1月6日，南都N视频记者获悉，星巴克中国宣布与亚朵集团达成合作，携手推出联合会员计 划，标志着星享俱乐部的会员权益再度加码。 加入联合会员的金星、钻星会员，可体验一 年至高360天亚朵金会员核心权益，享受"升级好房、双人早餐、延迟退房"等实用出行福 利。而加入联合会员的星享俱乐部会员，如在亚朵集团旗下指定酒店入住期间为亚朵黑金、 铂金或金会员，在星巴克指定渠道消费还可享受双倍积星。 星巴克钻星会员更可将其中的3次亚朵金会员先享权升级为亚朵铂金会员先享权，从而额外体验包括至 高18张亚朵升房券在内的亚朵铂金会员核心权益。星巴克银星与玉星会员也可定期领取亚朵无门槛立减 券，享专属优惠，真正实现"会员即权益"。 据了解，从2024年开始，星巴克对星享俱乐部这一会员体系就一直在加码升级，陆续与希尔顿集团、中 国东方航空联手推出联合会员计划。截至2025年11月，星巴克中国会员规模已突破1.6亿，其中90天活 跃会员达2500万。而这次与亚朵的合作，也是星巴克中国在去年11月正式宣布和中国的博裕投资成立合 资企业后，对会员体系最新一次的向外拓展。 另一方面，亚朵的会员可享受的权益包括，亚朵黑金会员绑定可得6颗星巴克好礼 ...

近日，多个知名品牌通过全新布局、跨界合作，开启2026新年序幕与消费新场景：亚朵集团正式宣布"中国体验，两千好店"战略目标达成，品牌发展进入新 阶段；肯悦咖啡与成都礼物携手打造的主题概念店在成都揭幕，以创新融合释放消费活力，探索城市文化与商业体验的更多可能性。 在追逐速度与规模的时代，亚朵选择将"内心安静的力量"带回城市，回归对人的关注，在旗下2000家酒店，以及进入数百万家庭的深睡产品中，打造"身心 和合"的体验：由静生和，由身及心，于细节处塑造安静与平和，将善意转化为温暖的连接。 三年战略目标的实现，是里程碑，也是新起点。亚朵集团表示，未来将聚焦生活方式体验升级，坚持质量优先的发展路径。 亚朵集团"中国体验 两千好店"战略目标达成 新程开启再循"初心" 近日，亚朵集团宣布"中国体验 两千好店"三年战略目标达成。第2000家酒店——云南香格里拉月光广场亚朵酒店启幕，标志着亚朵集团在规模扩容与品牌 升级上迈入全新阶段。截至目前，亚朵集团已构建起涵盖酒店、零售场景，覆盖超1亿品质生活会员的多元品牌矩阵。 （香格里拉独克宗古城月光广场亚朵酒店） 第2000家酒店落子于充满人文底蕴的香格里拉，是距离品牌缘起地"亚朵 ...

Investment Rating - The report assigns a "Buy" rating to Atour Group with a target price of $51.2 [4][5]. Core Insights - Atour Group is positioned as a mid-to-high-end hotel chain, integrating lifestyle retail into the guest experience, with significant revenue growth and strong profit margins [2][12]. - The company has seen robust growth in both hotel and retail segments, with a projected net profit of RMB 16.2 billion, RMB 20.6 billion, and RMB 25.0 billion for 2025, 2026, and 2027 respectively [4][10]. - The membership system has expanded significantly, with membership numbers growing from 25 million in 2020 to over 100 million by September 2025, enhancing customer retention and reducing acquisition costs [2][55]. Summary by Sections Company Overview - Atour Group operates a diverse portfolio of hotel brands and retail offerings, focusing on high-quality service and unique experiences, with a market share of approximately 6% in the mid-to-high-end hotel sector [12]. - As of September 2025, Atour has 1,948 hotels, predominantly through a franchise model, which enhances profitability and operational efficiency [2][59]. Investment Highlights - **Differentiated Hotel Positioning**: Atour targets a price range of RMB 400-800 per night, avoiding competition in the budget segment while not being fully penetrated by luxury brands [33]. - **Active Membership Ecosystem**: The A-Card membership system has proven effective in driving customer loyalty, with a high repurchase rate of 58.3% in 2022 [51][55]. - **Franchise Model**: The company primarily operates through a franchise model, which allows for rapid expansion with lower capital investment [59]. Industry Analysis - The hotel industry in China is experiencing a strong rebound, with a 38% increase in revenue in 2023, although growth is expected to slow to 5% in 2024 [3]. - The mid-to-high-end market share is increasing, with a trend towards consolidation and multi-brand strategies among leading companies [3]. Financial Performance - Atour's revenue for 2024 is projected at RMB 9.73 billion, with a growth rate of 34.3% [10]. - The company has maintained a strong gross margin, with net profit margins expected to stabilize around 16.6% in 2025 [10][20]. Retail Business Growth - The retail segment has seen explosive growth, with revenue increasing from RMB 254 million in 2022 to RMB 2.198 billion in 2024, driven by popular products like the Deep Sleep Pillow [30].

