Atour Lifestyle Holdings Ltd (ATAT) 2024 Q3 法說會逐字稿

Ladies and Gentlemen, thank you for standing by, and welcome to the Atour Lifestyle Holdings third-quarter 2024 earnings conference call. (Operator Instructions) Today’s conference is being recorded.

女士們、先生們，感謝您的支持，歡迎參加亞朵生活控股 2024 年第三季收益電話會議。（操作員指示）今天的會議正在錄音。

At this time, I would like to turn the conference over to Mr. Luke Hu, Senior IR manager. Please go ahead, sir.

現在，我想將會議交給高級投資者關係經理 Luke Hu 先生。先生，請繼續。

Thank you, operator. Good morning and good evening, everyone. Welcome to our third quarter 2024 earnings conference call. Today, you will hear from our Founder, Chairman and CEO, Mr. Wang Haijun; and our Co-CFO, Mr. Wu Jianfeng.

謝謝您，接線生。大家早安，晚上好。歡迎參加我們的 2024 年第三季財報電話會議。今天，您將聽到我們的創辦人、董事長兼執行長王海軍先生的演講；以及我們的聯席財務長吳建鋒先生。

Before we continue, please be aware that today’s discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws.

在我們繼續之前，請注意今天的討論將包括聯邦證券法下的前瞻性陳述。這些聲明受各種風險和不確定性的影響，實際結果可能與我們今天的評論中明示或暗示的結果有很大差異。除適用法律要求外，該公司沒有義務更新任何前瞻性聲明。

Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yaduo.com, where a copy of the results presentation is also available.

此外，在本次電話會議中，我們的管理階層將討論某些非 GAAP 財務指標，僅用於比較目的。為了清楚了解這些指標以及 GAAP 與非 GAAP 財務結果的對照表，請參閱今天稍早發布的收益報告。此外，您可以在我們的網站ir.yaduo.com上觀看本次電話會議的網路重播，同時也可以在該網站上取得業績報告的副本。

Now, I will turn the call over to Mr. Wang, our CEO

現在，我將把電話轉給我們的執行長王先生

(interpreted) Thank you, Luke. Hello, everyone, and thank you for joining Atour’s third quarter 2024 earnings call today. In the third quarter of 2024, domestic travel demand demonstrated steady growth. Leisure tourism remained highly active, highlighting the strong resilience of the service consumption market. Following last year’s surge in pent-up travel demand, consumer behavior returned to a more rational pace this summer, with a more diverse array of tourism hotspots emerging.

（翻譯）謝謝你，盧克。大家好，感謝您今天參加亞朵 2024 年第三季財報電話會議。2024年第三季度，國內旅遊需求呈現穩定成長。休閒旅遊持續活躍，服務消費市場韌性強勁。繼去年被壓抑的旅遊需求激增之後，今年夏天消費者行為恢復了更理性的步伐，出現了更多樣化的旅遊熱點。

In response to a fluctuating market environment and evolving consumer demands, as a leading lifestyle brand, we will continue to innovate and elevate our hotel offerings while strengthening our service advantages to deliver a superior customer experience. Additionally, we will drive high-quality growth in our retail business, centered around our deep sleep products, to reinforce Atour’s distinctive competitive edge.

為因應不斷變化的市場環境和消費者需求，作為領先的生活方式品牌，我們將繼續創新和提升我們的酒店產品，同時加強我們的服務優勢，以提供卓越的客戶體驗。此外，我們將以深度睡眠產品為核心，推動零售業務高品質成長，增強亞朵獨特的競爭優勢。

Now, I would like to provide more details on our performance for the third quarter of 2024. Let’s begin with our hotel business. Please turn to slide 4 of our 3Q24 results presentation. Our RevPAR reached RMB380 in the third quarter of 2024, representing 89.5% of its level for the same period of 2023, with OCC and ADR achieving 97.5% and 92% of their levels for the same period in 2023, respectively. Due to the high comparison base effect, ADR faced certain pressure this summer, while OCC also experienced a year-over-year decline amid the shift to outbound tourism.

現在，我想提供有關我們 2024 年第三季業績的更多詳細資訊。讓我們從酒店業務開始。請翻到我們 3Q24 業績簡報的第 4 張投影片。我們的 RevPAR 在 2024 年第三季達到 380 元，為 2023 年同期水準的 89.5%，OCC 和 ADR 分別達到 2023 年同期水準的 97.5% 和 92%。由於基數較高，今年夏季平均房價面臨一定壓力，而受出境遊熱潮影響，OCC 也出現較去年同期下滑。

Please turn to slide 5. In the third quarter, our mature hotels in operation for more than 18 months continued to deliver solid operational performance. Excluding structural impacts such as the ramp-up of new hotels, same-hotel RevPAR in the third quarter of 2024 reached 91.6% of 2023’s level for the same period, outperforming the Group’s blended performance by 2.1 percentage-points. Specifically, OCC and ADR stood at 98.3% and 93.4% of their levels for the same period in 2023, respectively.

請翻到投影片 5。第三季度，我們營運超過18個月的成熟飯店持續保持穩健的營運表現。剔除新飯店開幕等結構性影響，2024 年第三季同店 RevPAR 達到 2023 年同期水準的 91.6%，比集團綜合業績高出 2.1 個百分點。具體而言，OCC 和 ADR 分別達到 2023 年同期水準的 98.3% 和 93.4%。

Please turn to slide 6. Travel and accommodation demand surged during the National Day holiday this year, driving steady growth in OCC, which achieved 105% of its level during the 2023 Mid-Autumn Festival and National Day holiday. ADR was 92.1% of its level in the same period of 2023, while RevPAR reached 96.1% of its level in the same period of 2023.

請翻到幻燈片 6。今年國慶假期旅遊及住宿需求激增，推動OCC穩定成長，2023年中秋國慶假期OCC實現了105%的成長。ADR為2023年同期水準的92.1%，RevPAR達到2023年同期水準的96.1%。

Please turn to slide 7. Driven by our growing brand influence, our hotel network expansion continued to gain traction. In the third quarter, we accelerated our hotel network expansion with 140 new hotel openings, up 72.8% year-over-year, once again setting a record quarterly pace in new openings. As of the end of the third quarter, we had a total of 1,533 hotels in operation, representing a 37.9% year-over-year increase.

