<p>市场反应平淡，表明 <strong>格林酒店集团</strong>（NYSE:GHG）最近的财报没有任何意外。然而，我们认为投资者应关注一些潜在的令人担忧的因素。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937"/></p>
<p>NYSE:GHG 收益和收入历史 2025 年 12 月 30 日</p>
<h2>深入分析格林酒店集团的收益</h2>
<p>作为金融爱好者，大家可能已经知道，<strong>现金流的应计比率</strong> 是评估公司自由现金流（FCF）与利润匹配程度的关键指标。应计比率通过从某一时期的利润中减去 FCF，并将结果除以该公司在此期间的平均运营资产来计算。该比率显示了公司利润超出其 FCF 的程度。</p>
<p>因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。虽然应计比率高于零并不令人担忧，但我们认为当公司有相对较高的应计比率时，值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
<p>格林酒店集团在截至 2025 年 9 月的年度应计比率为 0.35。因此，我们可以推断其自由现金流远未覆盖法定利润，这表明我们在重视后者时可能需要三思而后行。实际上，去年其自由现金流为 6400 万人民币，远低于其法定利润的 1.802 亿人民币。格林酒店集团的股东无疑希望其自由现金流在明年能反弹，因为过去 12 个月内有所下降。话虽如此，事情还有更多的内容。应计比率反映了非常规项目对法定利润的影响，至少在某种程度上。对股东来说好消息是，格林酒店集团去年的应计比率要好得多，因此今年的糟糕数据可能只是利润与 FCF 之间短期不匹配的情况。如果确实如此，股东应关注当前年度现金流相对于利润的改善。</p>
<p>查看我们对格林酒店集团的最新分析</p>
<p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对格林酒店集团资产负债表的分析。</p>
<h2>非常规项目对利润的影响</h2>
<p>格林酒店集团的利润受到非常规项目的影响，过去 12 个月减少了 5000 万人民币的利润。如果这是非现金费用，那么实现高现金转化将更容易，因此应计比率却显示出不同的情况令人惊讶。看到非常规项目使公司利润受损并不理想，但从积极的一面来看，情况可能会很快改善。当我们分析全球绝大多数上市公司时，我们发现显著的非常规项目通常不会重复。这并不令人意外，因为这些项目被视为非常规。如果格林酒店集团不再出现这些非常规费用，那么在其他条件相同的情况下，我们预计其利润在未来一年将会增加。</p>
<h2>我们对格林酒店集团利润表现的看法</h2>
<p>格林酒店集团的利润受到非常规项目的影响，这本应使其更容易展示高现金转化，但根据其应计比率并未做到。考虑到这些相互矛盾的因素，我们对格林酒店集团的利润是否恰当地反映其潜在盈利能力没有强烈看法。请记住，在分析股票时，值得注意所涉及的风险。每家公司都有风险，我们发现 <strong>格林酒店集团的 2 个警告信号</strong>（其中 1 个可能是严重的！）您应该了解。</p>
<p>我们对格林酒店集团的审查集中在某些因素上，这些因素可能使其收益看起来比实际情况更好。但还有很多其他方式可以帮助您形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追随资金”，寻找内部人士正在购买的股票。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

格林酒店

<p>格林酒店（NYSE:GHG）面临潜在问题，因为其最近的财报显示高达 0.35 的应计比率，表明自由现金流显著滞后于法定利润。尽管市场反应平淡，但公司的利润受到异常项目的影响，减少了 5000 万人民币的利润。虽然应计比率提示需谨慎，但前一年的较好表现可能表明这是暂时的不匹配。投资者应关注现金流的改善，并注意分析中识别出的两个警示信号</p>

