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Risk-factor words are +811.3% above peer average (3,454 vs 379 across 140 peers).
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KEY INFORMATION 1 ITEM 4. INFORMATION ON THE COMPANY 40 ITEM 4A. UNRESOLVED STAFF COMMENTS 83 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 83 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 104 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 112 ITEM 8. FINANCIAL INFORMATION 113 ITEM 9. THE OFFER AND LISTING 114 ITEM 10. ADDITIONAL INFORMATION 115 ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 124 ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 125 PART II 127 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 127 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 127 ITEM 15. CONTROLS AND PROCEDURES 127 ITEM 16. RESERVED 128 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 128 ITEM 16B. CODE OF ETHICS 128 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 128 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 128 ITEM 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 128 ITEM 16F. CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT 128 ITEM 16G. CORPORATE GOVERNANCE 129 ITEM 16H. MINE SAFETY DISCLOSURE 129 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 129 ITEM 16J. INSIDER TRADING POLICIES 129 ITEM 16K. CYBERSECURITY 129 PART III 130 ITEM 17. FINANCIAL STATEMENTS 130 ITEM 18. FINANCIAL STATEMENTS 130 ITEM 19. EXHIBITINDEX 130
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Conventions that Apply to this Annual Report on Form20-F e
In this annual report, unless otherwise indicated:
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| ADR or ADRs are to the American depositary receipts, which, if issued, evidence our ADSs; |
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| ADS, in the context of our restaurant business, are to average daily sales per store, which are calculated by multiplying our restaurants average daily tickets by its average check; |
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| ADSs are to our American depositary shares, each of which represents one (1) Class A ordinary share; |
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| China and the PRC are to the Peoples Republic of China, excluding, for the purposes of this annual report only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region; |
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| GreenTree Inns brand are to hotels operated under the GreenTree Inns and GreenTree Inns Express brands; |
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| leased-and-operated hotels and L&O hotels are to hotels that we lease or own the premises and operate; |
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| leased-and-operated restaurants and L&O restaurants are to restaurants that we lease or own the premises and operate; |
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| franchised-and-managed hotels and F&M hotels are to hotels that we manage pursuant to various franchise agreements; |
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| franchised-and-managed restaurants and F&M restaurants are to restaurants that we manage pursuant to various franchise agreements; |
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| franchise agreements are to franchising agreements, management entrustment contracts and/or brand consulting contracts (as applicable); |
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| RMB or Renminbi are to the legal currency of China; |
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| ramp up stage are to hotels in operation that have been open for six or fewer months; |
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| RevPAR are to revenue per available room, which are calculated by multiplying our hotels average daily room rate by its occupancy rate; |
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| shares are to, collectively, our Class A ordinary shares and Class B ordinary shares, par value US$0.50 per share; |
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| Tier 1 cities are to the term used by the National Bureau of Statistics of China and refer to Beijing, Shanghai, Shenzhen and Guangzhou; |
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| Tier 2 cities are to the 32 major cities, other than Tier 1 cities, as categorized by the National Bureau of Statistics of China, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as municipalities with independent planning by the State Council; |
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| Tier 3 and lower cities are to cities in China other than Tier 1 cities and Tier 2 cities; |
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| US$, U.S. dollars, or dollars are to the legal currency of the United States; |
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| U.S. GAAP are to accounting principles generally accepted in the United States; and |
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| we, us, our company and our are to GreenTree Hospitality Group Ltd., our Cayman Islands holding company, and its subsidiaries, as the context requires. |
This annual report on Form 20-F includes our audited consolidated financial statements for the years ended December 31, 2023, 2024 and 2025, and as of December 31, 2024 and 2025.
Our ADSs are listed on the New York Stock Extracted text is too shortchange under the symbol GHG.
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Currency Translations
This annual report on Form 20-F contains translations of Renminbi amounts into U.S. dollars at specific rates solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report on Form 20-F were made at a rate of RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. We make no representation that the Renminbi or U.S. dollar amounts referred to in this annual report on Form 20-F could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
Special Note Regarding Forward-Looking Statements
This annual report contains forward-looking statements that involve risks and uncertainties, including statements based on our current expectations, assumptions, estimates and projections about us and our industry. The forward-looking statements are contained principally in the sections entitled Item 3. Key Information D. Risk Factors, Item 5. Operating and Financial Review and Prospects, Item 4.