What is the market's earnings forecast for Atour Lifestyle next quarter?

What is Atour Lifestyle's gross profit margin?

What guidance did Atour Lifestyle's management provide for the next earnings period?

What is the revenue and EPS growth rate for Atour Lifestyle year over year?

What is Atour Lifestyle's latest dividend and current dividend yield?

What does Atour Lifestyle do and what are its main business segments?

What factors drove the changes in Atour Lifestyle's revenue and profit?

What were the key takeaways from Atour Lifestyle’s earnings call?

- **Record Hotel Expansion**: 152 new hotels opened in Q3, total reaching 1,948 (27.1% YoY). Atour 4.0 hotels achieved RevPAR >RMB 500, SAVHE Hotel RevPAR >RMB 900.
- **Retail Dominance**: GMV up 75.5% YoY to RMB 994 million, with Deep Sleep Pillow series sales exceeding 8 million units. Raised full-year retail growth target to 65% YoY.
- **Financial Strength**: Adjusted net income up 27% YoY to RMB 488 million, cash position of RMB 2.67 billion. Second dividend of ~USD 50 million declared, total 2025 payout ~USD 108 million.
- **Strategic Focus**: Quality-first expansion with 28 closures in Q3. Emphasized user-centric innovation in both hotel and retail businesses.

**【CEO Summary Section】**
- **Hotel Business Performance**: Q3 2025 RevPAR reached 97.8% of 2024 levels, with OCC at 99.9% and ADR at 98.1%. 152 new hotels opened (record high), bringing total to 1,948 (27.1% YoY growth). Targeting 2,000 premier hotels by year-end. Atour 3.6 and 4.0 hotels achieved strong market recognition, with Atour 4.0 RevPAR exceeding RMB 500. SAVHE Hotel RevPAR exceeded RMB 900, with a third location opening in Guangzhou.
- **Retail Business Growth**: GMV reached RMB 994 million (75.5% YoY), driven by Atour Planet's Double Eleven success. Key products like Deep Sleep Memory Foam Pillow Pro 3.0 achieved RMB 100 million GMV in 25 days. Introduced Deep Sleep Standard for pillows and comforters, enhancing product differentiation. Membership base exceeded 108 million (30% YoY growth).
- **Strategic Focus**: Emphasized quality-first expansion, with 28 hotel closures in Q3 to maintain network quality. Raised full-year retail revenue guidance to at least 65% YoY growth, adjusting group revenue target to 35% YoY.

**【CFO Financial Commentary】**
- **Net Revenues**: Q3 2025 net revenues of RMB 2.628 billion (38.4% YoY growth). Hotel revenues (RMB 1.56 billion) up 32.3% YoY, retail revenues (RMB 846 million) up 76.4% YoY. Hotel gross margin expanded to 37.3% (from 36.0%), retail gross margin remained stable.
- **Expenses**: Selling & marketing expenses rose to RMB 355 million (13.5% of net revenues), driven by retail growth. Adjusted net income of RMB 488 million (27.0% YoY growth), adjusted EBITDA of RMB 685 million (28.7% YoY growth). Cash position of RMB 2.67 billion.
- **Dividend Policy**: Declared second 2025 dividend of ~USD 50 million, bringing total to ~USD 108 million (62% of prior year net income). Share repurchase program underway.

**【Q&A Key Highlights】**
- **RevPAR Outlook**: Q4 2025 YoY decline expected to ease, with focus on business travel demand. 2026 outlook cautious due to market divergence.
- **Hotel Expansion**: 500 new openings for 2025, with 170-180 Atour Light Series 3 hotels by year-end. Pipeline remains steady at 754, with quality-focused signings.
- **Retail Competition**: Differentiated through Deep Sleep Standard and R&D collaborations, maintaining leadership in sleep solutions. No immediate plans to adjust retail guidance beyond revised 65% YoY target.
- **Shareholder Returns**: Target 100% payout ratio based on prior year GAAP net income, with dynamic execution of dividends and repurchases.


