{"id":519490,"date":"2021-07-28T19:18:10","date_gmt":"2021-07-28T23:18:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results\/"},"modified":"2021-07-28T19:18:10","modified_gmt":"2021-07-28T23:18:10","slug":"greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results\/","title":{"rendered":"GreenTree Hospitality Group Ltd. Reports First Quarter 2021 Financial Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <i><\/p>\n<ul type=\"disc\">\n<li>\n              <i>Total revenues increased 53.3% year-over-year to <span class=\"xn-money\">RMB241.2 million<\/span> (<span class=\"xn-money\">US$36.8 million<\/span>)\u00a0<sup>[1]<\/sup><\/i><br \/>\n              <i>.<\/i>\n            <\/li>\n<li>\n              <i>Income from operations increased 64.9% year-over-year to <span class=\"xn-money\">RMB61.4 million<\/span> (<span class=\"xn-money\">US$9.4 million<\/span>)<sup> [1]<\/sup>.<\/i>\n            <\/li>\n<li>\n              <i>Adjusted EBITDA (non-GAAP)<sup> [2]<\/sup> increased 74.3% year-over-year to <span class=\"xn-money\">RMB64.0 million<\/span> (<span class=\"xn-money\">US$9.8 million<\/span>)<sup> [1]<\/sup>.<\/i>\n            <\/li>\n<li>\n              <i>Core net income (non-GAAP) increased 58.3% year-over-year to <span class=\"xn-money\">RMB43.9 million<\/span> (<span class=\"xn-money\">US$6.7 million<\/span>)<sup> [1]<\/sup>.<\/i>\n            <\/li>\n<\/ul>\n<p>        <\/i>\n      <\/p>\n<p>\n        <span class=\"xn-location\">SHANGHAI<\/span>, <span class=\"xn-chron\">July 28, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0GreenTree Hospitality Group Ltd. (NYSE: GHG) (&#8220;GreenTree&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221;), a leading hospitality management group\u00a0in <span class=\"xn-location\">China<\/span>, today announced its unaudited financial results for the first quarter and fiscal year of 2021.<\/p>\n<p>\n        <b>First Quarter of 2021 Operational Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>A total of 4,464 hotels with 323,648 hotel rooms were in operation as of <span class=\"xn-chron\">March 31, 2021<\/span>, compared to 4,340 hotels and 315,335 hotel rooms as of <span class=\"xn-chron\">December 31, 2020<\/span>. <\/li>\n<li>As of <span class=\"xn-chron\">March 31, 2021<\/span>, the Company had 43 leased-and-operated (&#8220;L&amp;O&#8221;) hotels and 4,421 franchised-and-managed (&#8220;F&amp;M&#8221;) hotels in operation in 353 cities across <span class=\"xn-location\">China<\/span>, compared to 35 L&amp;O hotels and 3,963 F&amp;M hotels in operation in 342 cities as of <span class=\"xn-chron\">March 31, 2020<\/span>. The geographic coverage increased by 3.2% year over year. <\/li>\n<li>During the quarter, the Company opened 201 hotels, an increase of 139 compared to 62 hotels in the first quarter of 2020. Three of those hotels were in the luxury segment, 32 in the mid-to-up-scale segment, 136 in the mid-scale segment, and 30 in the economy segment. Geographically speaking, 9 hotels were in Tier 1 cities<sup> [3]<\/sup>, 65 in Tier 2 cities and the remaining 127 in Tier 3 and lower cities in <span class=\"xn-location\">China<\/span>.<br \/>The Company closed 77 hotels, 6 due to brand upgrades, and <span id=\"spanHghlt0c6c\">30 due to\u00a0non<\/span>-compliance with the Company&#8217;s brand and operating standards. The remaining 41 were closed for property related issues. The Company <span id=\"spanHghltecab\">added\u00a0124<\/span> hotels to its portfolio. <\/li>\n<li>As of <span class=\"xn-chron\">March 31, 2021<\/span>, the Company had a pipeline of 1,265 hotels contracted for or under development, among which 53 hotels were in the luxury hotel segment, 291 in the mid-to-up-scale segment, 516 in the mid-scale segment, and 405 in the economy segment. <\/li>\n<li>The average daily room rate, or ADR, for all hotels in operation, was <span class=\"xn-money\">RMB 151<\/span>, an increase of 0.8% from <span class=\"xn-money\">RMB150<\/span> in the first quarter of 2020, and a 7.0% decrease compared with <span class=\"xn-money\">RMB162<\/span> in the pre-COVID-19 first quarter of 2019. <\/li>\n<li>The occupancy rate, or OCC for all hotels in operation was 63.4%, an increase of 16.1% compared with 47.3% in the first quarter of 2020, and a 14.7% decrease compared with 78.1% in the pre-COVID-19 first quarter of 2019. <\/li>\n<li>The revenue per available room, or RevPAR, which is calculated by multiplying our hotels&#8217; ADR by its occupancy rate, was <span class=\"xn-money\">RMB 96<\/span>, a 35.1% year-over-year increase, and a 24.5% decrease compared with <span class=\"xn-money\">RMB127<\/span> in the pre-COVID-19 first quarter of 2019. <\/li>\n<li>As of <span class=\"xn-chron\">March 31, 2021<\/span>, the Company&#8217;s loyalty program had more than 59 million individual members and more than 1,710,000 corporate members, compared to over 56 million individual members and approximately 1,670,000 corporate members respectively as of <span class=\"xn-chron\">December 31, 2020<\/span>. <span id=\"spanHghltbe1b\">The Company\u00a0sold approximately 92.2% of room nights directly during the first quarter 2021 .<\/span><\/li>\n<\/ul>\n<p>&#8220;We achieved steady growth during the first quarter and continued to recover from the pandemic despite the resurgence of COVID-19 in many regions of <span class=\"xn-location\">China<\/span>&#8221; said Mr. <span class=\"xn-person\">Alex Xu<\/span>, Chairman and Chief Executive Officer of Greentree. &#8220;As the year unfolds, we remain very focused on our growth strategy which covers three particular areas. First, we are adding L&amp;O hotels in strategic locations, second, we are further expanding in tier 3 and lower cities and, third, we are further penetrating the Mid-to-Upscale segment. We are optimistic that travel will continue to recover as vaccine rollouts accelerate. This should translate into even better results next quarter. On behalf of our Board, I want to thank our team, franchisees and shareholders for their tremendous efforts and support.&#8221;<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">The conversion of Renminbi (&#8220;RMB&#8221;) into United States dollars (&#8220;US$&#8221;) is based on the exchange rate of\u00a0 US$1.00=RMB6.5518 on March 31, 2021 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at <a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/releases\/h10\/20210405\/\" class=\"prnews_a\" rel=\"nofollow noopener\">https:\/\/www.federalreserve.gov\/releases\/h10\/20210405\/<\/a><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt3d94\" class=\"prnews_span\">Adjusted EBITDA (non-GAAP) is calculated as net income plus other operating expenses, income tax expense, interest expense, depreciation and amortization, losses from investment in equity securities, share of loss in equity investees (net of tax), but excludes other operating income,\u00a0interest income and other, net, gains from investment in equity securities, share of gain 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 abovementioned definition.<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tier 1 Cities refers to Beijing, Shanghai, Shenzhen and Guangzhou; Tier 2 Cities refers to the 32 major cities, other than Tier 1 Cities, including provincial capitals, administrative capitals of autonomous regions, direct-controlled municipalities and other major cities designated as municipalities with independent planning by the State Council.\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>First Quarter of 2021 Financial Results<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31, <br \/>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31,<br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31, <br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Leased-and-operated hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,800,144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,113,308<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,564,564<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Franchised-and-managed hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt25e5\" class=\"prnews_span\">117,663,102<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,949,627<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,160,418<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltd9ab\" class=\"prnews_span\">5,932,745<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,149,523<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,091,230<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>157,395,991<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>241,212,458<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>36,816,212<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Total revenues <\/b>were <span id=\"spanHghlt6fe4\">RMB241.2<\/span> million (US$<span id=\"spanHghlt19a2\">36.8<\/span> million)<sup>\u00a0[1]<\/sup> , a <span id=\"spanHghlt4f79\">53.3<\/span>% year-over-year increase. The increase was primarily due to the sustained recovery in hotel operations from the impact of COVID-19 and our newly opened L&amp;O hotels. \u00a0Compared with <span id=\"spanHghltdce7\">the pre-COVID-19<\/span> first quarter of 2019, total revenues increased by <span id=\"spanHghltf299\">2.5<\/span>%. <\/p>\n<p>\n        <b>Total revenues from leased-and-operated hotels <\/b>were <span class=\"xn-money\">RMB56.1 million<\/span> (<span class=\"xn-money\">US$8.6 million<\/span>)<sup> [1]<\/sup>, <span id=\"spanHghltfab1\">a<\/span> 66.0% year-over-year increase. The increase was primarily due to the <span id=\"spanHghltab1d\">71.7<\/span>% year-over-year increase in L&amp;O hotels&#8217; RevPAR and revenues from the 12 L&amp;O hotels opened since the second quarter of 2020. The revenue increase was partially offset by the closure of 4 L&amp;O hotels over the same period. <\/p>\n<p>\n        <span id=\"spanHghlt9845\"><br \/>\n          <b>Total revenues from franchised-and-managed hotels <\/b>were <span class=\"xn-money\">RMB177.9 million<\/span> (<span class=\"xn-money\">US$27.2 million<\/span>)<sup> [1]<\/sup>, a 51.2% year-over-year increase. Initial franchise fees increased by 37.7% year-over-year, mainly attributable to the gross opening of 198 F&amp;M hotels. Recurring franchisee management fees and others increased 52.9% year-over-year primarily due to the 34.3% increase in RevPar and the 11.6% increase in the number of F&amp;M hotels, and was offset by the fee reduction to franchisees during the first quarter 2021.