以下文章来源于融中财经 ，作者王涛 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 赴港二次上市的决策尤为迫切。 文 ｜ 王涛 编辑 ｜ 吾人 来源｜ 融中财经（ID：thecapital） 封面来源 ｜ Unsplash 继早前市场传闻中概股禾赛科技、小马智行等已以保密形式申请香港第二上市，最新又传出连锁酒店品牌亚朵正在考虑赴香港第二上市。 亚朵，是一家中国领先的生活方式集团，主要经营酒店、零售两大业务板块。根据 Frost&Sullivan 的资料，按 2024 年底的客房数量来看，亚朵为中国 最大的中高端酒店连锁。公司的酒店网络已覆盖中国 209 个城市，共计 1,619 家酒店、 183,184 间客房。 2022 年 11 月 11 日，亚朵在美国纳斯达克挂牌上市，目前其市值约 45.85 亿美元。 从西安永宁门的第一缕人文光环到纳斯达克上市资本高光，亚朵的步伐迈的很大。 五年间酒店数从 570 家激增至 1727 家， 2024 年新店 47 ...

Core Points - The rapid expansion of Atour has led to significant quality control issues, with frequent hygiene management problems reported in 2025 [1] - In 2024, Atour sold 3.8 million pillows and 770,000 cooling blankets, indicating a slowdown in retail revenue growth despite a struggling hotel business [2] - Amid rumors of a secondary listing in Hong Kong, Atour faces a consumer trust crisis exacerbated by high room rates and past controversies [3][4] Group 1: Business Performance - Atour's founder, Wang Haijun, initiated the "humanistic hotel" concept in 2013, but the company has faced challenges in its capital journey, including failed IPO attempts in A-shares [6][8] - After a successful listing on NASDAQ in 2022, Atour's market capitalization reached $4.66 billion as of August 6, 2025 [10][11] - The hotel chain's average room revenue decreased by 7.3% to 304 yuan, with an average daily rate drop of 2.8% to 418 yuan, and a year-on-year decline in occupancy rate to 70.2% [17] Group 2: Brand Image and Consumer Trust - Atour's brand, once favored by artistic youth, has faced backlash due to multiple hygiene-related incidents, including the "hospital pillowcase" scandal [13][15] - Complaints regarding noise, poor hygiene, and privacy breaches have surged, with over a thousand complaints logged on consumer platforms [15] - The company's pivot to retail, particularly in sleep products, has seen significant sales, but competition and market saturation pose risks to its growth narrative [18][21] Group 3: Strategic Challenges - Atour's asset-light model has led to rapid expansion, with over 1,727 stores and nearly 200,000 rooms, but over 98% of its hotels are franchised, resulting in frequent quality control issues [17] - The retail business, which contributed 30% of total revenue in 2024, is facing declining growth rates, with retail revenue growth dropping from 236% to 66.5% [21] - As competitors like Huazhu and Jinjiang intensify their market presence, Atour's unique selling proposition may be at risk, raising questions about its future growth strategies [21]

Core Viewpoint - Atour is navigating a delicate balance between cost-cutting measures to support franchisees and maintaining quality standards to uphold its mid-to-high-end brand image [3][12][16]. Group 1: Pricing Strategy - Atour has announced significant price reductions on operational and engineering materials starting June 30, 2025, to alleviate franchisees' expenses [8][9]. - The price cuts include a 51.8% reduction on paper cups used for serving tea, a 10.2% reduction on cleaning cloths, and up to an 11.67% reduction on major renovation materials like curtains and wallpaper [9][12]. - This strategy aims to optimize costs while enhancing the guest experience, as seen in the upgrade of amenities like combs and toothbrushes [12][14]. Group 2: Franchise Growth and Revenue - In Q1 2025, Atour's revenue from franchise management hotels reached 1.032 billion yuan, a year-on-year increase of 23.5%, accounting for 54.1% of total revenue [13]. - The company opened 121 new hotels in Q1 2025, all through franchisees, as part of its goal to reach 2,000 stores by 2025 with an annual growth rate of 30% [13][30]. - The average daily room rate (ADR) for Atour in 2024 was 437 yuan, significantly higher than competitors like Huazhu and Jinjiang [18][34]. Group 3: Brand Positioning and Market Challenges - Atour is positioned as a "cross-border internet celebrity" in the hotel industry, focusing on service and experience rather than just price competition [22][25]. - The company has successfully marketed its pillows, turning them into a popular retail product, which has contributed to its brand identity [23][35]. - Despite its strong market position, Atour faces challenges in maintaining quality standards, as evidenced by a recent incident involving hospital-branded pillowcases that raised concerns about hygiene and management practices [16][18][37]. Group 4: Retail Business and Future Outlook - Atour's retail business saw a 126.2% year-on-year revenue increase in 2024, reaching 2.198 billion yuan, making up 30% of total revenue [35]. - The company plans to continue leveraging its hotel experience to drive retail sales, creating a "consumption closed loop" between online and offline channels [35][38]. - However, the reliance on hotel operations for retail success means that any decline in hotel quality could adversely affect retail performance [37][38].