請翻到幻燈片 7。在品牌影響力不斷增強的推動下，我們的飯店網路擴張持續獲得動力。第三季度，我們加速飯店網路擴張，新開幕飯店140家，較去年同期成長72.8%，再次創下季度新開幕飯店數量新高。截至第三季末，我們共有1,533家飯店在運營，年增37.9％。

Please turn to slide 8. Franchisees’ confidence remained resolute in the third quarter, further affirming our strong competitive edge and brand recognition. The number of hotels under development reached 732 as of the end of the third quarter, underpinned by a significant portfolio of high-quality projects, generating sustained momentum to support Atour’s thriving brand vitality.

請翻到第 8 張投影片。第三季特許經營商的信心依然堅定，進一步肯定了我們強大的競爭優勢和品牌知名度。截至第三季末，在建飯店數量達732家，一大批優質專案為亞朵品牌活力的持續提升提供了強勁動力。

Next, I would like to share the latest developments for the Atour and Atour Light brands. Please turn to slide 9. As our elevated upper midscale offering, Atour 4.0 continues to gain favor among both consumers and franchisees, driven by its exceptional experience and outstanding operational model. To date, Atour 4.0 has over 60 projectsin pipeline, with six hotels in operation. Product innovations embodied in Atour 4.0 continued to set the standard for experience upgrades in the upper mid-scale hotel market, driving rapid growth in occupancy rate for Atour 4.0 hotels in operation and highlighting the brand’s robust competitive advantages.

接下來我來跟大家分享亞朵和亞朵輕奢品牌的最新動態。請翻到第 9 張投影片。作為亞朵4.0的升級版中高端飯店品牌，亞朵4.0憑藉著卓越的入住體驗和營運模式，持續獲得消費者和加盟商的青睞。截至目前，亞朵4.0已有超過60個項目在建，6家酒店投入營運。亞朵4.0所體現的產品創新持續樹立中高階飯店市場體驗升級的標桿，帶動已營運亞朵4.0飯店入住率快速提升，品牌競爭優勢凸顯。

Please turn to slide 10. Atour Light 3.0 also continued to perform strongly this quarter, further solidifying its competitive edge in the midscale market. During the third quarter, Atour Light 3.0 signed 38 new projects, continuing to account for more than 20% of our total new signings. By the end of September, the number of Atour Light 3.0 hotels in operation reached 76, primarily located in key business districts of second-tier cities and above.

請翻到第 10 張投影片。亞朵輕奢3.0本季也延續強勁表現，進一步鞏固了其在中階市場的競爭優勢。第三季度，亞朵輕奢3.0新簽約專案38個，繼續佔總新簽約專案的20%以上。截至9月底，亞朵輕奢3.0飯店開業數量達76家，主要分佈在二線以上城市重點商圈。

Atour Light 3.0’s success stems from our keen ability to capitalize on strategic property upgrade opportunities in core business districts, along with our continued focus on and swift response to the evolving business travel market.

亞朵輕奢3.0的成功，源自於我們敏銳地掌握核心商圈策略性物業升級機會，以及我們對不斷發展的商務旅遊市場的持續關注和快速反應。

Since the launch of Atour Light 3.0, we have consistently achieved brand-signature innovations and breakthroughs across various dimensions, including operations management and customer experience. Moving forward, Atour Light 3.0 will continue to uphold our ethos of Life at Ease, delivering a more diverse, elevated travel experience for a wide range of customers, including younger business travelers.

亞朵之光3.0自發布以來，在營運管理、客戶體驗等多個維度不斷實現品牌標誌性的創新與突破。未來，亞朵輕奢3.0將持續秉持「輕鬆生活」的概念，為包括年輕商旅人士在內的廣大客戶提供更多元、高品質的出行體驗。

Please turn to slide 11. Now, I’d like to introduce our recently launched upscale lifestyle brand, SAVHE Hotel. SAVHE means breath in the Lisu language, symbolizing the power of life. Inspired by this concept, we have meticulously crafted a hotel product rooted in Eastern aesthetics.

請翻到第 11 張投影片。現在，我想介紹我們最近推出的高檔生活風格品牌 SAVHE 酒店。「薩赫」在傈僳語中是「呼吸」的意思，象徵生命的力量。受此理念啟發，我們精心打造了一款植根於東方美學的飯店產品。

The launch of SAVHE Hotel not only presents a powerful product model that seamlessly integrates Eastern aesthetics, high-end experiences and superior operational efficiency, but also pioneers a new form of upscale hospitality, transforming the industry’s structural challenges into opportunities. Looking ahead, we will continue to employ a long-term approach to the upscale market, providing the new generation of consumers with a tranquil retreat that prioritizes emotional connection and immersive experiences.

SAVHE酒店的推出，不僅呈現了無縫融合東方美學、高端體驗與卓越營運效率的強大產品模式，更開創了一種全新的高端酒店業態，將行業的結構性挑戰轉化為機會。展望未來，我們將繼續長遠佈局高端市場，為新一代消費者提供注重情感連結和沈浸式體驗的靜謐休憩之所。

Moving now to our retail business. Please turn to slide 12. Our retail business sustained its strong momentum in the third quarter, with robust GMV growth of 107.7% year-over-year, reaching RMB566 million, and sales from online channels accounting for around 90% of the total GMV.

現在轉向我們的零售業務。請翻到第 12 張投影片。我們的零售業務在第三季延續強勁勢頭，GMV 年比強勁增長 107.7%，達到 5.66 億元，線上通路銷售額佔總 GMV 的 90% 左右。

Notably, we delivered another remarkable performance during this year’s Double Eleven Shopping Festival, as we topped the pillow and comforter sales chart across various third-party e-commerce platforms. This impressive performance clearly reflects Atour Planet’s continuously strengthening brand awareness.

值得注意的是，我們在今年雙十一購物節期間再次取得了令人矚目的成績，在各個第三方電子商務平台的枕頭和被子銷售排行榜上名列前茅。這項驕人的業績是亞朵星球不斷強化品牌知名度的展現。

Please turn to slide 13. I'm proud to share that we revisited Yunnan Province this fall in October and successfully held our first Deep Sleep Conference, centered around the concept of Natural Deep Sleep. At the conference, we addressed the widespread issue of sleep disorders in today's society and presented a detailed overview of Atour Planet's effective and systematic deep sleep idea.

