← GreenTree Hospitality Group Ltd.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and Cash Equivalents, at Carrying Value | $162.0m | $183.8m | $45.9m | $93.7m | $46.8m | $92.4m | $107.8m | $204.2m | $236.3m | |
| Short-term Investments | $781.9m | $99.7m | $437.3m | $302.0m | $557.5m | $27.0m | $58.8m | $1k | — | |
| Cash and cash equivalents | $162.0m | $1.3b | $319.8m | $611.4m | $298.4m | $637.2m | $765.5m | $1.5b | $1.7b | |
| Accounts receivable, net of allowance for credit losses of RMB5,645,777 and RMB4,214,100 (USD 602,608) as of December 31, 2024 and 2025, respectively | $53.9m | $64.9m | $99.7m | $101.5m | $95.6m | $115.5m | $123.9m | $99.7m | $81.3m | |
| Inventories, net | $2.4m | $2.5m | $2.5m | $3.8m | $2.3m | $2.2m | $20.5m | $6.9m | $4.9m | |
| Other current assets, net | $127.3m | $54.0m | $66.0m | $77.6m | $142.7m | $92.9m | $117.0m | $114.9m | $92.6m | |
| Loans receivable, net | $6.6m | $39.4m | $121.6m | $145.7m | $291.0m | $177.2m | $70.7m | $15.4m | $12.0m | |
| Accounts Receivable | — | — | — | — | — | $134.9m | $123.9m | $99.7m | $81.3m | |
| Accrued Interest Receivable | — | — | — | — | — | $4.9m | $13.7m | $1.4m | $847k | |
| Allowance For Doubtful Accounts Receivable | — | — | — | — | — | ($8.8m) | ($3.5m) | ($5.6m) | ($4.2m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | — | — | $926.6m | $1.2b | $1.5b | $1.7b | |
| Gross Accounts Receivable | — | — | — | — | — | $143.8m | $127.4m | $105.3m | $85.5m | |
| Loans Receivable | — | — | — | — | — | $181.7m | $129.5m | $85.5m | $38.8m | |
| Non Current Prepaid Assets | — | — | — | — | — | $247.1m | $249.0m | $243.8m | $449.2m | |
| Other Current Assets | — | — | — | — | — | $45.2m | $22.5m | $34.7m | $17.3m | |
| Other Inventories | — | — | — | — | — | — | $1.8m | $656k | — | |
| Other Receivables | — | — | — | — | — | $30.0m | $39.5m | $33.7m | $33.5m | |
| Other Short Term Investments | — | — | — | — | — | $227.4m | $443.8m | $10k | $0 | |
| Prepaid Assets | — | — | — | — | — | $25.9m | $28.3m | $28.1m | $24.2m | |
| Taxes Receivable | — | — | — | — | — | $9.6m | $13.1m | $17.0m | $16.7m | |
| Inventory, Net | $2.4m | $371k | $365k | $583k | $361k | $324k | $2.9m | $943k | $704k | |
| Assets, Current | $1.5b | $356.4m | $181.7m | $242.8m | $287.4m | $246.8m | $229.1m | $251.4m | $271.1m | |
| Total current assets | $1.5b | $2.5b | $1.3b | $1.6b | $1.8b | $1.7b | $1.6b | $1.8b | $1.9b | |
| Long-term investments | $122.5m | $112.2m | $398.6m | $369.5m | $188.8m | $175.6m | $184.8m | $184.0m | $156.9m | |
| Property, Plant and Equipment, Net | $96.7m | $32.3m | $88.3m | $102.5m | $164.0m | $121.0m | $114.8m | $89.0m | $80.1m | |
| Goodwill | $430k | $842k | $14.4m | $15.4m | $19.0m | $4.3m | $24.9m | $13.2m | $3.7m | |
| Intangible Assets, Net (Excluding Goodwill) | — | — | — | — | — | — | $16.6m | — | — | |
