GreenTree Hospitality Group Ltd. (GHG) Balance Sheet

NYSE: GHGAssets, liabilities, debt and equity over 10 years.

GHG balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥4.79B assets = CN¥3.18B liabilities + CN¥1.61B equity

Both columns are drawn to the same scale: what GHG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GHG financial health

Current ratio1.61

Comfortable · current assets cover current liabilities 1.61×

Debt / equity0.93

Moderate leverage · CN¥0.93 of debt for each $1 of equity

Equity / assets32.9%

Balanced · of assets funded by shareholders

Cash / debt112.6%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles1.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GHG balance sheet trends, 2016–2025

GreenTree Hospitality Group Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥1.88B2016	CN¥4.79B2025	+11.0%/yr
Total liabilities	CN¥848.8M2016	CN¥3.18B2025	+15.8%/yr
Shareholders’ equity	CN¥1.03B2016	CN¥1.58B2025	+4.9%/yr
Cash & short-term investments	CN¥1.17B2016	CN¥1.66B2025	+4.0%/yr
Total debt	CN¥117.0M2016	CN¥1.47B2025	+32.5%/yr
Net cash (debt)	CN¥1.05B2016	CN¥186.3M2025	−CN¥866.9M
Working capital	CN¥1.11B2016	CN¥716.1M2025	−CN¥393.8M
Current ratio	3.262016	1.612025	−1.65
Debt / equity	0.112016	0.932025	+0.82
Shares outstanding	203.1M2016	101.1M2025	−7.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GHG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GHG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GHG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GHG balance sheet in Chinese yuan

