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Bridging the “Last Mile” of Medical Innovation: ICMIS 2025 Successfully Concludes with Capital and Industry Collaborating to Accelerate Commercialization

HONG KONG, Dec. 23, 2025 /PRNewswire/ — In the current global MedTech landscape, technological breakthroughs are only the starting point. The real measure of scientific research is whether laboratory discoveries can be translated into safe, effective, and widely used clinical products. Yet the development of medical technology is often complex and challenging. In an increasingly rational market environment, constructing sustainable business models and aligning long-term capital with cutting-edge technologies have become critical priorities for innovation-driven enterprises.

Within this context, the 2nd International Cerebro-cardiovascular Medical Innovation Summit (ICMIS 2025), organised by the InnoHK Hong Kong Centre for Cerebro-cardiovascular Health Engineering (COCHE), has successfully concluded on December 9 at the Hong Kong Science Park. Over the two days, the summit attracted over 240 registers, including 22 global speakers from Chinese Mainland, Hong Kong SAR, Japan, the United Kingdom and the United States of America. Following the first day that focused on advances in AI and imaging technologies in cerebro-cardiovascular health, the second day emphasized on the commercialization strategies, investment considerations, and ecosystem development.

The summit brought together leaders in translational medicine from world-renowned universities, alongside decision-makers from AstraZeneca, Shanghai Innovation Bank, and leading venture capital firms. Moving beyond a purely academic discussion, speakers shared insights on intellectual property strategy, venture capital perspectives, and the construction of industrial ecosystems. Through a high-level medical innovation competition, the summit built a practical pathway to assess both the scientific achievements and business models professionally to expedite the translation of MedTech to both local and international markets.

From Scientists to Entrepreneurs: Reshaping the Business Logic of Medical Innovation

In the fourth main forum session “From Scientists to Entrepreneurs: Reshaping the Business Logic of Medical Innovation,” a distinguished panel explored how cutting‑edge scientific ideas can be transformed into scalable healthcare businesses. The discussion spanned the entire spectrum from imaging breakthroughs to financing and ecosystem development. Prof. Susumu MORI, Founder of Corporate‑M and Professor in the Department of Radiology at Johns Hopkins University School of Medicine, Ms. Jennifer CHE, President and Managing Director of Eagle IP, and Prof. Yi ZHANG, Research Professor in the Department of Biomedical Engineering at Zhejiang University, anchored the conversation around medical imaging innovation, intellectual property strategy, and clinical translation. Expanding the dialogue, Ms. Scarlett CHEN, Managing Partner at Verge HealthTech Fund, Ms. Dandan YE, Executive Director and Head of Healthcare and Syndication at Shanghai Innovation Bank, and Dr. Chandler CHEN, Executive Director of International Business Development and Head of Ecosystem Alliance at AstraZeneca, delved into venture capital funds, innovating financing models for MedTech startups, and the role of global ecosystem partnerships in advancing commercialization. Collectively, the speakers illuminated the journey from laboratory discovery to market adoption, emphasizing that sustainable medical innovation requires strategic IP protection, patient centric marketing, long-term capital management, and cross‑border collaboration among investors, industry, and academia.

Synergy of Capital and Ecosystem: Building a Full-Chain Support System

Medical technology development stands apart from many traditional sectors due to its reliance on long-term capital investment, and access to clinical, regulatory, and industrial resources. To explore these strategic requirements, the roundtable discussion “Investment Tips for Medical Innovation: Evaluating Deep Tech, Clinical Impact, and Ecosystem Synergies in High-Stakes Healthcare Investment” brought together experts from venture capital, banking, and pharmaceutical companies for a focused, high-level dialogue.

Participants emphasized the importance of scalability as a key factor in investment decisions. AI and digital health solutions, with their “build once, deploy repeatedly” nature, are particularly well suited to deliver the returns that investors seek while also enhancing access to healthcare. The chair highlighted Hong Kong’s strategic position as a bridge between East and West, advocating for a closer integration of its robust basic research capabilities with the engineering and industrialization strengths of the Mainland China and the broader Asia-Pacific region. The conversation also underscored the necessity of an early mindset shift for successful translation from academic research to industrial application. Research teams are encouraged to consider commercialization and intellectual property considerations from the outset of R&D, paving a smoother path from the laboratory to clinical practice.

Putting Tech to the Test: Innovation Project Roadshow

The discussion of business logic and capital ecosystems ultimately requires validated through tangible innovative projects. Serving as a vital bridge between academia and industry, this “Medical Innovation Competition” brought together eight teams from HK Tech 300, HKSTP and COCHE. Each team showcased the translational potential of their research to a distinguished panel of nearly twenty leading scholars, investors, and industry experts.

To maximize real-world impact, the competition employed a totally new dual‑panel structure instead of a single jury. An Expert Review Panel, consisting of clinicians and scientists evaluated each finalist’s scientific rigor, clinical value, and regulatory feasibility. Meanwhile, an Investment Judging Panel, composed of seasoned investors and industry leaders, focused on business models, go-to-market strategies, and collaboration opportunities. Each team delivered a concise pitch, followed by in‑depth questioning from the Expert Review Panel and the Investment Judging Panel.

This format fostered a two‑way learning mechanism. Academic experts gained clearer insight into commercial viability and business risks, while investors received direct explanations of technological barriers, innovation depth, and clinical challenges. Evaluating projects from both scientific and financial perspectives led to more comprehensive assessments, and teams received targeted guidance on development priorities, regulatory planning, and partnership pathways. As a result, the dual‑panel mechanism was highly praised by both panel members and contestants, and was recognized as an effective model for accelerating the journey from laboratory innovation to real‑world implementation.

ICMIS 2025 Concludes Successfully

With the announcement of the competition awards, the two-day ICMIS 2025 concluded on a high note. Ir. Prof. Kannie W.Y. CHAN, Director of the Hong Kong Centre for Cerebro-cardiovascular Health Engineering (COCHE); Professor in the Department of Biomedical Engineering and the Department of Electrical Engineering at the City University of Hong Kong; and Adjunct Professor in the Department of Radiology and Radiological Science at Johns Hopkins University, delivered the closing remark. She summarizing the summit’s key outcomes and future vision, highlighting the event’s success in exploring the frontiers of AI-enabled health technology and digital health platforms, and examining the pivotal role of medical imaging in managing cerebral-cardiovascular health. The summit provided a platform to discuss strategies for translating and commercializing biomedical innovations, demonstrating how challenges in the field can be transformed into opportunities that benefit both local and global communities. She also expressed appreciation to the sponsors, including United Imaging, and to the panels for their support of COCHE’s first Medical Innovation Competition. Looking ahead, she expressed her anticipation for the next ICMIS.

ICMIS 2025 has not only bolstered Hong Kong’s international academic standing in cerebro-cardiovascular health engineering but also added momentum to the convergence and translation of global medical innovation resources through substantive collaboration agreements and project matchmaking. Moving forward, COCHE will continue to build an international platform that accelerates the translation of frontier technologies from the laboratory to the clinic, benefiting patients with cerebro-cardiovascular diseases worldwide.

SHAKE UP THE SELTZER AISLE: SWRL LAUNCHES AMERICA’S FIRST ZERO-SUGAR, 89-CALORIE “MAKGEOLLI SELTZER”

The “Fizzy Little Rebellion” brings Korea’s oldest fermentation tradition to the U.S. with a modern twist: It’s cloudy, it’s conscious, and you have to swirl it.

NEW YORK, Dec. 23, 2025 /PRNewswire/ — SWRL, the world’s first Makgeolli seltzer, has officially launched in the U.S., introducing Korea’s iconic cloudy rice wine to the hard seltzer aisle.

SWRL, the world’s first Makgeolli seltzer
SWRL, the world’s first Makgeolli seltzer

At 3.7% ABV, zero sugar, and just 89 calories, SWRL offers a lighter way to drink—without stripping away texture or character. Instead of chasing the ultra-clear, one-note profile of typical seltzers, the brand introduces a softly cloudy, rice-fermented alternative built around flavor, mouthfeel, and a signature “swirl-to-sip” ritual.

For years, hard seltzer has been defined by clarity: crystal clear liquid, clean but artificial profiles, and near-identical drinking experiences. But as the category matures, consumers are seeking beyond interchangeable bubbles. They want flavor depth, sensory texture, and drinks that feel intentional rather than industrial. SWRL enters at this inflection point, offering a new category rooted in fermentation and rice.

