{"id":56594,"date":"2024-06-25T12:04:52","date_gmt":"2024-06-25T12:04:52","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/06\/25\/greentree-hospitality-group-ltd-reports-first-quarter-of-2024-financial-results\/"},"modified":"2024-06-25T12:04:52","modified_gmt":"2024-06-25T12:04:52","slug":"greentree-hospitality-group-ltd-reports-first-quarter-of-2024-financial-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/greentree-hospitality-group-ltd-reports-first-quarter-of-2024-financial-results\/","title":{"rendered":"GreenTree Hospitality Group Ltd. Reports First Quarter of 2024 Financial Results"},"content":{"rendered":"<div>\n<ul type=\"disc\">\n<li><i>Total revenues decreased 7.1% year over year to <span class=\"xn-money\">RMB352.2 million<\/span> (<span class=\"xn-money\">US$48.8 million<\/span>)<\/i><sup>[1]<\/sup><i>.<\/i><i> Hotel revenues increased 8.8% year over year to <span class=\"xn-money\">RMB274.8 million<\/span>.<\/i><\/li>\n<li><i>Income from operations was <span class=\"xn-money\">RMB72.2 million<\/span> (<span class=\"xn-money\">US$10 million<\/span>) compared to <span class=\"xn-money\">RMB52.3 million<\/span> for the first quarter of 2023. <\/i><\/li>\n<li><i>Net income was <span class=\"xn-money\">RMB57.3 million<\/span> (<span class=\"xn-money\">US$7.9 million<\/span>) compared to <span class=\"xn-money\">RMB32.6 million<\/span> for the first quarter of 2023.<\/i><\/li>\n<li><i>Adjusted EBITDA (non-GAAP)<\/i><sup>[2]<\/sup>\u00a0<i>in<\/i><i>creased <\/i><i>17.2<\/i><i>%<\/i><i> year over year to RMB<\/i><i>109.4<\/i> <i>million (US$<\/i><i>15.2<\/i> <i>million)<\/i><sup>[1]<\/sup><i>.<\/i><\/li>\n<li><i>Core net income (non-GAAP)<\/i><sup>[3] <\/sup><i>increased <\/i><i>21.5<\/i><i>% year over year to RMB<\/i><i>60.7<\/i><i>million (<span class=\"xn-money\">US$ 8<\/span>.<\/i><i>4<\/i><i>million)<\/i><sup>[1]<\/sup><\/li>\n<\/ul>\n<p><span class=\"legendSpanClass\"><span class=\"xn-location\">SHANGHAI<\/span><\/span>, <span class=\"legendSpanClass\"><span class=\"xn-chron\">June 25, 2024<\/span><\/span> \/PRNewswire\/ &#8212; GreenTree Hospitality Group Ltd. (NYSE: GHG) (&#8220;GreenTree&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221;), a leading hospitality and restaurant management group in <span class=\"xn-location\">China<\/span>, today announced its unaudited financial results for the first quarter of 2024.\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prnsbtb0 prnrbrb0 prnsbbb0 prnsblb0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">[1] The conversion of\u00a0Renminbi (&#8220;RMB&#8221;) into United States dollars (&#8220;US$&#8221;) is based on the exchange rate of US$1.00=RMB 7.2203\u00a0on March 31, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at <a href=\"https:\/\/www.federalreserve.gov\/releases\/h10\/20220103\/\" target=\"_blank\" class=\"prnews_a\" rel=\"nofollow noopener\">https:\/\/www.federalreserve.gov\/releases\/h10\/20220103\/<\/a>.<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">[2] Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity\u00a0investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities and other general expenses, 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.<\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">[3] Core net income 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, 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).<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>First Quarter of<\/b><b>\u00a0202<\/b><b>4<\/b><b>\u00a0Operational Highlights<\/b><\/p>\n<p><b>Hotels\u00a0<\/b><\/p>\n<ul type=\"disc\">\n<li>A total of 4,256 hotels with 313,531 hotel rooms were in operation as of <span class=\"xn-chron\">March 31, 2024<\/span>.<\/li>\n<li>The Company opened 109 hotels and had a pipeline of 994 hotels contracted for or under development as of <span class=\"xn-chron\">March 31<\/span>, 2024.\u00a0<\/li>\n<li>The average daily room rate was <span class=\"xn-money\">RMB169<\/span>, an increase of 0.9% from RMB167\u00a0in the first\u00a0quarter of 2023.<\/li>\n<li>The occupancy rate was 67.8%, down\u00a0from\u00a071.7% in the first\u00a0quarter of 2023.<\/li>\n<li>Revenue per available room, or RevPAR,\u00a0was <span class=\"xn-money\">RMB114<\/span>, a 4.6% year-over-year decrease.\u00a0<\/li>\n<\/ul>\n<p><b>Restaurants<\/b><\/p>\n<ul type=\"disc\">\n<li>A total of\u00a0185 restaurants were in operation as of <span class=\"xn-chron\">March 31, 2024<\/span><\/li>\n<li>The AC (average check) was <span class=\"xn-money\">RMB59<\/span>, a 5.8% year-over-year increase.<\/li>\n<li>The ADT (average daily tickets)\u00a0was 94, down\u00a0from\u00a0109\u00a0in the first\u00a0quarter of 2023.<\/li>\n<li>The ADS (average daily sales per store) was <span class=\"xn-money\">RMB5,525<\/span>, a decrease of\u00a08.7% from <span class=\"xn-money\">RMB6<\/span>,051\u00a0in the first\u00a0quarter of 2023.<\/li>\n<\/ul>\n<p>&#8220;Overall, we delivered some significant improvements in the first quarter with substantial increases in both operating and net incomes.<\/p>\n<p>Conditions in our hotel business were mixed as consumer behavior continued to evolve in a more competitive environment while we are continuously upgrading a large portion of hotels in our portfolio. Against this scenario, we managed to deliver an 8.8% revenue increase year over year and a 21.1% increase in hotel Adjusted EBITDA. We believe our business matrix will improve as we are completing these upgrades\u00a0and open more new hotels.<\/p>\n<p>We made further progress in the repositioning of our restaurant business with an absolute focus on robust profitability. We grew our network of franchisees as we further expanded the number of street stores. We\u00a0have\u00a0completed\u00a0our\u00a0closure\u00a0of\u00a0the\u00a0restaurants\u00a0in\u00a0the\u00a0supermarket\u00a0anchored\u00a0regional\u00a0shopping\u00a0centers,\u00a0due\u00a0to\u00a0less\u00a0foot\u00a0traffic\u00a0to\u00a0our\u00a0stores. We have now completed this phase of our forward strategy and are focused on store count growth again in regions where we have strong brand recognition,&#8221; said Mr. <span class=\"xn-person\">Alex S. Xu<\/span>, Chairman and Chief Executive Office of GreenTree.<\/p>\n<p><b>First Quarter Of <\/b><b>202<\/b><b>4<\/b><b> Financial Results<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"4\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">82,073,240<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">89,376,893<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(559,217)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,890,916<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">169,480,457<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">963,919<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,444,376<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,036,848<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">36,848,279<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">37,885,127<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>252,590,545<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>127,189,091<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(559,217)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>379,220,419<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">122,541,793<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">46,367,979<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">168,909,772<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">23,393,733<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">151,159,511<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,535,341<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">152,694,853<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">21,147,993<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,144,727<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">29,753,299<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(275,222)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,622,804<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,241,209<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>274,846,031<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>77,656,619<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(275,222)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>352,227,429<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>48,782,935<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Total revenues<\/b> were 352.2 million (<span class=\"xn-money\">US$48.8 million<\/span>)<span id=\"spanHghltdf99\">, <\/span>a 7.1% year-over-year decrease.\u00a0<\/p>\n<p>Hotel revenues were <span class=\"xn-money\">RMB274.8 million<\/span> (<span class=\"xn-money\">US$38.1 million<\/span>), an 8.8% year-over-year increase. The increase was mainly attributable to an 8.9% year-over-year increase in the RevPAR of L&amp;O hotels and more newly opened L&amp;O hotels since\u00a0the second\u00a0quarter of 2023, offset by a 4.9%\u00a0year-over-year decrease in the RevPAR of F&amp;M hotels.<\/p>\n<p>Restaurant revenues were <span class=\"xn-money\">RMB77.7 million<\/span> (<span class=\"xn-money\">US$10.8 million<\/span>), a 38.9% year-over-year decrease. The decrease was mainly due to the strategic\u00a0repositioning of\u00a0this business, closing unprofitable L&amp;O stores and opening more F&amp;M\u00a0stores.<\/p>\n<p><b>Total revenues from leased-and-operated, or L&amp;O, hotels<\/b><b>\u00a0and restaurants<\/b>\u00a0were <span class=\"xn-money\">RMB168.9 million<\/span> (<span class=\"xn-money\">US$23.4 million<\/span>)<sup>[1]<\/sup>, a 1.2% year-over-year decrease.\u00a0<\/p>\n<p>Total revenues from L&amp;O hotels were <span class=\"xn-money\">RMB122.5 million<\/span> (<span class=\"xn-money\">US$17 million<\/span>)<sup>[1]<\/sup>, a 49.3% year-over-year increase. The increase was primarily attributable to an 8.9% year-over-year increase in the first quarter RevPAR of L&amp;O hotels and new L&amp;O hotels\u00a0opened.<\/p>\n<p>Total revenues from L&amp;O restaurants were <span class=\"xn-money\">RMB46.4 million<\/span> (<span class=\"xn-money\">US$6.4 million<\/span>)<sup>[1]<\/sup>, a 48.1% year-over-year decrease, mainly\u00a0due to the closure of L&amp;O restaurants\u00a0and the year-over-year decrease in ADS.<\/p>\n<p><b>Total revenues from franchised-and-managed, or F&amp;M, hotels<\/b><b>\u00a0and restaurants<\/b>\u00a0were <span class=\"xn-money\">RMB 152.7million<\/span> (<span class=\"xn-money\">US$21.1 million<\/span>), a 10.4% year-over-year decrease. \u00a0<\/p>\n<p>Total revenues from F&amp;M hotels were <span class=\"xn-money\">RMB151.2 million<\/span> (<span class=\"xn-money\">US$20.9 million<\/span>), a 10.8% year-over-year decrease. Initial franchise fees decreased 56.4% year-over-year, mainly due to the lower initial franchisee fee rate. Recurring franchisee management fees and others decreased 5.5% year-over-year, primarily due to a 4.9% decrease in F&amp;M hotels&#8217; Revpar.<\/p>\n<p>Total revenues from F&amp;M restaurants\u00a0were <span class=\"xn-money\">RMB1.5 million<\/span> (<span class=\"xn-money\">US$0.2million<\/span>), a 59.3% year-over-year increase, as we opened more F&amp;M\u00a0stores.<\/p>\n<p><b>Total revenues from <\/b><b>wholesale and others<\/b>\u00a0were <span class=\"xn-money\">RMB30.6 million<\/span> (<span class=\"xn-money\">US$4.2 million<\/span>), a 19.2% year-over-year decrease, which was mainly due to the decline in the wholesale segment of the restaurant business.