- A total of 2,434 hotels with
201,275 hotel rooms were in operation as
of June 30, 2018, as compared to
2,354 hotels and 195,552
hotel rooms as of March 31, 2018.
- Total revenues increased 20.3% year-over-year
from RMB193.9 million for
the second quarter of 2017 to RMB233.4 million
(US$35.3
million)[1] for the second quarter of
2018. Total revenues increased 21.7% year-over-year from
RMB360.2 million for the first half
of 2017 to RMB438.3 million
(US$66.2 million) for the first half
of 2018.
- Adjusted EBITDA (non-GAAP) increased 21.2% year-over-year
from RMB114.8 million for the
second quarter of 2017 to RMB139.2 million
(US$21.0 million)[1] for
the second quarter of 2018. Adjusted EBITDA
(non-GAAP) increased 24.8% year-over-year from RMB202.5 million for the first half of 2017 to
RMB252.8 million (US$38.2 million)[1] for the first half
of 2018.
- Core net income (non-GAAP) increased
24.7% year-over-year from
RMB88.9 million for the second quarter
of 2017 to RMB110.9 million
(US$16.8million)[1]
for the second quarter of 2018. Core net
income (non-GAAP) increased 25.9% year-over-year from RMB154.8 million for the first half of 2017 to
RMB194.8 million (US$29.4 million)[1] for the first half
of 2018.
- Basic and diluted core net income per ADS (non-GAAP) were
RMB1.09 (US$0.16)[1] for the second quarter of
2018. Basic and diluted core net income per ADS (non-GAAP) were
RMB2.01 (US$0.30)[1] for the first half of
2018.
- As of June 30, 2018, the
Company had a strong pipeline with a total of 477 hotels contracted
for or under development. For the second quarter of 2018, the
Company opened 104 F&M hotels, compared to 97 hotels for the
second quarter of 2017.
- The Company reaffirmed guidance for growth in full year 2018
total revenues of 20-25% from 2017.
SHANGHAI, Aug. 23, 2018 /PRNewswire/ -- GreenTree
Hospitality Group Ltd. (NYSE: GHG) ("GreenTree", the "Company",
"we", "us" and "our"), a leading franchised hotel operator in
China, today announced its
unaudited financial results for the second quarter ended
June 30, 2018.
Second Quarter of 2018 Operational Highlights
- As of June 30, 2018, GreenTree
had 26 leased-and-operated ("L&O") hotels and 2,408
franchised-and-managed ("F&M") hotels in operation in 267
cities across China, compared to
26 L&O hotels and 2,328 F&M hotels in operation in 266
cities as of March 31, 2018.
- In the second quarter of 2018, the Company opened 104 F&M
hotels, 68 in the mid-scale segment, 5 in the business to
mid-to-up-scale segment and 31 in the economy segment. Of the
hotels opened, 7 hotels were in Tier 1 cities[2], 22 in
Tier 2 cities[3] and the remaining 75 hotels in other
cities in China, while the Company
closed a total of 24 F&M hotels in the quarter.
- As of June 30, 2018, the Company
had a strong pipeline with a total of 477 hotels contracted for or
under development.
- The average daily room rate, or ADR, for all hotels in
operation, was RMB164 in the second
quarter of 2018, compared to RMB156
in the second quarter of 2017, an increase of 5.1%
year-over-year.
- The occupancy rate for all hotels in operation was 82.6% in the
second quarter of 2018, compared to 83.2% in the second quarter of
2017, a decrease of 0.6% year-over-year.
- The revenue per available room, or RevPAR, which is calculated
by multiplying our hotels' ADR by its occupancy rate, was
RMB136 in the second quarter of 2018,
representing a 4.6% year-over-year increase from RMB130 in the second quarter of 2017.
As of June 30, 2018, we had
approximately 24 million individual loyal members and over 930,000
corporate members, compared to approximately 22 million and over
860,000 respectively, as of March 31,
2018. During the second quarter of 2018, we sold
approximately 95.4% of our room nights through our direct sales
channels, including our individual loyal members and corporate
members, while online travel agencies, or OTAs, only contributed
approximately 4.6% of our room nights.
"After our successful listing on the NYSE on March 27, 2018, we continued to execute our
organic growth strategy in the second quarter." commented Mr.
Alex Xu, Chairman and Chief
Executive Officer of GreenTree. "We continue to grow our pipeline
and are on track to open more new hotels in the second half of the
year. We are also actively searching for appropriate acquisition
opportunities, which we believe will build a stronger
hotel platform and create long-term shareholder
value."
Second Quarter of
2018 Financial Results
|
|
|
Quarter
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Revenues
|
|
|
|
Leased-and-operated
hotels
|
47,063,998
|
49,740,478
|
7,516,960
|
Franchised-and-managed hotels
|
134,262,270
|
165,509,815
|
25,012,440
|
Membership
fees
|
12,619,532
|
18,103,997
|
2,735,941
|
Total
revenues
|
193,945,800
|
233,354,290
|
35,265,341
|
First Half of 2018
Financial Results
|
|
|
Six months
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Revenues
|
|
|
|
Leased-and-operated
hotels
|
88,826,814
|
93,915,936
|
14,192,915
|
Franchised-and-managed hotels
|
246,498,634
|
309,378,578
|
46,754,406
|
Membership
fees
|
24,887,139
|
35,003,197
|
5,289,809
|
Total
revenues
|
360,212,587
|
438,297,711
|
66,237,130
|
Total revenues for the second quarter of 2018 were
RMB233.4 million (US$35.3 million)[1], representing a
20.3% increase over second quarter 2017. Total revenues for the first half of 2018 were
RMB438.3 million (US$66.2 million)[1], representing a
21.7% increase over first half of 2017. The year-over-year increase
in the second quarter of 2018 was primarily attributable to the net
additional 80 F&M hotels to our network, the opening of a new L&O hotel in Shanghai in June
2017, improved RevPar for both F&M and L&O hotels as
well as membership growth; and was partially offset by the
conversion of five L&O hotels to F&M hotels after the first
quarter of 2017.
