来源：瑞恩资本RyanbenCapital 继早前市场传闻中概股禾赛科技(HSAI)、小马智行(PONY)已以保密形式申请香港第二上市，最新又传 出连锁酒店品牌亚朵(ATAT)正在考虑赴香港第二上市。 报道指，亚朵正与顾问合作，计划在香港上市募资数亿美元。 知情人士指，有关事项仍在筹措之中，交易规模等细节尚未确定。 亚朵，作为一家中国领先的生活方式集团，主要经营酒店、零售两大业务板块。根据Frost & Sullivan的 资料，按2024年底的客房数量来看，亚朵为中国最大的中高端酒店连锁。公司的酒店网络已覆盖中国 209个城市，共计1,619家酒店、183,184间客房。 亚朵(Atour)于2022年11月11日在美国纳斯达克挂牌上市，目前其市值约45.85亿美元。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港IPO上市资讯：www.ryanbencapital.com ...

官网资料显示，截至2024年12月31日，亚朵在中国209个城市共经营1,619间酒店，提供超过18万间客 房，当中有1,593间为管理酒店，另有741间在建酒店，预料涉及近8万间客房。 智通财经APP获悉，据媒体报道，中国连锁酒店品牌亚朵酒店(ATAT.US)正考虑在香港进行二次上市， 目前正与顾问机构洽商及筹备香港IPO事宜，预计集资额达数亿美元，但交易规模及时间表等细节尚未 最终落成。 知情人士透露，亚朵此举是担心在美国面临退市风险，因而考虑采取相关行动。 ...

据媒体报道，中国连锁酒店品牌亚朵酒店(ATAT.US)正考虑在香港进行二次上市，目前正与顾问机构洽 商及筹备香港IPO事宜，预计集资额达数亿美元，但交易规模及时间表等细节尚未最终落成。 知情人士透露，亚朵此举是担心在美国面临退市风险，因而考虑采取相关行动。 官网资料显示，截至2024年12月31日，亚朵在中国209个城市共经营1,619间酒店，提供超过18万间客 房，当中有1,593间为管理酒店，另有741间在建酒店，预料涉及近8万间客房。 ...

睡眠，正在成为这个时代最昂贵的奢侈品之一。当"老鼠人"成为年轻人的自嘲，"晚安"成为最珍贵的祝福，一个巨大的商业市场已然浮现。据Flywheel飞 未数据统计，2025年我国有超过5亿人存在睡眠障碍，成年人失眠率高达38.2%。 庞大"特困"人群圈出千亿级消费新蓝海，消费升级与健康意识的觉醒，造就了规模爆发式增长的助眠市场。谁在为好睡眠一掷千金？助眠赛道的爆品如何 设计？ 在2025年7月5日的「2025智云鲸造产品创新沙龙·夜间洗护赛道热点」线下沙龙中，Flywheel飞未消费洞察专家邹圳发表了主题为"夜间睡眠趋势：解码5 亿失眠人的千亿助眠赛道"的重磅分享。 本次分享深度剖析睡眠经济，揭示出4大典型人群画像、3大核心产品需求痛点以及塑造爆品的三维联动公式，并基于AI+START模型系统拆解了助眠市 场"人货场"的关键要素，厘清了涵盖选品策略、概念筛选、人群定位、需求挖掘与爆品定义在内的五大底层逻辑。 报告要点 失眠人群画像：中国失眠人群超5亿，82%为中青年、72%为女性、92%集中于高线城市，医疗养生兴趣声量达4000万+； 健康连锁危机：追求情绪疗愈和睡眠促进健康的理念已深入人心，消费者需求正从从单一 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][5][36]. Core Viewpoints - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, with a significant increase in the number of zero-tariff goods from 1,900 items (21%) to 6,600 items (74%), which is expected to enhance the attractiveness of Hainan for businesses and tourists [1][14]. - The investment of 1.2 trillion CNY in the Yajiang hydropower project is anticipated to stimulate regional economic cycles and boost related industries such as education, business travel, catering, and tourism [1][16][17]. - The report suggests that the social services sector is likely to benefit from favorable national policies aimed at expanding domestic demand, leading to a potential valuation recovery [3][36]. Summary by Sections Industry Insights - The consumer services sector outperformed the market, rising by 4.41% during the reporting period, exceeding the market benchmark by 1.61 percentage points [22][25]. - The report highlights various industry dynamics, including the launch of AI educational products by Dou Shen Education and JD's new "Dish Partner" initiative, which aims to disrupt traditional restaurant franchising [28][29]. Company Performance Predictions - Key companies such as Mijia Group, Atour, and Ctrip are rated as "Outperform the Market," with projected earnings per share (EPS) for 2025E and 2026E showing positive growth [4][36]. - The report includes a detailed table of investment ratings and financial metrics for various companies in the sector, indicating strong growth potential [4]. Investment Recommendations - The report recommends focusing on companies like Atour, China Oriental Education, and Meituan, among others, as they are expected to perform well in the current economic environment [3][36]. - Mid-term selections include China Duty Free Group, Meituan, and Huazhu Group, reflecting a diversified investment strategy across the social services sector [3][36].

