Slides
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1 Fourth Quarter and Fiscal Year 2024 Results April 24, 2025
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2 This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. Neither this presentation nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a “prospectus” within the meaning of the Securities Act of 1933, as amended. Our historical results are not necessarily indicative of results to be expected for any future period. The financial data contained in this presentation for the periods and as of the dates indicated are qualified by reference to and should be read in conjunction with our financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our public filings with the U.S. Securities and Exchange Commission (the “SEC”). This presentation includes certain non-GAAP financial measures, which are different from financial measures calculated in accordance with U.S. GAAP. Such non-GAAP financial measures should be considered in addition to and not as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. In addition, the definitions of Adjusted EBITDA and Margin and Core Net Income and Margin in this presentation may be different from the definition of such terms used by other companies, and therefore comparability may be limited. A quantitative reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures has been included in this presentation. Except for historical information, all of the statements, expectations, and assumptions contained in this presentation constitute 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. These statements include descriptions regarding the intent, belief or current expectations of GreenTree Hospitality Group Ltd. (the “Company”), its officers or its management with respect to the consolidated results of operations and financial condition of the Company. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the SEC, 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. These statements can be recognized by the use of words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” “confident,” “future,” words or expressions of similar meaning. Such forward-looking statements are not guarantees of future performance and 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 are not limited to the following: the Company’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 SEC, copies of which are available for free in the Investor Relations section of the Company’s website at http://ir.998.com or upon request from the Company’s Investor Relations Department. All information provided, including the forward-looking statements made, in this presentation are current as of the date hereof. Neither the delivery of this presentation nor any further discussions of the Company after the date hereof shall, under any circumstances, imply that there has been no change in the affairs of the Company since such date. Except as required by law, the Company 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. Disclaimer
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3 01 2024Q4 and Fiscal Year Performance Review 2024Q4 and Fiscal Year Operating and Financial Highlights Appendix Contents 2024Q4 and Fiscal Year Strategic Execution 02 03 04
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4 Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 01 2024Q4 Performance Review
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5 2024Q4 Highlights Hotel RevPAR Total Revenues Cash from operations Compared with 2023Q4(1) 116 Down 18.2% Note: 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 re sults 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 re stated to reflect the business combinations under common control occurred. 2. Adjusted Net Income from Operations is defined as net income excluding impairment loss of goodwill and other general expenses, which includes provisions for trademarks and goodwill especially due to the restaurant business, loan receivables related to franchisee loans, and impairment of assets. 3. Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense , impairment of goodwill 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). 4. 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 ， impairment of goodwill 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. Restaurant ADS ( Average Daily Sales Per Store) Down 16.8% Down 9.6% 4,234 304.5MM Down 22.3% with margin 19.0% 74.2MM RMB Hotel Revenues Adjusted Net Income (2) 240.2MM Down 17.1% Up 26.8% with margin 25.4%77.3MM Up from -13.5MM in 2023Q4 Core Net Income (3) Net Income -72.8MM 57.8MM Adjusted EBITDA (Non-GAAP)(4) 71.5MM Down 38.3% with margin 23.5%
