Exhibit 99.1

GreenTree Hospitality Group Ltd. Reports First Quarter of 2024 Financial Results

Total revenues decreased 7.1% year over year to RMB352.2 million (US$48.8 million)^[1]. Hotel revenues increased 8.8% year over year to RMB274.8 million.

Income from operations was RMB72.2 million (US$10 million) compared to RMB52.3 million for the first quarter of 2023.

Net income was RMB57.3 million (US$7.9 million) compared to RMB32.6 million for the first quarter of 2023.

Adjusted EBITDA (non-GAAP)^[2] increased 17.2% year over year to RMB109.4 million (US$15.2 million)^[1].

Core net income (non-GAAP)^[3]increased 21.5% year over year to RMB60.7million (US$ 8.4million)^[1]

SHANGHAI, June 25, 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 first quarter of 2024.

First Quarter of 2024 Operational Highlights

Hotels

A total of 4,256 hotels with 313,531 hotel rooms were in operation as of March 31, 2024.

The Company opened 109 hotels and had a pipeline of 994 hotels contracted for or under development as of March 31, 2024.

The average daily room rate was RMB169, an increase of 0.9% from RMB167 in the first quarter of 2023.

The occupancy rate was 67.8%, down from 71.7% in the first quarter of 2023.

Revenue per available room, or RevPAR, was RMB114, a 4.6% year-over-year decrease.

1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2203 on March 31, 2024 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.

3.Core net income is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25 % tax), other expense(net of 25% tax), one-time fees and expense, 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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Restaurants

A total of 185 restaurants were in operation as of March 31, 2024

The AC (average check) was RMB59, a 5.8% year-over-year increase.

The ADT (average daily tickets) was 94, down from 109 in the first quarter of 2023.

The ADS (average daily sales per store) was RMB5,525, a decrease of 8.7% from RMB6,051 in the first quarter of 2023.

“Overall, we delivered some significant improvements in the first quarter with substantial increases in both operating and net incomes.

Conditions in our hotel business were mixed as consumer behavior continued to evolve in a more competitive environment while we are continuously upgrading a large portion of hotels in our portfolio. Against this scenario, we managed to deliver an 8.8% revenue increase year over year and a 21.1% increase in hotel Adjusted EBITDA. We believe our business matrix will improve as we are completing these upgrades and open more new hotels.

We made further progress in the repositioning of our restaurant business with an absolute focus on robust profitability. We grew our network of franchisees as we further expanded the number of street stores. We have completed our closure of the restaurants in the supermarket anchored regional shopping centers, due to less foot traffic to our stores. We have now completed this phase of our forward strategy and are focused on store count growth again in regions where we have strong brand recognition,” said Mr. Alex S. Xu, Chairman and Chief Executive Office of GreenTree.

First Quarter Of 2024 Financial Results

	Quarter Ended
	March 31, 2023		March 31, 2023		March 31, 2023			March 31, 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Revenues
Leased-and-operated revenues		82,073,240		89,376,893		(559,217	)		170,890,916
Franchised-and-managed revenues		169,480,457		963,919		-			170,444,376
Wholesales and others		1,036,848		36,848,279		-			37,885,127
Total revenues		252,590,545		127,189,091		(559,217	)		379,220,419

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	Quarter Ended
	March 31, 2024		March 31, 2024		March 31, 2024			March 31, 2024		March 31, 2024
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Revenues
Leased-and-operated revenues		122,541,793		46,367,979		-			168,909,772		23,393,733
Franchised-and-managed revenues		151,159,511		1,535,341		-			152,694,853		21,147,993
Wholesales and others		1,144,727		29,753,299		(275,222	)		30,622,804		4,241,209
Total revenues		274,846,031		77,656,619		(275,222	)		352,227,429		48,782,935

Total revenues were 352.2 million (US$48.8 million)，a 7.1% year-over-year decrease.

Hotel revenues were RMB274.8 million (US$38.1 million), an 8.8% year-over-year increase. The increase was mainly attributable to an 8.9% year-over-year increase in the RevPAR of L&O hotels and more newly opened L&O hotels since the second quarter of 2023, offset by a 4.9% year-over-year decrease in the RevPAR of F&M hotels.

