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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Investors looking for stocks in the Leisure and Recreation Services sector might want to consider either Royal Caribbean (RCL) or Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes comp ...

Investment Rating - The report maintains a "BUY" rating for Atour Lifestyle (ATAT US) with a target price of US$ 23.68, reflecting a potential upside of 24.7% from the current price of US$ 18.98 [4][12]. Core Insights - The 4Q23 results slightly exceeded expectations, but the FY24E guidance was somewhat disappointing. However, there is optimism for sequential improvement due to a high base in the first half of the year, a strong occupancy rate compared to peers, and an improving PMI starting March 2024 [2][7]. - Revenue per available room (RevPAR) showed a year-to-date decline but improved quarter-over-quarter, with management targeting a flat recovery rate for FY24E [2][7]. - The company plans to open 360 new hotels in FY24E, aligning with previous expectations, and has a robust pipeline of 617 managed hotels under development [2][7]. Financial Summary - FY23 revenue reached RMB 4.7 billion, a 106.2% year-over-year increase, while net profit attributable rose by 651% to RMB 739 million [7][11]. - For FY24E, revenue is projected at RMB 5.96 billion, with a 27.8% year-over-year growth, and net profit is expected to reach RMB 1.16 billion, reflecting a 57.7% increase [3][9]. - The report indicates a slight improvement in adjusted net profit margin for FY24E, with a target of 19.5% [8][9]. Valuation Metrics - The current valuation stands at a P/E of 16x for FY24E, which is considered not demanding given the projected 3-year sales and net profit CAGR of 26% and 41%, respectively [2][4]. - The target price is based on a 20x FY24E P/E, rolled over from a previous 30x FY23E P/E, compared to peers' median of 18x [2][4]. Growth Initiatives - The company is focusing on increasing corporate customer enrollments, enhancing product offerings, and targeting robust retail sales growth, particularly through Tmall and Douyin channels [2][7]. - Management anticipates a small improvement in net profit margin due to better operational expense control and a stronger-than-expected retail sales performance [2][7].

SHANGHAI, April 3, 2024 /PRNewswire/ -- Atour Lifestyle Holdings Limited (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, reported robust growth in 2023 fueled by a rebound in domestic travel and its focus on experience-led offerings.The company announced on its unaudited financial results on March 28,2024 for the fourth quarter and full year ended December 31, 2023. Net revenues for full year 2023 increased by 106.2% year-over-year to RMB4,666 million (US$657 million), compared with ...

事件 3月 29 日公司公告4Q23 业绩，实现营收 15.1 亿元/+140.4%，净 利润 2.2 亿元、扭亏，经调整净利 2.22 亿元/+175.8%，经调整 EBITDA 2.51 亿元/+128.4%。 点评 Q4 综合 RevPAR 恢复至 19 年 109%，全年恢复至 19 年的 114%。 4Q23 公司综合RevPAR 358 元、为 19 年同期108.8%，18 个月以上 门店 RevPAR 恢复度（110%）略好于整体；拆分量价看，OCC 78.4%、 为 19年同期的105.9%，ADR 438 元、为19年同期的 103.5%；23 全年 RevPAR 恢复至 19年的 114.4%，符合预期。Q4 淡季 OCC继续 超过 19 年水平，CRS 销售间夜占比65.1%、环比Q3 提升 2.6pct， 体现公司品牌势能强，把握核心商旅客群需求。 Q4 新开创季度新高，全年新开超额完成，期待新产品落地。Q4新 开业 100 家、创历史新高，23 全年累计新开289 家、超额完成年 美元(元) 成交金额(百万元) 初目标。截至 23 年末门店总数 1210 家/+29.8%，pipe ...

