GreenTree Hospitality Group Ltd. Reports Second Quarter of 2026 Financial Results

About this update from Global Hemp Group, Inc.

GreenTree Hospitality Group Ltd. Reports Second Quarter of 2026 Financial Results /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen38{ PADDING-RIGHT:0.83em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen34{ PADDING-RIGHT:0.83em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen6{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen9{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen3{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen37{ PADDING-RIGHT:0.83em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen5{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen43{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen30{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen11{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen42{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid } .prngen18{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen48{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen16{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen24{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen21{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen12{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen19{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen14{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen17{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen13{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen27{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 3PT double; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen47{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen4{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen10{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen23{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen32{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prngen29{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen26{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 3PT double; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen40{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid } .prngen28{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 3PT double; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen25{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 3PT double; BORDER-LEFT:black 1pt } .prngen8{ PADDING-RIGHT:0.33em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen7{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen35{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 0.5pt solid } .prngen15{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen36{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid } .prngen33{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 0.5pt solid } .prngen46{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt } .prnpr4{ PADDING-RIGHT:0.33em } .prnrbrb1{ BORDER-RIGHT:black 1pt } .prnbsbls{ BORDER-LEFT:black 0.5pt solid } .prntac{ TEXT-ALIGN: CENTER } .prnml4{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT } .prnsbbb0{ BORDER-BOTTOM:black 0pt } .prnpl2{ PADDING-LEFT:0.17em } .prnml20{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:1.67em !IMPORTANT } .prnbrbrs{ BORDER-RIGHT:black 0.5pt solid } .prntaj{ TEXT-ALIGN: JUSTIFY } .prnbbbs{ BORDER-BOTTOM:black 0.5pt solid } .prntar{ TEXT-ALIGN: RIGHT } .prnsblb0{ BORDER-LEFT:black 0pt } .prnpr10{ PADDING-RIGHT:0.83em } .prnbcc{ BORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black } .prnsbtb1{ BORDER-TOP:black 1pt } .prncbts{ BORDER-TOP:black 0.5pt solid } .prnrbrb0{ BORDER-RIGHT:black 0pt } .prnpr2{ PADDING-RIGHT:0.17em } .prnsblb1{ BORDER-LEFT:black 1pt } .prnml10{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.83em !IMPORTANT } .prnvam{ VERTICAL-ALIGN: MIDDLE } .prntal{ TEXT-ALIGN: LEFT } .prnvab{ VERTICAL-ALIGN: BOTTOM } .prnsbbb1{ BORDER-BOTTOM:black 1pt } .prnsbtb0{ BORDER-TOP:black 0pt } PR Newswire Total revenues decreased by 18 . 7 % year over year to RMB 235.1 million (US$ 34.7 million) [1] . Income from operations was RMB 48.2 million (US$ 7.1 million) [1] compared to RMB 49.2 million for the second quarter of 202 5 . Net income was RMB 21.3 million (US$ 3.1 million) [1] compared to RMB 160.0 million for the second quarter of 202 5 . Core net income (non-GAAP) [ 3 ]   in creased 4.4 % year over year to RMB 47.2 million (US$ 7.0 million) [1] SHANGHAI , Aug. 24, 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 second quarter of 2026. Second Quarter of 2026 Operational Highlights Hotels A total of 4,615 hotels with 330,029 hotel rooms were in operation as of June 30, 2026. The Company opened 18 hotels in the second quarter of 2026 and had a pipeline of 1,278 hotels contracted for or under development as of June 30, 2026.  The average daily room rate was RMB157, a decrease of 5.3% from RMB166 in the second quarter of 2025. The occupancy rate was 65.2%, decreased from 67.9% in the second quarter of 2025.  