<\/span>\u00a0 <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Initial franchise fee<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,052,832<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,978,858<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,744,110<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Recurring franchise management fee and others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt5419\" class=\"prnews_span\">104,610,270<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">159,970,769<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,416,308<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues from franchised-and-managed hotels<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt06f3\" class=\"prnews_span\"><br \/>\n                    <b>117,663,102<\/b><br \/>\n                  <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>177,949,627<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>27,160,418<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Total operating costs and expenses<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, <br \/>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, <br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31,<br \/>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating costs and expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Hotel operating costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltfc64\" class=\"prnews_span\">89,763,274<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122,230,252<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,655,980<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling and marketing expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,841,322<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,118,110<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,765,364<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,745,571<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,958,157<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,540,883<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,157,149<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,393,556<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">212,698<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total operating costs and expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltefd4\" class=\"prnews_span\"><br \/>\n                    <b>137,507,316<\/b><br \/>\n                  <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>197,700,075<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>30,174,925<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Hotel operating costs <\/b>were <span class=\"xn-money\">RMB122.2 million<\/span> (<span class=\"xn-money\">US$18.7 million<\/span>)<sup> [1]<\/sup>, a 36.2% increase year over year. The increase was mainly attributable to higher rents due to the opening of 12 L&amp;O hotels since the second quarter of 2020. Excluding these, hotel operating costs increased 17.9%, mainly due to increase in staff number and staff salaries.<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31, <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March\u00a031, <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March\u00a031, <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Rental<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,102,982<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">39,720,751<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,062,571<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Utilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,420,190<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,896,419<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">899,969<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Personnel cost<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,230,645<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,653,447<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,083,923<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,338,835<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,167,503<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,467,643<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Consumable, food and beverage<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,750,868<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,339,390<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,730,729<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Costs of general managers of franchised-and-managed hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,642,648<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,318,710<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,169,650<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other costs of franchised-and-managed hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,503,060<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,541,994<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">845,873<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,774,046<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,592,039<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">395,622<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Hotel Operating Costs<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>89,763,273<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>122,230,252<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>18,655,980<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Selling and marketing expenses<\/b> were <span class=\"xn-money\">RMB18.1 million<\/span> (<span class=\"xn-money\">US$2.8 million<\/span>)<sup> [1]<\/sup>, a 1.6% year-over-year increase. The increase was mainly attributable to increases in advertising expenses.<\/p>\n<p>\n        <b>General and administrative expenses<\/b>\u00a0were <span class=\"xn-money\">RMB56.0 million<\/span> (<span class=\"xn-money\">US$8.5 million<\/span>)<sup> [1]<\/sup>, a 94.7% year-over-year increase. The increase was mainly attributable to increased consulting fees and other one-time expenses. Excluding <span id=\"spanHghlta709\">these<\/span> impacts, G&amp;A expenses increased by 40.0% as a result of the increase in the number of staff.<\/p>\n<p>\n        <b>Gross profit<\/b> was <span class=\"xn-money\">RMB119.0 million<\/span> (<span class=\"xn-money\">US$18.2 million<\/span>)<sup> [1]<\/sup>, a year-over-year increase of 75.9%. Gross margin was 49.3%, compared to 43.0% a year ago. The increase was primarily due to the recovery in our hotel RevPAR from COVID-19.<\/p>\n<p>\n        <b>Income from operations<\/b> were <span class=\"xn-money\">RMB61.4 million<\/span> (<span class=\"xn-money\">US$9.4 million<\/span>)<sup> [1]<\/sup>, a year-over-year increase of 64.9%. The increase was mainly due to the sustained recovery in RevPar, the higher number of hotels and better control of costs and expenses during the quarter. Operating margin was 25.4%, compared to 23.6% a year ago.<\/p>\n<p>\n        <b>Net income <\/b>was <span class=\"xn-money\">RMB66.0 million<\/span> (<span class=\"xn-money\">US$10.1 million<\/span>)<sup> [1]<\/sup>, compared to a loss of \u00a0RMB14.1 million in the first quarter of 2020 and net margin was 27.4%.The year-over-year increase was mainly attributable to the recovery in RevPAR.<\/p>\n<p>\n        <b>Adjusted EBITDA (non-GAAP)<\/b><br \/>\n        <sup> [2]<\/sup>\u00a0was <span class=\"xn-money\">RMB64.0 million<\/span> (<span class=\"xn-money\">US$9.8 million<\/span>)<sup> [1]<\/sup>, a year-over-year increase of 74.3%. Adjusted EBITDA margin, defined as adjusted EBITDA (non-GAAP) as a percentage of total revenues, was 26.5%, compared to 23.3% a year ago.<\/p>\n<p>\n        <b>Core net income (non-GAAP)<\/b> was <span class=\"xn-money\">RMB43.9 million<\/span> (<span class=\"xn-money\">US$6.7 million<\/span>)<sup> [1]<\/sup>, a year-over-year increase of 58.3%. The core net margin, defined as core net income (non-GAAP) as a percentage of total revenues, was 18.2%, compared to 17.6% one year ago.<\/p>\n<p>\n        <b>Earnings per ADS (basic and diluted) <\/b>was <span class=\"xn-money\">RMB0.68<\/span><span class=\"xn-money\">(US$0.10)<\/span><sup>[1]<\/sup>, up from negative <span class=\"xn-money\">RMB0.11<\/span> one year ago.Core net income per ADS (basic and diluted) (non-GAAP) was <span class=\"xn-money\">RMB0.43<\/span><span class=\"xn-money\">(US$0.07)<\/span><sup> [1]<\/sup>, up from <span class=\"xn-money\">RMB0.27<\/span> a year ago.<\/p>\n<p>\n        <b>Cash flow. <\/b>Operating cash outflow was <span class=\"xn-money\">RMB1.7 million<\/span> (<span class=\"xn-money\">US$0.3 million<\/span>)<sup> [1]<\/sup> as a result of income from operations but offset by prepaid rents for L&amp;O hotels and deposit. Investing cash outflow was <span class=\"xn-money\">RMB 258.2 million<\/span> (<span class=\"xn-money\">US$39.4 million<\/span>) <sup>[1]<\/sup>, which was primarily attributable to loans to franchisees, increase in long-term time deposits, acquisition costs of our L&amp;O hotels, and investment in property and equipment. The investing cash outflow was partially offset by proceeds from short-term investments. Financing cash inflow was <span class=\"xn-money\">RMB136.1 million<\/span> (<span class=\"xn-money\">US$20.8 million<\/span>).\u00a0<\/p>\n<p>\n        <b>Cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposit.<\/b> As of <span class=\"xn-chron\">March 31, 2021<\/span>, the Company had total cash and cash equivalents, restricted cash, short term investments, investments in equity securities and time deposits of <span class=\"xn-money\">RMB1,734.0 million<\/span> (<span class=\"xn-money\">US$264.7 million<\/span>) <sup>[1]<\/sup>, compared to <span class=\"xn-money\">RMB1,904.9 million<\/span> as of <span class=\"xn-chron\">December 31, 2020<\/span>. The decrease from the fourth quarter was primarily attributable to loans to franchisees and acquisition costs of our L&amp;O hotels, offset by drawing down of bank facilities.