請翻到第 13 張投影片。我很自豪地告訴大家，今年秋天十月我們再次訪問了雲南省，並成功舉辦了第一屆深度睡眠會議，會議的主題是自然深度睡眠的概念。發表會上我們針對現今社會普遍存在的睡眠障礙問題，詳細介紹了亞朵星球有效、系統化的深度睡眠概念。

We spotlighted several blockbuster products at the conference, including the innovative Atour Planet Deep Sleep Memory Foam Pillow PRO 2.0. The launch of this product not only enhances the Atour-signature deep sleep experience but also showcases our advanced and efficient new product development mechanism.

我們在發表會上重點介紹了幾款重磅產品，包括創新的亞朵星球深睡記憶棉枕PRO 2.0。這款產品的推出，不僅提升了亞朵特色的深度睡眠體驗，也體現了我們先進、高效的新產品研發機制。

The updated pillow features a patented spring memory foam material and a three-layer design with foams of varying firmness and curvature. Its unique R-shaped partition structure and ergonomic angle design significantly enhance its rebound and support, promoting greater relaxation of the shoulders and neck to help users naturally achieve deep sleep.

升級後的枕頭採用專利的彈簧記憶泡棉材料和三層設計，泡棉具有不同的硬度和曲率。其獨特的R型分區結構和符合人體工學的角度設計，顯著增強了其回彈和支撐力，使肩頸得到更大程度的放鬆，幫助使用者自然進入深度睡眠。

As a result, the Atour Planet Deep Sleep Memory Foam Pillow PRO 2.0 has received widespread acclaim since its release in July this year, with total sales exceeding 800,000 units.

因此，亞朵星球深睡記憶棉枕PRO 2.0自今年7月上市以來，獲得了廣泛好評，總銷量突破80萬台。

Meanwhile, in tune with the changing seasons and our ongoing exploration of natural deep sleep, we officially launched the Deep Sleep Thermo-Regulating Comforter PRO winter season, another breakthrough in our comforter product line following our best-selling Deep Sleep Lightweight Comforter and Deep Sleep Thermo-Regulating Comforter PRO all season.

同時，順應季節的變化和我們對自然深度睡眠的不斷探索，我們正式推出了深度睡眠恆溫調節被PRO冬季版，這是繼我們最暢銷的深度睡眠輕量被和深度睡眠恆溫調節被PRO全季版之後，我們被子產品線的又一次突破。

The Winter Comforter adopts elements of the Deep Sleep Thermo-Regulating Comforter PRO’s highly praised design, such as its dual-layer temperature control system, coverless design and machine-washable, dryer-friendly materials, while offering an enhanced heat storage layer, providing improved breathability and extended heat preservation for a more comfortable and cozier deep sleep experience during the cold winter.

冬季被子採用了深度睡眠恆溫調節被子 PRO 備受讚譽的設計元素，例如雙層溫度控制系統、無罩設計和可機洗、可烘乾的材料，同時提供了增強的儲熱層，提供更好的透氣性和更長的保溫時間，讓您在寒冷的冬天獲得更舒適、更溫馨的深度睡眠。

Notably, the Atour Planet Deep Sleep Thermo-Regulating Comforter PRO series has accumulated sales of 200,000 units since its launch.

值得一提的是，亞朵星球深睡恆溫調節被PRO系列自上市以來，已累計銷售20萬台。

Our deep sleep conference transcended a mere product showcase, embodying our deep understanding of sleep science and customer needs. We are confident that through relentless innovation and groundbreaking advancements, Atour Planet will continue to set benchmarks in the deep sleep segment, providing a natural and comfortable deep sleep experience to everyone.

我們的深度睡眠會議超越了單純的產品展示，體現了我們對睡眠科學和客戶需求的深刻理解。我們相信，透過不懈的創新與突破，亞朵星球將繼續在深度睡眠領域樹立標桿，為每個人提供自然、舒適的深度睡眠體驗。

Please turn to slide 14. Moving to our membership business and channel development progress. Bolstered by our ongoing enhancement of Atour’s membership program and overall member experience, our membership base has expanded rapidly. As of the end of the third quarter, our registered individual members exceeded 83 million, marking a 53.7% increase year over year. Meanwhile, despite the structural impacts of holiday travel demand, our core CRS channel remained healthy and efficient, accounting for 61% of total room nights sold during the third quarter. The contribution of room nights sold to corporate members was 18.6% during the third quarter.

請翻到第 14 張投影片。轉向我們的會員業務和通路發展進程。隨著我們不斷加強亞朵會員計畫和整體會員體驗，我們的會員基礎迅速擴大。截至第三季末，我們的註冊個人會員數超過8,300萬，年增53.7%。同時，儘管受到假日旅遊需求的結構性影響，我們的核心 CRS 管道仍保持健康高效，佔第三季總售出間夜量的 61%。第三季出售給企業會員的間夜量貢獻率為18.6%。

Please turn to slide 15. Next, I’m pleased to share the progress we have made in developing our ACARD membership ecosystem. We recently unified the membership systems and points 6 benefits of our hotels and Atour Planet across various platforms for a seamless member experience. To enhance this integration, we also revamped the Atour Mini Program to deliver a consistent experience for both hotel and retail members.

請翻到第 15 張投影片。接下來，我很高興分享我們在發展 ACARD 會員生態系統方面的進展。我們最近在各個平台上統一了我們酒店和亞朵星球的會員系統和積分6大福利，以實現無縫的會員體驗。為了加強這種整合，我們也改進了亞朵小程序，為飯店和零售會員提供一致的體驗。

As we move forward, we will continue to promote the synergistic growth of our hotel and retail businesses, deepen the integration of our membership system and its operational pathways, and optimize membership benefits. Ultimately, we aim to create a smooth consumption experience across diverse scenarios, boosting member loyalty and reinforcing our brand’s competitive advantage. Last but not least, a brief overview of Atour’s accomplishments across our ESG initiatives during the third quarter.

未來，我們將持續推動飯店與零售業務的協同發展，深化會員體系與營運路徑的融合，優化會員權益。最終，我們的目標是在不同場景中創造流暢的消費體驗，提高會員忠誠度並增強我們品牌的競爭優勢。最後但同樣重要的一點是，簡要概述亞朵在第三季在 ESG 舉措中取得的成就。

Please turn to slide 16. As a dynamic spiritual oasis and gateway to human connection within our hotels, the Bambook Library has evolved beyond a traditional library to become a platform for cultural communication and connection. We aim to advance this evolution, integrating additional local cultural elements to transform each Bambook Library into a cultural interaction space that uniquely reflects the character of its city.

