============= ============= ============ ============= ============= ============
Financing
activities:
Distribution to
the
shareholders - - - - (760,321) (108,345)
Repurchase of
ordinary shares - (300,122) (42,767) - (300,122) (42,767)
Repayment of
short-term
loans (450,600,000) - - (450,600,000) (117,000,000) (16,672,367)
Proceeds from
bank loans 271,400,000 - - 117,000,000 200,000,000 28,499,772
Capital
contribution
from
non-controlling
interest
holders (117,000,000) (966,000) (137,654) - (966,000) (137,654)
============= ============= ============ ============= ============= ============
Net cash
provided by
(used in)
financing
activities (296,200,000) (1,266,122) (180,421) (333,600,000) 80,973,557 11,538,639
============= ============= ============ ============= ============= ============
Effect of
exchange rate
changes on
cash and cash
equivalents and
restricted cash (395,858) 142,062 20,244 (52,807) (2,657,865) (378,743)
Net (decrease)
increase in
cash and cash
equivalents (236,933,837) 138,015,614 19,667,067 167,366,272 748,057,905 106,597,395
============= ============= ============ ============= ============= ============
Cash and cash
equivalents at
the beginning
of the period 1,138,929,311 1,401,643,004 167,581,976 734,629,202 791,600,712 112,802,199
============= ============= ============ ============= ============= ============
Cash and cash
equivalents at
the end of the
period 901,995,474 1,539,658,617 187,249,043 901,995,474 1,539,658,617 219,399,594
============= ============= ============ ============= ============= ============
GreenTree Hospitality Group Ltd.
Unaudited Reconciliation of GAAP and Non-GAAP Results
Quarter Ended Nine Month Ended
------------------------------------ ------------------------------------
September September September September September September
30, 2023 30, 2024 30, 2024 30, 2023 30, 2024 30, 2024
RMB RMB US$ RMB RMB US$
=========== =========== ========== =========== =========== ==========
Net income 117,393,115 65,211,908 9,292,623 251,896,868 184,768,634 26,329,320
=========== =========== ========== =========== =========== ==========
Deduct:
Other
operating
income 1,136,022 14,654,068 2,088,188 15,806,939 53,422,304 7,612,617
Interest
income and
other, net 13,662,038 7,488,034 1,067,036 31,041,389 27,438,533 3,909,960
Gains from
investment
in equity
securities 365,577 10,015,229 1,427,159 - - -
Share of gain
in equity
investees,
net of tax - 405,064.00 57,721.00 - - -
Other income,
net 1,779,998 - - 42,926,246 - -
Add:
Other
operating
expenses 301,169 2,017,978 287,560 8,135,387 4,438,171 632,434
Other general
expenses 11,322,509 - - 27,296,093 11,756,531 1,675,292
Income tax
expenses
(benefits) 32,385,239 24,330,641 3,467,089 92,335,322 77,512,335 11,045,419
Share of loss
in equity
investees,
net of tax 83,027 - - 869,910 464,693 66,218
Interest
expenses 3,740,491 116,161 16,553 13,137,021 4,485,219 639,139
Depreciation
and
amortization 32,167,798 28,690,959 4,088,429 92,487,725 89,170,635 12,706,714
Losses from
investment
in equity
securities - - - 4,434,821 5,409,426 770,837
Other
expense,
net - 34,653,121 4,938,030 - 17,862,097 2,545,328
=========== =========== ========== =========== =========== ==========
Adjusted
EBITDA
(Non-GAAP) 180,449,713 122,458,373 17,450,180 400,818,573 315,006,904 44,888,124
=========== =========== ========== =========== =========== ==========
Quarter Ended Nine Month Ended
----------------------------------- ------------------------------------
September September September September September September
30, 2023 30, 2024 30, 2024 30, 2023 30, 2024 30, 2024
RMB RMB US$ RMB RMB US$
=========== ========== ========== =========== =========== ==========
Net income 117,393,115 65,211,908 9,292,623 251,896,868 184,768,634 26,329,320
=========== ========== ========== =========== =========== ==========
Deduct:
Government
subsidies (net
of 25% tax) - 4,374,750 623,397 6,671,305 4,844,636 690,355
Gains from
investment in
equity
securities (net
of 25% tax) 274,183 7,511,422 1,070,369 - - -
Other income (net
of 25% tax) 1,334,998 - - 32,194,684 - -
Add:
Share-based
compensation (11,998) 15,662 2,232 16,594 46,986 6,695
Losses from
investments in
equity
securities (net
of 25% tax) - - - 3,326,116 4,057,070 578,128
Other
expense (net of
25% tax) - 25,989,841 3,703,523 - 13,396,573 1,908,996
One-time fees and
expenses 220,916 658,981 93,904 2,181,773 1,713,989 244,242
Other general
expenses 11,322,509 - - 27,296,093 11,756,531 1,675,292
Income tax
expenses related
to dividend
distribution - 13,496,240 1,923,199 - 13,496,240 1,923,199
=========== ========== ========== =========== =========== ==========
Core net income
(Non-GAAP) 127,315,361 93,486,460 13,321,714 245,851,454 224,391,387 31,975,517
=========== ========== ========== =========== =========== ==========
Core net income
per ADS
(Non-GAAP)
Class A ordinary
share-basic and
diluted 1.25 0.92 0.13 2.41 2.21 0.31
Class B ordinary
share-basic and
diluted 1.25 0.92 0.13 2.41 2.21 0.31
Hotel Operational Data
September 30, September 30,
2023 2024
------------- -------------
Total hotels in operation: 4,185 4,336
Leased and owned hotels 64 56
Franchised hotels 4,121 4,280
Total hotel rooms in operation 307,010 316,461
Leased and owned hotels 7,093 6,367
Franchised hotels 299,917 310,094
Number of cities 354 351
---------------------------------- ------------- -------------
Quarter Ended
----------------------------
September 30, September 30,
2023 2024
------------- -------------
Occupancy rate (as a percentage)
Leased-and-owned hotels 79.0 % 75.9 %
Franchised hotels 81.3 % 74.6 %
Blended 81.2 % 74.6 %
Average daily rate (in RMB)
Leased-and-owned hotels 268 258
Franchised hotels 190 179
Blended 192 181
RevPAR (in RMB)
Leased-and-owned hotels 212 196
Franchised hotels 155 133
Blended 156 135
---------------------------------- ------------- -------------
Number of Hotel Rooms in
Number of Hotels in Operation Operation
----------------- ------------------------------- --------------------------
September September September September
30, 2023 30, 2024 30, 2023 30, 2024
----------------- ---------------- ------------- ------------ ------------
Mid-to-up-scale 455 527 43,485 49,763
GreenTree
Eastern 224 234 23,639 25,245
Deepsleep Hotel 7 7 534 534
Gem 61 91 5,372 8,178
Gya 71 73 5,899 6,071
Vx 92 104 8,041 9,109
Others - 18 - 626
(MORE TO FOLLOW) Dow Jones Newswires
November 21, 2024 07:19 ET (12:19 GMT)
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