In the glass—or rather, the can—SWRL delivers a mouthfeel closer to a pet-nat (pétillant naturel) wine than a standard seltzer. Once swirled, the rice sediment blends into a creamy, silky fizz with a gentle tang, reminiscent of kombucha but softer and rounder. The bubbles stay delicate, allowing the cloudy body and rice character to lead rather than disappear.

Across the lineup, the goal is consistent: keep the sip light while letting Makgeolli’s natural rice texture and nuanced flavors shine through.

  • Original: Delicately rice-forward with subtle natural sweetness and a smooth, creamy finish.
  • Yuzu & Pine Needles: Opens with bright citrus and a crisp herbal note, finishing clean with a resinous pine edge.
  • Earl Grey: Layers bergamot aromatics with a gentle fermented grip, evoking a tea-like complexity with a cloudy twist.
  • Mixed Cherries: Starts juicy and tart, then settles into a plush rice note that prevents the fruit from veering into cloying sweetness.

Key Specs:

  • 3.7% ABV
  • 89 Calories
  • Zero Sugar
  • Gluten-Free & Vegan
  • Naturally cloudy from real Korean rice fermentation

“We wanted to show that ‘light’ doesn’t have to mean ’empty’,” said Inji Kim, founder of SWRL. “By using rice fermentation and unexpected flavor pairings, we built a seltzer with texture and personality—something you actually feel when you drink it. Swirl the can, sip, and feel the texture. This is what hard seltzer has been missing.”

Availability SWRL is now available at select retailers across New York City and for online shipping to 40 states via sipswrl.com.

About SWRL SWRL is a modern beverage brand reimagining Korean Makgeolli through a ready-to-drink seltzer format. Built around rice fermentation, a naturally cloudy texture, and a signature swirl ritual, SWRL offers a new kind of hard seltzer—lighter to drink, richer in experience.

The brand has already gained international recognition for its creative vision, earning the Red Dot Design Award: Brands & Communication Design 2025. Looking ahead, SWRL plans to expand its portfolio in 2026 with a non-alcoholic lineup, bringing the same cloudy texture and rice-forward experience to sober-curious and wellness-minded drinkers.

Bybit Claimed Top Spot in 24-Hour Spot Trading Volume, Riding on NIGHT Trading Surge

DUBAI, UAE, Dec. 23, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, closes the year with a new milestone. The exchange captured the highest spot trading market share on December 22, 2025, surpassing industry peers with over $9.2 billion in 24-hour spot trading volume.

Offering spot, derivatives, TradFi products, and tokenized equities, payment and settlement, wealth management services, P2P, and on-chain yield products and services, Bybit has established itself as a Traders’ House consolidating all trading needs into one intuitive platform.

On December 22, 2025,  Bybit Spot recorded over $9.2 billion in 24-hour trading volume, securing the No. 1 position among leading centralized exchanges. In August 2024, Bybit unlocked an all-time high daily trading volume of over $107 billion without glitches or disruptions. The new achievement further underscores Bybit’s robust liquidity infrastructure and its capacity to efficiently handle high-volume trading activity during periods of heightened market interest.

Bybit Spot’s latest accolade was driven by exceptional trading activity in NIGHT/USDT, which emerged as the hottest trading pair on the platform. According to data from CoinMarketCap (CMC) on December 22, Bybit dominated the peak of NIGHT’s trading frenzy, commanding more than 77% of NIGHT’s network-wide trading activity, or $7.6 billion out of $9.2 billion in total market liquidity for NIGHT in 24 hours.

Data from CoinGecko from the same period corroborates the exchange’s performance and lion’s share of NIGHT trading volumes. Bybit’s 24-hour spot trading volume exceeded $9.2 billion, up by 97.6%, with the NIGHT/USDT trading pair accounting for over 80% of Bybit’s spot trading volume during the same period.

“This achievement reflects both Bybit’s capacity to handle significant trading volumes and our commitment to help traders capture high-potential opportunities in the crypto space,” said Emily Bao, Head of Spot at Bybit. “By providing top-notch liquidity and dependable infrastructure for emerging assets like NIGHT, Bybit stands ready to support our users in capitalizing on market opportunities while maintaining the execution quality and reliability they expect from us,” she said.

Source: CoinGecko (December 22, 2025)
Source: CoinGecko (December 22, 2025)

The surge highlighted Bybit’s role as a primary liquidity hub for emerging digital assets and reinforces the exchange’s competitive standing in the global cryptocurrency trading landscape. As market dynamics continue to evolve, Bybit remains focused on scaling its infrastructure to meet growing demand while maintaining industry-leading security and reliability.

#Bybit / #CryptoArk / #IMakeIt

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 80 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

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GreenTree Hospitality Group Ltd. Reports Third Quarter of 2025 Financial Results

  • Total revenues decreased by 15.0% year over year to RMB303.6 million (US$42.6 million)[1].
  • Income from operations was RMB70.1 million (US$9.8 million)[1] compared to RMB106.4 million for the third quarter of 2024.
  • Net income was RMB60.3 million (US$8.5 million)[1] compared to RMB65.2 million for the third quarter of 2024.
  • Adjusted EBITDA (non-GAAP) [2] decreased 6.1% year over year to RMB115.0 million (US$16.1 million)[1]
  • Cash from operations increased 3.8% year over year to RMB144.5 million (US$20.3 million) [1]

SHANGHAI, Dec. 23, 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 third quarter of 2025. 

Third Quarter of 2025 Operational Highlights

Hotels 

  • A total of 4,533 hotels with 323,510 hotel rooms were in operation as of September 30, 2025.
  • The Company opened 41 hotels and had a pipeline of 1,248 hotels contracted for or under development as of September 30, 2025.
  • The average daily room rate was RMB173, a decrease of 4.1% from RMB181 in the third quarter of 2024.
  • The occupancy rate was 71.3%, decreased from 74.6% in the third quarter of 2024.
  • Revenue per available room, or RevPAR, was RMB124, an 8.4% year-over-year decrease.

[1]. The conversion of  Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.1190 on September 30, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/20251006/.

[2]. Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, share of loss in equity investees, net of tax, interest expense, depreciation and amortization, losses from investment in equity securities, other general expenses, and other expense, net, but excludes other operating income, interest income and other, net, gains from investment in equity securities, share of gains in equity investees (net of tax), and other income, net. The calculation of Adjusted EBITDA (non-GAAP) included in this report has been aligned according to the above-mentioned definition.

[3]. Core net income (non-GAAP) is calculated as net income plus share-based compensation, losses from investments in equity securities (net of 25% tax), other expense(net of 25% tax), one-time fees and expense, income tax expenses related to dividend distribution, and other general expenses but excludes government subsidies (net of 25% tax), gains from investment in equity securities (net of 25% tax), and other income (net of 25% tax).

[4]. Each ADS represents one ordinary share.

Restaurants

  • A total of 185 restaurants were in operation as of September 30, 2025.
  • The AC (average check) was RMB37, a 19.3% year-over-year decrease.
  • The ADT (average daily tickets) was 100, down from 106 in the third quarter of 2024.
  • The ADS (average daily sales per store) was RMB3,714, a decrease of 24.1% from RMB4,891 in the third quarter of 2024.

Third Quarter of 2025 Financial Results

Quarter Ended

September 30, 2024

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

118,159,125

41,117,277

159,276,402

Franchised-and-managed

revenues

167,928,127

1,757,933

169,686,060

Wholesales and others

796,488

27,766,790

-544,290

28,018,988

Total revenues

286,883,740

70,642,000

-544,290

356,981,450

Quarter Ended

September 30, 2025

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Revenues

Leased-and-operated revenues

115,597,165

26,516,648

-34,568

142,079,245

19,957,753

Franchised-and-managed

revenues

138,566,905

1,848,818

140,415,723

19,724,080

Wholesales and others

311,831

21,018,623

-219,986

21,110,468

2,965,370

Total revenues

254,475,901

49,384,089

-254,554

303,605,436

42,647,203

Nine Month Ended

September 30, 2024

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Revenues

Leased-and-operated revenues

346,552,738

130,792,112

477,344,850

Franchised-and-managed

revenues

476,898,409

5,527,686

482,426,095

Wholesales and others

2,881,694

77,272,388

-1,004,493

79,149,589

Total revenues

826,332,841

213,592,186

-1,004,493

1,038,920,534

Nine Month Ended

September 30, 2025

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Revenues

Leased-and-operated revenues

310,356,692

85,575,101

-241,982

395,689,811

55,582,218

Franchised-and-managed

revenues

424,320,098

5,025,292

429,345,390

60,309,789

Wholesales and others

1,790,129

56,530,382

-663,791

57,656,720

8,098,991

Total revenues

736,466,919

147,130,775

-905,773

882,691,921

123,990,998

Total revenues were RMB303.6 million (US$42.6 million)[1],a 15.0% year-over-year decrease.