Investment Rating - The report assigns a "Buy" rating for the company, Atour [1] Core Insights - Atour is a leading lifestyle brand group in the domestic mid-to-high-end hotel sector, focusing on high-quality accommodation and retail business, driving growth through a dual model of "Accommodation + Retail" [2][8] - The company is expected to see significant revenue growth, with projections of 93.3 billion, 115.4 billion, and 136.4 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 15.2 billion, 20.8 billion, and 26.2 billion yuan [3][69] Company Overview - Atour is recognized as the top player in the domestic mid-to-high-end hotel market, with a focus on providing high-quality accommodation experiences and a strong emphasis on mid-to-high-end users [2][8] - The retail segment, particularly in the deep sleep category, has seen rapid growth, with retail revenue share increasing from 9% in 2021 to 30% in 2024 [20][25] Industry Analysis - The hotel industry is experiencing continuous supply growth and structural upgrades, with a notable increase in the number of mid-range and high-end hotel rooms [2][37] - The chain hotel development trend is evident, with the chain rate rising from 19% in 2018 to 41% in 2023, indicating a shift towards more standardized hotel operations [37][46] Competitive Advantages - Atour's brand strength in the mid-to-high-end segment is significant, with a focus on personalized service and standardized methods to enhance user experience [3][54] - The company has rapidly expanded its membership base, growing from 35 million in 2022 to 89 million in 2024, indicating strong customer loyalty and engagement [3][60] Financial Performance - The company's revenue has grown from 1.57 billion yuan in 2020 to 7.25 billion yuan in 2024, with a compound annual growth rate (CAGR) of 46.7% [25][70] - The gross profit margin has improved from 26% in 2021 to 42% in 2024, driven by a shift in revenue composition towards higher-margin retail sales [30][70] Profitability Forecast - The report forecasts a steady increase in gross profit, with expectations of 40.2 billion, 51.6 billion, and 62.3 billion yuan for 2025, 2026, and 2027 respectively [69][70] - The net profit margin is projected to improve, with net profit rates of 16.3%, 18.0%, and 19.2% for the years 2025, 2026, and 2027 [70] Valuation Analysis - Atour's price-to-earnings (P/E) ratios are projected to be 23.1, 17.0, and 13.4 for 2025, 2026, and 2027, respectively, indicating potential for valuation improvement compared to peers [72]

