27.5 C
Vientiane
Saturday, June 21, 2025
spot_img
Home Blog Page 343

Newborn Town Announces Q1 2025 Operating Data: Revenue Expected to Exceed RMB 1,500 Million, Up 41.5% to 48.1 %, Fueled by Explosive Growth in Social and Innovative Businesses

HONG KONG, April 24, 2025 /PRNewswire/ — Newborn Town Inc. (Newborn Town or the company, stock code: 09911.HK), a leading global social entertainment company, released its unaudited operating data for the first quarter of 2025.

For the three months ended 31 March 2025, the company’s total revenue is estimated to reach RMB 1,500 million to RMB 1,570 million, reflecting a year-on-year increase of approximately 41.5% to 48.1%. Revenue from social networking business amounted to approximately RMB 1,345 million to RMB 1,395 million, representing a year-on-year increase of approximately 39.1% to 44.3%. The innovative business saw a year-on-year growth of about 66.7% to 88.2%, as the segment’s revenue recorded approximately RMB 155 million to RMB 175 million.

Social Networking Business Sees Explosive Growth Driven by AI Technology

According to the announcement, the significant growth in social networking business revenue was attributable to the proactive adoption of AI technology, which has contributed to the expansion of its diverse suite of social applications. Over recent years, Newborn Town has deepened the integration of AI into its business operations, guided by the strategy of “AI Empowerment + Localized Operations + Global Expansion”, yielding increasingly tangible outcomes.

Earlier this year, Newborn Town introduced its self-developed multimodal algorithm model, Boomiix, which has enhanced user experiences and monetization potential through precise user behavior analysis and optimized recommendations. With continuous upgrades to Boomiix and its deeper integration across the business scenes and processes, the company’s social apps have achieved comprehensive growth in the first quarter, along with improvements in both revenue scale and commercialization efficiency.


Noteworthy progress was seen in the market performance of the company’s social products, SUGO and TopTop, which have bolstered their competitiveness. According to data from Sensor Tower, during the period from January 1 to March 31, 2025, SUGO and TopTop respectively ranked 9th and 14th in the social apps category on the App Store’s revenue rankings for the Middle East.

The company’s diverse-audience social networking business also delivered outstanding performance in overseas markets. By optimizing social features, nurturing community ecosystems, and hosting branded events, HeeSay solidified its leadership in key markets such as Southeast Asia. Sensor Tower’s data indicates that HeeSay ranked among the top 20 social apps by revenue on Google Play in Southeast Asia during the first quarter of 2025.

Innovative Business: Quality Games Propel Revenue Growth, While Social E-commerce Expands Rapidly

According to the announcement, the growth in revenue from the innovative business segment was driven by the steady development of social e-commerce and continuous contributions from quality games.

Newborn Town’s quality games business began contributing revenue to the listed company in the fourth quarter of 2024, signifying a successful entry into the global gaming arena. With the increasing application of AI across all stages of game development and operations, the quality games business is poised to deliver further commercial value, reinforcing the company’s second growth curve.

In the first quarter, Newborn Town’s social e-commerce business also experienced rapid growth. This business, centered around Heer Health, a leading privacy-focused health e-commerce platform, achieved remarkable revenue growth in 2024, demonstrating robust potential in the company’s innovative business segment.

Newborn Town Repurchased Over 100 Million Shares in Two Years

Amid rapid business growth, Newborn Town has intensified its share repurchase efforts. On March 20, 2025, the company announced plans to allocate up to HKD 200 million over the next two years to an independent professional trustee for the repurchase of company shares via a restricted share unit plan. Notably, this follows a similar-scale repurchase plan announced on December 13, 2024, underscoring the company’s strong confidence in its business expansion potential.

According to an announcement on April 17, 2025, the company has purchased over 100 million shares from the market over the past two years. The board believes that these repurchases reflect the company’s confidence in its business outlook and prospects, ultimately benefiting the company and creating value for shareholders.

Newborn Town’s strategy of “AI Empowerment + Multi-market Breakthrough” continues to deliver results, fueled by the all-around advancement in the company’s product innovation, localized operation and business growth, as well as the AI-powered commercialization efficiency. As a result, the Company’s social networking and innovative businesses—the dual growth engines of Newborn Town—are gaining momentum.

Moving forward, Newborn Town will strengthen its market presence in the Middle East while expanding globally to create more positive emotional value for users.

Binance Launches Fund Accounts – the First Crypto Exchange Solution Lowering the Entry Barrier to Crypto for Fund Managers

Mirrored on traditional finance account infrastructure, fund managers can now set up omnibus accounts on Binance to streamline investment trading strategies and focus on growth

DUBAI, UAE, April 24, 2025 /PRNewswire/ — Binance, the global blockchain ecosystem trusted by over 270 million users worldwide, today announced Fund Accounts, the first digital asset exchange technological solution for fund managers to facilitate pooling of their investors’ assets to streamline fund management operations and enhance trading efficiency. Powered by Binance’s robust account management infrastructure and technology, Fund Accounts reduces friction for fund managers with a new and efficient way to manage investor capital on the world’s largest cryptocurrency exchange by trading volume.

Mirrored on account infrastructure available in traditional finance, Binance Fund Accounts allows fund managers to consolidate externally-raised investor funds into one or multiple omnibus Fund Accounts based on their preferred trading strategies. This plug-and-play account infrastructure enables fund managers to operate with greater flexibility and efficiency, freeing them to focus on strategy execution to deliver for their investors. Until now, fund managers trading on crypto exchanges could only manage each of their investor’s assets individually in segregated trading accounts, limiting the managers’ ability to streamline and scale for performance as they usually do in traditional fund management.

Bringing TradFi user experience and trust to crypto asset management

Binance Fund Accounts introduce a universal net asset value (NAV) per unit concept widely used in TradFi to provide a clear and trackable profit-and-loss (PnL) for each fund and will address the lack of a common market standard in crypto asset management. The NAV per unit calculation will give transparency to fund managers and their investors, and also ensure that each respective investor is only able to withdraw the assets that they’re entitled to.

Fund managers will have trading capabilities over the fund accounts while deposits and withdrawals are limited to their investors, giving investors the confidence their assets are securely kept on Binance. This will foster trust in the growing crypto asset management sector and remove barriers for emerging fund managers to address counterparty risk concerns of investors.

Investors and fund managers would need to enter into a separate agreement regarding subscription and redemption, ensuring transparency and clarity in the asset management process. This framework is modeled after traditional finance to provide fund managers with more cohesive management of investor capital and reduces complexity, offering fund managers and their investors a TradFi-like user experience they are familiar with.

Head of Binance VIP & Institutional, Catherine Chen, says: “Fund managers are seeking efficient, scalable solutions to adapt their strategies to the ever-evolving crypto landscape. Binance Fund Accounts is a plug-and-play tool that lets fund managers streamline investment management, allowing them to focus on strategy execution and efficient capital deployment. Our technology solution empowers fund managers to offer a more seamless and flexible approach to digital asset management while ensuring that their investors can benefit from the security and deep liquidity Binance is known for. We are excited to continue leading the way in transforming how institutional clients engage with digital assets.

Key benefits of Fund Accounts include:

  • Streamlined Portfolio Management: Fund Accounts significantly reduces the operational complexity associated with managing multiple accounts by consolidating investor assets into a single omnibus account. This enables fund managers to execute strategies more efficiently, reducing time and effort spent on individual account adjustments.
  • Flexibility in Strategy Execution: The flexibility to create multiple fund accounts allows managers to deploy different trading strategies tailored to each fund while maintaining an efficient, centralized structure for all investor assets. This enables fund managers to focus on strategic decision-making rather than operational overhead.
  • Investor Diversification: With the functionality of setting up multiple fund accounts, fund managers can attract a variety of investors based on their risk appetite and thus set up fund accounts with tailored trading strategies accordingly.
  • Net Asset Value (NAV) Per Unit standard: Fund Accounts introduces a universal NAV per unit concept widely used in TradFi to provide a clear and trackable PnL for each fund, setting a common standard for the crypto asset management market. The NAV per unit standard provides transparency for both fund managers and their investors, makes it easier for managers to communicate fund performance, and enables the calculation and tracking of each investor’s entitlement in each investment fund.
  • Foster Trust between Fund Managers and Investors: Binance’s robust account management infrastructure ensures investors’ assets are securely kept on the world’s largest crypto exchange, while enabling fund managers flexibility and scalability in their trading execution and operations. This will cultivate trust in the growing crypto asset management sector and remove barriers for emerging fund managers to compete.
  • Business Growth and Scaling: Fund managers can now effectively scale up their fund size exponentially without incurring incremental operational costs as the funds are pooled for efficient management and execution. This addresses a long-standing pain point for fund managers when investing in digital assets, given that it is difficult and expensive to scale when managing multiple segregated accounts.

Binance continues to lead the market in meeting demand for solutions that bridge the gap between crypto and TradFi for institutional users. Other first-in-market solutions pioneered by Binance include banking triparty to address counterparty risk concerns, and Binance Wealth  which enables wealth managers to support their high-net-worth clients’ crypto journey.

Disclaimer: The products and services referred to herein may be restricted in certain jurisdictions or regions or to certain users, in accordance with applicable legal and regulatory requirements. These materials are intended only for those users who are permitted to access and receive the products and services referred to and are not intended for users to whom restrictions apply. Binance offers the Fund Account function as a purely technological solution to meet the needs of fund managers and investors. Binance is not a party to any contract entered into between the fund managers and investors. Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. Past performance is not a reliable indicator of future performance. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.

About Binance

Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 270 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.

For more information, visit: https://www.binance.com 

About Binance VIP & Institutional

Binance VIP & Institutional empowers institutions and private wealth clients with robust asset management infrastructure, personalized VIP services and advanced end-to-end institutional trading tools on the world’s largest cryptocurrency exchange by trading volume and registered users. With deep financial services experience in both traditional and crypto markets, its global team of trusted experts provides VIP & Institutional clients with the support they need to confidently capitalize on the industry’s deepest liquidity and tightest markets.