| Intangible assets, net | $3.7m | $27.2m | $496.3m | $491.5m | $520.1m | $38.1m | $117.7m | $75.7m | $56.4m | |
| Goodwill And Other Intangible Assets | — | — | — | — | — | $336.8m | $294.8m | $171.8m | $82.1m | |
| Other Intangible Assets | — | — | — | — | — | $159.7m | $117.7m | $75.7m | $56.4m | |
| Operating Lease, Right-of-Use Asset | — | — | — | — | — | $224.0m | $216.2m | $182.0m | $161.6m | |
| Other Assets, Noncurrent | $5.7m | $12.5m | $11.1m | $10.2m | $51.7m | $13.7m | $14.8m | $14.0m | $42.6m | |
| Operating lease right-of-use assets | — | — | — | — | $1.8b | $1.5b | $1.5b | $1.3b | $1.1b | |
| Other assets | $5.7m | $85.7m | $77.0m | $66.6m | $329.4m | $94.6m | $104.7m | $102.5m | $297.6m | |
| Additional Financial Items | ||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $53.9m | $9.4m | $14.3m | $15.6m | $15.0m | $16.7m | $17.4m | $13.7m | $11.6m | |
| Restricted cash | $3.0m | $3.3m | $22.3m | $22.4m | $18.9m | $25.4m | $19.5m | $18.9m | $18.9m | |
| Amounts due from related parties | $2.6m | $229k | $31.7m | $9.8m | $310.4m | $437.2m | $110.0m | $110.0m | $110.0m | |
| Long-term time deposits | — | $60.0m | $560.0m | $490.0m | $160.0m | $130.0m | $63.3m | $285.6m | $285.6m | |
| Deferred tax assets | $33.4m | $67.9m | $160.5m | $156.1m | $161.6m | $231.9m | $242.0m | $245.8m | $237.1m | |
| Long-term bank loans, current | — | — | — | — | $50.2m | — | $200k | $400k | $56.8m | |
| Advance from customers | — | $36.4m | $40.1m | $34.3m | $39.8m | $18.7m | $22.4m | $25.7m | $21.9m | |
| Amounts due to related parties | $473k | $286k | $3.5m | $3.2m | $9.5m | $13.8m | $16.3m | $17.5m | $17.5m | |
| Salary and welfare payable | $44.6m | $42.8m | $42.7m | $51.6m | $60.2m | $68.7m | $86.3m | $78.2m | $73.7m | |
| Operating lease liabilities, current | — | — | — | — | $177.9m | $210.4m | $267.5m | $241.4m | $184.7m | |
| Accrued expenses and other current liabilities | $293.7m | $264.1m | $302.4m | $300.7m | $381.3m | $400.1m | $459.8m | $481.9m | $539.8m | |
| Income tax payable | $103.8m | $105.0m | $93.9m | $87.5m | $70.9m | $71.8m | $112.8m | $88.9m | $72.1m | |
| Operating lease liabilities, non-current | — | — | — | — | $1.7b | $1.4b | $1.4b | $1.2b | $1.0b | |
| Long-term bank loans, non-current | — | — | — | — | $301.8m | $160.0m | $56.8m | $256.2m | $199.4m | |
| Unrecognized tax benefits | $113.3m | $169.6m | $261.6m | $290.7m | $328.8m | $349.6m | $382.1m | $440.1m | $457.9m | |
| Ordinary shares, value | $300.9m | $333.0m | $335.1m | $338.1m | $338.1m | $338.1m | $338.1m | $338.1m | $338.1m | |
| Accumulated losses | $223.1m | $456.4m | $308.7m | $570.0m | $326.3m | ($55.9m) | ($568.3m) | ($458.3m) | ($291.5m) | |
| Accumulated Depreciation | — | — | — | — | — | ($824.4m) | ($841.0m) | ($862.5m) | ($911.7m) | |
| Available For Sale Securities | — | — | — | — | — | $270.9m | $215.2m | $427.5m | $398.1m | |
| Buildings And Improvements | — | — | — | — | — | $685.8m | $685.8m | $562.4m | $570.9m | |
