Second Quarter 2026 Results Presentation

2026Q2 Results August 24, 2026

01

2026Q2

Performance Review

02

2026Q2

Strategic Execution

03

2026Q2

Operating and Financial Highlights

04

Appendix

3

Contents

4

01

2026Q2 Performance Review

Hotel Revenues Hotel Net Income RMB 204.6MM

19.7MM

Compared with 2025Q2 Down 16.2% Down 87.7% with margin 9.7% Hotel Core Net Income(Non-GAAP)(2)

45.6MM Down 1.6%

Hotel Gross Profit Margin 41.1% Up 0.1 pts Total Revenues Net Income

235.1MM

21.3MM

Down 18.7% Down 86.7% with margin 9.0% Core Net Income(Non-GAAP)(2)

47.2MM Up 4.4%

Gross Profit Margin 37.7% Up 1.0 pts Hotel RevPAR Restaurant ADS (1)( Average Daily Sales per Store)

103

2,893

Down 9.1% Down 20.3%

Notes:

1. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of GreenTree Inns Hotel Management Group, Inc., the company accounted for the common-control acquisitions by using the pooling of interest method. The consolidated balance sheets and consolidated statements of comprehensive income/(loss) include the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control. In this report, the comparative financial data have been restated to reflect the business combinations under common control occurred.

2. 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). 5

2026Q2 Highlights

Total Revenues Income From Operations

RMB (M)

Restaurant

Hotel

300

250

RMB (M)

50.2

Hotel

1.6

(1.0)

25Q2

26Q2

46.7

60

50

Restaurant

200

150

100

50

0

25Q2 26Q2

40

30

20

10

0

-10

Net Income

RMB (M)

Core Net Income

180

160

140

120

100

80

60

40

20

0

-20

Restaurant

Hotel

1.5

19.7

(1.2)

25Q2

26Q2

161.2

RMB (M)

1.5

Hotel

(1.2)

25Q2

26Q2

45.6

50

Restaurant

40

30

20

10

0

-10

6

Overview of 2026Q2

17Q1

17Q2

17Q3

17Q4

18Q1

18Q2

18Q3

18Q4

19Q1

19Q2

19Q3

19Q4

20Q1

20Q2

20Q3

20Q4

21Q1

21Q2

21Q3

21Q4

22Q1

22Q2

22Q3

22Q4

23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

RevPAR

2026

17Q1

17Q2

17Q3

17Q4

18Q1

18Q2

18Q3

18Q4

19Q1

19Q2

19Q3

19Q4

20Q1

20Q2

20Q3

20Q4

21Q1

21Q2

21Q3

21Q4

22Q1

22Q2

22Q3

22Q4

23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

Occupancy

78.1%

83.5 87.7%81.6%

%

79.6% 70.7%72.6%

64.5%

78.4%70.5%73.1%

1 70.6%71.0%

74.6%79.0%

78.8%

65.2%

66.9%67.9%72.6%

75.9%

1

65.5%61.0%

72.3%70.9%

63.9%

72.1%

59.4%

76.9%

70.2%

82.9%87.5%

60.5%

80.7%

59.6%

81.3%

86.1%

133

63.7%

60.2% 1

63.0%62.4%62.9%

57.6%65.2%

1

46.5%79.3 % 47.7%

63.7%

72.9%

72.6%

77.9%81.3% 72.5%

51.7%

1

1 71.3%

71.9%

66.6%70.7%

74.6%

68.6%

52.6%

63.0%

64.1%

67.8%71.4%64.7%

63.5%

62.6%

100.0%

80.0%

60.0%

40.0%

20.0%

17Q1

17Q2

17Q3

17Q4

18Q1

18Q2

18Q3

18Q4

19Q1

19Q2

19Q3

19Q4

20Q1

20Q2

20Q3

20Q4

21Q1

21Q2

21Q3

21Q4

22Q1

22Q2

22Q3

22Q4

23Q1

23Q2

23Q3

23Q4

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

0.0%

32.7%

F&M Hotel L&O Hotel Growth Trend(F&M) Growth Trend(L&O)

7

Hotel Performance

Corporate Members

2500

2,256

2,339

2000

1500

1000

500

0

2025Q2

2026Q2

YoY

+8.4%

YoY

+3.7%

thousand

Individual Members

140

120 116

107

100

80

60

40

20

0

2025Q2

2026Q2

million

8

Improvement in Direct Sales and Membership Support

AC (1)

