Artificial Intelligence
Chairman’s Letter 2021
Dear Shareholders:
Thank you for your continuing support and confidence in GreenTree Hospitality Group’s people and leadership.
2021: A significant rebound
The outbreak of the Covid-19 pandemic adversely affected the hospitality industry world-wide in the first quarter of 2020. In China, the damage was much less than elsewhere, as a result of a quick policy response. The pandemic was better contained, and life returned to normalcy more quickly than in the rest of the world. Domestic travel resumed gradually.
Given our national footprint, our experience mirrored that of the country as a whole. Our occupancy rates declined in January and February 2021, due to the implementation of travel restrictions and the government’s encouragement to the public to “stay local” during Chunyun, the Spring Festival travel season, when annually some three billion people set out to see friends and family. According to official figures from China’s Ministry of Transport, the number of trips fell by 40.8% during the Spring Festival season in 2021, compared to 2020. Travel restrictions were lifted as the vaccination roll-out eventually covered most of the population, and our occupancy rates rebounded quickly with the unleashing of pent-up demand for domestic travel.
In March, April and May 2021, we saw substantial month-over-month increases in Revenue per Available Room (“RevPAR”), especially during the Tomb Sweeping holiday and Golden Week. Unfortunately, at the end of July there was a resurgence of Covid-19 in Nanjing, the capital of Jiangsu Province that led to renewed travel restrictions, with an inevitable impact on travel in the region and beyond. Starting in the first week of August, RevPAR decreased, and although it recovered quickly in the second week of September, there were new outbreaks in several cities that again depressed RevPAR in the first week of November, to about 81% of its level before the pandemic. As a result of sporadic outbreaks and clusters of Covid-19, although they were swiftly contained, recovery and business momentum slowed during the second half of the year.
Although we outperformed our industry peers, Covid-19 did have an impact on our financial performance. At the same time, you can see the resilience of our company in our first half 2021 financial metrics. Compared to first half 2020, we saw steep increases across all major measures. Total revenue increased 57.5% to RMB588.3 million; income from operations increased 50.9% to RMB150.7 million; net income increased 83.8% to RMB146.3 million; non-GAAP adjusted EBITDA increased 53.4% to RMB175.2 million, and earnings per share increased by 63.3% to RMB1.47.
We achieved this comeback by leveraging our strategic advantages and doing everything in our power to support our franchisees and front-line employees. This included direct help from our operations, IT and engineering departments; fee waivers; loans for hotel renovations and refurbishing; as well as professional training.
We learned many lessons in 2020 and 2021 from dealing with the unpredictable effects of the Covid-19 pandemic. We took advantage of market opportunities to accelerate our expansion into mid-range and high-end markets in key areas of national development, including the Chengdu, Chongqing and Wuhan metropolitan areas as well as Guangxi Zhuang Autonomous Region and Fujian Province. In the first half, we brought 23 new Leased and Operated (“L&O”) hotels into our fold, bringing the total number of L&O hotels to 62 by the end of June, out of a total of 4,542 hotels. All the new L&O hotels in the GreenTree network are situated in popular transportation hubs, central business districts, or government centers. We believe that they will serve as anchor hotels and attract new franchisees to the network.
After our initial public offering and listing on the New York Stock Exchange in March 2018, we made acquisitions to fuel growth and use our capital more efficiently. Some of these brands have not performed as well as we had expected. But I can share with you some good news from developments in the current year. Some of our regional acquisitions made in 2021 are becoming leaders in their local markets, including GreenTree Carrey Hotel Management Group in Hubei and GreenTree Manlv Group in Jiangxi. Also, by the end of the first half of 2021, we had launched 11 GreenTree e-sports hotels, empowering our franchisees to capitalize on growing customer demand, with the added benefit of higher RevPAR.
Strategic focus for 2022 and beyond
Looking to the future, the Covid-19 pandemic has helped us demonstrate our value to our franchisees. We will continue to invest in renovating existing properties and identify new and creative ways to improve direct sales and membership support. In the next phase, we look to expand scale based on our existing brands and increase brand value through more efficient design and engineering. We are focusing our efforts on high-growth regions such as the Yangtze River Delta and Pearl River Delta, as well as the major metropolitan areas of Chengdu, Chongqing and Fuzhou.
At the corporate level, we plan to increase investment in marketing and diversify our sales channels. We also intend to strengthen our supply chain so that we can make resources available to ensure that the up-front, one-time investments made by our franchisees are up to the highest market standard at the lowest cost.
Information technology is another key area of focus at the corporate level. We were among the first of our hotel group peers to migrate all our systems to the cloud. Artificial Intelligence (“AI”) technology is part of the wave of the future for hotel operations. By providing self-check-in and check-out as well as room service robots, we will save labor, improve efficiency, and increase customer satisfaction. This will be especially important given the decline in China’s working age population.