Restaurant revenues were RMB77.7 million (US$10.8 million), a 38.9% year-over-year decrease. The decrease was mainly due to the strategic repositioning of this business, closing unprofitable L&O stores and opening more F&M stores.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB168.9 million (US$23.4 million)[1], a 1.2% year-over-year decrease.

Total revenues from L&O hotels were RMB122.5 million (US$17 million)^[1], a 49.3% year-over-year increase. The increase was primarily attributable to an 8.9% year-over-year increase in the first quarter RevPAR of L&O hotels and new L&O hotels opened.

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Total revenues from L&O restaurants were RMB46.4 million (US$6.4 million)[1], a 48.1% year-over-year decrease, mainly due to the closure of L&O restaurants and the year-over-year decrease in ADS.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB 152.7million (US$21.1 million), a 10.4% year-over-year decrease.

Total revenues from F&M hotels were RMB151.2 million (US$20.9 million), a 10.8% year-over-year decrease. Initial franchise fees decreased 56.4% year-over-year, mainly due to the lower initial franchisee fee rate. Recurring franchisee management fees and others decreased 5.5% year-over-year, primarily due to a 4.9% decrease in F&M hotels' Revpar.

Total revenues from F&M restaurants were RMB1.5 million (US$0.2million), a 59.3% year-over-year increase, as we opened more F&M stores.

Total revenues from wholesale and others were RMB30.6 million (US$4.2 million), a 19.2% year-over-year decrease, which was mainly due to the decline in the wholesale segment of the restaurant business.

Total operating costs and expenses

	Quarter Ended
	March 31, 2023		March 31, 2023		March 31, 2023			March 31, 2023
	RMB		RMB		RMB			RMB
	Hotel		Restaurant		Elimination			Total
Operating costs and expenses
Operating costs		134,236,998		109,219,983		(301,671	)		243,155,310
Selling and marketing expenses		11,075,999		4,939,580		-			16,015,579
General and administrative expenses		46,092,069		11,663,076		-			57,755,145
Other operating expenses		151,220		1,341,263		-			1,492,483
Impairment loss of goodwill		-		-		-			-
Other general expenses		11,664,345		-		-			11,664,345
Total operating costs and expenses		203,220,631		127,163,902		(301,671	)		330,082,862

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	Quarter Ended
	March 31, 2024		March 31, 2024		March 31, 2024			March 31, 2024		March 31, 2024
	RMB		RMB		RMB			RMB		US$
	Hotel		Restaurant		Elimination			Total		Total
Operating costs and expenses
Operating costs		146,226,642		62,149,597		(255,888	)		208,120,351		28,824,336
Selling and marketing expenses		15,454,623		2,954,313		(19,334	)		18,389,602		2,546,931
General and administrative expenses		38,469,631		9,171,998		-			47,641,629		6,598,289
Other operating expenses		666,301		1,541,981		-			2,208,282		305,844
Impairment loss of goodwill		-		-		-			-		-
Other general expenses		5,844,575		-		-			5,844,575		809,464
Total operating costs and expenses		206,661,772		75,817,889		(275,222	)		282,204,439		39,084,864

Operating costs were RMB208.1 million (US$28.8 million)^[1], a 14.4% year-over-year decrease.

Operating costs of the hotel business were RMB146.2 million (US$20.3 million)^[1], a 8.9% year-over-year increase. The increase was mainly attributable to higher utilities costs due to the improvement in L&O hotels’ RevPAR, and higher rental and personnel costs due to the increase in the number of L&O hotels and F&M hotels.

Operating costs of the restaurant business were RMB62.1million (US$8.6 million)^[1], a 43.1% year-over-year decrease, due to closure of L&O stores.

Selling and marketing expenses were RMB18.4 million (US$2.5 million)^[1], a 14.8% year-over-year increase.

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Selling and marketing expenses of the hotel business were RMB15.5 million (US$2.1 million)^[1], increased from RMB11.1 million one year ago. The increase was mainly attributable to the increase in business development and sales staff numbers.

Selling and marketing expenses of the restaurant business were RMB3.0 million (US$0.4 million)^[1], a 40.2% year-over-year decrease, mainly attributable to lower sales staff related expenses after the closure of L&O stores.

