Atour Lifestyle Holdings Ltd (ATAT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Atour Lifestyle Holdings fourth quarter and full year 2024 earnings conference call.

女士們，先生們，感謝大家的支持，歡迎參加亞朵生活控股 2024 年第四季和全年收益電話會議。

(Operator Instructions)

（操作員指令）

Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Luke Hu from Senior IR Manager. Please go ahead, sir.

今天的會議正在錄製。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 fourth quarter and the full year 2024 earnings conference call. Today, you will hear from our Founder, Chairman, and CEO Mr. Wang Haijun, and our EVP, 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 年第四季和全年財報電話會議。今天，您將聽到我們創辦人、董事長兼執行長王海軍先生和我們的執行副總裁兼聯席財務長吳建鋒先生的發言。

Before we continue, please be aware that this discussion will include forward-looking statements and the federal securities laws. These statements are subject to various risks and uncertainties. And the actual results may differ significantly from what is state 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，請注意本次討論將包括前瞻性陳述和聯邦證券法。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所表達或暗示的結果有很大不同。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 earliest 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，請參閱今天早些時候發布的最早版本。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 transfer the call over to Mr. Wang, our CEO.

現在，我將把電話轉接給我們的執行長王先生。

(spoken in foreign language)

（用外語說）

Thank you, Luke. Hello, everyone, and thank you for joining Atour's fourth quarter and full year 2024 earnings call today.

謝謝你，盧克。大家好，感謝您今天參加亞朵飯店 2024 年第四季及全年財報電話會議。

(spoken in foreign language)

（用外語說）

Please turn to slide 3 of our fourth quarter and financial year '24 results presentation. The year 2024 marked a chapter of innovation and a breakthroughs in Atour's three-year strategic roadmap. Guided by our vision of Chinese experience 2,000 premier hotels, we continued to expand our brand influence, driving sustained growth in both business scale and operational excellence.

請翻到我們第四季和24財年業績報告的第3張投影片。2024年，是亞朵三年策略規劃創新與突破的一年。在「中國體驗2,000家優質飯店」的願景指引下，我們不斷擴大品牌影響力，推動業務規模和營運水準持續成長。

As we elevated our experiential offerings, we further deepened the essence of the Chinese experience through a dual engine business model that seamlessly integrates hotel and retail. In terms of network development, we have successfully curated a diversified hotel brand portfolio, reinforcing our leadership in the upper mid-scale hotel market. In 2024, we opened 471 new hotels and signed 670 new projects, not only exceeding our initial targets, but also solidifying the foundation for achieving our 2,000 premier hotels target.

在提升體驗式服務的同時，我們透過無縫整合飯店與零售的雙引擎業務模式，進一步深化中國體驗的精髓。在網路發​​展方面，我們成功打造了多元化的飯店品牌組合，鞏固了我們在中高檔飯店市場的領導地位。2024年，我們新開業酒店471家，新簽約項目670個，不僅超額完成了當初的目標，也為實現2,000家優質酒店的目標奠定了堅實的基礎。

(spoken in foreign language)

（用外語說）

Now I would like to provide more details on our performance for the fourth quarter and the full year of 2024.

現在，我想提供有關我們 2024 年第四季和全年業績的更多詳細資訊。

(spoken in foreign language)

（用外語說）

Let's begin with our hotel business. Please turn to slide 5. Our RevPAR reached the RMB337 during the fourth quarter, representing 94.1% of 2023's level for the quarter. Specifically, OCC stood at 98.2% of its level for the same period in 2023. ADR endured ongoing pressure due to the high comparison base effect, reaching 96% of its level for the same period in 2023.

讓我們從酒店業務開始。請翻到投影片 5。我們的RevPAR在第四季達到人民幣337元，相當於2023年該季度水準的94.1％。具體而言，OCC 處於 2023 年同期水準的 98.2%。由於較高的比較基數效應，ADR 承受著持續的壓力，達到了 2023 年同期水準的 96%。

(spoken in foreign language)

（用外語說）

Please turn to slide 6. Our mature hotels in operation for more than 18 months continued to outperform the group's hotels overall performance during the fourth quarter. Same hotel revPAR for the fourth quarter reached the 96% of 2023's level for the same period. Notably, OCC steadily recovered to 99% of 2023's level for the fourth quarter, while ADR reached a 97.4% of its level for the same period of 2023.

請翻到幻燈片 6。我們營運超過 18 個月的成熟飯店在第四季的表現持續優於集團飯店的整體表現。第四季同店平均可用客房收入達2023年同期水準的96%。值得注意的是，OCC 在第四季度穩步恢復至 2023 年水準的 99%，而 ADR 達到 2023 年同期水準的 97.4%。

(spoken in foreign language)

（用外語說）

Please turn to slide 7. In 2024, as the group's brand awareness continued to strengthen, the efficiency of our development team became increasingly evident. For the full year, both new hotel openings and assignings reached a record highs, accelerating the rapid expansion of our hotel network.