For more information, visit: https://www.binanceinstitutional.com

 

G-DRAGON 2025 World Tour [Übermensch] IN MACAU, Presented by Galaxy Macau™, Landing in Galaxy Arena This June.

‘King of K-pop’ Long-Awaited Return! Countdown Begins for Ticket Sales on April 30


MACAU SAR – Media OutReach Newswire – 24 April 2025 – Get ready for an unforgettable music experience as G-DRAGON, the “King of K-pop,” announced the G-DRAGON 2025 WORLD TOUR [Übermensch] IN MACAU, presented by Galaxy Macau™, set to light up the Galaxy Arena on June 7-8. This marks his first solo performance in eight years and is a highly anticipated stop of his Asian tour. Over two electrifying nights, G-DRAGON will set the stage ablaze with his loyal FAMs (G-DRAGON fans) in attendance! Pre-sale tickets go on sale on April 28 at 12:00 noon, with general sales opening on April 30 at 12:00 noon.

G-DRAGON 2025 WORLD TOUR [Übermensch] IN MACAU, presented by Galaxy Macau™ set to light up the Galaxy Arena on June 7-8.
G-DRAGON 2025 WORLD TOUR [Übermensch] IN MACAU, presented by Galaxy Macau™ set to light up the Galaxy Arena on June 7-8.

This concert is a collaboration between Galaxy Corporation, AEG Presents, TME Live, and CHESSMAN, presented by Galaxy Macau and sponsored by HSBC, Trip.com Group and HopeGoo.

This year, G-DRAGON made his long-awaited return with his third solo studio album, Übermensch, in February, announcing the start of his world tour. The tour kicked off with two sold-out shows at Goyang Stadium, and Macau will be the fifth stop after Tokyo and Bulacan, and Osaka, generating immense excitement among FAMs eager to see the K-pop legend live.

The Galaxy Arena, Macau’s largest indoor venue, holds up to 16,000 guests, making it the perfect spot for this major event. Since its grand opening, it has hosted numerous international artists. With state-of-the-art sound systems and unobstructed views, the venue offers a 360-degree audiovisual experience, ensuring fans don’t miss a moment of the action. Whether you’re a fan of his music or captivated by his stage presence, the Macau stop is a once-in-a-lifetime opportunity. This event is being hailed as the “K-pop event of the year,” sure to create a buzz for tickets! Don’t miss the pre-sale on April 28 at 12:00 noon — be there to witness the king’s triumphant comeback!

Tickets are priced MOP2,399 / 1,999 / 1,799 / 1,499 / 1,299 / 1,099 / 899 (*Currency set based on the ticketing platform)
Tickets are priced MOP2,399 / 1,999 / 1,799 / 1,499 / 1,299 / 1,099 / 899 (*Currency set based on the ticketing platform)

Show Date: June 7 – 8, 2025
Venue: Galaxy Arena
Ticket Price: MOP2,399 / 1,999 / 1,799 / 1,499 / 1,299 / 1,099 / 899

*Currency set based on the ticketing platform

G-DRAGON OFFICIAL MEMBERSHIP PRESALE: Survey Period:

April 23, 2025 (Wed) 15:00 ~ April 24, 2025 (Thu) 23:59

Presale Date:

April 28, 2025 (Mon) 12:00 ~ 23:59

HSBC Presale: April 29, 2025 (Tue) 10:00 ~ April 30, 2025 (Wed) 09:59
General on Sale: April 30, 2025 (Wed), 12:00 noon onwards
Ticketing Platforms: Tickets will be available at Cityline and Galaxy Ticketing.

The Galaxy Arena, Macau's largest indoor venue, holds up to 16,000 guests, making it the perfect spot for this major event.
The Galaxy Arena, Macau’s largest indoor venue, holds up to 16,000 guests, making it the perfect spot for this major event.

Hashtag: #GalaxyMacau #G-DRAGON #Übermensch

The issuer is solely responsible for the content of this announcement.

About Galaxy Macau Integrated Resort

Galaxy Macau™, The World-class Luxury Integrated Resort delivers the “Most Spectacular Entertainment and Leisure Destination in the World”. Developed at an investment of HK$43 billion, the property covers 1.1 million-square-meter of unique entertainment and leisure attractions that are unlike anything else in Macau. Eight award-winning world-class luxury hotels provide close to 5,000 rooms, suites and villas. They include Banyan Tree Macau, Galaxy Hotel™, Hotel Okura Macau, JW Marriott Hotel Macau, The Ritz-Carlton, Macau, Broadway Hotel, Raffles at Galaxy Macau and Andaz Macau. Unique to Galaxy Macau, the 75,000-square-meter Grand Resort Deck features the world’s longest Skytop Adventure Rapids at 575-meters, the largest Skytop Wave Pool with waves up to 1.5-meters high and 150-meters pristine white sand beach. Two five-star spas from Banyan Tree Spa Macau and The Ritz-Carlton Spa, Macau help guests relax and rejuvenate.

As the dining destination in Asia, Galaxy Macau offers a wide variety of gastronomic delights, exquisite experiences and ingredients of the finest quality with over 120 dining options from Michelin dining to authentic delicacies; Galaxy Promenade is the hottest shopping destination featuring the latest in fashion and curated experiences in Macau. Spanning over 100,000-square-meter, luxury flagship stores, lifestyle boutiques and our selection of labels are among the more than 200 world-renowned brands for a world-class shopping journey; Galaxy Cinemas, immersive thrills and luxurious comfort go hand in hand at Galaxy Cinemas. All 10 theaters are equipped with the latest audio-visual technology; CHINA ROUGE, one-of-a-kind cabaret lounge that evokes the glamor of Shanghai’s golden era with stylish entertainment and customizable surrounds; and Foot Hub, which presents the traditional art of reflexology for authentic relaxation and revitalization. For Authentic Macau Flavours and Vibrant Asian Experiences, Broadway Macau – just a 90-second walk via a bridge from Galaxy Macau, has over 35 Authentic Macau & Asian Flavours at Broadway Food Street. The 2,500-seat Broadway Theatre plays host to world-class entertainers and a diverse array of cultural events. Meeting, incentive and banquet groups are also catered to with a portfolio of unique venues in Galaxy Macau and an expert service team.

Galaxy International Convention Center (GICC) is the latest addition to the Group’s ever-expanding integrated resort precinct and will usher in a new era for the MICE industry in Macau. GICC is a world-class event venue featuring 40,000-square-meters of total flexible MICE, and the 16,000-seat Galaxy Arena – the largest indoor arena in Macau.

For more details, please visit , and .

GreenTree Hospitality Group Ltd. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

  • Total revenues decreased by 18.2% year over year to RMB304.5 million (US$41.7 million)[1].
  • Net income was RMB-72.8million (US$-10.0 million)[1] compared to RMB8.6 million for the fourth quarter of 2023.
  • Adjusted net income[2] was RMB77.3 million (US$10.6 million)[1] compared to RMB60.9 million for the fourth quarter of 2023.
  • Cash from operations increased year over year to RMB74.2 million (US$10.2 million)[1].

SHANGHAI, April 24, 2025 /PRNewswire/ — GreenTree Hospitality Group Ltd. (NYSE: GHG) (“GreenTree”, the “Company”, “we”, “us” and “our”), a leading hospitality and restaurant management group in China, today announced its unaudited financial results for the fourth quarter and fiscal year of 2024. As Da Niang Dumplings and Bellagio, two leading restaurant chain businesses in China, were all under the control of GreenTree Inns Hotel Management Group, Inc., until their acquisition by the Company, the acquisition was accounted for a common-control acquisition in a manner similar to the pooling -of-interests method. The consolidated balance sheets and consolidated statements of comprehensive income/(loss) include the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control. In this report, the comparative financial data have been restated to reflect the business combinations under common control.

Fourth Quarter of 2024 Operational Highlights

Hotels 

  • A total of 4,425 hotels with 321,282 hotel rooms were in operation as of December 31, 2024.
  • The Company opened 143 hotels and had a pipeline of 1,214 hotels contracted for or under development as of December 31, 2024. 
  • The average daily room rate was RMB169, a decrease of 4.6% from RMB177 in the fourth quarter of 2023.
  • The occupancy rate was 68.6%, down from 72.4% in the fourth quarter of 2023.
  • Revenue per available room, or RevPAR, was RMB116, a 9.6% year-over-year decrease. 

Restaurants

  • A total of 182 restaurants were in operation as of December 31, 2024.
  • The AC (average check) was RMB46, a 11.0% year-over-year decrease.
  • The ADT (average daily tickets) was 93, down from 99 in the fourth quarter of 2023.
  • The ADS (average daily sales per store) was RMB4,234, a decrease of 16.8% from RMB5,090 in the fourth quarter of 2023.

 

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.2993 on December 31, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20220103/

[2] Adjustd net income is defined as net income excluding the impairment of goodwill and trademarks of restaurant business,impairment of assets, and provisions for loan receviables related to franchisee loans.

Our performance in the fourth quarter was negatively impacted by the closure of 12 leased and managed hotels during the year, lower RevPar compared to a high base last year, and the continued optimization of our restaurant business.

In our hotel business we are simultaneously accelerating the opening of new hotels, with a planned 480 in 2025, and upgrading our existing portfolio with an absolute focus on quality to ensure higher standards of products and services. We believe that the rejuvenation of our portfolio that was slowed down by the pandemic will be completed by the Summer of 2026. While Midscale remains our core segment, hotel openings in 2024 and our pipeline highlight our strategic commitment to expanding our Mid-to-upscale segment where we expect growth over the next two years to deliver significant economies of scale. Finally, we will continue the phased closure of leased and managed hotels, retaining only select flagship properties in key cities to serve as showcases of our capabilities for prospective franchisees. 