Atour Lifestyle Holdings Limited (ATAT) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 net revenue up 37.4% YoY to RMB 2.469B, driven by 79.8% YoY retail growth and 26.5% YoY hotel expansion.
- **Retail Dominance**: Retail GMV at 38% of total revenue, with 60% YoY growth guidance. Flagship products like Deep Sleep Pillow Pro 3.0 lead bedding category.
- **Profit Margin Pressure**: Adjusted net profit margin 17.3% (-0.9ppt YoY) due to 30% tax rate, vs. 25% in 2024.
- **Brand Momentum**: SAVHE flagship achieves >RMB 800 RevPAR; Atour Light 3.3 targets 1,000 hotels. 816 hotels in pipeline for 2,000-premier-hotel goal.
- **Quality Focus**: 70-80 hotel closures in 2025 to maintain experience consistency, with 118 new openings in Q2.

**【CEO Summary Section】**
- **Hotel Performance**: Q2 RevPAR at 95.7% of 2024 levels (OCC 97.4%, ADR 98.2%). Mature hotels (18+ months) achieved 94.4% RevPAR recovery. 118 new hotels opened, total network up 29.2% YoY to 1,824 hotels. Pipeline of 816 hotels supports 2,000-premier-hotel goal.
- **Brand Innovations**: 
  - Atour Series 3.6 and 4.0 hotels (30+ open, 60+ in pipeline) drive upper mid-scale growth. SAVHE flagship in Shenzhen achieved >RMB 800 RevPAR in first month, targeting upscale urban lifestyle. Atour Light 3.3 upgrades mid-scale appeal, with 180+ hotels and strong signing momentum.
- **Retail Growth**: Q2 GMV up 84.6% YoY to RMB 1.144 billion, driven by 618 Festival sales (RMB 578M, +86% YoY). New products like Deep Sleep Memory Foam Pillow Pro 3.0 and Comforter Pro 2.0 led category leadership. Full-year retail guidance raised to 60% YoY growth.
- **Membership & Channels**: 102M registered members (+34.7% YoY). CRS channel accounts for 61.5% of room nights sold, with 20% corporate contribution.

**【CFO Financial Commentary】**
- **Revenue**: Q2 net revenue RMB 2.469B (+37.4% YoY). Hotel revenue RMB 1.299B (+26.5% YoY), retail RMB 965M (+79.8% YoY). Manachised hotels RevPAR up to RMB 340 vs. Q1's RMB 302.
- **Margins**: Hotel gross margin 38.3% (vs. 35.7% 2024), retail 53.3% (vs. 50.6%). Adjusted net income RMB 427M (+30.2% YoY), EBITDA RMB 610M (+37.7% YoY). Net profit margin 17.3% (-0.9ppt YoY) due to higher tax rate (30% vs. 25% 2024).
- **Cash Position**: RMB 2.716B cash, net cash RMB 2.649B. Full-year revenue guidance: +30% YoY.

**【Q&A Highlights】**
- **RevPAR Outlook**: Q3 RevPAR pressure easing, full-year recovery gradual. Focus on OCC/ADR balance amid supply growth.
- **Hotel Expansion**: 500+ openings in 2025, 70-80 closures for quality control. SAVHE targeting high-tier cities; Atour Light 3.3 to reach 1,000 hotels long-term.
- **Tax Impact**: Full-year net profit margin expected to decline due to 30% effective tax rate (vs. 25% 2024).

Atour Lifestyle Holdings Limited (ATAT) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: Q1 2025 net revenue up 29.8% YoY to RMB1.906 billion, driven by 70.9% YoY retail GMV growth.
- **Hotel Expansion**: 121 new openings (+24.7% YoY), total 1,727 hotels (+32.6% YoY), with 755 hotels in pipeline.
- **Retail Breakthrough**: Thermo-Regulating Comforter Pro 2.0 reached RMB100M GMV in 48 days, raising full-year retail growth to 50% YoY.
- **Profitability**: Adjusted net profit margin 18.1%, EBITDA margin 24.9%, up 0.3pp and 0.8pp YoY.
- **Shareholder Value**: US$0.14/ADS dividend and US$400M buyback to enhance returns.

