How did PTVE's revenue and expenses shift in Q4 2024?

Atour Lifestyle Holdings Limited (PTVE) experienced a significant increase in net revenues and a notable rise in general and administrative expenses during the fourth quarter of 2024, reflecting heightened operational activity and strategic investments.

1. **Revenue Increase**:
- PTVE's net revenues for Q4 2024 surged by 38.5% to RMB2,084 million (US$286 million), up from RMB1,505 million in the same period of 2023.
- The full-year net revenues increased by 55.3% to RMB7,248 million (US$993 million) in 2024, compared to RMB4,666 million in 2023.
2. **Expense Analysis**:
- General and administrative expenses for Q4 2024 were RMB102 million (US$14 million), including RMB2 million in share-based compensation expense.
- Selling and marketing expenses, though not explicitly detailed in Q4, accounted for 13.4% of net revenues for the full year of 2024, an increase from 10.1% in 2023.
3. **Profitability**:
- Net income for Q4 2024 rose by 50.5% to RMB331 million (US$45 million), compared to RMB220 million in the previous year's fourth quarter.
- Adjusted net income (non-GAAP) for Q4 2024 increased by 49.9% to RMB333 million (US$46 million), indicating robust profitability.
4. **Cash Flow and Operational Highlights**:
- PTVE operated 1,619 hotels with 183,184 hotel rooms as of December 31, 2024.
- The company's strategic expansions and new fleet additions, as reported in other financial reports, suggest a forward-looking commitment to growth, which may influence future revenue and expense patterns.

In summary, PTVE's Q4 2024 financials reflect strong revenue growth, which was partly offset by increased expenses, particularly in general and administrative categories. This period marked a continuation of the company's upward trajectory in profitability, driven by operational expansions and market conditions.