The strategic transformation of our restaurant business made further progress on our two priorities. At the end of the quarter, franchised and managed stores accounted for almost 90% of all stores up from 78% a year ago , and street stores that benefit from more stable consumer traffic accounted for 50% of all stores, up from 40% a year ago. Additionally, we have been rightsizing many of our stores, reflecting the new economic reality, to improve overall profitability. We believe we now have a strong foundation to build on and will grow the overall number of restaurants in 2025 with a particular focus on franchised and managed as well as street stores.

Quarter Ended

 December 31,
2023

 December 31,
2023

 December 31,
2023

 December 31,
2023

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

125,521,090

48,191,718

1,075,555

174,788,363

Franchised-and-managed
revenues

162,861,219

1,687,913

164,549,132

Wholesales and others

1,267,181

37,843,179

(6,284,349)

32,826,011

Total revenues

289,649,490

87,722,810

(5,208,794)

372,163,506

 

Quarter Ended

  December 31,
2024

  December 31,
2024

  December 31,
2024

  December 31,
2024

  December 31,
2024

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Revenues

Leased-and-operated
revenues

90,969,160

28,534,041

(207,412)

119,295,789

16,343,456

Franchised-and-managed
revenues

148,174,447

4,759,771

152,934,218

20,951,902

Wholesales and others

1,026,363

31,759,229

(495,936)

32,289,656

4,423,665

Total revenues

240,169,970

65,053,041

(703,348)

304,519,663

41,719,023

2024 Financial Results

Year Ended

  December 31,
2023

  December 31,
2023

  December 31,
2023

  December 31,
2023

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated
revenues

490,924,060

296,890,282

787,814,342

Franchised-and-managed
revenues

696,321,236

8,923,712

705,244,948

Wholesales and others

4,660,777

135,821,972

(6,284,350)

134,198,399

Total revenues

1,191,906,073

441,635,966

(6,284,350)

1,627,257,689

 

Year Ended

  December 31,
2024

  December 31,
2024

  December 31,
2024

  December 31,
2024

  December 31,
2024

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Revenues

Leased-and-operated
revenues

437,521,898

159,326,153

(207,411)

596,640,640

81,739,433

Franchised-and-managed
revenues

625,072,856

10,287,457

635,360,313

87,044,006

Wholesales and others

3,908,057

109,031,616

(1,500,428)

111,439,245

15,267,114

Total revenues

1,066,502,811

278,645,226

(1,707,839)

1,343,440,198

184,050,553

Total revenues were RMB304.5 million (US$41.7 million)[1],a 18.2% year-over-year decrease.

Hotel revenues were RMB240.2 million (US$32.9 million)[1], a 17.1% year-over-year decrease. The decrease was mainly attributable to a 9.8% decrease in F&M hotels’ Revpar and the closure of 12 L&O hotels in 2024 while revenues a year ago benefited from a one-time revenue recognition of requisitioned rooms during COVID and a one-time revenue recognition due to a successful lawsuit against sublease.

Restaurant revenues were RMB65.1 million (US$8.9 million)[1], a 25.8% year-over-year decrease. The decrease was mainly due to the closure of L&O stores, and a 16.8% decrease in ADS.

Total revenues for the year were RMB1,343.4 million (US$184.1 million)[1], a 17.4% year-over-year decrease.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB119.3 million (US$16.3 million)[1], a 31.7% year-over-year decrease. 

Total revenues from L&O hotels were RMB91.0 million (US$12.5 million)[1], a 27.5% year-over-year decrease. The decrease was mainly attributable to the closure of 12 L&O hotels in 2024 while revenues a year ago benefited from a one-time revenue recognition of requisitioned rooms during COVID and a one-time revenue recognition due to a successful lawsuit against sublease. Same L&O hotel revenues in the fourth quarter of 2024 decreased by 2.4% year over year. 

Total revenues from L&O restaurants were RMB28.5 million (US$3.9 million)[1], a 40.8 % year-over-year decrease. The decrease was mainly due to the closure of 24 L&O stores during the year and offset by 47.1% increase in ADS. Same L&O store revenues in the fourth quarter of 2024 decreased by 3.1% year over year.

Total revenues from L&O hotels and restaurants for the year were RMB596.6 million (US$81.7 million)[1], a 24.3% year-over-year decrease. 

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB152.9 million (US$21.0 million)[1], a 7.1% year-over-year decrease.

Total revenues from F&M hotels were RMB148.2 million (US$20.3 million)[1], a 9.0% year-over-year decrease, mainly due to a 9.8% decrease in F&M hotels’ Revpar. 

Total revenues from F&M restaurants were RMB4.8 million (US$0.7 million)[1], a 182.0% year-over-year increase. The increase was mainly due to the opening of 39 F&M restaurants during the year.

Total revenues from F&M hotels and restaurants for the year were RMB635.4 million (US$87.0 million)[1], a 9.9% year-over-year decrease. 

Total revenues from wholesale and others were RMB32.3 million (US$4.4 million)[1], a 1.6% year-over-year decrease. Total revenues from wholesale and others for the year were RMB111.4 million (US$15.3 million)[1], a 17.0% year-over-year decrease.

Total operating costs and expenses

Quarter Ended

 December 31,
2023

 December 31,
2023

 December 31,
2023

 December 31,
2023

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

154,556,991

66,896,044

(9,861,359)

211,591,676

Selling and marketing expenses

8,318,853

2,821,243

(49,623)

11,090,473

General and administrative expenses

49,670,060

8,374,981

58,045,041

Other operating expenses

3,429,367

139,799

3,569,166

Impairment loss of goodwill

Other general expenses

36,260,493

16,027,000

52,287,493

Total operating costs and expenses

252,235,764

94,259,067

(9,910,982)

336,583,849

 

Quarter Ended

 December 31,
2024

 December 31,
2024

 December 31,
2024

 December 31,
2024

 December 31,
2024

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Operating costs and expenses

Operating costs

139,910,728

59,854,076

(791,324)

198,973,480

27,259,255

Selling and marketing expenses

13,451,271

4,083,785

87,975

17,623,031

2,414,345

General and administrative expenses

39,695,498

3,347,191

43,042,689

5,896,824

Other operating expenses

2,635,870

16,422

2,652,292

363,363

Impairment loss of goodwill

81,008,000

81,008,000

11,098,050

Other general expenses

30,012,799

39,072,000

69,084,799

9,464,579

Total operating costs and expenses

225,706,166

187,381,474

(703,349)

412,384,291

56,496,416

 

Year Ended

 December 31,
2023

 December 31,
2023

 December 31,
2023

 December 31,
2023

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

598,841,951

359,018,687

(10,421,824)

947,438,814

Selling and marketing expenses

47,434,683

24,232,973

(49,623)

71,618,033

General and administrative expenses

166,861,387

41,572,291

208,433,678

Other operating expenses

4,453,446

7,251,107

11,704,553

Impairment loss of goodwill

Other general expenses

63,556,586

16,027,000

79,583,586

Total operating costs and expenses

881,148,053

448,102,058

(10,471,447)

1,318,778,664

 

Year Ended

 December 31,
2024

 December 31,
2024

 December 31,
2024

 December 31,
2024

 December 31,
2024

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Operating costs and expenses

Operating costs

593,798,806

230,496,349

(1,707,841)

822,587,314

112,694,000

Selling and marketing expenses

55,028,196

12,556,863

67,585,059

9,259,115

General and administrative expenses

156,401,775

26,149,319

182,551,094

25,009,397

Other operating expenses

4,937,315

2,153,148

7,090,463

971,389

Impairment loss of goodwill

81,008,000

81,008,000

11,098,050

Other general expenses

41,769,330

39,072,000

80,841,330

11,075,217

Total operating costs and
expenses

851,935,422

391,435,679

(1,707,841)

1,241,663,260

170,107,169

Operating costs were RMB199.0 million (US$ 27.3 million)[1], a 6.0% year-over-year decrease.

Operating costs of the hotel business were RMB139.9 million (US$19.2million)[1], a 9.5% year-over-year decrease. The decrease was mainly attributable to the closure of 12 L&O stores in 2024, which resulted in lower rental, consumable, food and beverage, and staff related costs.

Operating costs of the restaurant business were RMB59.9million (US$8.2 million)[1], a 10.5% year-over-year decrease. The decrease was mainly due to the closure of 24 L&O stores.

For the year, operating costs were RMB822.6 million (US$112.7 million)[1], representing an 13.2% decrease.

Selling and marketing expenses were RMB17.6 million (US$2.4 million)[1], a 58.9% year-over-year increase.

Selling and marketing expenses of the hotel business were RMB13.5 million (US$1.8 million)[1], a 61.7% year-over-year increase.

Selling and marketing expenses of the restaurant business were RMB4.1 million (US$0.6 million)[1]..

For the year, selling and marketing expenses were RMB67.6 million (US$9.3 million)[1], a 5.6% decrease. 

General and administrative, or G&A expenses were RMB43.0 million (US$5.9 million)[1], a 25.8% year-over-year decrease.

G&A expenses of the hotel business were RMB39.7 million (US$5.4 million)[1], a 20.1% year-over-year decrease. The decrease was mainly due to lower consulting fees, lower bad debts from accounts receivables, and lower G&A staff related expenses.

G&A expenses of the restaurant business were RMB3.3 million (US$0.5 million)[1], a 60.0 % year-over-year decrease. The decrease was mainly due to lower staff related expenses.

For the year, G&A expenses were RMB182.6 million (US$25.0 million)[1], a 12.4% year-over-year decrease. 

Impairment loss of goodwill were RMB81.0million (US$11.1 million)[1], These expenses were impairment of goodwill related to the restaurant business.

Other general expenses were RMB69.1million (US$9.5 million)[1], a 32.1% year-over-year increase. These expenses include impairment of trademarks related to the restaurant business, impairment of assets, and provisions for franchisee loans receivables related to franchisee loans.