General and administrative, or G&A expenses were RMB47.6 million (US$ 6.6 million)^[1], a 17.5% year-over-year decrease.

G&A expenses of the hotel business were RMB38.5 million (US$5.3 million)^[1], a 16.5% year-over-year decrease. The decrease was mainly due to the reversal of bad debt resulting from the decrease in long-aged accounts receivable.

G&A expenses of the restaurant business were RMB9.2 million (US$1.3 million)[1], a 21.4% year-over-year decrease, mainly due to lower staff related expenses and lower bad debts.

Other general expenses were RMB5.8 million (US$0.8 million)^[1], a 49.9% year-over-year decrease. These expenses include provisions for loan receivables related to franchisee loans. The year-over-year decrease was attributable to the decrease in the loan balance thanks to the repayment of overdue debts.

Gross profit was RMB144.1 million (US$20.0 million)^[1], a year-over-year increase of 5.9%. Gross margin was 40.9%, compared to 35.9% a year ago. The gross profit of the hotel business was RMB128.6 million (US$17.8 million)^[1], an 8.7% year-over-year increase. The gross profit of the restaurant business was RMB15.5 million (US$2.1 million)^[1], a 13.7% year-over-year decrease.

Income from operations was RMB72.2 million (US$10 million)^[1] , compared to income from operations of RMB52.3 million in the first quarter of 2023, with a margin of 20.5%.

Income from operations of the hotel business was RMB70.4 million (US$9.7 million)^[1], compared to an income from operations of RMB52 million in the first quarter of 2023, with a margin of 25.6%.

Income from operations of the restaurant business was RMB1.9 million (US$0.3 million)^[1], compared to income from operations of RMB0.6 million in the first quarter of 2023, with a margin of 2.4%.

Net income was RMB57.3 million (US$7.9 million)^[1], compared to a net income of RMB32.6 million in the first quarter of 2023, and net margin was 16.3%.

Net income of the hotel business was RMB57.3 million (US$7.9 million)^[1], compared to a net income of RMB35.0 million in the first quarter of 2023, and net margin was 20.8%.

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Net loss of the restaurant business was nil, compared to a net loss of RMB2.2 million in the first quarter of 2023.

Adjusted EBITDA (non-GAAP)^[2] was RMB109.4 million (US$15.2 million)^[1], a year-over-year increase of 17.2%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 31.1%, compared to 24.6% a year ago.

Core net income (non-GAAP) ^[3] was RMB60.7 million (US$8.4 million)^[1], a year-over-year increase of 21.5%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 17.2%, compared to 13.2% one year ago.

Earnings per American Depositary Share, or ADS, (basic and diluted) were RMB0.58 (US$0.08 )^[1], up from RMB0.36 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.6 (US$0.08 )^[1], up from RMB0.49 a year ago.

Cash flow Operating cash inflow was RMB90.7 million (US$12.6 million)^[1] as a result of income from operations. Investing cash inflow for the first quarter of 2024 was RMB213.1 million (US$29.5 million)^[1], which was primarily attributable to proceeds from maturities of short-term investments and offset by the increase of long-term time investments. Financing cash inflow was RMB83.2 million (US$11.5 million)^[1], mainly attributable to the drawing down of bank facilities and offset by the repayment of bank borrowings.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of March 31, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB1,517.3 million (US$210.1 million)^[1],compared to RMB1,337.1 million as of December 31, 2023.The increase was mainly due to continued improvement in our operating performance, drawing down of bank facilities, and repayment from franchisees.

Guidance

Based on our performance in the first five months of this year, we maintain our previous revenue guidance for the hotel business, that we expect to grow 7% to 12% year-over-year. We are withdrawing our guidance for the restaurant business given the significant revenue unpredictability resulting from its strategic repositioning.

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.

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Conference Call

GreenTree's management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on June 25, 2024, (8:00 PM Beijing/Hong Kong Time on June 25, 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 July 2, 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:	2914023

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.

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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 investes, 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 March 31, 2023, GreenTree had a total number of 4,256 hotels and 185 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.

