Core Viewpoint - Atour Group (NASDAQ: ATAT) is expected to achieve a revenue growth of 25%-30% year-on-year in 2025, driven by strong performance in both its hotel and retail businesses [2][13]. Financial Performance - In Q1 2025, Atour Group reported a revenue of 1.906 billion RMB, representing a year-on-year increase of 29.8% [5]. - The adjusted net profit for the same period was 345 million RMB, up 32.3% year-on-year [5]. - Adjusted EBITDA reached 474 million RMB, reflecting a growth of 33.8% compared to the previous year [5]. Operational Highlights - During Q1, Atour opened 121 new hotels, marking a 24.7% increase year-on-year, bringing the total number of hotels to 1,727 with 194,559 rooms [7]. - The company has a pipeline of 755 projects, progressing towards its strategic goal of "Chinese Experience, 2,000 Great Hotels" [7]. - Key operational metrics included an average revenue per available room (RevPAR) of 304 RMB, a daily average room rate (ADR) of 418 RMB, and an occupancy rate (OCC) of 70.2% [7]. Product Development - Atour accelerated its product matrix optimization by launching the "Atour 3.6" and "Light Stay 3.3" products, enhancing the accommodation experience [8]. - The "Atour 3.6" product aims to set a new benchmark for mid-to-high-end business travel with a design philosophy of "coexistence with nature" [8]. - The "Light Stay 3.3" product is positioned as a key driver for achieving the brand's goal of 1,000 stores [8]. Retail Business Growth - Atour's retail business generated a GMV of 845 million RMB in Q1, a significant year-on-year increase of 70.9%, with over 90% of sales coming from online channels [10]. - The launch of the Atour Planet Deep Sleep Temperature Control Mattress Pro 2.0 achieved sales leadership on platforms like Tmall and Douyin within its first month [11]. - As of March 31, 2025, Atour's registered membership exceeded 96 million, a growth of 35.4% year-on-year [11]. Future Outlook - The company has raised its full-year revenue guidance based on strong retail performance and stable growth expectations [13]. - Atour plans to distribute approximately $58 million in dividends in 2025 and has announced a share repurchase plan totaling up to $400 million over three years [13].

Core Insights - Atour Group reported a revenue of 1.906 billion yuan for Q1 2025, representing a year-on-year growth of 29.8% [1] - The adjusted net profit for the same period was 345 million yuan, up 32.3% year-on-year [1] - Adjusted EBITDA reached 474 million yuan, reflecting a 33.8% increase compared to the previous year [1] Financial Performance - Average revenue per available room (RevPAR) was 304 yuan, at 92.8% of the level from the same period in 2024 [1] - Daily average room rate (ADR) stood at 418 yuan, which is 97.2% of the level from the same period in 2024 [1] - Occupancy rate (OCC) was 70.2%, compared to 95.8% in the same period of 2024 [1] Business Expansion - As of March 31, 2025, Atour had 1,727 operating hotels, marking a 32.6% year-on-year increase [1] - The company is progressing towards its strategic goal of reaching "two thousand good stores" [1] Retail Business Growth - The gross merchandise volume (GMV) for Atour's retail business reached 845 million yuan, showing a year-on-year growth of 70.9% [1] - The membership system has been enhanced, promoting the integration of accommodation and retail businesses, leading to increased cross-consumption [1] - The number of registered members surpassed 96 million, reflecting a 35.4% year-on-year growth [1] Future Outlook - Atour has raised its full-year performance guidance, expecting a revenue growth of 25%-30% for 2025 [1] - The company announced a share repurchase plan of up to 400 million USD over three years and a dividend plan for 2025, totaling approximately 58 million USD [1] Strategic Vision - The founder and CEO of Atour emphasized the commitment to the "Chinese experience" strategy, aiming to enhance brand and product strength while deepening the integration of accommodation and retail businesses [2]