Gross profit was RMB105.5 million (US$14.5 million)[1], a year-over-year decrease of 34.3%. Gross margin was 34.7%, compared to 43.1% a year ago. The gross profit of the hotel business was RMB100.3 million (US$13.7 million)[1], an 25.8% year-over-year decrease. The gross profit of the restaurant business was RMB5.2 million (US$0.7 million)[1], a 75.0% year-over-year decrease. Gross profit for the year was RMB520.9 million (US$71.4 million[1], a 23.4% year-over-year decrease.

Income from operations was RMB-95.0 million (US$-13.0 million)[1] ,compared to income from operations of RMB46.9million in the fourth quarter of 2023, with a margin of -31.2%. Excluding impairment loss of goodwill and other general expenses, income from operations was RMB55.1 million(US$7.6million) with a margin of 18.1%.

Income from operations of the hotel business was RMB26.1 million (US$3.6 million)[1], compared to an income from operations of RMB47.4 million in the fourth quarter of 2023, with a margin of10.9%. Excluding other general expenses, income from operations of the hotel business was RMB56.1 million (US$7.7 million), a decrease of 32.9%, with a margin of 23.4%.

Loss from operations of the restaurant business was RMB121.1 million (US$16.6 million)[1], compared to loss from operations of RMB5.1 million in the fourth quarter of 2023, with a margin of -186.1%. Excluding impairment loss of goodwill and other general expenses, loss from operations of the restaurant business was RMB1.0 million(US$0.1million) with a margin of -1.5%.

Income from operations for the year was RMB161.9 million (US$22.2 million[1] compared to income from operations of RMB335.6 million in 2023, with a margin of 12.1%.

Net income was RMB-72.8million (US$-10.0 million)[1], compared to a net income of RMB8.6  million in the fourth quarter of 2023, and net margin was -23.9%. Excluding impairment loss of goodwill and other general expenses, adjusted net income increased 26.8% year over year to RMB77.3 million(US$10.6 million) [1]  with a margin of 25.4%.

Net income of the hotel business was RMB28.4 million (US$3.9 million)[1], compared to a net income of RMB8.1 million in the fourth quarter of 2023, and net margin was 11.8%. Excluding other general expenses, adjusted net income of the hotel business increased 31.7% to RMB58.4 million (US$8.0 million)[1] with a margin of 24.3%.

Net loss of the restaurant business was RMB101.2million (US$13.9million)[1], compared to a net loss of RMB2.9million in the fourth quarter of 2023, and net margin was -155.5%. Excluding the impairment of trademarks and goodwill, adjusted net income of the restaurant business was RMB18.9 million(US$2.6 million)[1] with a margin of 29.1%.

Net income for the year was RMB107.3 million (US$14.7 million)[1] compared to net income of RMB260.5 million in 2023, with a margin of 8.0%. Excluding the impairment of goodwill due to the restaurant business and other general expenses, adjusted net income decreased 20.9% to RMB269.2 million with a margin of 20.0%.

Adjusted EBITDA (non-GAAP)[2] was RMB71.5 million (US$9.8 million)[1], a year-over-year  decrease of 38.3%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 23.5%, compared to 31.1% a year ago. Adjusted EBITDA (non-GAAP) for the year was RMB386.5 million (US$52.9 million)[1], a year-over-year decrease of 25.2%.

Core net income (non-GAAP) was RMB57.8million (US$7.9 million)[1], a year-over-year decrease of 22.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 19.0%, compared to 20.0% one year ago. Core net income (non-GAAP) for the year was RMB277.6 million (US$38.0 million)[1], a year-over-year decrease of 13.3%.

Earnings per American Depositary Share, or ADS, (basic and diluted) were  RMB-0.70(US$-0.10 )[1], down from RMB0.12 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB0.57 (US$0.08 )[1], down from RMB0.73 a year ago.

Earnings per ADS (basic and diluted) for the hotel business were RMB 0.29 (US$0.04)[1], increaed from RMB 0.10 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) for the hotel business were RMB0.45 (US$0.06)[1].

Earnings per ADS (basic and diluted) for the year of 2024 was RMB1.08 (US$0.15)[1] down from RMB2.64 one year ago. Core net income per ADS (basic and diluted) (non-GAAP) was RMB2.73 (US$0.37)[1] for the year, a decrease from RMB3.14 a year ago.  

Cash flow Operating cash inflow was RMB 74.2 million (US$10.2 million)[1] as a result of income from operations. Investing cash outflow for the fourth quarter 2024 was RMB 25.2million (US$3.5million)[1], which was primarily attributable to investment of property and purchases of equipment, and was partially offset by proceeds from disposal of equity securities. Financing cash outflow was RMB 70.4 million (US$9.7 million)[1], mainly attributable to dividends distributed to the shareholders.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. Asof December 31, 2024, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB 1,839.1 million (US$252.0 million)[1], compared to RMB1,883.9million as of September 30, 2024. The decrease was primarily due to dividends distributed to the shareholders and investment of property, partially offset by cash from operating activities.

Guidance

Taking into account the recovery in long-term trends and short-term industry fluctuations, we expect the decline of total revenues of our organic hotel business for the full year of 2025 to be flat compared to their 2024 levels.

The guidance set forth above reflects the Company’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.

Conference Call

GreenTree’s management will hold an earnings conference call at 8:00 AM U.S. Eastern Time on April 24, 2025, (8:00 PM Beijing/Hong Kong Time on April 24, 2025).

Dial-in numbers for the live conference call are as follows:

International 

1-412-902-4272 

Mainland China

4001-201-203 

US 

1-888-346-8982 

Hong Kong 

800-905-945 or 852-3018-4992 

Singapore

800-120-6157 

Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.

A telephone replay of the conference call will be available after the conclusion of the live conference call until May 1, 2025.

Dial-in numbers for the replay are as follows:

International Dial-in 

1-412-317-0088

U.S. Toll Free 

1-877-344-7529

Canada Toll Free

855-669-9658

Passcode:

2742742

Additionally, a live and archived webcast of this conference call will be available at http://ir.998.com.

Use of Non-GAAP Financial Measures

We believe that Adjusted EBITDA and core net income, as we present them, are useful financial metrics to assess our operating and financial performance before the impact of investing and financing transactions, income taxes and certain non-core and non-recurring items in our financial statements.

The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business.

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding U.S. GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

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.

Reconciliations of the Company’s non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.

About GreenTree Hospitality Group Ltd.

GreenTree Hospitality Group Ltd. (“GreenTree” or the “Company”) (NYSE: GHG) is a leading hospitality and restaurant management group in China. As of December 31, 2024, GreenTree had a total number of 4,425 hotels and 182 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’ 225. GreenTree was the fourth largest hospitality company in China 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 China.

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 China. 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.

For more information on GreenTree, please visit http://ir.998.com

Safe Harbor Statements

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” “confident,” “future,” 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’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’s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in China and globally; competition in our industry; fluctuations in general economic and business conditions in China 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’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.

Financial Tables and Operational Data Follow

 GreenTree Hospitality Group Ltd.

 Unaudited Condensed Consolidated Balance Sheets

 December 31,

 December 31,

 December 31,

2023

2024

2024

 RMB

 RMB

 US$

 ASSETS

 Current assets:

 Cash and cash equivalents

765,547,547

1,490,235,562

204,161,435

 Restricted cash

6,576,906

16,096,476

2,205,208

 Short-term investments

417,711,617

10,475

1,435

 Investments in equity securities

26,076,169

 Accounts receivable, net of
allowance

123,887,879

99,688,034

13,657,205

 Amounts due from related parties

19,928,781

21,839,929

2,992,058

 Prepaid rent

 Inventories

20,462,490

6,881,470

942,758

 Other current assets

117,047,122

114,898,590

15,741,042

 Loans receivable, net

129,521,094

85,463,467

11,708,447

 Deferred tax assets

 Total current assets

1,626,759,605

1,835,114,003

251,409,588

 Non-current assets:

 Amounts due from a related party

110,000,000

110,000,000

15,069,938

 Restricted cash

19,476,259

18,869,900

2,585,166

 Long-term time deposits

63,340,000

285,570,000

39,122,930

 Loans receivable, net

70,690,305

15,372,238

2,105,988

 Property and equipment, net

814,949,026

649,528,210

88,985,000

 Intangible assets, net

117,720,693

75,677,551

10,367,782

 Goodwill

177,082,468

96,074,468

13,162,148

 Long-term investments

184,758,800

184,024,217

25,211,214

 Operating lease right-of-use assets

1,535,330,762

1,328,582,419

182,015,045

 Other assets

104,725,600

102,545,848

14,048,724

 Deferred tax assets

241,965,360

245,760,095

33,668,995

  TOTAL ASSETS

5,066,798,878

4,947,118,949

677,752,518

 LIABILITIES AND EQUITY

Current liabilities:

 Long-term bank loans, current portion

200,000

 Short-term bank loans

116,800,000

400,000

54,800

 Accounts payable

73,126,677

56,488,405

7,738,880

 Advance from customers

22,393,097

25,684,437

3,518,753

 Amounts due to related parties

16,310,293

17,462,176

2,392,308

 Salary and welfare payable

86,332,096

78,234,585

10,718,094

 Deferred rent

 Deferred revenue

186,281,838

175,046,178

23,981,228

 Accrued expenses and other current
liabilities

459,832,717

481,910,291

66,021,439

 Income tax payable

112,782,712

88,876,497

12,176,030

 Dividends payable

 Operating lease liabilities, current

267,536,846

241,363,244

33,066,629

 Deferred tax liabilities

 Total current liabilities

1,341,596,276

1,165,465,813

159,668,161

 Long-term bank loans

56,800,000

256,200,000

35,099,256

 Deferred rent

 Deferred revenue

207,905,769

176,353,919

24,160,388

 Other long-term liabilities

111,711,748

120,975,955

16,573,638

 Operating lease liabilities,
non-current

1,391,909,309

1,215,776,075

166,560,639

 Deferred tax liabilities

94,716,495

79,670,908

10,914,870

 Unrecognized tax benefits

382,125,786

440,072,214

60,289,646

Total liabilities

3,586,765,383

3,454,514,884

473,266,598

Shareholders’ equity:

Class A ordinary shares

222,587,070

222,587,070

30,494,304

Class B ordinary shares

115,534,210

115,534,210

15,828,122

Paid-in capital

Treasury Stock

(36,677,832)

(37,043,116)

(5,074,886)

Additional paid-in capital

1,680,713,349

1,680,148,272

230,179,370

Retained earnings (Accumulated
losses)

(568,339,799)

(528,513,571)

(72,406,062)

Accumulated other comprehensive
income

28,401,282

6,033,263

826,554

Total GreenTree Hospitality Group
Ltd. shareholders’ equity

1,442,218,280

1,458,746,128

199,847,402

Non-controlling interests

37,815,215

33,857,937

4,638,518

Total shareholders’ equity

1,480,033,495

1,492,604,065

204,485,920

TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY

5,066,798,878

4,947,118,949

677,752,518

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

Year Ended

  December 31,
2023

 December 31,
2024

 December 31,
2024

  December 31,
2023

 December 31,
2024

 December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated
revenues

174,788,363

119,295,789

16,343,456

787,814,342

596,640,640

81,739,433

Franchised-and-managed
revenues

164,549,132

152,934,218

20,951,902

705,244,948

635,360,313

87,044,006

Wholesales and others

32,826,011

32,289,656

4,423,665

134,198,399

111,439,245

15,267,114

Total revenues

372,163,506

304,519,663

41,719,023

1,627,257,689

1,343,440,198

184,050,553

Operating costs and
expenses

Operating costs

(211,591,676)

(198,973,480)

(27,259,255)

(947,438,814)

(822,587,314)

(112,694,000)

Selling and marketing
expenses

(11,090,473)

(17,623,031)

(2,414,345)

(71,618,033)

(67,585,059)

(9,259,115)

General and
administrative expenses

(58,045,041)

(43,042,689)

(5,896,824)

(208,433,678)

(182,551,094)

(25,009,397)

Other operating expenses

(3,569,166)

(2,652,292)

(363,363)

(11,704,553)

(7,090,463)

(971,389)

Impairment loss of
goodwill

(81,008,000)

(11,098,050)

(81,008,000)

(11,098,050)

Other general expenses

(52,287,493)

(69,084,799)

(9,464,579)

(79,583,586)

(80,841,330)

(11,075,217)

Total operating costs
and expenses

(336,583,849)

(412,384,291)

(56,496,416)

(1,318,778,664)

(1,241,663,260)

(170,107,169)

Other operating income

11,362,962

12,898,817

1,767,131

27,169,901

60,147,558

8,240,182

Income from operations

46,942,619

(94,965,811)

(13,010,262)

335,648,926

161,924,496

22,183,565

Interest income and
other, net

10,329,773

12,633,535

1,730,787

41,371,162

40,072,068

5,489,851

Interest expense

(916,820)

(1,824,933)

(250,015)

(14,053,841)

(6,310,152)

(864,487)

Gains (losses) from
investment in equity
securities

(943,283)

(9,544,253)

(1,307,557)

(5,378,104)

(14,953,679)

(2,048,646)

Other income, net

(20,142,532)

34,336,161

4,704,035

22,783,714

16,474,064

2,256,938

Income before income
taxes

35,269,757

(59,365,301)

(8,133,012)

380,371,857

197,206,797

27,017,221

Income tax expense

(26,116,933)

(12,758,025)

(1,747,842)

(118,452,255)

(88,726,969)

(12,155,545)

Income (loss) before
share of gains in equity
investees

9,152,824

(72,123,326)

(9,880,854)

261,919,602

108,479,828

14,861,676

Share of loss/(income) in
equity investees, net of
tax

(522,092)

(700,781)

(96,007)

(1,392,002)

(1,165,474)

(159,669)

Net income(loss)

8,630,732

(72,824,107)

(9,976,861)

260,527,600

107,314,354

14,702,007

Net loss/(income)
attributable to
non-controlling interests

3,484,240

1,368,731

187,515

8,788,708

2,687,878

368,238

Net income attributable
to ordinary
shareholders

12,114,972

(71,455,377)

(9,789,346)

269,316,308

110,002,232

15,070,245

Net earnings per share

Class A ordinary
share-basic and diluted

0.12

(0.70)

(0.10)

2.64

1.08

0.15

Class B ordinary
share-basic and diluted

0.12

(0.70)

(0.10)

2.64

1.08

0.15

Net earnings per ADS

Class A ordinary
share-basic and diluted

0.12

(0.70)

(0.10)

2.64

1.08

0.15

Class B ordinary
share-basic and diluted

0.12

(0.70)

(0.10)

2.64

1.08

0.15

Weighted average
shares outstanding

Class A ordinary
share-basic and diluted

67,038,968

66,765,032

9,146,772

67,321,003

66,776,243

9,148,308

Class B ordinary
share-basic and diluted

34,762,909

34,762,909

4,762,499

34,762,909

34,762,909

4,762,499

Other comprehensive
income, net of tax

Foreign currency
translation adjustments

(258,427)

(20,725,862)

(2,839,431)

669,178

(22,368,019)

(3,064,406)

Unrealized gains(loss) on
available-for-sale
investments, net of tax

Comprehensive
income, net of tax

8,372,305

(93,549,969)

(12,816,292)

261,196,778

84,946,335

11,637,601

Comprehensive
loss/(income) attributable
to non-controlling
interests

3,381,135

1,368,731

187,515

8,685,603

2,687,878

368,238

Comprehensive income
(loss) attributable to
ordinary shareholders

11,753,440

(92,181,238)

(12,628,777)

269,882,381

87,634,213

12,005,839

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Hotel Statements of Comprehensive Income

Quarter Ended

Year Ended

  December 31,
2023

 December 31,
2024

 December 31,
2024

  December 31,
2023

 December 31,
2024

 December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated revenues

125,521,090

90,969,160

12,462,724

490,924,060

437,521,898

59,940,254

Franchised-and-managed
revenues

162,861,219

148,174,447

20,299,816

696,321,236

625,072,856

85,634,630

Wholesales and others

1,267,181

1,026,363

140,611

4,660,777

3,908,057

535,402

Total revenues

289,649,490

240,169,970

32,903,151

1,191,906,073

1,066,502,811

146,110,286

Operating costs and expenses

Operating costs

(154,556,991)

(139,910,728)

(19,167,691)

(598,841,951)

(593,798,806)

(81,350,103)

Selling and marketing expenses

(8,318,853)

(13,451,271)

(1,842,817)

(47,434,683)

(55,028,196)

(7,538,832)

General and administrative
expenses

(49,670,060)

(39,695,498)

(5,438,261)

(166,861,387)

(156,401,775)

(21,426,955)

Other operating expenses

(3,429,367)

(2,635,870)

(361,113)

(4,453,446)

(4,937,315)

(676,409)

Impairment loss of goodwill

Other general expenses

(36,260,493)

(30,012,799)

(4,111,737)

(63,556,586)

(41,769,330)

(5,722,375)

Total operating costs and
expenses

(252,235,764)

(225,706,166)

(30,921,619)

(881,148,053)

(851,935,422)

(116,714,674)

Other operating income

9,937,407

11,644,397

1,595,276

24,525,333

56,818,174

7,784,058

Income from operations

47,351,133

26,108,201

3,576,808

335,283,353

271,385,563

37,179,670

Interest income and other, net

10,653,312

12,606,174

1,727,039

41,240,610

39,982,179

5,477,536

Interest expense

(2,809,528)

(1,825,243)

(250,057)

(13,706,157)

(6,310,152)

(864,487)

Gains (losses) from investment
in equity securities

(943,283)

(9,544,253)

(1,307,557)

(5,378,104)

(10,314,000)

(1,413,012)

Other income, net

(20,170,894)

34,321,711

4,702,055

22,676,046

16,383,657

2,244,552

Income before income taxes

34,080,740

61,666,590

8,448,288

380,115,748

311,127,247

42,624,259

Income tax expense

(25,505,616)

(32,610,806)

(4,467,662)

(113,125,742)

(107,223,277)

(14,689,529)

Income (loss) before share of
gains in equity investees

8,575,124

29,055,784

3,980,626

266,990,006

203,903,970

27,934,730

Share of loss/(income) in equity
investees, net of tax

(522,092)

(700,781)

(96,007)

(1,392,002)

(1,165,474)

(159,669)

Net income(loss)

8,053,032

28,355,003

3,884,619

265,598,004

202,738,496

27,775,061

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Restaurant Statements of Comprehensive Income

Quarter Ended

Year Ended

  December 31,
2023

 December 31,
2024

 December 31,
2024

  December 31,
2023

 December 31,
2024

 December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated revenues

48,191,718

28,534,041

3,909,148

296,890,282

159,326,153

21,827,594

Franchised-and-managed
revenues

1,687,913

4,759,771

652,086

8,923,712

10,287,457

1,409,376

Wholesales and others

37,843,179

31,759,229

4,350,996

135,821,972

109,031,616

14,937,270

Total revenues

87,722,810

65,053,041

8,912,230

441,635,966

278,645,226

38,174,240

Operating costs and
expenses

Operating costs

(66,896,044)

(59,854,076)

(8,199,975)

(359,018,687)

(230,496,349)

(31,577,870)

Selling and marketing
expenses

(2,821,243)

(4,083,785)

(559,476)

(24,232,973)

(12,556,863)

(1,720,283)

General and administrative
expenses

(8,374,981)

(3,347,191)

(458,563)

(41,572,291)

(26,149,319)

(3,582,442)

Other operating expenses

(139,799)

(16,422)

(2,250)

(7,251,107)

(2,153,148)

(294,980)

Impairment loss of goodwill

(81,008,000)

(11,098,050)

(81,008,000)

(11,098,050)

Other general expenses

(16,027,000)

(39,072,000)

(5,352,842)

(16,027,000)

(39,072,000)

(5,352,842)