Hotel revenues were RMB254.5 million (US$35.7 million)[1], a 11.3% year-over-year decrease due to an 8.4% year-over-year decrease in RevPAR and the closure of 7 L&O hotels since the fourth quarter of 2024 due to lease expirations and strategic reviews. The decrease was partially offset by revenues from new openings.

Restaurant revenues were RMB49.4 million (US$6.9 million)[1], a 30.1% year-over-year decrease, mainly due to lower ADS and the decrease in the number of L&O stores.

Total revenues for the first nine months of 2025 were RMB882.7 million (US$124.0 million)[1], a 15.0% year-over-year decrease.

Total revenues from leased-and-operated, or L&O, hotels and restaurants were RMB142.1 million (US$20.0 million)[1], a 10.8% year-over-year decrease.

Total revenues from L&O hotels were RMB115.6 million (US$16.2 million)[1], a 2.2% year-over-year decrease. The decrease was primarily attributable to a 7.9% year-over-year decrease in L&O hotels’ RevPAR, the closure of 7 L&O hotels since the fourth quarter of 2024, offset by revenues from the opening of 4 L&O hotels since the fourth quarter of 2024.

Total revenues from L&O restaurants were RMB26.5 million (US$3.7 million)[1], a 35.5% year-over-year decrease, mainly due to the closure of 8 L&O restaurants since the fourth quarter of 2024 and the year-over-year decrease in ADS.

Total revenues from L&O hotels and restaurants for the first nine months of 2025 were RMB395.7 million (US$55.6 million)[1], a 17.1% year-over-year decrease.

Total revenues from franchised-and-managed, or F&M, hotels and restaurants were RMB140.4 million (US$19.7 million)[1], a 17.2% year-over-year decrease.

Total revenues from F&M hotels were RMB138.6 million (US$19.5 million)[1], a 17.5% year-over-year decrease, primarily due to a temporary waiver of RMB15 million of management fees for hotels facing business difficulties. Excluding this temporary fee waiver, revenues from F&M hotels decreased 8.6% year over year, due to an 8.3% decrease in F&M hotels’ RevPAR.

Total revenues from F&M restaurants were RMB1.8 million (US$0.3 million)[1], a 5.2% year-over-year increase, mainly due to the opening of 28 franchised restaurants since the fourth quarter of 2024.

Total revenues from F&M hotels and restaurants for the first nine months of 2025 were RMB429.3 million (US$60.3 million)[1], a 11.0% year-over-year decrease.

Total revenues from wholesale and others were RMB21.1 million (US$3.0 million)[1], a 24.7% year-over-year decrease, mainly due to the decline in the wholesale segment of the restaurant business.

Total revenues from wholesale and others for the first nine months of 2025 were RMB57.7 million (US$8.1 million)[1], a 27.2% year-over-year decrease.

Total operating costs and expenses

Quarter Ended

September 30, 2024

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

155,278,796

53,365,650

-475,648

208,168,798

Selling and marketing expenses

12,899,411

2,881,942

-68,642

15,712,711

General and administrative expenses

32,309,079

7,023,449

39,332,528

Other operating expenses

1,363,201

654,777

2,017,978

Other general expenses

Total operating costs and expenses

201,850,487

63,925,818

-544,290

265,232,015

Quarter Ended

September 30, 2025

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Operating costs and expenses

Operating costs

134,346,844

43,015,455

-254,554

177,107,745

24,878,178

Selling and marketing expenses

11,314,233

2,133,816

13,448,049

1,889,036

General and administrative expenses

22,001,373

2,180,546

24,181,919

3,396,814

Other operating expenses

5,652,433

1,158,623

6,811,056

956,743

Other general expenses

19,483,576

19,483,576

2,736,842

Total operating costs and expenses

192,798,459

48,488,440

-254,554

241,032,345

33,857,613

Nine Month Ended

September 30, 2024

RMB

RMB

RMB

RMB

Hotel

Restaurant

Elimination

Total

Operating costs and expenses

Operating costs

450,888,078

170,642,273

-916,517

620,613,834

Selling and marketing expenses

41,576,925

8,473,078

-87,975

49,962,028

General and administrative expenses

119,706,277

22,802,128

142,508,405

Other operating expenses

2,301,445

2,136,726

4,438,171

Other general expenses

11,756,531

11,756,531

Total operating costs and expenses

626,229,256

204,054,205

-1,004,492

829,278,969

Nine Month Ended

September 30, 2025

RMB

RMB

RMB

RMB

US$

Hotel

Restaurant

Elimination

Total

Total

Operating costs and expenses

Operating costs

429,606,985

127,143,822

-905,774

555,845,033

78,079,089

Selling and marketing expenses

34,279,177

6,698,306

40,977,483

5,756,073

General and administrative expenses

93,293,494

12,655,909

105,949,403

14,882,624

Other operating expenses

9,942,672

1,600,920

11,543,592

1,621,519

Other general expenses

31,094,887

31,094,887

4,367,873

Total operating costs and expenses

598,217,215

148,098,957

-905,774

745,410,398

104,707,178

Operating costs were RMB177.1 million (US$24.9 million)[1], a 14.9% year-over-year decrease.

Operating costs of the hotel business were RMB134.3 million (US$18.9 million)[1], a 13.5% year-over-year decrease. The decrease was mainly attributable to lower rental resulting from the closure of L&O hotels.

Operating costs of the restaurant business in the third quarter of 2025 were RMB43.0 million (US$6.0 million)[1], a 19.4% year-over-year decrease, due to the closure of L&O stores.

For the first nine months of 2025, operating costs were RMB555.8 million (US$78.1 million)[1], a 10.4% year-over-year decrease.

Selling and marketing expenses were RMB13.4 million (US$1.9 million)[1], a 14.4% year-over-year decrease.

Selling and marketing expenses of the hotel business were RMB11.3 million (US$1.6 million)[1], a 12.3% year-over-year decrease. The decrease was mainly due to lower staff related costs.

Selling and marketing expenses of the restaurant business were RMB2.1 million (US$0.3 million)[1], a 26.0% year-over-year decrease, mainly attributable to lower travelling expenses and lower sales-channel commissions.

For the first nine months of 2025, selling and marketing expenses were RMB41.0 million (US$5.8 million)[1], a 18.0% year-over-year decrease.

General and administrative, or G&A expenses were RMB24.2 million (US$3.4 million)[1], a 38.5% year-over-year decrease.

G&A expenses of the hotel business were RMB22.0 million (US$3.1 million)[1], a 31.9% year-over-year decrease. The decrease was mainly attributable to lower bad debt provisions for long-aged account receivables, lower staff related expenses, and lower consulting fees.

G&A expenses of the restaurant business were RMB2.2 million (US$0.3 million)[1], a 69.0% year-over-year decrease, mainly due to lower staff related expenses, lower office expenses, and a decrease in depreciation and amortization and bad debt provisions for long-aged account receivables.

General and administrative expenses for the first nine months of 2025 were RMB105.9 million (US$14.9 million)[1], a 25.7% year-over-year decrease.

Other general expenses were RMB19.5 million (US$2.7 million)[1], entirely attributable to provisions for loan receivables related to franchisee loans.

Other general expenses for the first nine months of 2025 were RMB31.1 million (US$4.4 million)[1], up from RMB11.8 million one year ago.

Gross profit was RMB126.5 million (US$17.8 million)[1], a year-over-year decrease of 15.0%. Gross margin was 41.7%, the same as the third quarter of 2024. Gross profit of the hotel business was RMB120.1 million (US$16.9 million)[1], an 8.7% year-over-year decrease. Gross profit of the restaurant business was RMB6.4 million (US$0.9 million)[1], a 63.1% year-over-year decrease.

