The hotel operator expects to report 35% revenue growth for all of 2025, up from a 25% forecast at the start of the year, thanks to strong performance for its retail businessKey Takeaways:Atour reported 38.4% revenue growth in the third quarter, and raised its full-year guidance to 35% from a previous forecast of 25% growthThe hotel operator's revpar continued to decline in the third quarter, but it said the situation should improve after a strong performance during the weeklong Oct. 1 holidayThe year 2025 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Vi e w p o i n t | 27 Nov 2025 22:58:53 ET │ 48 pages China Consumer Sector Top Buys with Five Investment Themes CITI'S TAKE After hosting 44 China consumer companies during Citi's 2025 China Conference in Nov, we have identified 5 themes of investing in China consumer sector (detailed below). Our updated sector Top Buys -- In Consumer-Discretionary space: Anta (2020.HK), Pop Mart (9992.HK), Atour (ATAT.O), Haier (6690.HK) & Midea (300.HK); In Consumer-Staple space: CR Beer (291.HK), Eastroc (605499.SS) & G ...

亚朵零售业务基于酒店服务延伸，与酒店场景相关的产品销售良好，如 睡眠相关的床垫、枕头等。2023 年以来，亚朵聚焦睡眠场景，精简 SKU，深睡记忆枕系列 2024 年销售额超 10 亿元，占总营收一半以上。 亚朵零售业务在用户数量和品类扩展方面仍有潜力。目前枕头用户体量 约为两三百万，仅占其 1 亿会员的 2%-3%。随着会员数量增加及转化 率提升，这一比例有望进一步提高。睡眠相关品类如床笠、褥子等仍具 备打造 10 亿量级单品的潜力。 亚朵自 2022 年以来利用抖音、小红书等新媒体平台进行内容电商推广， 通过自身强大的会员体系及品牌忠诚度优势，打造出一个具有特色且偏 向渠道导向的新型零售平台。零售业务对冲酒店业务压力，保持整体收 入稳定增长。 如何看待酒店行业的近期回暖和新零售业务拓展？ 20251128 摘要 酒店行业 RevPAR 降幅逐季度收窄，华住表现突出，三季度已基本恢复 至去年同期水平，主要由房价驱动，入住率保持稳定。但 10 月下旬至 11 月的高频数据显示，行业 RevPAR 的好转更多是阶段性的，受展会 和假期等因素影响。 尽管门店拓展速度放缓，但酒店供给增速仍保持较快节奏。加盟商对未 ...

中国金茂基于资产证券化目的拟22.65亿元出售三亚亚龙湾丽思卡尔顿酒店 亚朵集团三季度营收26.28亿元 同比增长38.4% 近日，亚朵集团发布2025年三季度财报。期内，企业实现营业收入26.28亿元，同比增长38.4%；经调整 后净利润为4.88亿元，同比增长27%；经调整后EBITDA为6.85亿元，同比增长28.7%。截至报告期末， 在营酒店数1948家，在营客房数21.9万间。RevPAR为371元，入住率为80.2%。 文旅部：支持各地推出赏冰乐雪、避寒避暑、文创市集等应季应景的产品和服务 同程旅行第三季度实现营业收入55.09亿元 同比增长10.4% 11月25日，同程旅行发布2025年第三季度业绩报告。2025年第三季度，企业实现营业收入55.09亿元， 同比增长10.4%。其中，交通业务收入同比增长9%，达22.09亿元；住宿业务收入实现14.7%的同比增 长，达15.80亿元。 大悦城地产11月27日撤销联交所上市地位 11月27日，大悦城地产发布公告称，大悦城地产有限公司股份（证券代号：207）的上市地位于2025年 11月27日办公时间结束后撤回。11月26日，大悦城发布公告称，公司于 ...

随着2025年第三季度数据披露，亚朵在"两千好店"这一关键战略节点上已进入最后冲刺阶段。财报显 示，亚朵三季度新开业酒店152家，截至9月30日，在营酒店总数达到1,948家，客房总数219,359间。这 一系列数据不仅意味着规模临界点的临近，也意味着亚朵正在进入以"优质存量"为基础的全新增长阶 段。 这一趋势也体现在渠道结构上。三季度，亚朵中央预订系统(CRS)渠道的订单占比达到62.4%，在规模 型连锁品牌中处于相对领先水平。这意味着两件事：其一，OTA平台抽佣普遍在10%-20%，而自有渠道 几乎不产生这类流量成本。订单结构越健康，利润空间越稳定。 其二，自有渠道比例越高，本质上是消费者主动搜索、主动选择的结果。这不仅说明品牌具备独立获客 能力，也强化了加盟体系的长期价值——加盟商依赖的不是平台曝光，而是品牌本身的持续吸引力与复 购基础。 业内普遍认为，自有渠道占比是衡量酒店品牌"经营质量变化"的重要信号。从这一点看，亚朵当前的增 长模式更接近一种"健康扩张"。 解码"好店"模型：产品矩阵与商业模型的底层能力 推动"两千好店"战略形成规模突破的，是亚朵多年在产品体系、用户洞察与经营模型方面的累积。过去 ...

