GreenTree Hospitality Group Ltd. (GHG) Cash Flow Statement
Where GHG’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥274.1M −26.6% vs 2024
- Capital expenditures
- CN¥254.0M 23.2% of revenue
- Free cash flow
- CN¥20.1M 1.8% margin
- Returned to shareholders
- CN¥41.9M 209% of free cash flow
- Change in cash
- CN¥217.6M cash at year-end CN¥1.66B
Drawn to scale: where the cash came from and how it was used. Hover for values.
GHG operating cash flow, capex and free cash flow
GHG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥443.6M2016 | CN¥274.1M2025 | −5.2%/yr | |
| Capital expenditures | CN¥6.1M2016 | CN¥254.0M2025 | +51.4%/yr | |
| Free cash flow | CN¥437.5M2016 | CN¥20.1M2025 | −29.0%/yr | |
| Free cash flow margin | 67.5%2016 | 1.8%2025 | −65.7 pts | |
| Operating cash flow / net income | 1.672016 | 1.692025 | +0.02 | |
| Stock-based compensation | CN¥38.0M2017 | CN¥62,6502023 | −65.6%/yr | |
| Dividends paid | CN¥18.0M2016 | CN¥41.9M2025 | +9.9%/yr | |
| Share buybacks (net) | CN¥02016 | CN¥5,3272025 | — | |
| Capex / revenue | 0.9%2016 | 23.2%2025 | +22.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GHG cash flow by activity
GHG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GHG cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥162.2M | CN¥107.3M | CN¥260.5M | −CN¥409.2M | CN¥207.8M | CN¥244.7M | CN¥437.8M | CN¥393.6M | CN¥285.1M | CN¥265.8M |
| Depreciation & amortization | CN¥88.9M | CN¥115.7M | CN¥116.9M | CN¥109.9M | CN¥98.1M | CN¥65.9M | CN¥40.4M | CN¥25.5M | CN¥25.0M | CN¥35.4M |
| Stock-based compensation | — | — | CN¥62,650 | −CN¥62,356 | CN¥2.5M | CN¥232,558 | CN¥26.5M | CN¥16.1M | CN¥38.0M | — |
| Change in working capital | −CN¥242.4M | −CN¥247.9M | −CN¥266.2M | −CN¥285.9M | CN¥24.3M | −CN¥80.5M | CN¥43.7M | CN¥81.6M | CN¥126.9M | CN¥207.4M |
| Other non-cash items | CN¥265.3M | CN¥398.3M | CN¥343.8M | CN¥867.0M | CN¥28.2M | CN¥67.0M | −CN¥34.4M | CN¥38.1M | CN¥1.7M | −CN¥65.0M |
| Cash from operating activities | CN¥274.1M | CN¥373.4M | CN¥455.0M | CN¥281.7M | CN¥361.0M | CN¥297.3M | CN¥513.9M | CN¥554.9M | CN¥476.7M | CN¥443.6M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥254.0M | −CN¥79.6M | −CN¥88.5M | −CN¥69.1M | −CN¥561.3M | −CN¥112.8M | −CN¥100.2M | −CN¥142.0M | −CN¥16.6M | −CN¥6.1M |
| Investments (net) | CN¥188.1M | CN¥345.4M | CN¥79.1M | CN¥439.0M | CN¥353.3M | CN¥157.6M | −CN¥1.22B | −CN¥181.8M | −CN¥744.9M | CN¥74.0M |
| Acquisitions & other investing | CN¥4.9M | CN¥79.6M | −CN¥84.3M | CN¥69.1M | −CN¥720.4M | −CN¥160.4M | CN¥100.2M | CN¥142.0M | CN¥16.6M | CN¥6.1M |
| Cash from investing activities | −CN¥61.1M | CN¥345.4M | −CN¥93.7M | CN¥439.0M | −CN¥928.4M | −CN¥115.6M | −CN¥1.22B | −CN¥181.8M | −CN¥744.9M | CN¥74.0M |
| Financing activities | ||||||||||
| Dividends paid | −CN¥41.9M | −CN¥70.9M | CN¥0 | −CN¥41.0M | −CN¥320.3M | −CN¥320.3M | −CN¥227.0M | −CN¥200.5M | −CN¥579.0M | −CN¥18.0M |
