公园依托万寿河，巧妙布局的"五大分区"与"十二景"节点错落有致。礼庭、逍遥坡等景点匠心独运，河 滩漫步区、多功能活动区各具特色。公园中的便民细节也随处可见。蜿蜒的彩虹步道串联全园，沿途设 有大量休憩座椅；建筑风格古朴的公厕内免费提供置物架等便民设施；新建设的林荫停车场提供80个泊 位，有效缓解了游客停车难题。公园还配备了健身设施和运动场地，每逢周末，很多居民一家老小前来 运动、玩耍。 与1公里外的谢印河湿地公园东西呼应，万寿河湿地公园串联起了惠山城铁站周边的生态廊道。随着9月 12日南京邮电大学无锡校区正式开工建设，周边地块开发加速推进，预计区域辐射人口将大幅增长。这 座公园的生态价值和社会效益将进一步凸显。 孩子在游乐区奔跑嬉戏，老人在步道上悠闲散步，年轻人坐在长椅上轻声交谈。惠山高新区枢纽片区正 以3.8平方公里核心区为圆心，持续完善全龄友好的生活配套体系。从万寿河湿地公园到谢印河湿地公 园，从iDcoffee到亚朵酒店，区域的休闲业态和商务配套日益丰富。这片绿地不仅是居民休闲好去处， 更成为提升城市品质、吸引人才汇聚的重要载体。 前洲街道（城铁站区）相关部门负责人说，公园作为惠山区为民办实事项目，将不断 ...

喜来登现在也绷不住了，开始降价跟中档酒店抢饭吃了。 | 清远狮子湖喜来登度假酒店 ◆◆◆◆● | | --- | | 4.6 很好 2311点评 · 2.3万收藏 | | 清远 · 近狮子湖高尔夫球俱乐部 | | 畅享阿拉伯风情,一站式避暑度假 | | 湖景房 亲子酒店 免费携带宠物 高尔夫球场 | | 是清远美景酒店榜 No.2 ¥455起 | 这不是个案。 南都鉴定评测实验室"酒店价格指数"课题组，对比8月1日-9月1日的OTA数据发现：北上广深这几家喜来登，平均房价从931块跌到了857，降了8%。 以上海8月20号5大OTA挂牌均价为例，亚朵均价713.5元，喜来登均价734.7元。 最近有网友发现，中山喜来登搞了个三天两晚套餐，才699块，算下来一晚上不到350，比同城的亚朵还便宜。不光这一家，佛山顺德喜来登487元起，惠 州白鹭湖那家也才449起步，这价格放几年前谁敢信？ 一个老牌五星酒店，混到和中档连锁拼价格，这画面也太魔幻了。 究竟是喜来登，还是福朋喜来登已经让消费者傻傻分不清了。 消费者也有点疑惑，这到底是"通天带"去低端局炸鱼？还是喜来登在高端局被人干掉段了？ 01 说实话，了解喜来登的都 ...

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].

Core Viewpoint - The urgency for Atour to pursue a secondary listing in Hong Kong is highlighted due to its declining performance and market challenges, despite its rapid expansion and previous success in the U.S. market [4][9][19]. Company Overview - Atour is a leading lifestyle group in China, primarily operating in the hotel and retail sectors, and is the largest mid-to-high-end hotel chain in China by room count as of the end of 2024, with 1,619 hotels and 183,184 rooms across 209 cities [5][18]. - The company was listed on NASDAQ in November 2022, with a market capitalization of approximately $4.585 billion [6]. Growth and Expansion - Atour's hotel count surged from 570 to 1,727 in five years, with a remarkable 63% increase in new openings in 2024, totaling 471 new hotels [8][21]. - The company reported a revenue of 7.248 billion yuan in 2024, a year-on-year increase of 55.3%, and an adjusted net profit of 1.306 billion yuan, up 44.6% [17][21]. Performance Challenges - Despite rapid growth, Atour faced significant challenges in early 2025, with a 5.5% decline in net profit and key performance indicators such as average daily rate, occupancy rate, and revenue per room all showing declines [22]. - The company has been embroiled in controversies, including complaints about hygiene and service quality, which have damaged its reputation [26][27]. Retail Business - Atour's retail segment has become a significant revenue driver, contributing 30% to total revenue in 2024, with expectations of a 35% growth in retail income for 2025 [23][24]. - The retail business's success contrasts sharply with the declining hotel performance, highlighting a potential imbalance in the company's business model [25]. Market Context - The trend of Chinese companies returning to Hong Kong for secondary listings is driven by geopolitical risks and regulatory pressures in the U.S., with Atour among several companies considering this move [30][31][33]. - The Hong Kong market offers a more favorable environment for Chinese companies, with lower compliance costs and a better understanding of their business models, which could enhance their valuations [33][34].