<\/p>\n<p><b>Total operating costs and expenses<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"4\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">134,236,998<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">109,219,983<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(301,671)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">243,155,310<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,075,999<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,939,580<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,015,579<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">46,092,069<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,663,076<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">57,755,145<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">151,220<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,341,263<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,492,483<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Impairment loss of goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,664,345<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,664,345<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>203,220,631<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>127,163,902<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(301,671)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>330,082,862<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">146,226,642<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">62,149,597<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(255,888)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">208,120,351<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">28,824,336<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,454,623<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,954,313<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(19,334)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">18,389,602<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,546,931<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">38,469,631<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">9,171,998<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">47,641,629<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,598,289<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">666,301<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,541,981<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,208,282<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">305,844<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Impairment loss of goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,844,575<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,844,575<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">809,464<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>206,661,772<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>75,817,889<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(275,222)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>282,204,439<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>39,084,864<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p><b>Operating costs<\/b>\u00a0were <span class=\"xn-money\">RMB208.1 million<\/span> (<span class=\"xn-money\">US$28<\/span>.8\u00a0million)<sup>[1]<\/sup>, a 14.4% year-over-year decrease.<\/p>\n<p>Operating costs of the hotel business were <span class=\"xn-money\">RMB146.2 million<\/span> (<span class=\"xn-money\">US$20.3 million<\/span>)<sup>[1]<\/sup>,\u00a0a 8.9% year-over-year increase. The increase was mainly attributable to higher utilities costs due to the improvement in L&amp;O hotels&#8217; RevPAR, and higher rental and personnel costs due to the increase in the number of L&amp;O hotels and F&amp;M hotels.<\/p>\n<p>Operating costs of the restaurant business were <span class=\"xn-money\">RMB62.1million<\/span> (<span class=\"xn-money\">US$8.6 million<\/span>)<sup>[1]<\/sup>, a 43.1% year-over-year decrease, due to closure of L&amp;O stores.<\/p>\n<p><b>Selling and marketing expenses<\/b>\u00a0were <span class=\"xn-money\">RMB18<\/span>.4\u00a0million (<span class=\"xn-money\">US$2<\/span>.5\u00a0million)<sup>[1]<\/sup>, a 14.8% year-over-year increase.<\/p>\n<p>Selling and marketing expenses of the hotel business were <span class=\"xn-money\">RMB15.5 million<\/span> (<span class=\"xn-money\">US$2.1 million<\/span>)<sup>[1]<\/sup>, increased from <span class=\"xn-money\">RMB11.1 million<\/span> one year ago. The increase was mainly attributable to the increase in business development and sales staff numbers.<\/p>\n<p>Selling and marketing expenses of the restaurant business were <span class=\"xn-money\">RMB3.0 million<\/span> (<span class=\"xn-money\">US$0.4 million<\/span>)<sup>[1]<\/sup>, a 40.2% year-over-year decrease, mainly attributable to lower sales staff related expenses after the closure of L&amp;O stores.<\/p>\n<p><b>General and administrative, or G&amp;A expenses<\/b> were <span class=\"xn-money\">RMB47.6 million<\/span> (<span class=\"xn-money\">US$6.6 million<\/span>)<sup>[1]<\/sup>, a\u00a0 17.5% year-over-year decrease.<\/p>\n<p>G&amp;A expenses of the hotel business were <span class=\"xn-money\">RMB38.5 million<\/span> (<span class=\"xn-money\">US$5.3 million<\/span>)<sup>[1]<\/sup>, a 16.5% year-over-year decrease. The decrease was mainly due to the reversal of bad debt resulting from the decrease in long-aged accounts receivable.<\/p>\n<p>G&amp;A expenses of the restaurant business were <span class=\"xn-money\">RMB9.2 million<\/span> (<span class=\"xn-money\">US$1.3 million<\/span>)<sup>[1]<\/sup>, a 21.4% year-over-year decrease, mainly due to lower staff related expenses and lower bad debts.<\/p>\n<p><b>Other general expenses<\/b>\u00a0were <span class=\"xn-money\">RMB5.8 million<\/span> (<span class=\"xn-money\">US$0.8 million<\/span>)<sup>[1]<\/sup>, a 49.9% year-over-year decrease. These expenses include provisions for loan receivables related to franchisee loans. The year-over-year decrease was attributable to the decrease in the loan balance thanks to the repayment of overdue debts.<\/p>\n<p><b>Gross profit<\/b>\u00a0was <span class=\"xn-money\">RMB144<\/span>.1\u00a0million (<span class=\"xn-money\">US$20<\/span>.0\u00a0million)<sup>[1]<\/sup>, a year-over-year increase of\u00a05.9%. Gross margin was 40.9%, compared to 35.9% a year ago. The gross profit of the hotel business was <span class=\"xn-money\">RMB128<\/span>.6\u00a0million\u00a0(<span class=\"xn-money\">US$17<\/span>.8\u00a0million)<sup>[1]<\/sup>, an\u00a08.7% year-over-year increase.\u00a0The gross profit of the restaurant business was <span class=\"xn-money\">RMB15<\/span>.5\u00a0million\u00a0(<span class=\"xn-money\">US$2<\/span>.1\u00a0million)<sup>[1]<\/sup>, a 13.7% year-over-year decrease.\u00a0<\/p>\n<p><b>Income from operations <\/b>was <span class=\"xn-money\">RMB72.2 million<\/span> (<span class=\"xn-money\">US$10 million<\/span>)<sup>[1]<\/sup>\u00a0, compared to income from operations of <span class=\"xn-money\">RMB52.3 million<\/span> in the first quarter of 2023, with a margin of 20.5%.<\/p>\n<p>Income from operations of\u00a0the hotel business was <span class=\"xn-money\">RMB70.4 million<\/span> (<span class=\"xn-money\">US$9.7 million<\/span>)<sup>[1]<\/sup>, compared to an income from operations of <span class=\"xn-money\">RMB52 million<\/span> in the first quarter of 2023, with a margin of 25.6%.<\/p>\n<p>Income from operations of the restaurant business was <span class=\"xn-money\">RMB1.9 million<\/span> (<span class=\"xn-money\">US$0.3 million<\/span>)<sup>[1]<\/sup>, compared to income from operations of <span class=\"xn-money\">RMB0.6 million<\/span> in the first quarter of 2023, with a margin of 2.4%.<\/p>\n<p><b>Net income <\/b>was <span class=\"xn-money\">RMB57.3 million<\/span> (<span class=\"xn-money\">US$7<\/span>.9\u00a0million)<sup>[1]<\/sup>, compared to a net income\u00a0of <span class=\"xn-money\">RMB32.6<\/span> \u00a0million in the first quarter\u00a0of 2023, and net margin was 16.3%.<\/p>\n<p>Net income of the hotel business was <span class=\"xn-money\">RMB57<\/span>.3\u00a0million (<span class=\"xn-money\">US$7<\/span>.9\u00a0million)<sup>[1]<\/sup>, compared to a net income\u00a0of <span class=\"xn-money\">RMB35<\/span>.0\u00a0million in the first quarter of 2023, and net margin was 20.8%.<\/p>\n<p>Net loss\u00a0of the restaurant business was nil, compared to a net loss\u00a0of <span class=\"xn-money\">RMB2<\/span>.2\u00a0million in the first quarter of 2023.<\/p>\n<p><b>Adjusted EBITDA (non-GAAP)<\/b><sup>[2]<\/sup>\u00a0was <span class=\"xn-money\">RMB109.4 million<\/span> (<span class=\"xn-money\">US$15.2 million<\/span>)<sup>[1]<\/sup>, a year-over-year increase of 17.2%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 31.1%, compared to 24.6% a year ago.<\/p>\n<p><b>Core net income (non-GAAP)<\/b><sup>\u00a0[<\/sup><sup>3<\/sup><sup>]<\/sup>\u00a0was <span class=\"xn-money\">RMB60.7 million<\/span> (<span class=\"xn-money\">US$8<\/span>.4\u00a0million)<sup>[1]<\/sup>, a year-over-year increase of 21.5%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 17.2%, compared to 13.2% one year ago.<\/p>\n<p><b>Earnings per American Depositary Share, or ADS, (basic and diluted)<\/b> were <span class=\"xn-money\">RMB0<\/span>.58\u00a0(US$0.08)<sup>[1]<\/sup>, up from <span class=\"xn-money\">RMB0.36<\/span> one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was <span class=\"xn-money\">RMB0.6<\/span> <span class=\"xn-money\">(US$0.08)<\/span><sup>[1]<\/sup>, up from <span class=\"xn-money\">RMB0<\/span>.49\u00a0a year ago. \u00a0<\/p>\n<p><b>Cash flow\u00a0<\/b>Operating cash inflow was <span class=\"xn-money\">RMB90.7 million<\/span> (<span class=\"xn-money\">US$12.6 million<\/span>)<sup>[1]<\/sup>\u00a0as a result of income from operations. Investing cash inflow for the first quarter of 2024 was <span class=\"xn-money\">RMB213.1 million<\/span> (<span class=\"xn-money\">US$29.5 million<\/span>)<sup>[1]<\/sup>, which was primarily attributable to proceeds from maturities of short-term investments and offset by the increase of long-term time investments. Financing cash inflow was <span class=\"xn-money\">RMB83.2 million<\/span> (<span class=\"xn-money\">US$11.5 million<\/span>)<sup>[1]<\/sup>, mainly attributable to the drawing down of bank facilities and\u00a0offset\u00a0by\u00a0the\u00a0repayment\u00a0of\u00a0bank\u00a0borrowings.<\/p>\n<p><b>C<\/b><b>ash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits.\u00a0<\/b>As of <span class=\"xn-chron\">March 31, 2024<\/span>, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of <span class=\"xn-money\">RMB1,517.3 million<\/span> (<span class=\"xn-money\">US$210.1 million<\/span>)<sup>[1]<\/sup>,compared to <span class=\"xn-money\">RMB1,337.1 million<\/span> as of <span class=\"xn-chron\">December 31<\/span>, 2023.The increase was mainly due to continued improvement in our operating performance, drawing down of bank facilities, and repayment from franchisees.<\/p>\n<p><b>Guidance <\/b><\/p>\n<p>Based on our performance in the first five months of this year, we maintain our previous revenue guidance for the hotel business, that we expect to grow 7% to 12% year-over-year. We are withdrawing our guidance for the restaurant business given the significant revenue unpredictability resulting from its strategic repositioning.<\/p>\n<p>The guidance set forth above reflects the Company&#8217;s current and preliminary views based on its recovery and may not be indicative of the final financial results for any future periods or the full year.<\/p>\n<p><b>Conference Call<\/b><\/p>\n<p>GreenTree&#8217;s management will hold an earnings conference call at <span class=\"xn-chron\">8:00 AM<\/span> U.S. Eastern Time on <span class=\"xn-chron\">June 25, 2024<\/span>, (<span class=\"xn-chron\">8:00 PM<\/span> Beijing\/Hong Kong Time on\u00a0June\u00a025, 2023).<\/p>\n<p>Dial-in numbers for the live conference call are as follows:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">International\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-412-902-4272\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Mainland China<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">4001-201-203\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">US\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-888-346-8982\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Hong Kong\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">800-905-945 or 852-3018-4992\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Singapore<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">800-120-6157\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.<\/p>\n<p>A telephone replay of the conference call will be available after the conclusion of the live conference call until <span class=\"xn-chron\">July 2, 2024<\/span>.<\/p>\n<p>Dial-in numbers for the replay are as follows:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">International Dial-in\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-412-317-0088<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">U.S. Toll Free\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">1-877-344-7529<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Canada Toll Free<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">855-669-9658<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">Passcode:<\/span><\/p>\n<\/td>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">2914023<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>Additionally, a live and archived webcast of this conference call will be available at\u00a0<a href=\"http:\/\/ir.998.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/ir.998.com<\/a>.<\/p>\n<p><b>Use of Non-GAAP Financial Measures<\/b><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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 investes, 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.<\/p>\n<p>The terms Adjusted EBITDA and core net income are not defined under U.S. GAAP, and Adjusted EBITDA and core net income are not measures 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.<\/p>\n<p>Reconciliations of the Company&#8217;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.<\/p>\n<p><b>About GreenTree Hospitality Group Ltd.