Financial Data and Key Metrics Changes - Revenues from managed hotels for the full year of 2025 grew by 28.0% year-over-year to RMB 5.3 billion, driven by ongoing expansion [29] - Revenues from retail businesses increased by 67.0% year-over-year to RMB 3.7 billion, reflecting strong brand recognition and product innovation [30] - Adjusted net profit margin for the full year of 2025 was approximately 17.9%, with expectations for a slight decline in 2026 due to increased expenses [58] Business Line Data and Key Metrics Changes - Hotel business achieved a RevPAR of RMB 335.7 in Q4 2025, representing 99.6% of the level in the same period of 2024 [9] - Retail business's gross margin improved to 52.6% for both Q4 and full year 2025, indicating a growing contribution from higher margin products [30] - RevPAR for Atour Origin hotels exceeded RMB 430, while Atour Light series three hotels saw a RevPAR recovery of over 100% year-on-year [11][16] Market Data and Key Metrics Changes - The retail business sustained strong growth momentum, with full year revenue reaching RMB 3.67 billion, representing a 67% year-over-year growth [21] - The cumulative sales volume of the Atour Planet Deep Sleep Memory Foam Pillow Pro exceeded 10 million units since launch, marking a significant sales milestone [22] - Registered individual members reached 112 million by the end of 2025, representing a year-over-year growth of over 25% [26] Company Strategy and Development Direction - The company launched a new three-year strategic plan, "Chinese Experience, Brand-Led Excellence," focusing on enhancing user experience and brand value [8] - The strategic direction emphasizes high-quality growth rather than purely scale-driven expansion, with a focus on core cities and key commercial areas for new hotel openings [38][40] - The retail business aims for revenue growth of 25%-30% year-on-year in 2026, focusing on consolidating core competitiveness and product strength [53] Management's Comments on Operating Environment and Future Outlook - The management noted considerable market uncertainty but remains optimistic about the signing momentum for 2026, emphasizing the importance of quality in new hotel projects [38] - The hotel industry is expected to experience a moderate recovery in 2026, with strong leisure demand and improved RevPAR trends anticipated [45] - The company plans to deepen its membership operations and enhance digital capabilities to support long-term development [27] Other Important Information - The company declared aggregate cash dividends of approximately $108 million for the full year of 2025 and has repurchased $46 million in shares [34] - The number of hotels in operation reached 2,015 by the end of Q4 2025, representing a 24.5% year-over-year increase [10] Q&A Session Summary Question: Recent sentiments among franchisees regarding new signings and guidance on new openings in 2026 - Management observed a shift towards more rational decision-making among franchisees, which is seen as positive for long-term industry health. They expect signing momentum to remain strong in 2026 [36][38] Question: Outlook for the hotel industry in 2026 and RevPAR performance - Management expects continued improvement in RevPAR for Q1 2026, driven by strong leisure demand and favorable market conditions [44][46] Question: Plans for the retail business and revenue targets for 2026 - The retail business aims for revenue growth of 25%-30% in 2026, focusing on product strength and brand power [51][53] Question: Expected trend for net profit margin in 2026 - Management anticipates a slight decline in net profit margin for 2026 due to increased G&A and R&D expenses [56][58] Question: Company's plan on hotel closures for 2026 - The company plans to close around 80 hotels in 2026 to maintain operational quality, a decrease from 92 closures in 2025 [61][63]

