Exhibit 99.1

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Total revenues increased by 3.2% year over year to RMB372.2 million (US$52.4 million)^[1].

Income from operations was RMB23.1 million (US$3.2 million) compared to RMB-5.1 million for the fourth quarter of 2022 .

Net income was RMB7.4 million (US$1.0 million) compared to RMB-3.8 million for the fourth quarter of 2022.

Adjusted EBITDA (non-GAAP)^[2] increased by 2.1% year over year to RMB116.3 million (US$16.4 million)^[1].

SHANGHAI, March 26, 2024 /PRNewswire/ -- GreenTree Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company", "we", "us" and "our"), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2023. 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., until their acquisition by the Company, the acquisition was accounted for a common-control acquisition in a manner similar to the pooling -of-interests 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.

Fourth Quarter of 2023 Operational Highlights

Hotels

	·	A total of 4,238 hotels with 309,495 hotel rooms were in operation as of December 31, 2023.

The Company opened 107 hotels and had a pipeline of 963 hotels contracted for or under development as of December 31, 2023.

The average daily room rate was RMB177, an increase of 7.3% from RMB165 in the fourth quarter of 2022.

¹ The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0999 on December 31, 2023 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/.

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, 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.

	·	The occupancy rate was 72.4%, up from63.0% in the fourth quarter of 2022.

Revenue per available room, or RevPAR, was RMB128, a 23.3% year-over-year increase.

Restaurants

	·	A total of 194 restaurants were in operation as of December 31, 2023.

The AC (average check) was RMB54, a 19.3% year-over-year increase.

	·	The ADT (average daily tickets) was 101, down from 105 in the fourth quarter of 2022.

The ADS (average daily sales per store) was RMB5,433, an increase of 14% from RMB4,780 in the fourth quarter of 2022.

“2023 marked a return to more normal times in the hospitality industry in China as we left the COVID pandemic behind us and focused on growing our hotel business again in terms of revenues, profitability, and hotel openings, while we continued to diversify geographically. For the full year, revenues came in at RMB1,627 million and net income was RMB310.6 million compared to a loss of RMB446.1 million in 2022. We ended the year with 4,238 hotels in operation and 963 in our pipeline.”

“It was also a year of transformation in our restaurant business with a greater focus on leveraging our expertise to attract and support franchisees as we continue to grow our footprint in local communities.”

“We are very thankful to our team, franchisees, and partners who worked extremely hard under difficult conditions and to our customers who remained loyal to our many brands. We believe the China travel market will remain robust and we look confidently to a better future for all our stakeholders,” said Mr. Alex S. Xu, Chairman and Chief Executive Officer of GreenTree.

Fourth Quarter of 2023 Financial Results

	Quarter Ended
	December 31, 2022		December 31, 2022		December 31, 2022			December 31, 2022
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		84,299,894		77,192,256		(1,070,750	)		160,421,400
Franchised-and-managed revenues		152,893,262		6,936,922					159,830,184
Wholesales and others		798,068		39,834,953		(223,991	)		40,409,030
Total revenues		237,991,224		123,964,131		(1,294,741	)		360,660,614

	Quarter Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023		December 31, 2023
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		125,521,091		48,191,718		1,075,554			174,788,363		24,618,426
Franchised-and-managed revenues		162,861,220		9,665,210					172,526,430		24,299,839
Wholesales and others		1,267,182		29,865,880		(6,284,350	)		24,848,712		3,499,868
Total revenues		289,649,493		87,722,808		(5,208,796	)		372,163,505		52,418,133

2023 Financial Results

	Year Ended
	December 31, 2022		December 31, 2022		December 31, 2022			December 31, 2022
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		338,506,220		362,806,697		(1,290,268	)		700,022,649
Franchised-and-managed revenues		582,441,077		39,243,436					621,684,513
Wholesales and others		15,853,985		131,737,118		(223,991	)		147,367,112
Total revenues		936,801,282		533,787,251		(1,514,259	)		1,469,074,274

	Year Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023		December 31, 2023
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		490,924,060		296,890,282					787,814,342		110,961,329
Franchised-and-managed revenues		696,321,236		44,175,022					740,496,258		104,296,717
Wholesales and others		4,660,777		100,570,661		(6,284,350	)		98,947,088		13,936,406
Total revenues		1,191,906,073		441,635,965		(6,284,350	)		1,627,257,688		229,194,452

Total revenues were RMB372.2 million (US$52.4 million)，a 3.2% year-over-year increase.

Hotel revenues were RMB289.6 million (US$40.8 million), a 21.7% year-over-year increase. The increase was mainly attributable to the recovery in RevPAR and the increase in the number of hotels.

Restaurant revenues were RMB87.7 million (US$12.4 million), a 29.2% year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and partially offset by an increase in ADS.

Total revenues for the year were RMB1,627.3 million (US$229.2 million)^[1], a 10.8% year-over-year increase.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB174.8 million (US$24.6 million)^[1], a 9.0% year-over-year increase.

Total revenues from L&O hotels were RMB125.5 million (US$17.7 million)^[1], an 48.9% year-over-year increase. The increase was primarily attributable to a 24.0% year-over-year increase in the fourth quarter RevPAR of L&O hotels and four newly opened L&O hotels in the fourth quarter of 2023 as compared to the fourth quarter of 2022.

Total revenues from L&O restaurants were RMB48.2 million (US$6.8 million)^[1], a 37.6 % year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and partially offset by an increase in ADS .

Total revenues from L&O hotels and restaurants for the year were RMB787.8 million (US$111.0 million)^[1], a 12.5% year-over-year increase.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB172.5 million (US$24.3 million), a 7.9% year-over-year increase.

