作为"中国新住宿经济第一股"，亚朵的上市历程颇为坎坷。 在赴美上市之前，亚朵曾两次终止A股辅导——2019年6月，亚朵酒店和中信建投签署上市辅导协议，并报送辅导备案文件。但同年9月，双方却一致同意 终止了上市辅导；2020年1月，中金公司成为了亚朵的上市辅导机构，但在申请辅导验收之后，又再度不了了之。 而美股之路也并非一帆风顺。在2021年6月首次提交的招股书中，亚朵拟发行1974.47万股ADS，定价区间为13.5-15.5美元/ADS，募资金额达2.67-3.06亿美 元。此次上市的时间原本定于当年的7月1日，但就在计划上市的前一天，投资人被告知亚朵上市时间待定，投资者可撤销认购。 一年半以后的2022年11月，亚朵再次递交招股书，并成功登陆纳斯达克。招股书显示，亚朵IPO发行定价区间为11-13美元/ADS(美国存托凭证)，拟发行 475万股，募资金额为5225万-6175万美元。 近日有消息称，连锁酒店品牌亚朵正计划在香港二次上市。据悉，此次募集资金额或达数亿美元。截至8月6日收盘，亚朵(ATAT)报33.72美元，市值46.60 亿美元。 传闻称，亚朵考虑赴港上市的重要原因是担忧在美国面临退市风险。 ...

Core Viewpoint - The domestic hotel industry is experiencing a paradox where, despite a booming tourism market in 2024, hotel profitability is declining due to increased competition and cost pressures, leading to a decrease in key performance metrics such as RevPAR, ADR, and occupancy rates [1][4][6]. Industry Overview - The domestic tourism market is thriving, with significant increases in travel volume and spending, yet the hotel industry is facing challenges with declining revenue per available room (RevPAR) across all hotel tiers [3][4]. - In 2023, the hotel industry transitioned from a high base to a normalized state, with many companies struggling due to intense competition and rising costs [6]. Financial Performance - Major hotel chains like Huazhu Group reported a revenue of 23.89 billion yuan, with a net profit of 3.048 billion yuan, reflecting a year-on-year revenue growth of 9.18% but a profit decline of 25.39% [7]. - RevPAR for Huazhu was 235 yuan, with an average daily rate (ADR) of 289 yuan, both showing declines of 3% and 3.2% respectively, while occupancy rate (OCC) slightly increased to 81.2% [8]. - Other hotel brands also reported similar declines in RevPAR and ADR, indicating a widespread trend across the industry [8]. Market Dynamics - The hotel market is shifting towards a supply-demand imbalance, with the number of hotels exceeding pre-pandemic levels while tourism numbers remain below 2019 figures [15]. - The total number of hotels in China surpassed 360,000 in 2024, representing 109% of the 2019 hotel count, while domestic tourism was only at 90% of 2019 levels [15]. Expansion Strategies - Despite the challenging environment, hotel companies continue to expand aggressively, with Huazhu Group planning to open 2,300 new hotels in 2025, maintaining a strong growth trajectory [13]. - Huazhu's expansion strategy focuses on a franchise and licensing model, with over 90% of new hotels opened under these models, allowing for a lighter asset operation [14]. - Other hotel chains like Jinjiang and Shoulv also reported significant new openings, indicating a competitive push for market share [12]. Emerging Trends - The hotel industry is increasingly targeting lower-tier cities for growth, as these areas show potential for higher revenue due to rising disposable incomes [15]. - The shift from a seller's market to a buyer's market is evident, with high-end hotels being put up for sale and increased competition leading to price reductions in hotel supplies [16]. Challenges and Risks - The rapid expansion of hotel chains may lead to intensified price wars and further pressure on profitability, as evidenced by declining ADR and RevPAR across the board [15]. - Companies like Atour are also diversifying into retail, with significant revenue from products like sleep pillows, but face increasing competition from other brands entering the retail space [20].