<\/b><\/p>\n<p>GreenTree Hospitality Group Ltd. (&#8220;GreenTree&#8221; or the &#8220;Company&#8221;) (NYSE: GHG) is a leading hospitality and restaurant management group in China.\u00a0As of March\u00a031, 2023, GreenTree had a total number of 4,256\u00a0hotels and 185 restaurants. In 2023, HOTELS magazine ranked GreenTree 12th among the 225 largest global hotel groups in terms of number of hotels in its annual HOTELS&#8217; 225. GreenTree was the fourth largest hospitality company in <span class=\"xn-location\">China<\/span> in 2022 according to the China Hospitality Association. In 2023, GreenTree completed its acquisition of Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in <span class=\"xn-location\">China<\/span>.<\/p>\n<p>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 <span class=\"xn-location\">China<\/span>. Through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a diverse brand portfolio that features comfort, style and value.<\/p>\n<p>For more information on GreenTree, please visit\u00a0<a href=\"http:\/\/ir.998.com\/\" target=\"_blank\" rel=\"nofollow noopener\">http:\/\/ir.998.com<\/a><\/p>\n<p><b>Safe Harbor Statements<\/b><\/p>\n<p>This press release contains forward-looking statements made under the &#8220;safe harbor&#8221; provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995.\u00a0In some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;is\/are likely to,&#8221; &#8220;confident,&#8221; &#8220;future,&#8221; 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&#8217;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&#8217;s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in <span class=\"xn-location\">China<\/span> and globally; competition in our industry; fluctuations in general economic and business conditions in <span class=\"xn-location\">China<\/span> 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&#8217;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.<\/p>\n<p>Financial Tables and Operational Data Follow<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Unaudited Condensed Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31 <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen12\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0ASSETS<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Current assets:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">953,822,859<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,152,175,405<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">159,574,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,720,982<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,532,526<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">627,748<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Short-term investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">225,021,572<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">31,572<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,373<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Investments in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">32,272,989<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">22,146,357<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,067,235<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Accounts receivable, net of <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">allowance<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">142,262,308<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">122,414,456<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,954,206<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Amounts due from related <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">parties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">47,062,819<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">20,692,709<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,865,907<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Prepaid rent<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Inventories<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">29,534,072<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,400,721<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,163,486<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Other current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">139,201,294<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">126,002,104<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">17,451,090<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">158,565,259<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">103,678,058<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">14,359,245<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Total current assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,730,464,154<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,560,073,908<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>216,067,741<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Non-current assets:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Amounts due from a related <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">party<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">112,360,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">110,000,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,234,824<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">26,367,272<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">19,315,343<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,675,144<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Long-term time deposits<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">285,570,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">39,550,988<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Loans receivable, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">149,792,749<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">65,855,806<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">9,120,924<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Property and equipment, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">888,599,359<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">784,053,346<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">108,590,134<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Intangible assets, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">173,172,989<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">116,036,169<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,070,824<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">128,752,950<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">177,082,468<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">24,525,639<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Long-term investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">180,824,192<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">180,600,002<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">25,012,811<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Operating lease <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">right-of-use assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,611,536,252<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,555,590,403<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">215,446,782<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">115,656,298<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">107,382,513<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">14,872,306<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred tax assets<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">243,093,543<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">244,795,647<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">33,903,806<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0 TOTAL ASSETS<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,360,619,758<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,206,355,605<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>721,071,923<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0LIABILITIES AND EQUITY<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Current liabilities:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Long-term bank loans, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">current portion<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">200,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">27,700<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Short-term bank loans<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">278,500,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">200,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">27,700<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Accounts payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">128,212,354<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">64,268,468<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,901,080<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Advance from customers<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,083,605<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">18,436,298<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,553,398<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Amounts due to related <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">parties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">23,177,949<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">14,800,188<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,049,802<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Salary and welfare payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">93,837,623<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">82,025,103<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,360,346<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred rent<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">197,096,092<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">192,051,020<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">26,598,759<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Accrued expenses and <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">other current liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">555,241,803<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">423,194,165<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">58,611,715<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">71,251,884<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">121,029,924<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,762,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Dividends payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Operating lease liabilities, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">current<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">266,944,100<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">283,904,384<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">39,320,303<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">34,408,879<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Total current liabilities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,678,754,289<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,200,109,550<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>166,213,254<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Long-term bank loans<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">160,000,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">256,600,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">35,538,690<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred rent<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">230,935,621<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">195,259,974<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">27,043,194<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Other long-term liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">121,625,146<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">118,615,555<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,428,065<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Operating lease liabilities, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">non-current<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,463,742,002<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,418,705,518<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">196,488,445<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Deferred tax liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">36,591,348<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">97,657,120<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">13,525,355<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">\u00a0Unrecognized tax benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">365,027,137<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">389,681,763<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">53,970,301<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0 