Total revenues from F&M hotels were RMB162.9 million (US$22.9 million), a 6.5% year-over-year increase. Initial franchise fees increased 104.4% year-over-year, mainly because of the increase in the gross opening number of F&M hotels. Recurring franchisee management fees and others increaesed by 2.6% year-over-year, primarily due to a 20.6% increase in F&M hotels' Revpar,and offset by the a waving of franchisee management fees for refurbished hotels.

Total revenues from F&M restaurants were RMB9.7 million (US$1.4 million), a 39.3% year-over-year increase. The increase was mainly due to the increase in ADS, and a net increase of 12 F&M restaurants. Total revenues from F&M restaurants for the year were RMB44.2 million (US$6.2 million)^[1], an 12.6% year-over-year increase.

Total revenues from F&M hotels and restaurants for the year were RMB740.5 million (US$104.3 million)^[1], a 19.1% year-over-year increase.

Total revenues from wholesale and others were RMB24.8 million (US$3.5 million), a 38.5% year-over-year decrease, mainly because of reduced business from supermarkets, partially offset by increased business through distributors. Total revenues from wholesale and others for the year were RMB98.9 million (US$13.9 million), a 32.9% year-over-year decrease.

Total operating costs and expenses

	Quarter Ended
	December 31, 2022			December 31, 2022		December 31, 2022			December 31, 2022
	RMB			RMB		RMB			RMB
	Hotel			Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		143,637,483			114,848,354		(95,608	)		258,390,229
Selling and marketing expenses		8,246,791			2,110,091		(19,904	)		10,336,978
General and administrative expenses		56,758,869			9,172,602					65,931,471
Other operating expenses		860,771			2,615,189					3,475,960
Impairment loss of goodwill		91,236,480								91,236,480
Other general expenses		(69,310,842	)		13,041,702					(56,269,140	)
Total operating costs and expenses		231,429,552			141,787,938		(115,512	)		373,101,978

	Quarter Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023		December 31, 2023
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		154,556,991		66,896,044		(9,861,359	)		211,591,676		29,802,064
Selling and marketing expenses		8,318,853		2,821,243		(49,623	)		11,090,473		1,562,060
General and administrative expenses		49,670,060		8,374,981					58,045,041		8,175,473
Other operating expenses		3,429,367		139,799					3,569,166		502,707
Impairment loss of goodwill
Other general expenses		36,260,493		39,913,000					76,173,493		10,728,812
Total operating costs and expenses		252,235,764		118,145,067		(9,910,982	)		360,469,849		50,771,116

	Year Ended
	December 31, 2022		December 31, 2022		December 31, 2022			December 31, 2022
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		594,019,322		472,289,395		204,234			1,066,512,951
Selling and marketing expenses		38,534,427		29,975,916		(19,904	)		68,490,439
General and administrative expenses		210,759,610		48,754,252					259,513,862
Other operating expenses		3,244,855		5,171,505					8,416,360
Impairment loss of goodwill		91,236,480							91,236,480
Other general expenses		461,597,460		13,041,702					474,639,162
Total operating costs and expenses		1,399,392,154		569,232,770		184,330			1,968,809,254

	Year Ended
	December 31, 2023		December 31, 2023		December 31, 2023			December 31, 2023		December 31, 2023
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		598,841,951		359,018,687		(10,421,824	)		947,438,814		133,443,966
Selling and marketing expenses		47,434,683		24,232,973		(49,623	)		71,618,033		10,087,189
General and administrative expenses		166,861,387		41,572,291					208,433,678		29,357,270
Other operating expenses		4,453,446		7,251,107					11,704,553		1,648,552
Impairment loss of goodwill
Other general expenses		63,556,586		39,913,000					103,469,586		14,573,386
Total operating costs and expenses		881,148,053		471,988,058		(10,471,447	)		1,342,664,664		189,110,363

Operating costs were RMB211.6 million (US$ 29.8 million)^[1], a 18.1% year-over-year decrease.

Operating costs of the hotel business were RMB154.6 million (US$21.8million)^[1], a 7.6% year-over-year increase. The increase was mainly due to higher consumables and higher costs for general managers of franchised-and-managed hotels due to the increase in F&M hotels, and partially offset by lower utilities.

Operating costs of the restaurant business were RMB66.9million (US$9.4 million)^[1], a 41.8% year-over-year decrease. The decrease was due to closure of L&O stores.

For the year, operating costs were RMB 944.3 million (US$133.0 million) ^[1], representing an 11.1% decrease.

Selling and marketing expenses were RMB11.1 million (US$1.6 million)[1], a 7.3% year-over-year increase.

Selling and marketing expenses of the hotel business were RMB8.3 million (US$1.2 million)[1], a 0.9% year-over-year increase.

Selling and marketing expenses of the restaurant business were RMB2.8 million (US$0.4 million)[1], a 33.7% year-over-year increase. The increase was mainly attributable to higher sales-channel commissions.

For the year, selling and marketing expenses were RMB71.6 million (US$10.1 million) [1], a 4.6% increase.

General and administrative, or G&A expenses were RMB58.0 million (US$ 8.2 million)[1], a 12.5% year-over-year decrease.

G&A expenses of the hotel business were RMB49.7 million (US$7.0 million)[1], a 12.5 % year-over-year decrease. The decrease was mainly due to lower staff related expenses and lower bad debts.

G&A expenses of the restaurant business were RMB8.4 million (US$1.2 million)[1], a 8.7% year-over-year decrease. The decrease was mainly due to lower staff related expenses.