Financial Data and Key Metrics Changes - Revenues from managed hotels for the full year of 2025 grew by 28.0% year-over-year to RMB 5.3 billion, driven by ongoing expansion [29] - Revenues from retail businesses for the full year of 2025 increased by 67.0% year-over-year to RMB 3.7 billion, reflecting strong brand recognition and product innovation [30] - Adjusted net profit margin for the full year of 2025 was approximately 17.9%, with expectations for a slight decline in 2026 due to increased expenses [56][57] Business Line Data and Key Metrics Changes - Hotel business achieved a RevPAR of RMB 335.7 in Q4 2025, representing 99.6% of the level in the same period of 2024, with occupancy at 98.8% [9] - Retail business revenue reached RMB 3.67 billion in 2025, with a gross margin of 52.6%, reflecting the growing contribution from higher-margin products [30][21] Market Data and Key Metrics Changes - The retail business maintained strong growth momentum, with the Atour Planet brand consistently ranking among the top in the bedding category on major platforms [21] - The hotel industry is experiencing a moderate recovery, with leisure demand remaining strong, particularly during peak seasons like the Spring Festival [45] Company Strategy and Development Direction - The company launched a new three-year strategic plan focused on "Chinese Experience, Brand-Led Excellence," emphasizing user experience and brand value [8] - The company aims to deepen the synergy between hotel and retail businesses, leveraging brand connections to enhance customer experiences [8] Management's Comments on Operating Environment and Future Outlook - Management noted considerable market uncertainty entering 2026 but remains optimistic about signing momentum and the quality of new projects [38] - The company anticipates a slight decline in net profit margin for 2026 due to increased operational and R&D expenses [57] Other Important Information - The company declared aggregate cash dividends of approximately $108 million for the full year of 2025 and has repurchased $46 million in shares [34] - By the end of 2025, registered individual members reached 112 million, representing a year-over-year growth of over 25% [26] Q&A Session Summary Question: Sentiments among franchisees regarding new signings and guidance on new openings in 2026 - Management observed that franchisees are becoming more rational and discerning, which is positive for long-term industry health, and expects a similar scale of openings as last year [36][40] Question: Outlook for the hotel industry in 2026 and RevPAR performance - Management expects RevPAR in Q1 2026 to continue improving, driven by strong leisure demand and favorable policies [45][46] Question: Plans for the retail business and revenue targets for 2026 - The company expects retail revenue to grow by 25%-30% year-on-year in 2026, focusing on consolidating competitive advantages [52] Question: Expected trend for net profit margin in 2026 - Management anticipates a slight decline in net profit margin for 2026 due to evolving business dynamics and increased expenses [57] Question: Plans for hotel closures in 2026 - The company plans to close around 80 hotels in 2026 to maintain quality standards, a decrease from 92 closures in 2025 [62]

NASDAQ: ATAT Atour Lifestyle Holdings Limited 4Q25 Results Presentation March 2026 2 Chinese Experience, 2000 Premier Hotels 中国体验，两千好店 3 Chinese Experience, Brand-Led Excellence 中国体验，品牌领航 Disclaimer 免责声明 This presentation has been prepared by Atour Lifestyle Holdings Limited (the "Company") solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives ...

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]

Business Performance - 3Q25 RevPAR was 97.8% of 2024's level for the same period[12] - 3Q25 Same-Hotel RevPAR was 95.0% of 2024's level for the same period[15] - Retail GMV increased by 75.5% from RMB 566 million in 3Q24 to RMB 994 million in 3Q25[44] - Online channels contributed to over 90% of retail sales[46] - The number of registered individual members increased by 30% from 83 million in 3Q24 to 108 million in 3Q25[63] Hotel Network Expansion - 152 new hotels opened in 3Q25[19] - The company had 1,948 hotels in operation as of September 30, 2025[19] - The company had 754 hotels in the pipeline as of September 30, 2025[19] Financial Highlights - Net revenues increased by 38.4% year-over-year to RMB 2,627,970 thousand in 3Q25[79] - Adjusted net income increased by 27.0% year-over-year to RMB 488 million in 3Q25[91] - Adjusted EBITDA increased by 28.7% year-over-year to RMB 685 million in 3Q25[94] - The company's cash and cash equivalents were RMB 2,670 million as of September 30, 2025[98] Outlook - The company expects a total net revenues growth rate of 35% year-over-year for full year 2025[106]

Business Performance - 2Q25 RevPAR was 95.7% of 2024's level for the same period[11] - 2Q25 Same-Hotel RevPAR was 94.4% of 2024's level for the same period[14] - The number of new hotel openings in 2Q25 was 118[18] - The number of hotels in operation reached 1,824 as of June 30, 2025[19] - The number of hotels in the pipeline reached 816 as of June 30, 2025[19] Retail Business - Retail GMV increased by 84.6% from RMB 620 million in 2Q24 to RMB 1,144 million in 2Q25[43] - 618 Shopping Festival GMV increased by 86.1% from RMB 310 million in 2024 to RMB 578 million in 2025[43] - The company ranked No 1 in sales in the pillow category on major third-party platforms[47] Membership - The number of registered individual members increased by 34.7% from 76.2 million in 2Q24 to 102.6 million in 2Q25[55] - Core CRS channel accounted for 61.5% of total room-nights sold[57] - Corporate members' contribution accounted for 20.0% of total room nights sold[57] Financial Performance - Net revenues increased by 37.4% YoY from RMB 1,797,047 thousand in 2Q24 to RMB 2,468,549 thousand in 2Q25[66] - Adjusted net income increased by 30.2% from RMB 328 million in 2Q24 to RMB 427 million in 2Q25[79] - Adjusted EBITDA increased by 37.7% from RMB 443 million in 2Q24 to RMB 610 million in 2Q25[82] Outlook - The company expects a total net revenues growth rate of 30% YoY for full year 2025[87]