\u00a0 <\/p>\n<p>\n        <b>COVID-19 Update<\/b>\n      <\/p>\n<p>Due to the implementation of travel restrictions and the government&#8217;s stay-local policy during the Chinese spring festival, our occupancy rate declined in January and <span class=\"xn-chron\">February 2021<\/span>, but rebounded quickly after this as more people are getting vaccinated and more pent-up demand in <span class=\"xn-location\">China<\/span> as travel restrictions are lifted. We saw a substantial month over month increase in RevPAR in March, April and May, especially during the Tomb Sweeping holiday and Golden Week. As we expected, these holidays really ushered in a resurgence in travel with 230 million domestic tourists traveling during Golden Week. According to report from the Ministry of Culture and Tourism, this represents 103.2% of the number of domestic tourists in the same period in 2019 and a year-over-year growth of 119.7%. By the end of June, our RevPAR had recovered to 106.0% of the 2019 level. Based upon industry data, our performance and recovery exceeded that of most of our peers.\u00a0 <\/p>\n<p>\n        <b>Guidance <\/b>\n      <\/p>\n<p>So far, our operations are in line with our previous forecast. Assuming the pandemic remains under control in <span class=\"xn-location\">China<\/span> in the coming quarters, the Company expects an increase in total revenues of 48%-53% for the full year 2021, compared to 2020 and an increase in total revenues of 25%-30% for the full year 2021, compared to 2019.<\/p>\n<p>The guidance set forth above reflects the Company&#8217;s current and preliminary views based on our recovery speed and may not be indicative of the final financial results for future interim periods and the full year.<\/p>\n<p>\n        <b>Conference Call<\/b>\n      <\/p>\n<p>GreenTree&#8217;s management will hold an earnings conference call at <span class=\"xn-chron\">9:00PM<\/span> U.S. Eastern Time on <span class=\"xn-chron\">July 28, 2021<\/span> (<span class=\"xn-chron\">9:00 AM<\/span> Beijing\/Hong Kong Time on <span class=\"xn-chron\">July 29, 2021<\/span>). <\/p>\n<p>Dial-in numbers for the live conference call are as follows:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">International\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1-412-902-4272\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Mainland China<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4001-201-203\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">US\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1-888-346-8982\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt6dd2\" class=\"prnews_span\">China Hong Kong\u00a0\u00a0<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">800-905-945 or 852-3018-4992\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Singapore<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">800-120-6157\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>Participants should ask to join the GreenTree call, please dial in approximately 10 minutes before the scheduled time of the call.<\/p>\n<p>A telephone replay of the call will be available after the conclusion of the conference call until <span class=\"xn-chron\">August 4, 2021<\/span>.<\/p>\n<p>Dial-in numbers for the replay are as follows: <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">International Dial-in\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1-412-317-0088 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">U.S. Toll Free\u00a0<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1-877-344-7529 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Canada Toll Free<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">855-669-9658<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Passcode:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10157730<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>Additionally, a live and archived webcast of this conference call will be available at <a target=\"_blank\" href=\"http:\/\/ir.998.com\/\" rel=\"nofollow noopener\">http:\/\/ir.998.com<\/a>.<\/p>\n<p>\n        <b>Use of Non-GAAP Financial Measures<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">We believe that Adjusted EBITDA and core net income, as we present it, is a useful financial metric 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. <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>The presentation of Adjusted EBITDA and core net income should not be construed as an indication that our future results will be unaffected by other charges and gains we consider to be outside the ordinary course of our business. <\/p>\n<p>The use of Adjusted EBITDA and core net income has certain limitations because it does not reflect all items of income and expenses that affect our operations. Items excluded from Adjusted EBITDA and core net income are significant components in understanding and assessing our operating and financial performance. Depreciation and amortization expense for various long-term assets, income tax and share-based compensation have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, Adjusted EBITDA and core net income does 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. <\/p>\n<p>The term Adjusted EBITDA and core net income is not defined under U.S. GAAP, and Adjusted EBITDA and core net income is not a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing our operating and financial performance, you should not consider this data in isolation or as a substitute for our net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, our Adjusted EBITDA and core net income may not be comparable to Adjusted EBITDA and core net income or similarly titled measures utilized by other companies since such other companies may not calculate Adjusted EBITDA and core net income in the same manner as we do. <\/p>\n<p>Reconciliations of the Company&#8217;s non-GAAP financial measures, including Adjusted EBITDA and core net income, to the consolidated statement of operations information are included at the end of this press release.<\/p>\n<p>\n        <b>About GreenTree Hospitality Group Ltd.<\/b>\n      <\/p>\n<p>GreenTree Hospitality Group Ltd. (&#8220;GreenTree&#8221; or the &#8220;Company&#8221;) (NYSE: GHG) is a leading hospitality management group in <span class=\"xn-location\">China<\/span>. As of <span class=\"xn-chron\">March 31, 2021<\/span>, GreenTree had a total number of 4,464 hotels. In 2019, GreenTree ranked among the Top 12 worldwide in terms of number of hotels in &#8220;World&#8217;s Largest Hotel Companies: HOTELS&#8217; 325&#8221;, published by HOTELS magazine, and was as well the fourth largest hospitality company in <span class=\"xn-location\">China<\/span> in 2020 based on the statistics issued by the China Hospitality Association.<\/p>\n<p>GreenTree has built a strong suite of brands including its flagship &#8220;GreenTree Inns&#8221; brand as a result of its long-standing dedication to the hospitality industry in <span class=\"xn-location\">China<\/span> and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. GreenTree has further expanded its brand portfolio into mid-to-up-scale and luxury segments through a series of strategic investments. By offering diverse brands, 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 brand portfolio that features comfort, style and value.<\/p>\n<p>For more information on GreenTree, please visit <a target=\"_blank\" href=\"http:\/\/ir.998.com\/\" rel=\"nofollow noopener\">http:\/\/ir.998.com<\/a><\/p>\n<p>\n        <b>Safe Harbor Statements<\/b>\n      <\/p>\n<p>This press release contains forward-looking statements made under the &#8220;safe harbor&#8221; provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995.\u00a0 In some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;is\/are likely to,&#8221; &#8220;confident,&#8221; &#8220;future,&#8221; or other similar expressions. GreenTree may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about or based on GreenTree&#8217;s current beliefs, expectations, assumptions, estimates and projections about us and our industry, are forward-looking statements that involve known and unknown factors, risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such factors and risks include, but not limited to the following: GreenTree&#8217;s goals and growth strategies; its future business development, financial condition and results of operations; trends in the hospitality industry in <span class=\"xn-location\">China<\/span> and globally; competition in our industry; fluctuations in general economic and business conditions in <span class=\"xn-location\">China<\/span> and other regions where we operate; the regulatory environment in which we and our franchisees operate; and assumptions underlying or related to any of the foregoing. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company&#8217;s filings with the U.S. Securities and Exchange Commission. All information provided, including the forward-looking statements made, in this press release are current as of the date of the press release. Except as required by law, GreenTree undertakes no obligation to update any such information or forward-looking statements to reflect events or circumstances after the date on which the information is provided or statements are made, or to reflect the occurrence of unanticipated events.<\/p>\n<p>\u00a0&#8212;Financial Tables and Operational Data Follow\u2014<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>GreenTree Hospitality Group Ltd.