We will also explore markets for “wellness” and “rural revitalization.” These have become new areas of policy emphasis with China’s rapidly aging population. As with some of our neighboring countries in Asia, growing numbers of elderly will require substantial investments in senior care and community care. We want to grow our hotel portfolio through hotel design and hotel management services to be prepared to facilitate the growing senior travel market. This will raise the standard of living in rural regions, and have a positive impact on and contribute to communities by creating employment opportunities.
There are many uncertainties ahead that may affect the economy and the travel market. But we are confident that we can both weather whatever may come, and build value for you, our shareholders, as well as our employees and the travelers whom we serve to the best of our abilities.
Sincerely,
Alex S. Xu
Chairman and Chief Executive Officer
GreenTree Hospitality Group Ltd.
About GreenTree Hospitality Group Ltd.
GreenTree Hospitality Group Ltd. (“GreenTree” or the “Company”) (NYSE: GHG) is a leading hospitality management group in China. As of June 30, 2021, GreenTree had a total number of 4,542 hotels. In 2020, HOTELS magazine ranked GreenTree Top 12 Ranking among 225 largest global hotel groups in terms of number of hotels in its annual HOTELS’ 225. GreenTree was also the fourth largest hospitality company in China in 2020 based on the statistics issued by the China Hospitality Association.
GreenTree has built a strong suite of brands including its flagship “GreenTree Inns” brand as a result of its long-standing dedication to the hospitality industry in China and consistent quality of its services, signature hotel designs, broad geographic coverage and convenient locations. GreenTree has further expanded its brand portfolio into mid-to-up-scale and luxury segments through a series of strategic investments. By offering diverse brands, through its strong membership base, expansive booking network, superior system management with moderate charges, and fully supported by its operating departments including Decoration, Engineering, Purchasing, Operation, IT and Finance, GreenTree aims to keep closer relationships with all of its clients and partners by providing a brand portfolio that features comfort, style and value.
Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
“Navigating Global Identity Governance With Key Strategies for Digital Security and Compliance”
Identity governance and administration (IGA) has emerged as a critical policy-driven approach aimed at fortifying digital identities within organizations, ensuring that proper access is provided to the right individuals for valid reasons. Across the globe, the demand for IGA solutions is on the rise, driven by the need to tackle sophisticated cyber threats, comply with stringent data protection laws, and adapt to the digitization wave sweeping through industries. Challenges include integrating these solutions with pre-existing IT frameworks, primarily in organizations reliant on legacy systems. The North American market, led by the United States and Canada, is at the forefront of this expansion, embracing technological advancements and stringent regulatory standards. Meanwhile, the Europe, Middle East, and Africa (EMEA) region is navigating its unique landscape, with the EU focusing heavily on compliance through GDPR and the Middle East and Africa gradually recognizing the value of digital security. The Asia-Pacific region is witnessing a significant uptrend in IGA solutions adoption, spurred by digital transformation initiatives and cybersecurity awareness, with China and India playing pivotal roles. This global perspective highlights the universal importance of IGA in today’s digital era, highlighting the critical balance between innovation, security, and regulatory compliance in safeguarding digital identities.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
“Elevating Security and Efficiency in Organizations through Specialized Identity Governance & Administration Services”
Managed and professional services provide organizations with the specialized expertise necessary for optimizing the performance and security of identity governance & administration (IGA) systems, eliminating the need for such in-depth knowledge internally. Businesses benefit from advanced skills that enhance system functionality and safeguard sensitive data by outsourcing specific IGA tasks. From the initial stages of integration and implementation, ensuring seamless incorporation with existing infrastructures, to ongoing support and maintenance for consistent system reliability and up-to-dateness, these services form the foundation of effective IGA strategies. Furthermore, training and consulting play a pivotal role, equipping companies with the understanding and capability to utilize their IGA systems to the fullest. IGA solution is a critical technological tool designed to streamline the management of user access rights across organizations, bolstering security, operational efficiency, and compliance with regulatory standards. This comprehensive approach to IGA facilitates a more secure, efficient, and compliant organizational environment, empowering businesses to focus on core objectives and ensure their data remains protected.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Identity Governance & Administration Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Identity Governance & Administration Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Identity Governance & Administration Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/identity-governance-administration
“Dive into the Identity Governance & Administration Market Landscape: Explore 197 Pages of Insights, 654 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsIdentity Governance & Administration Market, by ComponentIdentity Governance & Administration Market, by ModulesIdentity Governance & Administration Market, by Organization SizeIdentity Governance & Administration Market, by DeploymentIdentity Governance & Administration Market, by VerticalAmericas Identity Governance & Administration MarketAsia-Pacific Identity Governance & Administration MarketEurope, Middle East & Africa Identity Governance & Administration MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/identity-governance-administration
Related Reports:
Privileged Identity Management Market – Global Forecast 2024-2030Identity & Access Management Professional Services Market – Global Forecast 2024-2030Digital Identity Solutions Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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