GreenTree Hospitality Group Ltd. Reports Third Quarter of 2025 Financial Results
-
Total revenues decreased by 1
5
.
0
% year over year to
RMB303.6 million (US$4 2 . 6 million) [1] . -
Income from operations was RMB
70.1
million (
US$9 . 8 million) [1] compared to RMB 106.4 million for the third quarter of 202 4 . - Net income was RMB 60.3 million (US$ 8.5 million) [1] compared to RMB 65.2 million for the third quarter of 202 4 .
- Adjusted EBITDA (non-GAAP) [ 2 ] de creased 6 . 1 % year over year to RMB 115.0 million (US$ 16.1 million) [1]
-
Cash from operations increased 3.8% year over year to
RMB144.5 million (US$20.3 million ) [1]
Third Quarter of 202 5 Operational Highlights
Hotels
- A total of 4,533 hotels with 323,510 hotel rooms were in operation as of
September 30, 2025 . - The Company opened 41 hotels and had a pipeline of 1,248 hotels contracted for or under development as of
September 30, 2025 . - The average daily room rate was
RMB173 , a decrease of 4.1% fromRMB181 in the third quarter of 2024. - The occupancy rate was 71.3%, decreased from 74.6% in the third quarter of 2024.
- Revenue per available room, or RevPAR, was
RMB124 , an 8.4% year-over-year decrease.
|
[1]. The conversion of Renminbi ("RMB") into [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, other general expenses, and other expense, net, 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 (non-GAAP) 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, income tax expenses related to dividend distribution, 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). [4]. Each ADS represents one ordinary share. |
Restaurants
- A total of 185 restaurants were in operation as of
September 30, 2025 . - The AC (average check) was
RMB37 , a 19.3% year-over-year decrease. - The ADT (average daily tickets) was 100, down from 106 in the third quarter of 2024.
- The ADS (average daily sales per store) was
RMB3,714 , a decrease of 24.1% fromRMB4,891 in the third quarter of 2024.
Third Quarter of 202 5 Financial Results
|
|
Quarter Ended |
|
|||
|
|
|
||||
|
|
RMB |
RMB |
RMB |
RMB |
|
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Revenues |
|
|
|
|
|
|
Leased-and-operated revenues |
118,159,125 |
41,117,277 |
|
159,276,402 |
|
|
Franchised-and-managed revenues |
167,928,127 |
1,757,933 |
|
169,686,060 |
|
|
Wholesales and others |
796,488 |
27,766,790 |
-544,290 |
28,018,988 |
|
|
Total revenues |
286,883,740 |
70,642,000 |
-544,290 |
356,981,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||
|
|
|||||
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
Revenues |
|
|
|
|
|
|
Leased-and-operated revenues |
115,597,165 |
26,516,648 |
-34,568 |
142,079,245 |
19,957,753 |
|
Franchised-and-managed revenues |
138,566,905 |
1,848,818 |
|
140,415,723 |
19,724,080 |
|
Wholesales and others |
311,831 |
21,018,623 |
-219,986 |
21,110,468 |
2,965,370 |
|
Total revenues |
254,475,901 |
49,384,089 |
-254,554 |
303,605,436 |
42,647,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Month Ended |
|
|||
|
|
|
||||
|
|
RMB |
RMB |
RMB |
RMB |
|
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Revenues |
|
|
|
|
|
|
Leased-and-operated revenues |
346,552,738 |
130,792,112 |
|
477,344,850 |
|
|
Franchised-and-managed revenues |
476,898,409 |
5,527,686 |
|
482,426,095 |
|
|
Wholesales and others |
2,881,694 |
77,272,388 |
-1,004,493 |
79,149,589 |
|
|
Total revenues |
826,332,841 |
213,592,186 |
-1,004,493 |
1,038,920,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Month Ended |
||||
|
|
|||||
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
Revenues |
|
|
|
|
|
|
Leased-and-operated revenues |
310,356,692 |
85,575,101 |
-241,982 |
395,689,811 |
55,582,218 |
|
Franchised-and-managed revenues |
424,320,098 |
5,025,292 |
|
429,345,390 |
60,309,789 |
|
Wholesales and others |
1,790,129 |
56,530,382 |
-663,791 |
57,656,720 |
8,098,991 |
|
Total revenues |
736,466,919 |
147,130,775 |
-905,773 |
882,691,921 |
123,990,998 |
Total revenues were
Hotel revenues were
Restaurant revenues were RMB49.4 million (
Total revenues for the first nine months of 2025 were
Total revenues from leased-and-operated, or L&O, hotels
and restaurants were
Total revenues from L&O hotels were
Total revenues from L&O restaurants were
Total revenues from L&O hotels and restaurants for the first nine months of 2025 were RMB395.7 million (
Total revenues from franchised-and-managed, or F&M, hotels
and restaurants were
Total revenues from F&M hotels were
Total revenues from F&M restaurants were
Total revenues from F&M hotels and restaurants for the first nine months of 2025 were RMB429.3 million (
Total revenues from
wholesale and others were
Total revenues from wholesale and others for the first nine months of 2025 were RMB57.7 million (
Total operating costs and expenses
|
|
Quarter Ended |
|
|||
|
|
|
||||
|
|
RMB |
RMB |
RMB |
RMB |
|
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Operating costs and expenses |
|
|
|
|
|
|
Operating costs |
155,278,796 |
53,365,650 |
-475,648 |
208,168,798 |
|
|
Selling and marketing expenses |
12,899,411 |