<p>The subdued market reaction suggests that <strong>GreenTree Hospitality Group Ltd.'s</strong> (NYSE:GHG) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.</p>
<div class="lb-trans"><p>市场反应平淡，表明 <strong>格林酒店集团</strong>（NYSE:GHG）最近的财报没有任何意外。然而，我们认为投资者应关注一些潜在的令人担忧的因素。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937" alt="" original-src="https://images.simplywall.st/asset/chart/554321729-earnings-and-revenue-history-1-dark-2/1767098886937"/></p>
<p>NYSE:GHG Earnings and Revenue History December 30th 2025</p>
<div class="lb-trans"><p>NYSE:GHG 收益和收入历史 2025 年 12 月 30 日</p>
</div><h2>Zooming In On GreenTree Hospitality Group's Earnings</h2>
<div class="lb-trans"><h2>深入分析格林酒店集团的收益</h2>
</div><p>As finance nerds would already know, the <strong>accrual ratio from cashflow</strong> is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.</p>
<div class="lb-trans"><p>作为金融爱好者，大家可能已经知道，<strong>现金流的应计比率</strong> 是评估公司自由现金流（FCF）与利润匹配程度的关键指标。应计比率通过从某一时期的利润中减去 FCF，并将结果除以该公司在此期间的平均运营资产来计算。该比率显示了公司利润超出其 FCF 的程度。</p>
</div><p>As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</p>
<div class="lb-trans"><p>因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。虽然应计比率高于零并不令人担忧，但我们认为当公司有相对较高的应计比率时，值得注意。这是因为一些学术研究表明，高应计比率往往会导致利润下降或利润增长乏力。</p>
</div><p>GreenTree Hospitality Group has an accrual ratio of 0.35 for the year to September 2025. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. In fact, it had free cash flow of CN¥64m in the last year, which was a lot less than its statutory profit of CN¥180.2m. GreenTree Hospitality Group shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that GreenTree Hospitality Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.</p>
<div class="lb-trans"><p>格林酒店集团在截至 2025 年 9 月的年度应计比率为 0.35。因此，我们可以推断其自由现金流远未覆盖法定利润，这表明我们在重视后者时可能需要三思而后行。实际上，去年其自由现金流为 6400 万人民币，远低于其法定利润的 1.802 亿人民币。格林酒店集团的股东无疑希望其自由现金流在明年能反弹，因为过去 12 个月内有所下降。话虽如此，事情还有更多的内容。应计比率反映了非常规项目对法定利润的影响，至少在某种程度上。对股东来说好消息是，格林酒店集团去年的应计比率要好得多，因此今年的糟糕数据可能只是利润与 FCF 之间短期不匹配的情况。如果确实如此，股东应关注当前年度现金流相对于利润的改善。</p>
</div><p>See our latest analysis for GreenTree Hospitality Group</p>
<div class="lb-trans"><p>查看我们对格林酒店集团的最新分析</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of GreenTree Hospitality Group.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对格林酒店集团资产负债表的分析。</p>
</div><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>非常规项目对利润的影响</h2>
</div><p>GreenTree Hospitality Group's profit suffered from unusual items, which reduced profit by CN¥50m in the last twelve months. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If GreenTree Hospitality Group doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.</p>
<div class="lb-trans"><p>格林酒店集团的利润受到非常规项目的影响，过去 12 个月减少了 5000 万人民币的利润。如果这是非现金费用，那么实现高现金转化将更容易，因此应计比率却显示出不同的情况令人惊讶。看到非常规项目使公司利润受损并不理想，但从积极的一面来看，情况可能会很快改善。当我们分析全球绝大多数上市公司时，我们发现显著的非常规项目通常不会重复。这并不令人意外，因为这些项目被视为非常规。如果格林酒店集团不再出现这些非常规费用，那么在其他条件相同的情况下，我们预计其利润在未来一年将会增加。</p>
</div><h2>Our Take On GreenTree Hospitality Group's Profit Performance</h2>
<div class="lb-trans"><h2>我们对格林酒店集团利润表现的看法</h2>
</div><p>GreenTree Hospitality Group saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Given the contrasting considerations, we don't have a strong view as to whether GreenTree Hospitality Group's profits are an apt reflection of its underlying potential for profit. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Every company has risks, and we've spotted <strong>2 warning signs for GreenTree Hospitality Group</strong> (of which 1 is potentially serious!) you should know about.</p>
<div class="lb-trans"><p>格林酒店集团的利润受到非常规项目的影响，这本应使其更容易展示高现金转化，但根据其应计比率并未做到。考虑到这些相互矛盾的因素，我们对格林酒店集团的利润是否恰当地反映其潜在盈利能力没有强烈看法。请记住，在分析股票时，值得注意所涉及的风险。每家公司都有风险，我们发现 <strong>格林酒店集团的 2 个警告信号</strong>（其中 1 个可能是严重的！）您应该了解。</p>
</div><p>Our examination of GreenTree Hospitality Group has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>我们对格林酒店集团的审查集中在某些因素上，这些因素可能使其收益看起来比实际情况更好。但还有很多其他方式可以帮助您形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追随资金”，寻找内部人士正在购买的股票。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是人形的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
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<div class="lb-trans"><p>代表 CiTech 赞助</p>
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盈利困境可能预示着格林酒店集团（NYSE:GHG）股东面临更大的问题