早在2021年亚朵集团便于快递100达成合作，时隔4年，随着亚朵集团业务规模扩大，行政团队对快递寄收件流程提出更高数智化要求。亚朵集团IT团队接 到行政对于企业快递物流管理需求，第一时间想到专业物流合作伙伴快递100，经其主动推荐，2025年2月亚朵集团行政团队开始对接「百递云·企业快递 管理SaaS」，并迅速达成合作。行政团队在日常运营中面临着快递寄件和收件管理的复杂需求，通过「百递云·企业快递管理SaaS」系统与飞书无缝集 成，有效提升了物流管理的数智化水平，为亚朵的数智化生态体系再添重要一环。 在酒店行业智能化转型的浪潮中，行政管理的精细化与自动化已成为提升核心竞争力的关键战场。快递物流，作为连接内部协作与外部服务的重要毛细血 管，其管理效率直接影响着员工体验、运营成本与客户感知。传统依赖人工、分散割裂的快递管理模式，正日益成为制约智慧酒店敏捷运营的瓶颈：员工 因垫付报销耗时耗力、重要文件流转缺乏透明追踪、到付件管理混乱增加运营风险……这些痛点不仅消耗着宝贵的行政资源，更与酒店业追求的无缝、高 效、智能体验背道而驰。因此，构建一个深度嵌入酒店智能生态、实现全流程自动化与可视化的企业级快递管理平台，已成为 ...

编者荐语： 亚朵推销床上用品确实是一个特色，上次在一个活动上亚朵的工作人员还推荐现场触摸床垫被子等用 品，显示出其对产品的信心和商业变现的新思路。 以下文章来源于盐财经 ，作者闰然 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 它一边要在供应链上精打细算，给加盟商省钱，维持扩张节奏；另一边又得守住品质底线，否则，之前花 大力气攒的"中高端"人设，可能就因为一个带医院标签的枕套，彻底崩了。 要知道，全中国能把枕头卖成网红爆款的酒店，就它一根独苗。这意味着，亚朵比谁都懂"细节决定溢价"的 道理。 亚朵宣布物资大幅降价 但现在，为了稳住它的伙伴们，这家酒店决定大幅地下调价格。 亚朵现在的处境还挺微妙。 01 吸引加盟商，疯狂大砍价 归属于上海亚朵商业管理（集团）有限公司的微信公众号"几木里"在2025年6月23日发文称，亚朵从6月30日 起，将对运营和工程物资挥起大幅降价的"砍刀"。 亚朵的这轮砍价操作，相当于给加盟商的日常开销打了折——从客房里用的小物件到装修时的大块头，只 要是加盟店天天买、经常用的，都被亚朵纳入了"降本清单"。 比如，给客人倒茶的纸杯，直接砍了51.8%的价，差不多腰斩；连"懒 ...

Core Viewpoint - Atour Group's valuation is excessively overstretched relative to its performance, facing downward pressure from fundamentals and shareholder sell-offs, leading to significant downside potential amid declining performance indicators [1][9][11] Group 1: Financial Performance - Atour Group's revenue growth rates for 2023-2025 Q1 were 106.19%, 55.34%, and 29.8%, while shareholder net profit growth rates were 651.42%, 73.01%, and -5.6% respectively, indicating a sharp decline in performance [2] - The company's average daily room rate (ADR), revenue per available room (RevPAR), and occupancy rate (OCC) have all shown a downward trend, with Q1 2025 figures at 418 RMB, 304 RMB, and 70.2% respectively, reflecting significant declines from previous quarters [6][7] Group 2: Business Segments - Atour Group operates three main business segments: hotel operations, rental hotel operations, and retail, all of which have experienced declining revenue growth since 2023, particularly rental hotels which are projected to see double-digit declines in 2024 [2][5] - The retail business, which focuses on hotel-related products, has seen its revenue share increase from 11.22% in 2022 to 36.41% in Q1 2025, despite a slowdown in growth [2][8] Group 3: Management and Shareholder Actions - Significant shareholder sell-offs have occurred, with major shareholders reducing their stakes from 24.7% and 15.5% to 8% and 4.98% respectively, signaling a lack of confidence in the company's future [9][10] - The company's management has also engaged in share sell-offs, with a new CFO starting to liquidate shares shortly after joining, raising concerns about insider confidence [10][11] Group 4: Market Position and Valuation - Atour Group's price-to-book (PB) ratio exceeds 10, indicating a high valuation compared to peers like Huazhu and Hyatt, which raises concerns about potential valuation corrections [1][11] - The company's high sales expense ratio, which increased from 6.19% in 2022 to 14.85% in Q1 2025, has pressured profitability, with net profit margins declining to 12.75% [8][11]