2,881,942 |
-68,642 |
15,712,711 |
|
|
General and administrative expenses |
32,309,079 |
7,023,449 |
|
39,332,528 |
|
|
Other operating expenses |
1,363,201 |
654,777 |
|
2,017,978 |
|
|
Other general expenses |
|
|
|
|
|
|
Total operating costs and expenses |
201,850,487 |
63,925,818 |
-544,290 |
265,232,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||
|
|
|||||
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
Operating costs and expenses |
|
|
|
|
|
|
Operating costs |
134,346,844 |
43,015,455 |
-254,554 |
177,107,745 |
24,878,178 |
|
Selling and marketing expenses |
11,314,233 |
2,133,816 |
|
13,448,049 |
1,889,036 |
|
General and administrative expenses |
22,001,373 |
2,180,546 |
|
24,181,919 |
3,396,814 |
|
Other operating expenses |
5,652,433 |
1,158,623 |
|
6,811,056 |
956,743 |
|
Other general expenses |
19,483,576 |
|
|
19,483,576 |
2,736,842 |
|
Total operating costs and expenses |
192,798,459 |
48,488,440 |
-254,554 |
241,032,345 |
33,857,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Month Ended |
|
|||
|
|
|
||||
|
|
RMB |
RMB |
RMB |
RMB |
|
|
|
Hotel |
Restaurant |
Elimination |
Total |
|
|
Operating costs and expenses |
|
|
|
|
|
|
Operating costs |
450,888,078 |
170,642,273 |
-916,517 |
620,613,834 |
|
|
Selling and marketing expenses |
41,576,925 |
8,473,078 |
-87,975 |
49,962,028 |
|
|
General and administrative expenses |
119,706,277 |
22,802,128 |
|
142,508,405 |
|
|
Other operating expenses |
2,301,445 |
2,136,726 |
|
4,438,171 |
|
|
Other general expenses |
11,756,531 |
|
|
11,756,531 |
|
|
Total operating costs and expenses |
626,229,256 |
204,054,205 |
-1,004,492 |
829,278,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Month Ended |
||||
|
|
|||||
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
Hotel |
Restaurant |
Elimination |
Total |
Total |
|
Operating costs and expenses |
|
|
|
|
|
|
Operating costs |
429,606,985 |
127,143,822 |
-905,774 |
555,845,033 |
78,079,089 |
|
Selling and marketing expenses |
34,279,177 |
6,698,306 |
|
40,977,483 |
5,756,073 |
|
General and administrative expenses |
93,293,494 |
12,655,909 |
|
105,949,403 |
14,882,624 |
|
Other operating expenses |
9,942,672 |
1,600,920 |
|
11,543,592 |
1,621,519 |
|
Other general expenses |
31,094,887 |
|
|
31,094,887 |
4,367,873 |
|
Total operating costs and expenses |
598,217,215 |
148,098,957 |
-905,774 |
745,410,398 |
104,707,178 |
Operating costs were
Operating costs of the hotel business were
Operating costs of the restaurant business in the third quarter of 2025 were
For the first nine months of 2025, operating costs were RMB555.8 million (
Selling and marketing expenses were
Selling and marketing expenses of the hotel business were
Selling and marketing expenses of the restaurant business were
For the first nine months of 2025, selling and marketing expenses were RMB41.0 million (
General and administrative, or G&A expenses were
G&A expenses of the hotel business were
G&A expenses of the restaurant business were
General and administrative expenses for the first nine months of 2025 were RMB105.9 million (
Other general expenses
were
Other general expenses for the first nine months of 2025 were RMB31.1 million (
Gross profit was
Income from operations in the third quarter of 2025 was
Income from operations of the hotel business was
Income from operations of the restaurant business in the third quarter of 2025 was
Income from operations for the first nine months of 2025 was RMB155.5 million (
Net income in the third quarter of 2025 was
Net income of the hotel business was
Net income of the restaurant business in the third quarter of 2025 was
Net income for the first nine months of 2025 was
Adjusted EBITDA (non-GAAP)
[2] in the third quarter of 2025 was
Adjusted EBITDA (non-GAAP)[2] of the hotel business in the third quarter of 2025 was
Adjusted EBITDA (non-GAAP)[2] of the restaurant business in the third quarter of 2025 was
Adjusted EBITDA (non-GAAP)[2] for the first nine months of 2025 was
Core net income (non-GAAP)
[3] in the third quarter of 2025 was
Core net income (non-GAAP)[3] of the hotel business in the third quarter of 2025 was
Core net income (non-GAAP)[3] of the restaurant business in the third quarter of 2025 was
Core net income (non-GAAP)[3] for the first nine months of 2025 was
Earnings per American Depositary Share, or ADS
[4]
, (basic and diluted) were
Earnings per American Depositary Share, or ADS[4], (basic and diluted) for the first nine months of 2025 were
Core net income per ADS
[4]
(basic and diluted) (non-GAAP) was
Core net income per ADS[4] (basic and diluted) (non-GAAP) was RMB1.56 (
Cash flow: Operating Cash inflow was
C
ash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of
Guidance
Based on our performance in the first nine months of this year and considering the impact from the closure of certain L&O hotels due to lease expirations and business strategy adjustments, we maintain our previous revenue guidance for the hotel business to be in the range of -10% to -13% year-over-year.
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.