TOTAL LIABILITIES<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,056,675,543<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>3,676,629,480<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>509,207,304<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Shareholders&#8217; equity:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class A ordinary shares<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">222,587,070<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">222,587,070<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,827,953<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class B ordinary shares<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">115,534,210<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">115,534,210<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,001,303<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Paid-in capital<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">94,000,801<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Treasury Stock<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,971,057)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(36,677,832)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,079,821)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Additional paid-in capital<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,491,516,416<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,680,729,011<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">232,778,279<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Retained earnings <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">(Accumulated losses)<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(665,211,634)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(509,443,169)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(70,557,064)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Accumulated other <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">comprehensive income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">28,542,678<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">20,783,387<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,878,466<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total GreenTree <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hospitality Group Ltd. <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>shareholders&#8217; equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,269,998,484<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,493,512,677<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>206,849,116<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">33,945,729<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">36,213,449<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,015,505<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total shareholders&#8217; equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,303,944,213<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,529,726,126<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>211,864,621<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>TOTAL LIABILITIES AND <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>SHAREHOLDERS&#8217; EQUITY<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,360,619,758<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>5,206,355,605<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>721,071,923<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Condensed Consolidated Statements of Comprehensive Income<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,890,916<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">168,909,772<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">23,393,733<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,444,376<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">152,694,853<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">21,147,993<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">37,885,127<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,622,804<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,241,209<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>379,220,419<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>352,227,429<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>48,782,935<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(243,155,310)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(208,120,351)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,824,336)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,015,579)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(18,389,602)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,546,931)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(57,755,145)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(47,641,629)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,598,289)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,492,483)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,208,282)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(305,844)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Impairment loss of goodwill<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,664,345)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,844,575)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(809,464)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(330,082,862)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(282,204,439)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(39,084,864)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,159,519<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,225,933<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">308,288<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>52,297,076<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>72,248,923<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>10,006,359<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest income and other, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,629,014<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,946,539<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,239,081<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,528,061)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,739,829)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(240,964)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Gains (losses) from <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investment in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,536,562)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,252,584)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,281,468)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,149,582)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">13,234,570<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,832,967<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income before income <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>taxes<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>47,711,885<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>83,437,619<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,555,975<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(14,708,875)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(26,447,961)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,663,000)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) before share <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>of gains in equity\u00a0<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>investees<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>33,003,010<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>56,989,658<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,892,975<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of loss\/(income) in <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">equity\u00a0investees, net of tax<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(445,618)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">305,209<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">42,271<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income(loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>32,557,392<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>57,294,867<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,935,246<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Net loss\/(income) <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">attributable to <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,768,594<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,601,766<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">221,842<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income attributable to <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>ordinary shareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>36,325,986<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>58,896,633<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,157,088<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net earnings per share<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class A ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class B ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net earnings per ADS<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class A ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class B ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Weighted average shares <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>outstanding<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class A ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class B ordinary share-basic <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.36<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.58<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Other comprehensive <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>income, net of tax<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Foreign currency translation <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">adjustments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">810,574<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,617,895)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,055,066)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Unrealized gains(loss) on <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">available-for-sale <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investments, net of tax<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>net of tax<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>33,367,966<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>49,676,972<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>6,880,180<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Comprehensive <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">loss\/(income) attributable to <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,768,594<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,601,766<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">221,842<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Comprehensive income <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(loss) attributable to <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>ordinary shareholders<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>37,136,560<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>51,278,738<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,102,022<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Hotel Business Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">82,073,240<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">122,541,793<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,971,842<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">169,480,457<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">151,159,511<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">20,935,350<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,036,848<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,144,727<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">158,543<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>252,590,545<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>274,846,031<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>38,065,735<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Hotel operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(134,236,998)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(146,226,642)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(20,252,156)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,075,999)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,454,623)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,140,441)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(46,092,069)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(38,469,631)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,327,982)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(151,220)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(666,301)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(92,282)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,664,345)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,844,575)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(809,464)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(203,220,631)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(206,661,772)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(28,622,325)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,608,096<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,182,615<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">302,289<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>51,978,010<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>70,366,874<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>9,745,699<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest income and other, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,475,298<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,930,356<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,236,840<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,724,690)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,740,682)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(241,082)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Gains (losses) from <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investment in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,536,562)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,310,256)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,289,456)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,426,540)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">13,304,900<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,842,707<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income before income <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>taxes<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>47,765,516<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>81,551,192<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,294,708<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(12,365,854)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(24,556,921)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,401,094)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) before share <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>of gains in equity\u00a0<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>investees<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>35,399,662<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>56,994,271<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,893,614<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of loss\/(income) in <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">equity\u00a0investees, net of tax<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(445,618)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">305,209<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">42,271<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income(loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>34,954,044<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>57,299,480<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,935,885<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Restaurant Business Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">89,376,893<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">46,367,979<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,421,891<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">963,919<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,535,341<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">212,642<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">36,848,279<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">29,753,299<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,120,784<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>127,189,091<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>77,656,619<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>10,755,317<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Restaurant operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(109,219,983)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(62,149,597)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,607,620)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,939,580)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,954,313)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(409,168)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,663,076)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,171,998)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,270,307)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,341,263)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,541,981)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(213,562)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(127,163,902)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(75,817,889)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen14\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(10,500,657)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">551,423<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">43,318<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,999<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>576,612<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,882,048<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>260,659<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest income and other, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">153,716<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">16,183<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,241<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest expense<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(803,371)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">853<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">118<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Gains (losses) from <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investment in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">57,672<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,987<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">276,958<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(70,330)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,741)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income before income <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>taxes<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>203,915<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,886,426<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>261,264<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expense<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,407,407)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,891,040)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(261,906)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income (loss) before share <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>of gains in equity\u00a0<\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>investees<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(2,203,492)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(4,614)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(642)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of loss\/(income) in <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">equity\u00a0investees, net of tax<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income(loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(2,203,492)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(4,614)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(642)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Condensed Consolidated Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">82,073,240<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">89,376,893<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(559,217)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,890,916<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">169,480,457<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">963,919<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">170,444,376<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,036,848<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">36,848,279<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">37,885,127<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>252,590,545<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>127,189,091<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(559,217)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>379,220,419<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(134,236,998)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(109,219,983)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">301,671<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(243,155,310)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,075,999)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,939,580)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,015,579)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and administrative <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(46,092,069)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,663,076)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(57,755,145)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(151,220)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,341,263)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,492,483)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,664,345)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,664,345)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>and expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(203,220,631)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(127,163,902)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>301,671<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(330,082,862)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,608,096<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">551,423<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,159,519<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>51,978,010<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>576,612<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(257,546)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>52,297,076<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"8\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Condensed Consolidated Statements<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Hotel<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Restaurant<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Elimination<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen15\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Leased-and-operated <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">122,541,793<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">46,367,979<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">168,909,772<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Franchised-and-managed <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">revenues<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">151,159,511<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,535,341<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">152,694,853<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Wholesales and Others<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,144,727<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">29,753,299<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(275,222)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,622,804<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total revenues<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>274,846,031<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>77,656,619<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(275,222)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>352,227,429<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating costs and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(146,226,642)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(62,149,597)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">255,888<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(208,120,351)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Selling