Financial Data and Key Metrics Changes - The company's net revenues for Q3 2025 grew by 38.4% year-over-year and 6.5% quarter-over-quarter to RMB 2,628 million [34] - Adjusted net income for Q3 2025 was RMB 488 million, representing a 27.0% increase year-over-year, with an adjusted net profit margin of 18.6% [39] - Adjusted EBITDA for Q3 2025 was RMB 685 million, up by 28.7% year-over-year, with an adjusted EBITDA margin of 26.1% [39] Business Line Data and Key Metrics Changes - In the hotel business, RevPAR was RMB 371.3, representing 97.8% of its level in the same period of 2024, with OCC nearly recovering to 99.9% and ADR reaching 98.1% [8] - Revenues from managed hotels for Q3 2025 were RMB 1,560 million, up 32.3% year-over-year, while revenues from leased hotels were RMB 164 million, down 13.4% year-over-year [34] - Retail business GMV reached RMB 994 million, representing a 75.5% year-over-year increase, although there was a 12.3% quarter-over-quarter decline [22][35] Market Data and Key Metrics Changes - The hotel sector has shown a moderate recovery since Q3, with robust travel and leisure demand, although recovery is uneven across regions [5] - The retail market is increasingly focused on experiential offerings and quality-of-life upgrades, driven by evolving consumer habits and technological advancements [5] Company Strategy and Development Direction - The company aims to achieve a strategic target of 2,000 premier hotels by year-end, having opened 152 new hotels in Q3 2025, marking a 27.1% year-over-year increase in total hotels [10][11] - Atour is focusing on quality-first principles in its rapid expansion, applying rigorous project selection criteria and strict quality standards [11] - The company is committed to enhancing shareholder value through dividends and share repurchase programs, targeting a payout ratio of 100% based on the previous fiscal year's net income [66] Management's Comments on Operating Environment and Future Outlook - Management noted that the market will continue to show divergence, with challenges and uncertainties remaining, but they expect pressure from year-on-year declines in RevPAR to ease in Q4 [44] - The company plans to deepen its understanding of user needs and strengthen foundational capabilities to secure long-term advantages in a volatile market [45] Other Important Information - The company declared a second cash dividend for 2025, totaling approximately USD 50 million, bringing the cumulative dividend total for the year to about USD 108 million [40][66] - The membership base exceeded 108 million by the end of Q3 2025, representing a year-over-year growth of over 30% [30] Q&A Session Summary Question: RevPAR trend since October and outlook for Q4 - Management indicated that RevPAR has shown progressive improvement year-over-year, with expectations for easing pressure in Q4 due to strong demand in core cities [42][44] Question: Recent new hotel signing trends and full-year targets - Management confirmed that new hotel signings are generally in line with last year, with confidence in achieving the full-year guidance of 500 new openings [50][53] Question: Competition in the retail business and revenue guidance adjustments - Management acknowledged increasing competition but emphasized a focus on evolving user needs and raised the full-year retail revenue growth outlook to at least 65% year-on-year [56][60] Question: Update on shareholder returns - Management provided an update on the second dividend distribution and the ongoing share repurchase program, targeting a payout ratio of 100% based on the previous fiscal year's net income [64][66] Question: Plans for Atour Light brand expansion - Management expressed optimism about Atour Light's long-term development and plans to build a dedicated operational system to strengthen its market position [70][73]

NASDAQ: ATAT Atour Lifestyle Holdings Limited 1Q25 Results Presentation May 2025 This presentation does not constitute an offer to sell or issue or an invitation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission or an exemption from such registration pursuant to the Securities Act of 1933, as amended (the "Securi ...

Financial Data and Key Metrics Changes - The company's net revenue for Q4 2024 grew by 38.5% year-over-year to RMB 2,084 million, and for the full year 2024, it increased by 55.3% year-over-year to RMB 7,248 million [37][38] - Adjusted net income for Q4 2024 was RMB 333 million, representing a 49.9% increase year-over-year, while adjusted EBITDA for the same period was RMB 443 million, up by 76.5% year-over-year [47] - The adjusted net profit margin for the full year 2024 was 18%, a decrease of 1.4 percentage points year-over-year, and the adjusted EBITDA margin was 24.4%, a decrease of 1.5 percentage points year-over-year [48][72] Business Line Data and Key Metrics Changes - Revenues from manachised hotels for Q4 2024 were RMB 1,106 million, up by 30% year-over-year, while revenues from leased hotels declined by 15.9% year-over-year to RMB 164 million [38][39] - Retail business revenues for Q4 2024 reached RMB 765 million, reflecting an 85.6% year-over-year increase, and for the full year, retail revenues increased by 126.2% year-over-year to RMB 2,198 million [40] Market Data and Key Metrics Changes - The number of hotels in operation increased to 1,619 by the end of Q4 2024, representing a 33.8% year-over-year growth, with 471 new hotels opened during the year [14][37] - The retail business maintained strong growth momentum, with full-year GMV reaching RMB 2.59 billion, a 127.7% year-over-year increase [19] Company Strategy and Development Direction - The company aims to achieve its strategic goal of 2,000 premier hotels by the end of 2025, with plans to open 500 new hotels in 2025 [58] - The retail business is expected to grow by no less than 35% year-over-year in 2025, driven by product innovation and expansion [68] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainties and challenges in 2025, particularly regarding RevPAR, but expressed confidence in revenue growth due to the expanding hotel network and retail business [53][54] - The company plans to optimize its cost structure and improve management efficiency to stabilize profit margins despite changes in revenue structure [72] Other Important Information - The company has committed to a three-year annual dividend plan, distributing no less than 50% of the previous financial year's net income [87] - By the end of 2024, registered individual members surpassed 89 million, representing year-over-year growth of more than 40% [31] Q&A Session Summary Question: Can you share some colors about the hotel's performance on RevPAR in Q1 2025? - Management expects a year-on-year decline in Q1 RevPAR of mid- to high single digits due to seasonal factors and a high base effect from 2024 [52] Question: What is your guidance on hotel openings and signings in 2025? - The company expects to open 500 new hotels in 2025 and anticipates strong performance in new signings due to active demand in the franchise market [58][60] Question: What are the plans for the retail business in 2025? - The retail business aims for a revenue growth of no less than 35% year-over-year in 2025, focusing on product R&D and innovation [68] Question: How do you guide the margin channel for 2025? - Management anticipates that the adjusted net profit margin will remain relatively stable, with the retail business operating profit margin expected to stay at a similar level in 2025 [72][74] Question: What are the plans for hotel closures in 2025? - The company will maintain a similar pace of closures in 2025, focusing on property quality and operational performance [86][87]