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6 RMB (M) Overview of 2024Q4 Core Net Income (2) RMB (M) 289.6 240.2 87.7 65.1 0 100 200 300 400 23Q4 24Q4 Total Revenues Net Income RMB (M) 8.1 28.4 44.3 58.4 （2.9） （101.2） 13.1 18.9 -110 -60 -10 40 90 23Q4 24Q4 23Q4 24Q4 60.7 46.1 311.3 256.9 13.1 18.9 7.7 29.0 0 100 200 300 23Q4 24Q4 2023 2024 Restaurant Hotel Restaurant Hotel Restaurant Hotel Excluding impairment of goodwill and trademarks of r estaurant business，impairment of assets, and provisions for loan receivables related to franchisee loans Adjusted EBITDA (Non-GAAP)(1) RMB (M) 107.7 71.1 484.2 365.9 3.9 0.4 28.2 20.6 0 100 200 300 400 500 600 23Q4 24Q4 2023 2024 Restaurant Hotel Note: 1. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in eq uity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities ， impairment of good will and other general expenses, but excludes other operating income, interest income and other, net, gain s 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. 2. Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense , impairment of goodwill 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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7 115 124 131 123119 129 139 129 124 135 145 132 127 139 149 133 71 90 120 124 96 133117 117 91 90 119 103 119 139 155 127 113 124 133 115 92 111 117108 100 131 145 135 117 142 152 137 119 152 164 135 55 80 121 135 95 160 146 136 105 124 149 130 144 190 212 161 157 177 196 158 50 90 130 170 210 149 152 155 153 152 155 159 158 155 163 166 163 162 171 173 169 149 142 151 162 150 169 161 168 152 145 167 163 166 179 190 175 167 171 179 167 159 161 166 166 168 182 189 193 193 201 210 212 200 216 224 203 169 173 171 190 184 219 223 224 199 217 237 208 229 255 268 241 235 250 258 241 125 165 205 245 285 F&M Hotel L&O Hotel 线性 (F&M Hotel) 线性 (L&O Hotel) 77.2% 81.9% 84.5% 80.3% 78.1% 83.5% 87.7% 81.6% 79.6% 82.9% 87.5% 80.7% 78.4% 81.3% 86.1% 78.4% 47.7% 63.7% 79.3%76.8% 63.7% 78.8% 72.6% 69.5% 60.2% 62.3% 71.3% 63.0% 71.9% 77.9% 81.3% 72.5% 66.6% 70.7% 74.6% 68.6% 57.8% 69.2%70.3% 64.9% 59.4% 72.1% 76.9% 70.2% 60.5% 70.7%72.6% 64.5% 59.6% 70.5% 73.1% 66.6% 32.7% 46.5% 70.6% 71.0% 51.7% 72.9% 65.2% 60.9% 52.6% 57.1% 63.0% 62.4% 62.9% 74.6% 79.0% 66.9% 67.9% 72.6% 75.9% 65.5% 20.0% 40.0% 60.0% 80.0% 100.0% Hotel Performance ADR RMB Growth Trend (F&M) Growth Trend (L&O) Occupancy RevPAR RMB 2024
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8 Improvement in Direct Sales and Membership Support Individual Members 91 102 0 20 40 60 80 100 120 23Q4 24Q4 million Corporate Members thousand 2,050 2,165 0 500 1,000 1,500 2,000 23Q4 24Q4
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9 ADS (3)ADT (2)AC (1) DeliveryDine In 109 120 119 99 94 90 106 93 40 60 80 100 120 140 160 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 ADT (2) 55.2 53.1 55.0 51.2 58.6 52.7 46.2 45.6 20 25 30 35 40 45 50 55 60 65 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 AC (1) RMB 4,165 4,214 4,199 3,139 3,484 2,960 3,033 2,508 1,915 2,157 2,349 1,951 2,041 1,777 1,858 1,726 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 62 63 58 45 44 44 51 44 48 57 61 55 51 46 55 49 20 30 40 50 60 70 80 90 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 66.7 67.3 72.6 70.0 79.9 67.8 59.5 57.7 40.2 37.5 38.3 35.7 40.3 38.4 33.9 34.9 20 30 40 50 60 70 80 90 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 6,0806,3716,570 5,090 5,525 4,737 4,891 4,234 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 ADS (3) RMB RMB RMB Note: 1. AC: Average Check. 2. ADT: Average Daily Tickets. 3. ADS : Average Daily Sales per store.
