此外,沸点计划所构建的生态体系,也为其未来的增长提供了无限可能。不仅限于火锅,其系统能力和品牌 运营经验可以复制到其他餐饮品类,甚至延伸到更广泛的消费领域。这种生态化的布局,使得沸点计划拥 有了超越单一品牌的市场天花板。其孵化十余个副线品牌的举措,正是这一生态野心的初步体现。 在未来,随着数字技术的不断深入应用和消费升级的持续推进,沸点计划的模式将成为行业发展的主流方 向。它不仅提升了自身的商业价值,也推动了整个餐饮行业的转型升级。作为一个融合了餐饮、科技、 零售等多种属性的新型消费平台,沸点计划正引领着一场前所未有的"沸腾奇迹",其未来的发展前景值得 期待。 因此,沸点计划的真正启示在于,它为所有寻求穿越周期的传统行业提供了一个可参照的范式:未来的胜出 者,必将是那些能够将"烟火气"转化为"可计算",再将"可计算"升华为"新生活方式"的系统构建者。它的 估值逻辑,也因此从传统的餐饮市盈率,转向更具想象空间的消费科技平台。这意味着,资本市场对沸点计 划的看法,不再仅仅将其视为一家连锁餐厅,而是一个拥有科技内核、数据资产和生态延展能力的平台型 企业。 这种估值逻辑的转变,源于沸点计划对餐饮本质的重构。在传统观念 ...

Core Viewpoint - Atour Group has reported strong financial results for Q2 2025, driven by its "accommodation + retail" dual business model, despite challenges in the domestic hotel industry [1][2]. Financial Performance - For Q2 2025, Atour's net revenue increased by 37.4% year-on-year to 2.469 billion yuan, with adjusted net profit rising by 30.2% to 427 million yuan, and adjusted EBITDA growing by 37.7% to 610 million yuan [1]. - Cumulatively, for the first half of 2025, Atour's total revenue reached 4.374 billion yuan, a 33.96% increase from 3.265 billion yuan in the same period last year, with net profit up 19.02% to 668 million yuan [1]. - Retail revenue for Q2 2025 was 965 million yuan, marking an 80% increase year-on-year, significantly contributing to overall growth [1][5]. Market Context - The domestic hotel industry is experiencing a rational recovery, with key metrics such as RevPAR, ADR, and OCC showing declines of 6%, 4%, and 2% respectively in 2024 [2]. - Atour's RevPAR decreased to 343 yuan, down 4.4% year-on-year, while ADR fell to 422 yuan, down 4.1%, and occupancy rate dropped to 76.4%, a decline of 2 percentage points [2]. Strategic Positioning - Atour is focusing on the mid-to-high-end market, differentiating itself from competitors like Huazhu, which is expanding in lower-tier markets [2]. - The number of hotels operated by Atour reached 1,824, a 29.2% increase year-on-year, with a total of 21,300 rooms, up 30.7% [2]. - Atour's retail business has rapidly grown, with Q2 2025 retail GMV reaching 1.144 billion yuan, an increase of 84.6% [4]. Competitive Landscape - Huazhu Group reported a revenue increase of 4.5% to 6.4 billion yuan in Q2 2025, with a net profit growth of 44.7% to 1.5 billion yuan, showcasing resilience through scale advantages [3]. - The hotel industry is becoming increasingly competitive, with a significant rise in the number of hotels and rooms, leading to a more challenging environment for all players [7]. Challenges and Future Outlook - Atour's CEO acknowledged the dual challenges of intensified market competition and consumer downgrade affecting RevPAR [2]. - The company is facing management challenges due to rapid expansion, as evidenced by previous incidents, and plans to evaluate and potentially close underperforming hotels [8].

Core Viewpoint - Atour Group has reported strong financial results for Q2 2025, driven by its "accommodation + retail" dual-driven model, despite challenges in the domestic hotel industry and declining core indicators [2][3]. Financial Performance - In Q2 2025, Atour's net revenue increased by 37.4% to 2.469 billion yuan, with adjusted net profit rising by 30.2% to 427 million yuan, and adjusted EBITDA growing by 37.7% to 610 million yuan [2]. - For the first half of 2025, Atour's cumulative revenue reached 4.374 billion yuan, a 33.96% increase from 3.265 billion yuan in the same period last year, with cumulative net profit of 668 million yuan, up 19.02% from 562 million yuan [2]. - Retail revenue for Q2 was 965 million yuan, showing an 80% year-on-year growth, significantly contributing to overall performance [2][6]. Market Context - The domestic hotel industry is experiencing a rational recovery, with STR data indicating declines in RevPAR, ADR, and OCC by 6%, 4%, and 2% respectively in 2024 [3]. - Atour's strategy focuses on the mid-to-high-end market, contrasting with Huazhu's expansion into lower-tier markets [3]. Expansion and Operations - Atour's number of operating hotels reached 1,824, a 29.2% increase year-on-year, with a total of 213,000 rooms, up 30.7% [3]. - The company has 816 hotels in the pipeline, indicating ongoing expansion efforts [3]. - The launch of Atour's 3.6 version hotels aims to enhance business travel convenience and comfort, while the 4.0 version integrates aesthetic space design with local culture [3]. Retail Business Growth - Atour's retail business has become a significant highlight, with Q2 retail GMV reaching 1.144 billion yuan, an 84.6% increase [6]. - The retail segment's gross margin stands at 52.7%, significantly higher than the main business's gross margin, indicating strong profitability [6]. - The rapid growth of the retail business has helped offset weaknesses in the accommodation sector and reinforced brand culture through scene marketing [6]. Competitive Landscape - The hotel industry is shifting towards a more competitive environment, with both Atour and Huazhu facing declining RevPAR [8]. - Huazhu reported a 4.5% revenue increase to 6.4 billion yuan in Q2, with a net profit growth of 44.7% to 1.5 billion yuan, showcasing its resilience through scale advantages [4][5]. Challenges and Strategic Focus - Atour's average RevPAR fell to 343 yuan, a 4.4% decline year-on-year, with ADR at 422 yuan and OCC at 76.4% [3]. - The company is focusing on balancing boutique offerings with scalability, as high investment costs may deter franchisees [8]. - Atour's management is addressing operational challenges by evaluating hotel performance and closing underperforming locations, with 34 closures already in the first half of the year [9].