Revenue per available room, or RevPAR, was RMB103, a 9.1% year-over-year decrease. Restaurants A total of 198 restaurants were in operation as of June 30, 2026. The AC (average check) was RMB36, a 15.5% year-over-year decrease. The ADT (average daily tickets) was 81, decreased from 85 in the second quarter of 2025. The ADS (average daily sales per store) was RMB2,893, a decrease of 20.3% from RMB3,629 in the second quarter of 2025. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of 6.7851 on June 30, 2026 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20260706/ . No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate or at any other rate. [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, 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. [3] 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 subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax). [4] Each ADS represents one ordinary share.   Second Quarter of 2026 Financial Results Quarter Ended June    30, 202 5 June   30, 2025   June 30, 2025 June   30, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Revenues Leased-and-operated revenues 105,970,283 28,389,854 (207,413) 134,152,724 Franchised-and-managed revenues 137,496,914 1,421,688 - 138,918,602 Wholesales and others 561,244 16,076,011 (443,807) 16,193,448 Total revenues 244,028,441 45,887,553 (651,220) 289,264,774   Quarter Ended June 30, 202 6 June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Revenues Leased-and-operated revenues 77,613,926 18,246,301 - 95,860,227 14,128,049 Franchised-and-managed revenues 126,253,871 505,479 - 126,759,350 18,682,016 Wholesales and others 717,195 11,771,620 - 12,488,815 1,840,624 Total revenues 204,584,992 30,523,400 - 235,108,392 34,650,689   Six Months Ended June 30, 2025 June 30, 2025 June 30, 2025 June 30, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Revenues Leased-and-operated revenues 194,165,718 59,058,453 (207,413) 253,016,758 Franchised-and-managed revenues 261,353,522 3,176,474 - 264,529,996 Wholesales and others 1,478,298 35,511,759 (443,807) 36,546,250 Total revenues 456,997,538 97,746,686 (651,220) 554,093,004   Six Months Ended June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Revenues Leased-and-operated revenues 152,151,688 38,268,277 - 190,419,965 28,064,430 Franchised-and-managed revenues 239,620,481 2,438,634 - 242,059,115 35,675,099 Wholesales and others 1,508,083 28,897,131 (39,176) 30,366,038 4,475,400 Total revenues 393,280,252 69,604,042 (39,176) 462,845,118 68,214,929   Total revenues were RMB235.1 million (US$34.7 million) [1] , an 18.7% year-over-year decrease.   Hotel revenues were RMB204.6 million (US$30.2 million) [1] , a 16.2% year-over-year decrease due to a 9.1% year-over-year decrease in RevPAR and a net closure of 13 L&O hotels since the second quarter of 2025 due to lease expiration and strategic reviews. The decrease was partially offset by revenues from new openings. Restaurant revenues were RMB30.5 million (US$4.5 million) [1] , a 33.5% year-over-year decrease, mainly due to a 20.3% decrease in ADS and a net closure of 2 L&O stores since the second quarter of 2025 due to strategic reviews, offset by revenues from new F&M store openings. Total revenues for the first six months of 2026 were RMB462.8 million (US$68.2 million) [1] , a 16.5% year-over-year decrease. Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB95.9 million (US$14.1 million) [1] , a 28.5% year-over-year decrease. Total revenues from L&O hotels were RMB77.6 million (US$11.4 million) [1] , a 26.8% year-over-year decrease. The decrease was primarily attributable to a 15.3% year-over-year decrease in the second quarter RevPAR of L&O hotels, a net closure of 13 L&O hotels since the second quarter of 2025, and the reduction in sublease revenues resulting from the closure of L&O hotels. Total revenues from L&O restaurants were RMB18.2 million (US$2.7 million) [1] , a 35.7% year-over-year decrease, mainly due to a net closure of 2 L&O stores and the year-over-year decrease of 15.1% in L&O store's ADS. Total revenues from L&O hotels and restaurants for the first six months of 2026 were RMB190.4 million (US$28.1 million) [1] , a 24.7% year-over-year decrease. Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB126.8 million (US$18.7 million) [1] , an 8.8% year-over-year decrease. Total revenues from F&M hotels were RMB126.3 million (US$18.6 million) [1] , an 8.2% year-over-year decrease, primarily due to an 8.8% decrease in F&M hotels' RevPAR, an exemption of management fees for hotels facing business difficulties, and a decline of RMB3.0 million in membership revenues. For comparability, the year-over-year change is presented on a basis that applies the same fee-exemption treatment to the corresponding period of 2025. The decrease in membership revenues was partially due to the amortization cycle started from the pandemic period three years ago, in which the sales of membership cards were historically under-performed. Total revenues from F&M restaurants were RMB0.5 million (US$74,498.4) [1] , a 64.4% year-over-year decrease, mainly due to a decrease of 12.8% in the ADS of F&M stores and an exemption of management fees. Total revenues from F&M hotels and restaurants