- Total revenues from leased-and-operated hotels for the
second quarter of 2018 were RMB49.7
million (US$7.5
million)[1], representing a 5.7% year-over-year
increase. Total revenues from leased-and-operated hotels for the
first half of 2018 were RMB93.9
million (US$14.2
million)[1], representing a 5.7% year-over-year
increase. The year-over-year increase in the second quarter of 2018
was attributable to RevPAR growth of 8.4% and moderate sublease
revenue growth, resulting from a GreenTree Eastern hotel opened in
Shanghai in June 2017, and partially offset by the conversion
of five hotels to F&M hotels after the first quarter of
2017.
- Total revenues from franchised-and-managed hotels for
the second quarter of 2018 were RMB165.5
million (US$25.0
million)[1], representing a 23.3% year-over-year
increase. Total revenues from franchised-and-managed hotels for the
first half of 2018 were RMB309.4
million (US$46.8
million)[1], representing a 25.5% year-over-year
increase. Initial franchise fees increased 20.3% year-over-year in
the second quarter of 2018, primarily due to the gross opening of
104 hotels in the second quarter of 2018 as compared to 97 hotels
opened in the second quarter of 2017. The 23.6% year-over-year
increase in recurring franchisee management fees in the second
quarter of 2018 was primarily due to RevPAR growth of 4.7% as well
as growth in central reservation system ("CRS") usage fees, annual
IT and marketing fees and hotel manager fees, which in turn
resulted from the increased number of hotels and hotel rooms in
operation.
|
Quarter
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Initial
franchise fee
|
13,928,628
|
16,759,749
|
2,532,794
|
Recurring
franchise management fee
|
120,333,642
|
148,750,066
|
22,479,646
|
Revenues
from franchised-and-managed hotels
|
134,262,270
|
165,509,815
|
25,012,440
|
|
Six months
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Initial
franchise fee
|
21,051,209
|
29,254,662
|
4,421,070
|
Recurring
franchise management fee
|
225,447,425
|
280,123,916
|
42,333,336
|
Revenues
from franchised-and-managed hotels
|
246,498,634
|
309,378,578
|
46,754,406
|
- Membership fees represent the one-time membership fee
the Company charges in relation to its paid memberships recognized
as our revenue on a straight-line basis over the estimated life of
the membership, which is three to six years depending on the
membership level. Membership fees totaled RMB18.1 million (US$2.7
million)[1] in the second quarter of 2018,
representing a 43.5% year-over-year increase. These fees totaled
RMB35.0 million (US$5.3 million)[1] in the first half
of 2018, representing a 40.6% year-over-year increase. The
year-over-year increase in the second quarter of 2018 was primarily
a result of an increase in the number of our paid members from
approximately 17 million as of December 31,
2017 to approximately 19 million as of June 30, 2018 as we continued to promote our paid
membership program.
|
Quarter
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Operating costs
and expenses
|
|
|
|
Hotel operating
costs
|
57,725,535
|
65,633,713
|
9,918,803
|
Selling and marketing
expenses
|
9,401,701
|
11,555,287
|
1,746,277
|
General and
administrative expenses
|
18,146,306
|
25,150,930
|
3,800,899
|
Other operating
expenses
|
295,431
|
35,330
|
5,339
|
Total operating
costs and expenses
|
85,568,973
|
102,375,260
|
15,471,318
|
|
Six months
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Operating costs
and expenses
|
|
|
|
Hotel operating
costs
|
114,760,347
|
130,744,785
|
19,758,623
|
Selling and marketing
expenses
|
19,055,646
|
22,904,354
|
3,461,389
|
General and
administrative expenses
|
36,581,236
|
45,551,787
|
6,883,950
|
Other operating
expenses
|
1,148,166
|
178,592
|
26,989
|
Total operating
costs and expenses
|
171,545,395
|
199,379,518
|
30,130,951
|
Hotel operating costs for the second quarter of 2018 were
RMB65.6 million (US$9.9 million)[1], compared to
RMB57.7 million in the second quarter
of 2017, representing a 13.7% year-over-year increase. Hotel
operating costs for the first half of 2018 were RMB130.7 million (US$19.8
million)[1], compared to RMB114.8 million in the first half of 2017,
representing a 13.9% year-over-year increase. The year-over-year
increase in the second quarter of 2018 were mainly attributable to
the increased general managers in our hotel network and other costs
associated with the expansion of our F&M hotels, and higher
rental costs, utilities and personnel cost in the GreenTree Eastern
L&O hotel and other L&O hotels; and was partially offset by
reduced rental costs, depreciation and amortization and operating
costs related to the conversion of five L&O hotels.
