据彭博社援引知情人士消息，在美国上市的连锁酒店亚朵正考虑在香港二次上市，这家总部位于上海的公司正在与顾问合作出售股票，可能筹集数亿美元 资金。审议仍在进行中，交易规模等细节尚未确定。亚朵没有回应置评请求。 截至8月6日收盘，亚朵(ATAT)报33.72美元，市值46.60亿美元。 综合 | 彭博社 经济观察报 公司公告 2022年11月11日，亚朵集团(ATAT)成功登陆纳斯达克，正式成为"中国新住宿经济第一股"。 亚朵是一家成立于2013年的酒店集团，在过去十多年间，亚朵做出了相对独特的发展规划，旗下系列酒店结合了书店、咖啡店、摄影展等商业艺术形式。 根据Frost&Sullivan的资料，按2024年底的客房数量来看，亚朵为中国最大的中高端连锁酒店。 酒店是亚朵核心业务，截止2025年3月，亚朵拥有1727家酒店，较2024年末净增加了108家，在2022-2024年，其酒店数量复合增速为31.8%。作为中高端酒 店龙头，该公司通过加盟模式加快品牌扩张，2025年Q1，其运营超18个月的加盟酒店共987家。 据亚朵发布的2025年第一季度财报，报告期内亚朵实现营收19.06亿元（人民币，下同），同比增长2 ...

Core Viewpoint - Atour Group's valuation is excessively overstretched relative to its performance, facing downward pressure from fundamentals and shareholder sell-offs, leading to significant downside potential amid declining performance indicators [1][9][11] Group 1: Financial Performance - Atour Group's revenue growth rates for 2023-2025 Q1 were 106.19%, 55.34%, and 29.8%, while shareholder net profit growth rates were 651.42%, 73.01%, and -5.6% respectively, indicating a sharp decline in performance [2] - The company's average daily room rate (ADR), revenue per available room (RevPAR), and occupancy rate (OCC) have all shown a downward trend, with Q1 2025 figures at 418 RMB, 304 RMB, and 70.2% respectively, reflecting significant declines from previous quarters [6][7] Group 2: Business Segments - Atour Group operates three main business segments: hotel operations, rental hotel operations, and retail, all of which have experienced declining revenue growth since 2023, particularly rental hotels which are projected to see double-digit declines in 2024 [2][5] - The retail business, which focuses on hotel-related products, has seen its revenue share increase from 11.22% in 2022 to 36.41% in Q1 2025, despite a slowdown in growth [2][8] Group 3: Management and Shareholder Actions - Significant shareholder sell-offs have occurred, with major shareholders reducing their stakes from 24.7% and 15.5% to 8% and 4.98% respectively, signaling a lack of confidence in the company's future [9][10] - The company's management has also engaged in share sell-offs, with a new CFO starting to liquidate shares shortly after joining, raising concerns about insider confidence [10][11] Group 4: Market Position and Valuation - Atour Group's price-to-book (PB) ratio exceeds 10, indicating a high valuation compared to peers like Huazhu and Hyatt, which raises concerns about potential valuation corrections [1][11] - The company's high sales expense ratio, which increased from 6.19% in 2022 to 14.85% in Q1 2025, has pressured profitability, with net profit margins declining to 12.75% [8][11]