Investment Rating - The report maintains a "Buy" rating for Atour [1] Core Insights - Atour reported a revenue of 4.666 billion yuan in 2023, a year-on-year increase of 106%, and a net profit attributable to shareholders of 737 million yuan, up 651% year-on-year [3] - In Q4 2023, revenue reached 1.505 billion yuan, a 140% increase year-on-year, exceeding guidance by 28% [3] - The company plans to open 360 new stores in 2024, with a revenue growth guidance of 30% [3] Financial Performance Summary - Total revenue for 2023 was 4.666 billion yuan, with a year-on-year growth of 106.2% [2][3] - Net profit attributable to shareholders for 2023 was 737 million yuan, reflecting a year-on-year growth of 651.4% [2][3] - The adjusted EBITDA for 2023 was 1.207 billion yuan, a 184% increase year-on-year [3] - Q4 2023 gross margin was 34%, and net profit margin was 15% [3] - The number of stores reached 1,210 by the end of Q4 2023, a 30% increase year-on-year [3] - The company aims for a RevPAR (Revenue per Available Room) growth of 30% in 2024, targeting to maintain RevPAR levels compared to the previous year [3][4] Earnings Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 950 million yuan, 1.26 billion yuan, and 1.57 billion yuan, respectively [4] - The corresponding P/E ratios for 2024, 2025, and 2026 are projected to be 18, 14, and 11 times [4]

Atour Lifestyle Holdings Limited (NASDAQ:ATAT) Q4 2023 Earnings Conference Call March 28, 2024 7:00 AM ET Company Participants Alison Zhang - Director of Investor Relations Haijun Wang - Founder, Chairman & Chief Executive Officer Shoudong Wang - Co-Chief Financial Officer Jianfeng Wu - Co-Chief Financial Officer Conference Call Participants Lydia Ling - Citi Sijie Lin - CICC Xin Chen - UBS Operator Thank you. Welcome to our Fourth Quarter and Full Year 2023 Earnings Call. Today you’ll hear from Chairman an ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides a high-level overview of Atour Lifestyle Holdings Limited's strong financial and operational performance for Q4 and full year 2023 [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Atour Lifestyle Holdings Limited reported significant financial growth for Q4 and full year 2023, with net revenues more than doubling and net income showing a substantial turnaround from a loss in the prior year, driven by robust performance across its hotel and retail businesses Financial Highlights Table | Metric (RMB million) | Q4 2022 | Q4 2023 | YoY Change (Q4) | FY 2022 | FY 2023 | YoY Change (FY) | | :-------------------- | :------ | :------ | :-------------- | :------ | :------ | :-------------- | | Net Revenues | 626 | 1,505 | 140.4% | 2,263 | 4,666 | 106.2% | | Net Income | (83) | 220 | N/A | 96 | 739 | 669.2% | | Adjusted Net Income | 81 | 222 | 175.8% | 259 | 903 | 248.3% | | EBITDA | (47) | 248 | N/A | 261 | 1,043 | 299.2% | | Adjusted EBITDA | 116 | 251 | 116.1% | 424 | 1,207 | 184.3% | [Operational Highlights](index=1&type=section&id=Operational%20Highlights) The company expanded its hotel network significantly in 2023, with key operational metrics like ADR, Occupancy Rate, and RevPAR surpassing 2019 levels, while the retail business also experienced remarkable growth in GMV - As of December 31, 2023, Atour's hotel network comprised **1,210 hotels** with **137,921 rooms**, marking year-over-year increases of **29.8%** in hotels and **27.7%** in rooms[1](index=1&type=chunk)[4](index=4&type=chunk) - The company had **617 manachised hotels** under development in its pipeline as of December 31, 2023[4](index=4&type=chunk) Key Operational Metrics | Metric | Q4 2022 | Q4 2023 | Q4 2023 vs 2019 Level | FY 2022 | FY 2023 | FY 2023 vs 2019 Level | | :----- | :------ | :------ | :-------------------- | :------ | :------ | :-------------------- | | ADR | RMB388 | RMB438 | 103.6% | RMB391 | RMB464 | 107.9% | | Occupancy Rate | 63.1% | 78.4% | 105.9% | 63.0% | 77.8% | 106.0% | | RevPAR | RMB259 | RMB358 | 108.8% | RMB261 | RMB377 | 114.4% | - GMV from the retail business for full year 2023 was **RMB1,139 million**, an increase of **298.3%** year-over-year[7](index=7&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Mr. Haijun Wang, Founder, Chairman, and CEO, expressed satisfaction