for the first six months of 2026 were RMB242.1 million (US$35.7 million) [1] , an 8.5% year-over-year decrease. Total revenues from wholesale and others were RMB12.5 million (US$1.8 million) [1] , a 22.9% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business. Total revenues from wholesale and others for the first six months of 2026 were RMB30.4 million (US$4.5 million) [1] , a 16.9% year-over-year decrease. Total operating costs and expenses Quarter Ended June 30, 2025 June 30, 202 5 June 30, 2025 June 30, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Operating costs and expenses Operating costs 144,150,447 39,588,702 (651,220) 183,087,929 Selling and marketing expenses 8,424,702 2,062,702 - 10,487,404 General and administrative expenses 38,032,276 5,186,679 - 43,218,955 Other operating expenses 4,241,044 221,149 - 4,462,193 Other general expenses 5,805,656 - - 5,805,656 Total operating costs and expenses 200,654,125 47,059,232 (651,220) 247,062,137   Quarter Ended June 30, 202 6 June 30, 2026 June   30, 2026 June 30, 2026 June 30, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Operating costs and expenses Operating costs 120,581,608 25,958,440 - 146,540,048 21,597,331 Selling and marketing expenses 8,896,407 1,308,420 - 10,204,827 1,504,005 General and administrative expenses 25,084,172 3,026,966 - 28,111,138 4,143,069 Other operating expenses 182,467 9,112 - 191,579 28,235 Other general expenses 4,607,450 - - 4,607,450 679,054 Total operating costs and expenses 159,352,104 30,302,938 - 189,655,042 27,951,694   Six Months Ended June 30, 202 5 June 30, 2025 June 30, 2025 June 30, 2025 RMB RMB RMB RMB Hotel Restaurant Elimination Total Operating costs and expenses Operating costs 286,868,622 84,128,367 (651,220) 370,345,769 Selling and marketing expenses 22,964,944 4,564,490 - 27,529,434 General and administrative expenses 79,683,638 10,475,363 - 90,159,001 Other operating expenses 4,290,239 442,297 - 4,732,536 Other general expenses 11,611,311 - - 11,611,311 Total operating costs and expenses 405,418,755 99,610,517 (651,220) 504,378,052   Six Months Ended June 30, 202 6 June 30, 2026 June 30, 2026 June 30, 2026 June 30, 2026 RMB RMB RMB RMB US$ Hotel Restaurant Elimination Total Total Operating costs and expenses Operating costs 245,589,032 59,783,354 (39,176) 305,333,210 45,000,547 Selling and marketing expenses 18,109,839 3,511,634 - 21,621,473 3,186,611 General and administrative expenses 49,169,114 5,954,747 - 55,123,861 8,124,252 Other operating expenses 3,354,535 42,437 - 3,396,972 500,652 Other general expenses 9,718,569 - - 9,718,569 1,432,340 Total operating costs and expenses 325,941,089 69,292,172 (39,176) 395,194,085 58,244,402   Operating costs were RMB 146.5 million (US$21.6 million) [1] , a 20.0% year-over-year decrease. Operating costs of the hotel business were RMB120.6 million (US$17.8 million) [1] , a 16.4% year-over-year decrease. The decrease was mainly attributable to lower staff related costs, lower depreciation and amortization, and lower rental costs caused by the net closure of 13 L&O hotels since the second quarter of 2025. Operating costs of the restaurant business in the second quarter of 2026 were RMB26.0 million (US$3.8 million) [1] , a 34.4% year-over-year decrease, due to the closure of L&O stores. For the first six months of 2026, operating costs were RMB305.3 million (US$45.0 million) [1] , a 17.6% decrease. Selling and marketing expenses were RMB10.2 million (US$1.5 million) [1] , a 2.7% year-over-year decrease. Selling and marketing expenses of the hotel business were RMB8.9 million (US$1.3 million) [1] , a 5.6% year-over-year increase. The increase was mainly due to higher advertising and commission expenses. Selling and marketing expenses of the restaurant business were RMB1.3 million (US$0.2 million) [1] , a 36.6% year-over-year decrease, mainly attributable to lower advertising expenses and lower sales-channel commissions. For the first six months of 2026, selling and marketing expenses were RMB21.6 million (US$3.2 million) [1] , a 21.5% decrease. General and administrative, or G&A expenses were RMB28.1 million (US$4.1 million) [1] , a 35.0% year-over-year decrease. G&A expenses of the hotel business were RMB25.1 million (US$3.7 million) [1] , a 34.0% year-over-year decrease. The decrease was mainly due to lower G&A staff related expenses, lower credit losses for accounts receivable and lower consulting fees. G&A expenses of the restaurant business were RMB3.0 million (US$0.4 million) [1] , a 41.6% year-over-year decrease, mainly due to lower G&A staff related expenses and lower credit losses for accounts receivable. General and administrative expenses for the first six months of 2026 were RMB55.1 million (US$8.1 million) [1] , a 38.9% year-over-year decrease. Other operating expenses were RMB0.2 million (US$28,235.0) [1] . Other operating expenses for the first six months of 2026 were RMB3.4 million (US$0.5 million) [1] , decreased from RMB4.7 million one year ago. Other general expenses were RMB4.6 million (US$0.7 million) [1] , mainly attributable to provisions for franchisee loans. Other