Income from operations in the third quarter of 2025 was RMB70.1 million (US$9.8 million)[1], compared to income from operations of RMB106.4 million in the third quarter of 2024, with a margin of 23.1%. The lower profitability was due to the exemption of fees from franchisees, the loss from disposal of L&O hotels, and bad debt provisions. Excluding these, the adjusted income from operations decreased 1.9% year over year, and the margin for the third quarter of 2025 was 34.6%, up from 31.5% one year ago, thanks to lower operating costs and expenses.

Income from operations of the hotel business was RMB69.1 million (US$9.7 million)[1], compared to income from operations of RMB99.5 million in the third quarter of 2024, with a margin of 27.2%. Excluding the impact of the above-mentioned items on hotels, adjusted income from operations of the hotel business increased 3.6% year over year, and the margin for the third quarter of 2025 was 40.5%, up from 36.8% one year ago, due to lower operating costs and expenses.

Income from operations of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], compared to income from operations of RMB6.9 million in the third quarter of 2024, with a margin of 1.9%.

Income from operations for the first nine months of 2025 was RMB155.5 million (US$21.8 million)[1] compared to income from operations of RMB263.1 million in 2024, with a margin of 17.6%.

Net income in the third quarter of 2025 was RMB60.3 million (US$8.5 million)[1], compared to a net income of RMB65.2 million in the third quarter of 2024, and net margin was 19.9%. The decrease was mainly due to the decline in income from operations, which were negatively impacted by the above-mentioned items, and foreign exchange losses. Excluding these one-time or non-operation impacts, adjusted net income was RMB90.5 million, an increase of 5.7%, with a margin of 28.4%.

Net income of the hotel business was RMB59.5 million (US$8.4 million)[1], up from net income of RMB58.6 million in the third quarter of 2024, and net margin was 23.4%. Excluding the impact of the above-mentioned items, which were composed of impacts by exemption of fees from franchisees in 2025Q3, the disposal of L&O hotels, the bad debt provisions, as well as foreign exchange losses, the adjusted net income of hotel business was RMB89.6 million, an increase of 13.4% year over year, with a margin of 33.3%.

Net income of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], compared to a net income of RMB6.6 million in the third quarter of 2024, and net margin was 1.8%.

Net income for the first nine months of 2025 was RMB253.1 million (US$35.6 million)[1], compared to a net income of RMB184.8 million in 2024, and net margin was 28.7%.

Adjusted EBITDA (non-GAAP)[2] in the third quarter of 2025 was RMB115.0 million (US$16.1 million)[1], a year-over-year decrease of 6.1%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP)[2] as a percentage of total revenues, was 37.9%, compared to 34.3% a year ago, primarily due to lower operating costs and disciplined expense management.

Adjusted EBITDA (non-GAAP)[2] of the hotel business in the third quarter of 2025 was RMB110.2 million (US$15.5 million)[1], a year-over-year decrease of 0.3%, with a margin of 43.3%, up from 38.5% one year ago.

Adjusted EBITDA (non-GAAP)[2] of the restaurant business in the third quarter of 2025 was RMB4.8 million (US$0.7 million)[1], a year-over-year decrease of 52.5%.

Adjusted EBITDA (non-GAAP)[2] for the first nine months of 2025 was RMB258.7 million (US$36.3 million)[1], a year-over-year decrease of 17.9%.

Core net income (non-GAAP)[3] in the third quarter of 2025 was RMB78.0 million (US$11.0 million)[1], a year-over-year decrease of 16.5%. The core net margin, defined as core net income (non-GAAP)[3] as a percentage of total revenues, was 25.7%, compared to 26.2% one year ago.

Core net income (non-GAAP)[3] of the hotel business in the third quarter of 2025 was RMB77.2 million (US$10.8 million)[1], a year-over-year decrease of 11.2%, with a margin of 30.3%, the same as one year ago.

Core net income (non-GAAP)[3] of the restaurant business in the third quarter of 2025 was RMB0.9 million (US$0.1 million)[1], a year-over-year decrease of 86.7%.

Core net income (non-GAAP)[3] for the first nine months of 2025 was RMB158.0 million (US$22.2 million)[1], a year-over-year decrease of 29.6%.

Earnings per American Depositary Share, or ADS[4], (basic and diluted) were RMB0.60 (US$0.08)[1], decreased from RMB0.65 one year ago.

Earnings per American Depositary Share, or ADS[4], (basic and diluted) for the first nine months of 2025 were RMB2.53 (US$0.36)[1], decreased from RMB1.83 one year ago.

Core net income per ADS[4] (basic and diluted) (non-GAAP) was RMB0.77 (US$0.11)[1], decreased from RMB0.92 a year ago.

Core net income per ADS[4] (basic and diluted) (non-GAAP) was RMB1.56 (US$0.22)[1] for the first nine months of 2025, a decrease from RMB2.21 a year ago.

Cash flow: Operating Cash inflow was RMB144.5 million (US$20.3 million)[1], as a result of income from operations. Investing cash outflow for the third quarter of 2025 was RMB167.4 million (US$23.5 million)[1], primarily due to an advance payment for the purchase of strategic assets. Financing cash outflow was nil (US$0.0 million)[1] in the third quarter.

Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits. As of September 30, 2025, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of RMB2,014.6 million (US$283.0 million)[1],compared to RMB2,034.9 million as of June 30, 2025. The decrease of RMB20.3 million was mainly due to an advance payment for the purchase of strategic assets, and was offset by cash from operating activities.

Guidance

Based on our performance in the first nine months of this year and considering the impact from the closure of certain L&O hotels due to lease expirations and business strategy adjustments, we maintain our previous revenue guidance for the hotel business to be in the range of -10% to -13% year-over-year.

Use of Non-GAAP Financial Measures

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

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

The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest expense/income, gains/losses from investments in equity securities, income tax expenses, share-based compensation, share of loss in equity investees, government subsidies and other relevant items both in our reconciliations to the corresponding 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 September 30, 2025, GreenTree had a total number of 4,533 hotels and 185 restaurants. In 2024, HOTELS magazine ranked GreenTree 13th 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 2024 according to the China Hospitality Association.

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, and efficient system, 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

 September 30

 September 30 

2,024

2,025

2,025

 RMB

 RMB

 US$

 ASSETS

 Current assets:

 Cash and cash equivalents

1,490,235,562

1,638,695,772

230,186,230

 Restricted cash

16,096,476

14,733,054

2,069,540

 Short-term investments

10,475

25,747

3,617

 Accounts receivable, net of allowance

99,688,034

105,663,744

14,842,498

 Amounts due from related parties

21,839,929

21,184,099

2,975,713

 Inventories

6,881,470

6,774,539

951,614

 Other current assets

114,898,590

107,569,096

15,110,140

 Loans receivable, net

85,463,467

46,212,004

6,491,362

 Total current assets

1,835,114,003

1,940,858,055

272,630,714

 Non-current assets:

 Amounts due from a related party

110,000,000

110,000,000

15,451,608

 Restricted cash

18,869,900

18,869,900

2,650,639

 Long-term time deposits

285,570,000

285,570,000

40,113,780

 Loans receivable, net

15,372,238

13,842,756

1,944,480

 Property and equipment, net

649,528,210

622,995,148

87,511,609

 Intangible assets, net

75,677,551

73,999,664

10,394,671

 Goodwill

96,074,468

96,074,468

13,495,500

 Long-term investments

184,024,217

208,539,976

29,293,437

 Operating lease right-of-use assets

1,328,582,419

1,297,598,192

182,272,537

 Other assets

102,545,847

273,179,697

38,373,325

 Deferred tax assets

245,760,095

241,431,976

33,913,749

  TOTAL ASSETS

4,947,118,948

5,182,959,832

728,046,049

 LIABILITIES AND EQUITY

 Current liabilities:

Long-term bank loans, current portion 

400,000

400,000

56,188

 Accounts payable

56,488,405

49,486,457

6,951,321

 Advance from customers

25,684,437

27,019,373

3,795,389

 Amounts due to related parties

17,462,176

18,341,649

2,576,436

 Salary and welfare payable

78,234,582

74,551,051

10,472,124

 Deferred revenue

175,046,178

170,182,790

23,905,435

 Accrued expenses and other current liabilities

481,910,291

535,728,663

75,253,359

 Income tax payable

88,876,497

91,412,799

12,840,680

 Operating lease liabilities, current

241,363,244

217,018,055

30,484,345

 Total current liabilities

1,165,465,810

1,184,140,837

166,335,277

 Long-term bank loans

256,200,000

256,000,000

35,960,107

 Deferred revenue

176,353,919

147,187,989

20,675,374

 Other long-term liabilities

120,975,955

123,126,896

17,295,533

 Operating lease liabilities, non-current

1,215,776,075

1,228,789,575

172,607,048

 Deferred tax liabilities

79,670,908

69,755,914

9,798,555

 Unrecognized tax benefits

440,072,214

441,868,751

62,068,935

  TOTAL LIABILITIES

3,454,514,881

3,450,869,962

484,740,829

Shareholders’ equity:

