炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：智通财经 记者 | 薛冰冰 8月26日晚间，"中国新住宿经济第一股" 亚朵集团（NASDAQ：ATAT）公布半年报，延续过去一整年营收、净利双增长的势头，今年上半年亚朵 赚钱能力依然"扛打"。 财务数据显示，上半年亚朵实现营收43.74亿元，同比增长近34%；调整后净利润7.72亿元，比去年同期上涨31%，再次刷新了亚朵上市以来的半 年度营收、净利纪录。 与锦江酒店（600754.SH）、华住集团（1179.HK）、首旅酒店（600258.SH）等一众上市酒店集团相比，亚朵另辟蹊径，走出了相对独特的发展 道路，用亚朵集团管理层的描述就是："住宿和零售双轮驱动的业务模式"。 在酒店行业供给过剩、房价疲弱的大行情下，上市酒店集团要稳住业绩甚至寻求增长，是十分不易之事。亚朵一手酒店、一手新零售的打法，是 难得的业绩支撑利器。 据智通财经梳理，自从将亚朵枕头打造成为"爆款"以来，目前，以卖枕头、被子为代表的新零售业务在亚朵收入结构中的存在感越来越强。截至 今年上半年，零售业务收入同比暴涨74%，占总收入比重已达到38%，逼近四成。而公司上 ...

Industry Overview - In 2024, the number of newly opened hotels in China reached 49,000, a year-on-year increase of 27.3%, with a total room count of 2.17 million, up 32.3% [1] - The mid-to-high-end hotel segment accounted for 47.7% of the market, but increased competition has led to diluted profitability and negative growth in key metrics like RevPAR and ADR [1] Company Performance - Atour, a representative mid-to-high-end hotel brand, reported a revenue of 7.248 billion yuan in 2024, a 55.3% increase year-on-year, with an adjusted net profit of 1.306 billion yuan, up 44.6% [2] - In Q1 2025, Atour achieved a revenue of 1.906 billion yuan, a 29.8% increase year-on-year, with an adjusted net profit of 345 million yuan, up 32.3% [2] Strategic Positioning - Atour has established a multi-brand matrix strategy to address market demand differentiation while maintaining brand positioning in the mid-to-high-end market [3] - The brand's approach includes targeting various consumer segments through different hotel brands, such as A.T.HOUSE for high-net-worth individuals and Atour S and ZHOTEL for enhanced service experiences [3] Membership Growth - As of Q1 2025, Atour's registered membership exceeded 96 million, reflecting a year-on-year growth of 35.4% [4] Expansion and Market Coverage - Atour operated 1,727 hotels with 194,559 rooms as of Q1 2025, with 121 new hotels opened in Q1, a 24.7% increase year-on-year [5] - The brand's multi-brand strategy allows it to cater to customer needs throughout their lifecycle, enhancing user retention opportunities [5] Retail Integration - Atour has developed a business model that extends from accommodation to retail, with Q1 retail GMV reaching 845 million yuan, a 70.9% increase year-on-year [6] Consumer Insights - The target demographic for mid-to-high-end hotels includes new middle-class consumers who prioritize both experience and value, aligning with Atour's service offerings [9] Brand Value and Experience - Atour has shifted the competitive focus from traditional service offerings to creating a brand identity centered around user experience, particularly in sleep quality [10][11] - The brand's unique sleep solutions have led to significant sales, with over 6 million deep sleep pillows sold, establishing a strong market presence [11] Financial Metrics - In Q1, Atour's RevPAR was 304 yuan, ADR was 418 yuan, and occupancy rate was 70.2%, reflecting effective monetization of user experience [15] Business Resilience - Atour's business model demonstrates strong resilience against market fluctuations, with a significant portion of sales coming from corporate agreements, enhancing revenue predictability [17] Conclusion - The competitive landscape in the hotel industry has shifted from quantity to quality, emphasizing the importance of brand asset management and user experience [18]