<\/b> \u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Unaudited Condensed Consolidated Balance Sheets<\/b> \u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31, <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March<br \/>31, <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>March<br \/>31,\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current assets:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">611,358,209<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">487,966,856<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,478,289<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Short-term investment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">301,983,182<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">515,447,537<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78,672,660<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investments in equity securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">242,378,696<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">250,459,364<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,227,566<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable, net of allowance<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">101,511,057<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">106,403,840<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,240,398<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due from related parties <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,770,871<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,018,293<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,718,504<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid rent <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,597,867<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,703,579<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,312,613<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Inventories <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,804,680<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,631,703<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">401,676<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77,649,794<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">197,327,460<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,118,054<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loans receivable, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,244,629<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">270,721,404<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,320,157<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total current assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,584,298,985<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,896,680,036<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>289,489,917<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Non-current assets:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Restricted cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,369,900<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,369,900<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,414,314<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term time deposits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">490,000,000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">200,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,525,962<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loan receivable, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">145,703,988<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">242,149,315<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,959,204<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">668,605,661<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">728,286,926<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">111,158,296<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Intangible assets, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">491,513,073<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">490,171,550<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,814,791<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Goodwill<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,231,487<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">100,231,487<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,298,313<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long-term investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">369,525,917<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">390,838,455<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,653,600<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,635,394<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">112,912,719<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,233,848<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">156,070,112<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">147,935,125<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,579,310<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0TOTAL ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,094,954,517<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,331,575,513<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>661,127,555<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LIABILITIES AND EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Current liabilities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Short-term bank loans<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150,000,000<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">280,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,736,347<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,606,344<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21,412,026<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,268,113<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advance from customers <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,305,508<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,051,962<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,586,825<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due to related parties <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,198,253<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,299,440<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">503,593<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Salary and welfare payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51,567,587<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,241,724<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,973,644<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred rent <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,356,132<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,728,841<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">263,873<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">221,314,997<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,478,868<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,956,908<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">300,696,673<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">326,435,111<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">49,823,730<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">87,483,970<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">92,472,787<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,114,104<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total current liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>869,529,464<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,030,120,759<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>157,227,137<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred rent <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,642,973<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32,505,167<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,961,258<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">361,901,369<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">346,072,720<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52,821,014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other long-term liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,862,713<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">127,274,124<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,425,825<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">178,413,413<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,698,895<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,122,149<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrecognized tax benefits <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">290,679,902<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">296,322,373<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,227,628<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0TOTAL LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,845,029,834<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,009,994,038<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>306,785,011<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Shareholders&#8217; equity:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary shares <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,587,070<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">222,587,070<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,973,423<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary shares <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,534,210<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">115,534,210<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,633,965<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,149,280,404<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,149,698,243<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">175,478,226<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Retained earnings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">570,042,924<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt1cd7\" class=\"prnews_span\">639,954,162<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt2d77\" class=\"prnews_span\">97,676,083<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accumulated other comprehensive income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,586,647<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48,017,408<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,328,889<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total GreenTree Hospitality Group Ltd. shareholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,103,031,255<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltba63\" class=\"prnews_span\"><br \/>\n                    <b>2,175,791,093<\/b><br \/>\n                  <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt3203\" class=\"prnews_span\"><br \/>\n                    <b>332,090,586<\/b><br \/>\n                  <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">146,893,428<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt84be\" class=\"prnews_span\">145,790,381<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltbcff\" class=\"prnews_span\">22,251,958<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total shareholders&#8217; equity<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,249,924,683<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt3644\" class=\"prnews_span\"><br \/>\n                    <b>2,321,581,474<\/b><br \/>\n                  <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>354,342,544<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,094,954,517<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,331,575,513<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>661,127,555<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>GreenTree