|
Quarter
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Rental
|
15,216,595
|
17,660,357
|
2,668,897
|
Utilities
|
4,093,561
|
5,104,337
|
771,386
|
Personnel
cost
|
6,828,204
|
7,937,739
|
1,199,580
|
Depreciation and
amortization
|
5,601,660
|
3,714,393
|
561,332
|
Consumable, food and
beverage
|
2,803,351
|
4,602,750
|
695,584
|
Costs of general
managers of franchised-and-operated hotels
|
13,756,357
|
15,729,674
|
2,377,125
|
Other costs of
franchised-and-operated hotels
|
5,957,711
|
7,417,928
|
1,121,024
|
Others
|
3,468,096
|
3,466,535
|
523,875
|
Hotel Operating
Costs
|
57,725,535
|
65,633,713
|
9,918,803
|
|
Six months
Ended
|
|
June 30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
Rental
|
30,516,774
|
35,292,424
|
5,333,518
|
Utilities
|
8,789,648
|
10,215,337
|
1,543,779
|
Personnel
cost
|
13,230,428
|
15,169,589
|
2,292,483
|
Depreciation and
amortization
|
11,743,087
|
8,534,806
|
1,289,811
|
Consumable, food and
beverage
|
5,548,470
|
9,039,387
|
1,366,065
|
Costs of general
managers of franchised-and-operated hotels
|
26,678,079
|
31,315,282
|
4,732,478
|
Other costs of
franchised-and-operated hotels
|
11,549,511
|
14,167,964
|
2,141,114
|
Others
|
6,704,350
|
7,009,996
|
1,059,375
|
Hotel Operating
Costs
|
114,760,347
|
130,744,785
|
19,758,623
|
Selling and marketing expenses for the second quarter of
2018 were RMB11.6 million
(US$1.7 million)[1],
compared to RMB9.4 million in the
second quarter of 2017. Selling and marketing expenses for the
first half of 2018 were RMB22.9
million (US$3.5
million)[1], compared to RMB19.1 million in the first half of 2017. The
year-over-year increase of 22.9% in the second quarter of 2018 was
mainly attributable to model room construction, exhibition and
other advertising and promotion expenses related to our three new
business to mid-to-upscale brands, increased personnel,
compensation and other costs (i.e. travel expenses) of business
development personnel, as a result of the increased opening of
hotels.
General and administrative expenses for the second
quarter of 2018 were RMB25.2 million
(US$3.8 million)[1],
compared to RMB18.1 million in the
second quarter of 2017. General and administrative expenses for the
first half of 2018 were RMB45.6
million (US$6.9
million)[1], compared to RMB36.6 million in the first half of 2017. The
year-over-year increase of 38.6% in the second quarter of 2018 was
primarily attributable to increased headquarter staff costs,
increased share-based compensation expenses and new IT program
expenses.
Gross profit for the second quarter of 2018 was
RMB167.7 million (US$25.3 million)[1], compared to
RMB136.2 million in the second
quarter of 2017, representing a year-over-year increase of 23.1%.
Gross margin in the second quarter improved to 71.9%, compared to
70.2% a year ago. Gross profit for the first half of 2018 was
RMB307.6 million (US$46.5 million)[1], compared to
RMB245.5 million in the first half of
2017, representing a year-over-year increase of 25.3%.
Income from operations for the second quarter of 2018 was
RMB143.2 million (US$21.6 million)[1], compared to
RMB113.1 million in the second
quarter of 2017, representing a year-over-year increase of 26.6%.
Operating margin in the second quarter improved to 61.4%, compared
to 58.3% a year ago. Income from operations for the first half
of 2018 was RMB265.0 million
(US$40.0 million)[1],
compared to RMB193.7 million in the
first half of 2017, representing a year-over-year increase of
36.8%.
Adjusted EBITDA (non-GAAP) for the second quarter of 2018
was RMB139.2 million (US$21.0 million)[1], compared to
RMB114.8 million for the second
quarter of 2017, a year-over-year increase of 21.2%. The adjusted
EBITDA margin, defined as adjusted EBITDA (non-GAAP) as percentage
of total revenues, was 59.6% in the second quarter of 2018,
compared to 59.2% in the second quarter of 2017. Adjusted EBITDA
(non-GAAP) for the first half of 2018 was RMB252.8 million (US$38.2
million)[1], compared to RMB202.5 million for the first half of 2017, a
year-over-year increase of 24.8%.
Core net income (non-GAAP) for
the second quarter of 2018 was RMB110.9
million (US$16.8 million)1,
compared to RMB88.9 million in the
second quarter of 2017, representing a 24.7% year-over-year
increase. The core net margin, defined as core net income
(non-GAAP) as percentage of total revenues, was 47.5% in the second
quarter of 2018, compared to 45.9% in the second quarter of 2017.
Core net income (non-GAAP) for the first half of 2018 was
RMB194.8 million (US$29.4 million)[1], compared to
RMB154.8 million in the first half of
2017, representing a 25.9% year-over-year increase.
Net income attributable to GreenTree Hospitality Group
Ltd. for the second quarter of 2018 was RMB97.2 million (US$14.7
million)[1], or 41.7% of total revenues, compared
to RMB108.7 million, or 56.0% of
total revenues, in the second quarter of 2017, a year-over-year
decrease of 10.5%. Net income attributable to GreenTree Hospitality
Group Ltd. for the first half of 2018 was RMB187.4 million (US$28.3
million)[1] compared to RMB183.2 million in the first half of 2017, a
year-over-year increase of 2.3%.
Basic and diluted core net income per ADS (non-GAAP) were
RMB1.09 (US$0.16)[1] for the second quarter of
2018, compared to RMB0.97 for the
second quarter of 2017. Basic and diluted core net income per ADS
(non-GAAP) were RMB2.01 (US$0.30)[1] for the first half of
2018, compared to RMB1.69 for the
first half of 2017.
Basic and diluted earnings per ADS for the second quarter
of 2018 was RMB0.96 (US$0.14)[1], compared to RMB1.19 for the second quarter of 2017. Basic and
diluted earnings per ADS were RMB1.94
(US$0.29)[1] for the
first half of 2018, compared to RMB2.01 for the first half of 2017.
Cash flow. Operating cash inflow for the second quarter
of 2018 was RMB83.4 million
(US$12.6 million)[1], due
primarily to improved operating performance across our hotel
portfolio. Operating cash inflow for the first half of 2018 was
RMB199.4 million (US$30.1 million)[1]. Investing cash
outflow for the second quarter of 2018 was RMB337.3 million (US$51.0
million)[1], which was attributable primarily to
net purchase of short term investments of RMB274.9 million and purchase of property and
equipment of RMB54.7 million.
