[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Atour reported strong Q2 2023 growth in net revenues and net income, with hotel network expansion and key operational metrics surpassing pre-pandemic levels Q2 2023 Key Financial Highlights (Year-over-Year) | Metric | Q2 2023 | Q2 2022 | Growth | | :--- | :--- | :--- | :--- | | Net Revenues | RMB 1,093 Million | RMB 515 Million | +112.3% | | Net Income | RMB 239 Million | RMB 60 Million | +298.3% | | Adjusted Net Income (non-GAAP) | RMB 249 Million | RMB 60 Million | +312.9% | | Adjusted EBITDA (non-GAAP) | RMB 344 Million | RMB 104 Million | +232.4% | Q2 2023 Key Operational Metrics | Metric | Q2 2023 | Q2 2022 | Recovery vs. 2019 | | :--- | :--- | :--- | :--- | | ADR | RMB 475 | RMB 362 | 109.8% | | Occupancy Rate | 77.1% | 65.5% | 103.6% | | RevPAR | RMB 384 | RMB 251 | 114.8% | - The hotel network expanded to **1,034 hotels** with **120,404 rooms** as of June 30, 2023, representing a **24.0% year-over-year increase** in the number of hotels[3](index=3&type=chunk) - Gross Merchandise Volume (GMV) from the scenario-based retail business reached **RMB 267 million**, a significant increase of **283.9% year-over-year**[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights full recovery in key operating metrics, record new hotel signings, and strong retail business growth, supporting the 2025 expansion goal - Management reports a **full recovery** across Occupancy (OCC), ADR, and RevPAR, with new hotel signings reaching a **quarterly record high**[5](index=5&type=chunk) - The company is on track towards its mid-term goal of having **2,000 premier hotels by 2025**[5](index=5&type=chunk) - The scenario-based retail business is **prospering** by proactively discovering and satisfying customers' evolving demands beyond accommodation[5](index=5&type=chunk) [Second Quarter 2023 Unaudited Financial Results](index=2&type=section&id=Second%20Quarter%202023%20Unaudited%20Financial%20Results) Q2 2023 financial results show substantial growth in net revenues and income from operations, driven by broad-based business expansion and improved efficiency [Net Revenues](index=2&type=section&id=Net%20Revenues) Net revenues surged **112.3%** to **RMB 1,093 million** in Q2 2023, driven by strong growth across manachised, leased, and retail segments Q2 2023 Net Revenues Breakdown (Year-over-Year) | Revenue Source | Q2 2023 (RMB Million) | Q2 2022 (RMB Million) | Growth | | :--- | :--- | :--- | :--- | | Manachised hotels | 626 | 295 | +112.3% | | Leased hotels | 220 | 143 | +53.6% | | Retail revenues and others | 247 | 77 | +222.2% | | **Total Net Revenues** | **1,093** | **515** | **+112.3%** | [Operating Costs and Expenses](index=3&type=section&id=Operating%20Costs%20and%20Expenses) Operating costs increased in Q2 2023, but improved efficiency led to a decrease in hotel operating costs as a percentage of revenues - Hotel operating costs as a percentage of manachised and leased hotels' revenues decreased to **60.2%** in Q2 2023 from **74.2%** in Q2 2022, reflecting **improved operational leverage**[11](index=11&type=chunk) - Other operating costs, mainly for the retail business, increased by **189.9%** but improved as a percentage of retail revenues to **49.0%** from **54.4%** year-over-year, showing **better profitability**[12](index=12&type=chunk) - Selling and marketing expenses grew **197.3%** to **RMB 94 million**, driven by increased investment in branding and the growth of the online retail business[13](index=13&type=chunk) [Profitability and Earnings Per Share](index=4&type=section&id=Profitability%20and%20Earnings%20Per%20Share) Q2 2023 saw dramatic profitability improvement, with income from operations reaching **RMB 307 million** and net income surging to **RMB 239 million** Q2 2023 Profitability Metrics (Year-over-Year) | Metric | Q2 2023 (RMB Million) | Q2 2022 (RMB Million) | | :--- | :--- | :--- | | Income from Operations | 307 | 82 | | Net Income | 239 | 60 | | Adjusted Net Income (non-GAAP) | 249 | 60 | | EBITDA (non-GAAP) | 334 | 104 | | Adjusted EBITDA (non-GAAP) | 344 | 104 | - For Q2 2023, diluted income per share