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 Viewpoint - Recent rumors suggest that Atour Hotel is considering a secondary listing in Hong Kong, which has garnered significant attention, but the company has not yet provided an official response [1] Company Overview - Atour Hotel, established in 2013, has rapidly expanded its portfolio to include six accommodation brands and two retail brands. As of the end of 2024, the company operates 1,619 stores with a total of 183,184 rooms, reflecting year-on-year growth of 33.8% and 32.8% respectively [3] - The company successfully listed on NASDAQ in November 2022, with its stock price increasing twofold from the issue price to $33.18 per share, resulting in a market capitalization of $4.585 billion [3] Expansion Plans - Management forecasts the opening of approximately 500 new stores by 2025, maintaining a closure rate similar to the previous year to enhance the quality of operating stores. This plan underscores Atour's commitment to achieving its goal of "2,000 quality stores" by 2025 [4] - In Q1 of this year, Atour opened 121 new stores, all through franchisees, bringing the total operating hotels to 1,727, a 33% year-on-year increase. Hotel revenue also grew by 15.6% to 1.161 billion yuan, with franchise stores contributing nearly 89% of the revenue [4] Cost Optimization Initiatives - To attract more franchisees, Atour has begun optimizing the costs of core operational materials, achieving an average reduction of 10% on items such as adult slippers and room card holders. The company has also announced significant price reductions on various operational supplies [4] Reputation Challenges - Despite rapid expansion, Atour has faced criticism regarding its reputation. For instance, during a music festival, hotel prices surged to 4,000 to 5,000 yuan, which was over ten times the usual rate, leading to public outcry [5] - Additional complaints have surfaced regarding service quality, including issues with cleanliness and the quality of amenities, which do not align with Atour's high-end image. The company has responded to these concerns by terminating contracts with problematic suppliers and conducting thorough inspections of its facilities [6]

Group 1 - The concept of "economic upward beauty" reflects a nostalgic sentiment for the vibrant aesthetics of the early 2000s, characterized by bold colors and patterns, contrasting with the current preference for understated luxury [1][2] - The discussion around "economic upward beauty" has expanded from fashion to include classic hotels, music, and films, with many social media users sharing their experiences and opinions on old luxury hotels [2][3] - Iconic hotels like Beijing China Hotel, Shanghai Peace Hotel, and Guangzhou White Swan Hotel are frequently mentioned, showcasing a style that emphasizes opulence and traditional aesthetics, which stands in stark contrast to modern minimalist designs [3][4] Group 2 - The Guangzhou White Swan Hotel, as an example, reflects the aesthetic and values of the economic boom era, utilizing durable materials and innovative design elements that have stood the test of time [4][5] - The hotel industry in China is experiencing a shift towards increased chain hotel standardization, with a reported chain rate of 26.75% for hotel stores and 40.09% for guest rooms by the end of 2024, indicating a significant upward trend [7] - Despite the rise of modern chain hotels, older hotels are witnessing a resurgence in popularity among younger generations, with a notable increase in bookings from the 18-25 age group [9][10] Group 3 - The enduring appeal of older hotels lies in their ability to provide a sense of cultural resonance and historical depth, which modern hotels often lack [10][11] - To maintain competitiveness, older hotels must focus on proper maintenance and thoughtful updates, ensuring that their historical charm is preserved while adapting to contemporary standards [12][13] - New hotels without historical context can create "economic upward beauty" by emphasizing design aesthetics and cultural narratives, as seen in the case of Jinjiang Hotels' original拓 brand, which incorporates local cultural elements into its design [15][16]

Group 1 - The company issued a statement regarding the "pillowcase incident" at the Atour Hotel in Hangzhou Xixi Zijin Port [1] - The statement aims to address public concerns and clarify the situation surrounding the incident [1] - The company emphasizes its commitment to guest safety and satisfaction [1] Group 2 - The incident has drawn significant media attention and public scrutiny [1] - The company is taking steps to investigate the matter thoroughly and implement necessary improvements [1] - The hotel industry is facing increased pressure to maintain high standards of hygiene and customer service [1]

Core Viewpoint - The incident involving the Atour Hotel in Hangzhou has raised public concerns regarding hygiene management within the hotel industry, particularly for Atour Group, which has faced similar issues in the past [1][5]. Group 1: Incident Overview - A guest at the Atour Hotel in Hangzhou discovered pillowcases marked with "Hangzhou Yuxiang Lake Future Hospital," leading to public scrutiny of the hotel's hygiene practices [1]. - The hotel issued an apology, attributing the issue to a significant error by their laundry supplier, and has since terminated their relationship with that supplier [1]. - The hotel confirmed a 100% inspection of all room linens and provided documentation to reassure guests [1]. Group 2: Company Background - Atour Hotel is a brand under Atour Group, which is listed on NASDAQ with the stock code ATAT [4]. - As of December 2024, Atour Group operates 1,619 hotels with a total of 183,184 rooms and has over 89 million registered members [4]. Group 3: Financial Performance - In Q1 2025, Atour Group reported revenue of approximately 1.906 billion yuan, a year-on-year increase of 29.8%, and an adjusted net profit of about 345 million yuan, up 32.3% [8]. - The adjusted EBITDA for the same period was approximately 474 million yuan, reflecting a growth of 33.8% [8]. - Despite revenue growth, key occupancy metrics showed declines, with average revenue per available room down 7.2% to 304 yuan, average daily rate down 2.8% to 418 yuan, and occupancy rate decreasing by 3.1 percentage points to 70.2% [8].

Core Insights - Shangmei Smart Hotel Group has initiated a strategic partnership with various cultural and tourism sectors in Gansu, marking a significant milestone in its expansion in the northwest region of China [1] - The recovery of tourism demand has led to a surge in hotel accommodation needs in the northwest, with over 40 million visitors and a spending of over 22 billion yuan during the 2025 Spring Festival [2] - The northwest region is seen as a hotbed for investment due to favorable rental conditions and government policies supporting the hotel industry [2] Group 1: Shangmei Smart Hotel Group's Expansion - Shangmei Smart Hotel Group has established over 700 hotels in the northwest region by March 31, 2025, with 142 located in Gansu [2][3] - The group aims to play a dual role as an "investment model innovator" and "industry upgrade enabler" to capture value in the northwest hotel market [3] Group 2: Competitors in the Northwest Market - Major hotel groups like Jinjiang and Huazhu have also expanded in Gansu, with over 500 hotels opened collectively by these three groups [4][5] - Jinjiang has over 200 hotels in Gansu and nearly 300 signed contracts, while Huazhu's main brands have a significant presence in the region [5][6] Group 3: Market Dynamics and Future Outlook - The northwest hotel market is entering a new competitive phase, with various hotel groups vying for market share [7] - The region's vast potential and low hotel chain penetration make it an attractive target for expansion, with several groups already establishing a presence [9][10] - The competition is expected to intensify as major players like Jinjiang, Huazhu, and Shangmei Smart Hotel Group continue to expand their footprints in the region [11][12]