with the strong full-year results, highlighting the achievement of expansion targets, resilient RevPAR growth, and the success of product offerings like Atour Light 3.0 and 'Deep Sleep' retail products, while committing to further enhancements and synergies in 2024 - Atour exceeded its 2023 expansion target with **289 newly launched hotels**, expanding the network to **1,210 hotels** by year-end[8](index=8&type=chunk) - ADR and Occupancy Rate surpassed 2019's levels for the fourth consecutive quarter, contributing to high-quality RevPAR growth[8](index=8&type=chunk) - The midscale product, Atour Light 3.0, delivered excellent operational performance and customer experience, progressing towards a **1,000-hotel milestone**, with Atour 4.0, an upper midscale offering, also progressing smoothly[8](index=8&type=chunk) - Retail business GMV increased by approximately **300%** year-over-year in 2023, driven by the success of 'Deep Sleep' products and enhanced brand influence[8](index=8&type=chunk) - For 2024, Atour is committed to further enhancing product offerings, unlocking synergies between retail and accommodation, and enriching brand value to elevate the 'Chinese experience'[8](index=8&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) This section provides an in-depth analysis of Atour's financial performance, detailing revenues, operating costs, and profitability metrics for Q4 and full year 2023 [Revenues](index=2&type=section&id=Revenues) Atour's net revenues for Q4 and full year 2023 saw substantial year-over-year increases, primarily driven by robust growth in both hotel (manachised and leased) and retail businesses Revenue Breakdown | Revenue Source (RMB thousand) | Q4 2022 | Q4 2023 | YoY Change (Q4) | FY 2022 | FY 2023 | YoY Change (FY) | | :----------------------------- | :-------- | :---------- | :-------------- | :---------- | :---------- | :-------------- | | Manachised hotels | 364,866 | 851,216 | 133.3% | 1,360,843 | 2,705,609 | 98.8% | | Leased hotels | 138,909 | 195,020 | 40.4% | 552,929 | 840,044 | 51.9% | | Retail | 99,195 | 412,226 | 315.6% | 253,607 | 971,931 | 283.2% | | Others | 23,203 | 46,756 | 101.5% | 95,604 | 148,383 | 55.2% | | **Net Revenues** | **626,173** | **1,505,218** | **140.4%** | **2,262,983** | **4,665,967** | **106.2%** | [Manachised Hotels Revenue](index=2&type=section&id=Manachised%20Hotels%20Revenue) Revenue from manachised hotels significantly increased in Q4 and full year 2023, driven by network expansion and improved RevPAR - Revenues from manachised hotels increased by **133.3%** year-over-year to **RMB851 million** in Q4 2023 and by **98.8%** to **RMB2,706 million** for full year 2023[10](index=10&type=chunk) - This growth was primarily due to the expansion of the hotel network (from 899 to 1,178 manachised hotels) and increased RevPAR, which surpassed 2019 levels[10](index=10&type=chunk) [Leased Hotels Revenue](index=2&type=section&id=Leased%20Hotels%20Revenue) Leased hotel revenues grew in Q4 and full year 2023, primarily due to increased RevPAR surpassing 2019 levels - Revenues from leased hotels grew by **40.4%** year-over-year to **RMB195 million** in Q4 2023 and by **51.9%** to **RMB840 million** for full year 2023[11](index=11&type=chunk) - The increase was mainly attributed to the growth of leased hotels' RevPAR, which also exceeded 2019 levels[11](index=11&type=chunk) [Retail Revenue](index=3&type=section&id=Retail%20Revenue) Retail revenues surged in Q4 and full year 2023, attributed to brand recognition, compelling products, and enhanced distribution capabilities - Retail revenues surged by **315.6%** year-over-year to **RMB412 million** in Q4 2023 and by **283.2%** to **RMB972 million** for full year 2023[13](index=13&type=chunk) - This growth was driven by widespread recognition of retail brands, compelling product offerings, and improved product development and distribution capabilities[13](index=13&type=chunk) [Other Revenues](index=3&type=section&id=Other%20Revenues) Other revenues increased significantly in Q4 and full year 2023, mainly due to the fast-growing membership business - Other revenues increased by **101.5%** year-over-year to **RMB47 million** in Q4 2023 and by **55.2%** to **RMB148 