was **RMB 0.57**, and diluted income per ADS was **RMB 1.71 (US$0.24)**[16](index=16&type=chunk) [Financial Position and Cash Flow](index=4&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a strong financial position with **RMB 2.5 billion** in cash and **RMB 520 million** in operating cash inflow for Q2 2023 - Operating cash inflow for Q2 2023 was **RMB 520 million**[17](index=17&type=chunk) - As of June 30, 2023, the company held **RMB 2.5 billion** in cash, cash equivalents, and restricted cash[17](index=17&type=chunk) - Total outstanding borrowings were **RMB 73 million**, with an available unutilized credit facility of **RMB 260 million** as of the end of the quarter[17](index=17&type=chunk) [Key Operating Data](index=12&type=section&id=Key%20Operating%20Data) Q2 2023 saw the hotel network expand to **1,034 hotels**, with key performance indicators like occupancy, ADR, and RevPAR showing strong recovery Hotel Network Expansion in Q2 2023 | Hotel Type | Opened in Q2 2023 | Closed in Q2 2023 | Total as of June 30, 2023 | Total Rooms | | :--- | :--- | :--- | :--- | :--- | | Manachised | 70 | 4 | 1,001 | 115,427 | | Leased | 0 | 0 | 33 | 4,977 | | **Total** | **70** | **4** | **1,034** | **120,404** | Key Performance Indicators by Quarter | Metric (All Hotels) | Q2 2023 | Q1 2023 | Q2 2022 | | :--- | :--- | :--- | :--- | | Occupancy Rate | 77.1% | 72.5% | 65.5% | | ADR (in RMB) | 474.8 | 442.9 | 361.8 | | RevPAR (in RMB) | 383.6 | 336.8 | 251.3 | [Appendix](index=5&type=section&id=Appendix) The Appendix provides supplementary information, including conference call details, non-GAAP financial measure explanations, and unaudited financial statements [Use of Non-GAAP Financial Measures](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like adjusted net income and EBITDA to provide supplemental performance insights by excluding non-cash expenses - The company utilizes **non-GAAP measures** including **adjusted net income, EBITDA, and adjusted EBITDA** to provide supplemental information on performance[19](index=19&type=chunk) - Adjusted net income and adjusted EBITDA **exclude share-based compensation expenses** to help investors better understand performance and compare trends on a consistent basis[20](index=20&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents unaudited consolidated financial statements, including balance sheets, income statements, cash flows, and GAAP to non-GAAP reconciliations - The report includes **unaudited condensed consolidated balance sheets, statements of comprehensive income, and statements of cash flows**[23](index=23&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) - A **detailed reconciliation of GAAP to non-GAAP results** is provided, showing adjustments for items like share-based compensation, interest, taxes, and depreciation[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Conference Call Information](index=5&type=section&id=Conference%20Call%20Information) An earnings conference call for Q2 2023 results is scheduled for August 17, 2023, at 8:00 AM U.S. Eastern time - A conference call to discuss Q2 2023 results is scheduled for **8:00 AM U.S. Eastern time on August 17, 2023**[18](index=18&type=chunk)

Financial Data and Key Metrics Changes - The company's net revenues for Q1 2023 grew by 71.2% year-over-year to RMB774 million, driven by growth in both hotel and scenario-based retail businesses [17] - Adjusted net income for Q1 increased by 2,114.3% year-over-year to RMB160 million, with an adjusted net profit margin of 20% [21][36] - Adjusted EBITDA for Q1 2023 was RMB231 million, up by 584.8% year-over-year [21] Business Line Data and Key Metrics Changes - Revenues from managed hotels for Q1 2023 were RMB447 million, up by 63.2% year-over-year, with RevPAR surpassing pre-pandemic levels at RMB331 [17][18] - Revenues from leased hotels increased by 67.9% year-over-year to RMB187 million, with RevPAR also exceeding pre-pandemic levels at RMB464 [18] - Scenario-based retail revenue grew by 174.3% year-over-year to RMB113 million, contributing significantly to the overall revenue growth [18][13] Market Data and