Other general expenses were RMB76.2 million (US$10.7 million)[1], a 235.4% year-over-year decrease. These expenses include provisions for trademarks especially due to the acquisition of the restaurant business, loan receivables related to franchisee loans, and impairment of assets.

Gross profit was RMB160.6 million (US$22.6 million)^[1], a year-over-year increase of 57.0%. Gross margin was 43.1%, compared to 28.4% a year ago. The gross profit of the hotel business was RMB135.1 million (US$19.0 million)^[1], an 43.2% year-over-year increase. The gross profit of the restaurant business was RMB20.8 million (US$2.9 million)^[1], a 128.5% year-over-year increase. Gross profit for the year was RMB679.8 million (US$95.8 million) ^[1], a 68.9% year-over-year increase.

Income from operations was RMB23.1 million (US$3.2 million)^[1]
,compared to loss from operations of RMB5.1 million in the fourth quarter of 2022, with a margin of 6.2%. Excluding other general expenses, income from operations turned positive at RMB99.2 million(US$14.0 million) with a margin of 6.2%.

Income from operations of the hotel business was RMB47.4 million (US$6.7 million)^[1], compared to an income from operations of RMB13.3 million in the fourth quarter of 2022, with a margin of 16.3%. Excluding other general expenses, income from operations of the hotel business was RMB83.6 million(US$11.8 million), an increase of 137.4%, with a margin of 28.9%.

Loss from operations of the restaurant business was RMB29.0 million (US$4.1 million)^[1], compared to loss from operations of RMB17.3 million in the fourth quarter of 2022, with a margin of -33.1%. Excluding other general expenses, income from operations of the restaurant business turned positive at RMB10.9 million(US$1.5 million) with a margin of 12.4%.

Income from operations for the year was RMB315.8 million (US$44.5 million) ^[1] compared to loss from operations of RMB471.9 million in 2022, with a margin of 19.4%

Net income was RMB7.4 million (US$1.0 million)^[1], compared to a net income of RMB-3.8 million in the fourth quarter of 2022, and net margin was 2.0%. Excluding other general expenses, net income of the hotel business was RMB161.3 million(US$22.7 million), an increase of 41.6%, with a margin of 43.4%.

Net income of the hotel business was RMB21.0 million (US$3.0 million)^[1], compared to a net income of RMB7.5 million in the fourth quarter of 2022, and net margin was 7.2%. Excluding other general expenses, net income of the restaurant business was RMB57.2 million(US$8.1 million), an increase of 94.7%, with a margin of 19.8%.

Net loss of the restaurant business was RMB18.2 million (US$2.6 million)^[1], compared to a net loss of RMB10.0 million in the fourth quarter of 2022, and net margin was -20.7%.Excluding other general expenses, net income of the restaurant business was RMB21.7 million(US$3.1 million), an increase of 604.5%, with a margin of 24.8%.

Adjusted EBITDA (non-GAAP)^[2] was RMB116.3 million (US$16.4 million)^[1], a year-over-year increase of 2.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 14.0%, compared to 31.6% a year ago. Adjusted EBITDA (non-GAAP) for the year was RMB516.6 million (US$72.8 million), a year-over-year increase of 112.9%.

Core net income (non-GAAP) was RMB88.7 million (US$12.5 million)^[1], a year-over-year increase of 70.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 23.8%, compared to 14.4% one year ago. Core net income (non-GAAP) for the year was RMB340.8 million (US$48.0 million)^[1], a year-over-year increase of 144.9%.

Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.11 (US$0.01 )[1], up from RMB-0.05 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.87 (US$0.12 )[1], up from RMB0.51 a year ago. Earnings per ADS (basic and diluted) for the year was RMB2.6 (US$0.37)[1] up from RMB-3.71 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB3.34 (US$0.47 )[1] for the year, a increase from RMB1.35 a year ago.

Cash flow Operating cash outflow was RMB 12.8 million (US$1.8 million)^[1] as a result of income from operations. Investing cash outflow for the full year 2023 was RMB 126.8million (US$17.9million)^[1], which was primarily attributable to purchases of short-term investments and increase of long-term time deposits . The investing cash outflow was partially offset repayment from franchisees. Financing cash inflow was RMB 29.9 million (US$4.2 million)^[1], mainly attributable to proceeds from bank borrowings

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of December 31, 2023, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB 1,337.1 million (US$188.3 million)^[1],compared to RMB1,331.4million as of September 30, 2023. The decrease was primarily due to investment in property and repurchase of ordinary shares, partially offset by primarily by bank loans and repayments from franchisees.

Guidance

Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect total revenues of our organic hotel business for the full year of

2024 to grow 7%~12% over the 2023 levels. Furthermore, considering the closure of restaurant LO stores and stores in shopping malls, we expect total revenues from our restaurant and organic hotel businesses for the full year of 2024 to grow 3-5% over the 2023 levels.

The guidance set forth above reflects the Company's current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.

Conference Call

GreenTree's management will hold an earnings conference call at 9:00 PM U.S. Eastern Time on March 25, 2024, (9:00 AM Beijing/Hong Kong Time on November 26, 2023).

Dial-in numbers for the live conference call are as follows:

International	1-412-902-4272

Mainland China	4001-201-203

US	1-888-346-8982

Hong Kong	800-905-945 or 852-3018-4992

Singapore	800-120-6157

Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.

A telephone replay of the conference call will be available after the conclusion of the live conference call until April 1, 2024.

Dial-in numbers for the replay are as follows:

International Dial-in	1-412-317-0088

U.S. Toll Free	1-877-344-7529

Canada Toll Free	855-669-9658

Passcode:	5843477

Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.

Use of Non-GAAP Financial Measures

We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.

The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do.

Reconciliations of the Company's non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.

About GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. ("GreenTree" or the "Company") (NYSE: GHG) is a leading hospitality and restaurant management group in China. As of December 31, 2023, GreenTree had a total number of 4,238 hotels and 194 restaurants. In 2023, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS' 225. GreenTree was the fourth largest hospitality company in China in 2022 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China.

GreenTree has a broad portfolio of diverse brands spanning from the economy to mid-scale, up-scale and luxury segments of the hospitality industry mainly in China. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.

For more information on GreenTree, please visit http://ir.998.com

Safe Harbor Statements

This press release contains 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. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," "confident," "future," or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about or based on GreenTree's current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that 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 not limited to the following: GreenTree'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 U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree 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.

Financial Tables and Operational Data Follow

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Balance Sheets

	December 31,			December 31,			December 31,
	2022			2023			2023
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		699,244,375			765,547,547			107,825,117
Restricted cash		7,937,683			6,576,906			926,338
Short-term investments		186,031,572			417,711,617			58,833,451
Investments in equity securities		41,361,346			26,076,169			3,672,752
Accounts receivable, net of allowance		134,916,930			123,887,879			17,449,243
Amounts due from related parties		425,741,077			19,928,781			2,806,910
Prepaid rent		-			-			-
Inventories		21,920,802			20,462,490			2,882,081
Other current assets		114,715,923			117,047,122			16,485,742
Loans receivable, net		173,667,175			129,521,094			18,242,665
Total current assets		1,805,536,883			1,626,759,605			229,124,299

Non-current assets:
Amounts due from a related party		112,360,000			110,000,000			15,493,176
Restricted cash		26,779,673			19,476,259			2,743,174
Long-term time deposits		130,000,000			63,340,000			8,921,252
Loans receivable, net		177,172,509			70,690,305			9,956,521
Property and equipment, net		883,020,528			814,949,026			114,783,170
Intangible assets, net		186,054,705			120,202,693			16,930,195
Goodwill		164,528,468			164,528,468			23,173,350
Long-term investments		176,854,460			184,758,800			26,022,733
Operating lease right-of-use assets		1,674,595,179			1,535,330,762			216,246,815
Other assets		119,764,831			104,725,600			14,750,292
Deferred tax assets		232,643,514			239,270,190			33,700,501
TOTAL ASSETS		5,689,310,750			5,054,031,708			711,845,479

LIABILITIES AND EQUITY
Current liabilities:
Long-term bank loans, current portion		141,800,000			200,000			28,169
Short-term bank loans		156,300,000			116,800,000			16,450,936
Accounts payable		123,577,770			73,126,677			10,299,677
Advance from customers		25,604,363			22,393,097			3,154,002
Amounts due to related parties		21,717,203			23,094,022			3,252,725
Salary and welfare payable		89,343,058			86,332,096			12,159,621
Deferred rent		-			-			-
Deferred revenue		193,352,239			186,281,838			26,237,248
Accrued expenses and other current liabilities		441,610,408			478,235,399			67,358,047
Income tax payable		75,016,689			88,307,716			12,437,882
Dividends payable		-			-			-
Operating lease liabilities, current		272,700,888			-			-
Deferred tax liabilities		-			267,536,846			37,681,777
Total current liabilities		1,541,022,618			1,342,307,691			189,060,084

Long-term bank loans		160,000,000			56,800,000			8,000,113
Deferred rent		-			-			-
Deferred revenue		234,374,415			207,905,765			29,282,915
Other long-term liabilities		116,504,594			111,711,748			15,734,271
Operating lease liabilities, non-current		1,516,274,996			1,391,909,309			196,046,326
Deferred tax liabilities		99,658,423			88,180,537			12,419,969
Unrecognized tax benefits		350,002,241			385,528,814			54,300,598
TOTAL LIABILITIES		4,017,837,287			3,584,343,864			504,844,275

Shareholders’ equity:
Class A ordinary shares		222,587,070			222,587,070			31,350,733
Class B ordinary shares		115,534,210			115,534,210			16,272,653
Paid-in capital
Treasury Stock		(16,971,057	)		(36,677,832	)		(5,165,965	)
Additional paid-in capital		2,080,450,699			1,660,713,349			233,906,583
Retained earnings (Accumulated losses)		(804,950,820	)		(559,275,891	)		(78,772,362	)
Accumulated other comprehensive income		27,732,104			28,401,282			4,000,237
Total GreenTree Hospitality Group Ltd. shareholders’ equity		1,624,382,206			1,431,282,188			201,591,879
Non-controlling interests		47,091,257			38,405,656			5,409,324
Total shareholders’ equity		1,671,473,463			1,469,687,844			207,001,203
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,689,310,750			5,054,031,708			711,845,478

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2023
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Leased-and-operated revenues		160,421,401			174,788,363			24,618,426			700,022,649			787,814,342			110,961,329
Franchised-and-managed revenues		159,830,184			172,526,430			24,299,839			621,684,514			740,496,258			104,296,717
Wholesales and others		40,409,030			24,848,712			3,499,868			147,367,112			98,947,088			13,936,406
Total revenues		360,660,614			372,163,506			52,418,133			1,469,074,275			1,627,257,689			229,194,452

