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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ATAT

ATAT fundamentals

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