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    Yuxuan Mi • China International Capital Corporation

    Yuxuan Mi's questions to GreenTree Hospitality Group Ltd (GHG) leadership

    Yuxuan Mi's questions to GreenTree Hospitality Group Ltd (GHG) leadership • Q4 2024

    Question

    Yuxuan Mi inquired about the RevPAR assumptions underlying the company's full-year flat revenue guidance for its Organic Hotel business and asked for observations on recent RevPAR trends and the outlook for business travel demand.

    Answer

    Executive Alex Xu responded that the company expects full-year 2025 RevPAR to be flat, anticipating a gradual recovery in Q2 and Q3 after a 5% decline in Q1. Xu also noted a clear shift in demand towards more cyclical, leisure-driven travel, particularly on weekends and holidays, which is outpacing the recovery in business travel.

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    Yuxuan Mi's questions to GreenTree Hospitality Group Ltd (GHG) leadership • Q2 2024

    Question

    Yuxuan Mi of CICC inquired about the hotel RevPAR trend for July and August, the outlook for the second half of the year, and the rationale for the revised full-year hotel revenue guidance. Additionally, Mi asked if the newly declared cash dividend signals a long-term shareholder return plan.

    Answer

    Executive Alex Xu explained that RevPAR saw a steeper drop in July but recovered in August, with Q3's decline expected to mirror Q2's. The full-year revenue guidance is now flat year-over-year due to a combination of lower RevPAR, new hotel openings, reduced membership income, and increased hotel remodeling. Regarding the dividend, Xu confirmed it marks the resumption of a pre-pandemic policy and is intended to be a sustainable, long-term plan for shareholder returns, supported by strong cash flow.

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    Yuxuan Mi's questions to Full Truck Alliance Co Ltd (YMM) leadership

    Yuxuan Mi's questions to Full Truck Alliance Co Ltd (YMM) leadership • Q3 2024

    Question

    Yuxuan Mi from UBS asked about the main drivers for the nearly 69% year-over-year increase in transaction service revenue and whether there were any adjustments to the company's commission strategy.

    Answer

    CFO Chong Cai detailed that the revenue growth was fueled by both an increase in the number of monetized orders and a higher average monetization amount per order. The monetization coverage ratio grew to nearly 83%, supported by a higher proportion of quality orders from new direct shippers. Concurrently, the average commission per order rose to RMB 24.4, driven by these higher-quality orders and increased adoption of pricing products like entrusted shipments.

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