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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

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Balance Sheets

	March 31			March 31			March 31
	2023			2024			2024
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		953,822,859			1,152,175,405			159,574,451
Restricted cash		2,720,982			4,532,526			627,748
Short-term investments		225,021,572			31,572			4,373
Investments in equity securities		32,272,989			22,146,357			3,067,235
Accounts receivable, net of allowance		142,262,308			122,414,456			16,954,206
Amounts due from related parties		47,062,819			20,692,709			2,865,907
Prepaid rent		-			-			-
Inventories		29,534,072			8,400,721			1,163,486
Other current assets		139,201,294			126,002,104			17,451,090
Loans receivable, net		158,565,259			103,678,058			14,359,245
Total current assets		1,730,464,154			1,560,073,908			216,067,741

Non-current assets:
Amounts due from a related party		112,360,000			110,000,000			15,234,824
Restricted cash		26,367,272			19,315,343			2,675,144
Long-term time deposits		-			285,570,000			39,550,988
Loans receivable, net		149,792,749			65,855,806			9,120,924
Property and equipment, net		888,599,359			784,053,346			108,590,134
Intangible assets, net		173,172,989			116,036,169			16,070,824
Goodwill		128,752,950			177,082,468			24,525,639
Long-term investments		180,824,192			180,600,002			25,012,811
Operating lease right-of-use assets		1,611,536,252			1,555,590,403			215,446,782
Other assets		115,656,298			107,382,513			14,872,306
Deferred tax assets		243,093,543			244,795,647			33,903,806
TOTAL ASSETS		5,360,619,758			5,206,355,605			721,071,923

LIABILITIES AND EQUITY
Current liabilities:
Long-term bank loans, current portion		-			200,000			27,700
Short-term bank loans		278,500,000			200,000			27,700
Accounts payable		128,212,354			64,268,468			8,901,080
Advance from customers		30,083,605			18,436,298			2,553,398
Amounts due to related parties		23,177,949			14,800,188			2,049,802
Salary and welfare payable		93,837,623			82,025,103			11,360,346
Deferred rent		-			-			-
Deferred revenue		197,096,092			192,051,020			26,598,759
Accrued expenses and other current liabilities		555,241,803			423,194,165			58,611,715
Income tax payable		71,251,884			121,029,924			16,762,451
Dividends payable		-			-			-
Operating lease liabilities, current		266,944,100			283,904,384			39,320,303
Deferred tax liabilities		34,408,879			-			-
Total current liabilities		1,678,754,289			1,200,109,550			166,213,254

Long-term bank loans		160,000,000			256,600,000			35,538,690
Deferred rent		-			-			-
Deferred revenue		230,935,621			195,259,974			27,043,194
Other long-term liabilities		121,625,146			118,615,555			16,428,065
Operating lease liabilities, non-current		1,463,742,002			1,418,705,518			196,488,445
Deferred tax liabilities		36,591,348			97,657,120			13,525,355
Unrecognized tax benefits		365,027,137			389,681,763			53,970,301
TOTAL LIABILITIES		4,056,675,543			3,676,629,480			509,207,304

Shareholders’ equity:
Class A ordinary shares		222,587,070			222,587,070			30,827,953
Class B ordinary shares		115,534,210			115,534,210			16,001,303
Paid-in capital		94,000,801			-			-
Treasury Stock		(16,971,057	)		(36,677,832	)		(5,079,821	)
Additional paid-in capital		1,491,516,416			1,680,729,011			232,778,279
Retained earnings (Accumulated losses)		(665,211,634	)		(509,443,169	)		(70,557,064	)
Accumulated other comprehensive income		28,542,678			20,783,387			2,878,466
Total GreenTree Hospitality Group Ltd. shareholders’ equity		1,269,998,484			1,493,512,677			206,849,116

Non-controlling interests		33,945,729			36,213,449			5,015,505
Total shareholders’ equity		1,303,944,213			1,529,726,126			211,864,621

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		5,360,619,758			5,206,355,605			721,071,923

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

	Quarter Ended
		March 31, 2023		March 31, 2024		March 31, 2024
		RMB		RMB		US$
Revenues
Leased-and-operated revenues		170,890,916		168,909,772		23,393,733
Franchised-and-managed revenues		170,444,376		152,694,853		21,147,993
Wholesales and others		37,885,127		30,622,804		4,241,209
Total revenues		379,220,419		352,227,429		48,782,935