Total operating costs and
expenses

(94,259,067)

(187,381,474)

(25,671,156)

(448,102,058)

(391,435,679)

(53,626,467)

Other operating income

1,425,555

1,254,420

171,855

2,644,568

3,329,384

456,124

Income from operations

(5,110,702)

(121,074,013)

(16,587,071)

(3,821,524)

(109,461,069)

(14,996,103)

Interest income and other, net

(323,539)

27,361

3,748

130,552

89,889

12,315

Interest expense

1,892,708

310

42

(347,684)

Gains (losses) from investment
in equity securities

Other income, net

28,362

14,450

1,980

107,668

(18,672)

(2,558)

Income before income taxes

(3,513,171)

(121,031,894)

(16,581,301)

(3,930,988)

(109,389,852)

(14,986,346)

Income tax expense

564,230

19,852,781

2,719,820

(4,279,739)

18,496,308

2,533,984

Income (loss) before share of
gains in equity investees

(2,948,941)

(101,179,113)

(13,861,481)

(8,210,727)

(90,893,544)

(12,452,362)

Share of loss/(income) in equity
investees, net of tax

Net income(loss)

(2,948,941)

(101,179,113)

(13,861,481)

(8,210,727)

(90,893,544)

(12,452,362)

 

 

GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

  December 31,
2023

  December 31,
2023

  December 31,
2023

  December 31,
2023

Hotel

Restaurant

Elimination

Total

RMB

RMB

RMB

RMB

Revenues

Leased-and-operated
revenues

125,521,090

48,191,718

1,075,555

174,788,363

Franchised-and-managed
revenues

162,861,219

1,687,913

164,549,132

Wholesales and others

1,267,181

37,843,179

(6,284,349)

32,826,011

Total revenues

289,649,490

87,722,810

(5,208,794)

372,163,506

Operating costs and
expenses

Operating costs

(154,556,991)

(66,896,044)

9,861,359

(211,591,676)

Selling and marketing
expenses

(8,318,853)

(2,821,243)

49,623

(11,090,473)

General and administrative
expenses

(49,670,060)

(8,374,981)

(58,045,041)

Other operating expenses

(3,429,367)

(139,799)

(3,569,166)

Impairment loss of goodwill

Other general expenses

(36,260,493)

(16,027,000)

(52,287,493)

Total operating costs and
expenses

(252,235,764)

(94,259,067)

9,910,982

(336,583,849)

Other operating income

9,937,407

1,425,555

11,362,962

Income from operations

47,351,133

(5,110,702)

4,702,188

46,942,619

 

 

GreenTree Hospitality Group Ltd. Unaudited Condensed Consolidated Statements

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

  December 31,
2024

  December 31,
2024

  December 31,
2024

  December 31,
2024

Hotel

Restaurant

Elimination

Total

RMB

RMB

RMB

RMB

Revenues

Leased-and-operated
revenues

90,969,160

28,534,041

(207,412)

119,295,789

Franchised-and-managed
revenues

148,174,447

4,759,771

152,934,218

Wholesales and others

1,026,363

31,759,229

(495,936)

32,289,656

Total revenues

240,169,970

65,053,041

(703,348)

304,519,663

Operating costs and
expenses

Operating costs

(139,910,728)

(59,854,076)

791,324

(198,973,480)

Selling and marketing
expenses

(13,451,271)

(4,083,785)

(87,975)

(17,623,031)

General and administrative
expenses

(39,695,498)

(3,347,191)

(43,042,689)

Other operating expenses

(2,635,870)

(16,422)

(2,652,292)

Impairment loss of goodwill

(81,008,000)

(81,008,000)

Other general expenses

(30,012,799)

(39,072,000)

(69,084,799)

Total operating costs and
expenses

(225,706,166)

(187,381,474)

703,349

(412,384,291)

Other operating income

11,644,397

1,254,420

12,898,817

Income from operations

26,108,201

(121,074,012)

(94,965,811)

 

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

Quarter Ended

Year Ended

  December 31,
2023

 December 31,
2024

 December 31,
2024

  December 31,
2023

 December 31,
2024

 December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Operating activities:

Net (loss) income

8,630,732

(72,824,109)

(9,976,862)

260,527,599

107,314,353

14,702,006

Adjustments to reconcile net
income to net Cash provided
by operating activities:

Depreciation and
amortization

24,382,512

26,575,903

3,640,884

116,870,237

115,746,538

15,857,211

Impairment of long
lived assets

53,686,449

51,672,000

7,079,035

56,586,449

51,672,000

7,079,035

Impairment of goodwill

81,008,000

11,098,050

81,008,000

11,098,050

Share of (gains) losses in
equity method investments

Noncash lease expense

77,037,857

58,283,373

7,984,789

271,156,173

263,911,503

36,155,728

Loss from disposal of a
subsidiary

1,223,952

(488,227)

(66,887)

Interest income

– –

Bad debt expenses

1,828,945

21,857,669

2,994,488

38,858,275

56,241,392

7,705,039

Losses and impairment
(Gains) on equity securities
held

2,563,283

9,544,253

1,307,557

6,998,104

14,953,679

2,048,646

(Gains) losses on disposal of
property and equipment

1,928,976

(555,551)

(76,110)

2,166,990

(25,338,789)

(3,471,400)

Foreign exchange (gains)
losses

(103,025)

(26,182,753)

(3,587,022)

(372,187)

(27,497,301)

(3,767,115)

Share-based compensation

Other non-cash
expense/(income)

(1,757,475)

7,070,827

968,699

(4,554,719)

1,166,397

159,796

Accounts receivable

8,157,413

9,076,784

1,243,514

(5,359,275)

(4,015,520)

(550,124)

Prepaid rent

129,472

Inventories

(3,323,226)

(493,764)

(67,645)

4,764,959

14,618,912

2,002,783

Amounts due from related
parties

2,812,979

(3,904,741)

(534,947)

8,372,296

(1,416,495)

(194,059)

Other current assets

(7,784,142)

(1,821,998)

(249,613)

(47,920,887)

(3,067,256)

(420,212)

Other assets

9,361,100

5,200,506

712,466

17,250,340

3,725,971

510,456

Accounts payable

(21,402,358)

17,296,435

2,369,602

(50,451,092)

(3,021,869)

(413,994)

Amounts due to related parties

(8,780,746)

1,767,567

242,156

(5,406,910)

1,151,882

157,807

Salary and welfare payable

(8,040,537)

3,672,156

503,083

(3,010,962)

(7,916,485)

(1,084,554)

Deferred revenue

(8,986,356)

(28,977,865)

(3,969,951)

(33,539,045)

(42,787,510)

(5,861,865)

Advance from customers

(4,898,186)

4,428,730

606,734

(3,211,266)

3,305,355

452,832

Accrued expenses and other
current liabilities

(62,218,027)

(29,307,543)

(4,015,117)

26,174,963

3,161,614

433,139

Income tax payable

(17,782,317)

(34,457,583)

(4,720,670)

32,861,850

(23,195,720)

(3,177,801)

Unrecognized tax benefits

(14,960,256)

68,986,879

9,451,164

28,569,943

57,946,428

7,938,628

Operating lease liabilities

(76,990,749)

(57,896,801)

(7,931,829)

(256,017,527)

(247,702,691)

(33,935,130)

Other long-term liabilities

3,175,965

3,262,911

447,017

(5,065,347)

1,264,213

173,196

Deferred taxes

29,820,352

(39,040,264)

(5,348,494)

(2,423,339)

(17,362,607)

(2,378,667)

Net cash provided by
operating activities

(13,511,365)

74,241,021

10,170,978

455,049,574

373,377,767

51,152,544

Investing activities:

Purchases of property and
equipment

(15,197,120)

(50,616,409)

(6,934,420)

(87,764,045)

(79,582,039)

(10,902,695)

Purchases of intangible
assets

(573,808)

(37,057)

(5,077)

(740,406)

(37,057)

(5,077)

Proceeds from disposal of
property and equipment

(11,715,110)

(283,895)

(38,893)

2,951,611

139,900,865

19,166,340

Payment for acquisition of
minority equity

Purchases of a long-term
investment

(3,600,000)

(493,198)

(10,400,000)

(1,424,794)

Repayment of Advances for
acquisitions

Purchases of short-term
investments

(60,449,565)

(262,680,045)

Proceeds from short-term
investments

6,154,723

(1,660,895)

(227,542)

167,009,370

417,701,142

57,224,822

Increase of long-term time
deposits

(63,340,000)

(63,340,000)

(222,230,000)

(30,445,385)

Purchases of investments in
equity securities

Proceeds from disposal of
equity securities

21,812,329

2,988,277

21,812,329

2,988,277

Proceeds from disposal of
subsidiaries

37,800,000

2,807,500

384,626

Loan to related parties

(588,000)

(80,556)

(858,000)

(117,546)

Repayment from related parties

363,347

49,778

363,347

49,778

Loan to third parties

1,200,000

164,399

Repayment of loan from third
parties

14,553,007

5,900,000

808,297

Loan to franchisees

(6,609,495)

(8,673,811)

(1,188,306)

(22,643,074)

(14,323,812)

(1,962,354)

Repayment from franchisees

24,896,351

16,870,520

2,311,252

121,145,169

84,337,321

11,554,165

Net cash (used in) provided
by investing activities

(126,834,024)

(25,213,871)

(3,454,286)

(93,708,413)

345,391,596

47,318,454

Financing activities:

Distribution to the
shareholders

(70,176,000)

(9,614,073)

(70,936,321)

(9,718,236)

Repurchase of ordinary
shares

(19,706,775)

(65,162)

(8,927)

(19,706,775)

(365,284)

(50,044)

Loan from non controlling
interest

272,500.00

272,500.00

Repayment of short-term
borrowings

(7,700,000)

(200,000)

(27,400)

(458,300,000)

(117,200,000)

(16,056,334)

Proceeds from bank loans

57,000,000

174,000,000

200,000,000

27,399,888

Capital contribution from
noncontrolling interest
holders

(966,000)