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 investees, government subsidies and other relevant items both in our reconciliations to the corresponding
The terms Adjusted EBITDA and core net income are not defined under
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 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
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
Financial Tables and Operational Data Follow
|
GreenTree Hospitality Group Ltd. |
|||
|
Unaudited Condensed Consolidated Balance Sheets |
|||
|
|
December 31 |
September 30 |
September 30 |
|
|
2,024 |
2,025 |
2,025 |
|
|
RMB |
RMB |
US$ |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
1,490,235,562 |
1,638,695,772 |
230,186,230 |
|
Restricted cash |
16,096,476 |
14,733,054 |
2,069,540 |
|
Short-term investments |
10,475 |
25,747 |
3,617 |
|
Accounts receivable, net of allowance |
99,688,034 |
105,663,744 |
14,842,498 |
|
Amounts due from related parties |
21,839,929 |
21,184,099 |
2,975,713 |
|
Inventories |
6,881,470 |
6,774,539 |
951,614 |
|
Other current assets |
114,898,590 |
107,569,096 |
15,110,140 |
|
Loans receivable, net |
85,463,467 |
46,212,004 |
6,491,362 |
|
Total current assets |
1,835,114,003 |
1,940,858,055 |
272,630,714 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
Amounts due from a related party |
110,000,000 |
110,000,000 |
15,451,608 |
|
Restricted cash |
18,869,900 |
18,869,900 |
2,650,639 |
|
Long-term time deposits |
285,570,000 |
285,570,000 |
40,113,780 |
|
Loans receivable, net |
15,372,238 |
13,842,756 |
1,944,480 |
|
Property and equipment, net |
649,528,210 |
622,995,148 |
87,511,609 |
|
Intangible assets, net |
75,677,551 |
73,999,664 |
10,394,671 |
|
Goodwill |
96,074,468 |
96,074,468 |
13,495,500 |
|
Long-term investments |
184,024,217 |
208,539,976 |
29,293,437 |
|
Operating lease right-of-use assets |
1,328,582,419 |
1,297,598,192 |
182,272,537 |
|
Other assets |
102,545,847 |
273,179,697 |
38,373,325 |
|
Deferred tax assets |
245,760,095 |
241,431,976 |
33,913,749 |
|
TOTAL ASSETS |
4,947,118,948 |
5,182,959,832 |
728,046,049 |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Long-term bank loans, current portion |
400,000 |
400,000 |
56,188 |
|
Accounts payable |
56,488,405 |
49,486,457 |
6,951,321 |
|
Advance from customers |
25,684,437 |
27,019,373 |
3,795,389 |
|
Amounts due to related parties |
17,462,176 |
18,341,649 |
2,576,436 |
|
Salary and welfare payable |
78,234,582 |
74,551,051 |
10,472,124 |
|
Deferred revenue |
175,046,178 |
170,182,790 |
23,905,435 |
|
Accrued expenses and other current liabilities |
481,910,291 |
535,728,663 |
75,253,359 |
|
Income tax payable |
88,876,497 |
91,412,799 |
12,840,680 |
|
Operating lease liabilities, current |
241,363,244 |
217,018,055 |
30,484,345 |
|
Total current liabilities |
1,165,465,810 |
1,184,140,837 |
166,335,277 |
|
|
|
|
|
|
Long-term bank loans |
256,200,000 |
256,000,000 |
35,960,107 |
|
Deferred revenue |
176,353,919 |
147,187,989 |
20,675,374 |
|
Other long-term liabilities |
120,975,955 |
123,126,896 |
17,295,533 |
|
Operating lease liabilities, non-current |
1,215,776,075 |
1,228,789,575 |
172,607,048 |
|
Deferred tax liabilities |
79,670,908 |
69,755,914 |
9,798,555 |
|
Unrecognized tax benefits |
440,072,214 |
441,868,751 |
62,068,935 |
|
TOTAL LIABILITIES |
3,454,514,881 |
3,450,869,962 |
484,740,829 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Class A ordinary shares |
222,587,070 |
222,587,070 |
31,266,620 |
|
Class B ordinary shares |
115,534,210 |
115,534,210 |
16,228,994 |
|
Treasury Stock |
-37,043,116 |
-48,049,536 |
-6,749,478 |
|
Additional paid-in capital |
1,609,972,272 |
1,609,972,272 |
226,151,464 |
|
Retained earnings (Accumulated losses) |
-458,337,569 |
-202,062,349 |
-28,383,530 |
|
Accumulated other comprehensive income |
6,033,263 |
3,426,086 |
481,259 |
|
shareholders' equity |
1,458,746,130 |
1,701,407,753 |
238,995,329 |
|
|
|
|
|
|
Non-controlling interests |
33,857,937 |
30,682,117 |
4,309,891 |
|
Total shareholders' equity |
1,492,604,067 |
1,732,089,870 |
243,305,220 |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
4,947,118,948 |
5,182,959,832 |
728,046,049 |
|
|