Operating costs and expenses
Operating costs		(243,155,310	)	(208,120,351	)	(28,824,336	)
Selling and marketing expenses		(16,015,579	)	(18,389,602	)	(2,546,931	)
General and administrative expenses		(57,755,145	)	(47,641,629	)	(6,598,289	)
Other operating expenses		(1,492,483	)	(2,208,282	)	(305,844	)
Impairment loss of goodwill
Other general expenses		(11,664,345	)	(5,844,575	)	(809,464	)
Total operating costs and expenses		(330,082,862	)	(282,204,439	)	(39,084,864	)

Other operating income		3,159,519		2,225,933		308,288
Income from operations		52,297,076		72,248,923		10,006,359

Interest income and other, net		7,629,014		8,946,539		1,239,081
Interest expense		(5,528,061	)	(1,739,829	)	(240,964	)
Gains (losses) from investment in equity securities		(4,536,562	)	(9,252,584	)	(1,281,468	)
Other income, net		(2,149,582	)	13,234,570		1,832,967
Income before income taxes		47,711,885		83,437,619		11,555,975

Income tax expense		(14,708,875	)	(26,447,961	)	(3,663,000	)
Income (loss) before share of gains in equity investees		33,003,010		56,989,658		7,892,975

Share of loss/(income) in equity investees, net of tax		(445,618	)	305,209		42,271
Net income(loss)		32,557,392		57,294,867		7,935,246

Net loss/(income) attributable to non-controlling interests		3,768,594		1,601,766		221,842
Net income attributable to ordinary shareholders		36,325,986		58,896,633		8,157,088

Net earnings per share
Class A ordinary share-basic and diluted		0.36		0.58		0.08
Class B ordinary share-basic and diluted		0.36		0.58		0.08

Net earnings per ADS
Class A ordinary share-basic and diluted		0.36		0.58		0.08
Class B ordinary share-basic and diluted		0.36		0.58		0.08

Weighted average shares outstanding
Class A ordinary share-basic and diluted		0.36		0.58		0.08
Class B ordinary share-basic and diluted		0.36		0.58		0.08

Other comprehensive income, net of tax
Foreign currency translation adjustments		810,574		(7,617,895	)	(1,055,066	)
Unrealized gains(loss) on available-for-sale investments, net of tax		-		-		-

Comprehensive income, net of tax		33,367,966		49,676,972		6,880,180

Comprehensive loss/(income) attributable to non-controlling interests		3,768,594		1,601,766		221,842
Comprehensive income (loss) attributable to ordinary shareholders		37,136,560		51,278,738		7,102,022

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GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

	Quarter Ended
	March 31, 2023			March 31, 2024			March 31, 2024
	RMB			RMB			US$
Revenues
Leased-and-operated revenues		82,073,240			122,541,793			16,971,842
Franchised-and-managed revenues		169,480,457			151,159,511			20,935,350
Others		1,036,848			1,144,727			158,543
Total revenues		252,590,545			274,846,031			38,065,735

Operating costs and expenses
Hotel operating costs		(134,236,998	)		(146,226,642	)		(20,252,156	)
Selling and marketing expenses		(11,075,999	)		(15,454,623	)		(2,140,441	)
General and administrative expenses		(46,092,069	)		(38,469,631	)		(5,327,982	)
Other operating expenses		(151,220	)		(666,301	)		(92,282	)
Other general expenses		(11,664,345	)		(5,844,575	)		(809,464	)
Total operating costs and expenses		(203,220,631	)		(206,661,772	)		(28,622,325	)

Other operating income		2,608,096			2,182,615			302,289
Income from operations		51,978,010			70,366,874			9,745,699

Interest income and other, net		7,475,298			8,930,356			1,236,840
Interest expense		(4,724,690	)		(1,740,682	)		(241,082	)
Gains (losses) from investment in equity securities		(4,536,562	)		(9,310,256	)		(1,289,456	)
Other income, net		(2,426,540	)		13,304,900			1,842,707
Income before income taxes		47,765,516			81,551,192			11,294,708

Income tax expense		(12,365,854	)		(24,556,921	)		(3,401,094	)
Income (loss) before share of gains in equity investees		35,399,662			56,994,271			7,893,614

