GHG on NYSE

GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. is a hotels and motels company, Cayman Islands, listed on NYSE (GHG).2 It is headquartered in 长宁区, China.2

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Last updated Oct 20, 2026.

Overview

$156.9MRevenue, fiscal 20253
$23.9MNet income, fiscal 20253

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  • TickerGHG on NYSE2
  • IndustryHotels & Motels2
  • Headquarters长宁区, China2
  • Incorporated inCayman Islands4
  • Business address3F, No. 1058 Yangshupu Road, Yangpu District, Shanghai, 2000824
  • Filer categoryNon-accelerated filer4
  • Legal formlimited liability company2
  • LEI3003001U5LT3SICVFH792
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address阿格兰屋,邮政信箱309, KY1-1104 乔治敦, Cayman Islands2
  • Registered withGeneral Registry, MC-3283412

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GreenTree Suites Management Corp., each of which owns 100% of the equity interest in the other two of our PRC subsidiaries.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.2%Operating margin3
15.2%Net margin3
-14.7%Revenue growth, 20253
10.6%Return on equity3
0.16×Debt to equity3
$2.9MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Franchise And Managed Revenues brought in 31% of the revenue GreenTree Hospitality Group Ltd. broke down this way in fiscal 2025.

  1. Franchise And Managed Revenues534.5M CNY331%down 16% from 2024
  2. Franchised And Managed Hotels534.5M CNY331%down 16% from 2024
  3. Leased And Operated Revenues488.2M CNY329%down 18% from 2024
  4. Wholesale And Others Revenue74.7M CNY34%down 33% from 2024
  5. Wholesales And Others Revenue74.7M CNY34%down 33% from 2024
Products and services by year
Products and services202320242025
Franchise And Managed Revenues705.2M CNY635.4M CNY534.5M CNY
Franchised And Managed Hotels705.2M CNY635.4M CNY534.5M CNY
Leased And Operated Revenues787.8M CNY596.6M CNY488.2M CNY
Wholesale And Others Revenue134.2M CNY111.4M CNY74.7M CNY
Wholesales And Others Revenue134.2M CNY111.4M CNY74.7M CNY

Business segments

Hotel Business brought in 83% of the revenue GreenTree Hospitality Group Ltd. broke down this way in fiscal 2025.

  1. Hotel Business912.3M CNY383%down 14% from 2024
  2. Restaurant Business186.2M CNY317%down 33% from 2024
  3. Intersegment Revenue1.2M CNY30%down 27% from 2024
Business segments by year
Business segments202320242025
Hotel Business1.2B CNY1.1B CNY912.3M CNY
Restaurant Business441.6M CNY278.4M CNY186.2M CNY
Intersegment Revenue6.3M CNY1.7M CNY1.2M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue65¢$102.2M
  • Other costs15¢$23.3M
  • Interest1¢$1.1M
  • Income tax4¢$6.6M
  • Profit15¢$23.9M

Out of $156.9M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending86¢$37.3M
  • Dividends paid14¢$6.2M
  • Share buybacks0¢$762