||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income |
||||||
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
2024 |
September 30, 2025 |
September 30, 2025 |
2024 |
September 30, 2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Revenues |
|
|
|
|
|
|
|
Leased-and-operated revenues |
159,276,402 |
142,079,245 |
19,957,753 |
477,344,850 |
395,689,811 |
55,582,218 |
|
Franchised-and-managed revenues |
169,686,060 |
140,415,723 |
19,724,080 |
482,426,095 |
429,345,390 |
60,309,789 |
|
Wholesales and others |
28,018,988 |
21,110,468 |
2,965,370 |
79,149,589 |
57,656,720 |
8,098,991 |
|
Total revenues |
356,981,450 |
303,605,436 |
42,647,203 |
1,038,920,534 |
882,691,921 |
123,990,998 |
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
Operating costs |
-208,168,798 |
-177,107,745 |
-24,878,178 |
-611,613,834 |
-555,845,033 |
-78,079,089 |
|
Selling and marketing expenses |
-15,712,711 |
-13,448,049 |
-1,889,036 |
-49,962,028 |
-40,977,483 |
-5,756,073 |
|
General and administrative expenses |
-39,332,528 |
-24,181,919 |
-3,396,814 |
-151,508,405 |
-105,949,403 |
-14,882,624 |
|
Other operating expenses |
-2,017,978 |
-6,811,056 |
-956,743 |
-4,438,171 |
-11,543,592 |
-1,621,519 |
|
Other general expenses |
|
-19,483,576 |
-2,736,842 |
-11,756,531 |
-31,094,887 |
-4,367,873 |
|
Total operating costs and expenses |
-265,232,015 |
-241,032,345 |
-33,857,613 |
-829,278,969 |
-745,410,398 |
-104,707,178 |
|
|
|
|
|
|
|
|
|
Other operating income |
14,654,068 |
7,498,608 |
1,053,323 |
53,422,304 |
18,260,956 |
2,565,101 |
|
Income from operations |
106,403,503 |
70,071,699 |
9,842,913 |
263,063,869 |
155,542,479 |
21,848,921 |
|
|
|
|
|
|
|
|
|
Interest income and other, net |
7,488,034 |
9,850,340 |
1,383,669 |
27,438,533 |
28,413,766 |
3,991,258 |
|
Interest expense |
-116,161 |
-1,730,823 |
-243,127 |
-4,485,219 |
-5,548,738 |
-779,427 |
|
Gains (losses) from investment in equity securities |
10,015,229 |
4,643,770 |
652,307 |
-5,409,426 |
29,444,565 |
4,136,054 |
|
Other income, net |
-34,653,121 |
-6,293,033 |
-883,977 |
-17,862,097 |
91,036,418 |
12,787,810 |
|
Income before income taxes |
89,137,484 |
76,541,953 |
10,751,785 |
262,745,660 |
298,888,490 |
41,984,616 |
|
|
|
|
|
|
|
|
|
Income tax expense |
-24,330,641 |
-18,950,376 |
-2,661,944 |
-77,512,335 |
-49,134,106 |
-6,901,827 |
|
Income (loss) before share of gains in equity investees |
64,806,843 |
57,591,577 |
8,089,841 |
185,233,325 |
249,754,384 |
35,082,789 |
|
|
|
|
|
|
|
|
|
Share of loss/(income) in equity investees, net of tax |
405,064 |
2,741,144 |
385,046 |
-464,693 |
3,345,017 |
469,872 |
|
Net income(loss) |
65,211,907 |
60,332,721 |
8,474,887 |
184,768,632 |
253,099,401 |
35,552,661 |
|
|
|
|
|
|
|
|
|
Net loss/(income) attributable to non-controlling interests |
288,968 |
480,612 |
67,511 |
1,319,147 |
3,175,820 |
446,105 |
|
Net income attributable to ordinary shareholders |
65,500,875 |
60,813,333 |
8,542,398 |
186,087,779 |
256,275,221 |
35,998,766 |
|
|
|
|
|
|
|
|
|
Net earnings per share |
|
|
|
|
|
|
|
Class A ordinary share-basic and diluted |
0.65 |
0.6 |
0.08 |
1.83 |
2.53 |
0.36 |
|
Class B ordinary share-basic and diluted |
0.65 |
0.6 |
0.08 |
1.83 |
2.53 |
0.36 |
|
|
|
|
|
|
|
|
|
Net earnings per ADS [4] |
|
|
|
|
|
|
|
Class A ordinary share-basic and diluted |
0.65 |
0.6 |
0.08 |
1.83 |
2.53 |
0.36 |
|
Class B ordinary share-basic and diluted |
0.65 |
0.6 |
0.08 |
1.83 |
2.53 |
0.36 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
Class A ordinary share-basic and diluted |
66,778,809 |
66,134,836 |
66,134,836 |
66,780,008 |
66,467,723 |
66,467,723 |
|
Class B ordinary share-basic and diluted |
34,762,909 |
34,762,909 |
34,762,909 |
34,762,909 |
34,762,909 |
34,762,909 |
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of tax |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
6,463,594 |
-12,270,580 |
-1,723,638 |
-1,642,157 |
-2,607,177 |
-366,228 |
|
|
|
|
|
|
|
|
|
Comprehensive income, net of tax |
71,675,501 |
48,062,141 |
6,751,249 |
183,126,475 |
250,492,224 |
35,186,433 |
|
|
|
|
|
|
|
|
|
Comprehensive loss/(income) attributable to non-controlling interests |
288,968 |
480,612 |
67,511 |
1,319,147 |
3,175,820 |
446,105 |
|