請翻到第 16 張投影片。作為我們酒店內充滿活力的精神綠洲和人際關係的門戶，Bambook 圖書館已經超越了傳統圖書館，成為文化交流和聯繫的平台。我們的目標是推動這一演變，融入更多的當地文化元素，將每個 Bambook 圖書館轉變為獨特地反映其城市特色的文化互動空間。

To that end, we recently launched the Bambook Library One City, One Library initiative, with the first opening at the Xi’an Nanmen Atour 4.0 Hotel. Through partnerships with renowned cultural brands, we’ve introduced a series of themed events, such as Book-forBook exchanges and cultural salons, using books as a medium to connect customers with the rich culture of Xi’an.

為此，我們近期啟動了「Bambook圖書館『一城一館』計劃，首家門市落腳西安南門亞朵4.0飯店。我們透過與知名文化品牌合作，推出書對書交流會、文化沙龍等一系列主題活動，以書籍為媒介，讓顧客感受西安豐富的文化。

To date, Atour has established over 1,500 Bambook Libraries in more than 200 cities across China. Moving forward, Atour plans to expand this initiative to more cities, fostering deeper connections among customers, local communities, and regional cultures, and contributing positively to cultural exchange and community engagement. Now, I’ll turn the call over to our Co-CFO, Mr. Wu Jianfeng, to discuss our financial results.

目前，亞朵已在全國200多個城市建立超過1500家Bambook圖書館。未來，亞朵計畫將這項措施拓展至更多城市，促進顧客與當地社區、地理文化之間更深入的聯繫，為文化交流和社區參與做出積極貢獻。現在，我將把電話轉給我們的聯席財務長吳建鋒先生，討論我們的財務表現。

Thank you, Haijun. Now I would like to present the company's financial performance for the third quarter of 2024. Please turn to slide 18 for the results presentation. Our net revenues for the third quarter of 2024 grew by 46.7% year over year and 5.7% quarter over quarter to RMB1,899 million.

謝謝你，海軍。現在，我想介紹一下公司2024年第三季的財務表現。請翻到投影片 18 看結果示範。我們 2024 年第三季的淨收入年增 46.7%，季增 5.7%，達到 18.99 億元人民幣。

The year-over-year increase was driven by robust growth in the [Manachised] hotel and retail businesses. The quarter-over-quarter increase was mainly attributable to an increase in RevPAR which reached RMB380 for the third quarter of 2024 compared with RMB359 for the previous quarter.

年成長主要得益於 [管理的] 飯店和零售業務的強勁成長。環比成長主要歸因於 RevPAR 的增加，2024 年第三季 RevPAR 達到人民幣 380 元，而上一季為人民幣 359 元。

Revenues from our Manachised hotels for the third quarter of 2024 were RMB1,179 million, up by 51.0% year over year and 14.8% quarter over quarter. The year-over-year increase was primarily fueled by our ongoing hotel network expansion and the rapid growth of our supply chain business.

2024年第三季度，我們管理的飯店營收為人民幣11.79億元，年增51.0%，季增14.8%。年比成長主要得益於我們持續的飯店網路擴張和供應鏈業務的快速成長。

The total number of Manachised hotels increased to 1,504 as of September 30, 2024, up by 39.3% year over year. The quarter-over-quarter increase was mainly due to an increase in RevPAR. RevPAR of our Manachised hotels was RMB376 for the third quarter of 2024 compared with RMB355 for the previous quarter.

截至2024年9月30日，管理飯店總數增加至1,504家，較去年同期成長39.3%。環比增長主要由於 RevPAR 的增長。2024 年第三季度，我們管理飯店的 RevPAR 為人民幣 376 元，而上一季為人民幣 355 元。

Revenues contributed by our leased hotels for the third quarter of 2024 were RMB190 million, reflecting a 20.4% year-over-year decline by 5.1% quarter-over-quarter increase. The year-over-year decline was primarily due to a decrease in the number of these hotels as a result of our product mix optimization as well as a decrease in RevPAR. The quarter-over-quarter increase was driven by an increase in RevPAR. our [ZHOTEL] hotels, RevPAR was RMB527 for the third quarter of 2024 compared with RMB503 for the previous quarter.

2024年第三季度，我們租賃飯店貢獻的營收為人民幣1.9億元，年減20.4%，較上季成長5.1%。年比下降主要由於我們產品結構優化導致這些酒店數量減少以及 RevPAR 下降。季度環比成長主要得益於 RevPAR 的成長。我們[ZHOTEL]飯店的2024年第三季RevPAR為人民幣527元，上一季為人民幣503元。

Revenues from our retail business for the third quarter of 2024 were RMB408 million, reflecting 104% year-over-year increase [ by ] 10.6% quarter-over-quarter decline. The year-over-year increase was driven by widespread recognition of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings. The quarter-over-quarter decline was primarily attributable to the seasonality of our retail business.

2024 年第三季度，零售業務收入為人民幣 4.08 億元，年增 104%，季減 10.6%。隨著我們成功擴大產品範圍，我們的零售品牌得到了廣泛認可，產品創新與開發也取得了有效進展，推動了同比成長。季度環比下降主要歸因於我們零售業務的季節性。

Revenues from others for the third quarter of 2024 were RMB 50 million, up 26.4% year-over-year and down 5.4% quarter-over-quarter. The year-over-year increase was driven by our fast-growing membership business.

2024年第三季其他營收為人民幣5,000萬元，較去年同期成長26.4%，季減5.4%。年比成長主要得益於我們快速成長的會員業務。

Now let's move to cost and expenses. Please turn to Slide 19. Operating costs and expenses for the third quarter of 2024 totaled RMB 1,442 million, including RMB 3 million share-based compensation expenses compared with RMB 959 million, including RMB 10 million share-based compensation expenses for the same period of 2024. Hotel operating costs for the third quarter of 2024 increased by 42.1% year-over-year and 12.9% quarter-over-quarter to RMB 876 million, these increases were primarily due to an increase in variable costs, such as supply chain costs associated with our ongoing hotel network expansion.

現在讓我們討論成本和費用。請翻到投影片 19。2024 年第三季的營業成本及費用總計 14.42 億元，其中包括 300 萬元人民幣的股權激勵費用，而 2024 年同期為 9.59 億元，其中包括 1,000 萬元人民幣的股權激勵費用。2024 年第三季的飯店營業成本年增 42.1%，較上季成長 12.9% 至人民幣 8.76 億元，這些成長主要是由於可變成本的增加，例如與我們持續的飯店網路擴張相關的供應鏈成本。

The gross margin of our hotel business was 36.0% for the third quarter of 2024 compared with 39.5% for the same period of 2023 due to a decrease in RevPAR attributable to the high base effect in the same period of 2023 as well as an increased share of revenue generated by the lower-margin supply chain business.