Investing cash outflow for the first half of 2018 was RMB177.2 million (US$26.8
million)[1]. Financing cash outflow for the
second quarter of 2018 was RMB185.9
million (US$28.1
million)[1], which was mainly due to dividends
distributed to pre-IPO shareholders of RMB160.8 million and IPO related costs. Financing
cash inflow for the first half of 2018 was RMB604.6 million (US$91.4
million)[1],
Cash and cash equivalents, restricted cash, Short term
investments and Trading securities. As of June 30, 2018, the Company had a total balance of
cash and cash equivalents, restricted cash, short term investments
and trading securities of RMB1,898.8
million (US$286.9
million)[1], as compared to RMB1,254.6 million as of December 31, 2017, primarily due to the proceeds
of our IPO net of capitalized expenses and net operating cash
inflow.
Guidance
For the full year 2018, the Company
reaffirms total revenue growth guidance of 20-25% from 2017.
The guidance set forth above reflects the Company's current and
preliminary view based on our estimates, may not be indicative of
our financial results for future interim periods and the full year
ended December 31, 2018 and is
subject to change.
Conference Call
GreenTree's management will hold an earnings conference call at
8:00 AM U.S. Eastern Time on
August 23, 2018 (8:00 PM Beijing/Hong Kong Time on August 23, 2018).
Dial-in numbers for the live conference call are as follows:
International
|
1-412-902-4272
|
China
|
4001-201203
|
US
|
1-888-346-8982
|
Hong Kong
|
800-905945 or
852-3018-4992
|
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 call will be available after the
conclusion of the conference call until August 30, 2018.
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:
|
10123082
|
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 it, is a useful financial metric 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 does 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 trading
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 term Adjusted EBITDA and core net income is not defined
under U.S. GAAP, and Adjusted EBITDA and core net income is not a
measure 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 franchised hotel operator in China. As of December
31, 2017, GreenTree had the highest proportion of
franchised-and-managed hotels among the top four economy to
mid-scale hotel networks in China.
In 2017, GreenTree was the fourth largest economy to mid-scale
hotel group in China in terms of
number of hotel rooms according to the China Hospitality
Association. The Company has built a strong suite of brands
including its flagship "GreenTree Inns" brand as a result of its
long-standing dedication to the hospitality industry in
China, the consistent quality of
its services, signature hotel designs, broad geographic coverage
and convenient locations. GreenTree has positioned its brands to
appeal to value- and quality-conscious business and leisure
travelers.
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.
[1] The conversion of Renminbi
("RMB") into United States dollars ("US$") is based on the exchange
rate of US$1.00=RMB6.6171 on June 29, 2018 as set forth in H.10
statistical release of the U.S. Federal Reserve Board and available
at https://www.federalreserve.gov/releases/h10/20180702
.
|
[2] "Tier 1 cities" refers to the
term used by the National Bureau of Statistics of China and refer
to Beijing, Shanghai, Shenzhen and Guangzhou.
|
[3] "Tier
2 cities" refers to the 32 major cities, other than Tier 1 cities,
as categorized by the National Bureau of Statistics of China,
including provincial capitals, administrative capitals of
autonomous regions, direct-controlled municipalities and other
major cities designated as "municipalities with independent
planning" by the State Council.
|
--Financial Tables and Operational Data Follow--
GreenTree
Hospitality Group Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
December 31,
2017
|
June
30,
2018
|
June
30,
2018
|
|
RMB
|
RMB
|
USD
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
161,963,665
|
789,355,308
|
119,290,219
|
Short-term
investment
|
781,850,000
|
843,769,909
|
127,513,550
|
Trading
securities
|
307,754,960
|
262,642,263
|
39,691,445
|
Accounts receivable,
net of allowance for doubtful
accounts
|
53,882,894
|
72,652,828
|
10,979,557
|
Amounts due from
related parties
|
3,248,692
|
6,026,569
|
910,757
|
Prepaid
rent
|
4,292,472
|
4,161,168
|
628,851
|
Inventories
|
2,355,154
|
1,393,732
|
210,626
|
Other current
assets
|
127,269,801
|
143,086,346
|
21,623,724
|
Loans receivable,
net
|
6,600,000
|
20,360,000
|
3,076,877
|
Deferred tax
assets
|
36,207,884
|
37,158,836
|
5,615,577
|
Total current
assets
|
1,485,425,522
|
2,180,606,959
|
329,541,183
|
|
|
|
|
Non-current
assets:
|
|
|
|
Amounts due from a
related party
|
2,600,000
|
2,600,000
|
392,921
|
Restricted
cash
|
3,000,000
|
3,000,000
|
453,371
|
Loan receivable,
net
|
-
|
12,900,000
|
1,949,494
|
Property and
equipment, net
|
96,669,251
|
92,693,446
|
14,008,168
|
Intangible assets,
net
|
3,727,383
|
6,649,314
|
1,004,868
|
Goodwill
|
2,959,183
|
2,959,183
|
447,202
|
Long-term
investments
|
122,508,832
|
121,418,808
|
18,349,248
|
Other
assets
|
5,741,301
|
113,274,089
|
17,118,389
|
Deferred tax
assets
|
33,351,457
|
33,396,565
|
5,047,009
|
TOTAL
ASSETS
|
1,755,982,929
|
2,569,498,364
|
388,311,853
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
7,293,341
|
10,152,957
|
1,534,351
|
Advance from
customers
|
33,662,363
|
33,191,324
|
5,015,993
|
Amounts due to
related parties
|
473,018
|
953,720
|
144,130
|
Salary and welfare
payable
|
44,577,683
|
42,926,392
|
6,487,191
|
Deferred
rent
|
2,916,205
|
4,146,333
|
626,609
|
Deferred
revenue
|
109,101,986
|
134,668,678
|
20,351,616
|
Accrued expenses and
other current liabilities
|
293,741,951
|
266,921,014
|
40,338,066
|
Income tax
payable
|
103,830,578
|
64,290,664
|
9,715,837
|
Dividends
payable
|
39,691,103
|
-
|
-
|
Deferred tax
liabilities
|
27,745,951
|
18,111,810
|
2,737,122
|
Total current
liabilities
|
663,034,179
|
575,362,892
|
86,950,915
|
|
|
|
|
Deferred
rent
|
23,050,635
|
19,777,360
|
2,988,826
|
Deferred
revenue
|
144,258,584
|
155,257,846
|
23,463,125
|
Other long-term
liabilities
|
73,937,277
|
83,412,257
|
12,605,561
|
Deferred tax
liabilities
|
5,797,260
|
4,806,469
|
726,371
|
Unrecognized tax
benefits
|
113,299,633
|
160,240,788
|
24,216,165
|
Total
liabilities
|
1,023,377,568
|
998,857,612
|
150,950,963
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
Class A ordinary
shares
|
160,189,926
|
217,421,867
|
32,857,576
|
Class B ordinary
shares
|
140,696,841
|
115,534,210
|
17,459,946
|
Additional paid-in
capital
|
212,309,734
|
990,664,622
|
149,712,808
|
Retained
earnings
|
223,134,889
|
249,728,708
|
37,739,902
|
Accumulated other
comprehensive loss
|
(4,086,149)
|
(3,042,408)
|
(459,780)
|
Total GreenTree
Hospitality Group Ltd.