Hospitality Group Ltd<br \/><\/b><br \/>\n                  <\/span><br \/>\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Unaudited Condensed Consolidated Statements of Comprehensive Income<\/b><br \/>\n                  <\/span>\n                <\/p>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Leased-and-operated hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,800,144<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">56,113,308<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,564,564<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Franchised-and-managed hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">117,663,102<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">177,949,627<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,160,418<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Others<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,932,745<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,149,523<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,091,230<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>157,395,991<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>241,212,458<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>36,816,212<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating costs and expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Hotel operating costs<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(89,763,273)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(122,230,252)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,655,980)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling and marketing expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17,841,322)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18,118,110)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,765,364)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(28,745,571)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(55,958,157)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,540,883)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,157,149)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,393,556)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(212,698)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total operating costs and expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(137,507,315)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(197,700,075)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(30,174,925)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,330,931<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,872,403<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,727,862<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income from operations <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>37,219,607<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>61,384,786<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9,369,149<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest income and other, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,613,260<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,131,096<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,309,456<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,010,255)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,388,211)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(517,142)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(Losses)Gains from investment in equity securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(55,174,918)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,724,291<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,231,553<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income before income taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(8,352,306)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>100,851,962<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>15,393,016<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,177,560)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(35,206,811)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,373,609)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income (loss) before share of loss in equity investees <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(14,529,866)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>65,645,151<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,019,407<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of gains in equity investees, net of tax <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">394,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">379,566<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,933<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(14,135,022)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>66,024,717<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,077,340<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net loss attributable to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,289,368<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,886,521<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">593,199<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income attributable to ordinary shareholders <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(11,845,654)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>69,911,238<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,670,539<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net earnings per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.11)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.11)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net earnings per ADS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.11)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.11)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.68<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.10<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average shares outstanding<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary share-basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,286,954<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,286,954<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,286,954<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary share-diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,286,954<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,316,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,316,917<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary share-basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary share-diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,762,909<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other comprehensive income, net of tax<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign currency translation adjustments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,997,233<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,430,761<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">371,007<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive (loss) income, net of tax<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(9,137,789)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>68,455,478<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,448,347<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Comprehensive loss attributable to non-controlling interests<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,289,368<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,886,521<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">593,199<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Comprehensive (loss) income attributable to ordinary shareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(6,848,421)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>72,341,999<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>11,041,546<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>GreenTree Hospitality Group Ltd. <br \/><\/b><br \/>\n                  <\/span><br \/>\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Unaudited Condensed Consolidated Statements of Cash Flows<\/b><br \/>\n                  <\/span>\n                <\/p>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen15\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n              \n            <\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,135,022)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">66,024,717<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,077,340<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjustments to reconcile net income to net cash provided by operating activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,666,645<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,074,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,911,322<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share of gains in equity method investments <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(394,844)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(379,566)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(57,933)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fair value change in returnable consideration and contingent consideration, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(502,712)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(76,729)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest income <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,744,441)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,089,240)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(318,880)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bad debt expense <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,919,636<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,757,435<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,794,535<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Losses (Gains) on equity securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,174,917<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,724,291)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,231,553)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign exchange losses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,157,432<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">732,281<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">111,768<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share-based