Core Insights - At the end of Q3 2025, Atour is nearing its strategic goal of "Two Thousand Good Stores," with a total of 1,948 operating hotels and 219,359 rooms as of September 30, indicating a transition to a new growth phase based on "quality stock" [1] Group 1: Growth and Performance - In Q3, Atour opened 152 new hotels, reflecting a significant scale increase [1] - The average revenue per available room (RevPAR) for the quarter was 371.3 yuan, recovering to 97.8% of the same period in 2024, showing a trend of gradual improvement throughout the year [3] - The growth is characterized by "quality first," driven by continuous investment in product iteration and user experience, enhancing the brand's appeal to high-quality customer segments [3][4] Group 2: Channel Structure and Profitability - In Q3, the Central Reservation System (CRS) channel accounted for 62.4% of orders, indicating a strong independent customer acquisition capability and a healthier order structure, which stabilizes profit margins [3] - A higher proportion of self-owned channels suggests that consumers actively seek and choose the brand, reinforcing the long-term value of the franchise system [3][4] Group 3: Product Matrix and Business Model - Atour has developed a diversified product matrix covering mid-range to high-end markets, supported by years of product system and operational validation [5] - The 3.6 and 4.0 product lines cater to different customer needs, with the 4.0 projects achieving a RevPAR of over 500 yuan, demonstrating strong operational validation [6] - The "Two Thousand Good Stores" strategy reflects Atour's ability to replicate its operational model and product system, supporting sustainable growth across various market conditions [6]