Key Metrics Changes - The hotel network expanded to 968 hotels, a year-over-year increase of 23%, with a pipeline of 413 hotels under development [10] - Membership in the loyalty program surpassed 38 million, with a significant portion of members aged 30 to 40 [11] Company Strategy and Development Direction - The company aims to open 2,000 premier hotels over three years, establishing a benchmark for the Chinese experience in the upper midscale hotel industry [6] - The retail business is positioned as a natural extension of the hospitality expertise, focusing on sleep-related products to enhance customer experience [12][15] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RevPAR recovery, projecting a 110% recovery rate for the full year [24] - The company is focused on quality over quantity in hotel openings, emphasizing the importance of maintaining high standards [29] - Management highlighted the potential in China's sleep market and the ongoing development of sleep-related products [15][41] Other Important Information - The company maintained a healthy cash position with RMB2.0 billion in cash and cash equivalents at the end of Q1 [21] - The retail business achieved a milestone of RMB100 million in revenue for Q1, with expectations to exceed RMB400 million for the full year [43] Q&A Session Summary Question: RevPAR recovery in Q2 and full-year guidance adjustments - Management noted that Q1's RevPAR recovery was partially due to retaliatory rebound factors and expressed confidence in reaching a 110% recovery rate for the full year [23][24] Question: Improvement in franchisee relationships and hotel openings - Management reported a record high of 94 new hotel signings in Q1, with over 40% being repurchases from existing franchisees, supporting the target of 280 new openings for the year [27][28] Question: Competitive landscape in the mid to upscale hotel segment - Management emphasized a focus on experience-driven strategies to enhance competitiveness, maintaining a leading market share in the upper midscale segment [31][33] Question: Breakdown of reasons for outperforming earnings - Management attributed the strong performance to a higher gross margin driven by the recovery of RevPAR and growth in the retail business, with expenses decreasing as a percentage of revenue [35][36] Question: Growth potential of the scenario-based retail business - Management expressed optimism about the retail business's growth, particularly in the sleep product market, and highlighted the synergy between retail and hotel operations [39][41]

Exhibit 99.1 Atour Lifestyle Holdings Limited Reports Second Quarter of 2023 Unaudited Financial Results ● Net revenues for the second quarter of 2023 increased by 112.3% year-over-year to RMB1,093 million (US$151 million), compared with RMB515 million for the same period of 2022. ● Net income for the second quarter of 2023 was RMB239 million (US$33 million), compared with RMB60 million for the same period of 2022. Adjusted net income (non-GAAP), which excluded share-based compensation expenses from net inc ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SE ...

[Form 6-K Report of Foreign Private Issuer](index=1&type=section&id=Form%206-K%20Report%20of%20Foreign%20Private%20Issuer) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section identifies the registrant as Atour Lifestyle Holdings Limited, a foreign private issuer based in Shanghai, China, with the report covering April 2023 and annual filings under Form 20-F - Registrant: **Atour Lifestyle Holdings Limited**[1](index=1&type=chunk) - Commission File Number: **001-40540**[1](index=1&type=chunk) - Principal Executive Office Address: **18th floor, Wuzhong Building, 618 Wuzhong Road, Minhang District, Shanghai, People's Republic of China**[1](index=1&type=chunk) - The company files annual reports under **Form 20-F**[1](index=1&type=chunk) [Exhibit Index](index=2&type=section&id=Exhibit%20Index) The report includes one exhibit, a Press Release, filed under Exhibit 99.1 - The report contains **Exhibit 99.1**, which is a **Press Release**[2](index=2&type=chunk) [Signatures](index=3&type=section&id=Signatures) The report was duly authorized and signed on April 28, 2023, by Haijun Wang, the Chairman of the Board of Directors and Chief Executive Officer - The report was signed by **Haijun Wang**, **Chairman of the Board of Directors and Chief Executive Officer**[3](index=3&type=chunk) - The date of the signature is **April 28, 2023**[3](index=3&type=chunk)