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10 02 2024Q4 Strategic Execution Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province)
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11 2024Q4 Strategic Execution Expansion in Tier 2 + Continuous Penetration in Tier 3 and Lower Cities Further Expansion into Mid-to-Upscale Segment
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12 Further Expansion into Mid-to-UpScale Segment Organic New Openings (1) Breakdown by Segment Organic Hotel (2) Breakdown by Segment 17.0% 17.4% 16.8% 20.2% 77.3% 75.1% 72.9% 67.3% 5.7% 7.5% 10.3% 12.5% 0 1,500 3,000 4,500 2019 2020 2021 2022 2023 2024 Mid-to-Upscale Midscale Economy 3,178 3,555 3,859 4,059 10.5% 72.8% 16.7% 49.8% 63.3% 64.4% 36.3% 18.1% 13.9% 18.5% 14.6% 405 0 200 400 600 800 2019 2020 2021 2022 2023 2024 Mid-to-Upscale Midscale Economy 618 295 18.2% 10.4% 21.0% 28.6% 548 466 24.6% 65.0% 53.3% 420 11.2% 70.2% 18.6% 4,238 4,425 Organic Pipeline (3) Breakdown by Segment 31.1% 28.7% 21.0% 26.5% 50.2% 52.2% 50.6% 48.4% 19.1% 25.0% 18.6% 0 400 800 1,200 2019 2020 2021 2022 2023 2024 Mid-to-Upscale Midscale Economy 639 833 853 916 25.7% 53.1% 21.3% 28.4% 963 26.7% 53.2% 20.1% 1,214 27.7% 49.4% 553 23.0%
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13 Note: 1. Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou; Tier 2 Cities refers to the 32 major cities, other than Ti er 1 Cities, including provincial capitals, administrative capitals of autonomous regions, direct -controlled municipalities and other major cities designated as municipalities with independent planning by the State Council. Expansion in Tier 2 + Continuous Penetration in Tier 3 and Lower Cities Organic New Openings Breakdown by City Tier Organic Pipeline Breakdown by City Tier 76.7% 71.7% 72.3% 65.9% 20.3% 21.2% 21.3% 7.1% 6.4% 0 300 600 2019 2020 2021 2022 2023 2024 Tier 1 Cities Tier 2 Cities Other Cities 420 548 466 73.5%70.7% 68.7% 73.0% 23.4% 27.2% 24.5% 26.5% 22.3% 3.1% 4.7% 4.8%4.8% 4.3% 0 400 800 1,200 2019 2020 2021 2022 2023 2024 Tier 1 Cities Tier 2 Cities Other Cities 963 639 833 853 618 7.5% 916 4.9% 22.5% 72.6% 295 72.2% 5.5% 17.8% 68.1% 7.1% 27.0% 64.3% 1,214 Organic Hotel Breakdown by City Tier 20.8% 22.0% 21.9% 22.2% 21.1% 9.3% 11.8% 10.9% 10.2% 9.2% 0 1,500 3,000 4,500 2019 2020 2021 2022 2023 2024 Tier 1 Cities Tier 2 Cities Other Cities 4,238 3,178 3,555 69.7% 66.2% 67.2% 67.6% 68.2% 69.8% 3,859 4,059 21.7% 10.1% 4,425 21.5% 6.7% 405
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14 2024Q3 Restaurant Strategic Execution Expanding Number of Street Stores Business Model Focused on Franchised-and-Managed Restaurants 152 163 42 18 194 182 0 100 200 300 2023 2024 L&OF&M Restaurant Breakdown by L&O and F&M 39.7% 50.5% 54.1% 43.4% 6.2% 5.5% 0.5% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 2023 2024 Street stores Shopping Mall Stores Transportation Hub Stores Others Proportion of Restaurants Breakdown by Location
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15 Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 03 Operating and Financial Highlights
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16 Total Revenue RMB (M) Revenue from L&O Hotels RMB (M) Hotel Revenue Revenue from F&M Hotels RMB (M) 289.6 240.2 1,191.9 1,066.5 0 200 400 600 800 1,000 1,200 1,400 23Q4 24Q4 2023 2024 72.3 70.6 316.0 311.3 125.5 91.0 490.9 437.5 0 200 400 600 800 23Q4 24Q4 2023 2024 Revenue from L&O Hotels Same Hotels Revenue from L&O Hotels YoY -2.4% 162.9 148.2 696.3 625.1 0 200 400 600 800 23Q4 24Q4 2023 2024 YoY -1.5%
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17 252.2 225.7 881.1 851.9 0 200 400 600 800 23Q4 24Q4 2023 2024 Notes: 1. Total operating costs and expenses consist of hotel operating costs, selling and marketing expenses, general and administrative expenses, other operating expenses and othe r general expenses. Other general expenses in 2023 and 2024 included impairment for trademarks and the provisions for loan recievables related to franchisee loans, and impairment of assets. Hotel Operating Costs and Expenses Total Hotel Operating Costs and Expenses (1) RMB (M) Hotel Operating Costs Selling and Marketing Expenses General and Administrative Expenses 154.6 139.9 598.8 593.8 0 200 400 600 23Q4 24Q4 2023 2024 RMB (M) RMB (M) RMB (M) 8.3 13.5 47.4 55.0 11.0 58.2 0 20 40 60 80 23Q4 24Q4 2023 2024 Reclassification of selling staff related expenses that previously recorded as G&A expenses in 2023 Selling and Marketing Expenses 49.7 39.7 166.9 156.4 0 100 200 23Q4 24Q4 2023 2024
