GreenTree Hospitality Group Ltd. · NYSE:GHG
GreenTree Hospitality — H1 2025 Earnings Presentation
29 slides from GreenTree Hospitality's earnings presentation, Sep 30, 2025
Slide 1: First Half 2025 Results
First Half 2025 Results September 30, 2025 1
Slide 2: Disclaimer
Disclaimer 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 cont
Slide 3: Contents
Contents 01 02 03 04 First Half 2025 First Half 2025 First Half 2025 Appendix Performance Review Strategic Execution Operating and Financial Highlights 3
Slide 4: First Half 2025 Performance Review
格林东方酒店(克拉玛依独山子区城投大厦店) 005415格林东方德州市平原县德百奇石园酒店 01 First Half 2025 Performance Review 4
Slide 5: 2025H1 Highlights
2025H1 Highlights RMB Compared with 2024H1(1) RevPAR 107 Down 11.0% Restaurant ADS 3,746 Down 24.7% ( Average Daily Sales Per Store) Total Revenues 585.1MM Down 14.2% Hotel Revenues 488.0MM Down 9.5% Income from Operations 91.5MM Down 41.6% with margin 15.6% Adjusted Income from Operations (2) 107.5
Slide 6: Overview of 2025H1
Overview of 2025H1 Total Revenues Income from Operations RMB (M) RMB (M) Restaurant 800 Restaurant 180 Hotel 700 Hotel 160 4.7 143.0 600 140 151.9 97.7 120 500 539.5 488.0 100 400 80 93.0 300 60 200 40 100 20 0 0 (1.5) 24H1 25H1 24H1 25H1 -20 Net Income Adjusted EBITDA RMB (M) RMB (M) 250 250 Restau
Slide 7: Hotel Performance
Hotel Performance RevPAR 2025 RMB 212 190 196 210 177 177 164 160 161 157 158 170 145 152 152 146 149 144 144 135 142 137 135 135 136 131 124 130 121 130 124 131 123119 124 127 105 155 115 145 149133 133 139 132119 139 96 139 111 117108 129 129117 135 90 120 124 119 127 124 133 90 92 100 117 117 119
Slide 8: Improvement in Direct Sales and Membership Support
Improvement in Direct Sales and Membership Support Corporate Members Individual Members ‘000 ‘000‘000 120 2500 107 2,256 102 2,165 100 2000 80 1500 60 1000 40 500 20 0 0 24Q4 25H1 24Q4 25H1 8
Slide 9: AC, ADT, ADS
AC (1) ADT (2) ADS (3) RMB RMB RMB 70 140 7,000 6,548 60 59 120 119 55 53 106 6,000 54 48 5,4335,525 50 46 46 100 101 94 90 93 4,7374,891 43 83 85 5,000 4,2344,029 40 80 4,000 3,629 30 60 3,000 20 40 2,000 10 20 1,000 0 0 0 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 2
Slide 10: 2025H1 Strategic Execution
02 2025H1 Strategic Execution 10
Slide 11: 2025H1 Strategic Execution
2025H1 Strategic Execution Further Expansion into Mid-to- Upscale Segment Greater Penetration in Tier 3 and Lower Cities in South China 11
Slide 12: Further Expansion into Mid-to-UpScale Segment
Further Expansion into Mid-to-UpScale Segment Organic New Openings (1) Breakdown by Segment Organic Hotel (2) Breakdown by Segment Mid-to-Upscale Midscale Economy Mid-to-Upscale Midscale Economy 700 618 5000 600 548 4,509 4,405 24.6% 4500 4,238 13.9% 466 4,059 500 24.6% 420 12.6% 405 3,859 12.1% 18.
Slide 13: Greater Penetration in Tier 3 and Lower Cities
Greater Penetration in Tier 3 and Lower Cities Organic New Openings Breakdown by City Tier Organic Hotel Breakdown by City Tier Tier 1 Cities Tier 2 Cities Other Cities Tier 1 Cities Tier 2 Cities Other Cities 700 5000 618 600 548 4,509 7.1% 4500 4,238 4,272 7.1% 466 4,059 9.1% 500 27.0% 420 21.2% 6
Slide 14: 2025H1 and Fiscal Year Restaurant Strategic Execution
2025H1 and Fiscal Year Restaurant Strategic Execution Restaurant Breakdown by L&O and F&M L&O 200 183 183 180 24 15 F&M 160 168 Business Model Transferred to 140 159 120 Increase in Proportion of 100 Franchised-and-Managed 80 Restaurants 60 40 20 0 24H1 25H1 Proportion of Restaurants Breakdown by Lo
Slide 15: Operating and Financial Highlights
003747格雅临沂市兰山区海联国际广场酒店 03 Operating and Financial Highlights 15
Slide 16: Hotel Revenue
Hotel Revenue Total Revenue Revenue from L&O Hotels RMB (M) RMB (M) Revenue from L&O Hotels 600 Revenue from L&O Hotels Same Hotels 250.0 539.5 200.0 488.0 228.4 500 150.0 194.8 153.7 141.5 100.0 400 50.0 0.0 24H1 25H1 300 Revenue from F&M Hotels RMB (M) 350 309.0 200 291.8 300 250 200 100 150 100 5
Slide 17: Hotel Operating Costs and Expenses
