卖枕头强过卖房间？亚朵客房收入下滑核心业务拉警报

Core Viewpoint - Atour Group reported strong revenue growth in Q2 2025, but faces challenges in balancing rapid expansion with quality control and profitability [1][4]. Financial Performance - In Q2 2025, Atour achieved revenue of approximately 2.469 billion yuan, a year-on-year increase of 37.4% [1]. - Adjusted net profit for the same period was about 427 million yuan, up 30.2% year-on-year [1]. - Adjusted EBITDA reached approximately 610 million yuan, reflecting a 37.7% increase compared to the previous year [1]. - The company expects total net income for 2025 to grow by 30% compared to 2024 [1]. Business Segments - Revenue from managed franchise hotels reached 1.299 billion yuan, a 26.5% increase year-on-year, accounting for 52.6% of total revenue [2][3]. - Self-operated hotel revenue declined by 17% to 150 million yuan, with the number of self-operated hotels decreasing from 30 to 24 [2]. - Retail business revenue surged to 964.8 million yuan, a significant increase of 79.8%, making up 39% of total revenue [6][7]. Operational Challenges - Despite the growth in hotel numbers, key operational metrics such as RevPAR and ADR have declined, indicating potential quality control issues [4][5]. - RevPAR fell to 343 yuan from 359 yuan year-on-year, while ADR decreased from 441 yuan to 433 yuan [4]. - Average occupancy rate dropped from 78.4% to 76.4% [4]. Cost and Marketing - Hotel operating costs rose to 893 million yuan, up from 776 million yuan year-on-year, driven by network expansion and variable costs [4]. - Retail costs also increased significantly, with Q2 retail costs reaching 451 million yuan, a 70% year-on-year rise [7]. - Marketing expenses surged by 74.7% to 393 million yuan in Q2, reflecting the company's investment in brand awareness and online channel expansion [6][7]. Strategic Considerations - The rapid expansion of the franchise model has raised concerns about quality control, highlighted by recent incidents affecting brand reputation [5]. - The company is exploring a secondary listing in Hong Kong, potentially raising several hundred million dollars [1].