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18 Hotel Profitability Notes: 1. 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 ，impairment of goodwill and other general expenses, but excludes other operating income, interest income and other, net, gains from investment in equ ity 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. 2. Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense , impairment of goodwill 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). Core Net Income (2)Adjusted EBITDA (1) RMB (M) RMB (M) 18.4 68.8 501.5 368.8 0 200 400 23Q4 24Q4 2023 2024 Cash From Operations RMB (M) Net Income RMB (M) 8.1 28.4 265.6 202.7 44.3 58.4 329.2 244.5 0 100 200 300 400 23Q4 24Q4 2023 2024 Net Income Excluding provisions for loans receivable related to franchise loans, and impairment of assets 107.7 71.1 484.2 365.9 0 100 200 300 400 500 23Q4 24Q4 2023 2024 60.7 46.1 311.3 256.9 0 50 100 150 200 250 300 350 23Q4 24Q4 2023 2024 % Margin 2.8% 34.3% 19.2% 24.1% % Margin % Margin 27.6% 29.6% 11.8%15.3% 37.2% 40.6% 26.1%21.0% 24.3% 22.3% 19.0% 22.9%
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19 Total Revenue RMB (M) Restaurant Revenue and Operating Costs and Expenses 32.2 31.2 146.0 131.8 87.7 65.1 441.6 278.6 0 100 200 300 400 500 23Q4 24Q4 2023 2024 Revenue from Same Store Revenue from Restaurant YoY -3.1% 78.3 67.3 432.1 271.4 94.3 187.4 448.1 391.4 0 100 200 300 400 500 23Q4 24Q4 2023 2024 Total Restaurant Operating Costs and Expenses Excluding impairment of goodwill and trademarks Total Restaurant Operating Costs and Expenses RMB (M)
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20 Restaurant Profitability Notes: 1. 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 ，impairment of goodwill and other general expenses, but excludes other operating income, interest income and other, net, gains from investment in equ ity 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. Cash from Operations Adjusted EBITDA (1) RMB (M) RMB (M) Net Income RMB (M) 3.9 0.4 28.2 20.6 0 10 20 30 40 23Q4 24Q4 2023 2024 (31.3) 5.5 (8.6) 4.5 (35) (25) (15) (5) 5 23Q4 24Q4 2023 2024 29.1% % Margin 14.9% 1.8% Core Net Income RMB (M) 13.1 18.9 7.7 29.0 0 10 20 30 23Q4 24Q4 2023 2024 （2.9） （101.2） （8.2） （90.9） 13.1 18.9 7.8 29.2 (150) (100) (50) 0 50 23Q4 24Q4 2023 2024 Net income Excluding impairment of goodwill and trademarks -3.4% -155.5% -1.9% -32.6% 10.5%
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21 Group Profitability Notes: 1. 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 ， impairment of goodwill and other general expenses, but excludes other operating income, interest income and other, net, gains from investment in equ ity 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. 2. Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense , impairment of goodwill 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). Cash from Operations RMB (13.5) 74.2 455.0 373.4 (20) 80 180 280 380 480 23Q4 24Q4 2023 2024 Net (loss) income RMB（M） 8.6 （72.8） 260.5 107.360.9 77.3 340.1 269.2 (150) (50) 50 150 250 350 450 23Q4 24Q4 2023 2024 Net (loss) income Excluding impairment of goodwill and trademarks of restaurant business，impairment of assets, and provisions for loan receviables related to franchisee loans RMB Adjusted EBITDA (1) 115.8 71.5 516.6 386.5 0 100 200 300 400 500 600 23Q4 24Q4 2023 2024 Core net income (Non-GAAP) (2) 74.4 57.8 320.3 277.6 0 100 200 300 400 23Q4 24Q4 2023 2024