[Financial & Operational Highlights](index=1&type=section&id=Atour%20Lifestyle%20Holdings%20Limited%20Reports%20Fourth%20Quarter%20and%20Full%20Year%202022%20Unaudited%20Financial%20Results) Atour reported strong FY2022 adjusted net income growth and significant network expansion, despite Q4 GAAP loss and declining RevPAR due to market conditions [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Atour's FY2022 net revenues grew 5.4% to RMB 2,263 million, with adjusted net income surging 85.6% to RMB 259 million, despite a Q4 GAAP net loss of RMB 83 million Q4 & Full Year 2022 Key Financial Metrics | Metric | Q4 2022 (RMB) | Q4 2021 (RMB) | YoY Change | FY 2022 (RMB) | FY 2021 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | 626M | 592M | +5.8% | 2,263M | 2,148M | +5.4% | | **Net Income (Loss)** | (83M) | 27M | - | 96M | 140M | -31.4% | | **Adjusted Net Income (Non-GAAP)** | 81M | 27M | +199.8% | 259M | 140M | +85.6% | | **Adjusted EBITDA (Non-GAAP)** | 116M | 64M | +82.2% | 424M | 299M | +41.9% | [Operational Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202022%20Operational%20Highlights) Atour expanded its hotel network by 25% to 932 hotels and 107,998 rooms by year-end 2022, though key performance indicators like RevPAR declined to RMB 261 due to market conditions - As of December 31, 2022, the hotel network grew to 932 hotels with 107,998 rooms, a **25% year-over-year increase**. There were 363 hotels under development in the pipeline[3](index=3&type=chunk) Key Performance Indicators (KPIs) Comparison | Indicator | FY 2022 | FY 2021 | Change | | :--- | :--- | :--- | :--- | | **ADR (RMB)** | 391 | 415 | -5.8% | | **Occupancy Rate** | 63.0% | 67.7% | -4.7 p.p. | | **RevPAR (RMB)** | 261 | 295 | -11.5% | [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted the company's fourth consecutive year of profitability and its strategic goal to operate 2,000 premier hotels by the end of 2025, positioning for post-pandemic growth - The company achieved a **5.4% year-over-year increase in total revenues** and recorded profitability for the **fourth consecutive year** in 2022[6](index=6&type=chunk) - A key strategic goal is to operate a total of **2,000 premier hotels by the end of 2025**[6](index=6&type=chunk) [Detailed Financial Results (Q4 & FY 2022)](index=2&type=section&id=Fourth%20Quarter%20and%20Full%20Year%20of%202022%20Unaudited%20Financial%20Results) FY2022 net revenues grew 5.4% driven by manachised hotel and retail growth, while operating costs were managed effectively, leading to a GAAP net income of RMB 96 million [Net Revenues](index=2&type=section&id=Net%20revenues) FY2022 net revenues increased 5.4% to RMB 2,263 million, driven by manachised hotel and retail growth, partially offset by a 12.3% decline in leased hotel revenues due to COVID-19 Net Revenues Breakdown (RMB in thousands) | Revenue Source | FY 2022 (RMB thousands) | FY 2021 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Manachised hotels** | 1,360,843 | 1,220,301 | +11.5% | | **Leased hotels** | 552,929 | 630,238 | -12.3% | | **Retail revenues and others** | 349,211 | 297,038 | +17.6% | | **Total Net Revenues** | **2,262,983** | **2,147,577** | **+5.4%** | [Manachised Hotels Revenue](index=2&type=section&id=Manachised%20hotels) Revenue from manachised hotels increased by 11.5% to RMB 1,361 million for the full year 2022, primarily due to the expansion of the hotel network from 712 to 899 hotels - The increase in manachised hotel revenue was primarily driven by the expansion of the hotel network, with the total number of manachised hotels growing from 712 at the end of 2021 to **899 at the end of 2022**[8](index=8&type=chunk) [Leased Hotels Revenue](index=2&type=section&id=Leased%20hotels) Revenues from