shareholders' equity
|
732,245,241
|
1,570,306,999
|
237,310,452
|
|
|
|
|
Noncontrolling
interests
|
360,120
|
333,753
|
50,438
|
Total
shareholders' equity
|
732,605,361
|
1,570,640,752
|
237,360,890
|
|
|
|
|
TOTAL LIABILITIES
AND
SHAREHOLDERS' EQUITY
|
1,755,982,929
|
2,569,498,364
|
388,311,853
|
GreenTree
Hospitality Group Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
June 30,
2017
|
June
30,
2018
|
June 30,
2018
|
|
June
30,
2017
|
June 30,
2018
|
June 30,
2018
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
Revenues
|
|
|
|
|
|
|
|
Leased-and-operated
hotels
|
47,063,998
|
49,740,478
|
7,516,960
|
|
88,826,814
|
93,915,936
|
14,192,915
|
Franchised-and-managed hotels
|
134,262,270
|
165,509,815
|
25,012,440
|
|
246,498,634
|
309,378,578
|
46,754,406
|
Membership
fees
|
12,619,532
|
18,103,997
|
2,735,941
|
|
24,887,139
|
35,003,197
|
5,289,809
|
Total
revenues
|
193,945,800
|
233,354,290
|
35,265,341
|
|
360,212,587
|
438,297,711
|
66,237,130
|
|
|
|
|
|
|
|
|
Operating costs
and expenses
|
|
|
|
|
|
|
|
Hotel operating
costs
|
(57,725,535)
|
(65,633,713)
|
(9,918,803)
|
|
(114,760,347)
|
(130,744,785)
|
(19,758,623)
|
Selling and marketing
expenses
|
(9,401,701)
|
(11,555,287)
|
(1,746,277)
|
|
(19,055,646)
|
(22,904,354)
|
(3,461,389)
|
General and
administrative expenses
|
(18,146,306)
|
(25,150,930)
|
(3,800,899)
|
|
(36,581,236)
|
(45,551,787)
|
(6,883,950)
|
Other operating
expenses
|
(295,431)
|
(35,330)
|
(5,339)
|
|
(1,148,166)
|
(178,592)
|
(26,989)
|
Total operating
costs and expenses
|
(85,568,973)
|
(102,375,260)
|
(15,471,318)
|
|
(171,545,395)
|
(199,379,518)
|
(30,130,951)
|
|
|
|
|
|
|
|
|
Other operating
income
|
4,722,477
|
12,242,088
|
1,850,069
|
|
5,066,976
|
26,067,489
|
3,939,413
|
Income from
operations
|
113,099,304
|
143,221,118
|
21,644,092
|
|
193,734,168
|
264,985,682
|
40,045,592
|
|
|
|
|
|
|
|
|
Interest income and
other, net
|
5,674,569
|
11,420,031
|
1,725,836
|
|
12,409,580
|
16,123,893
|
2,436,701
|
Gains (losses) from
trading securities
|
24,385,333
|
(25,862,935)
|
(3,908,500)
|
|
35,967,385
|
(31,036,562)
|
(4,690,357)
|
Other expense,
net
|
(28,852)
|
-
|
-
|
|
(69,818)
|
-
|
-
|
Income before
income taxes
|
143,130,354
|
128,778,214
|
19,461,428
|
|
242,041,315
|
250,073,013
|
37,791,936
|
|
|
|
|
|
|
|
|
Income tax
expense
|
(34,494,218)
|
(31,356,198)
|
(4,738,662)
|
|
(58,331,623)
|
(61,574,619)
|
(9,305,378)
|
Income before
share of loss in equity investees
|
108,636,136
|
97,422,016
|
14,722,766
|
|
183,709,692
|
188,498,394
|
28,486,558
|
|
|
|
|
|
|
|
|
Share of (gain ) loss
in equity investees, net
of tax
|
52,078
|
(182,988)
|
(27,654)
|
|
(513,447)
|
(1,090,024)
|
(164,728)
|
Net
income
|
108,688,214
|
97,239,028
|
14,695,112
|
|
183,196,245
|
187,408,370
|
28,321,830
|
Net loss (gain)
attributable to noncontrolling
interests
|
7,131
|
(3,152)
|
(476)
|
|
35,249
|
26,367
|
3,985
|
Net income
attributable to ordinary
shareholders
|
108,695,345
|
97,235,876
|
14,694,636
|
|
183,231,494
|
187,434,737
|
28,325,815
|
|
|
|
|
|
|
|
|
Net earnings per
share
|
|
|
|
|
|
|
|
Class A ordinary
share-basic and diluted
|
1.19
|
0.96
|
0.14
|
|
2.01
|
1.94
|
0.29
|
Class B ordinary
share-basic and diluted
|
1.19
|
0.96
|
0.14
|
|
2.01
|
1.94
|
0.29
|
|
|
|
|
|
|
|
|
Net earnings per
ADS
|
|
|
|
|
|
|
|
Class A ordinary
share-basic and diluted
|
1.19
|
0.96
|
0.14
|
|
2.01
|
1.94
|
0.29
|
Class B ordinary
share-basic and diluted
|
1.19
|
0.96
|
0.14
|
|
2.01
|
1.94
|
0.29