Operating costs and expenses
Operating costs		(258,390,229	)		(211,591,676	)		(29,802,064	)		(1,066,512,951	)		(947,438,814	)		(133,443,966	)
Selling and marketing expenses		(10,336,978	)		(11,090,473	)		(1,562,060	)		(68,490,439	)		(71,618,033	)		(10,087,189	)
General and administrative expenses		(65,931,472	)		(58,045,041	)		(8,175,473	)		(259,513,863	)		(208,433,678	)		(29,357,270	)
Other operating expenses		(3,475,960	)		(3,569,166	)		(502,707	)		(8,416,360	)		(11,704,553	)		(1,648,552	)
Impairment loss of goodwill		(91,236,479	)								(91,236,479	)
Other general expenses		56,269,139			(76,173,493	)		(10,728,812	)		(474,639,163	)		(103,469,586	)		(14,573,386	)
Total operating costs and expenses		(373,101,978	)		(360,469,849	)		(50,771,116	)		(1,968,809,255	)		(1,342,664,664	)		(189,110,363	)

Other operating income		7,307,780			11,362,962			1,600,440			23,993,148			27,169,901			3,826,801
Income from operations		(5,133,584	)		23,056,619			3,247,457			(475,741,831	)		311,762,926			43,910,890

Interest income and other, net		9,135,865			10,329,773			1,454,918			48,105,125			41,371,162			5,827,006
Interest expense		(4,969,542	)		(916,820	)		(129,131	)		(27,987,842	)		(14,053,841	)		(1,979,442	)
Gains (losses) from investment in equity securities		(20,301,789	)		(943,283	)		(132,859	)		(62,156,235	)		(5,378,104	)		(757,490	)
Other income, net		(10,789,683	)		(8,965,791	)		(1,262,805	)		24,404,727			22,783,714			3,209,019
Income before income taxes		(32,058,733	)		22,560,498			3,177,580			(493,376,056	)		356,485,857			50,209,983

Income tax expense		30,284,418			(14,657,159	)		(2,064,418	)		44,412,657			(97,992,481	)		(13,801,952	)
Income (loss) before share of gains in equity investees		(1,774,315	)		7,903,339			1,113,162			(448,963,399	)		258,493,376			36,408,030

Share of loss/(income) in equity investees, net of tax		(2,018,324	)		(522,092	)		(73,535	)		(1,598,301	)		(1,392,002	)		(196,059	)
Net income(loss)		(3,792,639	)		7,381,247			1,039,627			(450,561,700	)		257,101,374			36,211,971

Net loss/(income) attributable to non-controlling interests		(1,378,340	)		3,381,135			476,223			36,260,890			8,685,603			1,223,342
Net income attributable to ordinary shareholders		(5,170,979	)		10,762,382			1,515,850			(414,300,810	)		265,786,977			37,435,313

Net earnings per share
Class A ordinary share-basic and diluted		(0.05	)		0.11			0.01			(3.71	)		2.60			0.37
Class B ordinary share-basic and diluted		(0.05	)		0.11			0.01			(3.71	)		2.60			0.37

Net earnings per ADS
Class A ordinary share-basic and diluted		(0.05	)		0.11			0.01			(3.71	)		2.60			0.37
Class B ordinary share-basic and diluted		(0.05	)		0.11			0.01			(3.71	)		2.60			0.37

Weighted average shares outstanding
Class A ordinary share-basic and diluted		68,286,954			67,038,968			67,038,968			68,201,056			67,321,003			67,321,003
Class B ordinary share-basic and diluted		34,762,909			34,762,909			34,762,909			34,762,909			34,762,909			34,762,909

Other comprehensive income, net of tax
Foreign currency translation adjustments		4,418,802			(258,427	)		(36,399	)		(14,148,803	)		669,178			94,252
Unrealized gains(loss) on available-for-sale investments, net of tax

Comprehensive income, net of tax		8,211,441			7,122,820			1,003,228			(464,710,503	)		257,770,552			36,306,223

Comprehensive loss/(income) attributable to non-controlling interests		(1,378,340	)		3,381,135			476,223			36,260,890			8,685,603			1,223,342
Comprehensive income (loss) attributable to ordinary shareholders		(9,589,781	)		10,503,955			1,479,451			(428,449,613	)		266,456,155			37,529,564

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2023
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Leased-and-operated revenues		84,299,894			125,521,091			17,679,276			338,506,220			490,924,060			69,145,208
Franchised-and-managed revenues		152,893,262			162,861,220			22,938,523			582,441,077			696,321,236			98,074,795
Others		798,068			1,267,182			178,479			15,853,985			4,660,777			656,457
Total revenues		237,991,224			289,649,492			40,796,278			936,801,282			1,191,906,073			167,876,460

Operating costs and expenses
Hotel operating costs		(143,637,483	)		(154,556,991	)		(21,768,897	)		(594,019,322	)		(598,841,951	)		(84,345,125	)
Selling and marketing expenses		(8,246,791	)		(8,318,853	)		(1,171,686	)		(38,534,427	)		(47,434,683	)		(6,681,035	)
General and administrative expenses		(56,758,869	)		(49,670,060	)		(6,995,882	)		(210,759,610	)		(166,861,387	)		(23,501,935	)
Other operating expenses		(860,771	)		(3,429,367	)		(483,016	)		(3,244,855	)		(4,453,446	)		(627,255	)
Impairment loss of goodwill		(91,236,480	)								(91,236,480	)
Other general expenses		69,310,842			(36,260,493	)		(5,107,184	)		(461,597,460	)		(63,556,586	)		(8,951,758	)
Total operating costs and expenses		(231,429,552	)		(252,235,764	)		(35,526,664	)		(1,399,392,154	)		(881,148,053	)		(124,107,108	)

Other operating income		6,735,609			9,937,407			1,399,655			19,448,889			24,525,333			3,454,321
Income from operations		13,297,280			47,351,133			6,669,268			(443,141,983	)		335,283,353			47,223,673