Share of loss/(income) in equity investees, net of tax		(445,618	)		305,209			42,271
Net income(loss)		34,954,044			57,299,480			7,935,885

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GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

	Quarter Ended
	March 31, 2023			March 31, 2024			March 31, 2024
	RMB			RMB			US$
Revenues
Leased-and-operated revenues		89,376,893			46,367,979			6,421,891
Franchised-and-managed revenues		963,919			1,535,341			212,642
Wholesales and others		36,848,279			29,753,299			4,120,784
Total revenues		127,189,091			77,656,619			10,755,317

Operating costs and expenses
Restaurant operating costs		(109,219,983	)		(62,149,597	)		(8,607,620	)
Selling and marketing expenses		(4,939,580	)		(2,954,313	)		(409,168	)
General and administrative expenses		(11,663,076	)		(9,171,998	)		(1,270,307	)
Other operating expenses		(1,341,263	)		(1,541,981	)		(213,562	)
Total operating costs and expenses		(127,163,902	)		(75,817,889	)		(10,500,657	)

Other operating income		551,423			43,318			5,999
Income from operations		576,612			1,882,048			260,659

Interest income and other, net		153,716			16,183			2,241
Interest expense		(803,371	)		853			118
Gains (losses) from investment in equity securities		-			57,672			7,987
Other income, net		276,958			(70,330	)		(9,741	)
Income before income taxes		203,915			1,886,426			261,264

Income tax expense		(2,407,407	)		(1,891,040	)		(261,906	)
Income (loss) before share of gains in equity investees		(2,203,492	)		(4,614	)		(642	)

Share of loss/(income) in equity investees, net of tax		-			-			-
Net income(loss)		(2,203,492	)		(4,614	)		(642	)

14 / 21

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	March 31, 2023			March 31, 2023			March 31, 2023			March 31, 2023
		Hotel			Restaurant			Elimination			Total
		RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		82,073,240			89,376,893			(559,217	)		170,890,916
Franchised-and-managed revenues		169,480,457			963,919			-			170,444,376
Wholesales and Others		1,036,848			36,848,279			-			37,885,127
Total revenues		252,590,545			127,189,091			(559,217	)		379,220,419

Operating costs and expenses
Operating costs		(134,236,998	)		(109,219,983	)		301,671			(243,155,310	)
Selling and marketing expenses		(11,075,999	)		(4,939,580	)		-			(16,015,579	)
General and administrative expenses		(46,092,069	)		(11,663,076	)		-			(57,755,145	)
Other operating expenses		(151,220	)		(1,341,263	)		-			(1,492,483	)
Other general expenses		(11,664,345	)		-			-			(11,664,345	)
Total operating costs and expenses		(203,220,631	)		(127,163,902	)		301,671			(330,082,862	)

Other operating income		2,608,096			551,423			-			3,159,519
Income from operations		51,978,010			576,612			(257,546	)		52,297,076

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	March 31, 2024			March 31, 2024			March 31, 2024			March 31, 2024
		Hotel			Restaurant			Elimination			Total
		RMB			RMB			RMB			RMB
Revenues
Leased-and-operated revenues		122,541,793			46,367,979			-			168,909,772
Franchised-and-managed revenues		151,159,511			1,535,341			-			152,694,853
Wholesales and Others		1,144,727			29,753,299			(275,222	)		30,622,804
Total revenues		274,846,031			77,656,619			(275,222	)		352,227,429

Operating costs and expenses
Operating costs		(146,226,642	)		(62,149,597	)		255,888			(208,120,351	)
Selling and marketing expenses		(15,454,623	)		(2,954,313	)		19,334			(18,389,602	)
General and administrative expenses		(38,469,631	)		(9,171,998	)		-			(47,641,629	)
Other operating expenses		(666,301	)		(1,541,981	)		-			(2,208,282	)
Other general expenses		(5,844,575	)		-			-			(5,844,575	)
Total operating costs and expenses		(206,661,772	)		(75,817,889	)		275,222			(282,204,439	)

Other operating income		2,182,615			43,318			-			2,225,933
Income from operations		70,366,874			1,882,048			-			72,248,923

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GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

