
(338,210) |
158,549,399 |
22,672,263 |
|
Selling and marketing expenses |
11,805,604 |
2,001,482 |
– |
13,807,086 |
1,974,387 |
|
General and administrative expenses |
18,578,972 |
5,933,471 |
– |
24,512,443 |
3,505,233 |
|
Other operating expenses |
40,245,786 |
(57,902) |
– |
40,187,884 |
5,746,791 |
|
Impairment loss of goodwill |
– |
66,491,000 |
– |
66,491,000 |
9,508,087 |
|
Impairment of indefinite-lived
intangible asset |
– |
17,331,000 |
– |
17,331,000 |
2,478,300 |
|
Other general expenses |
31,779,622 |
– |
– |
31,779,622 |
4,544,424 |
|
Total operating costs and expenses |
225,672,546 |
127,324,098 |
(338,210) |
352,658,434 |
50,429,485 |
|
Year Ended |
||||
|
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
December 31,
2024 |
|
|
RMB |
RMB |
RMB |
RMB |
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Operating costs and expenses |
||||
|
Operating costs |
593,798,806 |
230,496,349 |
(1,707,841) |
822,587,314 |
|
Selling and marketing expenses |
55,028,196 |
12,556,863 |
– |
67,585,059 |
|
General and administrative expenses |
156,401,775 |
26,149,319 |
– |
182,551,094 |
|
Other operating expenses |
4,937,315 |
2,153,148 |
– |
7,090,463 |
|
Impairment loss of goodwill |
– |
81,008,000 |
– |
81,008,000 |
|
Impairment of indefinite-lived intangible
asset |
– |
39,072,000 |
– |
39,072,000 |
|
Other general expenses |
41,769,330 |
– |
– |
41,769,330 |
|
Total operating costs and expenses |
851,935,422 |
391,435,679 |
(1,707,841) |
1,241,663,260 |
|
Year Ended |
|||||
|
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
December
31, 2025 |
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
|
Operating costs and expenses |
|||||
|
Operating costs |
552,869,547 |
162,768,869 |
(1,243,984) |
714,394,432 |
102,157,045 |
|
Selling and marketing expenses |
46,084,781 |
8,699,788 |
– |
54,784,569 |
7,834,089 |
|
General and administrative expenses |
111,872,466 |
18,589,380 |
– |
130,461,846 |
18,655,796 |
|
Other operating expenses |
50,188,458 |
1,543,018 |
– |
51,731,476 |
7,397,503 |
|
Impairment loss of goodwill |
– |
66,491,000 |
– |
66,491,000 |
9,508,087 |
|
Impairment of indefinite-lived
intangible asset |
– |
17,331,000 |
– |
17,331,000 |
2,478,300 |
|
Other general expenses |
82,874,509 |
– |
– |
82,874,509 |
11,850,897 |
|
Total operating costs and
expenses |
843,889,761 |
275,423,055 |
(1,243,984) |
1,118,068,832 |
159,881,717 |
Operating costs were RMB158.5 million (US$22.7 million)[1], a 20.3% year-over-year decrease.
Operating costs of the hotel business were RMB123.3 million (US$17.6million)[1], an 11.9% year-over-year decrease. The decrease was mainly attributable to lower depreciation and amortization, lower staff related costs, and lower consumable, food and beverage caused by the closing of 15 L&O hotels, partially offset by the rental increase caused by 5 new L&O hotels and the renewal of certain lease agreements.
Operating costs of the restaurant business were RMB35.6million (US$5.1 million)[1], a 40.5% year-over-year decrease. The decrease was mainly due to the closure of L&O stores.
For the year, operating costs were RMB714.4 million (US$102.2 million) [1], representing a 13.2% decrease.
Selling and marketing expenses in the fourth quarter of 2025 was RMB13.8 million (US$2.0 million)[1], a 21.7% year-over-year decrease.
Selling and marketing expenses of the hotel business were RMB11.8 million (US$1.7 million)[1], a 12.2% year-over-year decrease. The decrease was mainly due to lower staff related costs, and lower traveling and meal expenses.
Selling and marketing expenses of the restaurant business were RMB2.0 million (US$0.3 million)[1]., a 51.0% year-over-year decrease. The decrease was mainly due to lower staff related expenses, and lower sales-channel commissions.
For the year, selling and marketing expenses were RMB54.8 million (US$7.8million) [1], an 18.9% decrease.
General and administrative, or G&A expenses were RMB24.5 million (US$3.5 million)[1], a 43.1% year-over-year decrease.
G&A expenses of the hotel business were RMB18.6 million (US$2.7 million)[1], a 53.2% year-over-year decrease. The decrease was mainly due to lower staff G&A staff related expenses, lower traveling and meal expenses, and lower consulting fees.
G&A expenses of the restaurant business were RMB5.9 million (US$0.8 million)[1], a 77.3 % year-over-year increase. The increase was mainly due to higher bad debt provisions for long-aged account receivables.
For the year, G&A expenses were RMB130.5 million (US$18.7 million)[1], a 28.5% year-over-year decrease.
Other operating expenses were RMB40.2 million (US$5.7 million)[1], mainly due to the disposal of L&O hotel assets. For the year, other operating expenses were RMB51.7 million, (US$7.4 million)[1], increased from RMB7.1 million in 2024.
Impairment loss of goodwill was RMB66.5million (US$9.5 million)[1] , a 17.9% decrease year over year. Impairment of indefinite-lived intangible asset was RMB17.3 million(US$2.5 million), a 55.6% decrease year over year. These expenses were impairment of goodwill and trademarks related to the restaurant business.
Other general expenses were RMB31.8million (US$4.5 million)[1], a 5.9% year-over-year increase. These expenses include provisions for loan receivables related to franchisee loans, and impairment of assets.
For the year, other general expenses were RMB82.9 million (US$11.9 million)[1].
Gross profit, defined as total revenues deducted by hotel and restaurant costs, was RMB70.1 million (US$10.0 million)[1], a year-over-year decrease of 33.6%. Gross margin was 30.7%, compared to 34.7% a year ago. The gross profit of the hotel business was RMB66.6 million (US$9.5 million)[1], a 33.6% year-over-year decrease. The gross profit of the restaurant business was RMB3.5 million (US$0.5 million)[1], a 32.8% year-over-year decrease. Gross profit for the year was RMB383.0 million (US$54.8 million) [1], a 26.5% year-over-year decrease.
Income from oper
