GreenTree Hospitality Group Ltd. reported unaudited second-quarter 2026 revenue of RMB235.1 million (US$34.7 million), down 18.7% from a year earlier. Operating income was RMB48.2 million (US$7.1 million), compared with RMB49.2 million in the second quarter of 2025, while net income fell to RMB21.3 million (US$3.1 million) from RMB160.0 million. The prior-year result was boosted by the one-time divestment of GreenTree’s ownership in Argyle and fair-value fluctuations in securities. Core net income, a non-GAAP measure that excludes selected non-core and non-recurring items, increased 4.4% to RMB47.2 million (US$7.0 million). Adjusted EBITDA (non-GAAP) fell 12.1% to RMB68.9 million (US$10.2 million), although its margin improved to 29.3% from 27.1%. As of June 30, 2026, GreenTree operated 4,615 hotels with 330,029 rooms and 198 restaurants. It opened 18 hotels during the quarter and had 1,278 hotels contracted or under development. Hotel average daily rate declined 5.3% year over year to RMB157, occupancy fell to 65.2% from 67.9%, and revenue per available room, or RevPAR (hotel revenue per available room), fell 9.1% to RMB103. Restaurant average check declined 15.5% to RMB36, average daily tickets fell to 81 from 85, and average daily sales per store fell 20.3% to RMB2,893. GreenTree maintained its forecast that 2026 hotel revenue will decrease 10% to 15% year over year. It also announced a share repurchase program allowing buybacks of up to US$5 million of Class A ordinary shares over two years. The company is expanding in Southeast Asia and developing a planned flagship hotel on Shanghai’s Huangpu River waterfront.