million** for full year 2023, primarily due to the fast-growing membership business[13](index=13&type=chunk) [Operating Costs and Expenses](index=4&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses increased significantly in Q4 and full year 2023, largely in line with revenue growth and strategic investments, while share-based compensation expenses decreased in Q4 2023 but remained stable for the full year Operating Costs & Expenses Summary | Operating Costs & Expenses (RMB thousand) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :----------------------------------------- | :---------- | :------------ | :------------ | :------------ | | Hotel operating costs | (355,929) | (733,208) | (1,393,312) | (2,240,890) | | Retail costs | (58,689) | (232,041) | (151,815) | (513,326) | | Other operating costs | (9,446) | (30,671) | (34,870) | (72,543) | | Selling and marketing expenses | (53,992) | (206,913) | (139,929) | (469,595) | | General and administrative expenses | (217,041) | (105,434) | (350,009) | (451,470) | | Technology and development expenses | (15,966) | (22,300) | (66,182) | (77,288) | | **Total operating costs and expenses** | **(711,063)** | **(1,330,567)** | **(2,136,117)** | **(3,825,112)** | | Share-based compensation expenses | 163,000 | 2,000 | 163,000 | 164,000 | [Hotel Operating Costs](index=4&type=section&id=Hotel%20Operating%20Costs) Hotel operating costs increased in Q4 and full year 2023 due to business growth, while their percentage of hotel revenues slightly decreased - Hotel operating costs increased by **106.0%** year-over-year to **RMB733 million** in Q4 2023 and by **60.8%** to **RMB2,241 million** for full year 2023, mainly due to increased variable costs associated with hotel business growth[15](index=15&type=chunk) - As a percentage of manachised and leased hotels' revenues, hotel operating costs decreased slightly from **70.7% to 70.1%** in Q4 and from **72.8% to 63.2%** for the full year[15](index=15&type=chunk) [Retail Costs](index=4&type=section&id=Retail%20Costs) Retail costs rose in Q4 and full year 2023, reflecting rapid business growth and improved margins from online sales - Retail costs rose by **295.4%** year-over-year to **RMB232 million** in Q4 2023 and by **238.1%** to **RMB513 million** for full year 2023, reflecting the rapid growth of the retail business[16](index=16&type=chunk) - Retail costs as a percentage of retail revenues decreased from **59.2% to 56.3%** in Q4 and from **59.9% to 52.8%** for the full year, attributed to increasing contribution from higher-margin online sales[16](index=16&type=chunk) [Selling and Marketing Expenses](index=4&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses increased in Q4 and full year 2023, driven by investments in brand awareness and online retail channels - Selling and marketing expenses increased to **RMB207 million** in Q4 2023 (from RMB54 million) and to **RMB470 million** for full year 2023 (from RMB140 million), driven by increased investment in brand awareness and online channel development for the retail business[17](index=17&type=chunk) [General and Administrative Expenses](index=4&type=section&id=General%20and%20Administrative%20Expenses) G&A expenses decreased in Q4 2023 due to lower share-based compensation but increased for the full year, excluding compensation, due to higher personnel and professional service costs - General and administrative expenses decreased to **RMB105 million** in Q4 2023 (from RMB217 million), primarily due to a significant reduction in share-based compensation expenses (from RMB160 million to RMB2 million)[18](index=18&type=chunk) - For the full year 2023, G&A expenses increased to **RMB451 million** (from RMB350 million), with the increase, excluding share-based compensation, mainly due to higher management personnel and professional service costs[18](index=18&type=chunk) [Technology and Development Expenses](index=5&type=section&id=Technology%20and%20Development%20Expenses) Technology and development expenses increased in Q4 and full year 2023, reflecting investments in systems and infrastructure for expansion and customer experience - Technology and development expenses increased to **RMB22 million** in Q4 2023 (from RMB16 