compensation <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">232,558<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">778,699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118,853<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Withholding tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Changes in operating assets and liabilities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts receivable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,121,451<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,126,644)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,850,887)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Prepaid rent <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,335,665<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,105,712)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,237,173)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Inventories <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(394,213)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,172,977<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">179,031<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due from related parties <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">794,843<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,385,042)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(516,658)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,315,530<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(80,953,704)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,355,949)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other assets <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,682,307)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,788,864<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">273,034<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,286,146<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,805,682<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">275,601<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amounts due to related parties <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,018,023)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">101,187<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,444<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Salary and welfare payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,017,251)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">674,137<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">102,893<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred revenue <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30,918,517)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(14,664,778)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,238,282)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advance from customers <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,574,201)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,253,546)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(649,218)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(104,735,404)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,395,642<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,349,834<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax payable <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(16,151,267)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,988,817<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">761,442<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Unrecognized tax benefits <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,285,229<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,642,471<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">861,209<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred rent <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,061,762<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,234,903<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">646,372<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other long-term liabilities <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,994,529<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,881,411<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,660,828<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred taxes <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13,967,629)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,420,469<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,132,585<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash used in operating activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(48,386,776)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(1,711,143)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(261,171)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Investing activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchases of property and equipment <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(23,078,232)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(68,499,010)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(10,454,991)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Payment for acquisition of minority equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(868,387)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(132,541)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Acquisitions, net of cash received<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(309,500)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(47,239)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Collection of acquisition advances<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">152,630<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advances for purchases of property and equipment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(34,463,020)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,260,084)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Advance for acquisitions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(53,350,105)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(8,142,815)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchases of short-term investments <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(101,270,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(64,924,355)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,909,392)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from short-term investments <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">395,066,686<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">223,549,240<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34,120,278<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from sales of long-term time deposits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,631,491<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Increase of long-term time deposits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(30,000,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(130,000,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(19,841,876)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loan to related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(165,516,500)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(178,277,880)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(27,210,520)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment from related parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">165,516,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">147,415,500<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22,500,000<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loan to third parties<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,000,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,500,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(228,945)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loan to franchisees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(98,730,000)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(191,020,002)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(29,155,347)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Repayment from franchisees<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,015,463<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43,074,326<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,574,426<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash provided by (used in) by investing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>155,003,917<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(258,173,193)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen24\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(39,404,925)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Financing activities:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loan from non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,792,853<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">426,273<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Proceeds from short-term borrowings<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">130,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,841,875<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Capital contribution from noncontrolling interest holders<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">400,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,291,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">502,305<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net cash provided by financing activities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,400,000<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>136,083,853<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20,770,453<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Effect of exchange rate changes on cash and cash equivalents <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(575,018)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">409,130<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,445<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net\u00a0 increase(decrease) in cash and cash equivalents<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>116,443,123<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(123,391,353)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(18,833,199)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash and cash equivalents at the beginning of the period<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">342,160,223<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">633,728,109<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96,725,802<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Cash and cash equivalents at the end of the period<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>458,602,346<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>510,336,756<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>77,892,603<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>GreenTree Hospitality Group Ltd.