Core Insights - The article discusses the trend of hotel brands, particularly Huazhu's Meilun, entering industrial parks, marking a shift from traditional city center locations to these emerging areas [1][2][8] - The demand for diverse accommodation options in industrial parks is increasing, as businesses require not only short-term stays but also long-term housing solutions for employees [5][7][14] Group 1: Hotel Development in Industrial Parks - Huazhu Group's Meilun brand has opened its largest hotel in Xiamen's Jimei Software Park, featuring 310 rooms and targeting business and conference clientele [1] - The shift in hotel location strategy reflects a broader trend where hotels are moving from city centers to industrial parks, which are seen as new growth areas with potential [2][8] - Other hotel brands, including Qianxi and InterContinental, are also establishing properties in industrial parks, indicating a growing interest in these locations [3][6] Group 2: Changing Accommodation Needs - The demand for "business + conference + activity" accommodations in industrial parks is being recognized by hotel operators, leading to the inclusion of meeting rooms and dining facilities [2][5] - The combination of hotels and serviced apartments is becoming more common, catering to the long-term needs of professionals in industrial parks [5][6] - Local state-owned enterprises and development platforms are also entering the market, promoting standardized accommodation solutions for employees [6][10] Group 3: Investment and Economic Implications - The investment logic for hotels is changing, with industrial park hotels offering stable clientele and lower land costs, making them attractive for major hotel groups and local investors [7][10] - The trend reflects a redistribution of urban dynamics, where hotels are now following businesses rather than just tourist flows [7][8] - Policies at both national and local levels are encouraging the development of living and service facilities in industrial parks, facilitating the entry of hotels and apartments [9][10] Group 4: Future Outlook - The future of hotels may lie in industrial parks rather than traditional urban centers, as the boundaries between work, life, and leisure continue to blur [11][14] - Hotels in industrial parks are expected to become integral parts of the local ecosystem, serving not just as accommodation but also as cultural and community hubs [12][14] - The concept of "park-customized hotels" is gaining traction, offering both operational returns and cultural value, which could enhance the brand image of the parks [14]

Core Insights - The hotel investment trend is shifting towards Guiyang, the capital of Guizhou province, as investors are increasingly attracted to its growing market potential [2][4][5] Market Performance - Guiyang's hotel market is showing strong performance with a 40% year-on-year increase in accommodation demand during the summer of 2025, and an average occupancy rate exceeding 85% [3][7] - The core area of Guiyang has seen hotel occupancy rates consistently surpassing 90% [6][8] Supply and Demand Dynamics - Despite the surge in demand, the supply of hotels in Guiyang remains limited, with only 2,922 hotels available as of August this year, and a low chain hotel penetration rate of 3.58% for economy hotels [11][10] - The market is experiencing a structural opportunity with demand outpacing supply, particularly in the mid-to-high-end hotel segment [15][12] Market Structure and Trends - The hotel market in Guiyang is transitioning from economy to mid-to-high-end offerings, with approximately 25% of hotels classified as high-end and 60% as mid-range [12][14] - In the past three years, 1,262 new hotels have opened, with a significant number being economy hotels, indicating a shift in market dynamics [13][14] Investment Opportunities - The local government has implemented supportive policies to boost the development of mid-to-high-end hotels, including financial incentives and land use innovations [18][19] - International hotel brands such as Hilton and Marriott have accelerated their entry into the Guiyang market, indicating strong investor interest [20][21] Competitive Landscape - The competitive environment is intensifying as new entrants may resort to price cuts and promotions to attract customers, which could pressure existing hotels [28] - The overall hotel operating data in the Southwest region is below the national average, highlighting the need for improved operational efficiency [28] Future Outlook - Guiyang's hotel market is poised for growth, but investors must adopt a long-term perspective and focus on creating differentiated offerings to achieve sustainable returns [30][31]