leased hotels decreased by 12.3% to RMB 553 million in 2022, attributed to diminished customer traffic and weaker consumption demand due to COVID-19 resurgences - The decrease in leased hotel revenue was primarily due to diminished customer traffic and weakened consumption demand amid the resurgence of COVID-19 in China during 2022[8](index=8&type=chunk) [Retail Revenues and Others](index=3&type=section&id=Retail%20revenues%20and%20others) The retail segment demonstrated robust growth, with revenues increasing by 17.6% to RMB 349 million in 2022, driven by scenario-based retail expansion, brand recognition, and enhanced private label offerings - The growth in retail revenue was attributable to the rapid expansion of the scenario-based retail business, driven by hotel network expansion and growing brand recognition[9](index=9&type=chunk) [Operating Costs and Expenses](index=3&type=section&id=Operating%20costs%20and%20expenses) For FY2022, total operating costs and expenses were RMB 2,136 million, with RMB 163 million in share-based compensation; excluding this, costs were in line with 2021, reflecting effective cost management - Excluding the impact of **RMB 163 million in share-based compensation expenses**, operating costs and expenses for full-year 2022 were **RMB 1,973 million**, which was in line with 2021[10](index=10&type=chunk) [Hotel Operating Costs](index=3&type=section&id=Hotel%20operating%20costs) Hotel operating costs for 2022 decreased by 1.9% to RMB 1,393 million, mainly due to effective expense and labor cost controls, and pandemic-related lease concessions - The decrease in hotel operating costs was mainly attributable to effective cost controls and pandemic-related lease concessions received from landlords[11](index=11&type=chunk) [Selling and Marketing Expenses](index=3&type=section&id=Selling%20and%20marketing%20expenses) Selling and marketing expenses increased by 12.7% to RMB 140 million in 2022, primarily driven by increased investment in brand promotion and channel development for the retail business - The increase in selling and marketing expenses was mainly driven by increased investment in brand promotion and channel development for the scenario-based retail business[11](index=11&type=chunk) [General and Administrative Expenses](index=3&type=section&id=General%20and%20administrative%20expenses) General and administrative expenses for 2022 were RMB 350 million, a significant increase from RMB 197 million in 2021, almost entirely due to RMB 160 million in share-based compensation - Excluding the impact of **RMB 160 million in share-based compensation**, general and administrative expenses for full-year 2022 decreased by **3.8% to RMB 190 million**[12](index=12&type=chunk) [Technology and Development Expenses](index=4&type=section&id=Technology%20and%20development%20expenses) Technology and development expenses increased by 27.0% to RMB 66 million in 2022, attributed to greater investments in technology systems and infrastructure supporting network expansion and customer experience - The year-over-year increase in technology expenses was mainly due to increased investments in technology systems and infrastructure to support the expanding hotel network[13](index=13&type=chunk) [Profitability Analysis](index=4&type=section&id=Profitability%20Analysis) Q4 2022 saw a GAAP net loss of RMB 83 million, but adjusted net income surged 199.8% to RMB 81 million; for FY2022, net income was RMB 96 million, with adjusted net income growing 85.6% to RMB 259 million Profitability Metrics (FY 2022 vs FY 2021) | Metric | FY 2022 (RMB million) | FY 2021 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | **Income from Operations** | 165 | 196 | -15.8% | | **Net Income** | 96 | 140 | -31.4% | | **Adjusted Net Income (Non-GAAP)** | 259 | 140 | +85.6% | | **EBITDA (Non-GAAP)** | 261 | 299 | -12.7% | | **Adjusted EBITDA (Non-GAAP)** | 424 | 299 | +41.9% | [Earnings Per Share (EPS/ADS)](index=4&type=section&id=Basic%20and%20diluted%20loss%20per%20share%2FAmerican%20depositary%20share%20(ADS)) Q4 2022 reported a basic and diluted loss per share of RMB 0.21 and per ADS