| Capital Lease Obligations | — | — | — | — | — | $1.8b | $1.7b | $1.5b | $1.2b | |
| Construction In Progress | — | — | — | — | — | $22.3m | $20.0m | $2.7m | $22.5m | |
| Current Accrued Expenses | — | — | — | — | $29.1m | $3.4m | — | — | — | |
| Current Capital Lease Obligation | — | — | — | — | — | $272.7m | $267.5m | $241.4m | $184.7m | |
| Current Debt | — | — | — | — | — | $298.1m | $117.0m | $400k | $56.8m | |
| Current Debt And Capital Lease Obligation | — | — | — | — | — | $570.8m | $384.5m | $241.8m | $241.5m | |
| Current Deferred Liabilities | — | — | — | — | — | $219.0m | $208.7m | $200.7m | $191.1m | |
| Duefrom Related Parties Current | — | — | — | — | — | $425.7m | $19.9m | $21.8m | $18.8m | |
| Duefrom Related Parties Non Current | — | — | — | — | — | $112.4m | $110.0m | $110.0m | $110.0m | |
| Dueto Related Parties Current | — | — | — | — | — | $21.7m | $16.3m | $17.5m | $17.5m | |
| Finished Goods | — | — | — | — | — | — | $10.0m | $3.7m | — | |
| Gross PPE | — | — | — | — | — | $3.4b | $3.2b | $2.8b | $2.6b | |
| Invested Capital | — | — | — | — | — | $2.1b | $1.6b | $1.7b | $1.8b | |
| Investmentin Financial Assets | — | — | — | — | — | $270.9m | $215.2m | $427.5m | $398.1m | |
| Investments And Advances | — | — | — | — | — | $306.9m | $248.1m | $469.6m | $442.5m | |
| Investments In Other Ventures Under Equity Method | — | — | — | — | — | $35.9m | $32.9m | $42.1m | $44.4m | |
| Land And Improvements | — | — | — | — | — | — | $0 | $41.0m | $49.8m | |
| Leases | — | — | — | — | — | $700.7m | $654.9m | $651.7m | $577.9m | |
| Line Of Credit | — | — | — | — | $356.0m | $156.3m | $116.8m | $0 | — | |
| Long Term Capital Lease Obligation | — | — | — | — | — | $1.5b | $1.4b | $1.2b | $1.0b | |
| Long Term Equity Investment | — | — | — | — | — | $35.9m | $32.9m | $42.1m | $44.4m | |
| Machinery Furniture Equipment | — | — | — | — | — | $298.7m | $295.4m | $254.2m | $250.6m | |
| Net PPE | — | — | — | — | — | $2.6b | $2.4b | $2.0b | $1.7b | |
| Net Tangible Assets | — | — | — | — | — | $1.3b | $1.1b | $1.3b | $1.5b | |
| Non Current Accounts Receivable | — | — | — | — | — | ($59.8m) | ($65.8m) | ($68.3m) | ($65.5m) | |
| Non Current Deferred Assets | — | — | — | — | — | $232.0m | $242.0m | $245.8m | $237.1m | |
| Non Current Deferred Liabilities | — | — | — | — | — | $327.1m | $302.6m | $256.0m | $190.4m | |
| Non Current Deferred Taxes Assets | — | — | — | — | — | $232.0m | $242.0m | $245.8m | $237.1m | |
| Non Current Note Receivables | — | — | — | — | — | $177.2m | $70.7m | $15.4m | $12.0m | |
| Ordinary Shares Number | — | — | — | — | — | $102.2m | $101.5m | $101.5m | $100.9m | |
| Other Current Borrowings | — | — | — | — | — | $141.8m | $200k | $400k | $56.8m | |
| Other Current Liabilities | — | — | — | — | — | $60.6m | $60.0m | $47.0m | $53.3m | |
| Other Equity Adjustments | — | — | — | — | — | $27.7m | $28.4m | $6.0m | $11.1m | |