million) and to **RMB77 million** for full year 2023 (from RMB66 million), reflecting increased investments in technology systems and infrastructure to support network expansion, retail business, and customer experience[19](index=19&type=chunk) [Other Operating Income](index=5&type=section&id=Other%20Operating%20Income) Other operating income, primarily from government subsidies, increased significantly in Q4 and full year 2023 - Other operating income, primarily from government subsidies and VAT-related benefits, increased significantly to **RMB40 million** in Q4 2023 (from RMB7 million) and to **RMB83 million** for full year 2023 (from RMB38 million)[19](index=19&type=chunk) [Profitability](index=5&type=section&id=Profitability) Atour demonstrated strong profitability in 2023, turning around from operating and net losses in Q4 2022 to significant income levels, with both GAAP and non-GAAP metrics showing substantial year-over-year improvements [Income from Operations](index=5&type=section&id=Income%20from%20Operations) Income from operations showed a significant turnaround in Q4 2023 and substantial growth for the full year - Income from operations for Q4 2023 was **RMB214 million**, a significant improvement from a loss of RMB78 million in Q4 2022. For full year 2023, income from operations increased to **RMB924 million** from RMB165 million in 2022[20](index=20&type=chunk) [Net Income and Adjusted Net Income](index=5&type=section&id=Net%20Income%20and%20Adjusted%20Net%20Income) Net income and adjusted net income both saw substantial year-over-year increases, turning a Q4 2022 loss into significant profit - Net income for Q4 2023 was **RMB220 million**, compared to a net loss of RMB83 million in Q4 2022. For full year 2023, net income increased by **669.2%** year-over-year to **RMB739 million**[20](index=20&type=chunk) - Adjusted net income (non-GAAP) for Q4 2023 increased by **175.8%** to **RMB222 million**. For full year 2023, adjusted net income increased by **248.3%** to **RMB903 million**[21](index=21&type=chunk) [Earnings Per Share (EPS)](index=5&type=section&id=Earnings%20Per%20Share%20(EPS)) EPS metrics are provided for Q4 and full year 2023 in both RMB and US dollars Earnings Per Share | Metric | Q4 2023 (RMB) | Q4 2023 (US$) | FY 2023 (RMB) | FY 2023 (US$) | | :----- | :------------ | :------------ | :------------ | :------------ | | Basic Income per Share | 0.53 | 0.08 | 1.82 | 0.26 | | Diluted Income per Share | 0.53 | 0.07 | 1.78 | 0.25 | | Basic Income per ADS | 1.60 | 0.23 | 5.45 | 0.77 | | Diluted Income per ADS | 1.59 | 0.22 | 5.33 | 0.75 | [EBITDA and Adjusted EBITDA](index=5&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) EBITDA and Adjusted EBITDA showed significant improvements, turning positive in Q4 2023 and growing substantially for the full year - EBITDA (non-GAAP) for Q4 2023 was **RMB248 million**, a significant improvement from negative RMB47 million in Q4 2022. For full year 2023, EBITDA increased by **299.2%** to **RMB1,043 million**[22](index=22&type=chunk) - Adjusted EBITDA (non-GAAP) for Q4 2023 increased by **116.1%** to **RMB251 million**. For full year 2023, adjusted EBITDA increased by **184.3%** to **RMB1,207 million**[22](index=22&type=chunk) [Financial Position and Cash Flows](index=5&type=section&id=Financial%20Position%20and%20Cash%20Flows) This section reviews Atour's cash flow generation and overall financial health, including cash balances and debt levels [Cash Flows](index=5&type=section&id=Cash%20Flows) Atour generated substantial operating cash inflows in Q4 and full year 2023, indicating strong operational performance, while investing activities resulted in outflows for the full year Cash Flow Summary | Cash Flow Type (RMB million) | Q4 2023 | FY 2022 | FY 2023 | | :---------------------------- | :------ | :------ | :------ | | Operating Cash Inflow | 564 | 284 | 1,989 | | Investing Cash Inflow (Q4) | 43 | N/A | N/A | | Investing Cash Outflow (FY) | N/A | 192 | 601 | | Financing Cash Inflow (Q4) | 52 | N/A | N/A | | Financing Cash Outflow (FY) | N/A | (456) | 147 | [Cash and Debt](index=6&type=section&id=Cash%20and%20Debt) As of December 31, 2023, Atour maintained a healthy cash position and low outstanding