Financial Data and Key Metrics Changes - The company's net revenue for Q4 2024 grew by 38.5% year-over-year to RMB 2,084 million, and for the full year 2024, it increased by 55.3% year-over-year to RMB 7,248 million [37] - Adjusted net income for Q4 2024 was RMB 333 million, representing a 49.9% increase year-over-year, while adjusted EBITDA for the same period was RMB 443 million, up by 76.5% year-over-year [47] - The adjusted net profit margin for the full year 2024 was 18%, a decrease of 1.4 percentage points year-over-year, and the adjusted EBITDA margin was 24.4%, a decrease of 1.5 percentage points year-over-year [48][72] Business Line Data and Key Metrics Changes - Revenues from manachised hotels for Q4 2024 were RMB 1,106 million, up by 30% year-over-year, while revenues from leased hotels declined by 15.9% year-over-year to RMB 164 million [38][39] - Retail business revenues for Q4 2024 reached RMB 765 million, reflecting an 85.6% year-over-year increase, and for the full year, retail revenues increased by 126.2% year-over-year to RMB 2,198 million [40] Market Data and Key Metrics Changes - The number of hotels in operation increased to 1,619 by the end of Q4 2024, representing a 33.8% year-over-year growth, with 471 new hotels opened during the year [14] - The retail business maintained strong growth momentum, with full-year GMV reaching RMB 2.59 billion, a 127.7% year-over-year increase [19] Company Strategy and Development Direction - The company aims to achieve its strategic goal of 2,000 premier hotels by the end of 2025, with plans to open 500 new hotels in 2025 [58] - The retail business is expected to grow by no less than 35% year-over-year in 2025, driven by new product development and market expansion [68] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties and challenges for 2025, particularly regarding RevPAR, but expressed confidence in revenue growth due to the expanding hotel network and retail business [54] - The company plans to optimize its cost structure and improve management efficiency to stabilize profit margins despite changes in revenue structure [72] Other Important Information - The company has committed to a three-year annual dividend plan, distributing no less than 50% of the previous financial year's net income [87] - By the end of 2024, registered individual members surpassed 89 million, representing year-over-year growth of more than 40% [31] Q&A Session Summary Question: Can you share some colors about the hotel's performance on RevPAR in Q1 2025? - Management expects a year-on-year decline in Q1 RevPAR of mid- to high single digits due to seasonal factors and weather conditions [52] Question: What is your guidance on hotel openings and signings in 2025? - The company expects to maintain a similar hotel opening growth rate with a target of 500 new hotels in 2025 [58] Question: What are the plans for the retail business in 2025? - The retail business is expected to grow by no less than 35% year-over-year in 2025, with a focus on product R&D and innovation [68] Question: How do you guide the margin channel for 2025? - Management anticipates that the adjusted net profit margin will remain relatively stable, with the operating profit margin of the retail business expected to maintain a similar level in 2025 [72][74] Question: Could you share the plans for hotel closures in 2025? - The company will maintain a similar pace of closures in 2025, focusing on property quality and operational performance [86]

本文为IPO早知道原创 作者｜Stone Jin 进一步夯实"始于住宿的生活方式品牌集团"的定位。 微信公众号｜ipozaozhidao 据IPO早知道消息，亚朵集团（NASDAQ:ATAT）于3月25日发布了2024年第四季度及全年财报。 财报显示， 亚朵集团2024年全年营收72.48亿元（人民币，下同），同比增长55.3%；调整后净利 润13.06亿元，同比增长44.6%；调整后EBITDA为17.72亿元，同比增长46.8% 。 HO 1475 +55.5% 调整后净利润® 同比增长 13.06 亿元 +44.6% ↑ 调整后EBITDA® 同比增长 17.72 亿元 +46.8% J | 2024年Q4 营收 同比增长 20.84亿元 +38.5% ↑ 调整后净利润® 同比增长 3.33 亿元 +49.9% ↑ 调整后EBITDA® 同比增长 4.43 亿元 +76.5% ↑ | 2025年业绩指引 其中，第四季度亚朵集团营收20.84亿元，同比增长38.5%；调整后净利润3.33亿元，同比增长 49.9%；调整后EBITDA为4.43亿元，同比增长76.5%。 截至2024年12月31日，亚朵集团 ...

Exhibit 99.1 Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results SHANGHAI, China, March 25, 2025 -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter and Full Year 2024 Operational Highlights As of December 31, 2024, there were 1,619 hotels with a total of ...