<\/b><br \/>\n                  <\/span><br \/>\n                  <span class=\"prnews_span\" \/>\n                <\/p>\n<p class=\"prnews_p\">\n                  <span class=\"prnews_span\"><br \/>\n                    <b>Unaudited Reconciliation of GAAP and Non-GAAP Results<\/b><br \/>\n                  <\/span>\n                <\/p>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<p class=\"prnews_p\" \/>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(14,135,022)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>66,024,717<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,077,340<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Deduct:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,330,931<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,872,403<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,727,862<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest income and other, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,613,260<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,131,096<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,309,456<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gains from investment in equity securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,724,291<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,231,553<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghltf08d\" class=\"prnews_span\">Share of gains in equity investees, net of tax <\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">394,844<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">379,566<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,933<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Add:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,157,149<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,393,556<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">212,698<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expense <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,177,560<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,206,811<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,373,609<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,010,255<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,388,211<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">517,142<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,666,645<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,074,400<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,911,322<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Losses from investment in equity securities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55,174,918<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Adjusted EBITDA (Non-GAAP)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>36,712,470<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>63,980,339<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>9,765,307<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0March 31, 2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RMB<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>US$<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(14,135,022)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>66,024,717<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>10,077,340<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Deduct:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Government subsidies (net of 25% tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,432,572<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10,290,918<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,570,701<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gains from investment in equity securities\u00a0 (net of 25% tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,793,218<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,173,665<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Add:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share-based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">232,558<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">778,699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">118,853<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Losses from investments in equity securities\u00a0 (net of\u00a0 25% tax)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50,081,189<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">One-time\u00a0 fees and expense <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,673,391<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">560,669<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <span id=\"spanHghlt23cc\" class=\"prnews_span\">Asset impairment\/Accrued bad debt<\/span><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,523,574<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">690,432<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax expenses related to dividend distribution<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Core net income(Non-GAAP)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>27,746,794<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>43,916,245<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,702,928<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Core net income per ADS (Non-GAAP)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class A ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.27<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.43<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.07<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Class B ordinary share-basic and diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.27<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.43<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.07<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Operational Data<\/b>\u00a0\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbb1 prntar prnpl6 prnsbls prnpr6\">\n              \n            <\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a02021 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Total hotels in operation:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,998<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,464<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">43<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Franchised hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,963<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,421<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Total hotel rooms in operation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>292,716<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>323,648<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,349<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,350<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Franchised hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">288,367<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">318,298<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Number of cities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>342<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen33\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>353<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td rowspan=\"2\" class=\"prnsbts prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbls prnpr14\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Quarter Ended<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a02021 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Occupancy rate (as a percentage)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen38\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">32.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Franchised hotels<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47.7%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63.7%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Blended<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47.3%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">63.4%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Average daily rate (in RMB)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen38\">\n              \n            <\/td>\n<td class=\"prngen39\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">169<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">184<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Franchised hotels<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">149<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Blended<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">150<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">151<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>RevPAR (in RMB)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Leased-and-owned hotels<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">55<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">95<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Franchised hotels<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen38\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen39\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Blended<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">71<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbbs prntar prnpl6 prnsbl1 prnpr14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">96<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prntar prnpl6 prnsbls prnpr6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number of Hotels in Operation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Number of Hotel Rooms in Operation<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen36\">\n              \n            <\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a02021 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen37\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a02021 Q1<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Luxury<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>26<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,607<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>5,337<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Argyle<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,607<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,337<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Mid-to-up-scale<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>272<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>387<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>24,595<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>35,203<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0GreenTree Eastern<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">109<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">162<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,649<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,136<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Deepsleep Hotel <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">161<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">286<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Gem<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,517<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,499<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Gya<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,165<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,847<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0Vx<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">22<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,766<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,309<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Ausotel<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,287<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,589<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Urban Garden and others<sup>[1]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">86<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,050<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,537<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Mid-scale<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,582<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,864<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>211,155<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>229,314<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0GreenTree Inn<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,027<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,177<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">172,385<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">181,964<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0GT Alliance<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">315<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">430<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,231<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">31,617<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">\u00a0GreenTree Apartment<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">438<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,031<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Vatica\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">122<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,937<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,859<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">City 118 Selected and others<sup>[1]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">108<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">120<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,164<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,843<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Economy hotels<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,124<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,187<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>52,359<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>53,794<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen31\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Shell<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">555<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">634<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,215<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">27,512<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">City 118 and others<sup>[1]<\/sup><\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">569<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">553<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,144<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen30\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26,282<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen32\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3,998<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>4,464<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>292,716<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen43\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>323,648<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <i>Notes:<br \/><\/i><br \/>\n        <i>1.<\/i><br \/>\n        <i>Others include other brands in each segment of Urban.<\/i>\n      <\/p>\n<p>\u00a0<\/p>\n<p>For more information, please contact:<\/p>\n<p>\n        <b>GreenTree<\/b>\n      <\/p>\n<p>Ms. <span class=\"xn-person\">Selina Yang<\/span><br \/>Phone: +86-21-3617-4886 ext. 7999<br \/>E-mail: <a target=\"_blank\" href=\"mailto:ir@998.com\" rel=\"nofollow noopener\">ir@998.com<\/a><\/p>\n<p>Mr. <span class=\"xn-person\">Nicky Zheng<\/span><br \/>Phone: +86-21-3617-4886 ext. 6708<br \/>E-mail: <a target=\"_blank\" href=\"mailto:ir@998.com\" rel=\"nofollow noopener\">ir@998.com<\/a> \u00a0<\/p>\n<p>\n        <b>Christensen<\/b>\n      <\/p>\n<p>In <span class=\"xn-location\">Shanghai<\/span><br \/>Ms. <span class=\"xn-person\">Constance Zhang<\/span><br \/>Phone: +86-138-1645-1798<br \/>E-mail:\u00a0<a target=\"_blank\" href=\"mailto:czhang@christensenIR.com\" rel=\"nofollow noopener\">czhang@christensenIR.com<\/a><\/p>\n<p>In\u00a0Hong Kong\u00a0<br \/>Ms.\u00a0Karen Hui\u00a0<br \/>Phone: +852-9266-4140\u00a0<br \/>E-mail:\u00a0<a target=\"_blank\" href=\"mailto:khui@christensenIR.com\" rel=\"nofollow noopener\">khui@christensenIR.com<\/a><\/p>\n<p>In US\u00a0<br \/>Ms.\u00a0Linda Bergkamp\u00a0<br \/>Phone: +1-480-614-3004<br \/>Email:\u00a0<a target=\"_blank\" href=\"mailto:lbergkamp@ChristensenIR.com\" rel=\"nofollow noopener\">lbergkamp@ChristensenIR.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN57076&amp;sd=2021-07-28\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results-301343793.html\">https:\/\/www.prnewswire.com\/news-releases\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results-301343793.html<\/a><\/p>\n<p>SOURCE  GreenTree Hospitality Group Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CN57076&amp;Transmission_Id=202107281915PR_NEWS_USPR_____CN57076&amp;DateId=20210728\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Total revenues increased 53.3% year-over-year to RMB241.2 million (US$36.8 million)\u00a0[1] . Income from operations increased 64.9% year-over-year to RMB61.4 million (US$9.4 million) [1]. Adjusted EBITDA (non-GAAP) [2] increased 74.3% year-over-year to RMB64.0 million (US$9.8 million) [1]. Core net income (non-GAAP) increased 58.3% year-over-year to RMB43.9 million (US$6.7 million) [1]. SHANGHAI, July 28, 2021 \/PRNewswire\/ &#8212;\u00a0GreenTree Hospitality Group Ltd. (NYSE: GHG) (&#8220;GreenTree&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221;), a leading hospitality management group\u00a0in China, today announced its unaudited financial results for the first quarter and fiscal year of 2021. First Quarter of 2021 Operational Highlights A total of 4,464 hotels with 323,648 hotel rooms were in operation as of March 31, 2021, compared to 4,340 hotels and 315,335 hotel &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;GreenTree Hospitality Group Ltd. Reports First Quarter 2021 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-519490","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GreenTree Hospitality Group Ltd. Reports First Quarter 2021 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/greentree-hospitality-group-ltd-reports-first-quarter-2021-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GreenTree Hospitality Group Ltd. Reports First Quarter 2021 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Total revenues increased 53.3% year-over-year to RMB241.2 million (US$36.8 million)\u00a0[1] . Income from operations increased 64.9% year-over-year to RMB61.4 million (US$9.4 million) [1]. Adjusted EBITDA (non-GAAP) [2] increased 74.3% year-over-year to RMB64.0 million (US$9.8 million) [1]. Core net income (non-GAAP) increased 58.3% year-over-year to RMB43.9 million (US$6.7 million) [1]. SHANGHAI, July 28, 2021 \/PRNewswire\/ &#8212;\u00a0GreenTree Hospitality Group Ltd. (NYSE: GHG) (&#8220;GreenTree&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221;), a leading hospitality management group\u00a0in China, today announced its unaudited financial results for the first quarter and fiscal year of 2021. First Quarter of 2021 Operational Highlights A total of 4,464 hotels with 323,648 hotel rooms were in operation as of March 31, 2021, compared to 4,340 hotels and 315,335 hotel &hellip; Continue reading &quot;GreenTree Hospitality Group Ltd. 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SHANGHAI, July 28, 2021 \/PRNewswire\/ &#8212;\u00a0GreenTree Hospitality Group Ltd. (NYSE: GHG) (&#8220;GreenTree&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221;), a leading hospitality management group\u00a0in China, today announced its unaudited financial results for the first quarter and fiscal year of 2021. First Quarter of 2021 Operational Highlights A total of 4,464 hotels with 323,648 hotel rooms were in operation as of March 31, 2021, compared to 4,340 hotels and 315,335 hotel &hellip; Continue reading \"GreenTree Hospitality Group Ltd. 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