2024 年第三季度，我們飯店業務的毛利率為 36.0%，而 2023 年同期為 39.5%，原因是 2023 年同期高基數效應導致 RevPAR 下降，以及利潤率較低的供應鏈業務產生的收入份額增加。

Retail costs for the third quarter of 2024 rose by 102.3% year-over-year, and decreased by 14.3% quarter-over-quarter to RMB 227 million. The year-over-year increase was associated with rapid growth of our retail business. The gross margin of our retail business was 52.7% for the third quarter of 2024 compared with 52.3% for the same period of 2023.

2024年第三季零售成本年增102.3%，季減14.3%至人民幣2.27億元。年比成長與我們零售業務的快速成長有關。2024 年第三季度，我們零售業務的毛利率為 52.7%，而 2023 年同期為 52.3%。

Now please turn to Slide 20. Selling and marketing expenses for the third quarter of 2024 were RMB 218 million, compared with RMB 112 million for the same period of 2023. This increase was mainly due to our enhanced investments in brand recognition and the effective development of online channels aligned with the growth of our retail business. Selling and marketing expenses accounted for 11.5% of net revenues for the third quarter of 2024 compared with 8.7% for the same period of 2023.

現在請翻到投影片 20。2024年第三季銷售及行銷費用為人民幣2.18億元，2023年同期為人民幣1.12億元。這一成長主要歸因於我們加強了對品牌知名度的投資以及與零售業務成長一致的線上管道的有效發展。2024 年第三季銷售和行銷費用佔淨收入的 11.5%，而 2023 年同期為 8.7%。

General and administrative expenses for the third quarter of 2024 were RMB 82 million, including RMB 3 million share-based compensation expenses, compared with RMB 79 million, including RMB 9 million share-based compensation expenses for the same period of 2023. Excluding share-based compensation expenses, the increase was primarily due to an increase in labor cost. General and administrative expenses, excluding share-based compensation expenses accounted for 4.2% of net revenue for the third quarter of 2024 compared with 5.4% for the same period of 2023.

2024 年第三季的一般及行政費用為人民幣 8,200 萬元，其中包括 300 萬元人民幣的股權激勵費用，而 2023 年同期的一般及行政費用為 7,900 萬元，其中包括人民幣 900 萬元的股權激勵費用。除股權激勵費用外，成長主要由於勞動成本增加。2024 年第三季度，不包括股權激勵費用的一般及行政費用佔淨收入的 4.2%，而 2023 年同期為 5.4%。

Technology and development expenses for the third quarter of 2024 were RMB 30 million compared with RMB 20 million for the same period of 2023. This increase was mainly due to increased investment in technology systems and [indiscernible] structure to support our expanding hotel network and retail business and improved customer experience. Technology and development expenses accounted for 1.6% of net revenue for both the third quarters of 2024 and the same period of 2023.

2024 年第三季的技術與開發費用為人民幣 3,000 萬元，而 2023 年同期為人民幣 2,000 萬元。這一增長主要歸因於對技術系統和[音頻不清晰]結構的投資增加，以支持我們不斷擴大的酒店網絡和零售業務並改善客戶體驗。2024 年第三季和 2023 年同期，技術和開發費用佔淨收入的 1.6%。

Now please turn to Slide 21. Adjusted net income for the third quarter of 2024 was RMB 384 million, representing a 41.2% increase year-over-year. Adjusted net profit margin for the third quarter of 2024 was 20.2%, representing a decrease of 0.8 percentage points year-over-year. Adjusted EBITDA for the third quarter of 2024 was RMB 532 million, up by 40% year-over-year, with an adjusted EBITDA margin of 28.0% which decreased 1.4 percentage points year-over-year. These decreases in both margins were primarily due to a decline in RevPAR and an increased revenue contribution from lower-margin supply chain business, along with organic growth in selling and marketing expenses amidst our retail business expansion.

現在請翻到第 21 張投影片。2024年第三季調整後淨收入為人民幣3.84億元，較去年同期成長41.2%。2024年第三季調整後淨利率為20.2%，年減0.8個百分點。2024年第三季調整後EBITDA為人民幣5.32億元，較去年同期成長40%，調整後EBITDA利潤率為28.0%，較去年同期下降1.4個百分點。兩項利潤率的下降主要由於每間可用客房收入的下降、利潤率較低的供應鏈業務收入貢獻的增加，以及零售業務擴張過程中銷售和行銷費用的有機增長。

Please turn to Slide 22 and 23. Operating cash inflow for the third quarter of 2024 was RMB 333 million. Investing cash outflow for the third quarter of 2024 was RMB 572 million. Financing cash outflow for the third quarter of 2024 was RMB 421 million. We also maintained a healthy cash position with stable growth momentum. As of September 30, 2024, our cash and cash equivalents totaled RMB 2,741 million with net cash of approximately RMB 2,649 million.

請翻到投影片 22 和 23。2024年第三季經營現金流入為人民幣3.33億元。2024年第三季投資現金流出為人民幣5.72億元。2024年第三季融資現金流出為人民幣4.21億元。我們也保持了健康的現金狀況和穩定的成長動能。截至2024年9月30日，我們的現金及現金等價物總額為人民幣27.41億元，淨現金約為人民幣26.49億元。

Now please turn to Slide 24. For the full year of 2024, we currently expect the company's total net revenue to increase by 48% to 52% compared with full year 2023. That concludes our financial highlights for the third quarter of 2024. Now let's open for Q&A.

現在請翻到第 24 張投影片。對於 2024 年全年，我們目前預計公司總淨收入將較 2023 年全年增長 48% 至 52%。這就是我們 2024 年第三季的財務亮點。現在我們開始問答環節。

Thank you. We will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Ronald Leung, Bank of America.

美國銀行的 Ronald Leung。

(interpreted) Let me translate my question in English. Thank you very much for taking my question. Management. Could you provide more color on the third quarter, 224 and also October rough top performances. Also, could you advise on the rough park guidance for 2 to 4? Would there be any change to the full year revenue growth guidance as well? Thank you very much.