Interest income and other, net		8,882,426			10,653,312			1,500,488			47,383,941			41,240,610			5,808,618
Interest expense		(5,377,094	)		(2,809,528	)		(395,714	)		(25,375,848	)		(13,706,157	)		(1,930,472	)
Gains (losses) from investment in equity securities		(20,301,789	)		(943,283	)		(132,859	)		(62,156,235	)		(5,378,104	)		(757,490	)
Other income, net		(10,756,089	)		(8,994,153	)		(1,266,800	)		24,229,536			22,676,046			3,193,854
Income before income taxes		(14,255,266	)		45,257,483			6,374,383			(459,060,589	)		380,115,748			53,538,183

Income tax expense		23,746,300			(23,751,765	)		(3,345,366	)		45,592,419			(102,371,891	)		(14,418,779	)
Income (loss) before share of gains in equity investees		9,491,034			21,505,716			3,029,017			(413,468,170	)		277,743,857			39,119,404

Share of loss/(income) in equity investees, net of tax		(2,018,324	)		(522,092	)		(73,535	)		(1,598,301	)		(1,392,002	)		(196,059	)
Net income(loss)		7,472,710			20,983,624			2,955,482			(415,066,471	)		276,351,855			38,923,345

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2023
	RMB			RMB			US$			RMB			RMB			US$
Revenues
Leased-and-operated revenues		77,192,256			48,191,718			6,787,662			362,806,697			296,890,282			41,816,122
Franchised-and-managed revenues		6,936,922			9,665,210			1,361,316			39,243,436			44,175,022			6,221,922
Wholesales and others		39,834,953			29,865,880			4,206,521			131,737,118			100,570,661			14,165,081
Total revenues		123,964,131			87,722,808			12,355,499			533,787,251			441,635,965			62,203,125

Operating costs and expenses
Restaurant operating costs		(114,848,354	)		(66,896,044	)		(9,422,111	)		(472,289,395	)		(359,018,687	)		(50,566,724	)
Selling and marketing expenses		(2,110,091	)		(2,821,243	)		(397,364	)		(29,975,916	)		(24,232,973	)		(3,413,142	)
General and administrative expenses		(9,172,602	)		(8,374,981	)		(1,179,591	)		(48,754,252	)		(41,572,291	)		(5,855,335	)
Other operating expenses		(2,615,189	)		(139,799	)		(19,690	)		(5,171,505	)		(7,251,107	)		(1,021,297	)
Impairment loss of goodwill
Other general expenses		(13,041,702	)		(39,913,000	)		(5,621,628	)		(13,041,702	)		(39,913,000	)		(5,621,628	)
Total operating costs and expenses		(141,787,938	)		(118,145,067	)		(16,640,385	)		(569,232,770	)		(471,988,058	)		(66,478,128	)

Other operating income		572,171			1,425,555			200,785			4,544,259			2,644,568			372,480
Income from operations		(17,251,636	)		(28,996,704	)		(4,084,100	)		(30,901,260	)		(27,707,525	)		(3,902,523	)

Interest income and other, net		253,439			(323,539	)		(45,570	)		721,184			130,552			18,388
Interest expense		407,552			1,892,708			266,582			(2,611,994	)		(347,684	)		(48,970	)
Gains (losses) from investment in equity securities		-			-			-			-			-			-
Other income, net		(33,594	)		28,362			3,995			175,191			107,668			15,164
Income before income taxes		(16,624,239	)		(27,399,173	)		(3,859,093	)		(32,616,879	)		(27,816,989	)		(3,917,941	)

Income tax expense		6,667,958			9,223,379			1,299,086			(1,179,762	)		4,379,410			616,827
Income (loss) before share of gains in equity investees		(9,956,281	)		(18,175,794	)		(2,560,007	)		(33,796,641	)		(23,437,579	)		(3,301,114	)

Share of loss/(income) in equity investees, net of tax		-			-			-			-			-			-
Net income(loss)		(9,956,281	)		(18,175,794	)		(2,560,007	)		(33,796,641	)		(23,437,579	)		(3,301,114	)

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2022			December 31, 2022			December 31, 2022			December 31, 2022
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		84,299,894			77,192,256			(1,070,750	)		160,421,400
Franchised-and-managed revenues		152,893,262			6,936,922						159,830,184
Wholesales and Others		798,068			39,834,953			(223,991	)		40,409,030
Total revenues		237,991,224			123,964,131			(1,294,740	)		360,660,615

Operating costs and expenses
Operating costs		(143,637,483	)		(114,848,354	)		95,608			(258,390,229	)
Selling and marketing expenses		(8,246,791	)		(2,110,091	)		19,904			(10,336,978	)
General and administrative expenses		(56,758,869	)		(9,172,602	)					(65,931,471	)
Other operating expenses		(860,771	)		(2,615,189	)					(3,475,960	)
Impairment loss of goodwill		(91,236,480	)								(91,236,480	)
Other general expenses		69,310,842			(13,041,702	)					56,269,140
Total operating costs and expenses		(231,429,552	)		(141,787,938	)		115,511			(373,101,979	)

Other operating income		6,735,609			572,171						7,307,780
Income from operations		13,297,280			(17,251,636	)		(1,179,228	)		(5,133,584	)

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2023			December 31, 2023			December 31, 2023			December 31, 2023
	Hotel			Restaurant			Elimination			Total
	RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		125,521,091			48,191,718			1,075,554			174,788,363
Franchised-and-managed revenues		162,861,220			9,665,210						172,526,430
Wholesales and Others		1,267,182			29,865,880			(6,284,350	)		24,848,712
Total revenues		289,649,492			87,722,808			(5,208,794	)		372,163,506