Core Viewpoint - The article discusses the challenges and strategies of Atour Hotel in maintaining quality while significantly reducing costs to support franchisees and sustain expansion in a competitive market [3][5][14]. Cost Reduction Strategies - Atour has initiated a substantial price reduction on operational and engineering materials starting June 30, 2025, to alleviate the financial burden on franchisees [8]. - Items such as paper cups for serving tea have seen a price cut of 51.8%, while other supplies like cleaning cloths and construction materials have also been reduced by up to 11.67% [8][9]. - This strategy is termed "cost optimization and quality enhancement," aiming to lower costs while improving customer experience [9][10]. Franchise Expansion and Revenue - In Q1 2025, Atour's revenue from franchise management hotels reached 10.32 billion, a year-on-year increase of 23.5%, accounting for 54.1% of total revenue [10][13]. - The company opened 121 new hotels in Q1 2025, all through franchisees, as part of its three-year strategy to reach 2,000 locations by 2025 with an annual growth rate of 30% [10][13]. Quality Concerns - Despite cost-cutting measures, there are concerns about maintaining quality, highlighted by an incident where a guest found hospital-branded pillowcases in a hotel, raising questions about hygiene standards [15][18]. - The incident led to a public relations issue, as consumers expect higher standards from mid-to-high-end hotels [18][39]. Market Position and Pricing - In 2024, Atour's average daily room rate (ADR) was 437 yuan, significantly higher than competitors like Huazhu and Jinjiang, despite a 5.82% year-on-year price drop [19][34]. - The hotel industry is facing increased competition, with a net growth of nearly 30,000 hotels in the previous year, leading to a decline in occupancy rates and average room prices [34]. Retail Business Growth - Atour's retail segment, particularly bedding products, saw a 126.2% year-on-year revenue increase in 2024, reaching 2.198 billion yuan, making up 30% of total revenue [37]. - The retail strategy relies heavily on the hotel experience, as many customers purchase products after staying at Atour hotels [37][39]. Brand Trust and Future Outlook - The brand's reputation is at risk due to quality control issues, which could impact its ability to sell home products effectively [38][40]. - The company aims for a retail revenue growth of no less than 35% in 2025, but this is contingent on maintaining strong hotel operations [37].

Core Viewpoint - At present, Atour is navigating a delicate balance between cost-cutting measures to support franchisees and maintaining quality standards to uphold its mid-to-high-end brand image [2][3][11]. Group 1: Cost-Cutting Measures - Atour has announced significant price reductions on operational and engineering materials starting June 30, 2025, aimed at reducing franchisee expenses [5][10]. - The price cuts include a 51.8% reduction on paper cups used for serving tea, a 10.2% reduction on cleaning cloths, and up to an 11.67% reduction on major renovation materials like curtains and wallpaper [7][8]. - This strategy is termed "cost optimization and quality enhancement," focusing on lowering costs while improving guest experience [7][8]. Group 2: Franchise Expansion - In Q1 2025, Atour's franchise management hotel revenue reached 1.032 billion yuan, a year-on-year increase of 23.5%, accounting for 54.1% of total revenue [10]. - The company opened 121 new hotels in Q1 2025, all through franchisees, as part of its three-year strategy to reach 2,000 stores by 2025, targeting an annual growth rate of 30% [10][32]. - The average daily room rate (ADR) for Atour in 2024 was 437 yuan, significantly higher than competitors like Huazhu (289 yuan) and Jinjiang (240.7 yuan) [16]. Group 3: Brand Positioning and Retail Strategy - Atour is positioned as a "cross-border internet celebrity" in the hotel industry, drawing comparisons to successful brands in unrelated sectors [17][19]. - The brand's most popular product is its pillow, which has gained significant market traction beyond its hotel operations, becoming a hidden champion in the bedding industry [20][30]. - Atour's retail business saw a 126.2% year-on-year increase in revenue in 2024, reaching 2.198 billion yuan, with bedding products driving this growth [32][34]. Group 4: Challenges and Quality Concerns - The hotel industry is facing challenges, with a net increase of nearly 30,000 hotels in the past year, but occupancy rates have dropped to 58.8%, a decrease of 2.5 percentage points [31]. - Atour's average room price fell by 5.82% compared to the previous year, despite still being the highest among its peers [31]. - A recent incident involving hospital-branded pillowcases raised concerns about quality control, threatening the brand's reputation built over a decade [12][14][34].