and marketing <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(15,454,623)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,954,313)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">19,334<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(18,389,602)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">General and <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(38,469,631)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(9,171,998)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(47,641,629)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(666,301)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,541,981)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,208,282)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,844,575)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,844,575)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total operating costs <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>and expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(206,661,772)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(75,817,889)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>275,222<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(282,204,439)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,182,615<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">43,318<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,225,933<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Income from operations<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>70,366,874<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,882,048<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>&#8211;<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>72,248,923<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Condensed Consolidated Statements of Cash Flows<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operating activities:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net (loss) income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>32,557,392<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>57,294,867<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,935,247<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Adjustments to reconcile net income to <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">net cash provided by operating activities:<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">31,337,638<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">31,341,704<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,340,776<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Impairment of long-lived assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,900,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of <\/span><span class=\"prnews_span\">\uff08<\/span><span class=\"prnews_span\">income<\/span><span class=\"prnews_span\">\uff09<\/span><span class=\"prnews_span\">loss in equity method <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">445,618<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(305,209)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(42,271)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Noncash lease expense<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">64,053,832<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">64,818,043<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,977,195<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Loss from disposal of a subsidiary<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,223,952<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest income<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(390,378)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Bad debt expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">12,359,278<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,473,571<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">758,081<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(Gains) losses and impairment on equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities held<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,536,562<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">9,252,584<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,281,468<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Loss (gains) on disposal of property, <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">plant and equipment\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(113,587)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,352,048<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">325,755<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Foreign exchange <\/span><span class=\"prnews_span\">\uff08<\/span><span class=\"prnews_span\">gains<\/span><span class=\"prnews_span\">\uff09<\/span><span class=\"prnews_span\">losses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">987,543<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,088,429)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,120,234)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,636)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,662<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,169<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Accounts receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,050,882)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,844,427<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">255,450<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Inventories<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">969,640<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">12,061,769<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,670,536<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Amounts due from related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(961,185)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(397,603)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(55,067)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other current assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,726,682)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,490,017)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(760,359)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,964,235<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,656,913)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(367,978)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Accounts payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,690,325<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(8,858,209)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,226,848)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Amounts due to related parties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,632,355)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,876,431)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(259,883)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Salary and welfare payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,494,565<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,306,993)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(596,512)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(4,481,873)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,876,613)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(952,400)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Advance from customers<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,602,826<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,956,799)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(548,010)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Accrued expenses and other current <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">76,271,975<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(23,815,642)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(3,298,428)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax payable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">18,311,461<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,247,211<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,142,226<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Unrecognized tax benefits<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,024,896<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,555,977<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,046,491<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Operating lease liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(56,063,542)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(41,913,938)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(5,805,013)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other long-term liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(6,570,885)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,096,187)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(151,820)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Deferred taxes<\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(28,194,988)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">110,338<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,282<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net cash provided by operating <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>165,533,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>90,729,218<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>12,565,853<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Investing activities:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Purchases of property, plant and <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(34,116,117)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(10,554,525)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,461,785)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Purchases of intangible assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(42,454)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Proceeds from disposal of property, plant <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,973,574<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,733,100<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">240,032<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Proceeds from maturities of short-term <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">91,400,378<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">419,362,037<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">58,080,971<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Purchases of long-term investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(222,230,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(30,778,500)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Proceeds from disposal of a subsidiary<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">18,900,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Loan to third parties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(1,000,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Repayment of loan from third parties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">468,319<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,371,953<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">190,013<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Loan to franchisees<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(7,029,596)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Repayment from franchisees<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">26,834,584<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">23,461,007<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,249,312<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net cash (used in) provided by <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>investing activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>102,388,688<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>213,143,572<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>29,520,043<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Financing activities:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Repayment of bank loans<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(136,600,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(116,800,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(16,176,613)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Proceeds from bank loans<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">117,000,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">200,000,000<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">27,699,680<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Capital contribution from non-controlling <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">interest holders<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net cash provided by (used in) <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>financing activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>(19,600,000)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>83,200,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>11,523,067<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Effect of exchange rate changes on cash <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">and cash equivalents and restricted cash<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(40,524)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(2,650,223)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(367,052)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net (decrease) increase in cash and <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>cash equivalents<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>248,281,909<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>384,422,562<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>53,241,910<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Cash and cash equivalents at the <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">beginning of the period<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">734,629,202<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">791,600,712<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">109,635,432<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Cash and cash equivalents at the end <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>of the period<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>982,911,111<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>1,176,023,274<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>162,877,342<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>GreenTree Hospitality Group Ltd.