Financial Data and Key Metrics Changes - Total revenue grew 20.1% year-over-year to RMB 292.1 million [8][15] - Gross profit increased 21.4% to RMB 204.9 million [8][18] - Non-GAAP adjusted EBITDA rose 11.6% to RMB 177.1 million [8][18] - Core net income per ADS improved by 16.5% to RMB 1.3, equivalent to $0.18 [8][19] - Net income decreased by 28.4% to RMB 102.2 million, primarily due to market fluctuations and increased operating costs [19] Business Line Data and Key Metrics Changes - Total revenue from Franchised and Managed (F&M) Hotels rose 19.2% to RMB 219.6 million, while revenue from Leased and Operated (L&O) Hotels rose 22.9% to RMB 72.6 million [15] - The number of hotels in operation increased by 21.3% year-over-year to 3,102 [7][9] - The occupancy rate slightly decreased by 1.3% to 85.9% due to renovations and new hotel openings [8][9] Market Data and Key Metrics Changes - The company expanded its geographic coverage to 309 cities, up from 278 cities a year ago, representing an 11.2% year-over-year growth [7] - The average daily rate (ADR) for F&M hotels improved by 4.2% to RMB 173, while revenue per available room (RevPAR) increased by 2.6% to RMB 149 [10][11] Company Strategy and Development Direction - The company aims to diversify its portfolio by adding hotels in higher-end and economy segments, with a focus on maintaining quality standards [9][13] - The loyalty program has grown to approximately 39 million individual members, which helps reduce sales and marketing expenses [12] - The company plans to continue investing in people, brand, systems, and technology to enhance service and ensure long-term growth [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business model and long-term growth strategies despite challenges in the hospitality sector [13] - The company anticipates stable or slightly improved RevPAR for the fourth quarter, with renovations expected to enhance performance post-completion [22] - Management acknowledged increased competition in lower-tier cities but believes their established brand and operational efficiency will sustain profitability [54][56] Other Important Information - The company has a pipeline of 652 new hotels, with a significant portion in the mid-to-upscale and luxury segments [11] - Cash and cash equivalents stood at nearly RMB 2.1 billion, providing ample resources for potential investments [20] Q&A Session Summary Question: RevPAR outlook for the fourth quarter - Management expects RevPAR to remain stable or improve slightly, despite potential negative impacts from ongoing renovations [22] Question: Need for more economy hotels to sustain market share - Management is monitoring the market and evaluating the addition of soft brands but emphasizes maintaining quality standards [24][25] Question: Same hotel RevPAR growth and major cities breakdown - Same hotel RevPAR growth was 2.3% for mid-scale, 3.6% for economy, and a decline of 3.7% for mid-to-upscale and luxury segments [28] Question: Breakdown of operating expense hikes - Significant increases in selling and marketing expenses were attributed to Argyle consolidation and promotional activities [30][31] Question: Comparison of profitability with peers - Management believes their value pricing model and strong membership programs contribute to better performance compared to peers [35] Question: Future expansion plans and cash deployment - The company is focused on domestic growth opportunities and will selectively consider investments in strategically located properties [37][38] Question: Dividend expectations for the next quarter - Management confirmed adherence to the announced dividend policy unless stated otherwise [50]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For ...

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