GreenTree Hospitality Group (GHG) Q4 2025 earnings summary

Executive summary

• Total revenues for Q4 2025 were RMB 228.7 million, down 24.9% year-over-year, with hotel revenues at RMB 189.9 million, down 20.9% from Q4 2024.

• Net loss for Q4 2025 was RMB 55.7 million, improved from RMB 72.8 million loss in Q4 2024; adjusted net income rose 6.7% to RMB 60.5 million.

• Core net income (non-GAAP) for Q4 2025 increased 9.2% year-over-year to RMB 63.2 million, with a margin of 27.6%.

• For the full year 2025, total revenues were RMB 1,097.4 million, down 18.3% year-over-year; net income for the year was RMB 163.4 million, up from RMB 107.3 million in 2024.

Financial highlights

• Hotel RevPAR for Q4 2025 was RMB 105, down 9.5% year-over-year; occupancy rates declined to 64.7%.

• Restaurant average daily sales per store dropped 21.8% to RMB 3,312; restaurant revenues fell 39.9% to RMB 39.1 million.

• Gross profit for Q4 was RMB 70.1 million, with a gross margin of 30.7%, down from 34.7% a year ago.

• Adjusted EBITDA for Q4 was RMB 41.9 million, down 41.3% year-over-year; margin was 18.3%.

• Cash and cash equivalents, including restricted cash and investments, totaled RMB 1,964 million as of December 31, 2025.

Outlook and guidance

• 2026 total revenues for the organic hotel business are expected to be flat compared to 2025 levels, reflecting both long-term recovery and short-term industry fluctuations.