| LEASES |
The Group has operating leases arrangements for their leased and operated
hotels and restaurants.
A summary of supplemental information related
to operating leases as of December 31, 2023 and 2024 is as follows:
| | | As of December 31, | | | | | 2023 | | | 2024 | | | 2024 | | | | | RMB | | | RMB | | | USD | | | Operating lease right-of-use assets | | | 1,535,330,762 | | | | 1,328,582,419 | | | | 182,015,045 | | | Operating lease liabilities, current | | | 267,536,846 | | | | 241,363,244 | | | | 33,066,629 | | | Operating lease liabilities, non-current | | | 1,391,909,308 | | | | 1,215,776,075 | | | | 166,560,639 | | | Total operating lease liabilities | | | 1,659,446,154 | | | | 1,457,139,319 | | | | 199,627,268 | | | Right-of-use assets obtained in exchange for operating lease liabilities | | | 154,520,189 | | | | 150,287,251 | | | | 20,589,269 | | | Weighted average remaining lease term (in years) | | | 9 | | | | 8 | | | | | | | Weighted average discount rate | | | 4 | % | | | 4 | % | | | | |
Lease expense for all the Group’s operating leases for the years
ended December 31, 2022, 2023 and 2024 were RMB319,102,819, RMB279,301,541 and RMB258,421,629 (USD35,403,618), respectively.
A summary of maturity of
operating lease liabilities under the Group’s non-cancelable operating leases as of December 31, 2024 is as follows:
| | |
As of December 31, 2024 | |
| | |
RMB | | |
USD | |
| 2025 | |
| 226,571,015 | | |
| 31,040,102 | |
| 2026 | |
| 203,393,259 | | |
| 27,864,762 | |
| 2027 | |
| 182,660,506 | | |
| 25,024,387 | |
| 2028 | |
| 155,604,006 | | |
| 21,317,661 | |
| 2029 | |
| 142,877,266 | | |
| 19,574,105 | |
| Thereafter | |
| 816,080,433 | | |
| 111,802,561 | |
| Total future lease payments | |
| 1,727,186,485 | | |
| 236,623,578 | |
| Less: imputed interest | |
| 270,047,166 | | |
| 36,996,310 | |
| Total operating lease liabilities | |
| 1,457,139,319 | | |
| 199,627,268 | |
|