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Atour Lifestyle Holdings Surges with 64.5% Revenue Boost and Record Hotel Expansion in Q2 2024

AInvestThursday, Aug 29, 2024 6:32 pm ET
1min read

Atour Lifestyle Holdings Ltd. (NASDAQ: ATAT) reported its financial results for the second quarter of fiscal year 2024. The company recorded a total revenue of RMB 1.797 billion, marking a significant 64.5% increase from the same period last year. Adjusted net profit stood at RMB 328 million, reflecting a 31.6% year-over-year growth. Adjusted EBITDA saw an uptick of 28.6%, reaching RMB 443 million.

In the first half of 2024, Atour achieved cumulative revenue of RMB 3.265 billion, a 74.93% leap from the prior year's corresponding period. Net profit over the first six months totaled RMB 562 million, up by a substantial 118.33%. Additionally, the company's basic earnings per share for the fiscal year reached RMB 1.36, compared to RMB 0.59 during the same period last year.

Q2 of 2024 saw a stable demand in the domestic travel market, with diverse, quality, and personalized tourism consumption trends. Atour responded to these trends by opening 123 new hotels, a single-quarter record, accelerating its expansion pace from 97 new hotels opened in the previous quarter. As of the end of Q2, Atour operates 1,412 hotels, a growth of 36.6% year-over-year, with an additional 712 hotels in the pipeline. The company's RevPAR for Q2 was RMB 359, ADR was RMB 441, and OCC reached 78.4%, a 1.3 percentage point increase from last year.

As part of its strategic initiatives, Atour launched its flagship Atour 4.0 hotel in Xi'an at the end of June, achieving over RMB 710 in RevPAR and an occupancy rate exceeding 91% in its first month. Furthermore, Atour's Light Stay 3.0, targeting young travelers, signed 37 agreements in Q2, bringing the total number to 54, with those operational for over three months achieving a RevPAR of over RMB 310. Retail operations continued to thrive, with Q2 GMV hitting RMB 620 million, a sharp 157.6% year-on-year rise, driven significantly by online channels. The company has projected a revenue increase of 48%-52% for the full year of 2024, demonstrating robust future growth outlook.

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