| Other Non Current Assets | — | — | — | — | — | $71.7m | $51.1m | $55.9m | $42.7m | |
| Other Non Current Liabilities | — | — | — | — | — | $124.5m | $111.7m | $121.0m | $117.5m | |
| Other Payable | — | — | — | — | — | $347.0m | $357.1m | $367.9m | $410.8m | |
| Other Properties | — | — | — | — | — | $1.7b | $1.5b | $1.3b | $1.1b | |
| Properties | — | — | — | — | — | $0 | $0 | $0 | $0 | |
| Raw Materials | — | — | — | — | — | — | $8.7m | $2.5m | — | |
| Share Issued | — | — | — | — | — | $102.2m | $101.5m | $101.5m | $100.9m | |
| Tangible Book Value | — | — | — | — | — | $1.3b | $1.1b | $1.3b | $1.5b | |
| Tradeand Other Payables Non Current | — | — | — | — | — | $353.6m | $382.1m | $440.1m | $457.9m | |
| Working Capital | — | — | — | — | — | $270.5m | $285.2m | $669.6m | $715.6m | |
| Total GreenTree Hospitality Group Ltd.’s shareholders’ equity | $732.2m | $1.9b | $1.9b | $2.1b | $1.9b | $1.4b | $1.4b | $1.5b | $1.6b | |
| Total shareholders’ equity | $732.6m | $1.9b | $2.0b | $2.2b | $2.0b | $1.5b | $1.5b | $1.5b | $1.6b | |
| Total Capitalization | — | — | — | — | — | $1.8b | $1.5b | $1.7b | $1.8b | |
| Total Debt | — | — | — | — | — | $2.2b | $1.8b | $1.7b | $1.5b | |
| Total Non Current Assets | — | — | — | — | — | $3.9b | $3.4b | $3.1b | $2.9b | |
| Total Tax Payable | — | — | — | — | — | $201.4m | $241.8m | $234.1m | $221.6m | |
| Assets | $1.8b | $438.4m | $548.2m | $627.6m | $732.4m | $738.9m | $713.6m | $677.8m | $684.4m | |
| TOTAL ASSETS | $1.8b | $3.0b | $3.8b | $4.1b | $4.7b | $5.1b | $5.1b | $4.9b | $4.8b | |
| LIABILITIES AND EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Operating Lease, Liability, Current | — | — | — | — | — | $30.5m | $37.7m | $33.1m | $26.4m | |
| Accounts Payable, Current | $7.3m | $1.3m | $2.2m | $3.0m | $3.8m | $3.0m | $10.3m | $7.7m | $6.4m | |
| Long-term Debt, Current Maturities | — | — | — | — | $7.9m | — | — | $55k | $8.1m | |
| Operating Lease, Liability, Noncurrent | — | — | — | — | — | $210.1m | $196.0m | $166.6m | $147.6m | |
| Long-term Debt, Excluding Current Maturities | — | — | — | — | $47.4m | $43.8m | $8.0m | $35.2m | $36.6m | |
| Deferred Revenue, Current | $109.1m | $22.3m | $33.3m | $33.9m | $33.8m | $27.4m | $26.2m | $175.0m | $169.1m | |
| Deferred Revenue, Noncurrent | $144.3m | $21.2m | $59.0m | $55.5m | $49.3m | $33.7m | $29.3m | $176.4m | $134.4m | |
| Dividends Payable, Current | $40 | — | — | — | $6 | — | — | — | — | |
| Dividends Payable | — | — | — | — | $41.0m | $0 | — | — | — | |
| Payables And Accrued Expenses | — | — | — | — | — | $693.7m | $688.4m | $676.0m | $694.6m | |
| Liabilities, Current | $663.0m | $98.2m | $114.2m | $133.3m | $196.1m | $179.0m | $189.0m | $159.7m | $168.8m | |
| Total current liabilities | $663.0m | $675.5m | $795.0m | $869.5m | $1.2b | $1.2b | $1.3b | $1.2b | $1.2b | |