Core Viewpoint - Atour, a leading mid-to-high-end hotel chain in China, is considering a secondary listing in Hong Kong to raise several hundred million dollars [2][5]. Company Overview - Atour was founded in 2013 and has grown to become the largest mid-to-high-end hotel chain in China, with 1,727 hotels as of Q1 2025 [3][4]. - The company targets China's 400 million middle-class consumers, focusing on lifestyle hotels that offer a unique experience beyond traditional budget accommodations [3][4]. - The founder, Wang Haijun, has a background in hotel management and previously co-founded Hanting Hotels [3]. Business Performance - Atour went public on NASDAQ in November 2022, with a market capitalization of $4.9 billion [5]. - In 2024, Atour reported total revenue of 7.248 billion yuan, a year-on-year increase of 55.3%, with adjusted net profit rising 44.6% to 1.306 billion yuan [8]. - Hotel business revenue accounted for approximately 4.851 billion yuan, representing about 67% of total revenue, with a year-on-year growth of 36.8% [9]. Retail Business Development - Atour launched the "Atour Planet" brand in 2021, focusing on sleep products aimed at the new middle class suffering from insomnia [6]. - The retail business is rapidly growing, with a GMV of 2.592 billion yuan in 2024, a year-on-year increase of 127.7% [9]. - Despite the growth in retail, Atour plans to maintain its focus on hotel operations, as the core hotel business faces growth challenges [9]. Market Challenges - Average room revenue for Atour decreased by 7.3% to 304 yuan in Q1 2025, with daily room rates down 2.8% to 418 yuan and occupancy rates declining [9]. - The company is responding to economic pressures by reducing procurement prices for hotel supplies to alleviate franchisees' operating costs [10]. - The current economic environment is markedly different from when Atour was founded, with middle-class consumers becoming more cautious in their discretionary spending [10].

Core Viewpoint - Atour, a chain hotel listed in the US, is considering a secondary listing in Hong Kong, potentially raising hundreds of millions of dollars [2] Group 1: Company Overview - Atour Group (ATAT) successfully listed on NASDAQ on November 11, 2022, becoming the "first stock of China's new accommodation economy" [3] - Founded in 2013, Atour has developed a unique business model that combines hotels with bookstores, coffee shops, and photography exhibitions [4] Group 2: Business Performance - According to Frost & Sullivan, Atour is the largest mid-to-high-end hotel chain in China by room count projected for the end of 2024 [5] - As of March 2025, Atour operates 1,727 hotels, with a net increase of 108 hotels compared to the end of 2024, achieving a compound annual growth rate of 31.8% from 2022 to 2024 [5] - In Q1 2025, Atour reported revenue of 1.906 billion RMB, a year-on-year increase of 29.8%, and an adjusted net profit of 345 million RMB, up 32.3% [5] - The adjusted EBITDA for the same period was 474 million RMB, reflecting a growth of 33.8% [5] - The average revenue per available room (RevPAR) was 304 RMB, 92.8% of the level in the same period of 2024, with an average daily rate (ADR) of 418 RMB, at 97.2% of the previous year's level [5] Group 3: Retail Business - In Q1, Atour's retail business achieved a GMV of 845 million RMB, a year-on-year increase of 70.9%, with over 90% of sales coming from online channels [7] - The retail business primarily sells hotel-related products, with the deep sleep pillow series being a top seller, contributing over 70% of total GMV [7] - As of March 31, the number of registered members exceeded 96 million, a growth of 35.4% year-on-year [7] - Based on strong retail performance, Atour raised its revenue guidance for 2025, expecting a year-on-year growth of 25%-30% [7] Group 4: Shareholder Returns - Atour announced a shareholder return plan, projecting a total dividend of approximately 58 million USD for 2025, along with a three-year buyback plan totaling up to 400 million USD [7]

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]