Out of $40.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue67891011123$156.9M in 2025+14% since 2018
0$100.0M$200.0M$300.0M2018: $137.4M$137.4M20182019: $156.8M$156.8M2019+14%2020: $142.5M$142.5M2020−9%2021: $189.3M$189.3M2021+33%2022: $135.8M$135.8M2022−28%2023: $229.2M$229.2M2023+69%2024: $184.1M$184.1M2024−20%2025: $156.9M$156.9M2025−15%
Operating income67891011123$8.1M in 2025−90% since 2018
-$100.0M-$50.0M0$50.0M$100.0M2018: $77.8M$77.8M20182019: $72.5M$72.5M2019−7%2020: $48.9M$48.9M2020−32%2021: $24.2M$24.2M2021−51%2022: -$64.2M-$64.2M20222023: $47.3M$47.3M20232024: $22.2M$22.2M2024−53%2025: $8.1M$8.1M2025−63%
Net income67891011123$23.9M in 2025−58% since 2018
-$100.0M-$50.0M0$50.0M$100.0M2018: $57.3M$57.3M20182019: $63.6M$63.6M2019+11%2020: $40.1M$40.1M2020−37%2021: $18.4M$18.4M2021−54%2022: -$55.4M-$55.4M20222023: $37.9M$37.9M20232024: $15.1M$15.1M2024−60%2025: $23.9M$23.9M2025+58%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total revenues1.1B CNY1.3B CNY1.6B CNY
Operating costs (including purchases from related parties of RMB1,574,642, RMB1,185,014 and RMB45,531 (USD6,511) for the years ended December 31, 2023, 2024 and 2025, respectively)-714.4M CNY-822.6M CNY-947.4M CNY
Selling and marketing expenses (including services from related parties of RMB1,276,474, RMB802,606 and RMB2,778,142 (USD397,269) for the years ended December 31, 2023, 2024 and 2025, respectively)-54.8M CNY-67.6M CNY-71.6M CNY
General and administrative expenses-130.5M CNY-182.6M CNY-208.4M CNY
Other operating expenses-51.7M CNY-7.1M CNY-11.7M CNY
Impairment of goodwill-66.5M CNY-81.0M CNY
Impairment of indefinite-lived intangible asset-17.3M CNY-39.1M CNY-16.0M CNY
Other general expenses-82.9M CNY-41.8M CNY-63.6M CNY
Total operating costs and expenses-1.1B CNY-1.2B CNY-1.3B CNY
Other operating income77.4M CNY60.1M CNY27.2M CNY
Income from operations56.7M CNY161.9M CNY335.6M CNY
Interest income (including interest income from related parties of RMB465,500, RMB395,694 and RMB302,195 (USD43,213) for the years ended December 31, 2023, 2024 and 2025, respectively)37.8M CNY40.1M CNY41.4M CNY
Interest expenses-7.6M CNY-6.3M CNY-14.1M CNY
(Loss) gains on equity securities held5.0M CNY-15.0M CNY-5.4M CNY
Other income, net113.3M CNY16.5M CNY22.8M CNY
Income before income taxes and share of losses in equity method investments205.1M CNY197.2M CNY380.4M CNY
Income tax expense-45.9M CNY-88.7M CNY-118.5M CNY
Income before share of (loss) income in equity method investments159.2M CNY108.5M CNY261.9M CNY
Share of (loss) income in equity method investments, net of tax4.2M CNY-1.2M CNY-1.4M CNY
Net (loss) income163.4M CNY107.3M CNY260.5M CNY
Net loss attributable to noncontrolling interests3.4M CNY2.7M CNY8.8M CNY
Net income attributable to ordinary shareholders166.8M CNY110.0M CNY269.3M CNY
-Foreign currency translation adjustments5.1M CNY-22.4M CNY672.1K CNY
-Unrealized (losses) income on available-for-sale investments6.0K CNY-2.9K CNY
Other comprehensive income (loss), net of tax5.1M CNY-22.4M CNY669.2K CNY
Comprehensive income, net of tax168.4M CNY84.9M CNY261.2M CNY
Comprehensive loss attributable to noncontrolling interests3.4M CNY2.7M CNY8.8M CNY
Comprehensive income attributable to ordinary shareholders171.9M CNY87.6M CNY270.0M CNY

Compare GreenTree Hospitality Group Ltd. with another company

Corporate structure

GreenTree Hospitality Group Ltd. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of GreenTree Hospitality Group Ltd.