of RMB 0.64, while FY2022 achieved income per share of RMB 0.26 and per ADS of RMB 0.78 Earnings Per Share/ADS | Period | Basic & Diluted EPS (RMB) | Basic & Diluted ADS (RMB) | | :--- | :--- | :--- | | **Q4 2022** | (0.21) | (0.64) | | **FY 2022** | 0.26 | 0.78 | [Financial Position and Cash Flow](index=5&type=section&id=Financial%20Position%20and%20Cash%20Flow) As of December 31, 2022, Atour maintained robust liquidity with RMB 1,589 million in cash, supported by significant financing cash inflow from its IPO [Balance Sheet Analysis](index=5&type=section&id=Cash%20and%20cash%20equivalents%20and%20restricted%20cash) As of December 31, 2022, Atour maintained healthy liquidity with RMB 1,589 million in cash, RMB 174 million in debt, and RMB 279 million in unutilized credit facilities Key Balance Sheet Items (as of Dec 31, 2022) | Item | Amount (RMB million) | | :--- | :--- | | **Cash and cash equivalents** | 1,589 | | **Total outstanding indebtedness** | 174 | | **Unutilized credit facility** | 279 | [Cash Flow Statement Analysis](index=5&type=section&id=Cash%20flows) FY2022 operating cash inflow was RMB 284 million, with investing outflow of RMB 192 million, and financing inflow of RMB 456 million, primarily from the IPO Cash Flow Summary (Full Year) | Cash Flow Activity | 2022 (RMB million) | 2021 (RMB million) | | :--- | :--- | :--- | | **Operating Cash Inflow** | 284 | 418 | | **Investing Cash Outflow** | (192) | (42) | | **Financing Cash Inflow (Outflow)** | 456 | (161) | [Key Operating Data](index=12&type=section&id=Key%20Operating%20Data) Atour significantly expanded its hotel network to 932 properties in 2022, diversifying its brand portfolio, though key operational metrics like RevPAR declined year-over-year [Hotel Portfolio Overview](index=12&type=section&id=Properties) In 2022, Atour expanded its network to 932 hotels with 107,998 rooms, predominantly manachised (899 hotels), by opening 191 new manachised hotels Hotel Network Changes in FY 2022 | Hotel Type | Opened in FY22 | Closed in FY22 | Total as of Dec 31, 2022 | Total Rooms | | :--- | :--- | :--- | :--- | :--- | | **Manachised hotels** | 191 | 4 | 899 | 102,945 | | **Leased hotels** | 0 | 0 | 33 | 5,053 | | **Total** | **191** | **4** | **932** | **107,998** | [Brand Portfolio](index=12&type=section&id=Brand%20Portfolio) Atour's diversified brand portfolio spans midscale to luxury, with the core 'Atour' brand comprising 753 hotels, alongside 'Atour S' and 'Atour Light' offerings Brand Breakdown as of Dec 31, 2022 | Brand | Positioning | Total Hotels | Total Rooms | | :--- | :--- | :--- | :--- | | **A.T. House** | Luxury | 1 | 214 | | **Atour S** | Upscale | 54 | 8,235 | | **ZHOTEL** | Upscale | 1 | 52 | | **Atour** | Upper midscale | 753 | 87,709 | | **Atour X** | Upper midscale | 48 | 4,893 | | **Atour Light** | Midscale | 75 | 6,895 | | **Total** | | **932** | **107,998** | [Key Performance Indicators (KPIs)](index=13&type=section&id=Key%20Performance%20Indicators%20(KPIs)) Operational metrics for 2022, excluding requisitioned rooms, showed declines with occupancy at 63.0%, ADR at RMB 391.2, and RevPAR at RMB 260.7, reflecting challenging market conditions Full Year KPI Comparison (All Hotels, Exclusive of requisitioned) | Metric | FY 2022 | FY 2021 | YoY Change | | :--- | :--- | :--- | :--- | | **Occupancy Rate** | 63.0% | 67.7% | -4.7 p.p. | | **ADR (RMB)** | 391.2 | 415.2 | -5.8% | | **RevPAR (RMB)** | 260.7 | 294.9 | -11.6% | [Appendix](index=5&type=section&id=Appendix) This section provides supplementary information including conference call details, the company's use of non-GAAP financial measures, and detailed reconciliations and financial statements [Conference Call Information](index=5&type=section&id=Conference%20Call) An earnings conference call was scheduled for March 30, 2023, at 8:00 a.m. U.S. Eastern time to discuss the Q4 and FY2022 financial results - The earnings conference call was scheduled for **March 30, 2023, at 8:00 a.m. U.S. Eastern time**[19](index=19&type=chunk) [Use of Non-GAAP Financial Measures](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like adjusted net income