general expenses for the first six months of 2026 were RMB9.7 million (US$1.4 million) [1] , a decrease from RMB11.6 million one year ago. Gross profit  was RMB88.6 million (US$13.1 million) [1] , a year-over-year decrease of 16.6%. Gross margin was 37.7%, compared to 36.7% a year ago. The gross profit of the hotel business was RMB84.0 million (US$12.4 million) [1] , a 15.9% year-over-year decrease. The gross profit of the restaurant business was RMB4.6 million (US$0.7 million) [1] , a 27.5% year-over-year decrease. Income from operations in the second quarter of 2026 was RMB48.2 million (US$7.1 million) [1] , compared to income from operations of RMB49.2 million in the second quarter of 2025, with a margin of 20.5%. The stable profitability was mainly attributable to lower operating costs and expenses, despite the decline in revenue. Income from operations of the hotel business was RMB46.7 million (US$6.9 million) [1] , compared to an income from operations of RMB50.2 million in the second quarter of 2025, with a margin of 22.8%. Income from operations of the restaurant business in the second quarter of 2026 was RMB1.6 million (US$0.2 million) [1] , compared to loss from operations of RMB1.0 million in the second quarter of 2025, with a margin of 5.2%. Income from operations for the first six months of 2026 was RMB76.9 million (US$11.3 million) [1] compared to income from operations of RMB60.5 million in 2025, with a margin of 16.6%. Net income in the second quarter of 2026 was RMB21.3 million (US$3.1 million) [1] , compared to a net income of RMB160.0 million in the second quarter of 2025, and net margin was 9.0%. Net income of the hotel business was RMB19.7 million (US$2.9 million) [1] , compared to a net income of RMB161.2 million in the second quarter of 2025, and net margin was 9.7%. Hotel net income in the second quarter of 2025 was impacted by the one-time divestment of our ownership in Argyle and fair value fluctuation in securities. Besides, hotel net income was also impacted by foreign exchange losses, bad debt expenses driven by accounts receivables, and withholding tax due to dividends distributions. Net income of the restaurant business in the second quarter of 2026 was RMB1.5 million (US$0.2 million) [1] , compared to a net loss of RMB1.2 million in the second quarter of 2025, and net margin was 4.9%. Net income for the first six months of 2026 was RMB35.3 million (US$5.2 million) [1] , compared to a net income of RMB167.8 million in 2025, and net margin was 7.6%. Adjusted EBITDA (non-GAAP) [ 2 ] in the second quarter of 2026 was RMB68.9 million (US$10.2 million) [1] , a year-over-year decrease of 12.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP ) [ 2 ] as a percentage of total revenues, was 29.3%, compared to 27.1% a year ago. Adjusted EBITDA (non-GAAP) [ 2 ] for the first six months of 2026 was RMB122.1 million (US$18.0 million) [1] , a year-over-year increase of 3.5%. Core net income (non-GAAP) [ 3 ] in the second quarter of 2026 was RMB47.2 million (US$7.0 million) [1] , a year-over-year increase of 4.4%. The core net margin, defined as core net income (non-GAAP) [ 3 ] as a percentage of total revenues, was 20.1%, compared to 15.6% one year ago. Core net income (non-GAAP) [ 3 ] for the first six months of 2026 was RMB71.1 million (US$10.5 million) [1] , a year-over-year increase of 16.2%. Earnings per American Depositary Share, or ADS [4 ]  ( basic and diluted) were RMB0.21 (US$0.03) [1] , decreased from RMB1.59 one year ago. Earnings per American Depositary Share, or ADS [4 ]  ( basic and diluted) for the first six months of 2026 were RMB0.36 (US$0.05) [1] , decreased from RMB 1.68 one year ago.  Core net income per ADS [4] (basic and diluted) (non-GAAP) was RMB0.47 (US$0.07) [1] , increased from RMB0.45 a year ago. Core net income per ADS [4] (basic and diluted) (non-GAAP) was RMB0.70 (US$0.10) [1]  for the first six months of 2026, an increase from RMB0.60 a year ago. Cash Flow. Operating cash inflow in the  second quarter of 2026 was RMB23.3 million (US$3.4 million ) [1]  as a result of income from operations. The amount decreased by RMB23.3 million compared with the second quarter of 2025, primarily due to a net decline of approximately RMB31.0 million in accounts payable to franchisees. Investing cash outflow was RMB25.0 million (US$3.7 million) [1] , which was primarily due to purchase of equipment for newly opened L&O hotels and loans for the renovation of newly opened resort hotels from strategic reviews. Financing cash outflow was RMB0.2 million (US$29,476.0) [1] , mainly due to repayment of bank borrowings. Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits.  As of June 30, 2026, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,000.3 million (US$294.8 million) [1] , compared to RMB2,010.2 million as of March 31, 2026. The decrease was mainly due to investment on purchase of equipment for newly opened L&O hotels and loans for the renovation of newly opened resort hotels from strategic reviews, partially offset by cash from operating activities. Guidance Based on our performance in the first half year, we maintain our previous revenue guidance for the hotel business, that we expect revenue to decrease by 10% to 15% year over year for the year of 2026. 