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22 Profitability RMB Hotel Business Core Net Income per ADS (2) Notes: 1. EPS, Earnings per ADS (basic and diluted) was calculated as net (loss) income attributable to ordinary shareholders divided by weighted average shares outstanding. 2. Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), one-time fees and expense , impairment of goodwill 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). Hotel Business Net Income per ADS (Basic and Diluted) (1) RMB 0.10 0.29 2.70 2.04 0 1 2 3 23Q4 24Q4 2023 2024 0.59 0.45 3.05 2.53 0 1 2 3 4 23Q4 24Q4 2023 2024 RMB Group Business Core Net Income per ADSGroup Business Net Income per ADS (Basic and Diluted) RMB 0.12 （0.70） 2.64 1.08 (1) 0 1 2 3 23Q4 24Q4 2023 2024 0.73 0.57 3.14 2.73 0 1 2 3 23Q4 24Q4 2023 2024
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23 RMB (M) Cash and Cash Equivalents Total cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits of RMB 1,839.1Million as of December 31, 2024 1,883.9 74.2 9.2 5.2 (3.6) (8.5) (50.9) (70.4) 1,839.1 0 500 1,000 1,500 2,000 2,500 Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Investments in Equity Securities and Time Deposits (September 30, 2024) Cash from Operating Activities Repayment from Franchisees.and Offset by Loan to Franchisees Fluctuation of Exchange Rates and Other Cash outflow for invesment-Anhui Aoyang Changes in Fair Value of Equity Seurities Investment of Property Dividends Distributed to the Shareholders Cash & Cash Equivalents, Restricted Cash, Short-Term Investments, Investments in Equity Securities and Time Deposits (December 31, 2024)
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24 Guidance Thank you! Q&A Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect the total revenues of our organic hotel business for the full year of 2025 to be flat with the 2024 levels. Hotel network · Gross Opening：~480 hotels · Closure：~200 hotels
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25 Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 04 Appendix
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26 Our Portfolio Mid-to-Up-Scale Mid-Scale Economy As of December 31, 2024 • Hotels in operation: 553 • Hotel rooms in operation: 51,649 • Room rates: RMB 200 - 600 • Hotels in operation: 2,978 • Hotel rooms in operation: 230,298 • Room rates: RMB 150 - 400 • Hotels in operation: 894 • Hotel rooms in operation: 39,335 • Room rates: RMB 90 - 300 [3] [4]
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27 Number of Hotels in Operation Number of Hotel Rooms in Operation 2023Q4 2024Q4 2023Q4 2024Q4 Mid-to-up-scale 474 553 45,488 51,649 GreenTree Eastern 222 239 24,377 25,683 Deep Sleep Hotel 7 8 534 610 Gem 71 105 6,292 9,386 Gya 71 74 5,899 6,155 Vx 92 105 8,041 9,093 Others 11 22 345 722 Mid-scale 2,975 2,978 230,100 230,298 GreenTree Inn 2,220 2,340 179,631 183,439 GT Alliance 568 505 40,134 37,631 GreenTree Apartment 20 24 1,308 1,545 Vatica 110 109 7,805 7,683 Economy 789 894 33,907 39,335 Shell 789 894 33,907 39,335 Total 4,238 4,425 309,495 321,282 Hotel Breakdown By Market Segment and Brand
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28 2023Q4 2024Q4 Total hotels in operation 4,238 4,425 Leased-and-owned hotels 65 55 Franchised hotels 4,173 4,370 Total hotel rooms in operation 309,495 321,282 Leased-and-owned hotels 7,318 6,264 Franchised hotels 302,177 315,018 Number of cities 360 352 2023Q4 2024Q4 Occupancy rate Leased-and-owned hotels 66.9% 68.6% Franchised hotels 72.5% 65.5% Blended 72.4% 68.6% Average daily rate (in RMB) Leased-and-owned hotels 241 241 Franchised hotels 175 167 Blended 177 169 RevPAR (in RMB) Leased-and-owned hotels 161 158 Franchised hotels 127 115 Blended 128 116 Hotel Operating Data
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29 2023Q4 2024Q4 Total restaurants in operation 194 182 Leased-and-owned restaurants 42 18 Franchised restaurants 152 164 Number of cities 65 53 2023Q4 2024Q4 ADT Dine In 45 44 Delivery 55 49 Blended 99 93 AC (in RMB) Dine In 70 58 Delivery 36 35 Blended 51 46 ADS (in RMB) Dine In 3,139 2,508 Delivery 1,951 1,726 Blended 5,090 4,234 Restaurants Operating Data
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30 2023Q4 2024Q4 ADT Leased-and-owned restaurants 141 186 Franchised restaurants 84 78 Blended 99 93 AC (in RMB) Leased-and-owned restaurants 89 99 Franchised restaurants 37 33 Blended 51 46 ADS (in RMB) Leased-and-owned restaurants 12,501 18,384 Franchised restaurants 3,127 2,605 Blended 5,090 4,234 Restaurants Operating Data