<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\" colspan=\"6\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Unaudited Reconciliation of GAAP and Non-GAAP Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>32,557,393<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>57,294,867<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,935,247<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Deduct:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating income<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,159,519<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,225,933<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">308,288<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest income and other, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,629,014<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,946,539<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,239,081<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of gain in equity investees, net of <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">tax<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">305,209<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">42,271<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income, net<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">13,234,570<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,832,967<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Add:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other operating expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,492,483<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,208,282<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">305,844<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,664,345<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,844,575<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">809,464<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Income tax expenses (benefits)\u00a0 <\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">14,708,875<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">26,447,961<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,663,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share of loss in equity investees, net of <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">tax<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">445,618<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Interest expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,528,061<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,739,829<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">240,964<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Depreciation and amortization<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">31,080,092<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">31,341,704<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,340,776<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Losses from investment in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,536,562<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">9,252,584<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,281,468<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other expense, net<\/span><\/p>\n<\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,149,582<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen8\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Adjusted EBITDA (Non-GAAP)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>93,374,478<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>109,417,551<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>15,154,156<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"5\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"5\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2023<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen5\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0March 31, 2024<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RMB<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen4\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>US$<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Net income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>32,557,393<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>57,294,867<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen9\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>7,935,247<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Deduct:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Government subsidies (net of 25% tax)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">396,060<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">259,886<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">35,994<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Gains from investment in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities (net of 25% tax)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other income (net of 25% tax)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">9,925,928<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,374,725<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Add:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Share-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">(11,636)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">15,662<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,169<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Losses from investments in equity <\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">securities (net of 25% tax)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,402,422<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,939,438<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">961,101<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other expense (net of 25% tax)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,612,187<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">One-time fees and expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,147,778<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">815,188<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">112,902<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Other general expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">11,664,345<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,844,575<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">809,464<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Core net income (Non-GAAP)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>49,976,429<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>60,723,916<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen16\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>8,410,164<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Core net income per ADS (Non-GAAP)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class A ordinary share-basic and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.49<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.60<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">Class B ordinary share-basic and diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.49<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.60<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen3\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">0.08<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><b>Hotel <\/b><b>Operational Data\u00a0<\/b>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prnpr10 prnpl2 prnvab prntar prncbts prnbrbrs prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><b>202<\/b><b>3<\/b>\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen18\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><b>202<\/b><b>4<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total hotels in operation:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,084<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,256<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Leased and owned hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">64<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">66<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Franchised hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,020<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,190<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total hotel rooms in operation<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>302,425<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>313,531<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Leased and owned hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,992<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,392<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Franchised hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">295,433<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">306,139<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Number of cities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>355<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>345<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr10 prnpl2 prnvab prntar prncbts prnrbrb1 prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"2\" nowrap><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>3<\/b><b>\u00a0Q<\/b><b>1<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>4 <\/b><b>Q<\/b><b>1<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Occupancy rate (as a percentage)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">62.9\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">66.6\u00a0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Franchised hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">71.9\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">67.9\u00a0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Blended<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">71.7\u00a0%<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">67.8\u00a0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Average daily rate (in RMB)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">229<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">235<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Franchised hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">166<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">167<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Blended<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">167<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">169<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>RevPAR (in RMB)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">144<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">157<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Franchised hotels<\/span><\/p>\n<\/td>\n<td class=\"prngen24\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">119<\/span><\/p>\n<\/td>\n<td class=\"prngen20\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">113<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Blended<\/span><\/p>\n<\/td>\n<td class=\"prnpr10 prnpl2 prnvab prntar prnsbtb1 prnrbrb1 prnbbbs