Comprehensive income (loss) attributable to ordinary shareholders |
71,964,469 |
48,542,753 |
6,818,760 |
184,445,622 |
253,668,044 |
35,632,538 |
|
|
||||||
|
|
||||||
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
2024 |
September 30, 2025 |
September 30, 2025 |
2024 |
September 30, 2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Revenues |
|
|
|
|
|
|
|
Leased-and-operated revenues |
118,159,125 |
115,597,165 |
16,237,837 |
346,552,738 |
310,356,692 |
43,595,546 |
|
Franchised-and-managed revenues |
167,928,127 |
138,566,905 |
19,464,378 |
476,898,409 |
424,320,098 |
59,603,891 |
|
Others |
796,488 |
311,831 |
43,803 |
2,881,694 |
1,790,129 |
251,458 |
|
Total revenues |
286,883,740 |
254,475,901 |
35,746,018 |
826,332,841 |
736,466,919 |
103,450,895 |
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
Hotel operating costs |
-155,278,796 |
-134,346,844 |
-18,871,589 |
-450,888,078 |
-429,606,985 |
-60,346,535 |
|
Selling and marketing expenses |
-12,899,411 |
-11,314,233 |
-1,589,301 |
-41,576,925 |
-34,279,177 |
-4,815,168 |
|
General and administrative expenses |
-32,309,079 |
-22,001,373 |
-3,090,514 |
-119,706,277 |
-93,293,494 |
-13,104,859 |
|
Other operating expenses |
-1,363,201 |
-5,652,433 |
-793,993 |
-2,301,445 |
-9,942,672 |
-1,396,639 |
|
Other general expenses |
|
-19,483,576 |
-2,736,842 |
-11,756,531 |
-31,094,887 |
-4,367,873 |
|
Total operating costs and expenses |
-201,850,487 |
-192,798,459 |
-27,082,239 |
-626,229,256 |
-598,217,215 |
-84,031,074 |
|
|
|
|
|
|
|
|
|
Other operating income |
14,496,942 |
7,458,115 |
1,047,635 |
51,347,340 |
17,849,784 |
2,507,344 |
|
Income from operations |
99,530,195 |
69,135,557 |
9,711,414 |
251,450,925 |
156,099,488 |
21,927,165 |
|
|
|
|
|
|
|
|
|
Interest income and other, net |
7,467,287 |
9,815,879 |
1,378,828 |
27,376,005 |
28,318,804 |
3,977,919 |
|
Interest expense |
-115,851 |
-1,706,980 |
-239,778 |
-4,484,909 |
-5,476,179 |
-769,234 |
|
Gains (losses) from investment in equity securities |
10,015,229 |
4,643,770 |
652,306 |
-769,747 |
29,444,565 |
4,136,053 |
|
Other income, net |
-34,647,093 |
-6,292,964 |
-883,967 |
-17,938,054 |
91,059,849 |
12,791,101 |
|
Income before income taxes |
82,249,767 |
75,595,262 |
10,618,803 |
255,634,220 |
299,446,527 |
42,063,004 |
|
|
|
|
|
|
|
|
|
Income tax expense |
-24,053,937 |
-18,884,574 |
-2,652,700 |
-76,155,862 |
-48,735,389 |
-6,845,819 |
|
Income (loss) before share of gains in equity investees |
58,195,830 |
56,710,688 |
7,966,103 |
179,478,358 |
250,711,138 |
35,217,185 |
|
|
|
|
|
|
|
|
|
Share of loss/(income) in equity investees, net of tax |
405,064 |
2,741,144 |
385,046 |
-464,693 |
3,345,017 |
469,872 |
|
Net income(loss) |
58,600,894 |
59,451,832 |
8,351,149 |
179,013,665 |
254,056,155 |
35,687,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Unaudited Restaurant Business Results |
||||||
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
2024 |
September 30, 2025 |
September 30, 2025 |
2024 |
September 30, 2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Revenues |
|
|
|
|
|
|
|
Leased-and-operated revenues |
41,117,277 |
26,516,648 |
3,724,772 |
130,792,112 |
85,575,101 |
12,020,663 |
|
Franchised-and-managed revenues |
1,757,933 |
1,848,818 |
259,702 |
5,527,686 |
5,025,292 |
705,898 |
|
Wholesales and others |
27,766,790 |
21,018,623 |
2,952,468 |
77,272,388 |
56,530,382 |
7,940,776 |
|
Total revenues |
70,642,000 |
49,384,089 |
6,936,942 |
213,592,186 |
147,130,775 |
20,667,337 |
|
|
|
|
|
|
|
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
Restaurant operating costs |
-53,365,650 |
-43,015,455 |
-6,042,346 |
-170,642,273 |
-127,143,822 |
-17,859,787 |
|
Selling and marketing expenses |
-2,881,942 |
-2,133,816 |
-299,735 |
-8,473,078 |
-6,698,306 |
-940,905 |
|
General and administrative expenses |
-7,023,449 |
-2,180,546 |
-306,299 |
-22,802,128 |
-12,655,909 |
-1,777,765 |
|
Other operating expenses |
-654,777 |
-1,158,623 |
-162,751 |
-2,136,726 |
-1,600,920 |
-224,880 |
|
Total operating costs and expenses |
-63,925,818 |
-48,488,440 |
-6,811,131 |
-204,054,205 |
-148,098,957 |
-20,803,337 |
|
|
|
|
|
|
|
|
|
Other operating income |
157,126 |
40,493 |
5,688 |
2,074,964 |
411,172 |