（翻譯）讓我用英文翻譯我的問題。非常感謝您回答我的問題。管理。您能否提供有關第三季、224 以及 10 月粗略表現的更多資訊。另外，您能否為 2 至 4 歲的遊客提供一些粗略的停車指導？全年營收成長預期也會有變化嗎？非常感謝。

(interpreted) Let me answer your question. When we split the three QF power into details, we can find that it was influenced by not just the high base from last summer but also from multiple factors including the two typhoons we faced in September, the multi new hotels that got opened near the end of the month and that the public holidays were rearranged. So those were the main reasons for September's revpar performance to be under pressure and impeding the overall three T performance.

（翻譯）讓我來回答你的問題。當我們將三項 QF 能力分解成細節時，我們可以發現，它不僅受到去年夏季高基數的影響，還受到多種因素的影響，包括 9 月面臨的兩次颱風、月底多家新酒店開業以及公共假期重新安排。因此，這些是 9 月 revpar 表現面臨壓力並阻礙整體 3T 表現的主要原因。

So, However, we do see that the high base effect has eased since October, especially during the National Day holiday, we saw the traffic growth driven by leisure travel has led to an increase in occ year over year. Although there are still some pressure on prices but the decline in revpar has shown a narrowing trend.

然而，我們確實看到，自10月份以來，高基數效應有所緩解，特別是在國慶假期期間，我們看到休閒旅遊推動的客流量增長導致上座率同比增長。雖然價格仍面臨一定壓力，但平均每間客房收入降幅已呈現收窄趨勢。

No. And as for the full year, our forecast, well, due to the influence of multiple factors, we believe there are still uncertainties. We will prioritize stabilizing our occ and capture the core revenue opportunities ahead of us. The full year revpar is expected to decline by a mid to high single digit year on year.

不。至於全年，我們的預測，由於受到多種因素的影響，我們認為仍然存在不確定性。我們將優先穩定我們的業務並抓住擺在我們面前的核心收入機會。預計全年平均每間可用客房收入 (RVPAR) 將年減中高個位數。

The. For financial outlook. Although our reps are facing some volatility, but thanks to our rapidly expanding hotel network and our strong retail growth, we maintain our previous revenue guidance of growth for 48 to 52%. This is, thank you.

這。對於財務前景。儘管我們的銷售代表面臨一些波動，但由於我們迅速擴張的飯店網路和強勁的零售成長，我們仍維持先前 48% 至 52% 的營收成長預期。這個是，謝謝。

Sijie Lin, CICC.

林思傑，中金公司。

(interpreted) So so congrats for another strong quarter. My question is since this year, we have achieved rapid hotel opening where we maintain the 400 hotel opening guidance or adjust again. And the new signings are also strong but considering the rough part decline led by high base and supply growth. Will there be any changes in new signing momentum going forward? Thank you.

(翻譯) 所以，恭喜您又一個強勁的季度。我的問題是，今年以來，我們實現了快速酒店開業，我們維持400家酒店開業目標還是再次進行調整。新簽約量也很強勁，但考慮到高基數和供應成長導致的粗略部分下降。未來新簽約勢頭會改變嗎？謝謝。

(interpreted) Thank you for your question. Well, this year, our overall rhythm of new openings and the new signings have both maintained quite good momentum. As for new openings this year, we have the positive trend which got continued in our third quarter with a total of 140 new openings. And that once again broke our quarterly record. So, so far, this year, we have opened 360 hotels and we are confident enough to raise our full year new openings, guidance from the original 400 to 450 in terms of new signings. Although our revpar has fluctuated, but the Franchising demand is still very active with franchisees investing will staying very strong in the third quarter. The repurchase rate, our franchisees exceeded 50% and this number reflected their sufficient confidence and the recognition of our brand.

（翻譯）感謝您的提問。今年我們整體的開店節奏和新簽約都保持了相當好的勢頭。至於今年的新開幕店數量，我們維持了正面的趨勢，第三季共開設了 140 家新店。這再次打破了我們的季度記錄。因此，今年到目前為止，我們已經開設了 360 家酒店，我們有信心將全年新開業酒店數量從原來的 400 家提高到 450 家。雖然我們每間可用的客房收入有所波動，但特許經營需求仍然非常活躍，特許經營商的投資將在第三季度保持強勁。我們的加盟商的回購率超過了50%，這個數字體現了加盟商對我們品牌的充分信心和認可。

Meanwhile, we will also strengthen our control over the quality of our new signings. We're going to be selecting the contracted property conditions with stricter standards. Despite our accelerated new openings this year, we still have a very sufficient reserve in our pipeline of hotels to steadily carry forward our strategy of 2000 premer hotels by next year.

同時，我們也將加強對新簽約球員品質的控制。我們將對合約房產條件進行更嚴格的選擇。雖然今年我們加快了新開酒店的速度，但是我們在酒店儲備方面的力度還是非常充足的，可以穩步推進明年2000家精品酒店的戰略。

Okay. Thank you.

好的。謝謝。

Dan Chee, Morgan Stanley.

摩根士丹利的 Dan Chee。

(interpreted) We noticed the company recently launched an upscale brand soa congrats on the new breakthrough. Can you share more details on the unit economics of Sahi such as this target ad R Reppa Kpex or typical payback et cetera going forward. Was the management strategy on upscale segment which is currently still small compared to the company's portfolio. Thank you.

(翻譯)我們注意到該公司最近推出了高端品牌soa，並祝賀這一新的突破。您能否分享更多有關 Sahi 單位經濟學的細節，例如這個目標廣告 R Reppa Kpex 或典型的回報等等。管理策略是否針對高端市場？謝謝。

Thank you, Dan. Let me address your question on the high end market thinking first. Nowadays we see traditional upscale hotels are facing many structural challenges such as their relatively aged facilities, outdated product design and a stagnant services. As many of those as we see in the market have a history of more than 10 years. And in order to control the cost, they've got the increasingly prominent operational pressure, not only that undermines the confidence of investors but also leads to many of those hotels compromising on service qualities and that further affected their consumer experiences.

謝謝你，丹。讓我先回答你關於高端市場思維的問題。如今，我們看到傳統高檔飯店正面臨許多結構性挑戰，例如設施相對老化、產品設計過時、服務停滯不前。我們在市場上看到的許多產品都有 10 多年的歷史了。而為了控製成本，飯店經營壓力也日益凸顯，這不僅打擊了投資人的信心，也導致不少飯店在服務品質上做出妥協，進一步影響了消費者的體驗。

We believe that the meaning of an upscale brand lies in its unique brand value and deep understanding of user experiences. So our Sa or Sa Hotel is positioned as a premium and hotel with selected services. We expected to benchmark international standardized five star brands and on top of that basis, with its inner core of chinese experience and its oriental serenity brand style, we believe it can inject new vitality into the upscale hotel market in China.