(132,341)

Net cash used in financing
activities

29,865,725

(70,441,162)

(9,650,400)

(303,734,275)

10,532,395

1,442,933

Effect of exchange rate
changes on cash and cash
equivalents and restricted
cash

84,902

6,957,333

953,151

32,095

4,299,468

589,025

Net increase in cash, cash
equivalents and restricted
cash

(110,394,762)

(14,456,679)

(1,980,557)

57,638,981

733,601,226

100,502,956

Cash, cash equivalents and
restricted cash at the
beginning of the year

901,995,474

1,539,658,617

210,932,366

733,961,731

791,600,712

108,448,853

Cash, cash equivalents and
restricted cash at the end
of the year

791,600,712

1,525,201,938

208,951,809

791,600,712

1,525,201,938

208,951,809

 

 

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

Year Ended

 December 31,
2023

 December 31,
2024

 December 31,
2024

 December 31,
2023

  December 31,
2024

  December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Net income

8,630,731

(72,824,109)

(9,976,862)

260,527,599

107,314,353

14,702,006

Deduct:

Other operating
income

11,362,962

12,898,817

1,767,131

27,169,901

60,147,558

8,240,182

Interest income
and other, net

10,329,773

12,633,535

1,730,787

41,371,162

40,072,068

5,489,851

Gains from
investment in
equity securities

Share of gain in
equity investees,
net of tax

Other income, net

34,336,161

4,704,035

22,783,714

16,474,064

2,256,938

Add:

Other operating
expenses

3,569,166

2,652,292

363,363

11,704,553

7,090,463

971,389

Impairment loss
of goodwill

81,008,000

11,098,050

81,008,000)

11,098,050

Other general
expenses

52,287,493

69,084,799

9,464,579

79,583,586

80,841,330)

11,075,217

Income tax
expenses
(benefits) 

26,116,933

12,758,025

1,747,842

118,452,255

88,726,969

12,155,545

Share of loss in
equity investees,
net of tax

522,092

700,781

96,007

1,392,002

1,165,474

159,669

Interest expenses

916,820

1,824,933

250,015

14,053,841

6,310,152

864,487

Depreciation and
amortization

24,382,512

26,575,903

3,640,884

116,870,237

115,746,538

15,857,211

Losses from
investment in
equity securities

943,283

9,544,253

1,307,557

5,378,104

14,953,679

2,048,646

Other expense,
net

20,142,532

Adjusted
EBITDA
(Non-GAAP)

115,818,827

71,456,364

9,789,482

516,637,400

386,463,268

52,945,249

Quarter Ended

Year Ended

 December 31,
2023

 December 31,
2024

 December 31,
2024

 December 31,
2023

 December 31,
2024

 December 31,
2024

RMB

RMB

US$

RMB

RMB

US$

Net income

8,630,731

(72,824,109)

(9,976,862)

260,527,599

107,314,353

14,702,006

Deduct:

Government
subsidies (net
of 25% tax)

3,129,127

7,122,585

975,790

9,800,432

11,967,221

1,639,503

Gains from
investment in
equity securities
(net of 25% tax)

Other income (net
of 25% tax)

25,752,121

3,528,026

17,087,786

12,355,548

1,692,703

Add:

Share-based
compensation

(16,594)

(46,986)

(6,437)

Losses from
investments in
equity securities
(net of 25% tax)

707,462

7,158,190

980,668

4,033,578

11,215,259

1,536,484

Other expense
(net of 25% tax)

15,106,898

One-time fees
and expenses

828,267

621,172

85,100

3,010,039

2,335,161

319,916

Impairment loss
of goodwill

81,008,000

11,098,050

81,008,000

11,098,050

Other general
expenses

52,287,493

69,084,799

9,464,579

79,583,586

80,841,330

11,075,217

Income tax
expenses
related to
dividend
distribution

5,698,810

780,734

19,195,050

2,629,711

Core net income
(Non-GAAP)

74,415,129

57,825,169

7,922,016

320,266,584

277,586,384

38,029,179

Core net income
per ADS
(Non-GAAP)

Class A ordinary
share-basic and
diluted

0.73

0.57

0.08

3.14

2.73

0.37

Class B ordinary
share-basic and
diluted

0.73

0.57

0.08

3.14

2.73

0.37

 

Hotel Operational Data

December 31,
2023

December 31,
2024

Total hotels in operation:

4,238

4,425

    Leased and owned hotels

65

55

    Franchised hotels

4,173

4,370

Total hotel rooms in operation

309,495

321,182

    Leased and owned hotels

7,318

6,624

    Franchised hotels

302,177

315,018

Number of cities

360

352

Quarter Ended

2023 Q4

2024 Q4

 Occupancy rate (as a percentage)

 Leased-and-owned hotels

66.9 %

65.5 %

 Franchised hotels

72.5 %

68.6 %

 Blended

72.4 %

68.6 %

 Average daily rate (in RMB)

 Leased-and-owned hotels

 

241

 

241

 Franchised hotels

 

175

 

167

 Blended

 

177

 

169

RevPAR (in RMB)

 Leased-and-owned hotels

 

161

 

158

 Franchised hotels

 

127

 

115

 Blended

 

128

 

116

 

 

Number of Hotels in Operation

Number of Hotel Rooms in Operation

December 31,
2023

December 31,
2024

December 31,
2023

December 31,
2024

 Mid-to-up-scale

474

553

45,488

51,649

 GreenTree Eastern

222

239

24,377

25,683

 Deepsleep Hotel

7

8

534

610

 Gem

71

105

6,292

9,386,

 Gya

71

74

5,899

6,155

 Vx

92

105

8,041

9,093

 others

11

22

345

722

 Mid-scale

2,975

2,978

230,100

230,298

 GreenTree Inn

2,220

2,340

179,631

183,439

 GT Alliance

568

505

40,134

37,631

 GreenTree Apartment

20

24

1,308

1,545

Vatica                                

110

109

7,805

7,683

 Economy hotels

789

894

33,907

39,335

Shell

789

894

33,907

39,335

Total

4,238

4,425

309,495

321,282

Restaurant Operational Data

December 31,
2023

December 31,
2024

Total restaurants in operation:

194

182

    Leased and owned restaurants

42

18

    Franchised restaurants

152

164

Number of cities

65

53

Da Niang Dumplings

162

161

Bellagio

32

21

Total restaurants in operation:

194

182

Quarter Ended

2023 Q4

2024 Q4

ADT

Leased-and-owned restaurants

141

186

Franchised restaurants

84

78

Blended

99

93

AC (in RMB)

Leased-and-owned restaurants

89

99

Franchised restaurants

37

33

Blended

51

46

ADS (in RMB)

Leased-and-owned restaurants

12,501

18,384

Franchised restaurants

3,127

2,605

Blended

5,090

4,234

For more information, please contact:

GreenTree
Ms. Selina Yang
Phone: +86-158-2166-6251
E-mail: ir@998.com

Mr. Maple Miao
Phone: +86-181-0184-0639
E-mail: ir@998.com     

Christensen

In Shanghai
Mr. Jerry Xu
Phone: +86-138-1680-0706
E-mail: jerry.xu@christensencomms.com

In Hong Kong 
Ms. Karen Hui 
Phone: +852-9266-4140
E-mail: karen.hui@christensencomms.com 

In the US
Ms. Linda Bergkamp 
Phone: +1-480-614-3004
E-mail: linda.bergkamp@christensencomms.com 

Introducing Daia 3-in-1 Softergent Lavender: Neelofa loves how it keeps clothes fresh, soft, and clean–without additional softener or luxury perfume

KUALA LUMPUR, Malaysia, April 24, 2025 /PRNewswire/ — In today’s fast-paced world, where time is precious and household chores seem endless, many Malaysian families struggle with the complexity of laundry day. The need to juggle multiple products—detergents, softeners, and perfumes—each catering to a different function, such as cleaning, softening, or adding fragrance, can quickly turn an ordinary task into a time-consuming, costly, and cluttered ordeal. With busy schedules, these added complexities only make laundry feel more like a burden. Consumers are now seeking a simpler, more efficient solution that saves time, reduces clutter, and delivers the results they need with less hassle. Daia responds to this demand with the launch of Daia 3-in-1 Softergent Lavender, a laundry solution that combines powerful cleaning, a luxurious lavender fragrance that leaves clothes feeling soft, and 99.9% antibacterial protection in one convenient product.

Introducing Daia 3-in-1 Softergent Lavender: 2X Power Clean, Luxurious Lavender Fragrance, and 99.9% Antibacterial Protection
Introducing Daia 3-in-1 Softergent Lavender: 2X Power Clean, Luxurious Lavender Fragrance, and 99.9% Antibacterial Protection

Mr. Ng Hock Guan, Country Manager of Gentle Supreme Sdn. Bhd, said, “Malaysian households need products that deliver more than just clean clothes—they want added value in every wash. Daia 3-in-1 Softergent Lavender delivers exactly that. Its 2X Power Clean formula removes tough stains, while the added softener and luxurious lavender fragrance leave clothes soft and fresh—no need for extra products like softeners or perfumes. It also provides 99.9% antibacterial protection and keeps clothes smelling great, even when dried indoors”.

Powered by Smart ION Technology™, Daia 3-in-1 Softergent Lavender ensures a deep clean by preventing dirt from reattaching to clothes. The formula offers exceptional cleaning performance, without the need for soaking or scrubbing, while remaining gentle on both hands and fabrics.

The new Daia 3-in-1 Softergent Lavender was unveiled today in Malaysia by renowned entrepreneur and media personality Neelofa, the Brand Ambassador of Daia range of products.

“As a busy entrepreneur and mother, I’m always looking for ways to simplify my life without compromising on quality. Daia 3-in-1 Softergent Lavender has truly transformed my laundry routine. I no longer need separate detergent, softener, or luxury perfume. It not only cleans and softens but also leaves my family’s clothes with a luxurious lavender fragrance that lasts. The antibacterial protection gives me peace of mind, knowing our clothes and kids are safe. It’s the perfect solution for all households,” says Neelofa, Brand Ambassador of Daia range of products.