Macro Insights - In October 2025, industrial enterprises' profits fell to -5.5% year-on-year from 21.6% in September, while revenue growth also declined to -3.3% from 3.1% [2] - The cash flow of industrial enterprises continues to improve, with cash and short-term investments rising to 5.3% year-on-year in September from 5% in August [2] Fixed Income Analysis - The report discusses the transition of China's economy into a new phase of old and new driving forces, emphasizing the need for a new framework for fundamental analysis [2] Consumer Sector Strategy - The real estate cycle, particularly changes in real estate prices, is crucial for assessing the recovery of consumption in 2026, with expectations of structural stabilization in housing prices [3] - The current allocation and valuation of the essential consumer sector are at historical lows, indicating a high probability of a bottoming out, suggesting opportunities for investment [3] Aerospace and Defense - The report highlights the advancements in reusable rocket technology, with China actively developing rockets like Zhuque-3 and Long March 12A, which are expected to enhance space transportation capacity and reduce costs [5] - The success of reusable rockets is anticipated to accelerate the construction of large satellite constellations, particularly in satellite internet [5] Company-Specific Insights - BOSS Zhipin (2076 HK) is rated "Buy" with a target price of 107.6 HKD, benefiting from its leading position in online recruitment and expected steady profit growth [6] - Advantest (6857 JP) is also rated "Buy" with a target price of 23,000 JPY, poised to benefit from the increasing complexity of AI chips and the growth of the semiconductor testing market [6] - Gaotu Group (GOTU US) reported a revenue of 1.58 billion CNY for Q3 2025, a year-on-year increase of 30.7%, with a focus on improving profitability through AI technology [9] - Atour (ATAT US) achieved a revenue of 2.628 billion CNY in Q3 2025, reflecting a year-on-year growth of 38.4%, with a strong outlook for both hotel and retail segments [10] - Zhongjiao Holdings (839 HK) reported a revenue of 7.363 billion CNY for FY25, indicating a year-on-year growth of 11.9%, transitioning towards a focus on internal growth and value enhancement [10]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] - Monthly updates and watch lists are provided to keep investors informed about potential investment opportunities [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on Hong Kong-listed stocks [1] - The service is designed for value investors looking for unique investment opportunities in the region [1]

Core Viewpoint - At the end of Q3 2025, Atour's revenue growth is significantly driven by its retail business, which has led to increased marketing expenses, raising questions about its valuation as a hotel or a home textile company [4][12][30]. Group 1: Financial Performance - In Q3 2025, Atour achieved a revenue of 2.628 billion RMB, a year-on-year increase of 38.4%, and an adjusted net profit of 488 million RMB, up 27.0% [4][5]. - Atour's GMV reached 994 million RMB in Q3, reflecting a year-on-year growth of 75.5% [5]. - Retail revenue for the first three quarters of 2025 was 2.505 billion RMB, a substantial increase of 74.81%, contributing 35.78% to total revenue [12][23]. Group 2: Marketing and Sales Expenses - Marketing expenses as a percentage of total revenue rose from 6.19% in 2022 to 14.71% in Q3 2025, indicating a significant increase in advertising spending [7][9]. - It is estimated that Atour spent approximately 6.12 million RMB on marketing for its retail business in the first three quarters of 2025, with a sales expense ratio of about 24.43% [16][30]. Group 3: Business Model and Market Position - Atour's retail business, launched in 2021, has shown a cost structure similar to home textile companies, suggesting a shift towards a "home textile" model [20][31]. - The retail business's revenue contribution has been increasing annually, from 15.42% in 2022 to 35.78% in Q3 2025, indicating a potential future where retail could rival its hotel operations [23][32]. - The current valuation of Atour as a hotel stock (PE ratio of 25-28) contrasts with home textile companies like Luolai Life, which trades at a lower PE ratio of 14-16, raising questions about Atour's market positioning [24][30].

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company has raised its full-year revenue growth guidance to 35%, driven by strong retail business performance, with Q3 revenue growth of 38.4% year-on-year [1][10] - The hotel business continues to expand, with a net increase of 124 hotels in Q3 and a total of 1948 operating hotels, reflecting a 27% year-on-year growth [2][14] - The retail business has shown exceptional growth, with Q3 revenue increasing by 76.4%, leading to an upward revision of the full-year revenue growth target from 60% to 65% [3][15] - The company is positioned as a lifestyle brand targeting mid-to-high-end consumers, benefiting from the recovery of business activities in high-tier cities [4][16] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 2.63 billion yuan, a year-on-year increase of 38.4%, and adjusted net profit of 490 million yuan, up 27% [1][10] - The company expects to achieve revenues of 9.82 billion, 12.29 billion, and 14.78 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.4%, 25.2%, and 20.2% [5][18] Hotel Business - The company opened 152 new hotels in Q3, bringing the total to 1948, with a target of 500 new openings for the year [2][14] - The RevPAR (Revenue per Available Room) for Q3 was 371 yuan, showing a slight decline of 2.2% year-on-year, but an improvement compared to previous quarters [3][15] Retail Business - The retail segment achieved a GMV of 999.4 million yuan in Q3, with revenue growth of 76.4%, contributing 32% to total revenue [3][15] - The introduction of the "Atour Planet Deep Sleep Standard" aims to enhance product offerings and strengthen brand positioning in the sleep industry [4][16]