Class A ordinary shares

222,587,070

222,587,070

31,266,620

Class B ordinary shares

115,534,210

115,534,210

16,228,994

Treasury Stock

-37,043,116

-48,049,536

-6,749,478

Additional paid-in capital

1,609,972,272

1,609,972,272

226,151,464

Retained earnings (Accumulated losses)

-458,337,569

-202,062,349

-28,383,530

Accumulated other comprehensive income

6,033,263

3,426,086

481,259

Total GreenTree Hospitality Group Ltd.

shareholders’ equity

1,458,746,130

1,701,407,753

238,995,329

Non-controlling interests

33,857,937

30,682,117

4,309,891

Total shareholders’ equity

1,492,604,067

1,732,089,870

243,305,220

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

4,947,118,948

5,182,959,832

728,046,049

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

Nine Month Ended

  September 30,

2024

 September 30,

2025

 September 30,

2025

  September 30,

2024

 September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated revenues

159,276,402

142,079,245

19,957,753

477,344,850

395,689,811

55,582,218

Franchised-and-managed revenues

169,686,060

140,415,723

19,724,080

482,426,095

429,345,390

60,309,789

Wholesales and others

28,018,988

21,110,468

2,965,370

79,149,589

57,656,720

8,098,991

Total revenues

356,981,450

303,605,436

42,647,203

1,038,920,534

882,691,921

123,990,998

Operating costs and expenses

Operating costs

-208,168,798

-177,107,745

-24,878,178

-611,613,834

-555,845,033

-78,079,089

Selling and marketing expenses

-15,712,711

-13,448,049

-1,889,036

-49,962,028

-40,977,483

-5,756,073

General and administrative expenses

-39,332,528

-24,181,919

-3,396,814

-151,508,405

-105,949,403

-14,882,624

Other operating expenses

-2,017,978

-6,811,056

-956,743

-4,438,171

-11,543,592

-1,621,519

Other general expenses

-19,483,576

-2,736,842

-11,756,531

-31,094,887

-4,367,873

Total operating costs and expenses

-265,232,015

-241,032,345

-33,857,613

-829,278,969

-745,410,398

-104,707,178

Other operating income

14,654,068

7,498,608

1,053,323

53,422,304

18,260,956

2,565,101

Income from operations

106,403,503

70,071,699

9,842,913

263,063,869

155,542,479

21,848,921

Interest income and other, net

7,488,034

9,850,340

1,383,669

27,438,533

28,413,766

3,991,258

Interest expense

-116,161

-1,730,823

-243,127

-4,485,219

-5,548,738

-779,427

Gains (losses) from investment in equity securities

10,015,229

4,643,770

652,307

-5,409,426

29,444,565

4,136,054

Other income, net

-34,653,121

-6,293,033

-883,977

-17,862,097

91,036,418

12,787,810

Income before income taxes

89,137,484

76,541,953

10,751,785

262,745,660

298,888,490

41,984,616

Income tax expense

-24,330,641

-18,950,376

-2,661,944

-77,512,335

-49,134,106

-6,901,827

Income (loss) before share of gains in equity

investees

64,806,843

57,591,577

8,089,841

185,233,325

249,754,384

35,082,789

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

405,064

2,741,144

385,046

-464,693

3,345,017

469,872

Net income(loss)

65,211,907

60,332,721

8,474,887

184,768,632

253,099,401

35,552,661

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

288,968

480,612

67,511

1,319,147

3,175,820

446,105

Net income attributable to ordinary shareholders

65,500,875

60,813,333

8,542,398

186,087,779

256,275,221

35,998,766

Net earnings per share

Class A ordinary share-basic and diluted

0.65

0.6

0.08

1.83

2.53

0.36

Class B ordinary share-basic and diluted

0.65

0.6

0.08

1.83

2.53

0.36

Net earnings per ADS[4]

Class A ordinary share-basic and diluted

0.65

0.6

0.08

1.83

2.53

0.36

Class B ordinary share-basic and diluted

0.65

0.6

0.08

1.83

2.53

0.36

Weighted average shares outstanding

Class A ordinary share-basic and diluted

66,778,809

66,134,836

66,134,836

66,780,008

66,467,723

66,467,723

Class B ordinary share-basic and diluted

34,762,909

34,762,909

34,762,909

34,762,909

34,762,909

34,762,909

Other comprehensive income, net of tax

Foreign currency translation adjustments

6,463,594

-12,270,580

-1,723,638

-1,642,157

-2,607,177

-366,228

Comprehensive income, net of tax

71,675,501

48,062,141

6,751,249

183,126,475

250,492,224

35,186,433

Comprehensive loss/(income) attributable to non-controlling

interests

288,968

480,612

67,511

1,319,147

3,175,820

446,105

Comprehensive income (loss) attributable to

ordinary shareholders

71,964,469

48,542,753

6,818,760

184,445,622

253,668,044

35,632,538

 

GreenTree Hospitality Group Ltd.

Unaudited Hotel Business Results

Quarter Ended

Nine Month Ended

  September 30,

2024

 September 30,

2025

 September 30,

2025

  September 30,

2024

 September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated revenues

118,159,125

115,597,165

16,237,837

346,552,738

310,356,692

43,595,546

Franchised-and-managed revenues

167,928,127

138,566,905

19,464,378

476,898,409

424,320,098

59,603,891

Others

796,488

311,831

43,803

2,881,694

1,790,129

251,458

Total revenues

286,883,740

254,475,901

35,746,018

826,332,841

736,466,919

103,450,895

Operating costs and expenses

Hotel operating costs

-155,278,796

-134,346,844

-18,871,589

-450,888,078

-429,606,985

-60,346,535

Selling and marketing expenses

-12,899,411

-11,314,233

-1,589,301

-41,576,925

-34,279,177

-4,815,168

General and administrative expenses

-32,309,079

-22,001,373

-3,090,514

-119,706,277

-93,293,494

-13,104,859

Other operating expenses

-1,363,201

-5,652,433

-793,993

-2,301,445

-9,942,672

-1,396,639

Other general expenses

-19,483,576

-2,736,842

-11,756,531

-31,094,887

-4,367,873

Total operating costs and expenses

-201,850,487

-192,798,459

-27,082,239

-626,229,256

-598,217,215

-84,031,074

Other operating income

14,496,942

7,458,115

1,047,635

51,347,340

17,849,784

2,507,344

Income from operations

99,530,195

69,135,557

9,711,414

251,450,925

156,099,488

21,927,165

Interest income and other, net

7,467,287

9,815,879

1,378,828

27,376,005

28,318,804

3,977,919

Interest expense

-115,851

-1,706,980

-239,778

-4,484,909

-5,476,179

-769,234

Gains (losses) from investment in equity securities

10,015,229

4,643,770

652,306

-769,747

29,444,565

4,136,053

Other income, net

-34,647,093

-6,292,964

-883,967

-17,938,054

91,059,849

12,791,101

Income before income taxes

82,249,767

75,595,262

10,618,803

255,634,220

299,446,527

42,063,004

Income tax expense

-24,053,937

-18,884,574

-2,652,700

-76,155,862

-48,735,389

-6,845,819

Income (loss) before share of gains in equity

investees

58,195,830

56,710,688

7,966,103

179,478,358

250,711,138

35,217,185

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

405,064

2,741,144

385,046

-464,693

3,345,017

469,872

Net income(loss)

58,600,894

59,451,832

8,351,149

179,013,665

254,056,155

35,687,057

GreenTree Hospitality Group Ltd.