责任编辑：刘万里 SF014 新浪科技讯 6月30日下午消息，近日，滴滴出行宣布与亚朵集团达成深度合作，双方开放、互通会员体 系，共建服务体验生态。在本次合作中，滴滴里程会员与亚朵的会员权益实现等级互通、权益互享、场 景互联，超10项跨界权益齐在线，联手为用户打造更丰富、更多元、覆盖更多出行场景的增值服务。 近年来，滴滴出行不断深化与酒旅品牌的合作，此次滴滴出行与亚朵集团开放互通会员体系后，用户仅 需简单操作，即能一键免费领取双方联手打造的会员权益。根据各自的会员等级，用户将对应享受定制 化的专属权益：滴滴的V5及V6、V7及V8里程会员可分别兑换亚朵金、铂金体验会籍，亚朵的金、铂金 会员可对应领取滴滴的V5、V7等级权益。 以滴滴V7里程会员为例，用户进入滴滴里程会员中心页面，在酒店会籍中可兑换亚朵铂金体验会员权 益，领取多张亚朵房价折扣券，住宿享8.5折优惠；入住后享免费元气早餐；如需升级房型，用户可使 用旋风升房券，有机会享免费升级至所预定房间的高一级别的房型。 本次合作中，滴滴开放多个打车权益，支持亚朵会员免费领取对应等级的权益。滴滴快速应答权益为用 户提供快速叫车通道，高峰期遇打车排队情况使用该权益 ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - The hotel industry is experiencing ongoing price wars, prompting Atour to take proactive measures to reduce costs for its franchisees and enhance their operational confidence [1][4]. Cost Optimization Initiatives - Atour is implementing a series of cost optimization measures through its supply chain, including price reductions on hotel supplies and engineering materials to lower franchisee operating costs [4][5]. - Specific price reductions include a 51.8% decrease in "tea paper cups" and a 10.2% reduction in "lazy cloths," with engineering materials seeing price cuts of up to 11.67% [5][6]. - The company has also committed to eight supply chain procurement promises, including price guarantees and hassle-free after-sales service [6][8]. Financial Performance - In Q1 2025, Atour reported revenue of 1.906 billion yuan, a year-on-year increase of 29.8%, while net profit decreased by 5.5% to 244 million yuan [12]. - The number of hotels operated by Atour grew to 1,727, with a total of 194,559 rooms, marking increases of 32.6% and 31.3% year-on-year, respectively [12][10]. Franchise Model and Cost Structure - The franchise model has been crucial for Atour's rapid expansion, with franchise management hotel revenue reaching 1.032 billion yuan in Q1 2025, a 23.5% increase [12]. - Over 90% of Atour's locations are franchise hotels, and the company charges franchise fees ranging from 5,000 to 8,000 yuan per room, along with ongoing management fees [12][13]. Market Context and Challenges - The hotel industry is facing a decline in average daily rates (ADR) and revenue per available room (RevPAR), with Atour's ADR dropping to 418 yuan in Q1 2025 from 430 yuan in the same period last year [17][18]. - The overall operating costs for Atour increased significantly, with total costs and expenses rising to 1.565 billion yuan in Q1 2025, a 36% increase from the previous year [20].

Core Viewpoint - The comparison between Carnival (CCL) and Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) indicates that CCL currently offers better value for investors based on various financial metrics and rankings [1][3][7]. Valuation Metrics - CCL has a forward P/E ratio of 12.63, while ATAT has a forward P/E of 20.03, suggesting that CCL is more attractively priced [5]. - The PEG ratio for CCL is 0.55, compared to ATAT's PEG ratio of 0.92, indicating that CCL may offer better value relative to its expected earnings growth [5]. - CCL's P/B ratio stands at 2.99, significantly lower than ATAT's P/B ratio of 9.91, further supporting the notion that CCL is undervalued [6]. Zacks Rank and Value Grades - CCL holds a Zacks Rank of 2 (Buy), while ATAT has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for CCL [3][7]. - CCL has a Value grade of A, whereas ATAT has a Value grade of C, reflecting CCL's superior valuation metrics [6].