57,757 |
|
Income from operations |
6,873,308 |
936,142 |
131,499 |
11,612,945 |
-557,010 |
-78,243 |
|
|
|
|
|
|
|
|
|
Interest income and other, net |
20,746 |
34,461 |
4,841 |
62,528 |
94,962 |
13,339 |
|
Interest expense |
-310 |
-23,843 |
-3,349 |
-310 |
-72,559 |
-10,192 |
|
Other income, net |
-6,028 |
-69 |
-10 |
-33,122 |
-23,431 |
-3,291 |
|
Income before income taxes |
6,887,716 |
946,691 |
132,981 |
11,642,041 |
-558,038 |
-78,387 |
|
|
|
|
|
|
|
|
|
Income tax expense |
-276,704 |
-65,802 |
-9,243 |
-1,356,473 |
-398,717 |
-56,007 |
|
Income (loss) before share of gains in equity investees |
6,611,012 |
880,889 |
123,738 |
10,285,568 |
-956,755 |
-134,394 |
|
|
|
|
|
|
|
|
|
Share of loss/(income) in equity investees, net of tax |
|
|
|
|
|
|
|
Net income(loss) |
6,611,012 |
880,889 |
123,738 |
10,285,568 |
-956,755 |
-134,394 |
|
|
||||||
|
Unaudited Condensed Consolidated Statements of Cash Flows |
||||||
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
2024 |
September 30, 2025 |
September 30, 2025 |
2024 |
September 30, 2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
Net (loss) income |
65,211,908 |
60,332,721 |
8,474,887 |
184,768,634 |
253,099,401 |
35,552,661 |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
28,690,959 |
26,099,091 |
3,666,118 |
89,170,635 |
78,795,298 |
11,068,310 |
|
Gains from disposal of a long-term investment |
|
|
|
|
-114,042,806 |
-16,019,498 |
|
Others non-cash expense(income) |
-1,588,624 |
-2,741,144 |
-385,046 |
-5,904,430 |
-3,345,017 |
-469,872 |
|
Noncash lease expense |
68,398,682 |
50,999,606 |
7,163,872 |
205,628,129 |
180,173,228 |
25,308,783 |
|
Loss from disposal of a subsidiary |
-4,925,221 |
775,483 |
108,931 |
-5,764,903 |
775,483 |
108,931 |
|
Bad debt expenses |
12,615,651 |
19,733,285 |
2,771,918 |
34,383,723 |
45,225,022 |
6,352,721 |
|
(Gains) losses and impairment on equity securities held |
-10,015,229 |
-4,643,770 |
-652,307 |
5,409,426 |
-29,444,565 |
-4,136,054 |
|
Loss (gains) on disposal of property, plant and equipment |
332,997 |
276,296 |
38,811 |
-24,783,238 |
467,060 |
65,608 |
|
Foreign exchange (gains)losses |
7,449,403 |
4,237,778 |
595,277 |
-1,314,548 |
10,127,472 |
1,422,598 |
|
Accounts receivable |
-5,363,153 |
5,854,925 |
822,436 |
-13,092,304 |
-20,377,565 |
-2,862,420 |
|
Inventories |
223,113 |
494,549 |
69,469 |
15,112,676 |
106,931 |
15,021 |
|
Amounts due from related parties |
2,188,419 |
139,368 |
19,577 |
2,488,246 |
572,990 |
80,487 |
|
Other current assets |
-6,330,209 |
33,546,181 |
4,712,204 |
-1,245,258 |
8,866,126 |
1,245,417 |
|
Other assets |
-2,775,493 |
-192,983 |
-27,108 |
-1,474,535 |
-9,548,953 |
-1,341,333 |
|
Accounts payable |
-7,758,061 |
-1,610,758 |
-226,262 |
-20,318,304 |
-9,902,317 |
-1,390,970 |
|
Amounts due to related parties |
788,969 |
2,624,576 |
368,672 |
-615,685 |
664,498 |
93,341 |
|
Salary and welfare payable |
-10,164,582 |
-4,090,971 |
-574,655 |
-11,588,641 |
-3,693,966 |
-518,888 |
|
Deferred revenue |
17,893,291 |
-8,940,240 |
-1,255,828 |
-13,809,645 |
-34,029,318 |
-4,780,070 |
|
Advance from customers |
-706,088 |
-61,982 |
-8,707 |
-1,123,375 |
1,425,038 |
200,174 |
|
Accrued expenses and other current liabilities |
35,754,773 |
7,204,618 |
1,012,027 |
32,469,157 |
53,524,791 |
7,518,583 |
|
Income tax payable |
20,169,690 |
6,014,530 |
844,856 |
11,908,367 |
2,515,010 |
353,281 |
|
Unrecognized tax benefits |
-4,844,361 |
-3,365,434 |
-472,740 |
-11,040,451 |
1,796,537 |
252,358 |
|
Operating lease liabilities |
-80,036,795 |
-62,408,812 |
-8,766,514 |
-189,805,890 |
-160,177,582 |
-22,500,012 |
|
Other long-term liabilities |
6,321,131 |
3,623,270 |
508,958 |
-1,998,698 |
2,150,941 |
302,141 |
|
Deferred taxes |
7,711,357 |
10,604,620 |
1,489,622 |
21,677,657 |
-6,405,741 |
-899,809 |
|
Net cash provided by operating activities |
139,242,527 |
144,504,803 |
20,298,468 |
299,136,745 |
249,317,996 |
35,021,489 |
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
-8,771,704 |
-29,290,174 |
-4,114,366 |
-28,965,630 |
-48,647,716 |
-6,833,504 |
|
Proceeds from disposal of property, plant and equipment |
451,660 |
4,114 |
578 |
140,184,760 |
241,448 |
33,916 |
|
Payment for acquisition of minority equity |
