GreenTree Hospitality Group Ltd. (GHG)

GHG Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	186.28	107.31	260.53	-461.69	83.57	244.7
Depreciation & Amortization	105.37	115.75	116.87	125.34	119.34	65.87
Stock-Based Compensation	-	-	-	-	2.46	0.23
Other Adjustments	177.17	398.27	369.64	855.38	186.18	52.36
Change in Receivables	-26.38	-4.02	-5.36	-53.61	-24.38	-28.79
Changes in Inventories	0.11	14.62	4.76	10.63	9.4	-1.28
Changes in Accounts Payable	-9.9	-3.02	-50.45	-15.93	5.37	4.55
Changes in Accrued Expenses	20.52	-4.75	23.16	79.4	61.4	22.08
Changes in Income Taxes Payable	38.84	34.75	61.43	27.81	23.04	22.68
Changes in Unearned Revenue	-32.6	-39.48	-36.75	-96.59	-51.29	-65.32
Changes in Other Operating Activities	-212.11	-246.04	-288.79	-176.19	-35.85	-21.83
Operating Cash Flow	323.56	373.38	455.05	294.54	379.25	295.26
Operating Cash Flow Growth	13.28%	-17.95%	54.50%	-22.34%	28.45%	-42.55%
Capital Expenditures	-99.26	-79.58	-87.76	-83.72	-360.71	-111.93
Sale of Property, Plant & Equipment	-0.04	139.9	2.95	9.2	25.36	0.08
Purchases of Intangible Assets	-0.04	-0.04	-0.74	-0.11	-0.2	-0.89
Purchases of Investments	-3.62	-10.4	-262.68	-161.76	-419.13	-272.43
Proceeds from Sale of Investments	129.19	439.51	167.01	667.22	820.39	460.01
Payments for Business Acquisitions	-	-	-	-	-187.09	-24.97
Proceeds from Business Divestments	-	2.81	37.8	79.67	1.69	2.18
Other Investing Activities	-141.8	-146.81	49.72	-90.05	-858.36	-163.62
Investing Cash Flow	-115.57	345.39	-93.71	420.45	-978.05	-111.55
Short-Term Debt Repaid	-0.4	-	-	-	-	-
Net Short-Term Debt Issued (Repaid)	-0.4	-	-	-	-	-
Long-Term Debt Issued	-	200	174	305.6	858	160
Long-Term Debt Repaid	-	-117.2	-458.3	-605.5	-315.3	-70
Net Long-Term Debt Issued (Repaid)	-	82.8	-284.3	-299.9	542.7	90
Repurchase of Common Stock	-0.07	-0.37	-19.71	-	-	-
Net Common Stock Issued (Repurchased)	-0.07	-0.37	-19.71	-	-	-
Common Dividends Paid	-70.18	-70.94	-	-41	-320.25	-
Other Financing Activities	-	-0.97	0.27	5.5	17.88	25.53
Financing Cash Flow	-70.64	10.53	-303.73	-335.4	240.33	115.53
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-4.7	4.3	0.03	1.25	-1.41	-7.66
Net Cash Flow	132.64	733.6	57.64	380.84	-359.88	291.57
Free Cash Flow	224.3	293.8	367.29	210.82	18.54	183.33
Free Cash Flow Growth	-23.66%	-20.01%	74.22%	1036.95%	-89.89%	-39.02%
FCF Margin	18.80%	21.87%	22.57%	14.35%	0.94%	19.71%
Free Cash Flow Per Share	3.37	4.40	5.46	3.09	0.27	2.68
Levered Free Cash Flow	1.39	-12.64	-269.72	-851.12	402.11	266.17
Unlevered Free Cash Flow	-139.24	-118.7	-26.4	-573.26	-174.31	134.53

Updated Dec 23, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q