今天分享的是：迈点研究院：2025中国酒店投资运营与品牌发展报告 报告共计：28页 2025年中国酒店投资运营与品牌发展报告核心总结 该报告聚焦中国酒店行业发展现状、品牌趋势、运营升级及未来方向，全方位呈现行业在存量竞争时代的变革与突破，核心内容总结如下： 1. 行业现状：酒店行业已全面进入存量竞争时代，规模企稳但利润承压，客房数增长率为6.94%，而RevPAR同比下降5%，企业注册量同比下滑14.33%。区 域市场呈现两极分化，一线城市聚焦存量改造，交易以高端和中高端项目为主，占比达35%；三线及以下城市新开业酒店占比55.77%，县域消费崛起，国庆 预订量同比大增51%。消费市场上，商务差旅需求稳步扩张，休闲旅游则呈现"人次高增、花费慢涨"的理性特征。竞争格局方面，头部集中趋势明显，前10 强酒店集团客房占比近71%，中小品牌则面临生存危机。 2. 品牌发展：国际品牌加速本土化适配，在产品上推进存量翻牌改造，运营中接入国内主流平台，文化上推出本地特色体验套餐。跨界资本纷纷入局，互联 网巨头布局场景运营与预订链路，国资平台聚焦高端资产，传统资本深耕存量改造。中小品牌转向"被收编"或"区域深耕"的二元路径， ...

Core Viewpoint - Atour Group has reported strong financial results for Q2 2025, driven by its "accommodation + retail" dual business model, despite challenges in the domestic hotel industry [1][2]. Financial Performance - For Q2 2025, Atour's net revenue increased by 37.4% year-on-year to 2.469 billion yuan, with adjusted net profit rising by 30.2% to 427 million yuan, and adjusted EBITDA growing by 37.7% to 610 million yuan [1]. - Cumulatively, for the first half of 2025, Atour's total revenue reached 4.374 billion yuan, a 33.96% increase from 3.265 billion yuan in the same period last year, with net profit up 19.02% to 668 million yuan [1]. - Retail revenue for Q2 2025 was 965 million yuan, marking an 80% increase year-on-year, significantly contributing to overall growth [1][5]. Market Context - The domestic hotel industry is experiencing a rational recovery, with key metrics such as RevPAR, ADR, and OCC showing declines of 6%, 4%, and 2% respectively in 2024 [2]. - Atour's RevPAR decreased to 343 yuan, down 4.4% year-on-year, while ADR fell to 422 yuan, down 4.1%, and occupancy rate dropped to 76.4%, a decline of 2 percentage points [2]. Strategic Positioning - Atour is focusing on the mid-to-high-end market, differentiating itself from competitors like Huazhu, which is expanding in lower-tier markets [2]. - The number of hotels operated by Atour reached 1,824, a 29.2% increase year-on-year, with a total of 21,300 rooms, up 30.7% [2]. - Atour's retail business has rapidly grown, with Q2 2025 retail GMV reaching 1.144 billion yuan, an increase of 84.6% [4]. Competitive Landscape - Huazhu Group reported a revenue increase of 4.5% to 6.4 billion yuan in Q2 2025, with a net profit growth of 44.7% to 1.5 billion yuan, showcasing resilience through scale advantages [3]. - The hotel industry is becoming increasingly competitive, with a significant rise in the number of hotels and rooms, leading to a more challenging environment for all players [7]. Challenges and Future Outlook - Atour's CEO acknowledged the dual challenges of intensified market competition and consumer downgrade affecting RevPAR [2]. - The company is facing management challenges due to rapid expansion, as evidenced by previous incidents, and plans to evaluate and potentially close underperforming hotels [8].