Core Points - The Wanshou River Wetland Park in Wuxi has been included in the third batch of open shared urban green spaces in Jiangsu, covering an area of approximately 68,000 square meters, making it the largest urban green space in Wuxi city center [1] - The park serves around 15,000 residents and the future 10,000 students and faculty of the newly constructed Nanjing University of Posts and Telecommunications Wuxi campus [1] - The park integrates urban functions with Jiangnan water town culture, acting as a "green lung" for the surrounding population [1] Group 1 - The park was designed by a professional landscaping company according to urban comprehensive park standards, featuring recreational, educational, and fitness elements, and was completed after six months of construction [2] - It incorporates natural ecological elements such as rain gardens and grassed ditches, functioning as a "sponge park" that effectively absorbs rainwater [2] - The park is divided into five distinct zones and twelve scenic spots, with amenities like a winding rainbow walkway, numerous resting benches, and a newly built parking lot with 80 spaces to alleviate parking issues [2] Group 2 - The area surrounding the park is developing rapidly, with the construction of the Nanjing University of Posts and Telecommunications Wuxi campus expected to significantly increase the local population [2] - The park enhances the quality of life in the Huishan High-tech Zone, providing a friendly living environment for all ages and contributing to the area's leisure and business offerings [3] - It is part of a broader initiative to meet the public's demand for improved living conditions and to share the benefits of development with the community [3]

Core Insights - Sheraton is lowering prices to compete with mid-range hotels, with recent packages as low as 699 yuan for two nights, which is cheaper than local competitors like Atour [1][10] - The average room rate for Sheraton hotels in major cities has decreased by 8%, from 931 yuan to 857 yuan [8] - Sheraton's average price is now comparable to mid-range brands, raising questions about its brand positioning and consumer perception [9][10] Pricing Strategy - Recent promotions include a three-day, two-night package at Sheraton Zhongshan for 699 yuan, and rates starting at 487 yuan in Shunde and 449 yuan in Huizhou [1] - The average room rate for Sheraton in Shanghai is 734.7 yuan, while Atour's average is 713.5 yuan, indicating a significant shift in pricing strategy [9] Brand Perception - Consumers are confused about Sheraton's brand identity, questioning whether it is moving towards a lower-end market or struggling in the high-end segment [10] - There are complaints about outdated facilities and poor service quality at some Sheraton locations, leading to a decline in brand reputation [11][17] Financial Performance - Financial data reveals significant losses for some Sheraton properties, such as a net loss of over 20 million yuan for the Wenzhou Sheraton, indicating financial distress [14] - The brand's management struggles and rapid expansion have contributed to inconsistent service quality and operational challenges [18] Market Positioning - Sheraton's positioning has become awkward since being acquired by Marriott, struggling to find a place among luxury and mid-range brands [15] - The brand's transformation efforts have largely failed, with many owners unwilling to invest in renovations [15][19] Competitive Landscape - Sheraton is now competing directly with local brands like Atour and Crystal, which offer modern amenities at similar price points [19] - Marriott plans to open over 40 new high-end hotels in Greater China, indicating ongoing investment in the market despite Sheraton's challenges [19][20]