GreenTree Hospitality Group Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥1.66B	CN¥1.49B	CN¥1.21B	CN¥926.6M	CN¥1.01B	CN¥1.16B	CN¥964.1M	CN¥2.26B	CN¥1.25B	CN¥1.17B
Cash & equivalents	CN¥1.66B	CN¥1.49B	CN¥765.5M	CN¥699.2M	CN¥298.4M	CN¥611.4M	CN¥319.8M	CN¥1.26B	CN¥162.0M	CN¥896.8M
Short-term investments	CN¥0	CN¥10,475	CN¥443.8M	CN¥227.4M	CN¥715.4M	CN¥544.4M	CN¥644.3M	CN¥993.2M	CN¥1.09B	CN¥273.5M
Receivables	CN¥139.1M	CN¥259.1M	CN¥138.1M	CN¥786.9M	CN¥761.9M	CN¥142.3M	CN¥102.9M	CN¥64.9M	CN¥63.7M	CN¥185.9M
Inventory	CN¥4.9M	CN¥6.9M	CN¥20.5M	CN¥21.9M	CN¥2.3M	CN¥3.8M	CN¥2.5M	CN¥2.5M	CN¥2.4M	CN¥1.8M
Other current assets	CN¥92.6M	CN¥78.9M	CN¥258.9M	CN¥79.1M	CN¥53.2M	CN¥282.4M	CN¥195.6M	CN¥125.9M	CN¥167.8M	CN¥243.4M
Total current assets	CN¥1.90B	CN¥1.84B	CN¥1.63B	CN¥1.81B	CN¥1.83B	CN¥1.58B	CN¥1.27B	CN¥2.45B	CN¥1.49B	CN¥1.60B
Property, plant & equipment (net)	CN¥1.69B	CN¥1.98B	CN¥2.35B	CN¥2.56B	CN¥1.05B	CN¥668.6M	CN¥614.9M	CN¥222.4M	CN¥96.7M	CN¥110.4M
Goodwill & intangible assets	CN¥82.2M	CN¥171.8M	CN¥294.8M	CN¥336.8M	CN¥640.9M	CN¥591.7M	CN¥596.4M	CN¥33.0M	CN¥6.7M	CN¥7.9M
Long-term investments	CN¥442.5M	CN¥469.6M	CN¥248.1M	CN¥305.6M	CN¥348.8M	CN¥859.5M	CN¥398.6M	CN¥112.2M	CN¥122.5M	CN¥35.5M
Other non-current assets	CN¥676.3M	CN¥492.5M	CN¥546.9M	CN¥669.4M	CN¥800.8M	CN¥390.8M	CN¥941.3M	CN¥196.3M	CN¥44.7M	CN¥120.6M
Total assets	CN¥4.79B	CN¥4.95B	CN¥5.07B	CN¥5.68B	CN¥4.67B	CN¥4.09B	CN¥3.82B	CN¥3.01B	CN¥1.76B	CN¥1.88B
Liabilities
Accounts payable	CN¥44.7M	CN¥56.5M	CN¥73.1M	CN¥123.6M	CN¥24.0M	CN¥19.6M	CN¥15.3M	CN¥9.2M	CN¥7.3M	CN¥7.7M
Short-term debt	CN¥241.6M	CN¥241.8M	CN¥384.5M	CN¥570.8M	CN¥406.2M	CN¥150.0M	CN¥60.0M	CN¥60.0M	CN¥623.0M	CN¥117.0M
Deferred revenue	CN¥191.2M	CN¥200.7M	CN¥208.7M	CN¥219.0M	CN¥256.8M	CN¥257.0M	CN¥277.2M	CN¥194.2M	CN¥145.7M	CN¥135.2M
Total current liabilities	CN¥1.18B	CN¥1.17B	CN¥1.34B	CN¥1.54B	CN¥1.25B	CN¥869.5M	CN¥858.7M	CN¥675.5M	CN¥812.7M	CN¥491.5M
Long-term debt	CN¥199.4M	CN¥256.2M	CN¥56.8M	CN¥160.0M	CN¥301.8M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥1.22B	CN¥1.46B	CN¥1.66B	CN¥1.66B	CN¥0	—	CN¥0	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥1.80B	CN¥2.03B	CN¥2.19B	CN¥2.32B	CN¥1.07B	CN¥975.5M	CN¥1.00B	CN¥475.8M	CN¥360.3M	CN¥357.3M
Total liabilities	CN¥3.18B	CN¥3.45B	CN¥3.59B	CN¥4.03B	CN¥2.62B	CN¥1.85B	CN¥1.86B	CN¥1.15B	CN¥1.17B	CN¥848.8M
Shareholders' equity
Common stock & paid-in capital	CN¥338.3M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥335.1M	CN¥333.0M	CN¥300.9M	CN¥300.9M
Retained earnings (deficit)	−CN¥291.7M	−CN¥458.3M	−CN¥568.3M	−CN¥817.5M	CN¥326.3M	CN¥570.0M	CN¥308.7M	CN¥456.4M	CN¥73.5M	CN¥556.5M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	CN¥11.1M	CN¥6.0M	CN¥28.4M	CN¥27.7M	CN¥41.9M	CN¥45.6M	CN¥65.3M	CN¥62.4M	−CN¥4.1M	−CN¥5.4M
Minority interest	CN¥31.6M	CN¥33.9M	CN¥37.8M	CN¥46.6M	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥1.58B	CN¥1.46B	CN¥1.44B	CN¥1.61B	CN¥1.86B	CN¥2.10B	CN¥1.80B	CN¥1.85B	CN¥583.0M	CN¥1.03B
Key figures
Total debt	CN¥1.47B	CN¥1.71B	CN¥1.83B	CN¥2.25B	CN¥708.0M	CN¥150.0M	CN¥60.0M	CN¥60.0M	CN¥623.0M	CN¥117.0M
Net cash (debt)	CN¥186.3M	−CN¥223.5M	−CN¥623.9M	−CN¥1.32B	CN¥305.9M	CN¥1.01B	CN¥904.1M	CN¥2.20B	CN¥628.6M	CN¥1.05B
Working capital	CN¥716.1M	CN¥669.6M	CN¥285.2M	CN¥270.5M	CN¥581.3M	CN¥714.8M	CN¥406.5M	CN¥1.78B	CN¥672.7M	CN¥1.11B
Tangible book value	CN¥1.50B	CN¥1.29B	CN¥1.15B	CN¥1.28B	CN¥1.22B	CN¥1.51B	CN¥1.20B	CN¥1.82B	CN¥576.3M	CN¥1.02B
Shares outstanding	101.1M	101.5M	102.1M	103.0M	103.0M	103.0M	102.1M	99.1M	101.6M	203.1M
Current ratio	1.61	1.57	1.21	1.18	1.47	1.82	1.47	3.63	1.83	3.26
Quick ratio	1.52	1.50	1.00	1.11	1.42	1.49	1.24	3.44	1.62	2.76
Debt / equity	0.93	1.17	1.27	1.39	0.38	0.07	0.03	0.03	1.07	0.11
Equity / assets	32.9%	29.5%	28.5%	28.4%	39.8%	51.4%	47.1%	61.5%	33.2%	54.7%