Core Insights - The luxury hotel sector in China is experiencing a significant shift, with young consumers increasingly abandoning five-star hotels, leading to a decline in key performance metrics such as REVPAR, ADR, and occupancy rates [1][2][4][5]. Group 1: Market Performance - In Q1 2025, major hotel chains like Marriott, Hilton, and InterContinental reported strong global growth, but the Chinese market was a significant drag, with REVPAR and ADR in the Greater China region declining by 1.6% and 2.7% respectively [2][3]. - The average room price for five-star hotels in China fell to 599 yuan, a decrease of 5% year-on-year, with an average occupancy rate of only 61.3% [4]. Group 2: Changing Consumer Behavior - Chinese consumers are now booking hotels with an average lead time of just three days, the lowest ever recorded, compared to 20 days in Western markets, indicating a crisis of consumer confidence in the hotel industry [4][5]. - A significant portion of travelers, nearly 30%, are opting for same-day or one-day advance bookings, reflecting a shift in travel habits [4]. Group 3: Competitive Landscape - The hotel industry is witnessing a supply-demand imbalance, with the number of hotel rooms increasing significantly while average daily rates and occupancy rates are declining [7][8]. - Mid-range hotels like Atour and Holiday Inn are benefiting from this shift, with Atour's revenue growth of 55% and profit growth of 45%, far outpacing that of five-star hotels [7][8]. Group 4: Service and Quality Issues - Five-star hotels are criticized for outdated facilities and standardized services that lack warmth and uniqueness, leading to a loss of interest among younger consumers [5][6]. - The decline in service quality, including issues with cleanliness and maintenance, has further alienated customers, with many preferring mid-range options that offer better experiences [5][6]. Group 5: OTA Dynamics - The competition between five-star hotels and Online Travel Agencies (OTAs) is intensifying, with hotels needing to adapt to new distribution channels to maintain profitability [10][12]. - Platforms like Douyin (TikTok) are emerging as potential game-changers for hotel bookings, leveraging their user base and lower commission rates to attract high-value customers [13][19].

Core Viewpoint - The recent "pillowcase incident" at Atour Group highlights the need for better quality control and collaboration within the hotel linen washing industry, emphasizing that merely addressing visible issues is insufficient for ensuring customer safety and satisfaction [2][4]. Group 1: Incident and Response - Atour Group confirmed that the incident was due to sorting errors by a laundry supplier, leading to immediate actions such as store closures, replacement of all linens, and the termination of the involved laundry service [2]. - The company plans to implement regular inspections of laundry suppliers and introduce public oversight mechanisms to enhance accountability [2]. Group 2: Industry Challenges - Since 2018, the pricing for linen washing has remained around 6 yuan per set, while the actual cost of washing agents can reach 15 yuan, leading some suppliers to cut corners to maintain profitability [2]. - The low entry barriers and fragmented nature of the laundry industry limit suppliers' bargaining power, forcing them to accept lower prices from larger hotel brands [2][3]. Group 3: Need for Systemic Change - The current practices in the industry can lead to a situation where dishonest suppliers thrive at the expense of those adhering to quality standards, resulting in a "bad money drives out good" scenario [3]. - Large companies like Atour have a responsibility to ensure that suppliers can operate profitably while maintaining quality, which is essential for long-term sustainability in the industry [3][5]. Group 4: Consumer Trust and Ethical Practices - Consumers are increasingly cautious about hygiene, often bringing their own bedding, indicating a significant trust issue within the hotel industry that needs addressing [5]. - The industry must prioritize ethical practices, ensuring that costs are appropriately managed and that suppliers are fairly compensated to foster a healthier business environment [5].

Core Viewpoint - The recent incident involving a pillowcase at Atour Hotel has raised concerns about hygiene and operational efficiency, coinciding with a decline in the company's financial performance, leading to investor apprehension about its future in the new consumption sector [1][2]. Financial Performance - In Q1 2025, Atour Group reported total revenue of 1.906 billion yuan, a year-on-year increase of 29.8%, but net profit decreased by 5.6% to 243 million yuan [2]. - Adjusted net profit, excluding stock-based compensation, was approximately 345 million yuan, reflecting a 32.3% year-on-year increase [2]. - The number of franchise hotels reached 1,702, with a total of nearly 200,000 operational rooms, marking a net increase of 431 hotels and 47,400 rooms compared to Q1 2024 [2]. Operational Efficiency - The average daily room rate for franchise hotels fell to approximately 415.1 yuan, the lowest since Q1 2023, with an occupancy rate of 70.1%, down from 73.1% in Q1 2024 [5]. - Average revenue per available room decreased to 304.4 yuan, down 6.9% year-on-year and 9.5% quarter-on-quarter [5]. - The performance of same-store operations showed a decline, with average daily room rates and occupancy rates at their lowest in nine quarters [8]. Retail Business Growth - Atour's retail revenue reached 694 million yuan in Q1 2025, a 66.4% year-on-year increase, contributing 36.4% to total revenue [9]. - The sales volume of the popular "deep sleep" pillow series exceeded 3.8 million units in 2024, with total retail GMV reaching 11.39 billion yuan and 25.92 billion yuan in 2023 and 2024, respectively [9][10]. - Despite impressive sales figures, the retail business heavily relies on e-commerce, with over 90% of GMV coming from online channels [10]. Competitive Landscape - Atour's retail strategy faces challenges due to reliance on OEM production, making its competitive edge less stable compared to peers like Mijia and Luckin Coffee, which have established their supply chains [12]. - The increasing competition in the retail space, with established players like Huazhu Group and traditional bedding brands enhancing their product offerings, poses a threat to Atour's market position [12].