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
|
|
|
|
|
|
Class A ordinary
share-basic and diluted
|
48,635,252
|
66,789,299
|
66,789,299
|
|
48,635,252
|
58,866,740
|
58,866,740
|
Class B ordinary
share-basic and diluted
|
42,716,957
|
34,762,909
|
34,762,909
|
|
42,716,957
|
37,839,060
|
37,839,060
|
|
|
|
|
|
|
|
|
Other
comprehensive income, net of tax
|
|
|
|
|
|
|
|
-Foreign currency
translation adjustments
|
(827,530)
|
1,213,623
|
183,407
|
|
(1,979,774)
|
1,043,741
|
157,734
|
Comprehensive
income, net of tax
|
107,860,684
|
98,452,651
|
14,878,519
|
|
181,216,471
|
188,452,111
|
28,479,564
|
|
|
|
|
|
|
|
|
Comprehensive loss
(gain) attributable to
noncontrolling interests
|
7,131
|
(3,152)
|
(476)
|
|
35,249
|
26,367
|
3,985
|
Comprehensive
income attributable to
ordinary shareholders
|
107,867,815
|
98,449,499
|
14,878,043
|
|
181,251,720
|
188,478,478
|
28,483,549
|
|
GreenTree
Hospitality Group Ltd.
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
June
30,
|
June
30,
|
|
June
30,
|
June
30,
|
June
30,
|
|
|
|
2017
|
2018
|
2018
|
|
2017
|
2018
|
2018
|
|
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
Operation
activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
108,688,214
|
97,239,028
|
14,695,112
|
|
183,196,245
|
187,408,370
|
28,321,830
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
6,115,165
|
4,557,247
|
688,708
|
|
12,674,080
|
9,951,749
|
1,503,944
|
|
Share of loss (gain)
in equity method
investments
|
|
(52,078)
|
182,988
|
27,654
|
|
513,447
|
1,090,024
|
164,728
|
|
Interest
income
|
|
(2,788,706)
|
(234,004)
|
(35,364)
|
|
(5,838,706)
|
(4,937,866)
|
(746,228)
|
|
Bad debt
expense
|
|
581,251
|
379,445
|
57,343
|
|
1,154,523
|
698,703
|
105,591
|
|
(Gains) losses from
trading securities
|
|
(24,385,333)
|
25,862,935
|
3,908,500
|
|
(35,967,385)
|
31,036,562
|
4,690,357
|
|
Loss on disposal of
property and
equipment
|
|
(695,230)
|
-
|
-
|
|
157,506
|
-
|
-
|
|
Foreign exchange
(gain) loss
|
|
(374,755)
|
(1,340,059)
|
(202,515)
|
|
(1,298,256)
|
(614,853)
|
(92,919)
|
|
Share-based
compensation
|
|
-
|
3,586,930
|
542,070
|
|
-
|
3,746,769
|
566,225
|
|
|
|
|
|
|
|
|
|
|
|
Changes in
operating assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
-
|
-
|
-
|
|
7,200,000
|
-
|
-
|
|
Accounts
receivable
|
|
(15,539,614)
|
(8,246,047)
|
(1,246,172)
|
|
(26,245,214)
|
(19,468,637)
|
(2,942,171)
|
|
Prepaid
rent
|
|
2,630,635
|
(1,455,073)
|
(219,896)
|
|
6,598,997
|
131,304
|
19,843
|
|
Inventories
|
|
(206,252)
|
186,242
|
28,146
|
|
11,224
|
961,422
|
145,294
|
|
Amounts due from
related parties
|
|
1,181,694
|
1,938,481
|
292,950
|
|
3,435,718
|
1,522,123
|
230,029
|
|
Other current
assets
|
|
970,740
|
(19,562,202)
|
(2,956,310)
|
|
(1,819,059)
|
(26,365,951)
|
(3,984,518)
|
|
Other
assets
|
|
-
|
-
|
-
|
|
1,728,263
|
-
|
-
|
|
Accounts
payable
|
|
800,856
|
(4,359,732)
|
(658,858)
|
|
2,115,442
|
337,208
|
50,960
|
|
Amounts due to
related parties
|
|
(157,557)
|
154,006
|
23,274
|
|
2,538,414
|
480,702
|
72,645
|
|
Salary and welfare
payable
|
|
2,140,122
|
27,794
|
4,200
|
|
(678,679)
|
(1,651,291)
|
(249,549)
|
|
Deferred
revenue
|
|
(2,225,451)
|
21,657,037
|
3,272,889
|
|
14,667,526
|
36,565,954
|
5,525,979
|
|
Advance from
customers
|
|
8,312,326
|
8,017,444
|
1,211,625
|
|
11,776,047
|
(471,039)
|
(71,185)
|
|
Accrued expenses and
other current
liabilities
|
|
3,252,222
|
(31,297,653)
|
(4,729,814)
|
|
15,533,168
|
(27,214,366)
|
(4,112,733)
|
|
Income tax
payable
|
|
(42,196,868)
|
(56,273,754)
|