Core Viewpoint - The article discusses the challenges faced by Atour, a hotel brand, in maintaining its pricing strategy amidst increasing competition and changing market dynamics, particularly in the context of corporate travel budgets being tightened [3][20][22]. Group 1: Pricing and Market Position - Atour's average room price exceeds 400 yuan, making it unaffordable for many corporate travelers whose accommodation standards are often below this threshold [4][20]. - Comparatively, Atour's pricing is higher than that of its competitor, Hanting, with a RevPAR of 343 yuan and an ADR of 433 yuan, indicating a premium positioning in the market [9][20]. - The hotel brand's pricing strategy is under pressure as the industry faces a decline in key performance indicators, with RevPAR down by 4.3% and ADR decreasing by approximately 8 yuan [20][22]. Group 2: Operational Strategy and Challenges - Atour is shifting towards a lighter asset model, focusing on franchise operations to reduce costs while aiming for expansion, with a target of 2000 stores by year-end [15][20]. - The brand's emphasis on personalized service and unique experiences is becoming a standard expectation in the industry, leading to increased competition [17][22]. - Recent controversies, such as price gouging incidents, have raised concerns about Atour's management efficiency and public perception [16][20]. Group 3: Retail Business Development - Atour's retail segment, particularly its "Atour Planet" brand, has shown promising growth, with sales of its flagship product, the "Deep Sleep Pillow PRO," exceeding 11 billion yuan in revenue [23][24]. - The retail business is projected to grow significantly, with estimates suggesting a compound annual growth rate of 32% from 2024 to 2030 [24]. - However, there are concerns regarding the sustainability of this growth, as the retail sector is not Atour's primary focus and may face challenges in establishing long-term brand value [24][26].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][13] Core Viewpoints - The company has demonstrated strong growth momentum in both its hotel and retail segments, leading to an upward revision of its full-year revenue guidance [3][12] - In Q2 2025, the company reported a revenue of 2.469 billion yuan, representing a year-on-year increase of 37.4%, and a net profit of 425 million yuan, up 39.8% [6][12] - The dual business model of hotel expansion and retail growth is expected to continue driving performance ahead of industry averages [3][12] Summary by Sections Hotel Performance - Hotel revenue in Q2 2025 reached 1.449 billion yuan, growing by 20.0% year-on-year, with franchise revenue at 1.299 billion yuan (+26.5%) and self-operated hotel revenue at 150 million yuan (-17.0%) [6][11] - The gross margin for hotels improved from 35.7% in Q2 2024 to 38.3% in Q2 2025 due to an increase in franchise revenue and structural changes [6][11] Store Expansion and Pipeline - In Q2 2025, the company opened 118 new hotels and closed 21, resulting in a net increase of 97 hotels, bringing the total to 1,824, a 29% year-on-year growth [11] - The company has a pipeline of 816 stores, with a goal of reaching 2,000 stores by the end of the year [11] Retail Performance - The retail business achieved a GMV of 1.144 billion yuan in Q2 2025, a significant increase of 84.6%, with revenue of 965 million yuan, up 79.8% [3][12] - The company has revised its full-year retail revenue guidance from 50% to 60%, reflecting strong performance during promotional periods [3][12] Financial Projections - The adjusted net profit forecasts for 2025-2027 are 1.68 billion yuan, 2.09 billion yuan, and 2.54 billion yuan, respectively, with corresponding PE ratios of 22, 18, and 15 [3][12][14] - The company maintains a dividend payout ratio of no less than 50% and has a share buyback limit of 400 million USD, enhancing its attractiveness as an investment [3][12]

Core Viewpoint - Atour Hotel, a leading lifestyle group in China, is planning a secondary listing on the Hong Kong Stock Exchange after its initial public offering on NASDAQ in November 2022, driven by geopolitical risks and a more favorable valuation environment for consumer companies in Hong Kong [1][5]. Company Overview - Atour Hotel operates in two main business segments: hotels and retail, and is projected to become the largest mid-to-high-end hotel chain in China by the end of 2024, with a network covering 209 cities and 1,619 hotels offering 183,184 rooms [1][3]. - The company was founded in 2013 by Wang Haijun, who introduced cultural elements into hotel spaces, establishing the concept of "humanistic hotels" [1]. Market Position and Challenges - Atour has successfully captured the market's recognition, particularly among the middle class seeking quality living, but faces challenges due to intensified competition in the mid-to-high-end hotel market [3]. - Recent financial reports indicate a decline in key operational metrics, with average daily room rates dropping to 418 yuan, occupancy rates decreasing by 3.1 percentage points, and revenue per room falling by 7.2% year-on-year [3]. Retail Business Growth - Despite challenges in the hotel sector, Atour's retail business has flourished, selling 3.8 million pillows and 770,000 cooling blankets in 2024, with retail revenue now accounting for 30% of total revenue [3]. - The "hotel + retail" business model has created new growth opportunities but raises concerns about potential dilution of the brand's core values [3]. Strategic Considerations for Secondary IPO - The secondary IPO in Hong Kong is seen as a strategic move to mitigate risks associated with U.S. regulations and to leverage a more favorable market for consumer companies [5]. - The company faces the challenge of balancing expansion with quality control, restructuring its business model, and adapting to the evolving demands of a new generation of consumers [5]. Future Outlook - The mid-to-high-end hotel market in China has significant growth potential, driven by ongoing consumer upgrades and increasing expectations for accommodation experiences [5]. - If Atour can leverage its secondary IPO to transition from "scale leadership" to "quality leadership," it could create greater value for investors and serve as a model for the upgrade of the Chinese hotel industry [5].