GreenTree Hospitality Group Ltd. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥1.98B	CN¥1.99B	CN¥1.65B	CN¥1.64B	CN¥1.67B	CN¥1.67B	CN¥1.54B	CN¥1.40B	CN¥1.17B	CN¥1.21B	CN¥1.27B
Cash & equivalents	CN¥1.70B	CN¥1.70B	CN¥1.65B	CN¥1.64B	CN¥1.67B	CN¥1.67B	CN¥1.51B	CN¥1.37B	CN¥1.15B	CN¥765.5M	CN¥878.4M
Short-term investments	CN¥285.7M	CN¥285.6M	CN¥0	CN¥25,747	CN¥33,622	CN¥33,622	CN¥22.9M	CN¥20.2M	CN¥22.2M	CN¥443.8M	CN¥388.9M
Receivables	CN¥131.4M	CN¥130.3M	CN¥81.3M	CN¥173.1M	CN¥203.9M	CN¥139.7M	CN¥210.3M	CN¥141.2M	CN¥143.1M	CN¥339.6M	CN¥298.2M
Inventory	CN¥5.1M	CN¥5.0M	CN¥4.9M	CN¥6.8M	CN¥7.3M	CN¥7.3M	CN¥6.4M	CN¥6.3M	CN¥8.4M	CN¥20.5M	CN¥26.8M
Other current assets	CN¥100.4M	CN¥118.3M	CN¥157.6M	CN¥122.3M	CN¥151.4M	CN¥215.6M	CN¥133.2M	CN¥226.0M	CN¥234.2M	CN¥57.3M	CN¥137.7M
Total current assets	CN¥2.22B	CN¥2.24B	CN¥1.90B	CN¥1.94B	CN¥2.03B	CN¥2.03B	CN¥1.89B	CN¥1.77B	CN¥1.56B	CN¥1.63B	CN¥1.73B
Property, plant & equipment (net)	CN¥1.64B	CN¥1.67B	CN¥1.69B	CN¥1.92B	CN¥1.98B	CN¥1.98B	CN¥1.99B	CN¥2.11B	CN¥2.34B	CN¥2.35B	CN¥2.43B
Goodwill & intangible assets	CN¥80.3M	CN¥80.6M	CN¥82.1M	CN¥170.1M	CN¥170.7M	CN¥170.7M	CN¥291.5M	CN¥292.4M	CN¥293.1M	CN¥294.8M	CN¥299.2M
Long-term investments	CN¥154.8M	CN¥155.7M	CN¥442.5M	CN¥494.1M	CN¥488.3M	CN¥0	CN¥474.5M	CN¥461.2M	CN¥466.2M	CN¥248.1M	CN¥186.3M
Other non-current assets	CN¥701.3M	CN¥707.4M	CN¥675.6M	CN¥657.3M	CN¥521.2M	CN¥1.01B	CN¥459.4M	CN¥488.0M	CN¥547.3M	CN¥546.9M	CN¥593.2M
Total assets	CN¥4.80B	CN¥4.85B	CN¥4.79B	CN¥5.18B	CN¥5.19B	CN¥5.19B	CN¥5.10B	CN¥5.12B	CN¥5.21B	CN¥5.07B	CN¥5.24B
Liabilities
Accounts payable	CN¥44.7M	CN¥48.3M	CN¥44.7M	CN¥49.5M	CN¥48.2M	CN¥48.2M	CN¥45.6M	CN¥53.5M	CN¥64.3M	CN¥73.1M	CN¥94.5M
Short-term debt	CN¥420.0M	CN¥442.5M	—	CN¥217.4M	CN¥253.8M	CN¥253.8M	CN¥184.2M	CN¥263.5M	CN¥284.3M	CN¥384.5M	CN¥435.8M
Deferred revenue	CN¥186.1M	CN¥189.4M	—	CN¥197.2M	CN¥185.8M	CN¥200.7M	CN¥218.8M	CN¥200.8M	CN¥210.5M	CN¥208.7M	CN¥215.9M
Total current liabilities	CN¥1.30B	CN¥1.39B	CN¥1.18B	CN¥1.18B	CN¥1.20B	CN¥1.20B	CN¥1.23B	CN¥1.19B	CN¥1.20B	CN¥1.34B	CN¥1.55B
Long-term debt	CN¥45.6M	CN¥46.8M	CN¥199.4M	CN¥256.0M	CN¥256.0M	CN¥0	CN¥256.4M	CN¥256.4M	CN¥256.6M	CN¥56.8M	CN¥0
Lease obligations	CN¥1.21B	CN¥1.22B	CN¥1.22B	CN¥1.45B	CN¥1.51B	—	CN¥1.48B	CN¥1.60B	CN¥1.70B	CN¥1.66B	CN¥1.70B
Other long-term liabilities	CN¥1.79B	CN¥1.79B	CN¥1.80B	CN¥2.01B	CN¥2.05B	CN¥2.31B	CN¥2.03B	CN¥2.09B	CN¥2.22B	CN¥2.19B	CN¥2.15B
Total liabilities	CN¥3.14B	CN¥3.23B	CN¥3.18B	CN¥3.45B	CN¥3.50B	CN¥3.50B	CN¥3.51B	CN¥3.53B	CN¥3.68B	CN¥3.59B	CN¥3.70B
Shareholders' equity
Common stock & paid-in capital	CN¥338.2M	CN¥338.1M	—	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M	CN¥338.1M
Retained earnings (deficit)	−CN¥255.3M	−CN¥276.0M	−CN¥291.5M	−CN¥202.1M	−CN¥256.9M	−CN¥256.9M	−CN¥452.4M	−CN¥447.8M	−CN¥509.4M	−CN¥568.3M	−CN¥426.1M
Accumulated other comprehensive income	CN¥23.1M	CN¥15.1M	—	CN¥3.4M	CN¥15.7M	CN¥15.7M	CN¥26.8M	CN¥20.3M	CN¥20.8M	CN¥28.4M	CN¥28.7M
Minority interest	CN¥30.6M	CN¥30.1M	CN¥31.6M	CN¥30.7M	CN¥31.2M	—	—	—	—	—	—
Total shareholders' equity	CN¥1.63B	CN¥1.60B	CN¥1.58B	CN¥1.70B	CN¥1.66B	CN¥1.66B	CN¥1.56B	CN¥1.55B	CN¥1.49B	CN¥1.44B	CN¥1.51B
Key figures
Total debt	CN¥1.51B	CN¥1.52B	CN¥199.4M	CN¥1.70B	CN¥1.77B	CN¥1.77B	CN¥1.74B	CN¥1.85B	CN¥1.96B	CN¥1.83B	CN¥1.82B
Net cash (debt)	CN¥468.2M	CN¥464.8M	CN¥1.45B	−CN¥63.5M	−CN¥102.2M	−CN¥102.2M	−CN¥204.7M	−CN¥457.6M	−CN¥785.3M	−CN¥623.9M	−CN¥557.0M
Working capital	CN¥916.0M	CN¥853.1M	CN¥715.6M	CN¥756.7M	CN¥833.4M	CN¥833.4M	CN¥659.0M	CN¥580.3M	CN¥360.0M	CN¥285.2M	CN¥183.1M
Tangible book value	CN¥1.55B	CN¥1.52B	CN¥1.49B	CN¥1.53B	CN¥1.49B	CN¥1.49B	CN¥1.26B	CN¥1.26B	CN¥1.20B	CN¥1.15B	CN¥1.21B
Shares outstanding	100.9M	100.9M	100.9M	100.9M	101.4M	101.4M	101.5M	101.5M	101.5M	101.8M	103.0M
Current ratio	1.70	1.61	1.61	1.64	1.70	1.70	1.54	1.49	1.30	1.21	1.12
Quick ratio	1.62	1.53	1.47	1.53	1.56	1.51	1.42	1.29	1.10	1.15	1.01
Debt / equity	0.93	0.95	0.13	1.00	1.07	1.07	1.12	1.19	1.31	1.27	1.21
Equity / assets	33.9%	32.9%	32.9%	32.8%	31.9%	31.9%	30.5%	30.3%	28.7%	28.5%	28.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 30, 2026); data from EODHD.

