Selina Yang: Okay. Thank you for question, Mr. Mah. Actually, in the third quarter, yes, we can find our revenue has increased by 40.1% year-over-year, speaking for the hotel business. And for restaurant business, the total revenues decreased by 13% year-over-year, that’s because the closure of 84 — 85 lease-operated stores over the past 12 years. But for the same-store, speaking, the third quarter — the third quarter’s average daily sales per store increased 5% compared with the year of 2019. So for the EBITDA margin, yes, we can find for the hotel business, actually EBITDA margin has recovered above 40%, has reached to 48%. And for the total — I mean, including the hotel and restaurant, the total margin — EBITDA margin has increased more than 13%, has reached to 37.6%.
Also, there is a negative impact from the — from the negative profitability of our lease operating hotels because you know we have opened more than 20 hotels during the COVID-19. And most of this — our lease-operated hotels turned negative to positive profitability since this quarter. Due to the negative impact of the lease operating hotels to our EBITDA margin, that — the impact was about 6.5% to our EBITDA margin. That means if our lease operating hotels continues to recovery — tend to positive, our blended EBITDA margin we are likely to increase the other 6.5%, okay? So that’s what we observed for the third quarter’s performance.
Operator: Seeing no further questions, this concludes our question-and-answer session. I would like to turn the call back to Selina Yang for closing remarks.
Alex Xu: Before the — operator, there is an earlier question regarding — I have looked at the question regarding the liquidity. I think I forgot to answer that question to Dan. Dan, we only discussed about the privately negotiated block sales in this stock repurchase. Regarding the liquidity, we have also the share price. We have implemented — the Board of Directors implemented share purchase — repurchase program because we think the share price is undervalued and — due to various factors. Number one, after we became public traded companies, we made a few merger and acquisitions. And due to the various factors, especially during the pandemic, some of the business are not performing — were not performing up to the standard.
So trigger that into various resolution, dispute resolutions and which also interrupted some of our quarterly reports and also — and consume some of the management — that attention and the time. I think those are pretty much all resolved. So in the new areas, we will continue to maintain a more frequent dialogue with our investors and to — and also to share our plan and the growth and the business operations more frequently with various investors. So secondly, that will continue to improve our core efficiencies and to improve the system-wide standard of our hotels and the restaurant in terms of basically the products and service consistent quality improvement. And with consistent growth and consistent profitability, we believe the performance and also our — basically the company’s liquidity will demonstrate the value of our companies.
And the third, we’ll continue to explore ways to benefit our shareholders by deploying our current cash positions, either by resuming the routine dividend and share repurchases or the continued investment in new opportunities. And we learned — accumulated a lot of experience in this area. And so we have also demonstrated that we’re able to make most of our units performing even under some of the challenging conditions. So the last point I want to make is the largest shareholders and about 90% of the GHD is held by GTI, a privately held company. GTI has many shareholders in it. So we’re also trying to change the structure. And so given our shareholders the direct access to the shares of the GHDs to further increase the liquidity. And then lastly, and when the opportunity comes, we may also considering a follow-up offering of the shares and to further increase, again, the liquidity.
So overall, our Board of Directors have discussed many ways in the next few years to increase the profitability of the company and increase the share — that liquidity, and we hope that the share price eventually will reflect the true value of the company. We’re pretty confident in the next 3 years or so with many, many of our new standardized branded hotels in strategic located areas and in a fast-growing the second and third tier cities, was — unleash the new potentials of the company. So that is the answer I’d like to address Dan’s first question regarding liquidity, which I forgot earlier. So thank you for reaching all those great questions. And thank you for all of you for your support and continued guidance and continued advice to the company.
With that, I’ll pass the call — I pass the microphone to Selina.