Unaudited Restaurant Business Results

Quarter Ended

Nine Month Ended

  September 30,

2024

 September 30,

2025

 September 30,

2025

  September 30,

2024

 September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Revenues

Leased-and-operated revenues

41,117,277

26,516,648

3,724,772

130,792,112

85,575,101

12,020,663

Franchised-and-managed revenues

1,757,933

1,848,818

259,702

5,527,686

5,025,292

705,898

Wholesales and others

27,766,790

21,018,623

2,952,468

77,272,388

56,530,382

7,940,776

Total revenues

70,642,000

49,384,089

6,936,942

213,592,186

147,130,775

20,667,337

Operating costs and expenses

Restaurant operating costs

-53,365,650

-43,015,455

-6,042,346

-170,642,273

-127,143,822

-17,859,787

Selling and marketing expenses

-2,881,942

-2,133,816

-299,735

-8,473,078

-6,698,306

-940,905

General and administrative expenses

-7,023,449

-2,180,546

-306,299

-22,802,128

-12,655,909

-1,777,765

Other operating expenses

-654,777

-1,158,623

-162,751

-2,136,726

-1,600,920

-224,880

Total operating costs and expenses

-63,925,818

-48,488,440

-6,811,131

-204,054,205

-148,098,957

-20,803,337

Other operating income

157,126

40,493

5,688

2,074,964

411,172

57,757

Income from operations

6,873,308

936,142

131,499

11,612,945

-557,010

-78,243

Interest income and other, net

20,746

34,461

4,841

62,528

94,962

13,339

Interest expense

-310

-23,843

-3,349

-310

-72,559

-10,192

Other income, net

-6,028

-69

-10

-33,122

-23,431

-3,291

Income before income taxes

6,887,716

946,691

132,981

11,642,041

-558,038

-78,387

Income tax expense

-276,704

-65,802

-9,243

-1,356,473

-398,717

-56,007

Income (loss) before share of gains in equity

investees

6,611,012

880,889

123,738

10,285,568

-956,755

-134,394

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

Net income(loss)

6,611,012

880,889

123,738

10,285,568

-956,755

-134,394

 

GreenTree Hospitality Group Ltd.

Unaudited Condensed Consolidated Statements of Cash Flows

Quarter Ended

Nine Month Ended

  September 30,

2024

 September 30,

2025

 September 30,

2025

  September 30,

2024

 September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Operating activities:

Net (loss) income

65,211,908

60,332,721

8,474,887

184,768,634

253,099,401

35,552,661

Depreciation and amortization

28,690,959

26,099,091

3,666,118

89,170,635

78,795,298

11,068,310

Gains from disposal of a long-term investment

-114,042,806

-16,019,498

Others non-cash expense(income)

-1,588,624

-2,741,144

-385,046

-5,904,430

-3,345,017

-469,872

Noncash lease expense

68,398,682

50,999,606

7,163,872

205,628,129

180,173,228

25,308,783

Loss from disposal of a subsidiary

-4,925,221

775,483

108,931

-5,764,903

775,483

108,931

Bad debt expenses

12,615,651

19,733,285

2,771,918

34,383,723

45,225,022

6,352,721

(Gains) losses and impairment on equity securities held

-10,015,229

-4,643,770

-652,307

5,409,426

-29,444,565

-4,136,054

Loss (gains) on disposal of property, plant and equipment

332,997

276,296

38,811

-24,783,238

467,060

65,608

Foreign exchange (gains)losses

7,449,403

4,237,778

595,277

-1,314,548

10,127,472

1,422,598

Accounts receivable

-5,363,153

5,854,925

822,436

-13,092,304

-20,377,565

-2,862,420

Inventories

223,113

494,549

69,469

15,112,676

106,931

15,021

Amounts due from related parties

2,188,419

139,368

19,577

2,488,246

572,990

80,487

Other current assets

-6,330,209

33,546,181

4,712,204

-1,245,258

8,866,126

1,245,417

Other assets

-2,775,493

-192,983

-27,108

-1,474,535

-9,548,953

-1,341,333

Accounts payable

-7,758,061

-1,610,758

-226,262

-20,318,304

-9,902,317

-1,390,970

Amounts due to related parties

788,969

2,624,576

368,672

-615,685

664,498

93,341

Salary and welfare payable

-10,164,582

-4,090,971

-574,655

-11,588,641

-3,693,966

-518,888

Deferred revenue

17,893,291

-8,940,240

-1,255,828

-13,809,645

-34,029,318

-4,780,070

Advance from customers

-706,088

-61,982

-8,707

-1,123,375

1,425,038

200,174

Accrued expenses and other current liabilities

35,754,773

7,204,618

1,012,027

32,469,157

53,524,791

7,518,583

Income tax payable

20,169,690

6,014,530

844,856

11,908,367

2,515,010

353,281

Unrecognized tax benefits

-4,844,361

-3,365,434

-472,740

-11,040,451

1,796,537

252,358

Operating lease liabilities

-80,036,795

-62,408,812

-8,766,514

-189,805,890

-160,177,582

-22,500,012

Other long-term liabilities

6,321,131

3,623,270

508,958

-1,998,698

2,150,941

302,141

Deferred taxes

7,711,357

10,604,620

1,489,622

21,677,657

-6,405,741

-899,809

Net cash provided by operating activities

139,242,527

144,504,803

20,298,468

299,136,745

249,317,996

35,021,489

Investing activities:

Purchases of property, plant and equipment

-8,771,704

-29,290,174

-4,114,366

-28,965,630

-48,647,716

-6,833,504

Proceeds from disposal of property, plant and equipment

451,660

4,114

578

140,184,760

241,448

33,916

Payment for acquisition of minority equity

966,000

Purchases of a long-term investment 

-6,800,000

-6,800,000

Proceeds from disposal of a long-term investment

109,036,386

15,316,250

Advances for purchases of property and equipment

-135,480,304

-19,030,805

-160,515,267

-22,547,446

Purchases of short-term investments 

7,875

1,106

-15,272

-2,145

Proceeds from short-term investments

419,362,037

Purchase of long-term time deposits

-222,230,000

Proceeds from disposal of subsidiaries

1,307,500

2,807,500

Loan to related parties

360,000

50,569

-270,000

-265,000

-37,224

Repayment from related parties

118,982

16,713

Loan to third parties

-1,200,000

Repayment of loan from third parties

304,111

5,900,000

Loan to fanchisees

-4,050,000

-7,121,960

-1,000,416

-5,650,000

-9,131,960

-1,282,759

Repayment from franchisees

16,489,580

4,133,925

580,689

67,466,801

18,818,018

2,643,351

Net cash (used in) provided by investing activities

-102,853

-167,386,524

-23,512,645

370,605,468

-90,360,381

-12,692,848

Financing activities:

Distribution to the shareholders

-760,321

Repurchase of ordinary shares

-300,122

-300,122

Repayment of short-term loans 

-117,000,000

-200,000

-28,094

Proceeds from bank loans

200,000,000

Capital contribution from non-controlling interest holders

-966,000

-966,000

Net cash provided by (used in) financing activities

-1,266,122

80,973,557

-200,000

-28,094

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

142,061

-1,701,849

-239,057

-2,657,865

-11,660,827

-1,637,984

Net (decrease) increase in cash and cash equivalents

138,015,613

-24,583,570

-3,453,234

748,057,905

147,096,788

20,662,563

Cash and cash equivalents at the beginning of the period

1,401,643,004

1,696,882,296

238,359,643

791,600,712

1,525,201,938

214,243,846

Cash and cash equivalents at the end of the period

1,539,658,617

1,672,298,726

234,906,409

1,539,658,617

1,672,298,726

234,906,409

 

GreenTree Hospitality Group Ltd.