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. Recent Development In 2025, we entered into an agreement to acquire a hotel property located opposite the Twin Towers in Malaysia for strategic purposes. This property was handed over in July 2026 and will serve as our flagship asset to scale our hotel network across Malaysia and the broader Southeast Asian market. In 2025, we entered into a letter of intent to acquire a landmark property along the Huangpu River waterfront in Yangpu District, Shanghai, and subsequently won the bid for the property through a competitive bidding process. The property is planned to be developed into the Company's signature flagship hotel in Shanghai, anchoring our mid-to- up-scale strategy at one of the city's prime riverfront locations. Beyond hotel operations, the property will feature a curated regional lifestyle center with food-and-beverage and other amenities designed to complement the hotel, enhance the guest experience and generate additional recurring revenue streams, while one floor will house the Company's corporate offices. The remaining closing procedures are expected to be completed before the end of the third quarter of 2026, subject to customary closing conditions . Share Repurchase Program The Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to US$5 million of its Class A ordinary shares over a two-year period, effective from the date of approval. Repurchases may be conducted through open market transactions at prevailing market prices, privately negotiated transactions, block trades or other legally permitted methods, at the Company's discretion, subject to market conditions, applicable securities laws and regulations, and the trading price of the Company's ADSs. The program may be suspended, modified or terminated at any time at the Board's discretion without prior notice.  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, 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, 2026, GreenTree had a total number of 4,615 hotels and 198 restaurants. GreenTree was the fourth largest hospitality company in China in 2025 according to the China Hospitality Association. In 2025, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, mid-to-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   GreenTree Hospitality Group Ltd.   Unaudited Condensed Consolidated Balance Sheets December 31 June 30 June 30  2025 2026 2026 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,652,179,474 1,689,632,928 249,021,080 Restricted cash 7,389,650 6,209,434 915,157 Short-term investments - 285,570,000 42,087,810 Accounts receivable, net of allowance 81,335,494 67,987,065 10,020,053 Amounts due from related parties 18,843,062 18,889,143 2,783,915 Inventories 4,922,160 5,140,534 757,621 Other current assets 92,557,400 100,329,837 14,786,788 Loans receivable, net 38,798,333 44,431,478 6,548,390 Total current assets 1,896,025,573 2,218,190,419 326,920,814 Non-current assets: Amounts due from a related party 110,000,000 110,000,000 16,211,994 Restricted cash 18,869,900 18,870,700 2,781,197 Long-term time deposits 285,570,000 - - Loans receivable, net 12,034,825 12,880,353 1,898,329 Property and equipment, net 559,918,957 531,254,248 78,297,188 Intangible assets, net 56,403,818 54,609,365 8,048,424 Goodwill 25,721,262 25,650,746 3,780,452 Long-term investments 156,929,090 154,751,060 22,807,484 Operating lease right-of-use assets 1,130,088,595 1,110,322,494 163,641,287 Other assets 297,560,050 325,549,861 47,980,112 Deferred tax assets 237,098,634 233,667,462 34,438,323 TOTAL ASSETS 4,786,220,704 4,795,746,708 706,805,604 LIABILITIES AND EQUITY Current liabilities: Long-term bank loans, current portion  56,800,000 256,000,000 37,729,731 Accounts payable 44,687,183 44,670,517 6,583,620 Advance from customers 21,946,599 20,056,437 2,955,953 Amounts due to related parties 17,518,102 16,190,050 2,386,118 Salary and welfare payable 73,657,641 75,502,874 11,127,747 Deferred revenue 169,139,889 166,024,779 24,469,025 Accrued expenses and other current liabilities 539,836,968 523,274,741 77,121,154 Income tax payable 72,129,824 36,878,708 5,435,249 Operating lease liabilities, current 184,665,265 163,899,705 24,155,827 Total current liabilities 1,180,381,471 1,302,497,811 191,964,424 Long-term bank loans 199,400,000 45,597,470 6,720,236 Deferred revenue 134,414,010 115,474,940 17,018,900 Other long-term liabilities 117,513,512 110,137,975 16,232,329 Operating lease liabilities, non-current 1,032,472,822 1,047,898,560 154,441,137 Deferred tax liabilities 55,941,338 50,682,606 7,469,692 Unrecognized tax benefits 457,930,743 468,007,303 68,975,741 TOTAL LIABILITIES 3,178,053,896 3,140,296,665 462,822,459 Shareholders' equity: Class A ordinary shares 222,587,070 222,587,070 32,805,275 Class B ordinary shares 115,534,210 115,534,210 17,027,636 Treasury Stock (48,054,863) (48,054,863) (7,082,410) Additional paid-in capital 1,566,949,877 1,566,949,877 230,939,835 Retained earnings (Accumulated losses) (291,545,545) (255,247,242) (37,618,789) Accumulated other comprehensive income 11,093,099 23,087,047 3,402,610 Total GreenTree Hospitality Group Ltd.shareholders'  equity 1,576,563,848 1,624,856,099 239,474,157 Non-controlling interests 31,602,960 30,593,944 4,508,988 Total shareholders' equity 1,608,166,808 1,655,450,043 243,983,145 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,786,220,704 4,795,746,708 706,805,604       GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements of Comprehensive Income Quarter Ended Six Months Ended June 30, 2025 June 30, 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2026 RMB RMB US$ RMB RMB US$ Revenues Leased-and-operated revenues 134,152,724 95,860,227 14,128,049 253,016,758 190,419,964 28,064,430 Franchised-and-managed revenues 138,918,602 126,759,349 18,682,016 264,529,997 242,059,115 35,675,099 Wholesales and others 16,193,449 12,488,815 1,840,624 36,546,250 30,366,038 4,475,400 Total revenues 289,264,774 235,108,391 34,650,689 554,093,005 462,845,118 68,214,929 Operating costs and expenses Operating costs (183,087,930) (146,540,048) (21,597,331) (370,345,769) (305,333,210) (45,000,547) Selling and marketing expenses (10,487,404) (10,204,827) (1,504,005) (27,529,434) (21,621,473) (3,186,611) General and administrative expenses (43,218,955) (28,111,138) (4,143,069) (90,159,001) (55,123,861) (8,124,252) Other operating expenses (4,462,193) (191,579) (28,235) (4,732,536) (3,396,972) (500,652) Other general expenses (5,805,656) (4,607,450) (679,054) (11,611,311) (9,718,569) (1,432,339) Total operating costs and expenses (247,062,137) (189,655,042) (27,951,694) (504,378,052) (395,194,085) (58,244,401) Other operating income 6,961,716 2,787,310 410,799 10,762,348 9,259,293 1,364,651 Income from operations 49,164,353 48,240,659 7,109,794 60,477,301 76,910,325 11,335,179 Interest income and other, net 7,941,224 8,260,486 1,217,445 18,563,426 17,093,664 2,519,294 Interest expense (1,940,043) (1,818,422) (268,002) (3,817,915) (3,678,202) (542,100) Gains (losses) from investment in equity securities 24,800,795 - - 24,800,795 - - Other income, net 105,686,128 (22,673,585) (3,341,673) 97,329,451 (33,327,474) (4,911,861) Income before income taxes 185,652,457 32,009,138 4,717,564 197,353,058 56,998,313 8,400,512 Income tax expense (25,969,005) (9,829,293) (1,448,659) (30,183,730) (19,530,999) (2,878,513) Income (loss) before share of gains in equity investees 159,683,452 22,179,845 3,268,905 167,169,328 37,467,314 5,521,999 Share of income/(loss) in equity investees, net of tax 301,937 (921,953) (135,879) 603,873 (2,178,030) (321,002) Net income (loss) 159,985,388 21,257,892 3,133,026 167,773,201 35,289,284 5,200,997 Net income/(loss) attributable to non-controlling interests 1,650,876 (464,173) (68,411) 2,695,208 1,009,019 148,711 Net income attributable to ordinary shareholders 161,636,264 20,793,719 3,064,615 170,468,409 36,298,303 5,349,708 Net earnings per share Class A ordinary share-basic and diluted 1.59 0.21 0.03 1.68 0.36 0.05 Class B ordinary share-basic and diluted 1.59 0.21 0.03 1.68 0.36 0.05 Net earnings per ADS [4] Class A ordinary share-basic and diluted 1.59 0.21 0.03 1.68 0.36 0.05 Class B ordinary share-basic and diluted 1.59 0.21 0.03 1.68 0.36 0.05 Weighted average shares outstanding Class A ordinary share-basic and diluted 66,636,925 66,134,416 66,134,416 66,636,925 66,134,416 66,134,416 Class B ordinary share-basic and diluted 34,762,909 34,762,909 34,762,909 34,762,909 34,762,909 34,762,909 Other comprehensive income, net of tax Foreign currency translation adjustments 4,831,702 8,024,096 1,182,605 9,663,403 11,993,948 1,767,689 Comprehensive income, net of tax 164,817,090 29,281,988 4,315,631 177,436,604 47,283,232 6,968,686 Comprehensive income/(loss) attributable to non-controlling interests 1,650,876 (464,173) (68,411) 2,695,208 1,009,019 148,711 Comprehensive income (loss) attributable to ordinary shareholders 166,467,965 28,817,815 4,247,220 180,131,812 48,292,251 7,117,397       GreenTree Hospitality Group Ltd. Unaudited Hotel Business Results Quarter Ended Six Months Ended June 30, 2025 June 30, 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2026 RMB RMB US$ RMB RMB US$ Revenues Leased-and-operated revenues 105,970,283 77,613,926 11,438,877 194,165,718 152,151,688 22,424,384 Franchised-and-managed revenues 137,496,914 126,253,871 18,607,518 261,353,522 239,620,481 35,315,689 Others 561,244 717,195 105,701 1,478,298 1,508,083 222,264 Total revenues 244,028,441 204,584,992 30,152,097 456,997,538 393,280,252 57,962,337 Operating costs and expenses Hotel operating costs (144,150,447) (120,581,608) (17,771,530) (286,868,622) (245,589,032) (36,195,345) Selling and marketing expenses (8,424,702) (8,896,407) (1,311,168) (22,964,944) (18,109,839) (2,669,060) General and administrative expenses (38,032,276) (25,084,172) (3,696,949) (79,683,638) (49,169,114) (7,246,631) Other operating expenses (4,241,044) (182,467) (26,892) (4,290,239) (3,354,535) (494,397) Other general expenses (5,805,656) (4,607,450) (679,054) (11,611,311) (9,718,569) (1,432,340) Total