	Quarter Ended
	March 31, 2023			March 31, 2024			March 31, 2024
	RMB			RMB			US$
Operating activities:
Net (loss) income		32,557,392			57,294,867			7,935,247

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31,337,638			31,341,704			4,340,776
Impairment of long-lived assets		2,900,000			-			-
Share of (income) loss in equity method investments		445,618			(305,209	)		(42,271	)
Noncash lease expense		64,053,832			64,818,043			8,977,195
Loss from disposal of a subsidiary		1,223,952			-			-
Interest income		(390,378	)		-			-
Bad debt expenses		12,359,278			5,473,571			758,081
(Gains) losses and impairment on equity securities held		4,536,562			9,252,584			1,281,468
Loss (gains) on disposal of property, plant and equipment		(113,587	)		2,352,048			325,755
Foreign exchange (gains) losses		987,543			(8,088,429	)		(1,120,234	)
Share-based compensation		(11,636	)		15,662			2,169
Accounts receivable		(7,050,882	)		1,844,427			255,450
Inventories		969,640			12,061,769			1,670,536
Amounts due from related parties		(961,185	)		(397,603	)		(55,067	)
Other current assets		(7,726,682	)		(5,490,017	)		(760,359	)
Other assets		4,964,235			(2,656,913	)		(367,978	)
Accounts payable		4,690,325			(8,858,209	)		(1,226,848	)
Amounts due to related parties		(1,632,355	)		(1,876,431	)		(259,883	)
Salary and welfare payable		4,494,565			(4,306,993	)		(596,512	)
Deferred revenue		(4,481,873	)		(6,876,613	)		(952,400	)
Advance from customers		3,602,826			(3,956,799	)		(548,010	)
Accrued expenses and other current liabilities		76,271,975			(23,815,642	)		(3,298,428	)
Income tax payable		18,311,461			8,247,211			1,142,226
Unrecognized tax benefits		15,024,896			7,555,977			1,046,491
Operating lease liabilities		(56,063,542	)		(41,913,938	)		(5,805,013	)
Other long-term liabilities		(6,570,885	)		(1,096,187	)		(151,820	)
Deferred taxes		(28,194,988	)		110,338			15,282
Net cash provided by operating activities		165,533,745			90,729,218			12,565,853

Investing activities:
Purchases of property, plant and equipment		(34,116,117	)		(10,554,525	)		(1,461,785	)
Purchases of intangible assets		(42,454	)		-			-
Proceeds from disposal of property, plant and equipment		6,973,574			1,733,100			240,032
Proceeds from maturities of short-term investments		91,400,378			419,362,037			58,080,971
Purchases of long-term investments		-			(222,230,000	)		(30,778,500	)
Proceeds from disposal of a subsidiary		18,900,000			-			-
Loan to third parties		(1,000,000	)		-			-
Repayment of loan from third parties		468,319			1,371,953			190,013
Loan to franchisees		(7,029,596	)		-			-
Repayment from franchisees		26,834,584			23,461,007			3,249,312
Net cash (used in) provided by investing activities		102,388,688			213,143,572			29,520,043

Financing activities:
Repayment of bank loans		(136,600,000	)		(116,800,000	)		(16,176,613	)
Proceeds from bank loans		117,000,000			200,000,000			27,699,680
Capital contribution from non-controlling interest holders		-			-			-
Net cash provided by (used in) financing activities		(19,600,000	)		83,200,000			11,523,067

Effect of exchange rate changes on cash and cash equivalents and restricted cash		(40,524	)		(2,650,223	)		(367,052	)

Net (decrease) increase in cash and cash equivalents		248,281,909			384,422,562			53,241,910
Cash and cash equivalents at the beginning of the period		734,629,202			791,600,712			109,635,432
Cash and cash equivalents at the end of the period		982,911,111			1,176,023,274			162,877,342

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GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

	Quarter Ended
	March 31, 2023		March 31, 2024		March 31, 2024
	RMB		RMB		US$
Net income		32,557,393		57,294,867		7,935,247

Deduct:
Other operating income		3,159,519		2,225,933		308,288
Interest income and other, net		7,629,014		8,946,539		1,239,081
Share of gain in equity investees, net of tax		-		305,209		42,271
Other income, net		-		13,234,570		1,832,967

