卖枕头狂赚11亿的亚朵，更着急“讨好”加盟商

Core Insights - Atour Hotel is reducing costs for franchisees by optimizing prices for key operational materials, with reductions up to 11.67% [1] - Atour has shown significant revenue and profit growth, achieving a revenue of 2.469 billion yuan in Q2 2025, a year-on-year increase of 37.4%, and an adjusted net profit of 427 million yuan, up 30.2% [1] - The number of Atour's operating hotels has doubled from 932 at the end of 2022 to 1824 by Q2 2025, indicating aggressive expansion [1][2] Franchise Model - Atour's franchise model accounts for 98.7% of its hotel operations, which is higher than competitors like Huazhu Group [2][3] - The company is focusing on franchise expansion while reducing its self-operated hotel business [1][2] - Franchisees face high initial investments, often exceeding 15 million yuan, with a longer payback period now averaging around 5 years [5][10] Financial Performance - Atour's revenue for 2023 and 2024 was 4.466 billion yuan and 7.248 billion yuan, respectively, with year-on-year growth rates of 106.2% and 55.3% [3] - The revenue from franchise management hotels reached 1.299 billion yuan in Q2 2025, a 26.5% increase year-on-year, contributing 52.61% to total revenue [4] Retail Business - Atour's retail business, particularly its pillow sales, has seen explosive growth, with revenues of 2.54 billion yuan in 2022, 9.72 billion yuan in 2023, and 21.98 billion yuan in 2024, making up 39.08% of total revenue by Q2 2025 [7][8] - The retail business primarily relies on online sales, contributing 90% of its volume through platforms like Tmall and Douyin [8] Market Competition - The hotel industry is currently experiencing a supply-demand imbalance, with a significant increase in the number of mid-to-high-end hotels, leading to increased competition [10] - Atour's average revenue per available room (RevPAR) decreased by 4.4% to 343 yuan, and the average daily rate (ADR) fell by 4.1% to 422 yuan in Q2 2025 [10] Cost Management - Atour has initiated cost-reduction measures for franchisees, including a 10% price cut on frequently used supplies [11] - The company faces challenges in managing its expanding franchise network, which has led to increased operational costs and marketing expenses [11]