| Share repurchases & issuance (net) | −CN¥5,327 | −CN¥365,284 | −CN¥19.7M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥837.5M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | −CN¥400,000 | CN¥82.8M | −CN¥284.3M | −CN¥299.9M | CN¥567.7M | CN¥110.6M | CN¥110.6M | CN¥60.0M | −CN¥1.4M | −CN¥1.4M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥837.5M | CN¥0 | CN¥0 |
| Other financing | CN¥16,230 | −CN¥966,000 | CN¥272,500 | −CN¥996,701 | CN¥8.2M | CN¥327.2M | −CN¥95.9M | −CN¥871.6M | CN¥115.3M | −CN¥113.6M |
| Cash from financing activities | −CN¥42.2M | CN¥10.5M | −CN¥303.7M | −CN¥341.9M | CN¥255.6M | CN¥117.5M | −CN¥212.2M | CN¥662.8M | −CN¥465.2M | −CN¥133.0M |
| Summary | ||||||||||
| Net change in cash | CN¥217.6M | CN¥733.6M | CN¥57.6M | CN¥379.8M | −CN¥313.1M | CN¥291.6M | −CN¥925.2M | CN¥1.10B | −CN¥734.8M | CN¥390.9M |
| Cash at end of period | CN¥1.66B | CN¥1.53B | CN¥791.6M | CN¥700.4M | CN¥320.6M | CN¥633.7M | CN¥342.2M | CN¥1.26B | CN¥162.0M | CN¥896.8M |
| Free cash flow | CN¥20.1M | CN¥293.8M | CN¥366.5M | CN¥212.6M | −CN¥200.3M | CN¥184.5M | CN¥413.7M | CN¥413.0M | CN¥460.1M | CN¥437.5M |
| Free cash flow margin | 1.8% | 21.9% | 22.5% | 22.5% | −10.2% | 19.8% | 37.9% | 43.7% | 59.1% | 67.5% |
| Capex / revenue | 23.2% | 5.9% | 5.4% | 7.3% | 28.5% | 12.1% | 9.2% | 15.0% | 2.1% | 0.9% |
| Operating cash flow / net income | 1.69 | 3.48 | 1.75 | — | 1.74 | 1.21 | 1.17 | 1.41 | 1.67 | 1.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | CN¥20.7M | CN¥14.0M | −CN¥89.5M | CN¥60.3M | CN¥100.7M | CN¥65.5M | CN¥61.7M | CN¥58.9M | −CN¥34.2M | −CN¥62.3M |
| Depreciation & amortization | CN¥18.6M | CN¥10.1M | CN¥10.1M | CN¥26.1M | CN¥26.3M | CN¥28.7M | CN¥29.1M | CN¥31.3M | CN¥24.9M | CN¥32.2M |
| Stock-based compensation | — | — | — | — | CN¥15,661 | CN¥15,662 | CN¥15,661 | CN¥15,662 | CN¥46,056 | −CN¥11,998 |
| Change in working capital | — | −CN¥81.0M | −CN¥61.6M | −CN¥10.6M | −CN¥60.4M | −CN¥26.9M | −CN¥84.1M | −CN¥67.6M | −CN¥138.9M | −CN¥7.0M |
| Other non-cash items | −CN¥15.7M | CN¥115.0M | CN¥172.9M | CN¥68.6M | −CN¥14.3M | CN¥72.0M | CN¥62.4M | CN¥68.1M | CN¥135.3M | CN¥190.7M |
| Cash from operating activities | CN¥23.6M | CN¥58.1M | CN¥32.0M | CN¥144.5M | CN¥52.4M | CN¥139.2M | CN¥69.2M | CN¥90.7M | −CN¥12.8M | CN¥153.6M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥13.0M | −CN¥51.7M | −CN¥52.0M | −CN¥164.8M | −CN¥22.2M | −CN¥8.8M | −CN¥9.6M | −CN¥10.6M | −CN¥15.8M | −CN¥31.5M |
| Investments (net) | CN¥100,000 | CN¥500,000 | CN¥79.0M | CN¥7,875 | CN¥0 | −CN¥102,853 | CN¥157.6M | CN¥213.1M | −CN¥126.8M | −CN¥123.6M |
| Acquisitions & other investing | −CN¥12.3M | CN¥981,016 | — | −CN¥2.6M | CN¥60.7M | CN¥8.8M | CN¥9.6M | CN¥10.6M | CN¥15.8M | CN¥184.7M |
| Cash from investing activities | −CN¥25.2M | −CN¥50.3M | — | −CN¥167.4M | CN¥38.5M | −CN¥102,853 | CN¥157.6M | CN¥213.1M | −CN¥126.8M | CN¥29.6M |
| Financing activities | ||||||||||
