GreenTree Hospitality Group is a China-based hotel franchisor operating a network of 4,580 hotels and over 327,000 rooms across 355 cities in China, with roughly 1,260 additional hotels in the pipeline. GreenTree's core business is franchising branded hotels to property owners and independent operators, who pay an upfront franchise fee, a system installation fee, and ongoing monthly management fees of 3–5% of hotel revenue. This asset-light model means GreenTree does not bear hotel operating costs, which sit with the franchisee, driving strong operating leverage as the network grows. GreenTree's brand portfolio spans economy (Shell), mid-scale (GreenTree Inns, its flagship with over 2,300 locations), and mid-to-upscale (GreenTree Eastern, Gem, Gya) segments. The company is actively pushing upmarket, with mid-to-upscale brands representing its fastest-growing segment. Roughly 70% of hotels are in Tier 3 and lower cities, where GreenTree sees growth potential. A key operational feature is GreenTree's direct booking channels — its website, app, and WeChat mini-program — which account for roughly 82% of room nights booked, reducing franchisee dependence on OTAs and lowering customer acquisition costs. GreenTree's loyalty program, GreenTree Reward, has approximately 111M individual and 2.3M corporate members, who collectively account for roughly 72% of room nights annually. Beyond hotels, GreenTree also operates a restaurant segment following its 2023 acquisition of Da Niang Dumplings and Bellagio, with 191 locations, the majority of which are now franchised.