我們相信高端品牌的意義在於獨特的品牌價值和對使用者體驗的深刻理解。因此，我們的 Sa 或 Sa Hotel 定位為高端且提供精選服務的飯店。我們期望對標國際標準的五星級品牌，並在此基礎上，融入中國體驗的核心以及東方靜謐的品牌風格，為中國高檔酒店市場注入新的活力。

So and as we all know, upscale hotel market is not a segment for some short or fast speculations but a market which requires a long term mentality from us to grow alongside it.

眾所周知，高檔飯店市場不是短期或快速投機的領域，而是需要我們以長期心態與之共同成長的市場。

The layout strategy of our first batch of Sahre hotels will accurately anchor to the very central core business districts in 11 major cities in China and create a number of benchmark projects with priorities on quality. Therefore, for us, the number of openings will not be our primary objective of developing the upscale hotel market, but the brand and the quality, those are the things that really matter.

薩赫勒酒店首批佈局策略將精準錨定國內11個主要城市的核心商圈，以品質為先，打造一批標竿項目。因此對我們來說，開業數量並不是我們拓展高級飯店市場的首要目標，品牌和品質才是最重要的。

What I right. No.

我說得對。不。

And let me try to add some on the single hotel financial model.

讓我嘗試添加一些關於單一酒店財務模型的內容。

In terms of its single hotel financial model, we expect a matures hotel to have a rough target in between 550 to RMB650. Meanwhile, with the breakthrough of design style and upgrade of soft and hard installations, the cost of a single room shall be controlled around 200,000 RMBby using a large proportion of modular design and a fine supply chain management. We could not only ensure sure the quality of the project delivery but also to effectively control the cost and the project progress. Overall, the return on investment period including renovation period for South is expected to be 4.1 years which is expected to lead the upscale hotel market.

從單體飯店財務模式來看，我們預期成熟飯店的營收目標大概在550-650元之間。同時，隨著設計風格的突破和軟硬裝的升級，透過大比例模組化設計、精細化供應鏈管理，單房成本控制在20萬左右。不但能夠確保專案交付的質量，而且能夠有效地控製成本和專案進度。整體而言，南區包括裝修期在內的投資回報期預計為4.1年，可望引領高檔飯店市場。

Lydia Ling, Citi

Lydia Ling，花旗銀行

(interpreted) No more. No Pat and M&A blend the red part you go that you could go Yana high management I mean from city. So I want to follow up the questions on the R 204.0 and also R 20 like 3.0. So could you share like the latest signing momentum and also the your opening plan for these two products? And particularly like for the mid end brand to a light 3.0. Given the light writing mix. So could you evaluate the pressure on your bleed reppa next year? Yeah, thank you.

（解釋）沒有了。不，帕特和併購將紅色部分融合在一起，你可以從城市獲得雅娜的高級管理。所以我想跟進有關 R 204.0 以及 R 20 3.0 的問題。那麼您能否分享一下最新的簽約勢頭以及這兩款產品的開業計劃？並特別喜歡中階品牌的 Light 3.0。給出了輕鬆的書寫組合。那麼您能評估一下明年您的出血壓力嗎？是的，謝謝。

(interpreted) Thanks Lydia. Our progress of a tour 4.0 has been good all along with six stores in operation now and expected to exceed 10 within this year. As of now, we have more than 60 a tour of 4.0. Among our pipeline of hotels. A two or 4.0 is a very forward-looking product. We hope to provide business travelers with an experience of relaxation and a two or 4.0 hotels in operation also achieved outstanding performance through experience, upgrade and product innovation. Therefore, their overall performance aligns with our expectations. And we believe that that those two or 4.0 can find and the natural style will have a longer product life cycle.

（譯）謝謝莉迪亞。我們的旅遊4.0進展順利，現在有6家店開業，預計今年內將超過10家。截至目前，我們已有 60 多場 4.0 版巡迴演出。在我們的酒店籌備之中。2.0或4.0是一款非常具有前瞻性的產品。我們希望為商旅客人提供放鬆身心的體驗，目前營運的2家4.0飯店也透過體驗、升級和產品創新取得了優異的表現。因此，他們的整體表現符合我們的預期。我們相信，這兩個或4.0可以找到，自然風格將擁有更長的產品生命週期。

Now as for tour like 3.0 hotels, 38 were signed in this quarter in the third quarter. I mean, continuing to account for more than 20% of total new signings. As of September, the 30th, the number of a tour like 3.0 hotels in operation reached the 76 next based on our differentiated product power and profound insights into multiple customer types in the midscale market. We will carry forward the breakthroughs of Aor light 3.0. It is expected that by the end of this year, the number of Aor light 3.0 in operation will exceed 100.

就旅遊類3.0飯店而言，第三季本季簽約數量為38家。我的意思是，繼續佔總新簽約人數的20%以上。憑藉差異化的產品力以及對中端市場多種客群的深刻洞察，截至9月30日，雅高酒店集團在營運的3.0酒店數量已達76家。我們將繼續推進Aor light 3.0的突破。預計到今年年底，AOR Light 3.0的營運數量將超過100架。

The as for your concern, the revpar although our group revpar will be affected by structural factors such as accelerated new openings, high proportion of new hotels and the gradually increasing proportion of a tour light. But we will continue to upgrade hope products and hotel renovation program to continuously improve product competitiveness and to drive healthy growth of revpar.

至於您所關心的，儘管我們集團的 revpar 會受到新開業酒店加速、新酒店比例高以及輕旅行社比例逐漸增加等結構性因素的影響。但我們仍希望繼續升級產品及飯店改造計劃，以持續提升產品競爭力並推動revpar的健康成長。

The now taking a tour live 3.0 as an example since its launch in February last year, we have been continuously improving its model based upon our operating status and user feedback, not just bringing better experience to users but also sustainable and stable returns to franchisees. With that. We consolidated the product competitiveness in the midscale market.

以現在的遊記直播3.0為例，自去年2月上線以來，我們根據營運狀況和用戶回饋，不斷改進它的模式，不僅為用戶帶來更好的體驗，也為加盟商帶來持續穩定的回報。就這樣。鞏固了中端市場的產品競爭力。

We believe that it is necessary to normalize product update iterations at this time when consumer trends are constantly changing. So we will continue to focus on product innovation to meet users, constantly changing needs for accommodation.

