Travel patterns have normalized following last year's surge, which has influenced year-over-year comparisons.

Nov 21, 2024 / receipt, needs a key / Alex Hsu, CEO | earnings call 2024-11-21 | transcript b2cdd4d3-179f-4237-b2ba-b48e429ce475 | chars 3355-3464 | segment 3

There is more leisure travels than the business travels. And there are also higher demand in the third tier cities that, you know, typically we have the scenery and the resort area.

Aug 15, 2024 / receipt, needs a key / Alex Hsu, CEO | earnings call 2024-08-15 | transcript e17e58ea-e1fd-4379-a382-98f5f812072e | chars 16433-16614 | segment 16

We had a good third quarter with a strong recovery in our hotel business year-over-year as tourism and business travel continued to rebound.

Jun 25, 2024 / receipt, needs a key / Alex Hsu, CEO | earnings call 2024-06-25 | transcript ebe8fb78-dfaf-4e07-b5f0-aa4fc17ee217 | chars 3314-3454 | segment 3

“Go with Me”, the Gem brand takes business travelers to a space with rich culture and graceful taste. Our Gem branded hotels

filing / Apr 30, 2026 / receipt

A rendezvous with Gya hotels take travelers to a spiritual sanctuary in the busy world. Our Gya branded hotels are priced

filing / Apr 30, 2026 / receipt

We enjoy significant operating leverage by using smart IT systems and effective organizational management structures, since the variable operating costs associated with our franchise growth have historically been less than incremental franchise management fees generated from new franchisees.

filing / Apr 30, 2026 / receipt

We balance location, demand, property pricing and rent to ensure low operating leverage ratio that enables attractive and sustainable returns to be achieved by the hotels.

filing / Apr 30, 2026 / receipt

that the franchised-and-managed model has enabled us to expand our geographical coverage and market share quickly and effectively with

filing / Apr 30, 2026 / receipt

in Shanghai, China, where we lease approximately 3,916 square meters of office space. Owned Properties As of December 31, 2025, we owned 17 hotel properties having an aggregate gross floor area of 68,774 square meters.

filing / Apr 30, 2026 / receipt