prnsblb1\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">120<\/span><\/p>\n<\/td>\n<td class=\"prngen23\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\">\u00a0<\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\">114<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prntar prncbts prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen32\" colspan=\"2\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Number of Hotels in Operation<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen32\" colspan=\"2\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Number of Hotel Rooms in <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Operation<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prntar prnsbtb1 prnbrbrs prnbbbs prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>3<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March<\/b><b>\u00a031, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>4<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Marchr 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>3<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen34\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><\/span><\/p>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>4<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Mid-to-up-scale<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>425<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>498<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>41,124<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>47,264<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0GreenTree Eastern<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">202<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">233<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">22,212<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">25,191<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Deepsleep Hotel <\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">534<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">534<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Gem<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">54<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">75<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,845<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,588<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Gya<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">69<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,809<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,121<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0Vx<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">86<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">95<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,492<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">8,263<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Urban Garden and others<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">14<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">232<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">567<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Mid-scale<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,952<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>2,942<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>230,729<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>230,362<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0GreenTree Inn<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,225<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,260<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">182,242<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">182,570<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0GT Alliance<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">544<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">493<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">38,084<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">37,290<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">GreenTree Dianjing<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">58<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,305<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,296<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0GreenTree Apartment<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">20<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">21<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,289<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,382<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml20\"><span class=\"prnews_span\">Vatica\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">108<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">110<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,809<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">7,824<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">City 118 Selected and others<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>\u00a0Economy hotels<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>707<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>816<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>30,572<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>35,905<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml20\"><span class=\"prnews_span\">Shell<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">707<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">816<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">30,572<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">35,905<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml20\"><span class=\"prnews_span\">City 118 and others<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">&#8211;<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml20\"><span class=\"prnews_span\"><b>Total<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,084<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>4,256<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>302,425<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>313,531<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p><b>Restaurant <\/b><b>Operational Data<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"1\" class=\"prnbcc\">\n<tbody>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prntar prncbts prnbrbrs prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><b>202<\/b><b>3<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen37\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>March 31, <\/b><b>202<\/b><b>4<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Total <\/b><b>restaurants<\/b><b>\u00a0in operation:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>255<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>185<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Leased and owned <\/span><span class=\"prnews_span\">restaurants<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">116<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">27<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">\u00a0\u00a0\u00a0 Franchised <\/span><span class=\"prnews_span\">restaurants<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">139<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">158<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Number of cities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>64<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>53<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Da Niang Dumplings<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>219<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>153<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Bellagio<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>36<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>32<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prnpr2 prnpl2 prnvab prntar prncbts prnrbrb1 prnsbbb1 prnbsbls\" colspan=\"1\" rowspan=\"2\" nowrap><\/td>\n<td class=\"prngen26\" colspan=\"2\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>Quarter Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen27\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>3<\/b><b>\u00a0Q<\/b><b>1<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen28\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>202<\/b><b>4 <\/b><b>Q<\/b><b>1<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>ADT<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Leased-and-owned restaurants <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">61<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">44<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Franchised restaurants<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">48<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">50<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Blended <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">109<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">94<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>AC (in RMB) <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Leased-and-owned restaurants <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">67<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">80<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Franchised restaurants<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">40<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Blended <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">55<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">59<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\"><b>ADS (in RMB) <\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Leased-and-owned restaurants <\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">4,135<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">3,484<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen21\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Franchised restaurants<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">1,915<\/span><\/p>\n<\/td>\n<td class=\"prngen29\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">2,041<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen22\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Blended <\/span><\/p>\n<\/td>\n<td class=\"prngen11\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">6,050<\/span><\/p>\n<\/td>\n<td class=\"prngen35\" colspan=\"1\" rowspan=\"1\" nowrap>\n<p class=\"prnml4\"><span class=\"prnews_span\">5,525<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p><b>For more information, please contact:<\/b><\/p>\n<p><b>GreenTree<\/b><\/p>\n<p>Ms. <span class=\"xn-person\">Selina Yang<\/span><br \/>Phone: +86-158-2166-6251<br \/>E-mail:\u00a0<a href=\"mailto:ir@998.com\" target=\"_blank\" rel=\"nofollow noopener\">ir@998.com<\/a><\/p>\n<p>Mr. <span class=\"xn-person\">Maple Miao<\/span><br \/>Phone: +86-181-0184-0639<br \/>E-mail:\u00a0<a href=\"mailto:ir@998.com\" target=\"_blank\" rel=\"nofollow noopener\">ir@998.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p><b>Christensen<\/b><\/p>\n<p>In <span class=\"xn-location\">Shanghai<\/span><br \/>Mr. <span class=\"xn-person\">Jerry Xu<\/span><br \/>Phone: +86-138-1680-0706<br \/>E-mail:\u00a0<a href=\"mailto:jerry.xu@christensencomms.com\" target=\"_blank\" rel=\"nofollow noopener\">jerry.xu@christensencomms.com<\/a><\/p>\n<p>In Hong Kong\u00a0<br \/>Ms.\u00a0Karen Hui <br \/>Phone: +852-9266-4140 <br \/>E-mail: <a href=\"mailto:karen.hui@christensencomms.com\" target=\"_blank\" rel=\"nofollow noopener\">karen.hui@christensencomms.com<\/a>\u00a0<\/p>\n<p>In the US <br \/>Ms.\u00a0Linda Bergkamp <br \/>Phone: +1-480-614-3004<br \/>E-mail:\u00a0<a href=\"mailto:linda.bergkamp@christensencomms.com\" target=\"_blank\" rel=\"nofollow noopener\">linda.bergkamp@christensencomms.com<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Total revenues decreased 7.1% year over year to RMB352.2 million (US$48.8 million)[1]. Hotel revenues increased 8.8% year over year to RMB274.8 million. Income from operations was RMB72.2 million (US$10 million) compared to RMB52.3 million for the first quarter of 2023. Net income was RMB57.3 million (US$7.9 million) compared to RMB32.6 million for the first quarter [&#8230;]\n","protected":false},"author":1,"featured_media":85254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-56594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GreenTree Hospitality Group Ltd. Reports First Quarter of 2024 Financial Results - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/greentree-hospitality-group-ltd-reports-first-quarter-of-2024-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GreenTree Hospitality Group Ltd. Reports First Quarter of 2024 Financial Results\" \/>\n<meta property=\"og:description\" content=\"Total revenues decreased 7.1% year over year to RMB352.2 million (US$48.8 million)[1]. 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