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

Nine Month Ended

 September 30,

2024

 September 30,

2025

 September 30,

2025

 September 30,

2024

  September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Net income

65,211,908

60,332,721

8,474,887

184,768,634

253,099,401

35,552,661

Deduct:

Other operating income

14,654,068

7,498,608

1,053,323

53,422,304

18,260,956

2,565,101

Interest income and other, net

7,488,034

9,850,340

1,383,669

27,438,533

28,413,766

3,991,258

Gains from investment in equity securities

10,015,229

4,643,770

652,307

29,444,565

4,136,054

Share of gain in equity investees, net of tax

405,064

2,741,144

385,046

3,345,017

469,872

Other income, net

91,036,418

12,787,810

Add:

Other operating expenses

2,017,978

6,811,056

956,743

4,438,171

11,543,592

1,621,519

Other general expenses

19,483,576

2,736,842

11,756,531

31,094,887

4,367,873

Income tax expenses

24,330,641

18,950,376

2,661,944

77,512,335

49,134,106

6,901,827

Share of loss in equity investees, net of tax

464,693

Interest expenses

116,161

1,730,823

243,127

4,485,219

5,548,738

779,427

Depreciation and amortization

28,690,959

26,099,091

3,666,118

89,170,635

78,795,298

11,068,310

Losses from investment in equity securities

5,409,426

Other expense, net

34,653,121

6,293,033

883,977

17,862,097

Adjusted EBITDA (Non-GAAP)[2]

122,458,373

114,966,814

16,149,293

315,006,904

258,715,300

36,341,522

Quarter Ended

Nine Month Ended

 September 30,

2024

 September 30,

2025

 September 30,

2025

 September 30,

2024

  September 30,

2025

 September 30,

2025

RMB

RMB

US$

RMB

RMB

US$

Net income

65,211,908

60,332,721

8,474,887

184,768,634

253,099,401

35,552,661

Deduct:

Government subsidies (net of 25% tax)

4,374,750

3,857,357

541,840

4,844,636

9,304,998

1,307,065

Gains from investment in equity securities (net of

25% tax)

7,511,422

4,643,770

652,307

29,444,565

4,136,054

Other income (net of 25% tax)

96,788,015

13,595,732

Add:

Share-based compensation

15,662

46,986

Losses from investments in equity securities (net of

25% tax)

4,057,070

Other expense (net of 25% tax)

25,989,841

4,719,775

662,983

13,396,573

One-time fees and expenses

658,981

1,713,989

Other general expenses

19,483,576

2,736,842

11,756,531

31,094,887

4,367,873

Income tax expenses related to dividend distribution

13,496,240

2,000,000

280,938

13,496,240

9,299,300

1,306,265

Core net income (Non-GAAP)[3]

93,486,460

78,034,945

10,961,503

224,391,387

157,956,010

22,187,948

Core net income per ADS[4] (Non-GAAP)

Class A ordinary share-basic and diluted

0.92

0.77

0.11

2.21

1.56

0.22

Class B ordinary share-basic and diluted

0.92

0.77

0.11

2.21

1.56

0.22

Hotel Operational Data  

September 30,

2024

September 30,

2025

Total hotels in operation:

4,336

4,533

Leased and owned hotels

56

52

Franchised hotels

4,280

4,481

Total hotel rooms in operation

316,461

323,510

Leased and owned hotels

6,367

6,155

Franchised hotels

310,094

317,355

Number of cities

351

356

Quarter Ended

September 30,

2024

September 30,

2025

 Occupancy rate (as a percentage)

 Leased-and-operated hotels

75.90 %

70.90 %

 Franchised hotels

74.60 %

71.40 %

 Blended

74.60 %

71.30 %

 Average daily rate (in RMB)

 Leased-and-operated hotels

258

254

 Franchised hotels

179

171

 Blended

181

173

RevPAR (in RMB)

 Leased-and-operated hotels

196

180

 Franchised hotels

133

122

 Blended

135

124

Number of Hotels in Operation

Number of Hotel Rooms in Operation

September 30,

2024

September 30,

2025

September 30,

2024

September 30,

2025

 Mid-to-up-scale

527

572

49,763

53,108

 GreenTree Eastern

234

237

25,245

25,143

 Deepsleep Hotel 

7

8

534

610

 Gem

91

122

8,178

11,162

 Gya

73

72

6,071

6,010

 Vx

104

107

9,109

8,944

Others

18

26

626

1,239

 Mid-scale

2,965

3,016

230,580

227,049

 GreenTree Inn

2,336

2,391

184,086

186,236

 GT Alliance

498

495

37,366

31,819

 GreenTree Apartment

23

24

1,495

1,545

 Vatica

108

106

7,633

7,449

 Economy hotels

844

945

36,118

43,353

Shell

844

945

36,118

43,353

Total

4,336

4,533

316,461

323,510

Restaurant Operational Data

September 30, 2024

September 30, 2025

Total restaurants in operation:

182

185

Leased and owned restaurants

22

14

Franchised restaurants

160

171

Number of cities

53

53

Da Niang Dumplings

159

167

Bellagio

23

18

Quarter Ended

2024 Q3

2025 Q3

ADT

Leased-and-operated restaurants

188

223

Franchised restaurants

89

89

Blended

106

100

AC (in RMB) 

Leased-and-operated restaurants

100

79

Franchised restaurants

33

30

Blended

46

37

ADS (in RMB) 

Leased-and-operated restaurants

18,860

17,556

Franchised restaurants

2,950

2,628

Blended

4,891

3,714

For more information, please contact:

GreenTree

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

Ms. Hannah Zhang
Phone: +86-182-2560-8592
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

TWOPAGES Founder Ray Chen Reaffirms “Time as a Luxury” Vision at the Turning of the Year

LOS ANGELES, Dec. 23, 2025 /PRNewswire/ — As one year gives way to the next, time, often an abstract concept, becomes tangible. The transition invites reflection on what has passed and anticipation of what lies ahead. Against this backdrop of year-end review and new-year outlook, Ray Chen, Founder of TWOPAGES Curtains, a pioneer in modern window treatment solutions, has reaffirmed the brand’s long-term commitment to delivering on its belief that time itself is a form of luxury, one that can be meaningfully reclaimed through technology.

Image Source: Ray Chen, Founder of TWOPAGES
Image Source: Ray Chen, Founder of TWOPAGES

Ray Chen described TWOPAGES’ vision as one rooted in everyday life rather than abstract innovation. He noted that the brand’s ideal future is one in which technology quietly saves people time, allowing those reclaimed moments to be redirected toward what truly matters: spending time with family, enjoying an unhurried afternoon coffee in the sunlight, creating memories, and experiencing the richness of life. In this sense, TWOPAGES positions itself not simply as a curtain company, but as a brand that protects and enhances the most valuable experiences people hold in their lives.

The idea of “not wasting time” was the original motivation behind the founding of TWOPAGES. Years ago, while selecting curtains for a new home, Ray Chen encountered a process marked by repeated store visits, endless comparisons, confusing fabric options, complex measurements, and long waiting periods. What should have been a joyful step in creating a dream home instead became a source of frustration and fatigue. That experience exposed a gap between consumer expectations and reality, and ultimately sparked the creation of TWOPAGES.


This year, the TWOPAGES Design Contest brought together thousands of global submissions, and after months of interviews, reviews, and designer stories, we were proud to announce our six finalists. This was never just a contest—it was about voices, stories, and redefining home. Thank you to every creator who shared their vision with us. A heartfelt thank you to everyone who supported, shared, and helped bring this contest to life.

TWOPAGES’ early customer feedback consistently highlighted three phrases: easy to order, wide selection, and fast delivery. These responses reinforced the brand’s belief in a straightforward business principle, that saving time for users is, in itself, a way of creating value. For TWOPAGES, efficiency was never about cutting corners, but about respecting customers’ time and reducing unnecessary friction in the decision-making process.

Over time, the idea of “not wasting time” has evolved beyond shortening delivery cycles. It has come to mean making the entire customization journey simpler, more intuitive, and more transparent. TWOPAGES has continuously invested in product research and development to offer a broad range of window solutions that cater to diverse needs. At the same time, it has leveraged technology to reshape the purchasing experience through smart measurement tools, online customization, virtual consultations, and faster fulfillment, thereby eliminating weeks of waiting and minimizing confusion during the selection process.

One notable example emerged directly from customer feedback. As inquiries about curtain measurements repeatedly surfaced, TWOPAGES developed an online measurement application that transformed what had once been a time-consuming back-and-forth process into a self-guided, efficient one. With no proven blueprint to follow in this niche, the team chose to explore boldly within clearly defined principles, fully aware of the risk of failure. The success of the app underscored the brand’s belief that listening closely to users can directly drive meaningful innovation.

Image Source: TWOPAGES Brand Campaign at Times Square and Billboards
Image Source: TWOPAGES Brand Campaign at Times Square and Billboards

Looking ahead, Ray Chen emphasized that all cost savings ultimately trace back to time savings. Creating efficiency for businesses and freeing up time for individuals, he noted, represents one of the core values of commerce. Over the next ten years, TWOPAGES plans to deepen its commitment to the idea that time is a luxury through continued technological advancement. This will take shape in more refined menu-based customization, more immersive online measurement experiences, more efficient customer service systems, richer brand content, and a smoother end-to-end shopping journey.

By delivering consistent quality, transparent pricing, and reliable timelines, TWOPAGES aims to return saved time to users, so it can be invested where it truly belongs: in the moments, relationships, and experiences that define a fulfilling life.