Core Viewpoint - At present, Atour is navigating a delicate balance between cost-cutting measures to support franchisees and maintaining quality standards to uphold its mid-to-high-end brand image [3][12][19]. Group 1: Cost-Cutting Measures - Atour has announced significant price reductions on operational and engineering materials starting June 30, 2025, aimed at alleviating the financial burden on franchisees [6][10]. - The price cuts include a 51.8% reduction on paper cups used for serving tea, a 10.2% reduction on cleaning cloths, and up to an 11.67% reduction on major renovation materials like curtains and wall coverings [8][10]. - This strategy is termed "cost optimization and quality enhancement," focusing on reducing costs while simultaneously improving customer experience [10][12]. Group 2: Franchise Expansion - In Q1 2025, Atour's revenue from franchise management hotels reached 1.032 billion yuan, a year-on-year increase of 23.5%, accounting for 54.1% of total revenue [13]. - The company opened 121 new hotels in Q1 2025, all through franchisees, as part of its three-year strategy to open 2,000 stores by 2025, targeting an annual growth rate of 30% [14][16]. - The success of this expansion hinges on maintaining investment returns for franchisees, which is supported by the cost reductions in the supply chain [16]. Group 3: Quality Concerns - Despite the cost-cutting measures, there are concerns about maintaining quality standards, highlighted by a recent incident involving hospital-branded pillowcases that sparked public outrage [19][21]. - The incident raised questions about Atour's management system and its ability to ensure hygiene and quality, which are critical for maintaining consumer trust in a mid-to-high-end hotel brand [22][50]. Group 4: Market Positioning - Atour's average daily room rate (ADR) in 2024 was 437 yuan, significantly higher than competitors like Huazhu and Jinjiang, indicating its premium market positioning [23][42]. - The brand is often compared to various successful business models, positioning itself as a "cross-border internet celebrity" in the hotel industry, focusing on customer experience and product offerings beyond traditional hotel services [25][30][29]. - Atour's retail segment, particularly its bedding products, has seen substantial growth, with retail revenue increasing by 126.2% in 2024, contributing to 30% of total revenue [46][48].

Core Viewpoint - Atour Group reported significant growth in both revenue and net profit for the year 2024, driven by its dual business model of hotel management and retail, particularly the success of its new retail business focused on sleep products [3][4][10]. Financial Performance - In 2024, Atour Group achieved a revenue of 7.248 billion yuan, representing a year-on-year increase of 55.3%, and an adjusted net profit of 1.306 billion yuan, up 44.6% [3][5]. - The adjusted EBITDA for the year was 1.772 billion yuan, reflecting a growth of 46.8% [3]. Revenue Structure - The revenue from hotel management and franchise operations was 4.149 billion yuan, a year-on-year increase of 53.32% [5]. - Retail revenue surged to 2.198 billion yuan, marking a 126% increase compared to 2023, and accounted for 30.33% of total revenue [5][11]. Hotel Expansion - Atour opened and signed a record 471 new hotels in 2024, a 63% increase year-on-year, bringing the total number of operating hotels to 1,619, which is a 33.8% increase [5][6]. Market Challenges - The hotel industry faced pressure on room prices and occupancy rates, with Atour's average daily rate (ADR) dropping to 437 yuan from 463.6 yuan in 2023, and occupancy rate (OCC) slightly declining to 77.4% from 77.8% [6]. - The average revenue per available room (RevPAR) fell to 351 yuan, down from 376.8 yuan in 2023, indicating challenges in maintaining pricing power [6]. Retail Business Growth - The retail segment, particularly sleep products, has become a significant revenue driver for Atour, with the gross merchandise volume (GMV) reaching 2.592 billion yuan in 2024, a 127.7% increase [11][12]. - The sales of sleep products, including the deep sleep memory pillow and temperature control blankets, have shown remarkable growth, with the latter category's GMV increasing over 300% [12]. Brand Development - Atour is expanding its brand portfolio, with the launch of the "Light Stay" mid-range brand and the high-end "Saha" brand, aiming to enhance market penetration and brand recognition [8][9].