and EBITDA, excluding share-based compensation, to provide a clearer assessment of operational performance and facilitate period-to-period comparisons - The company uses non-GAAP measures like adjusted net income and adjusted EBITDA to provide supplemental information by excluding share-based compensation expenses[20](index=20&type=chunk) - Management believes these non-GAAP measures help investors better understand performance and compare business trends on a consistent basis, as they are used internally for financial and operational decision-making[21](index=21&type=chunk) [Reconciliation of GAAP and Non-GAAP Results](index=11&type=section&id=ATOUR%20LIFESTYLE%20HOLDINGS%20LIMITED%20UNAUDITED%20RECONCILIATION%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section details the reconciliation of GAAP to non-GAAP figures, showing how FY2022 GAAP Net Income of RMB 96.1 million is adjusted to RMB 259.3 million Adjusted Net Income by adding back RMB 163.2 million in share-based compensation FY 2022 Reconciliation of Net Income to Adjusted Net Income (RMB in thousands) | Description | Amount (RMB thousands) | | :--- | :--- | | **Net income (GAAP)** | 96,082 | | Add: Share-based compensation expenses | 163,193 | | **Adjusted net income (non-GAAP)** | **259,275** | FY 2022 Reconciliation of Net Income to Adjusted EBITDA (RMB in thousands) | Description | Amount (RMB thousands) | | :--- | :--- | | **Net income (GAAP)** | 96,082 | | Adjustments (Interest, Tax, D&A) | 165,080 | | **EBITDA (non-GAAP)** | 261,162 | | Add: Share-based compensation expenses | 163,193 | | **Adjusted EBITDA (non-GAAP)** | **424,355** | [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents Atour's unaudited condensed consolidated financial statements as of December 31, 2022, including Balance Sheets, Statements of Comprehensive Income, and Statements of Cash Flows [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=ATOUR%20LIFESTYLE%20HOLDINGS%20LIMITED%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2022, total assets increased significantly to RMB 4,762 million, driven by cash and operating lease assets, with total liabilities also growing to RMB 3,575 million Key Balance Sheet Items (RMB in thousands) | Item | Dec 31, 2022 (RMB thousands) | Dec 31, 2021 (RMB thousands) | | :--- | :--- | :--- | | **Total current assets** | 2,124,659 | 1,416,217 | | **Total non-current assets** | 2,637,367 | 828,930 | | **Total assets** | **4,762,026** | **2,245,147** | | **Total current liabilities** | 1,347,614 | 1,051,386 | | **Total non-current liabilities** | 2,227,006 | 629,146 | | **Total liabilities** | **3,574,620** | **1,680,532** | | **Total equity** | **1,187,406** | **564,615** | [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=9&type=section&id=ATOUR%20LIFESTYLE%20HOLDINGS%20LIMITED%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) For FY2022, the income statement shows net revenues of RMB 2,263 million and total operating costs of RMB 2,136 million, resulting in an income from operations of RMB 165 million and a net income of RMB 96 million FY 2022 Income Statement Summary (RMB in thousands) | Item | FY 2022 (RMB thousands) | FY 2021 (RMB thousands) | | :--- | :--- | :--- | | **Net revenues** | 2,262,983 | 2,147,577 | | **Total operating costs and expenses** | (2,136,117) | (1,973,892) | | **Income from operation** | 164,960 | 196,056 | | **Net income** | 96,082 | 139,670 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=ATOUR%20LIFESTYLE%20HOLDINGS%20LIMITED%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) FY2022 saw net cash from operating activities of RMB 284 million, investing outflow of RMB 192 million, and financing inflow of RMB 456 million, leading to a net cash increase of RMB 551 million FY 2022 Cash Flow Summary (RMB in thousands) | Item | FY 2022 (RMB thousands) | FY 2021 (RMB thousands) | | :--- | :--- | :--- | | **Net cash from operating activities** | 283,677 | 417,879 | | **Net cash from investing activities** | (192,225) | (42,225) | | **Net cash from financing activities** | 456,310 | (161,080) | | **Net increase in cash** | 550,578 | 206,393 |