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the fourth quarter and full year of 2024, showcasing significant growth in revenues, net income, and operational metrics, driven by the expansion of its hotel network and retail business. Financial Performance - Net revenues for Q4 2024 increased by 38.5% to RMB2,084 million (US$286 million) compared to RMB1,505 million in Q4 2023 [7] - For the full year 2024, net revenues rose by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million in 2023 [7] - Net income for Q4 2024 was RMB331 million (US$45 million), a 50.5% increase from RMB220 million in Q4 2023 [19] - Full year net income for 2024 reached RMB1,273 million (US$174 million), up 72.2% from RMB739 million in 2023 [19] Operational Highlights - As of December 31, 2024, Atour operated 1,619 hotels with 183,184 rooms, marking year-over-year increases of 33.8% in hotels and 32.8% in rooms [2] - The average daily room rate (ADR) for Q4 2024 was RMB420, down from RMB438 in Q4 2023 [3] - The occupancy rate for Q4 2024 was 77.0%, slightly lower than 78.4% in Q4 2023 [4] - Revenue per available room (RevPAR) for Q4 2024 was RMB337, down from RMB358 in Q4 2023 [5] Retail Business Growth - Gross merchandise value (GMV) from retail was RMB912 million for Q4 2024, an increase of 84.5% year-over-year [5] - For the full year 2024, retail GMV surged by 127.7% to RMB2,592 million from RMB1,139 million in 2023 [5] Cost and Expense Management - Total operating costs and expenses for Q4 2024 were RMB1,701 million (US$233 million), reflecting increased costs associated with hotel network expansion [12] - Selling and marketing expenses for Q4 2024 rose to RMB355 million (US$49 million), up from RMB207 million in Q4 2023, driven by enhanced brand investment [14] Future Outlook - The company anticipates a 25% increase in total net revenues for the full year 2025 compared to 2024 [28]

Core Viewpoint - Atour Lifestyle Holdings Limited (ATAT) is expected to report strong fourth-quarter results driven by domestic travel demand and strategic expansion efforts, with earnings anticipated to grow by 42.9% year over year and revenues by 26% [2][3]. Group 1: Financial Performance Expectations - The Zacks Consensus Estimate for ATAT's earnings is set at 30 cents per share, reflecting a year-over-year growth of 42.9% [2]. - The consensus revenue estimate for the fourth quarter is $267.2 million, indicating a 26% increase compared to the previous year [2]. Group 2: Growth Drivers - The company's performance is expected to benefit from strong domestic travel demand, an expanding membership base, and enhancements in brand offerings [3]. - ATAT's aggressive hotel expansion strategy, including the addition of Atour Light properties, has broadened its market reach, particularly appealing to younger and female travelers [4]. - Strong franchisee confidence and a robust development pipeline are expected to reinforce ATAT's revenue streams and operational efficiencies [5]. Group 3: Earnings Prediction Model - The current model does not predict a definitive earnings beat for ATAT, as it has an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [6].

Core Viewpoint - The Chinese hotel industry in 2024 is expected to face "weak expectations" realization and an imbalance in supply and demand. However, there are potential opportunities in the South China market, hotel product renewal demands, and the growth potential of leading brands in lower-tier markets [1][5][8]. Group 1: Market Dynamics - The competition landscape in South China is evolving, with some latecomers gaining market share, leveraging core brands to penetrate the region effectively. Continuous monitoring of penetration progress and market share growth is recommended [1][11]. - The hotel product renewal demand is changing, with an increasing proportion of hotels aged 6-10 years across major groups by the end of 2024 compared to the end of 2023. This trend indicates a potential rise in the number of hotels needing renovation in the next 1-2 years, leading to possible shifts in brand competition dynamics [1][25][26]. Group 2: Supply and Demand Changes - The hotel industry's supply-demand relationship has undergone significant changes from 2023 to 2024. Initially, there was a "supply shortage" due to pandemic impacts, followed by a recovery phase where demand surged, attracting more investors and increasing supply. However, demand has shown signs of divergence, with leisure travel continuing while business travel remains slow to recover [5][7][8]. - The overall RevPAR for the Chinese hotel industry is projected to decline by approximately 5% year-on-year in 2024, reflecting a cautious market outlook influenced by high base effects and slow recovery in business travel demand [5][7]. Group 3: Competitive Landscape in South China - The existing competitive landscape shows that major groups like Jinjiang and Eastern Group have a significant presence in South China, with approximately 20% and 40% of their hotels located in the region, respectively. In contrast, Huazhu has a weaker presence, with only about 6% of its hotels in South China [11][12][19]. - There is still potential for brand updates and renovations in the South China market, with a notable percentage of hotels needing upgrades. Continuous observation of the competitive dynamics and brand selection for these renovations is advised [12][19]. Group 4: Product Renewal and Aging Issues - The aging of hotel products is becoming more pronounced, particularly in the economy and light management segments. Major brands are facing increasing pressure to renovate or update their offerings, with a significant portion of their hotels aged 6-10 years [25][30][33]. - The current market presents four potential paths for franchisees with aging products: upgrading existing brands, switching to leading brands, opting for soft brands with lower investment, or maintaining the status quo, which may lead to declining profitability [27][30].

