Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company has raised its full-year revenue growth guidance to 35%, driven by strong retail business performance, with Q3 revenue growth of 38.4% year-on-year [1][10] - The hotel business continues to expand, with a net increase of 124 hotels in Q3 and a total of 1948 operating hotels, reflecting a 27% year-on-year growth [2][14] - The retail business has shown exceptional growth, with Q3 revenue increasing by 76.4%, leading to an upward revision of the full-year revenue growth target from 60% to 65% [3][15] - The company is positioned as a lifestyle brand targeting mid-to-high-end consumers, benefiting from the recovery of business activities in high-tier cities [4][16] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 2.63 billion yuan, a year-on-year increase of 38.4%, and adjusted net profit of 490 million yuan, up 27% [1][10] - The company expects to achieve revenues of 9.82 billion, 12.29 billion, and 14.78 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 35.4%, 25.2%, and 20.2% [5][18] Hotel Business - The company opened 152 new hotels in Q3, bringing the total to 1948, with a target of 500 new openings for the year [2][14] - The RevPAR (Revenue per Available Room) for Q3 was 371 yuan, showing a slight decline of 2.2% year-on-year, but an improvement compared to previous quarters [3][15] Retail Business - The retail segment achieved a GMV of 999.4 million yuan in Q3, with revenue growth of 76.4%, contributing 32% to total revenue [3][15] - The introduction of the "Atour Planet Deep Sleep Standard" aims to enhance product offerings and strengthen brand positioning in the sleep industry [4][16]