  • Allspring Global Investments Holdings, LLC Filed SCHEDULE 13G/A on GreenTree Hospitality Group Ltd., latest Jul 11, 2025 (4 filings since Jan 19, 2022)
  • Wells Fargo Filed SC 13G/A on GreenTree Hospitality Group Ltd., latest Jan 27, 2022
  • GreenTree Hospitality Group Ltd. 长宁区, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What GreenTree Hospitality Group Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$3.2M3 Dec 31, 2025$366.9K12 Dec 31, 2024+775.1%
Property and equipment, before depreciation$207.2M3 Dec 31, 2025$206.8M12 Dec 31, 2024+0.2%
Accumulated depreciation$130.4M3 Dec 31, 2025$118.2M12 Dec 31, 2024+10.3%
Property and equipment, net$80.1M3 Dec 31, 2025$89.0M12 Dec 31, 2024−10.0%
Operating-lease assets (leased space)$161.6M3 Dec 31, 2025$182.0M12 Dec 31, 2024−11.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$236.3M3 Dec 31, 2025$204.2M12 Dec 31, 2024+15.7%
Marketable securities, current$1.4K12 Dec 31, 2024$58.8M11 Dec 31, 2023−100.0%
Debt securities available for sale$14.8M3 Dec 31, 2025$14.2M12 Dec 31, 2024+4.4%
Long-term investments$22.4M3 Dec 31, 2025$25.2M12 Dec 31, 2024−11.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.7M3 Dec 31, 2025$13.2M12 Dec 31, 2024−72.1%
Finite-lived intangibles, net$8.1M3 Dec 31, 2025$10.4M12 Dec 31, 2024−22.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$703.9K3 Dec 31, 2025$942.8K12 Dec 31, 2024−25.3%
Raw materials$320.8K12 Dec 31, 2024$509.2K11 Dec 31, 2023−37.0%
Finished goods$513.4K12 Dec 31, 2024$1.4M11 Dec 31, 2023−63.5%
Supplies$89.8K12 Dec 31, 2024$248.5K11 Dec 31, 2023−63.9%

Leadership

Who has led GreenTree Hospitality Group Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Alex Shuguang Xu2026–now

Chief financial officer

  1. Yiping Yang2026–now
Board members and other officers (2)

Timeline

  1. Mar 18, 2026New chief executive Alex Shuguang Xu becomes CEO13

Filings

55 filings to the SEC since October 2021: 5 annual reports, 9 insider forms, 5 large holders, 36 other. The latest 20:

  1. Aug 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Jun 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. May 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Apr 30, 202620-F ANNUAL REPORT EDGAR
  5. Apr 1, 20263/A PRIMARY DOCUMENT EDGAR
  6. Mar 31, 20263 PRIMARY DOCUMENT EDGAR
  7. Mar 27, 20263 PRIMARY DOCUMENT EDGAR
  8. Mar 26, 20263 PRIMARY DOCUMENT EDGAR
  9. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  10. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  11. Mar 18, 20263 PRIMARY DOCUMENT EDGAR
  12. Mar 17, 20263 PRIMARY DOCUMENT EDGAR
  13. Mar 17, 20263 PRIMARY DOCUMENT EDGAR
  14. Dec 23, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Oct 1, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Jul 11, 2025SCHEDULE 13G/A EDGAR
  17. Apr 30, 202520-F ANNUAL REPORT EDGAR
  18. Apr 25, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  19. Nov 25, 20246-K EDGAR
  20. Oct 24, 20246-K EDGAR

The 55 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Allspring Global Investments Holdings, LLC4,582,452$5.2M0.0%No change
Oasis Management Co Ltd.1,099,362$1.2M0.1%No change
Sei Investments Co458,435$518.0K0.0%No change
Renaissance Technologies LLC185,953$210.1K0.0%−14,127
Citadel Advisors LLC30,195$34.1K0.0%−15,643
Genus Capital Management Inc.15,616$17.6K0.0%No change
LPL Financial LLC10,000$11.3K0.0%New
Osaic Holdings, Inc.400$4520.0%New
SBI Securities Co., Ltd.73$820.0%No change
Caitong International Asset Management Co., Ltd1$10.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How GreenTree Hospitality Group Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGreenTree Hospitality Group Ltd.1
  • CIK0001724755
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 311
  • Industry code (SIC)7011 Hotels & Motels1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address3F, No. 1058 Yangshupu Road, Yangpu District, Shanghai, 200082, China1
  • Phone86-21-3617-48861
  • Shares outstanding66,134,416 Common Class A shares; 34,762,909 Common Class B shares as of Dec 31, 20255
  • AuditorErnst & Young Hua Ming LLP, Shanghai, the People’s Republic of China PCAOB ID 1408; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 8, 20171
  • Filings124 in all: 6-K (52), CORRESP (13), UPLOAD (9), 20-F (8), 3 (8), SC 13G (4), SC 13G/A (4), DRSLTR (3)1
    All 24 form types

    EFFECT (3), F-1/A (3), F-3/A (3), DRS/A (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-3 (1), F-6 (1), F-6/A (1), FWP (1), NT 20-F (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each representing one Class A ordinary share Class A ordinary shares, par value US$0.50 per shareGHGNew York Stock Exchange

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).5

Sources

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