RMB

43

45

37

37

36

50 46 46 48

45

40

35

30

25

20

15

10

5

0

ADT (2)

RMB

120

106

100

80

60

40

20

0

100

ADS (3)

RMB

4,891

4,234 4,029

3,629 3,714

3,312 3,270

2,893

5,000

93

83

85

88

73

81

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2

AC (1)

24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2

ADT (2)

24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2

ADS (3)

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

24Q1

24Q2

24Q3

24Q4

25Q1

25Q2

25Q3

25Q4

26Q1

26Q2

Note:

1. AC: Average Check.

2. ADT: Average Daily Tickets.

3. ADS : Average Daily Sales per Store.

9

Overview of Restaurants

10

02

2026Q2 Strategic Execution

Further Expansion into Mid-to-up-scale Segment

Greater Penetration in Tier 3 and Lower Cities in South China

11

2026Q2 Strategic Execution

Mid-to-Upscale Midscale Economy

5000

4,580

4,615

4,425

4500

4,238

4,059

3,859

12.8%

12.9%

12.5%

4000

11.2%

3,555

10.5%

10.3%

3500

3,178

7.4%

3000

5.7%

2500

67.3%

66.1% 65.9%

72.8%

70.2%

2000

75.1%

72.9%

77.2%

1500

1000

500

20.2%

21.1%

21.2%

17.1%

17.5%

16.8%

16.7%

18.6%

0

2019 2020 2021 2022 2023 2024 2025 26Q2

Hotel New Openings Breakdown by Segment Hotel Breakdown by Segment

700

600 548

466

500

618

420

405

400

300

255

200

23.0%

100

61

18.0%

0

2019

2020

2021

2022

2023

2024

2025

26H1

10.4%

18.2%

295

Hotel Pipeline Breakdown by Segment

1400

1,214

1,260

1,278

1200

963

1000

833

853

916

800 639

600

400

200

0

2019

53.1%

50.6%

52.2%

49.3%

12

Further Expansion into Mid-to-up-scale Segment

Hotel New Openings Breakdown by City Tier Hotel Breakdown by City Tier

Tier Cities Tier 2 Cities Other Cities

Other Cities Tier 2 Cities Tier 1 Cities

700

618

600

548

7.1%

500 7.1%

21.2%

466

6.4%

21.2%

27.0%

400

300

295

7.5%

20.3%

420

5.5%

17.9%

405

6.7%

21.5%

200 71.7%

65.9%

72.3%

76.7%

71.9%

100

72.2%

255

6.7%

20.4%

16.4% 6 8.2%

72.9% 1

0

2019

2020

2021

2022

2023

2024

75.4%

2025 26H1

5000

Tier 1 Cities Tier 2 Cities

Other Cities

4,580 4,615

4,425

Hotel Pipeline Breakdown by City Tier

Tier 1 Cities Tier 2 Cities

Other Cities

4500

4000

3500

3000

2500

2000

1500

1000

3,178

11.8%

22.0%

66.1%

3,555

10.9%

21.9%

67.2%

3,859

10.2%

22.2%

67.6%

4,238

4,059

9.3%

10.1%

20.8%

21.7%

68.2% 69.8%

9.2%

21.1%

69.7%

9.2%

20.9%

69.9%

8.9%

20.0%

71.1%

1400

1200

1000

800

600

400

200

0

2019 2020 2021 2022 2023 2024 2025 26Q2

500

1,214

1,260

1,278

963

833

4.8%

853

4.8%

916

3.1%

639

4.7% 24.5%

27.2%

68.1%

70.7%

73.5%

72.6%

71.6%

73.1%

23.4%

4.9%

22.5%

23.5%

21.6%

4.7%

22.3%

0

2019 2020 2021 2022 2023 2024 2025 26Q2

Note:

1. Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou; Tier 2 Cities refers to the 32 major cities, other than Tier 1 Cities, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and 13

other major cities designated as municipalities with independent planning by the State Council.

