GreenTree Hospitality : Q4 and Full Fiscal Year 2024 Results Presentation

GHG

Fourth Quarter and Fiscal Year 2024 Results

April 24, 2025

Contents

01 02 03 04

2024Q4 and Fiscal Year

2024Q4 and Fiscal Year

2024Q4 and Fiscal Year

Appendix

Performance Review

Strategic Execution

Operating and

Financial Highlights

3

01

2024Q4 Performance Review

2024Q4 Highlights

Hotel RevPAR

Restaurant ADS

( Average Daily Sales Per Store)

Total Revenues

Hotel Revenues

Net Income

Adjusted Net Income (2)

Core Net Income (3)

Adjusted EBITDA (Non-GAAP)(4)

RMB

116

4,234

304.5MM

240.2MM

-72.8MM 77.3MM

57.8MM

71.5MM

Compared with 2023Q4(1)

Down 9.6%

Down 16.8%

Down 18.2%

Down 17.1%

Up 26.8% with margin 25.4%

Down 22.3% with margin 19.0%

Down 38.3% with margin 23.5%

Cash from operations

74.2MM

Up from -13.5MM in 2023Q4

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 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.

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

5

of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above mentioned definition.

Overview of 2024Q4

Total Revenues

RMB (M)

Hotel

Restaurant

400

87.7

300

65.1

289.6

200

240.2

100

0

23Q4

24Q4

Net Income

RMB (M)

Hotel

Restaurant

90

18.9

40

13.1

58.4

44.3

8.1

28.4

-10

23Q4

24Q4

23Q4

24Q4

（2.9）

Excluding impairment of goodwill and trademarks of r

-60

estaurant business，impairment of assets, and

provisions for loan receivables related to franchisee

loans

-110

（101.2）

Adjusted EBITDA (Non-GAAP)(1)

Core Net Income (2)

RMB (M)

Restaurant

RMB (M)

Hotel

600

Restaurant

Hotel

7.7

500

28.2

300

484.2

311.3

29.0

400

20.6

256.9

300

365.9

200

200

100

3.9

100

13.1

107.7

0.4

18.9

60.7

46.1

71.1

0

0

23Q4

24Q4

2023

2024

23Q4

24Q4

2023

2024

Note:

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 good will 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.

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

6

subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax).

Hotel Performance

RevPAR

2024

RMB

212

196

210

190

177

164

160

161

152

152

149

157

158

170

131

145

142

146

136

144

124

123119

131

135 124

137

135

135

130

130

115

127

121

96

105

124

155

139

145

139 149

90

139

129

129

135

124

133

127

124

133

90

117

132

133

71

120

117

119

119

113

92

111

117

119

117

103

115

108 100

80

95

91

90

50

55

ADR

RMB

268

285

255

235 250

258

245

224

219 223 224

237

229

241

241

210

212

216

217

201

200

199

208

182

189 193 193

203

190

184

205

169 173

171

159 161

166 166 168

165

166 179 190 175 167 171 179 167

125

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

Occupancy

100.0%

81.9% 84.5%

87.7%

87.5%

86.1%

83.5%

82.9%

81.3%

81.6%

80.7%

77.2%

80.3% 78.1%

79.6%

81.3%

78.4%

79.3% 76.8%

78.8%

77.9%

74.6%

78.4%

71.3%

80.0%

72.6%

72.5%

71.9%

63.7%

63.7%

69.5%

62.3%

62.4%

79.0%

66.6%70.7%

68.6%

76.9%

60.2%

70.7%72.6%

73.1%

72.9%

74.6%

72.6%

60.0%

69.2%70.3%

72.1%

70.2%

47.7%

71.0%

63.0%

66.9%

75.9%

64.9%

59.4%

60.5%

64.5%

70.5%

66.6%

70.6%

65.2%

62.9%

67.9%

57.8%

59.6%

60.9%

57.1%

51.7%

65.5%

40.0%

46.5%

52.6%

63.0%

32.7%

20.0%

F&M Hotel

L&O Hotel

Growth Trend (L&O)

7

Growth Trend (F&M)

Improvement in Direct Sales and Membership Support

Individual Members

million

120

102

100

91

80

60

40

20

0

23Q4

24Q4

Corporate Members

thousand

2,165

2,050

2,000

1,500

1,000

500

0

23Q4

24Q4

8

AC (1)

RMB

65

60

55.2

55.0

58.6

55

53.1

51.2

52.7

50

46.2

45.6

45

40

35

30

25

20 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

AC (1)

90

RMB

80

79.9

72.6

70

66.7

67.3

70.0

67.8

60

59.5

57.7

50

40

40.3

40.2

37.5

38.3

38.4

30

35.7

33.9

34.9

20

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

Note:

ADT (2)

ADS (3)

RMB

160

7,000

6,3716,570

140

6,000

6,080

5,090

5,525

4,891

120

119

5,000

120

109

106

4,737

4,234

99

4,000

100

94

90

93

3,000

80

2,000

60

1,000

40

0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

ADT (2)

ADS (3)

90

5000

RMB

80

45004,165

4,214 4,199

4000

3,139 3,484

70

3500

63

58

2,9603,033

3000

2,508

60

62

45

55

51

2500

57

61

49

50

46

2000

2,349

51

2,157

48

1500 1,915

1,9512,041

1,858

40

55

44

44

44

1,777

1,726

1000

30

500

20

0

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4

Dine In

Delivery

9

02

2024Q4 Strategic Execution

Disclaimer

GreenTree Hospitality Group Ltd. published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 12:06 UTC.