GHG financial position

At the end of fiscal 2025 (December 31, 2025), GreenTree Hospitality had total assets of CN¥4.8 billion (down 3.2% from a year earlier), total liabilities of CN¥3.2 billion and shareholders' equity of CN¥1.6 billion. It held CN¥1.7 billion in cash and short-term investments against CN¥1.5 billion of debt, a net cash position of CN¥186.3 million. Its current ratio was 1.61. In the latest quarter (ended June 30, 2026) total assets were CN¥4.8 billion and equity CN¥1.6 billion.

Related: GHG income statement, GHG cash flow statement, GHG key metrics. See the GHG stock overview for the latest quote and news.

GHG balance sheet FAQ

What are GreenTree Hospitality's total assets?

GreenTree Hospitality reported total assets of CN¥4.8 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥4.9 billion a year earlier.

How much debt does GreenTree Hospitality have?

GreenTree Hospitality had CN¥1.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.93.

How much cash does GreenTree Hospitality have?

GreenTree Hospitality held CN¥1.7 billion in cash and short-term investments at the end of fiscal 2025; with CN¥1.5 billion of debt that is net cash of CN¥186.3 million.

What is GreenTree Hospitality's book value?

GreenTree Hospitality's shareholders' equity (book value) was CN¥1.6 billion at the end of fiscal 2025.

What is GreenTree Hospitality's current ratio?

GreenTree Hospitality had current assets of CN¥1.9 billion and current liabilities of CN¥1.2 billion, a current ratio of 1.61 (it can cover its short-term obligations).

How much goodwill does GreenTree Hospitality have?

GreenTree Hospitality carried CN¥82.2 million of goodwill and intangible assets, 1.7% of total assets, at the end of fiscal 2025.