| Deferred Income Tax Liabilities, Net | — | — | — | $27.3m | $35.8m | $8.8m | $13.3m | $10.9m | $8.0m | |
| Other Liabilities, Noncurrent | $73.9m | $14.0m | $17.0m | $17.8m | $20.7m | $17.4m | $15.7m | $16.6m | $16.8m | |
| Other long-term liabilities | $73.9m | $96.6m | $118.1m | $115.9m | $132.0m | $120.2m | $111.7m | $121.0m | $117.5m | |
| Deferred tax liabilities | $5.8m | $43.5m | $195.3m | $178.4m | $228.2m | $60.5m | $94.7m | $79.7m | $55.9m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | — | — | $1.7b | $1.4b | $1.5b | $1.2b | |
| Non Current Deferred Taxes Liabilities | — | — | — | — | — | $92.7m | $94.7m | $79.7m | $55.9m | |
| Deferred Tax Liabilities, Net | $33.5m | $6.3m | $28.1m | $29.1m | $39.0m | $68.5m | $69.4m | $56.6m | $49.0m | |
| Liabilities | $1.0b | $167.4m | $258.4m | $282.8m | $411.8m | $523.0m | $505.2m | $473.3m | $454.5m | |
| Total liabilities | $1.0b | $1.2b | $1.8b | $1.8b | $2.6b | $3.6b | $3.6b | $3.5b | $3.2b | |
| Stockholders’ equity: | ||||||||||
| Retained Earnings (Accumulated Deficit) | $223.1m | $66.4m | $44.3m | $87.4m | $51.2m | ($8.1m) | ($80.0m) | ($62.8m) | ($41.7m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | ($4.1m) | $9.1m | $9.4m | $7.0m | $6.6m | $4.0m | $4.0m | $827k | $1.6m | |
| Additional Paid in Capital, Common Stock | $212.3m | $145.9m | $165.5m | $176.1m | $180.7m | $166.9m | $236.7m | $220.6m | $224.1m | |
| Treasury Stock, Common, Value | — | — | — | — | — | $2.5m | $5.2m | $5.1m | $6.9m | |
| Treasury stock | — | — | — | — | — | ($17.0m) | ($36.7m) | ($37.0m) | ($48.1m) | |
| Additional paid-in capital | $212.3m | $1.0b | $1.2b | $1.1b | $1.2b | $1.2b | $1.7b | $1.6b | $1.6b | |
| Accumulated other comprehensive income | ($4.1m) | $62.4m | $65.3m | $45.6m | $41.9m | $27.7m | $28.4m | $6.0m | $11.1m | |
| Capital Stock | — | — | — | — | — | $338.1m | $338.1m | $338.1m | $338.1m | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | — | — | $27.7m | $28.4m | $6.0m | $11.1m | |
| Stockholders' Equity Attributable to Parent | $732.2m | $269.8m | $267.3m | $322.3m | $291.5m | $209.4m | $203.1m | $199.8m | $225.4m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | $360k | $1.2m | $22.5m | $22.5m | $29.1m | $6.5m | $5.3m | $4.6m | $4.5m | |
| Noncontrolling interests | $360k | $8.4m | $156.6m | $146.9m | $185.2m | $44.6m | $37.8m | $33.9m | $31.6m | |
| Minority Interest | — | — | — | — | — | $46.6m | $37.8m | $33.9m | $31.6m | |
| Total Equity Gross Minority Interest | — | — | — | — | — | $1.7b | $1.5b | $1.5b | $1.6b | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | — | — | $2.5b | $2.2b | $2.3b | $2.0b | |
| Liabilities and Equity | $1.8b | $438.4m | $548.2m | $627.6m | $732.4m | $738.9m | $713.6m | $677.8m | $684.4m | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1.8b | $3.0b | $3.8b | $4.1b | $4.7b | $5.1b | $5.1b | $4.9b | $4.8b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.