| Dividends paid | — | −CN¥41.8M | — | — | −CN¥70.2M | −CN¥760,320 | −CN¥760,321 | −CN¥760,321 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | — | — | −CN¥65,162 | −CN¥300,122 | — | −CN¥19.7M | −CN¥19.7M | −CN¥19.7M |
| Net borrowing (repayment) | −CN¥200,000 | CN¥46.8M | −CN¥200,000 | — | CN¥0 | CN¥0 | −CN¥200,000 | CN¥83.2M | — | −CN¥296.2M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥427,309 | CN¥41.8M | −CN¥43.0M | −CN¥200,000 | CN¥70.1M | −CN¥205,680 | CN¥0 | CN¥20.5M | CN¥49.6M | CN¥350.5M |
| Cash from financing activities | CN¥227,309 | CN¥46.8M | −CN¥43.2M | −CN¥200,000 | −CN¥100,000 | −CN¥1.3M | −CN¥960,321 | CN¥83.2M | CN¥29.9M | CN¥34.6M |
| Summary | ||||||||||
| Net change in cash | CN¥20.5M | CN¥46.1M | CN¥6.1M | −CN¥24.6M | −CN¥206.4M | CN¥138.0M | CN¥225.6M | CN¥384.4M | −CN¥110.4M | CN¥220.6M |
| Cash at end of period | CN¥1.70B | CN¥1.72B | CN¥1.68B | CN¥1.67B | CN¥1.53B | CN¥1.54B | CN¥1.40B | CN¥1.18B | CN¥791.6M | CN¥887.5M |
| Free cash flow | CN¥10.6M | CN¥6.4M | −CN¥20.0M | −CN¥20.3M | CN¥30.2M | CN¥130.5M | CN¥59.5M | CN¥80.2M | −CN¥28.6M | CN¥122.1M |
| Free cash flow margin | 4.5% | 2.8% | −9.3% | −6.7% | 10.3% | 36.5% | 18.1% | 22.8% | −7.7% | 30.6% |
| Capex / revenue | 5.6% | 22.7% | 24.2% | 54.3% | 7.6% | 2.5% | 2.9% | 3.0% | 4.2% | 7.9% |
| Operating cash flow / net income | 1.14 | 4.14 | — | 2.40 | 0.52 | 2.13 | 1.12 | 1.54 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
GHG cash generation
In fiscal 2025 (ended December 31, 2025), GreenTree Hospitality generated CN¥274.1 million of cash from operations (down 26.6%) and spent CN¥254.0 million on capital expenditures, leaving free cash flow of CN¥20.1 million, 1.8% of revenue. It returned CN¥41.9 million to shareholders through dividends (CN¥41.9 million) and net share buybacks (CN¥0.0 million). Cash and equivalents rose by CN¥217.6 million over the year.
Related: GHG income statement, GHG balance sheet, GHG dividend history. See the GHG stock overview for the latest quote and news.
GHG cash flow FAQ
What is GreenTree Hospitality's free cash flow?
GreenTree Hospitality's free cash flow was CN¥20.1 million in fiscal 2025: CN¥274.1 million of operating cash flow minus CN¥254.0 million of capital expenditures It was CN¥293.8 million a year earlier..
How much cash does GreenTree Hospitality generate from operations?
GreenTree Hospitality generated CN¥274.1 million of cash from operating activities in fiscal 2025, 1.69 times its net income of CN¥162.2 million.
How much does GreenTree Hospitality spend on capital expenditures?
GreenTree Hospitality spent CN¥254.0 million on capital expenditures in fiscal 2025, 23.2% of revenue, compared with CN¥79.6 million the year before.
How much stock does GreenTree Hospitality buy back?
GreenTree Hospitality spent CN¥0.0 million on net share repurchases in fiscal 2025.
How much does GreenTree Hospitality pay in dividends?
GreenTree Hospitality paid CN¥41.9 million in dividends in fiscal 2025, 208.5% of free cash flow.