我們認為，在現今消費趨勢不斷變化的時候，產品更新迭代非常有必要常態化。因此我們將繼續注重產品創新，以滿足用戶不斷變化的住宿需求。

Thank.

感謝。

Xing Chen, UBS.

陳星，瑞銀。

(interpreted) This is X for B. I have two questions. The first question is that we have seen an increase in hotel closure this year. Would you mind sharing your next year closure plan? The second question is that we noticed that the number of list hotels also decreased. May we know the reason? Thanks.

（解釋）這是 X for B。第一個問題是，今年我們發現飯店關閉的數量增加。您介意分享明年的關閉計劃嗎？第二個問題是，我們注意到清單酒店的數量也有所減少。我們能知道原因嗎？謝謝。

(interpreted) Thank you, Chen Xin. Regarding our closures, a total of 37 hotels were closed in the first three quarters of this year and our full year closures are expected to reach around 50. This decision is based on intensive evaluations of the property quality and operational performance of our group's hotels in operation, we are always committed to providing consistent high quality tour services. So for those hotels that still do not meet expectations, even after rectification, we will terminate the contract. According to agreed terms. We believe that through this screening mechanism, we can ensure a continuous improvement of the overall quality of our hotels. We will maintain a similar pace of closures next year and this decision shall be helpful to achieve our strategic goal of 2000 premer hotels by next year.

（翻譯）謝謝你，陳欣。至於關閉飯店方面，今年前三個季度我們共關閉37家飯店，預計全年關閉飯店數量將達到50家左右。此決定是基於對我們集團旗下營運飯店的物業品質及營運表現的深入評估，我們始終致力於提供始終如一的高品質旅遊服務。所以對於那些仍然沒有達到預期的酒店，即使經過整改，我們也會解除合約。根據約定的條款。我們相信，透過這種篩選機制，能夠確保我們飯店整體品質的持續提升。明年我們將保持類似的關閉速度，這項決定將有助於我們實現明年 2000 家頂級飯店的策略目標。

Termination of leased hotels. Well, in the second and the third quarter this year, the total number of leased hotels was reduced by two for the one hotel. Among them, we had smooth communication with the owner after the expiration of previous leasing contracts and converted the hotel into a tour of franchise hotels in the future. Our hotel network expansion will still mainly be in the form of asset light franchise model with no plans to open lease hotels for the time being. We will negotiate with the owner of leased hotels before their contracts expire. Taking into account their brand display location within the core business districts and other factors to decide whether to renew or to terminate our cooperation with them is.

終止租賃酒店。那麼，今年第二季和第三季度，租賃飯店總數減少了兩家，減少了一家。其中，前幾期租賃合約到期後，我們與業主溝通順利，未來將飯店轉型為旅遊連鎖飯店。我們的飯店網路擴張仍將主要以輕資產特許經營模式為主，暫時沒有開設租賃飯店的計畫。我們將在租賃酒店合約到期前與業主進行談判。綜合考慮其品牌展示位置是否在核心商圈內等因素來決定是否與其續約或終止合作。

Liu Ji Wei, CITIC.

劉繼偉，中信公司。

(interpreted) So that Hajiang Qing Za is actually guan will that you can that the phy and Z? And so I translate my question regarding retail. We we observed the company recently conducted a tour deep product launch conference indicating the company's strategic support for the retail segment. I'd like to inquire how the management perceived growth potential and the category planning of the retail business. What are the revenue projections for next year. Thanks.

(解釋) 那麼哈江清札其實是guan 可以那phy和Z嗎？因此我翻譯了有關零售的問題。我們觀察到該公司最近舉行了一次深度產品發表會，顯示了公司對零售領域的策略性支援。我想詢問管理階層如何看待零售業務的成長潛力和品類規劃。明年的收入預測是多少。謝謝。

(interpreted) Thank you. Let me address your questions as for our prospects in retail business, we believe that people have critical demand for healthy sleep and that braces for a massive sleep economy market. And this has great room for growth with the to our planet. We leverage our scientific and systematic deep sleep solutions and that help us to accurately meet consumers' needs for healthy and comfortable sleep. Therefore, we can see this year, we have the highlighted retail performance. Apart from our deep sleep pillow being an absolute hot sale. Our quilts also made significant breakthroughs. This year, we efficiently launched the three new quilts continuing to elevate our brand influence in the sleep economy.

（翻譯）謝謝。讓我來回答你關於我們在零售業務前景的問題，我們相信人們對健康睡眠有著迫切的需求，並且為巨大的睡眠經濟市場做好了準備。這對我們的星球來說具有巨大的成長空間。我們利用科學、系統化的深度睡眠解決方案，精準滿足消費者對健康舒適睡眠的需求。因此我們可以看到，今年我們的零售業績表現突出。除了我們的深度睡眠枕頭絕對熱銷之外。我們的被子也取得了重大突破。今年我們高效率推出三款新品被子，持續提升品牌在睡眠經濟領域的影響力。

As we advocate our concept of natural deep sleep in the deep sleep conference. In the future, we will focus on and deepen the field of sleep, continue to expand the sleep and sleep categories and we will continue to deepen our advantage categories to cover a wider range of consumer groups.

正如我們在深度睡眠會議中所倡導的自然深度睡眠的概念。未來我們會更專注、深耕睡眠領域，持續拓展睡眠及睡眠品類，並不斷深化優勢品類，覆蓋更廣大的消費族群。

That's why we show you the gene. So And as for revenue forecast for this year, we maintain our previous guidance of doubling year on year and as for next year's growth forecast, we are now still in progress of making our annual budget for next year. So generally speaking, our retail business will continue to contribute with a year over year growth faster than our hotel business in the near term to achieve normalized healthy growth.

這就是我們向您展示基因的原因。因此，對於今年的營收預測，我們維持先前的年比翻倍預測，而對於明年的成長預測，我們目前仍在製定明年的年度預算。因此整體而言，短期內我們的零售業務將繼續以快於飯店業務的年成長率貢獻率，實現正常化健康成長。

Thank you.

謝謝。

Thank you for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye.

感謝您今天加入我們。如果您還有任何其他問題，請隨時聯絡我們的 IR 團隊。我們期待下個季度再次與您交談。謝謝你，再見。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。