borrowings, with significant unutilized credit facilities - Total balance of cash and cash equivalents and restricted cash was **RMB2,842 million** (US$400 million) as of December 31, 2023[24](index=24&type=chunk) - Total outstanding borrowings were **RMB72 million** (US$10 million) as of December 31, 2023, with an unutilized credit facility of **RMB410 million**[24](index=24&type=chunk) [Operational Data](index=14&type=section&id=Operational%20Data) This section presents key operational metrics and network expansion details for Atour's hotel business [Hotel Network Expansion](index=14&type=section&id=Hotel%20Network%20Expansion) Atour significantly expanded its hotel network in 2023, primarily through manachised hotels, reaching a total of 1,210 hotels and 137,921 rooms by year-end Hotel Network Overview (Dec 31, 2023) | Hotel Type | Number of Hotels (Dec 31, 2023) | Number of Rooms (Dec 31, 2023) | | :-------------- | :------------------------------ | :----------------------------- | | Manachised hotels | 1,178 | 133,291 | | Leased hotels | 32 | 4,630 | | **Total** | **1,210** | **137,921** | Hotel Brands and Properties (Dec 31, 2023) | Brand | Positioning | Manachised Properties | Leased Properties | Rooms | | :------------ | :--------------- | :-------------------- | :---------------- | :------ | | A.T. House | Luxury | - | 1 | 214 | | Atour S | Upscale | 57 | 8 | 9,628 | | ZHOTEL | Upscale | 1 | - | 52 | | Atour | Upper midscale | 898 | 22 | 105,977 | | Atour X | Upper midscale | 114 | - | 12,140 | | Atour Light | Midscale | 108 | 1 | 9,910 | | **Total** | | **1,178** | **32** | **137,921** | [Key Performance Indicators (KPIs)](index=14&type=section&id=Key%20Performance%20Indicators%20(KPIs)) Atour's key operational metrics, including Occupancy Rate, ADR, and RevPAR, showed strong recovery and growth in Q4 and full year 2023, surpassing 2019 levels across all hotel types [Occupancy Rate](index=14&type=section&id=Occupancy%20Rate) Occupancy rates for all hotel types showed strong recovery and growth in Q4 and full year 2023 Occupancy Rate by Hotel Type | Hotel Type | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :---------------- | :------ | :------ | :------ | :------ | | Manachised hotels | 62.8% | 78.2% | 62.9% | 77.6% | | Leased hotels | 67.3% | 84.5% | 65.8% | 83.6% | | All hotels | 63.1% | 78.4% | 63.0% | 77.8% | [Average Daily Room Rate (ADR)](index=14&type=section&id=Average%20Daily%20Room%20Rate%20(ADR)) ADR for all hotel types demonstrated strong recovery and growth in Q4 and full year 2023 Average Daily Room Rate by Hotel Type (RMB) | Hotel Type | Q4 2022 (RMB) | Q4 2023 (RMB) | FY 2022 (RMB) | FY 2023 (RMB) | | :---------------- | :------------ | :------------ | :------------ | :------------ | | Manachised hotels | 382.6 | 432.8 | 386.4 | 457.8 | | Leased hotels | 468.6 | 557.9 | 465.0 | 587.2 | | All hotels | 387.8 | 437.7 | 391.2 | 463.6 | [Revenue Per Available Room (RevPAR)](index=14&type=section&id=Revenue%20Per%20Available%20Room%20(RevPAR)) RevPAR for all hotel types exhibited strong recovery and growth in Q4 and full year 2023 Revenue Per Available Room by Hotel Type (RMB) | Hotel Type | Q4 2022 (RMB) | Q4 2023 (RMB) | FY 2022 (RMB) | FY 2023 (RMB) | | :---------------- | :------------ | :------------ | :------------ | :------------ | | Manachised hotels | 254.4 | 353.1 | 256.3 | 370.8 | | Leased hotels | 341.7 | 495.3 | 330.6 | 517.2 | | All hotels | 259.3 | 358.2 | 260.7 | 376.8 | - All hotels previously requisitioned for COVID-19 quarantine purposes were restored to management by the end of Q2 2023, with no hotels subject to requisition or closure in Q4 2023[48](index=48&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and reconciles Atour's non-GAAP financial measures, providing insights into core operational performance [Definitions and Rationale](index=6&type=section&id=Definitions%20and%20Rationale) Atour uses non-GAAP financial measures like adjusted net income, EBITDA, and adjusted EBITDA to provide investors with a clearer view of its core operational performance by excluding non-cash or non-recurring items such as share-based compensation and depreciation/amortization - Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses[6](index=6&type=chunk)[26](index=26&type=chunk) - EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense, and depreciation and amortization[6](index=6&type=chunk)[26](index=26&type=chunk) - Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses[6](index=6&type=chunk)[26](index=26&type=chunk) - These non-GAAP measures are used to provide comparability between periods, especially by eliminating depreciation and amortization from significant leasehold improvements, and to better understand performance by excluding non-cash share-based compensation[27](index=27&type=chunk) - The company acknowledges limitations of non-GAAP measures, such as the exclusion of incurred items, and provides reconciliations to GAAP measures[28](index=28&type=chunk) [Reconciliation of GAAP and Non-GAAP Results](index=13&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) The reconciliation tables provide a clear bridge between GAAP net income/loss and the non-GAAP measures of adjusted net income, EBITDA, and adjusted EBITDA, primarily by adjusting for share-based compensation expenses, interest, income tax, and depreciation/amortization Reconciliation of Net Income (Loss) to Adjusted Net Income (Non-GAAP) | Metric (RMB thousand) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :----------------------------------- | :-------- | :-------- | :-------- | :-------- | | Net income (loss) (GAAP) | (82,603) | 219,763 | 96,082 | 739,057 | | Share-based compensation expenses | 163,193 | 2,476 | 163,193 | 163,978 | | **Adjusted net income (non-GAAP)** | **80,590** | **222,239** | **259,275** | **903,035** | Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (Non-GAAP) | Metric (RMB thousand) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :----------------------------------- | :-------- | :-------- | :-------- | :-------- | | Net income (loss) (GAAP) | (82,603) | 219,763 | 96,082 | 739,057 | | Interest income | (4,971) | (8,757) | (14,456) | (29,569) | | Interest expense | 1,646 | 679 | 6,501 | 5,005 | | Income tax expense | 11,712 | 17,232 | 84,474 | 243,036 | | Depreciation and amortization | 27,112 | 19,422 | 88,561 | 85,021 | | **EBITDA (non-GAAP)** | **(47,104)**| **248,339** | **261,162** | **1,042,550** | | Share-based compensation expenses | 163,193 | 2,476 | 163,193 | 163,978 | | **Adjusted EBITDA (non-GAAP)** | **116,089** | **250,815** | **424,355** | **1,206,528** | [Company Information](index=6&type=section&id=Company%20Information) This section provides details regarding Atour's conference call, company profile, and investor relations contacts [Conference Call Details](index=6&type=section&id=Conference%20Call%20Details) Atour scheduled a conference call for March 28, 2024, to discuss its Q4 and full year 2023 financial results, with details provided for live webcast and telephone participation - A conference call was scheduled for **7:00 AM U.S. Eastern time** on Thursday, March 28, 2024 (7:00 PM Beijing/Hong Kong time)[25](index=25&type=chunk) - A live webcast and replay are available on the Company's investor relations website at https://ir.yaduo.com[25](index=25&type=chunk) [About Atour Lifestyle Holdings Limited](index=7&type=section&id=About%20Atour%20Lifestyle%20Holdings%20Limited) Atour Lifestyle Holdings Limited is a leading hospitality and lifestyle company in China, known for its distinct portfolio of lifestyle hotel brands and its pioneering retail business within the hotel sector, aiming to innovate and build new lifestyle brands - Atour is a leading hospitality and lifestyle company in China, recognized as the leading upper midscale hotel chain and the first Chinese hotel chain to develop a retail business[29](index=29&type=chunk) - The company is committed to innovating China's hospitality industry and building new lifestyle brands around hotel offerings[29](index=29&type=chunk) [Investor Relations Contact](index=7&type=section&id=Investor%20Relations%20Contact) Contact information for investor relations is provided for direct inquiries to Atour and through Piacente Financial Communications - Investor relations inquiries can be directed to ir@yaduo.com or Piacente Financial Communications at Atour@tpg-ir.com[29](index=29&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents Atour's unaudited condensed consolidated financial statements, including balance sheets, statements of comprehensive income, and statements of cash flows [Balance Sheets](index=8&type=section&id=Balance%20Sheets) The consolidated balance sheets show a significant increase in total assets and shareholders' equity from December 31, 2022, to December 31, 2023, driven by growth in cash, short-term investments, and accounts receivable Consolidated Balance Sheets | Asset (RMB thousand) | Dec 31, 2022 | Dec 31, 2023 | | :-------------------------------- | :----------- | :----------- | | Cash and cash equivalents | 1,589,161 | 2,840,807 | | Short-term investments | 157,808 | 751,794 | | Total current assets | 2,124,659 | 4,241,580 | | Total non-current assets | 2,637,367 | 2,345,445 | | **Total assets** | **4,762,026**| **6,587,025**| | | | | | Liability (RMB thousand) | Dec 31, 2022 | Dec 31, 2023 | | Total current liabilities | 1,347,614 | 2,377,851 | | Total non-current liabilities | 2,227,006 | 2,149,085 | | **Total liabilities** | **3,574,620**| **4,526,936**| | | | | | Equity (RMB thousand) | Dec 31, 2022 | Dec 31, 2023 | | Total shareholders' equity | 1,187,406 | 2,060,089 | | **Total liabilities and equity** | **4,762,026**| **6,587,025**| [Statements of Comprehensive Income](index=10&type=section&id=Statements%20of%20Comprehensive%20Income) The consolidated statements of comprehensive income reflect strong revenue growth across all segments, leading to a significant turnaround from a net loss in Q4 2022 to substantial net income in Q4 and full year 2023 Consolidated Statements of Comprehensive Income | Metric (RMB thousand) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :----------------------------------- | :---------- | :---------- | :---------- | :---------- | | Net Revenues | 626,173 | 1,505,218 | 2,262,983 | 4,665,967 | | Total operating costs and expenses | (711,063) | (1,330,567) | (2,136,117) | (3,825,112) | | Income from operations | (78,379) | 214,177 | 164,960 | 924,034 | | Income (loss) before income tax | (70,891) | 236,995 | 180,556 | 982,093 | | Income tax expense | (11,712) | (17,232) | (84,474) | (243,036) | | **Net income (loss)** | **(82,603)**| **219,763** | **96,082** | **739,057** | [Statements of Cash Flows](index=12&type=section&id=Statements%20of%20Cash%20Flows) The consolidated statements of cash flows highlight a strong increase in net cash generated from operating activities for both Q4 and full year 2023, contributing to a significant net increase in cash and cash equivalents Consolidated Statements of Cash Flows | Cash Flow Activity (RMB thousand) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :--------------------------------- | :--------- | :--------- | :--------- | :--------- | | Net cash from operating activities | (35,018) | 564,038 | 283,677 | 1,988,674 | | Net cash from investing activities | (173,825) | 43,208 | (192,225) | (600,521) | | Net cash from financing activities | 364,861 | 52,461 | 456,310 | (146,916) | | Net increase in cash | 153,768 | 643,432 | 550,578 | 1,251,646 | | Cash at beginning of period | 1,436,339 | 2,198,321 | 1,039,529 | 1,590,107 | | Cash at end of period | 1,590,107 | 2,841,753 | 1,590,107 | 2,841,753 |

A total of 1,210 hotels or 137,921 hotel rooms in operation as of December 31, 2023.Net revenues for the fourth quarter of 2023 increased by 140.4% year-over-year to RMB1,505 million (US$212 million), compared with RMB626 million for the same period of 2022. Net revenues for full year 2023 increased by 106.2% year-over-year to RMB4,666 million (US$657 million), compared with RMB2,263 million for full year 2022. Net income for the fourth quarter of 2023 was RMB220 million (US$31 million), compared with net l ...

SHANGHAI, China, March 14, 2024 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ:ATAT), a leading hospitality and lifestyle company in China, today announced that it will report its unaudited financial results for the fourth quarter and full year of 2023 on Thursday, March 28, 2024, before the U.S. markets open. The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, March 28, 2024 (or 7:00 PM Beijing/Hong Kong time on the same day). A live we ...