About TWOPAGES

Founded in 2015, TWOPAGES is a global home décor brand dedicated to creating premium, customizable window treatment solutions. By combining craftsmanship and innovation, TWOPAGES simplifies the curtain-shopping experience through smart measurement tools, virtual consultations, and fast delivery. Visit https://twopagescurtains.com/ to learn more.

Hesai to Supply Solid-State Lidars for Food Delivery Company Meituan’s Drone Delivery Brand, Keeta Drone

PALO ALTO, Calif., Dec. 23, 2025 /PRNewswire/ — Hesai Technology (NASDAQ: HSAI; HKEX: 2525), a global leader in lidar solutions, today announced a strategic partnership with Keeta Drone — Meituan’s autonomous urban delivery sub-brand — accelerating the commercialization of the low-altitude economy. Under the agreement, Hesai will supply its second-generation solid-state lidar FTX for the next-generation drones of Keeta Drone.

Hesai to Supply Solid-State Lidars for Food Delivery Company Meituan's Drone Delivery Brand, Keeta Drone
Hesai to Supply Solid-State Lidars for Food Delivery Company Meituan’s Drone Delivery Brand, Keeta Drone

Recently, Morgan Stanley’s Global Embodied AI team released The Robot Almanac, highlighting that by 2050, global robot hardware revenue is projected to reach USD 25 trillion, with annual sales of 1.4 billion robots and a total number of 6.5 billion robots. Robots are expected to take many forms — including industrial robots, service robots, delivery drones, robotaxis and robotrucks, humanoid robots, and companion robots — with applications across manufacturing, healthcare, agriculture, transportation, and beyond.

As a pioneer in low-altitude logistics, Keeta Drone has built an integrated air–ground delivery network through its self-developed drone systems, expanding use cases from food delivery to pharmaceuticals and emergency supplies. To date, Keeta Drone has 65 delivery drone routes across multiple cities, including Beijing, Shenzhen, Shanghai, Guangzhou, Hong Kong and Dubai, completing more than 740,000 deliveries total.

Keeta Drone unveiled its fourth-generation long-range drone, the M-Drone 4L — the world’s first commercial delivery drone with lidar as a standardized component, combined with vision and GNSS for multi-modal sensor fusion. Hesai’s FTX lidar delivers advanced 3D perception capabilities that ensure safe and reliable delivery drone operations in complex urban, low-altitude environments. Featuring an ultra-wide field of view, FTX provides precise detection of power lines, tree branches, and other small obstacles along flight paths. Unaffected by lighting conditions or adverse weather, FTX enables a stable perception of delivery drones at night and in rain or fog.

During the launch event, Keeta Drone demonstrated a two-kilometer nighttime flight relying entirely on lidar-based navigation. This integration of lidar and breakthroughs in positioning technology allows Keeta Drone to perform nighttime navigation without relying on satellite or vision-based systems, achieving precise flight and positioning solely through lidar.

Compared with its previous generation, FTX offers a twofold increase in resolution, a significantly optimized form factor, and a 66% reduction in weight, substantially reducing integration complexity and manufacturing costs for delivery drone applications, and is scheduled to enter large-scale mass production and delivery in 2026.

Looking ahead, Hesai and Keeta Drone will continue to work closely together to enable Keeta Drone to build a robust, all-weather, high-density urban low-altitude logistics network supporting a wide range of real-world delivery scenarios.

 

NYSE Content Advisory: Pre-Market Update + S&P 500 Comes Off Third-Straight Winning Session

NEW YORK, Dec. 23, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins. 

 

NYSE Content advisory: Pre Market Update + S&P 500 Comes Off Third-Straight Winning Session

Ashley Mastronardi delivers the pre-market update on December 23rd

  • The S&P 500 is coming off its third straight winning session, led by AI and big tech stocks
  • The so-called ‘Santa Claus Rally’ begins on Wednesday. So far this year, the S&P 500 is up by over 16% year-to-date.
  • Investors digest the initial Q3 Real GDP report, which showed that the U.S. economy grew by 4.3% on a year-over-year basis

Opening Bell
Peerless ETFs in celebration of the Peerless Option Income Wheel ETF (NYSE Arca: WEEL)

Closing Bell
Little Saint Nick Foundation is celebrating 22 years of three million children served across North America

Click here to download the NYSE TV App

 

Mobvoi and Olares Announce Partnership to Redefine AI Productivity with the World’s First “Hybrid-Cloud” Note-Taking Earbuds

New integration empowers TicNote Pods to offer AI transcription and summarization and other AI features, giving professionals a choice between cloud-based convenience and local data sovereignty powered by Olares One’s NVIDIA 5090 Mobile GPU.

SAN FRANCISCO, Dec. 23, 2025 /PRNewswire/ — Mobvoi, a global leader in AI interaction and hardware, and Olares, the innovator behind the Personal AI Cloud, today announced a partnership designed to redefine the modern workflow. By integrating Mobvoi’s TicNote Pods with the computational power of Olares One, the two companies are introducing a flexible ecosystem that offers users an unprecedented choice between subscription-based cloud services and private, local processing.

Mobvoi and Olares Announce Strategic Partnership on Hybrid-Cloud AI Productivity
Mobvoi and Olares Announce Strategic Partnership on Hybrid-Cloud AI Productivity

The partnership centers on the TicNote Pods, a device that has already garnered significant industry acclaim as the world’s first 4G-enabled AI note-taking earbuds. Unlike traditional wearables that rely on a tethered smartphone, TicNote Pods operate autonomously. Whether in a boardroom, a lecture hall, or on a run, these earbuds capture high-fidelity audio and instant voice memos, ensuring that no critical information or sudden flash of inspiration is ever lost.

However, as AI becomes more integral to daily work, professionals increasingly seek options that cater to different data sensitivities. Recognizing this, Mobvoi and Olares have collaborated to create a “Local Mode” that expands the TicNote ecosystem.

Leveraging a local version of Shadow AI, Olares One processes incoming data to perform heavy-duty tasks, including multi-language translation, intelligent transcription, and contextual summarization.

This hybrid approach allows users to enjoy the convenience of Mobvoi’s public cloud services for general tasks while reserving Olares One for highly sensitive, confidential conversations.

To ensure that “local” does not mean “slower”, Olares One is engineered as a powerhouse. It runs on the self-developed, open-source Olares OS and is equipped with NVIDIA GeForce RTX 5090 mobile GPU. This hardware specification ensures that local AI tasks are executed with speed and precision that rivals top-tier cloud servers.

“The combination of TicNote Pods and Olares One is set to change the industry landscape,” said Peng Peng, Founder of Olares. “We are focused on helping professionals find the perfect balance between privacy and efficiency.

“TicNote Pods were designed to capture and make sense of every idea, meeting, and lecture in real time,” said Zhifei Li, Founder and CEO of Mobvoi. “By integrating with Olares One, we are giving professionals the freedom to choose how and where their AI processes work–whether leveraging the cloud for speed or their own private setup for sensitive data. Together, we are redefining productivity, privacy and AI-assisted knowledge management.

Both TicNote Pods and Olares One are currently capturing strong support via their respective crowdfunding campaigns on Kickstarter. These devices are scheduled to begin shipping to early backers in February 2026.

About Mobvoi

Mobvoi is an innovative AI tech company with in-house core technologies in the areas including speech recognition, natural language understanding, vertical search, etc. Its core consumer products include the TicWatch line of smartwatches and the AI voice recorder TicNote. Mobvoi recently achieved a successful listing on the Hong Kong Stock Exchange, signaling a new chapter in the company’s commitment to innovation and technology-driven solutions for its users.

Mobvoi is dedicated to redefining the next generation of human-machine interaction by bringing hardware/software integrated products into people’s daily life with a strong AI-centered approach.

To find out more about Mobvoi: https://www.mobvoi.com 

About Olares

Founded in 2022 and headquartered in Singapore, Olares is a global leading company specializing in privacy-first, open-source personal AI cloud. By fusing enterprise-grade security with flagship-level performance, Olares empowers individuals and teams to own their data and run powerful AI locally without cloud lock-in or subscriptions. Its flagship product, Olares One, is a high-performance on-device AI workstation, featuring one-click app deployment through Olares Market, iOS-style sandboxing, and a fully auditable open-source OS.

For more information, visit https://one.olares.com