operating costs and expenses (200,654,125) (159,352,104) (23,485,594) (405,418,755) (325,941,089) (48,037,773) Other operating income 6,826,954 1,434,752 211,456 10,391,669 7,867,615 1,159,543 Income from operations 50,201,269 46,667,640 6,877,959 61,970,453 75,206,778 11,084,107 Interest income and other, net 7,910,974 8,255,562 1,216,719 18,502,925 17,085,059 2,518,026 Interest expense (1,891,327) (1,818,422) (268,002) (3,769,199) (3,678,202) (542,100) Gains (losses) from investment in equity securities 24,800,795 - - 24,800,795 - - Other income, net 105,697,809 (22,629,180) (3,335,128) 97,352,813 (33,234,724) (4,898,191) Income before income taxes 186,719,520 30,475,600 4,491,548 198,857,787 55,378,911 8,161,842 Income tax expense (25,869,423) (9,804,376) (1,444,986) (29,850,815) (19,102,201) (2,815,316) Income (loss) before share of gains in equity investees 160,850,097 20,671,224 3,046,561 169,006,972 36,276,710 5,346,526 Share of income/(loss) in equity investees, net of tax 301,937 (921,953) (135,879) 603,873 (2,178,030) (321,002) Net income (loss) 161,152,033 19,749,271 2,910,682 169,610,845 34,098,680 5,025,524       GreenTree Hospitality Group Ltd. Unaudited Restaurant Business Results Quarter Ended Six Months Ended June 30, 2025 June 30, 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2026 RMB RMB US$ RMB RMB US$ Revenues Leased-and-operated revenues 28,389,854 18,246,301 2,689,172 59,058,453 38,268,277 5,640,046 Franchised-and-managed revenues 1,421,688 505,479 74,498 3,176,474 2,438,634 359,410 Wholesales and others 16,076,011 11,771,620 1,734,922 35,511,759 28,897,131 4,258,910 Total revenues 45,887,553 30,523,400 4,498,593 97,746,686 69,604,042 10,258,366 Operating costs and expenses Restaurant operating costs (39,588,702) (25,958,440) (3,825,801) (84,128,367) (59,783,354) (8,810,976) Selling and marketing expenses (2,062,703) (1,308,420) (192,837) (4,564,490) (3,511,634) (517,551) General and administrative expenses (5,186,679) (3,026,966) (446,120) (10,475,363) (5,954,747) (877,621) Other operating expenses (221,149) (9,112) (1,343) (442,297) (42,437) (6,254) Total operating costs and expenses (47,059,232) (30,302,938) (4,466,100) (99,610,517) (69,292,172) (10,212,402) Other operating income 134,762 1,352,558 199,342 370,679 1,391,678 205,108 Income from operations (1,036,917) 1,573,020 231,834 (1,493,152) 1,703,548 251,072 Interest income and other, net 30,251 4,924 726 60,501 8,605 1,268 Interest expense (48,716) - - (48,716) - - Other income, net (11,681) (44,405) (6,544) (23,362) (92,750) (13,670) Income before income taxes (1,067,063) 1,533,539 226,016 (1,504,729) 1,619,403 238,670 Income tax expense (99,582) (24,917) (3,672) (332,915) (428,798) (63,197) Income (loss) before share of gains in equity investees (1,166,645) 1,508,622 222,343 (1,837,644) 1,190,605 175,473 Share of income/(loss) in equity investees, net of tax - - - - - - Net income (loss) (1,166,645) 1,508,622 222,343 (1,837,644) 1,190,605 175,473    GreenTree Hospitality Group Ltd.    Unaudited Condensed Consolidated Statements of Cash Flows   Quarter Ended    Six Months Ended    June  June    June   June    June    June   30, 2025 30, 2026 30, 2026 30, 2025 30, 2026 30, 2026 RMB   RMB  US$   RMB    RMB    US$     Operating activities:    Net cash provided by operating activities  46,586,703 23,305,470 3,434,800 104,813,193 81,452,750 12,004,649    Investing activities:   Prepayments and purchases of property, plant and equipment (18,911,621) (12,689,579) (1,870,213) (44,392,506) (64,326,633) (9,480,573)  Purchases of intangible assets  - - - - (101,463) (14,954)  Proceeds from disposal of property, plant and equipment  215,871 605,022 89,169 237,334 605,022 89,169  Proceeds from disposal of long-term investments  109,036,386 100,000 14,738 109,036,386 600,000 88,429  Purchases of short-term investments   (23,147) - - (23,147) - -  Loan to related parties  (625,000) - - (625,000) - -  Repayment from related parties  118,982 - - 118,982 - -  Loan to third parties  - (16,167,100) (2,382,736) - (16,167,100) (2,382,736)  Loan to fanchisees  - (215,659) (31,784) (2,010,000) (1,604,559) (236,483)  Repayment from franchisees  8,624,735 3,343,480 492,769 14,684,093 5,713,396 842,052   Net cash (used in) provided by investing activities  98,436,206 (25,023,836) (3,688,057) 77,026,142 (75,281,337) (11,095,096)    Financing activities:   Repayment of bank loans  (200,000) (200,000) (29,476) (200,000) (200,000) (29,476)  Proceeds from bank loans  - - - - 46,754,778 6,890,801    Net cash provided by (used in) financing activities    (200,000)   (200,000)   (29,476)   (200,000)   46,554,778   6,861,325  Effect of exchange rate changes on cash and cash equivalents and restricted cash  (4,979,489) (7,949,613) (1,171,627) (9,958,977) (16,452,153) (2,424,746)  Net (decrease) increase in cash and cash equivalents and restricted cash  139,843,421 (9,867,979) (1,454,360) 171,680,358 36,274,038 5,346,132  Cash and cash equivalents and restricted cash at the beginning of the period  1,557,038,875 1,724,581,041 254,171,794 1,525,201,938 1,678,439,024 247,371,302   Cash and cash equivalents