Add:
Other operating expenses		1,492,483		2,208,282		305,844
Other general expenses		11,664,345		5,844,575		809,464
Income tax expenses (benefits)		14,708,875		26,447,961		3,663,000
Share of loss in equity investees, net of tax		445,618		-		-
Interest expenses		5,528,061		1,739,829		240,964
Depreciation and amortization		31,080,092		31,341,704		4,340,776
Losses from investment in equity securities		4,536,562		9,252,584		1,281,468
Other expense, net		2,149,582		-		-
Adjusted EBITDA (Non-GAAP)		93,374,478		109,417,551		15,154,156

	Quarter Ended
	March 31, 2023			March 31, 2024		March 31, 2024
	RMB			RMB		US$
Net income		32,557,393			57,294,867		7,935,247

Deduct:
Government subsidies (net of 25% tax)		396,060			259,886		35,994
Gains from investment in equity securities (net of 25% tax)		-			-		-
Other income (net of 25% tax)		-			9,925,928		1,374,725

Add:
Share-based compensation		(11,636	)		15,662		2,169
Losses from investments in equity securities (net of 25% tax)		3,402,422			6,939,438		961,101
Other expense (net of 25% tax)		1,612,187			-		-
One-time fees and expenses		1,147,778			815,188		112,902
Other general expenses		11,664,345			5,844,575		809,464
Core net income (Non-GAAP)		49,976,429			60,723,916		8,410,164

Core net income per ADS (Non-GAAP)
Class A ordinary share-basic and diluted		0.49			0.60		0.08
Class B ordinary share-basic and diluted		0.49			0.60		0.08

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Hotel Operational Data

	March 31, 2023		March 31, 2024
Total hotels in operation:		4,084		4,256
Leased and owned hotels		64		66
Franchised hotels		4,020		4,190
Total hotel rooms in operation		302,425		313,531
Leased and owned hotels		6,992		7,392
Franchised hotels		295,433		306,139
Number of cities		355		345

	Quarter Ended
	2023 Q1			2024 Q1
Occupancy rate (as a percentage)
Leased-and-owned hotels		62.9	%		66.6	%
Franchised hotels		71.9	%		67.9	%
Blended		71.7	%		67.8	%
Average daily rate (in RMB)
Leased-and-owned hotels		229			235
Franchised hotels		166			167
Blended		167			169
RevPAR (in RMB)
Leased-and-owned hotels		144			157
Franchised hotels		119			113
Blended		120			114

	Number of Hotels in Operation				Number of Hotel Rooms in Operation
	March 31, 2023		March 31, 2024		March 31, 2023		March 31, 2024
Mid-to-up-scale		425		498		41,124		47,264
GreenTree Eastern		202		233		22,212		25,191
Deepsleep Hotel		7		7		534		534
Gem		54		75		4,845		6,588
Gya		69		74		5,809		6,121
Vx		86		95		7,492		8,263
Urban Garden and others		7		14		232		567
Mid-scale		2,952		2,942		230,729		230,362
GreenTree Inn		2,225		2,260		182,242		182,570
GT Alliance		544		493		38,084		37,290
GreenTree Dianjing		55		58		1,305		1,296
GreenTree Apartment		20		21		1,289		1,382
Vatica		108		110		7,809		7,824
City 118 Selected and others		-		-		-		-
Economy hotels		707		816		30,572		35,905
Shell		707		816		30,572		35,905
City 118 and others		-		-		-		-
Total		4,084		4,256		302,425		313,531

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Restaurant Operational Data

	March 31, 2023		March 31, 2024
Total restaurants in operation:		255		185
Leased and owned restaurants		116		27
Franchised restaurants		139		158
Number of cities		64		53
Da Niang Dumplings		219		153
Bellagio		36		32

	Quarter Ended
	2023 Q1		2024 Q1
ADT
Leased-and-owned restaurants		61		44
Franchised restaurants		48		50
Blended		109		94
AC (in RMB)
Leased-and-owned restaurants		67		80
Franchised restaurants		40		40
Blended		55		59
ADS (in RMB)
Leased-and-owned restaurants		4,135		3,484
Franchised restaurants		1,915		2,041
Blended		6,050		5,525

20 / 21

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

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GreenTree Hospitality Group Ltd. 6-K