**【CEO Opening Remarks】**
- Q1 2025 Revenue: RMB1.906 billion (+29.8% YoY), driven by hotel network expansion and retail growth.
- Hotel Business: RevPAR at 92.8% of 2024 levels, with 121 new openings (+24.7% YoY) and 1,727 total hotels (+32.6% YoY).
- Retail Growth: GMV RMB845 million (+70.9% YoY), led by Deep Sleep Series products.
- Membership Expansion: 96 million registered users (+35.4% YoY), with 65.1% CRS channel contribution.

**【Product Innovations】**
- **Upper Midscale**: Atour 3.6 launch with nature-inspired design, achieving 6 million pillow sales. Atour 3.5 SE renovation program for mature hotels.
- **Midscale**: Atour Light 3.3 upgrade with Genoa Blue Nights theme, targeting 1,000 Light hotels by end-2025.
- **Retail**: Thermo-Regulating Comforter Pro 2.0 Summer Season reached RMB100 million GMV in 48 days.

**【Financial Highlights】**
- Adjusted Net Income: RMB345 million (+32.3% YoY), EBITDA RMB474 million (+33.8% YoY).
- Margins: Hotel GM 36.6%, Retail GM 51.4%, up 2.5pp and 0.9pp YoY.
- Cash Position: RMB3.146 billion, with US$0.14/ADS dividend and US$400M share buyback announced.

**【Q&A Key Takeaways】**
- **RevPAR Outlook**: Q2 easing pressure, full-year cautious but focused on differentiated experience.
- **Hotel Expansion**: 500 new openings guided, targeting 2,000 premier hotels by year-end.
- **Retail Guidance**: Full-year GMV growth raised to 50% YoY, up from 35% prior target.
- **Shareholder Returns**: 50%+ dividend payout ratio, with buyback to enhance value.


Atour Lifestyle Holdings Limited (ATAT) Q1 2025 Earnings Call Transcript

- **Record Growth**: 2024 hotel openings (+63% YoY) and retail GMV (+127.7% YoY) set new benchmarks.
- **Brand Momentum**: Atour 4.0 and Light 3.0 expand to 16 and 100 hotels, respectively, targeting 2,000 premier hotels by 2025.
- **Financial Strength**: Q4 2024 revenue up 38.5% YoY, adjusted net income +49.9% YoY, with 2025 revenue guidance of 25% growth.
- **Retail Dominance**: Retail contributes 30% of total revenue, with 2025 growth target of ≥35% YoY.
- **Shareholder Value**: 3-year dividend plan with 2024 payout of USD 62 million, prioritizing long-term brand equity.

**【CEO Strategic Overview】**
- Atour achieved record-high hotel openings (471 in 2024) and signings (670), exceeding 2025 target of 2,000 premier hotels.
- RevPAR for Q4 2024 reached 94.1% of 2023 levels, with mature hotels at 96% of prior year.
- Retail GMV surged 127.7% YoY to RMB 2.59 billion, driven by e-commerce sales and successful product launches (e.g., deep sleep pillow series with 3.8M units sold).
- Brand expansion: Atour 4.0 now has 16 operational hotels, and Atour Light 3.0 reached 100 hotels, targeting 1,000 units.

**【CFO Financial Highlights】**
- Q4 2024 net revenue: RMB 2.08 billion (+38.5% YoY), full year: RMB 7.25 billion (+55.3% YoY).
- Hotel business revenue: RMB 4.15 billion (+53.3% YoY), retail: RMB 2.20 billion (+126.2% YoY).
- Adjusted net income: RMB 333 million (+49.9% YoY), EBITDA: RMB 443 million (+76.5% YoY).
- 2025 revenue guidance: 25% YoY growth, with retail expected to outpace hotels.

**【Q&A Key Takeaways】**
- 2025 hotel openings: 500 units, signings to remain strong despite cautious market.
- Retail 2025 growth target: ≥35% YoY, focusing on new product development and channel efficiency.
- Margins: Adjusted net profit margin to stabilize at ~18%, retail operating margin to remain low double digits.
- Shareholder returns: 3-year dividend plan (≥50% payout), 2024 dividend of USD 62 million.
- High-end brands: Sakura's first hotel in Shanghai received strong market response; Atour Light 3.0 pipeline exceeds 100 units.

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