966,000 |
|
|
|
|
|
|
Purchases of a long-term investment |
-6,800,000 |
|
|
-6,800,000 |
|
|
|
Proceeds from disposal of a long-term investment |
|
|
|
|
109,036,386 |
15,316,250 |
|
Advances for purchases of property and equipment |
|
-135,480,304 |
-19,030,805 |
|
-160,515,267 |
-22,547,446 |
|
Purchases of short-term investments |
|
7,875 |
1,106 |
|
-15,272 |
-2,145 |
|
Proceeds from short-term investments |
|
|
|
419,362,037 |
|
|
|
Purchase of long-term time deposits |
|
|
|
-222,230,000 |
|
|
|
Proceeds from disposal of subsidiaries |
1,307,500 |
|
|
2,807,500 |
|
|
|
Loan to related parties |
|
360,000 |
50,569 |
-270,000 |
-265,000 |
-37,224 |
|
Repayment from related parties |
|
|
|
|
118,982 |
16,713 |
|
Loan to third parties |
|
|
|
-1,200,000 |
|
|
|
Repayment of loan from third parties |
304,111 |
|
|
5,900,000 |
|
|
|
Loan to fanchisees |
-4,050,000 |
-7,121,960 |
-1,000,416 |
-5,650,000 |
-9,131,960 |
-1,282,759 |
|
Repayment from franchisees |
16,489,580 |
4,133,925 |
580,689 |
67,466,801 |
18,818,018 |
2,643,351 |
|
Net cash (used in) provided by investing activities |
-102,853 |
-167,386,524 |
-23,512,645 |
370,605,468 |
-90,360,381 |
-12,692,848 |
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
Distribution to the shareholders |
|
|
|
-760,321 |
|
|
|
Repurchase of ordinary shares |
-300,122 |
|
|
-300,122 |
|
|
|
Repayment of short-term loans |
|
|
|
-117,000,000 |
-200,000 |
-28,094 |
|
Proceeds from bank loans |
|
|
|
200,000,000 |
|
|
|
Capital contribution from non-controlling interest holders |
-966,000 |
|
|
-966,000 |
|
|
|
Net cash provided by (used in) financing activities |
-1,266,122 |
|
|
80,973,557 |
-200,000 |
-28,094 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
142,061 |
-1,701,849 |
-239,057 |
-2,657,865 |
-11,660,827 |
-1,637,984 |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
138,015,613 |
-24,583,570 |
-3,453,234 |
748,057,905 |
147,096,788 |
20,662,563 |
|
Cash and cash equivalents at the beginning of the period |
1,401,643,004 |
1,696,882,296 |
238,359,643 |
791,600,712 |
1,525,201,938 |
214,243,846 |
|
Cash and cash equivalents at the end of the period |
1,539,658,617 |
1,672,298,726 |
234,906,409 |
1,539,658,617 |
1,672,298,726 |
234,906,409 |
|
|
||||||
|
Unaudited Reconciliation of GAAP and Non-GAAP Results |
||||||
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
September 30, 2024 |
September 30, 2025 |
September 30, 2025 |
September 30, 2024 |
2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Net income |
65,211,908 |
60,332,721 |
8,474,887 |
184,768,634 |
253,099,401 |
35,552,661 |
|
|
|
|
|
|
|
|
|
Deduct: |
|
|
|
|
|
|
|
Other operating income |
14,654,068 |
7,498,608 |
1,053,323 |
53,422,304 |
18,260,956 |
2,565,101 |
|
Interest income and other, net |
7,488,034 |
9,850,340 |
1,383,669 |
27,438,533 |
28,413,766 |
3,991,258 |
|
Gains from investment in equity securities |
10,015,229 |
4,643,770 |
652,307 |
|
29,444,565 |
4,136,054 |
|
Share of gain in equity investees, net of tax |
405,064 |
2,741,144 |
385,046 |
|
3,345,017 |
469,872 |
|
Other income, net |
|
|
|
|
91,036,418 |
12,787,810 |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
Other operating expenses |
2,017,978 |
6,811,056 |
956,743 |
4,438,171 |
11,543,592 |
1,621,519 |
|
Other general expenses |
|
19,483,576 |
2,736,842 |
11,756,531 |
31,094,887 |
4,367,873 |
|
Income tax expenses |
24,330,641 |
18,950,376 |
2,661,944 |
77,512,335 |
49,134,106 |
6,901,827 |
|
Share of loss in equity investees, net of tax |
|
|
|
464,693 |
|
|
|
Interest expenses |
116,161 |
1,730,823 |
243,127 |
4,485,219 |
5,548,738 |
779,427 |
|
Depreciation and amortization |
28,690,959 |
26,099,091 |
3,666,118 |
89,170,635 |
78,795,298 |
11,068,310 |
|
Losses from investment in equity securities |
|
|
|
5,409,426 |
|
|
|
Other expense, net |
34,653,121 |
6,293,033 |
883,977 |
17,862,097 |
|
|
|
Adjusted EBITDA (Non-GAAP)[2] |
122,458,373 |
114,966,814 |
16,149,293 |
315,006,904 |
258,715,300 |
36,341,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
Nine Month Ended |
||||
|
|
September 30, 2024 |
September 30, 2025 |
September 30, 2025 |
September 30, 2024 |
2025 |
September 30, 2025 |
|
|