Operating costs and expenses
Operating costs		(154,556,991	)		(66,896,044	)		9,861,359			(211,591,676	)
Selling and marketing expenses		(8,318,853	)		(2,821,243	)		49,623			(11,090,473	)
General and administrative expenses		(49,670,060	)		(8,374,981	)					(58,045,041	)
Other operating expenses		(3,429,367	)		(139,799	)					(3,569,166	)
Impairment loss of goodwill
Other general expenses		(36,260,493	)		(39,913,000	)					(76,173,493	)
Total operating costs and expenses		(252,235,764	)		(118,145,067	)		9,910,982			(360,469,849	)

Other operating income		9,937,407			1,425,555						11,362,962
Income from operations		47,351,133			(28,996,704	)		4,702,190			23,056,619

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2023
	RMB			RMB			US$			RMB			RMB			US$
Operating activities:
Net (loss) income		(3,792,639	)		7,381,247			1,039,627			(450,561,700	)		257,101,374			36,211,971

Depreciation and amortization		23,928,112			24,382,514			3,434,205			125,338,901			116,870,237			16,460,829
Impairment of long lived assets		12,698,320			79,192,449			11,154,023			73,005,025			82,092,449			11,562,480
Impairment of goodwill					-			-			91,236,479			-			-
Share of (gains) losses in equity method investments		2,018,324			522,093			73,535			1,598,301			1,392,003			196,060
Non-cash lease expense		192,827,430			77,705,328			10,944,567			303,302,050			271,156,173			38,191,548
Loss from disposal of a subsidiary		855,223			-			-			16,117,056			1,223,952			172,390
Interest income		(919,568	)		(2,325,622	)		(327,557	)		(1,411,662	)		(6,009,370	)		(846,402	)
Bad debt expense		32,507,188			1,828,945			257,602			431,180,588			38,858,275			5,473,074
Losses and impairment (Gains) on equity securities held		20,301,789			943,283			132,859			62,156,235			5,378,104			757,490
(Gains) losses on disposal of property and equipment		1,548,955			1,928,976			271,691			4,518,601			2,166,990			305,214
Foreign exchange (gains) losses		(11,715,615	)		(103,025	)		(14,511	)		(17,843,558	)		(372,187	)		(52,421	)
Share-based compensation		(255,280	)		46,054			6,487			(62,356	)		62,648			8,824
Changes in operating assets and liabilities		(266,665,301	)		(204,346,136	)		(28,781,551	)		(344,375,879	)		(314,871,075	)		(44,348,663	)
Net cash provided by operating activities		(3,336,938	)		(12,843,894	)		(1,809,023	)		294,198,081			455,049,572			64,092,394

Investing activities:
Purchases of property and equipment		(18,795,260	)		(15,197,120	)		(2,140,470	)		(80,132,593	)		(87,764,045	)		(12,361,307	)
Purchases of intangible assets		176,694			(573,808	)		(80,819	)		(108,028	)		(740,406	)		(104,284	)
Proceeds from disposal of property and equipment		4,335,543			(11,715,110	)		(1,650,039	)		5,951,096			2,951,611			415,726
Purchases of investments		(79,700,000	)		(123,789,565	)		(17,435,395	)		(161,760,000	)		(326,020,045	)		(45,918,963	)
Proceeds from investments		170,437,530			6,154,723			866,875			746,885,518			204,809,370			28,846,796
Loan advances		3,811,596			24,896,351			3,506,578			141,038,259			135,698,176			19,112,688
Loan collections		(12,011,471	)		(6,609,488	)		(930,928	)		(231,085,171	)		(22,643,066	)		(3,189,209	)
Net cash (used in) provided by investing activities		68,254,632			(126,834,017	)		(17,864,198	)		420,789,081			(93,708,405	)		(13,198,553	)

Financing activities:
Repurchase of ordinary shares					(19,706,775	)		(2,775,641	)					(19,706,775	)		(2,775,641	)
Distribution to the shareholders		-			-			-			(40,999,458	)		-			-
Loan from non- controlling interest		4,803,298.85			272,500			38,381			5,103,299			272,500			38,381
Repayment of short-term borrowings		(404,656,400	)		(7,700,000	)		(1,084,522	)		(605,500,000	)		(458,300,000	)		(64,550,205	)
Proceeds from bank borrowings		215,931,400			57,000,000			8,028,282			305,600,000			174,000,000			24,507,387
Capital contribution from non-controlling interest holders		-			-			-			400,000			-			-
Net cash provided by (used in) financing activities		(183,921,701	)		29,865,725			4,206,499			(335,396,159	)		(303,734,275	)		(42,780,078	)

Effect of exchange rate changes on cash and cash equivalents		(2,193,875	)		84,902			11,958			1,248,139			32,095			4,520

Net (decrease) increase in cash and cash equivalents		(121,197,882	)		(109,727,284	)		(15,454,763	)		380,839,142			57,638,987			8,118,284
Cash and cash equivalents at the beginning of the period		855,159,616			901,328,003			126,949,394			353,122,593			733,961,731			103,376,348
Cash and cash equivalents at the end of the period		733,961,735			791,600,718			111,494,631			733,961,735			791,600,718			111,494,632

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2023
	RMB			RMB			US$			RMB			RMB		US$
Net income		(3,792,639	)		7,381,247			1,039,627			(450,561,700	)		257,101,374		36,211,971

Deduct:
Other operating income		7,307,780			11,362,962			1,600,440			23,993,148			27,169,901		3,826,801
Interest income and other, net		9,135,865			10,329,773			1,454,918			48,105,125			41,371,162		5,827,006
Gains from investment in equity securities		-			-			-			-			-		-
Share of gain in equity investees, net of tax		(420,023	)		-			-			-			-		-
Other income, net		(10,789,683	)		(8,965,791	)		(1,262,805	)		24,404,727			22,783,714		3,209,019