and restricted cash at the end of the period  1,696,882,296 1,714,713,062 252,717,434 1,696,882,296 1,714,713,062 252,717,434     GreenTree Hospitality Group Ltd. Unaudited Reconciliation of GAAP and Non-GAAP Results Quarter Ended Six Months Ended June 30, 2025 June 30, 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2026 RMB RMB US$ RMB RMB US$ Net income 159,985,388 21,257,892 3,133,026 167,773,201 35,289,284 5,200,997 Deduct: Other operating income 6,961,716 2,787,310 410,799 10,762,348 9,259,293 1,364,651 Interest income and other, net 7,941,224 8,260,486 1,217,445 18,563,426 17,093,664 2,519,294 Gains from investment in equity securities 24,800,795 - - 24,800,795 - - Share of gain in equity investees, net of tax 301,937 - - 603,873 - - Other income, net 105,686,128 - - 97,329,451 - - Add: Other operating expenses 4,462,193 191,579 28,235 4,732,536 3,396,972 500,652 Other general expenses 5,805,656 4,607,450 679,054 11,611,311 9,718,569 1,432,340 Income tax expenses (benefits)  25,969,005 9,829,293 1,448,659 30,183,730 19,530,999 2,878,513 Share of loss in equity investees, net of tax - 921,953 135,879 - 2,178,030 321,002 Interest expenses 1,940,043 1,818,422 268,002 3,817,915 3,678,202 542,100 Depreciation and amortization 25,875,796 18,625,227 2,745,019 51,900,949 41,298,721 6,086,678 Other expense, net - 22,673,585 3,341,673 - 33,327,474 4,911,861 Adjusted EBITDA (Non-GAAP) [2] 78,346,281 68,877,605 10,151,303 117,959,749 122,065,294 17,990,198       Quarter Ended Six Months Ended June  30, 2025 June 30, 2026 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2026 RMB RMB US$ RMB RMB US$ Net income 159,985,388 21,257,892 3,133,026 167,773,201 35,289,284 5,200,997 Deduct: Subsidies (net of 25% tax) 1,527,866 12,024 1,772 5,447,641 3,252,866 479,413 Gains from investment in equity securities (net of 25% tax) 18,600,596 - - 18,600,596 - - Other income (net of 25% tax) 107,775,298 - - 101,507,790 - - Add: Other expense (net of 25% tax) - 17,005,189 2,506,255 - 24,995,606 3,683,896 Other general expenses 5,805,656 4,607,450 679,053 11,611,311 9,718,569 1,432,340 Income tax expenses related to dividend distribution 7,299,300 4,307,627 634,866 7,299,300 4,307,627 634,866 Core net income (Non-GAAP) [3] 45,186,584 47,166,135 6,951,428 61,127,785 71,058,221 10,472,686 Core net income per ADS [4] (Non-GAAP) Class A ordinary share-basic and diluted 0.45 0.47 0.07 0.60 0.70 0.10 Class B ordinary share-basic and diluted 0.45 0.47 0.07 0.60 0.70 0.10     Hotel Operational Data    June 30, 202 5 June 30,  2026 Total hotels in operation: 4,509 4,615     Leased-and-owned hotels 55 42     Franchised hotels 4,454 4,573 Total hotel rooms in operation 321,977 330,029     Leased-and-owned hotels 6,262 4,902     Franchised hotels 315,715 325,127 Number of cities 357 347 Quarter Ended June 30,  2025 June 30,  2026   Occupancy rate (as a percentage)  Leased-and-owned hotels 72.30 % 63.50 %  Franchised hotels 67.80 % 65.20 %  Blended 67.90 % 65.20 %   Average daily rate (in RMB)  Leased-and-owned hotels 245 236  Franchised hotels 164 155  Blended 166 157 RevPAR (in RMB)  Leased-and-owned hotels 177 150  Franchised hotels 111 101  Blended 113 103      Number of Hotels in Operation   Number of Hotel Rooms in Operation  June 30, 202 5 June 30, 202 6 June 30, 2025 June 30, 2026   Mid-to-up-scale 569 596 52,773 56,448  GreenTree Eastern 236 252 25,107 28,316  Deep Sleep Hotel 8 9 610 710  Gem 119 118 10,781 10,726  Gya 72 79 6,012 6,676  Vx 108 110 9,024 9,117  Others 26 28 1,239 903   Mid-scale 3,005 3,040 226,336 228,537  GreenTree Inn 2,366 2,343 184,561 185,694  GT Alliance 408 392 25,930 24,936  GreenTree Apartment 24 30 1,545 1,860       Vatica                                 107 102 7,481 7,111  Others 100 173 6,819 8,936   Economy hotels 935 979 42,868 45,044 Shell 935 979 42,868 45,044   Others - - - -   Total 4,509 4,615 321,977 330,029   Restaurant Operational Data June 30,  2025 June 30,  2026 Total restaurants in operation: 183 198     Leased-and-owned restaurants 15 13     Franchised restaurants 168 185 Number of cities 53 53 Da Niang Dumplings 164 180 Bellagio 19 18 Quarter Ended 2025 Q2 2026 Q2 ADT Leased-and-owned restaurants 215 194 Franchised restaurants 74 74 Blended 85 81 AC (in RMB) Leased-and-owned restaurants 88 83 Franchised restaurants 32 28 Blended 43 36 ADS (in RMB) Leased-and-owned restaurants 18,931 16,081 Franchised restaurants 2,363 2,062 Blended 3,629 2,893     For more information, please contact: GreenTree Ms. Selina Yang Phone: +86-158-2166-6251 E-mail:  [email protected] Ms. Hannah Zhang Phone: +86-182-2560-8592 E-mail:  [email protected]       Christensen In Shanghai Mr. Jerry Xu Phone: +86-138-1680-0706 E-mail: [email protected] In Hong Kong  Ms. Karen Hui Phone: +852-9266-4140 E-mail:  [email protected]   In the US Ms. Linda Bergkamp Phone: +1-480-614-3004 E-mail:  [email protected]     View original content: https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-second-quarter-of-2026-financial-results-302858931.html SOURCE GreenTree Hospitality Group Ltd.

View stock analysis, news, and events for Global Hemp Group, Inc.