大幅降价，亚朵急了

Core Viewpoint - Atour is navigating a delicate balance between cost-cutting measures to support franchisees and maintaining quality standards to uphold its mid-to-high-end brand image [3][12][16]. Group 1: Pricing Strategy - Atour has announced significant price reductions on operational and engineering materials starting June 30, 2025, to alleviate franchisees' expenses [8][9]. - The price cuts include a 51.8% reduction on paper cups used for serving tea, a 10.2% reduction on cleaning cloths, and up to an 11.67% reduction on major renovation materials like curtains and wallpaper [9][12]. - This strategy aims to optimize costs while enhancing the guest experience, as seen in the upgrade of amenities like combs and toothbrushes [12][14]. Group 2: Franchise Growth and Revenue - In Q1 2025, Atour's revenue from franchise management hotels reached 1.032 billion yuan, a year-on-year increase of 23.5%, accounting for 54.1% of total revenue [13]. - The company opened 121 new hotels in Q1 2025, all through franchisees, as part of its goal to reach 2,000 stores by 2025 with an annual growth rate of 30% [13][30]. - The average daily room rate (ADR) for Atour in 2024 was 437 yuan, significantly higher than competitors like Huazhu and Jinjiang [18][34]. Group 3: Brand Positioning and Market Challenges - Atour is positioned as a "cross-border internet celebrity" in the hotel industry, focusing on service and experience rather than just price competition [22][25]. - The company has successfully marketed its pillows, turning them into a popular retail product, which has contributed to its brand identity [23][35]. - Despite its strong market position, Atour faces challenges in maintaining quality standards, as evidenced by a recent incident involving hospital-branded pillowcases that raised concerns about hygiene and management practices [16][18][37]. Group 4: Retail Business and Future Outlook - Atour's retail business saw a 126.2% year-on-year revenue increase in 2024, reaching 2.198 billion yuan, making up 30% of total revenue [35]. - The company plans to continue leveraging its hotel experience to drive retail sales, creating a "consumption closed loop" between online and offline channels [35][38]. - However, the reliance on hotel operations for retail success means that any decline in hotel quality could adversely affect retail performance [37][38].