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
|
Net income |
65,211,908 |
60,332,721 |
8,474,887 |
184,768,634 |
253,099,401 |
35,552,661 |
|
|
|
|
|
|
|
|
|
Deduct: |
|
|
|
|
|
|
|
Government subsidies (net of 25% tax) |
4,374,750 |
3,857,357 |
541,840 |
4,844,636 |
9,304,998 |
1,307,065 |
|
Gains from investment in equity securities (net of 25% tax) |
7,511,422 |
4,643,770 |
652,307 |
|
29,444,565 |
4,136,054 |
|
Other income (net of 25% tax) |
|
|
|
|
96,788,015 |
13,595,732 |
|
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
Share-based compensation |
15,662 |
|
|
46,986 |
|
|
|
Losses from investments in equity securities (net of 25% tax) |
|
|
|
4,057,070 |
|
|
|
Other expense (net of 25% tax) |
25,989,841 |
4,719,775 |
662,983 |
13,396,573 |
|
|
|
One-time fees and expenses |
658,981 |
|
|
1,713,989 |
|
|
|
Other general expenses |
|
19,483,576 |
2,736,842 |
11,756,531 |
31,094,887 |
4,367,873 |
|
Income tax expenses related to dividend distribution |
13,496,240 |
2,000,000 |
280,938 |
13,496,240 |
9,299,300 |
1,306,265 |
|
Core net income (Non-GAAP)[3] |
93,486,460 |
78,034,945 |
10,961,503 |
224,391,387 |
157,956,010 |
22,187,948 |
|
|
|
|
|
|
|
|
|
Core net income per ADS [4] (Non-GAAP) |
|
|
|
|
|
|
|
Class A ordinary share-basic and diluted |
0.92 |
0.77 |
0.11 |
2.21 |
1.56 |
0.22 |
|
Class B ordinary share-basic and diluted |
0.92 |
0.77 |
0.11 |
2.21 |
1.56 |
0.22 |
Hotel Operational Data
|
|
2024 |
2025 |
|
|
|
Total hotels in operation: |
4,336 |
4,533 |
|
|
|
Leased and owned hotels |
56 |
52 |
|
|
|
Franchised hotels |
4,280 |
4,481 |
|
|
|
Total hotel rooms in operation |
316,461 |
323,510 |
|
|
|
Leased and owned hotels |
6,367 |
6,155 |
|
|
|
Franchised hotels |
310,094 |
317,355 |
|
|
|
Number of cities |
351 |
356 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Quarter Ended |
|
|
|
|
2024 |
2025 |
|
|
|
|
Occupancy rate (as a percentage) |
|
|
|
|
|
Leased-and-operated hotels |
75.90 % |
70.90 % |
|
|
|
Franchised hotels |
74.60 % |
71.40 % |
|
|
|
Blended |
74.60 % |
71.30 % |
|
|
|
Average daily rate (in RMB) |
|
|
|
|
|
Leased-and-operated hotels |
258 |
254 |
|
|
|
Franchised hotels |
179 |
171 |
|
|
|
Blended |
181 |
173 |
|
|
|
RevPAR (in RMB) |
|
|
|
|
|
Leased-and-operated hotels |
196 |
180 |
|
|
|
Franchised hotels |
133 |
122 |
|
|
|
Blended |
135 |
124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Hotels in Operation |
Number of |
||
|
|
2024 |
2025 |
2024 |
2025 |
|
Mid-to-up-scale |
527 |
572 |
49,763 |
53,108 |
|
GreenTree Eastern |
234 |
237 |
25,245 |
25,143 |
|
Deepsleep Hotel |
7 |
8 |
534 |
610 |
|
Gem |
91 |
122 |
8,178 |
11,162 |
|
Gya |
73 |
72 |
6,071 |
6,010 |
|
Vx |
104 |
107 |
9,109 |
8,944 |
|
Others |
18 |
26 |
626 |
1,239 |
|
Mid-scale |
2,965 |
3,016 |
230,580 |
227,049 |
|
GreenTree Inn |
2,336 |
2,391 |
184,086 |
186,236 |
|
GT Alliance |
498 |
495 |
37,366 |
31,819 |
|
GreenTree Apartment |
23 |
24 |
1,495 |
1,545 |
|
Vatica |
108 |
106 |
7,633 |
7,449 |
|
Economy hotels |
844 |
945 |
36,118 |
43,353 |
|
Shell |
844 |
945 |
36,118 |
43,353 |
|
Total |
4,336 |
4,533 |
316,461 |
323,510 |
Restaurant Operational Data
|
|
|
|
|
Total restaurants in operation: |
182 |
185 |
|
Leased and owned restaurants |
22 |
14 |
|
Franchised restaurants |
160 |
171 |
|
Number of cities |
53 |
53 |
|
Da Niang Dumplings |
159 |
167 |
|
Bellagio |
23 |
18 |
|
|
||
|
|
||
|
|
Quarter Ended |
|
|
|
2024 Q3 |
2025 Q3 |
|
ADT |
|
|
|
Leased-and-operated restaurants |
188 |
223 |
|
Franchised restaurants |
89 |
89 |
|
Blended |
106 |
100 |
|
AC (in RMB) |
|
|
|
Leased-and-operated restaurants |
100 |
79 |
|
Franchised restaurants |
33 |
30 |
|
Blended |
46 |
37 |
|
ADS (in RMB) |
|
|
|
Leased-and-operated restaurants |
18,860 |
17,556 |
|
Franchised restaurants |
2,950 |
2,628 |
|
Blended |
4,891 |
3,714 |
For more information, please contact:
GreenTree
Ms.
Phone: +86-158-2166-6251
E-mail: ir@998.com
Ms.
Phone: +86-182-2560-8592
E-mail: ir@998.com
Christensen
In
Mr.
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
View original content:https://www.prnewswire.com/news-releases/greentree-hospitality-group-ltd-reports-third-quarter-of-2025-financial-results-302648787.html
SOURCE