In addition to sharing her experience using Daia Softergent Lavender, Neelofa engaged with her fans during a special meet & greet session.

Daia 3-in-1 Softergent Lavender offers a smarter, more convenient way to achieve superior cleaning, luxurious lavender fragrance, and 99.9% antibacterial protection—ideal for all households. Experience the effortless cleaning power of Daia 3-in-1 Softergent Lavender, now available in stores nationwide.

The Daia 3-in-1 Softergent Lavender is available in both liquid and powder formats. The Daia Smart liquid detergent retails at a recommended price of RM 26.90 for a 3.6kg bottle and RM 11.90 for a 1.5kg soft pack. The Daia powder detergent is available in a 2.1kg pack, priced at RM 15.90. All variants are available at all channels nationwide.

About Gentle Supreme
Gentle Supreme was established in Malaysia and one of the best-known corporations in Indonesia with several decades’ worth of experience in a wide range of household and food products. Gentle Supreme brands have become one of the most trusted brands among Malaysians and continues to embrace new consumer expectations by providing household and food products of uncompromising quality.

NaaS Technology Inc. Announces Plan to Implement ADS Ratio Change

BEIJING, April 24, 2025 /PRNewswire/ — NaaS Technology Inc. (Nasdaq: NAAS) (“NaaS” or the “Company”), the first U.S.-listed EV charging service company in China, today announced that that it will change the ratio of its American Depositary Shares (the “ADSs”) to its Class A ordinary shares (the “ADS Ratio”), par value US$0.01 per share, from the current ADS Ratio of one ADS to 200 Class A ordinary shares to a new ADS Ratio of one ADS to 800 Class A ordinary shares. The change in the ADS Ratio will become effective on April 28, 2025 (U.S. Eastern Time) (“Effective Date”).

For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-four reverse ADS split. Each ADS holder of record at the close of business on the Effective Date will be required to surrender and exchange every 4 existing ADSs then held for one new ADS. JPMorgan Chase Bank, N.A., as the depositary bank for the Company’s ADS program, will arrange for the exchange of the current ADSs for the new ones.  The Company’s ADSs will continue to be traded on the Nasdaq Stock Market under the symbol “NaaS.”

No fractional new ADSs will be issued in connection with the change in the ADS Ratio.  Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank.  The change in the ADS Ratio will have no impact on the Company’s underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio.

As a result of the change in the ADS Ratio, the ADS trading price is expected to increase proportionally, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be proportionally equal to or greater than 4 times the ADS trading price before the change.

About NaaS Technology Inc.

NaaS Technology Inc. is the first U.S. listed EV charging service company in China. The Company is a subsidiary of Newlinks Technology Limited, a leading energy digitalization group in China. The Company is one of the leading providers of new energy asset operation services. The Company utilizes advanced technology to intelligently match charging supply with demand, offering electric vehicle users a seamless, efficient, and smart charging experience. Furthermore, NaaS empowers charging stations and charging station operators to optimize their operations, driving greater efficiency and enhancing profitability.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS’ goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China’s EV charging industry and EV charging service industry and NaaS’ future business development; demand for and market acceptance of NaaS’ products and services; NaaS’ ability to protect and enforce its intellectual property rights; NaaS’ ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS’ operation, fluctuations of the RMB exchange rate, and NaaS’ ability to obtain adequate financing for its planned capital expenditure requirements; NaaS’ relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS’ filings with the SEC.

For investor and media inquiries, please contact:

Investor Relations
NaaS Technology Inc.
E-mail: ir@enaas.com 

Media inquiries:
E-mail: pr@enaas.com 

10% Rebate: Bybit Card Introduces USDC Cashback

DUBAI, UAE, April 24, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, now offers cashback in both of the dominant USD-denominated stablecoins for Bybit Card holders. With the introduction of USDC cashback in addition to USDT, BTC, and ecosystem partner token AVAX, Bybit Card holders may now earn rewards in a cryptocurrency of their choice through daily spendings.

Starting Apr. 18, Bybit Card holders will be able to diversify their cashback earnings into USDC. Once approved, new users will receive a virtual card compatible with Apple Pay or Google Pay, and be invited to choose a default cashback option on the Card Rewards page after logging in.

Depending on the cardholder’s VIP level, they may receive up to 10% or $150 in cashback for eligible spending.

One of the most popular stablecoins worldwide, USDC is a game-changing financial innovation with standout features:

  • Stable: Fully backed by cash and cash-equivalent assets, always redeemable 1:1 for USD.
  • Frictionless: USDC can be moved across borders with instant finality at minimal cost.
  • Open: Available 24/7, making it easy to send, spend, or save anytime.

10% Rebate: Bybit Card Introduces USDC Cashback
10% Rebate: Bybit Card Introduces USDC Cashback

“The Bybit Card is about crafting an inclusive experience for our diverse customers. The introduction of the USDC cashback option is tailored for cardholders prioritizing stable returns, and we are looking to expand the range of rewards as the Bybit Card continues to grow,” said Joan Han, Head of the Payment Business Unit at Bybit. 

With more than 1.7 million cards issued globally, the Bybit Card offers a nimble solution for users to top up, spend, and earn yield and rewards, with their digital assets. Bybit Card holders are swipes away from their payment and spending needs with the virtual or physical card, accessible anywhere within the global Mastercard network.

Key Features of the Bybit Card:

  • Instant virtual card: users will get a versatile card instantly, compatible with Apple Pay and Google Pay.
  • Crypto convenience: spending in crypto, and cash withdrawals from any ATM worldwide that supports Mastercard for added convenience with the physical card.
  • No annual fees and up to 8% APY and 10% cashback
  • Year-round perks: 100% rebates on selected partners including Netflix and ChatGPT, plus air lounge access, early-bird access to Tomorrowland Brasil 2025, and seasonal benefits
  • Multi-asset support: USDC, USDT, BTC, ETH, AVAX, and more.

Restrictions apply. Users may find out more about the Bybit Card, regional rewards, and eligibility: Bybit Crypto Card: Your Ultimate Crypto Debit Card.

#Bybit / #TheCryptoArk / #TheBybitCard

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

 

Vingroup Advances Sustainability Through a Holistic Ecosystem Approach

Vingroup is shaping a green ecosystem that seamlessly integrates sustainability into transportation, urban living, and environmental conservation, under Chairman Phạm Nhật Vượng’s visionary leadership.


HANOI, VIETNAM – Media OutReach Newswire – 24 April 2025 – As climate change intensifies and sustainable practices become a global priority, businesses are increasingly called upon to address environmental challenges. Vingroup, a diversified conglomerate led by its Chairman – Vietnamese billionaire Phạm Nhật Vượng, has embraced this responsibility by developing a green ecosystem in Vietnam. This comprehensive approach integrates sustainable transportation, eco-friendly urban developments, and environmental initiatives, positioning the group to contribute meaningfully to both economic progress and environmental conservation.

Vinhomes Ocean Park 1 urban area, part of the Vingroup ecosystem.
Vinhomes Ocean Park 1 urban area, part of the Vingroup ecosystem.

Central to this ecosystem are efforts like VinFast’s electric vehicles, Vinhomes’ green urban projects, and Vinpearl’s sustainable tourism practices. These initiatives demonstrate how a corporate strategy can align operational priorities with sustainability goals, aiming to lower greenhouse gas emissions, conserve resources, and promote environmentally friendly living.

Driving Sustainable Transportation, One EV At A Time

A key component of Vingroup’s green ecosystem is its emphasis on sustainable transportation, driven by VinFast. Focused on producing electric vehicles, including cars, scooters, buses, and bicycles, VinFast plays a vital role in reducing carbon emissions while aligning with global clean mobility trends.

In Q4 2024, the car company posted record-breaking sales in Vietnam, securing its position as the leading player in the domestic market. This milestone highlights a significant consumer shift toward sustainable transportation and reinforces VinFast’s expanding role in addressing this growing demand.

In addition to VinFast’s contributions, initiatives like Xanh SM and V-GREEN expand the ecosystem’s impact. These programs promote electric ride-hailing services and invest in charging infrastructure, making sustainable transportation more accessible. By addressing urban mobility challenges and reducing air pollution, they form part of a broader strategy to integrate sustainability into urban planning.

Creating Sustainable Urban Spaces

Vingroup extends its environmental commitment to urban living through Vinhomes. These residential projects emphasize green spaces, renewable energy, and energy-efficient infrastructure. Certified green buildings within Vinhomes developments contribute to reduced energy consumption and align with international standards for sustainable urban development.

Vinhomes also encourages environmentally conscious practices among residents. Incentives such as vouchers for electric cars and scooters have led to increased adoption of clean transportation within these communities. Public spaces are designed to accommodate pedestrians and cyclists, reinforcing a culture of sustainable urban living.

Vingroup’s sustainability efforts further extend to Vinpearl, its tourism and hospitality division. Resorts and hotels under the Vinpearl brand incorporate waste reduction, water conservation, and biodiversity protection measures. Initiatives such as rainwater collection systems and closed-loop wastewater treatment highlight how tourism can operate responsibly while minimizing environmental impacts.

Supporting Broader Environmental Goals

Beyond its business operations, Vingroup advances environmental conservation through the Green Future Fund. This initiative supports renewable energy research, reforestation programs, and community engagement efforts. Activities like tree planting campaigns enhance ecosystems and promote greater awareness of sustainability.

Chairman Phạm Nhật Vượng’s vision for a cohesive green ecosystem exemplifies how established businesses like Vingroup can balance economic development with environmental responsibility. By prioritizing sustainable transportation, eco-friendly urban living, and conservation, Vingroup aligns its operations with global initiatives to tackle climate challenges and promote sustainable development.

Hashtag: #Vingroup

The issuer is solely responsible for the content of this announcement.