Summary of Key Points Core Viewpoint - The hotel market is experiencing significant changes with the entry of major players like JD.com and Douyin, which are expected to intensify competition and potentially lead to price wars in the hotel booking sector [2][4][33]. Group 1: Market Entry and Competition - Douyin announced a substantial subsidy program to attract users to book hotels, offering discounts starting from 40% in collaboration with various hotel chains [2]. - JD.com has entered the hotel market, aiming to optimize supply chain services and reduce costs for hotel operators, leveraging its extensive user base of over 800 million high-spending customers [4][6]. - The online travel market in China is projected to exceed 1.7 trillion yuan in transaction volume by 2025, indicating a lucrative opportunity that has attracted new entrants [7]. Group 2: Hotel Pricing Trends - The hotel price index shows significant price differences across major online travel agencies (OTAs), with consumers often encountering price discrepancies exceeding 50 yuan when comparing platforms [9][10]. - Data indicates that hotel prices generally trend upward as the booking date approaches, with notable increases observed in various hotel brands from July 20 to August 1 [25][28]. - High-end hotels maintain a relatively stable pricing structure across different OTAs, while economic hotels exhibit more significant price variations [18][24]. Group 3: Consumer Behavior and Preferences - Consumers are increasingly cautious about booking hotels in advance, often preferring flexible options that allow for cancellations in case of price drops [9][25]. - The analysis reveals that high-end hotels are perceived as offering better value during peak seasons, despite price increases, leading consumers to favor them over budget options [32][33]. Group 4: OTA Performance and Financial Metrics - Major OTAs like Ctrip and Tongcheng have reported substantial revenue growth, with Ctrip's revenue increasing by 19.73% and net profit by 72.08% in 2024 [7][8]. - Meituan's local business segment, which includes hotel and travel services, achieved a revenue of 250.2 billion yuan in 2024, reflecting a year-on-year growth of 20.9% [8].

Core Insights - The article compares Carnival (CCL) and Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) to determine which stock is a better undervalued investment option for investors interested in Leisure and Recreation Services [1] Valuation Metrics - Carnival has a forward P/E ratio of 14.62, while Atour has a forward P/E of 22.18 [5] - Carnival's PEG ratio is 0.64, indicating a more favorable valuation compared to Atour's PEG ratio of 1.02 [5] - Carnival's P/B ratio stands at 3.38, significantly lower than Atour's P/B ratio of 10.97 [6] Analyst Outlook - Carnival currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision activity, while Atour has a Zacks Rank of 3 (Hold) [3] - The improving earnings outlook for Carnival positions it as a superior value option compared to Atour [7]

Investors in Atour Lifestyle Holdings Limited (ATAT) need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 15, 2025 $15.00 Put had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other ...

Core Insights - The hotel industry is undergoing a smart transformation, with refined and automated administrative management becoming a key competitive advantage [1] - Efficient logistics management is crucial for enhancing employee experience, operational costs, and customer perception in hotels [1][2] - Traditional manual logistics management is increasingly seen as a bottleneck for agile hotel operations, necessitating a comprehensive enterprise-level logistics management platform [1] Group 1: Company Overview - Atour Group, founded in 2013, is a leading lifestyle hotel brand in China, advocating for "Chinese Experience" [3] - As of December 2024, Atour Group operates 1,619 hotels with 183,184 rooms and has over 89 million registered members, ranking first in market share among mid-to-high-end hotel chains in China [3] - The company has successfully listed on NASDAQ in November 2022 [3] Group 2: Partnership with Kuaidi 100 - Atour Group began collaborating with Kuaidi 100 in 2021, and as its business expanded, the administrative team sought higher levels of digital logistics management [2][5] - In February 2025, Atour's administrative team integrated Kuaidi 100's "Bai Di Yun - Enterprise Express Management SaaS" system to streamline logistics management [2][7] - The partnership aims to enhance logistics management efficiency and customer experience through seamless integration with existing platforms [2][5] Group 3: Administrative Needs and Solutions - The administrative team identified two core needs: simplifying the employee shipping process and managing incoming packages efficiently [6][8] - The "Bai Di Yun - Enterprise Express Management SaaS" system addresses these needs by allowing employees to ship packages without upfront costs and providing a unified management system for incoming packages [7][8] - The system integrates with Feishu, enabling employees to place orders easily and ensuring accurate tracking and billing [7][8] Group 4: Future Collaboration and Innovations - Kuaidi 100's team conducted a follow-up visit to Atour Group to gather feedback and address operational challenges, enhancing the partnership [9][10] - The collaboration has deepened, with Kuaidi 100's services becoming integral to Atour's operational framework, focusing on continuous improvement and innovation in logistics management [10] - Future efforts will include exploring additional applications of digital logistics management within the hotel industry [10]