(8,504,293)
|
|
(27,193,374)
|
(36,539,914)
|
(5,522,043)
|
|
Unrecognized tax
benefits
|
|
15,194,271
|
43,190,003
|
6,527,029
|
|
14,744,258
|
46,941,155
|
7,093,917
|
|
Deferred
rent
|
|
(5,683,343)
|
(1,028,699)
|
(155,461)
|
|
(10,891,391)
|
(2,043,147)
|
(308,768)
|
|
Other long-term
liabilities
|
|
8,865,201
|
7,701,591
|
1,163,892
|
|
(172,893)
|
9,474,980
|
1,431,893
|
|
Deferred
taxes
|
|
5,754,724
|
(7,506,008)
|
(1,134,335)
|
|
5,790,416
|
(11,620,992)
|
(1,756,206)
|
|
Net cash provided
by operating
activities
|
|
70,182,234
|
83,377,940
|
12,600,374
|
|
173,730,317
|
199,418,969
|
30,136,915
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(2,350,676)
|
(54,676,146)
|
(8,262,856)
|
|
(7,110,402)
|
(113,008,255)
|
(17,078,215)
|
|
Purchases of
intangible assets
|
|
-
|
(900,000)
|
(136,011)
|
|
-
|
(900,000)
|
(136,011)
|
|
Purchases of
short-term investments
|
|
-
|
(275,105,052)
|
(41,574,867)
|
|
-
|
(791,666,641)
|
(119,639,516)
|
|
Proceeds from
short-term investments
|
|
-
|
234,004
|
35,364
|
|
-
|
745,234,004
|
112,622,449
|
|
Proceeds from
disposal of property and equipment
|
|
-
|
-
|
-
|
|
1,600,000
|
-
|
-
|
|
Purchases of trading
securities
|
|
(5,886,700)
|
-
|
-
|
|
(37,029,398)
|
(4,795,838)
|
(724,764)
|
|
Proceeds from
disposal of trading
securities
|
|
10,667,510
|
7,604,063
|
1,149,153
|
|
31,396,866
|
18,871,973
|
2,852,001
|
|
Loan to a related
party
|
|
(3,100,000)
|
-
|
-
|
|
(4,100,000)
|
-
|
-
|
|
Loan to
franchisees
|
|
-
|
(17,800,000)
|
(2,690,000)
|
|
(3,500,000)
|
(37,800,000)
|
(5,712,472)
|
|
Repayment from a
franchisee
|
|
-
|
3,340,000
|
504,753
|
|
-
|
6,840,000
|
1,033,685
|
|
Net cash (used in)
provided by
investing activities
|
|
(669,866)
|
(337,303,131)
|
(50,974,464)
|
|
(18,742,934)
|
(177,224,757)
|
(26,782,843)
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
Distribution to the
shareholders
|
|
(9,651,158)
|
(160,840,918)
|
(24,306,859)
|
|
(9,651,158)
|
(200,532,021)
|
(30,305,123)
|
|
Income tax paid
related to the above
distribution
|
|
-
|
-
|
-
|
|
-
|
(3,000,000)
|
(453,372)
|
|
Proceeds from
short-term borrowings
|
|
60,000,000
|
-
|
-
|
|
60,000,000
|
-
|
-
|
|
Changes in restricted
cash
|
|
90,000,000
|
-
|
-
|
|
(785,000,000)
|
-
|
-
|
|
Proceeds from IPO,
net of capitalized
expenses
|
|
-
|
-
|
|
|
-
|
833,202,245
|
125,916,526
|
|
Payment for initial
public offering
costs
|
|
-
|
(25,087,646)
|
(3,791,336)
|
|
-
|
(25,087,646)
|
(3,791,336)
|
|
Net cash provided
by (used in)
financing activities
|
|
140,348,842
|
(185,928,564)
|
(28,098,195)
|
|
(734,651,158)
|
604,582,578
|
91,366,695
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
and cash equivalents
|
|
(452,775)
|
1,509,941
|
228,188
|
|
(681,516)
|
614,853
|
92,919
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and
cash equivalents
|
|
209,408,435
|
(438,343,814)
|
(66,244,097)
|
|
(580,345,291)
|
627,391,643
|
94,813,686
|
|
Cash and cash
equivalents at the
beginning of the period
|
|
107,029,209
|
1,227,699,122
|
185,534,316
|
|
896,782,935
|
161,963,665
|
24,476,533
|
|
Cash and cash
equivalents at the
end of the period
|
|
316,437,644
|
789,355,308
|
119,290,219
|
|
316,437,644
|
789,355,308
|
119,290,219
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash
flow information:
|
|
|
|
|
|
|
|
|
|
Income taxes
paid
|
|
(55,742,089)
|
(48,194,805)
|
(7,283,373)
|
|
(65,025,390)
|
(62,794,370)
|
(9,489,712)
|
|
Interest
paid
|
|
(261,294)
|
-
|
-
|
|
(261,294)
|
-
|
-
|
GreenTree
Hospitality Group Ltd.
