| Schedule of Group's Major Direct and Indirect Invested Subsidiaries |
The Group’s major direct and indirect invested subsidiaries consist of the following as of December 31, 2025: | Major subsidiaries | | Percentage of
Ownership | | | Date of
Incorporation,
Merger or
Acquisition | | Place of
Incorporation | | Major Operation | | | | | | | | | | | | | GreenTree Inns Hotel (Shanghai) Management, Inc. | | | 100 | % | | November 30, 2004 | | PRC | | Hotel management | | GreenTree Inns Hotel (China) Management, Inc. | | | 100 | % | | June 30, 2005 | | PRC | | Hotel management | | Shiruide Hotel Management (Shanghai) Co., Ltd. | | | 100 | % | | February 16, 2009 | | PRC | | Hotel management | | GreenTree Suites Management Corp (“GreenTree Suites”) | | | 100 | % | | June 30, 2009 | | Cayman Islands | | Investment holding | | Pacific Hotel Investment, Inc.(“PHI”) | | | 100 | % | | June 30, 2009 | | Samoa | | Investment holding | | GreenTree Inns Hotel Management Group, Inc. (“GreenTree Samoa”) | | | 100 | % | | October 28, 2010 | | Samoa | | Investment holding | | GreenTree Hotels (Hong Kong), Limited. | | | 100 | % | | February 17, 2011 | | Hong Kong | | Investment holding | | Shanghai Evergreen Technology Co., Ltd. (“Shanghai Evergreen”) | | | 100 | % | | October 20, 2011 | | PRC | | Information technology services | | Shanghai Jingjia Hotel Co., Ltd. | | | 100 | % | | February 15, 2017 | | PRC | | Hotel management | | Shanghai Sipei Technology Co., Ltd. (“Shanghai Sipei”) | | | 100 | % | | October 20, 2011 | | PRC | | Information technology services | | Da Niang Dumpling Catering Group Co., Ltd. | | | 100 | % | | April 30, 2017 | | PRC | | Restaurant management | | Huge Cyber Ltd. | | | 84 | % | | August 21, 2020 | | Hong Kong | | Restaurant management | | Bellagio (Shanghai) Catering Management Co., Ltd. | | | 84 | % | | August 21, 2020 | | PRC | | Restaurant management | | Bellagio (Beijing) Catering Management Co., Ltd. | | | 84 | % | | August 21, 2020 | | PRC | | Restaurant management |
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