卖出600万只枕头的亚朵，栽在一个枕套上

Core Viewpoint - The article discusses the complex relationship between Atour Group and its franchisees, highlighted by recent hygiene incidents that have raised consumer concerns and brought to light the challenges of managing a franchise model in the hotel industry [2][4][18]. Hygiene Issues - Atour faced two significant hygiene incidents in 2023, including a case where a pillowcase had the name of a hospital printed on it, leading to public outcry [2][5]. - The company has acknowledged the issues and taken steps to address them, including terminating contracts with the laundry supplier responsible for the mistakes [4][6]. - Despite Atour's reputation for detailed service, these hygiene problems have caused consumer dissatisfaction, especially given its positioning in the mid-to-high-end market [6][7]. Franchise Model and Expansion - Atour operates primarily through a franchise model, with only 1% of its 1,700 hotels being self-operated, which raises questions about quality control and accountability [2][9]. - The company aims to expand to 2,000 stores by 2025, relying heavily on franchisees for this growth, as evidenced by the opening of 121 new franchise locations in the first quarter of 2025 [9][11]. - Franchisees have reported better profit margins compared to competitors, with Atour's franchise model allowing for a quicker return on investment [10]. Financial Performance - Despite a decline in average daily room rates and occupancy rates in early 2025, Atour's revenue from franchise hotels increased by 23.5%, indicating that the franchise model mitigates some risks associated with individual hotel performance [11][12]. - The company's retail business, particularly the "Deep Sleep Pillow," has seen significant growth, with sales reaching 25.92 billion RMB in GMV by the end of 2024, contributing to a larger share of total revenue [13][14]. Franchisee Relations - Franchisees have expressed dissatisfaction with the pressure to sell Atour's retail products, which they feel detracts from their core hotel operations and does not provide sufficient financial incentive [16][17]. - The relationship between Atour and its franchisees is becoming increasingly strained, as franchisees bear the brunt of declining hotel performance while also being expected to support the retail business [17][18].