98%加盟店，品控失守，中产还敢为“亚朵生活方式”买单吗？

Core Viewpoint - The article discusses the recent controversy surrounding Atour Hotel, highlighting the challenges faced by the company amid rapid expansion and quality control issues, particularly in its franchise model and retail business growth [3][10][35]. Summary by Sections Incident Overview - Atour Hotel faced public backlash due to a "hospital pillowcase" incident, where a pillowcase with a hospital logo was found in a guest room, raising concerns about hygiene management [3][6]. - The hotel issued an apology, attributing the incident to a mistake by their laundry supplier and acknowledging internal management lapses [6][7]. Franchise Model and Expansion - Over 90% of Atour's hotels are franchises, with a significant increase in franchise locations, reaching 1,593 out of 1,619 total hotels by 2024, marking a 35.2% growth year-on-year [11][12][19]. - The high franchise ratio has led to conflicts between the brand and franchisees, particularly regarding market saturation and customer diversion due to new openings near existing hotels [16][19]. Operational Challenges - Complaints against Atour hotels have surged, with over 1,300 complaints reported, primarily concerning noise, hygiene, and service quality, predominantly from franchise locations [19][20]. - Key performance indicators such as RevPAR, ADR, and occupancy rates have declined in 2024 compared to 2023, indicating operational challenges [19][20]. Retail Business Growth - Atour has shifted focus to retail, achieving significant sales in products like pillows, with 3.8 million sold in a year, contributing to a retail revenue of 2.198 billion yuan, which is over 30% of total revenue [21][26]. - The retail segment has shown impressive growth, with a GMV of 2.592 billion yuan in 2024, a 127.7% increase year-on-year [26][28]. Financial Implications - Despite retail growth, Atour's reliance on a single product line poses risks, with increasing marketing expenses impacting overall profitability [28][30]. - The company's net profit margin decreased to 18% in 2024, down 1.4 percentage points from 2023, primarily due to the rising share of lower-margin retail sales [32]. Competitive Landscape - The retail market is becoming increasingly competitive, with other hotel brands launching similar products, posing a threat to Atour's market position [33]. - Atour is attempting to enhance user experience and product quality to maintain its competitive edge amid growing competition [33]. Conclusion - The recent pillowcase incident highlights the need for Atour to prioritize quality management and service standards to sustain its brand reputation amid aggressive expansion and diversification strategies [35].