Add:
Other operating expenses		3,475,960			3,569,166			502,707			8,416,360			11,704,553		1,648,552
Other general expenses		34,967,340			76,173,493			10,728,812			565,875,642			103,469,586		14,573,386
Income tax expenses (benefits)		14,128,239			14,657,159			2,064,418						97,992,481		13,801,952
Share of loss in equity investees, net of tax					522,092			73,535						1,392,002		196,059
Interest expenses		4,969,542			916,820			129,131			27,987,842			14,053,841		1,979,442
Depreciation and amortization		23,408,752			24,897,604			3,506,754			125,338,901			116,870,237		16,460,829
Losses from investment in equity securities		41,989,373			943,283			132,859			62,156,235			5,378,104		757,490
Adjusted EBITDA (Non-GAAP)		113,912,627			116,333,920			16,385,290			242,710,280			516,637,401		72,766,856

	Quarter Ended									Year Ended
	December 31, 2022			December 31, 2023			December 31, 2023			December 31, 2022			December 31, 2023		December 31, 2023
	RMB			RMB			US$			RMB			RMB		US$
Net income		(3,792,639	)		7,381,247			1,039,627			(450,561,700	)		257,101,374		36,211,971

Deduct:
Government subsidies (net of 25% tax)		2,145,340			3,129,127			440,728			9,311,397			9,800,432		1,380,362
Gains from investment in equity securities (net of 25% tax)					-			-			-			-		-
Other income (net of 25% tax)		(8,092,263	)		(6,724,343	)		(947,104	)		18,303,545			17,087,786		2,406,764

Add:
Share-based compensation		(255,280	)		46,054			6,487			(62,356	)		62,648		8,824
Losses from investments in equity securities (net of 25% tax)		15,226,341			707,462			99,644			46,617,176			4,033,578		568,118
One-time fees and expenses					828,267			116,659			4,889,605			3,010,039		423,955
Other general expenses		34,967,340			76,173,493			10,728,812			565,875,642			103,469,586		14,573,386
Impairment charges and provisions for other assets		-			-			-			-			-		-
Core net income (Non-GAAP)		52,092,685			88,731,738			12,497,604			139,143,425			340,789,007		47,999,128

Core net income per ADS (Non-GAAP)
Class A ordinary share-basic and diluted		0.51			0.87			0.12			1.35			3.34		0.47
Class B ordinary share-basic and diluted		0.51			0.87			0.12			1.35			3.34		0.47

Hotel Operational Data

	December 31, 2022		December 31, 2023
Total hotels in operation:		4059		4238
Leased and owned hotels		61		65
Franchised hotels		3,998		4,173
Total hotel rooms in operation		302,497		309,495
Leased and owned hotels		6,565		7,318
Franchised hotels		330,089		302,177
Number of cities		355		360

	Quarter Ended
	2022 Q4			2023 Q4
Occupancy rate (as a percentage)
Leased-and-owned hotels		62.4	%		66.9	%
Franchised hotels		63.0	%		72.5	%
Blended		63.0	%		72.4	%
Average daily rate (in RMB)
Leased-and-owned hotels		208			241
Franchised hotels		163			175
Blended		165			177
RevPAR (in RMB)
Leased-and-owned hotels		130			161
Franchised hotels		103			127
Blended		104			128

	Number of Hotels in Operation				Number of Hotel Rooms in Operation
	December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023
Mid-to-up-scale		426		474		41,255		45,488
GreenTree Eastern		205		222		22,492		24,377
Deepsleep Hotel		7		7		534		534
Gem		53		71		4,753		6,292
Gya		68		71		5,811		5,899
Vx		85		92		7,403		8,041
Urban Garden and others		8		11		262		345
Mid-scale		2,953		2,975		231,835		230,100
GreenTree Inn		2,226		2,220		183,116		179,631
GT Alliance		538		568		38,031		40,134
GreenTree Apartment		19		20		1,262		1,308
Vatica		111		110		8,009		7,805
City 118 Selected and others		59		-		1,417		-
Economy hotels		680		789		29,407		33,907
Shell		680		789		29,407		33,907
City 118 and others		-		-		-		-
Total		4,059		4,238		302,497		309,495

Restaurant Operational Data

	December 31, 2022		December 31, 2023
Total restaurants in operation:		261		194
Leased and owned restaurants		121		42
Franchised restaurants		140		152
Number of cities		64		53
Da Niang Dumplings		226		162
Bellagio		35		32
Total restaurants in operation:		261		194

	Quarter Ended
	2022 Q4		2023 Q4
ADT
Leased-and-owned restaurants		134		141
Franchised restaurants		84		84
Blended		99		101
AC (in RMB)
Leased-and-owned restaurants		51		89
Franchised restaurants		39		40
Blended		46		54
ADS (in RMB)
Leased-and-owned restaurants		6,821		12,500
Franchised restaurants		3,286		3,331
Blended		4,564		5,433

For more information, please contact:

GreenTree

Ms. Selina Yang

Phone: +86-158-2166-6251

E-mail: ir@998.com

Mr. Maple Miao

Phone: +86-181-0184-0639

E-mail: ir@998.com

Christensen

In Shanghai

Mr. Jerry Xu

Phone: +86-138-1680-0706

E-mail: jerry.xu@christensencomms.com

In Hong Kong

Ms. Karen Hui

Phone: +852-9266-4140

E-mail: karen.hui@christensencomms.com

In the US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

E-mail: linda.bergkamp@christensencomms.com

GreenTree Hospitality Group Ltd. 6-K