HAIDILAO(06862) 36氪·2024-03-29 10:43Core Viewpoint - Atour, known as the "hotpot of the hotel industry," has shown remarkable growth with significant revenue and profit increases, but faces challenges in maintaining its competitive edge and brand positioning in a crowded market [1][2]. Financial Performance - In 2023, Atour achieved revenue of 4.666 billion yuan, a year-on-year increase of 106.2% [1]. - Adjusted net profit reached 903 million yuan, up 248.3% year-on-year [1]. - Adjusted EBITDA was 1.207 billion yuan, reflecting a growth of 184.3% [1]. Expansion and Membership - As of December 31, 2023, Atour expanded its store count to 1,210, joining the ranks of major hotel chains [1]. - The number of registered members reached 63 million, a significant figure for a mid-to-high-end hotel brand [1]. Market Positioning - Atour is perceived as a product of consumer downgrade rather than upgrade, attracting former high-end hotel guests seeking more affordable options [2]. - The hotel’s service model, likened to that of hotpot restaurants, emphasizes customer experience with unique offerings such as extended check-out times and complimentary services [2]. Retail Business - Atour operates a retail segment contributing 972 million yuan in revenue for the fiscal year 2023, with 412 million yuan from the fourth quarter alone [4]. - The retail business includes three brands: Atour Planet, Sahe, and Z2GO&CO., focusing on products related to the hotel experience [4]. Competitive Landscape - Atour faces stiff competition from established brands like Hanting, Hilton, and others, which complicates its growth strategy [6]. - The hotel industry is experiencing a supply glut, leading to intense competition and necessitating innovative strategies to attract customers [4][6]. Pricing and Brand Perception - The average daily rate (ADR) for Atour hotels in Q4 2023 was 438 yuan, recovering to 103.6% of 2019 levels [6]. - There are concerns that aggressive pricing strategies to maintain occupancy may dilute brand quality and attract less desirable clientele [7]. Brand Structure and Recognition - Atour's brand portfolio includes multiple sub-brands, but there is confusion among customers regarding the distinctions between them [8]. - Despite challenges, Atour remains one of the most talked-about hotel brands in the past decade, indicating a strong market presence [8].