Greater Penetration in Tier 3 and Lower Cities

Restaurant Breakdown by L&O and F&M

Business Model Optimization Leads to a Greater Share of Franchised and Managed Restaurants

183

198

13

168

185

15

250

200

150

100

50

YoY

+8.2%

L&O

F&M

0

2025Q2 2026Q2

Proportion of Restaurants Breakdown by Location

Expanding Number of Street Stores

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

2025Q2 2026Q2

Shopping Mall Stores

portation Hub s

t stores

14

2026Q2 and Fiscal Year Restaurant Strategic Execution

15

03

Operating and Financial Highlights

Total Revenue

RMB (M)

300

Revenue from L&O Hotels

RMB (M)

150

Revenue from L&O Hotels

Same Hotel

YoY

250

244.0

100

106.0

77.6

Same

Hotel

204.6

-15.8%

YoY

-16.2%

50

200

0

25Q2 26Q2

150

Revenue from F&M Hotels

RMB (M)

100

150

126.3

YoY

137.5

-8.2%

100

50

50

0

25Q2 26Q2

0

25Q2 26Q2

16

Hotel Revenue

Total Hotel Operating Costs and Expenses (1)

RMB (M) 250

Hotel Operating Costs

144.2

120.6

YoY

-16.4%

RMB (M) 150

100

200

200.7

YoY -20.6%

50

190.6

YoY -18.9%

150

159.4

154.6

0

25Q2 26Q2

100

50

Excluding Provisions for Loan Receivable from Franchisees and Other Operating Expenses

Selling and Marketing Expenses

8.4

8.9

YoY

RMB (M) 10

5.6%

8

6

4

2

0

0

25Q2 26Q2

25Q2 26Q2

General and Administrative Expenses

RMB (M)

Total Hotel Operating Costs and Expenses

Provisions for Loan Receivable from Franchisees and other receivables

Other Operating Expenses

40 38.0

25.1

YoY

-34.0%

30

20

10

0

25Q2 26Q2

17

Notes:

1. Total operating costs and expenses consist of hotel operating costs, selling and marketing expenses, general and administrative expenses, other operating expenses and other general expenses. Other general expenses in 2026Q2 included the provisions for loan receivables related to franchisee loans, and impairment of assets.

Hotel Operating Costs and Expenses

Income From Operations

RMB (M)

60.0

50.2

50.0

46.7

40.0

30.0

20.0

10.0

-

25Q2

26Q2

YoY

-7.0%

YoY

-87.7%

Margin

Net Income

RMB (M)

200.0

161.2

150.0

100.0

50.0

19.7

-

25Q2

26Q2

Margin

20.6%

Adjusted EBITDA (2)

RMB (M)

22.8%

80 77.3

70

60

50

40

30

20

10

0

67.1

25Q2 26Q2

YoY

-13.2%

Margin

66.0%

Core Net Income (1)

50

46.3

YoY

45.6

40

-1.6%

30

20

10

0

25Q2

26Q2

RMB (M)

9.7%

Margin

31.7% 32.8%

19.0% 22.3%

Notes:

18

1. 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).

2. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, and other general expenses, 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.

Hotel Profitability

Total Revenue Total Restaurant Operating Costs and Expenses

50.0

45.9

45.0

40.0

35.0

30.5

30.0

25.0

20.0

15.0

10.0

5.0

0.0

25Q2

26Q2

50.0

47.1

45.0

40.0

35.0

30.3

30.0

25.0

20.0

15.0

10.0

5.0

0.0

25Q2

26Q2

YoY

-33.5%

YoY

-35.6%

RMB (M) RMB (M)

19

Restaurant Revenue and Operating Costs and Expenses

Income From Operations

RMB (M)

Margin

Net Income

RMB (M)

Margin

2.0

1.6

1.5

1.0

0.5

-

25Q2

26Q2

-0.5

-1.0

(1.0)

2.0

1.5

1.5

1.0

0.5

-

-0.5

26Q2

-1.0

-1.5

(1.2)

-2.3% 5.2%

RMB (M)

Margin

2.0 1.8

1.5

1.1

1.0

0.5

-

25Q2 26Q2

YoY

+67.2%

Adjusted EBITDA (2)

-2.5%

Core Net Income (1)

4.9%

RMB (M)

Margin

2.0

1.5

1.5

1.0

0.5

-

-0.5

26Q2

-1.0

-1.5

(1.2)

2.3%

5.9%

-2.5%

5.1%

Notes:

1. 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).

2. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, and other general 20

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.

Restaurant Profitability