Core Viewpoint - Atour Lifestyle Holdings Limited will report its unaudited financial results for Q4 and full year 2024 on March 25, 2025, before U.S. markets open [1]. Group 1: Financial Reporting - The financial results announcement will take place on March 25, 2025, before the U.S. markets open [1]. - A conference call will be hosted at 7:00 AM U.S. Eastern time on the same day [1]. Group 2: Conference Call Details - A live webcast of the conference call will be available on the Company's investor relations website [2]. - Participants can pre-register for the conference call via a provided link to receive dial-in numbers and a personal PIN [2]. Group 3: Company Overview - Atour Lifestyle Holdings Limited is a leading hospitality and lifestyle company in China, recognized for its distinct portfolio of lifestyle hotel brands [3]. - The company is the leading upper midscale hotel chain in China and the first Chinese hotel chain to develop scenario-based retail business [3]. - Atour is focused on innovation within China's hospitality industry and aims to build new lifestyle brands around hotel offerings [3].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [5][6]. Core Insights - The company is positioned as the No. 1 domestic mid-to-high-end hotel brand, creating a new growth paradigm of "accommodation + retail" [2][19]. - The company has demonstrated strong growth in both hotel operations and retail segments, with a significant increase in revenue and adjusted earnings [4][40]. - The report highlights the potential for brand concentration and structural improvement in the domestic mid-to-high-end hotel market, drawing parallels with the U.S. market [3][44]. Summary by Sections Company Overview - Founded in 2013, the company has rapidly established itself as a leader in the domestic mid-to-high-end hotel sector by focusing on differentiated positioning and user experience [19][24]. - The company has expanded its hotel portfolio to 1,210 locations by 2023, with a revenue CAGR of 30.3% from 2019 to 2023 [2][34]. Growth Analysis - The report anticipates a stable RevPAR for the hotel industry in 2025, with a slight decline expected for the company’s overall RevPAR in the coming years [3][38]. - The company is projected to achieve a hotel store CAGR of 25-30% from 2024 to 2026, driven by ongoing expansion efforts [3][34]. Retail Segment - The retail business is expected to generate significant revenue growth, with projections of 20 billion RMB+ in retail income by 2024, reflecting a CAGR of 110-130% from 2020 to 2024 [4][39]. - Retail revenue accounted for 21% of total income in 2023, with expectations to rise to approximately 29% in 2024 [4][39]. Financial Projections - The company’s revenue is forecasted to reach 69.7 billion RMB in 2024, with a year-on-year growth of 49.3% [5][8]. - Adjusted net profit is expected to grow to 12.9 billion RMB by 2024, reflecting a 42.5% increase [5][8]. Valuation - The report estimates a reasonable market value range for the company between 316.6 billion RMB and 339.2 billion RMB, indicating a potential upside of 22-31% from the current price [5][6].

Group 1: Company Performance - Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) has gained approximately 67.6% year-to-date, outperforming the Consumer Discretionary sector, which has returned an average of 13.9% [1] - Fox Corporation (FOX) has also shown strong performance with a year-to-date return of 70.5% [1] - ATAT is performing better than the Leisure and Recreation Services industry, which has gained about 22.6% this year [3] Group 2: Industry Rankings - Atour Lifestyle Holdings Limited Sponsored ADR is part of the Consumer Discretionary sector, which ranks 6 in the Zacks Sector Rank [6] - The Leisure and Recreation Services industry, which includes ATAT, is currently ranked 29 in the Zacks Industry Rank [3] - Fox Corporation belongs to the Broadcast Radio and Television industry, which is ranked 73, with the industry moving up by 58.3% this year [4] Group 3: Earnings Estimates - The consensus EPS estimate for ATAT has increased by 1.6% over the past quarter, indicating improving analyst sentiment [8] - Fox Corporation's consensus EPS estimate for the current year has risen by 9.6% over the past three months [2] - Atour Lifestyle Holdings Limited Sponsored ADR currently holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for future performance [7]

Industry Overview - The Zacks Leisure and Recreation Services Industry is currently ranked in the top 7% out of 250 Zacks industries, indicating strong performance within the sector [1] Company: Atour Lifestyle Holdings (ATAT) - Atour Lifestyle Holdings operates the largest midscale hotel chain in China and is considered a strong investment opportunity [2] - In Q3, Atour reported earnings of $0.39 per share, a 44% increase from $0.27 in the same quarter last year [3] - Q3 sales reached $270.55 million, reflecting a 52% increase from $177.37 million a year ago, and Atour beat EPS and sales estimates by 2% [3] Company: Trip.com (TCOM) - Trip.com, based in Shanghai, is another notable player in the leisure and recreation services sector, offering comprehensive travel booking services [5] - In Q3, Trip.com reported earnings of $1.25 per share, exceeding expectations by 37%, compared to Zacks estimates of $0.91 [5] - Q3 sales were $2.26 billion, a 20% increase from the previous year, surpassing estimates of $2.19 billion [6] - Trip.com has seen a stock price increase of over 70% in 2024 and has surpassed earnings expectations for nine consecutive quarters [6] Earnings Estimate Trends - Both Atour and Trip.com are experiencing positive trends in earnings estimate revisions, suggesting continued strong performance [9]