Hotel Operating Costs and Expenses Total Hotel Operating Costs and Expenses (1) Hotel Operating Costs RMB (M) RMB (M) 400 500 295.6 286.9 300 424.4 200 405.4 100 400 0 24H1 25H1 Selling and Marketing Expenses 300 RMB (M) 40 28.7 30 23.0 20 200 10 0 24H1 25H1 General and Administrative Expenses 100 R
Slide 18: Hotel Profitability
Hotel Profitability Income From Operations Net Income RMB (M) Margin RMB (M) Margin 160.00 151.9 24H1 250.00 24H1 140.00 123.9 25H1 200.6 25H1 200.00 120.00 109.0 100.00 93.0 150.00 80.00 120.4 95.7 60.00 100.00 86.6 40.00 20.00 50.00 - - Income From Operations Adjusted Income From Operations (1) Ne
Slide 19: Restaurant Revenue and Operating Costs and Expenses
Restaurant Revenue and Operating Costs and Expenses Total Revenue Total Restaurant Operating Costs and Expenses RMB (M) RMB (M) 160.0 160.0 143.0 140.1 140.0 140.0 120.0 120.0 99.6 97.7 100.0 100.0 80.0 80.0 60.0 60.0 40.0 40.0 20.0 20.0 0.0 0.0 24H1 25H1 24H1 25H1 19
Slide 20: Restaurant Profitability
Restaurant Profitability Income From Operations Net Income RMB (M) Margin RMB (M) % Margin 6.00 4.00 3.7 4.7 5.00 3.00 4.00 2.00 3.00 1.00 2.00 - 1.00 24H1 25H1 - (1.00) (1.00) 24H1 25H1 (2.00) (1.8) (2.00) (1.5) (3.00) 3.3% (1.5)% 2.6% (1.9)% Adjusted EBITDA (1) Core Net Income (2) RMB (M) RMB (M)
Slide 21: Group Profitability
Group Profitability Net income Core net income (Non-GAAP) RMB（M） RMB 250.00 140.00 130.9 198.8 200.00 120.00 100.00 92.1 150.00 119.6 80.00 100.00 60.00 40.00 50.00 20.00 0.00 0.00 24H1 25H1 24H1 25H1 Net Income per ADS (Basic and Diluted) (1) Core Net Income per ADS (Basic and Diluted) (Non-GAAP) (
Slide 22: Cash and Cash Equivalents
Cash and Cash Equivalents Total cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits of RMB 2,034.9Million as of June 30, 2025 RMB (M) 2,500 2,034.9 24.1 12.2 -0.2 -10.0 1,839.1 104.8 -44.2 2,000 109.0 1,500 1,000 500 0 Cash & Cash Ca
Slide 23: Guidance; Thank you! Q&A
Guidance Based on our performance in the first half year and considering the impact from closure of certain L&O hotels due to lease expiration and business strategy adjustments, we adjust our previous revenue guidance for the hotel business to -10% to -13% year-over-year. Thank you! Q&A 23
Slide 24: Appendix
Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 04 Appendix 24
Slide 25: Our Portfolio
Our Portfolio As of June 30, 2025 Mid-to-Up-Scale • Hotels in operation: 569 • Hotel rooms in operation: 52,773 • Room rates: RMB 200 - 600 Mid-Scale [3] • Hotels in operation: 3,005 • Hotel rooms in operation: 226,336 • Room rates: RMB 150 - 400 [4] Economy • Hotels in operation: 935 • Hotel rooms
Slide 26: Hotel Breakdown
Hotel Breakdown Number of Hotels in Operation Number of Hotel Rooms in Operation By Market Segment and Brand 2024H1 2025H1 2024H1 2025H1 Mid-to-up-scale 505 569 47,697 52,773 GreenTree Eastern 227 236 24,493 25,107 Deep Sleep Hotel 7 8 534 610 Gem 82 119 7,258 10,781 Gya 75 72 6,238 6,012 Vx 99 108
Slide 27: Hotel Operating Data
Hotel Operating Data 2024H1 2025H1 2024H1 2025H1 Occupancy rate Total hotels in operation 4,272 4,509 Leased-and-owned hotels 68.6% 66.8% Leased-and-owned hotels 62 55 Franchised hotels 70.2% 66.0% Blended 70.2% 66.0% Franchised hotels 4,210 4,454 Average daily rate (in RMB) Leased-and-owned hotels
Slide 28: Restaurants Operating Data
Restaurants Operating Data 2024H1 2025H1 2024H1 2025H1 Total restaurants in ADT 183 183 operation Dine In 44 33 Leased-and-owned 24 15 Delivery 48 51 restaurants Blended 92 84 Franchised restaurants 159 168 AC (in RMB) Dine In 72 61 Number of cities 64 53 Delivery 39 34 Blended 54 45 ADS (in RMB) Di
Slide 29: Restaurants Operating Data
Restaurants Operating Data 2024H1 2025H1 ADT Leased-and-owned restaurants 161 213 Franchised restaurants 77 73 Blended 92 84 AC (in RMB) Leased-and-owned restaurants 108 93 Franchised restaurants 39 33 Blended 54 45 ADS (in RMB) Leased-and-owned restaurants 17,337 19,736 Franchised restaurants 3,039
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