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
June 30,
2017
|
June
30,
2018
|
June
30,
2018
|
|
June
30,
2017
|
June
30,
2018
|
June
30,
2018
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
Net
income
|
108,688,214
|
97,239,028
|
14,695,112
|
|
183,196,245
|
187,408,370
|
28,321,830
|
|
|
|
|
|
|
|
|
Deduct:
|
|
|
|
|
|
|
|
Other operating
income
|
4,722,477
|
12,242,088
|
1,850,069
|
|
5,066,976
|
26,067,489
|
3,939,413
|
Interest income and
other, net
|
5,935,863
|
11,420,031
|
1,725,836
|
|
12,670,874
|
16,123,893
|
2,436,701
|
Gains from trading
securities
|
24,385,333
|
-
|
-
|
|
35,967,385
|
-
|
-
|
Share of gain in
equity investees, net of tax
|
52,078
|
-
|
-
|
|
52,078
|
-
|
-
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
Other operating
expenses
|
295,431
|
35,330
|
5,339
|
|
1,148,166
|
178,592
|
26,989
|
Income tax
expense
|
34,494,218
|
31,356,198
|
4,738,662
|
|
58,331,623
|
61,574,619
|
9,305,378
|
Share of loss in
equity investees, net of tax
|
-
|
182,988
|
27,654
|
|
565,525
|
1,090,024
|
164,728
|
Interest
expense
|
261,294
|
-
|
-
|
|
261,294
|
-
|
-
|
Share-based
compensation
|
-
|
3,586,930
|
542,070
|
|
-
|
3,746,769
|
566,225
|
Depreciation and
amortization
|
6,115,165
|
4,557,247
|
688,708
|
|
12,674,080
|
9,951,749
|
1,503,944
|
Losses from trading
securities
|
-
|
25,862,935
|
3,908,500
|
|
-
|
31,036,562
|
4,690,357
|
Other expense,
net
|
28,852
|
-
|
-
|
|
69,818
|
-
|
-
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA (Non-GAAP)
|
114,787,423
|
139,158,537
|
21,030,140
|
|
202,489,438
|
252,795,303
|
38,203,337
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
Six Months
Ended
|
|
|
June
30,2017
|
June
30,2018
|
June
30,2018
|
|
June
30,2017
|
June
30,2018
|
June
30,2018
|
|
RMB
|
RMB
|
USD
|
|
RMB
|
RMB
|
USD
|
Net
income
|
108,688,214
|
97,239,028
|
14,695,112
|
|
183,196,245
|
187,408,370
|
28,321,830
|
|
|
|
|
|
|
|
|
Deduct:
|
|
|
|
|
|
|
|
Government subsidies
(net of 25% tax)
|
1,493,208
|
76,774
|
11,602
|
|
1,493,246
|
10,312,776
|
1,558,504
|
Gains from trading
securities (net of 25% tax)
|
18,289,000
|
-
|
-
|
|
26,975,539
|
-
|
-
|
Reimbursement related
to the ADS program
|
-
|
9,271,648
|
1,401,165
|
|
-
|
9,271,648
|
1,401,165
|
Add:
|
|
|
|
|
|
|
|
Share-based
compensation
|
-
|
3,586,930
|
542,070
|
|
-
|
3,746,769
|
566,225
|
Losses from trading
securities (net of 25% tax)
|
-
|
19,397,201
|
2,931,375
|
|
-
|
23,277,421
|
3,517,768
|
Other expense (net of
25% tax)
|
21,639
|
-
|
-
|
|
52,364
|
-
|
-
|
Core net income
(Non-GAAP)
|
88,927,645
|
110,874,737
|
16,755,790
|
|
154,779,824
|
194,848,136
|
29,446,154
|
Core net income
per ADS (Non-GAAP)
|
|
|
|
|
|
|
|
Class A ordinary
share-basic and diluted
|
0.97
|
1.09
|
0.16
|
|
1.69
|
2.01
|
0.30
|
Class B ordinary
share-basic and diluted
|
0.97
|
1.09
|
0.16
|
|
1.69
|
2.01
|
0.30
|
Operational Data
|
As of June
30,2017
|
As of June
30,2018
|
Total hotels in
operation:
|
2,035
|
2,434
|
Leased and
owned hotels
|
27
|
26
|
Franchised
hotels
|
2,008
|
2,408
|
Total hotel rooms
in operation
|
173,836
|
201,275
|
Leased and
owned hotels
|
3,351
|
3,358
|
Franchised
hotels
|
170,485
|
197,917
|
Number of
cities
|
242
|
267
|
|
|
Quarter
Ended
|
|
June
30,2017
|
June
30,2018
|
Occupancy rate (as
a percentage)
|
|
|
Leased and
owned hotels
|
72.1%
|
70.7%
|
Franchised
hotels
|
83.5%
|
82.9%
|
Blended
|
83.2%
|
82.6%
|
Average daily room
rate (in RMB)
|
|
|
Leased and
owned hotels
|
182
|
201
|
Franchised
hotels
|
155
|
163
|
Blended
|
156
|
164
|
RevPAR (in
RMB)
|
|
|
Leased and
owned hotels
|
131
|
142
|
Franchised
hotels
|
129
|
135
|
Blended
|
130
|
136
|
|
Number of Hotels
in Operation
|
|
Number of Hotel
Rooms in Operation
|
|
As of
June 30, 2017
|
|
As of
June 30, 2018
|
|
As of
June 30, 2017
|
|
As of
June 30, 2018
|
Economy
hotels
|
172
|
|
312
|
|
9,964
|
|
16,850
|
Vatica
|
83
|
|
111
|
|
6,224
|
|
8,295
|
Shell
|
89
|
|
201
|
|
3,740
|
|
8,555
|
Mid-scale
|
1,829
|
|
2,062
|
|
159,837
|
|
177,665
|
GreenTree
Inn
|
1,604
|
|
1,785
|
|
141,553
|
|
155,470
|
GreenTree
Alliance
|
225
|
|
277
|
|
18,284
|
|
22,195
|
Business to
Mid-to-up-scale
|
34
|
|
60
|
|
4,035
|
|
6,760
|
GreenTree
Eastern
|
34
|
|
59
|
|
4,035
|
|
6,650
|
VX
|
0
|
|
1
|
|
0
|
|
110
|
Total
|
2,035
|
|
2,434
|
|
173,836
|
|
201,275
|
For more information, please contact:
GreenTree
Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: ir@998.com
Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: ir@998.com
Christensen
In Shanghai
Ms. Constance Zhang
Phone: +86-138-1645-1798
E-mail: czhang@christensenIR.com
In Hong Kong
Ms. Karen Hui
Phone: +852-9266-4140
E-mail: khui@christensenIR.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
View original
content:http://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-second-quarter-2018-financial-results-300701477.html
SOURCE GreenTree Hospitality Group Ltd.