請翻到幻燈片 7。2024年，隨著集團品牌知名度的不斷加強，我們開發團隊的效率也越來越明顯。全年新開幕飯店數量及入住飯店數量均創歷史新高，加速了飯店網路的快速擴張。

In the fourth quarter alone, we opened 111 new hotels, bringing the total number of openings for the year to 471, representing a 63% year-over-year increase. By the end of the fourth quarter, the number of hotels in operation had risen to 1,619, representing a 333.8% year-over-year growth.

光是第四季度，我們就開設了 111 家新飯店，全年開幕飯店總數達到 471 家，年增 63%。截至第四季末，營業酒店數量增至1,619家，年增333.8％。

Meanwhile, the number of hotels under development expanded by 20% year over year, reaching 741 as of the end of the quarter, further solidifying the foundation toward achieving our goal of 2,000 premier hotels in operation by 2025.

同時，在建飯店數量年增20%，截至本季末已達741家，為實現2025年營運2,000家優質飯店的目標奠定了更堅實的基礎。

(spoken in foreign language)

（用外語說）

Next, I would like to share the latest developments for a tour hotel brand.

接下來我想跟大家分享旅遊酒店品牌的最新動態。

(spoken in foreign language)

（用外語說）

Please turn to slide 8. As our comprehensively upgraded hotel product, Atour 4.0 has consistently reinforced our leadership in the upper mid-scale segment since its launch, enhancing both our brand strength and product offerings. Currently, there are 16 Atour 4.0 hotels in operation and 67 projects in the pipeline.

請翻到第 8 張投影片。亞朵4.0作為我們全面升級的飯店產品，自推出以來持續鞏固我們在中高端市場的領導地位，提升了品牌力和產品力。目前，亞朵4.0酒店已有16家投入運營，另有67家項目正在籌備中。

These hotels in operation have swiftly emerged as top performance in both operating performance and customer experience across key business districts in several higher tier cities nationwide, further highlighting Atour's dominance in the upper mid-scale segment. As more of the Atour 4.0 hotels commence operations, we will be well positioned to deliver an exceptional accommodation experience to an even broader customer base.

這些已開業飯店已迅速躋身全國多個一線城市重點商圈，在經營業績和客戶體驗方面均位居前列，進一步彰顯了亞朵在中高檔飯店市場的主導地位。隨著越來越多的亞朵4.0酒店投入運營，我們將為更廣泛的客群提供卓越的住宿體驗。

(spoken in foreign language)

（用外語說）

Please turn to slide 9. We are delighted to share that during the fourth quarter, Atour Light 3.0 achieved the significant milestone of 100 hotels in operation. These hotels are strategically located in key business districts across second tier cities and above. As our next brand poised for expansion to 1,000 hotels, Atour Light continues to gain robust market traction driven by its distinct product positioning and substantial growth potential.

請翻到第 9 張投影片。我們很高興地宣布，亞朵輕奢3.0在第四季實現了營運飯店數量達100家的重要里程碑。這些飯店的地理位置優越，分佈在二線及以上城市的重要商業區。作為我們下一個準備擴展到 1,000 家酒店的品牌，亞朵輕奢憑藉其獨特的產品定位和巨大的成長潛力，繼續獲得強勁的市場吸引力。

(spoken in foreign language)

（用外語說）

We have always been deeply committed to strengthening strong brand awareness for Atour Light. Since the debut of Atour Light 3.0, we have closely focused on customer needs, thoughtfully crafted unique touch points, and successfully launched a series of brand collaborations that have not only showcased a Atour Light unique identity as an innovative youth-centric hotel brand, but also redefined the personalized accommodation experience through a range of immersive social interactions.

我們一直致力於加強亞朵之光的品牌知名度。自從亞朵輕奢3.0發布以來，我們緊密圍繞客戶需求，精心打造獨特觸點，成功發起了一系列品牌合作，不僅展現了亞朵輕奢作為創新青年酒店品牌的獨特身份，更透過一系列沉浸式的社交互動，重新定義了個性化的住宿體驗。

With well-defined market positioning and a targeted communication strategy tailored to the younger generation, we have significantly enhanced Atour Light's brand recognition and market penetration. These efforts have laid a solid foundation for Atour group's expansion in the mid upscale hotel market.

透過明確的市場定位和針對年輕一代的傳播策略，我們大幅提升了亞朵輕奢的品牌知名度和市場滲透率。這些努力為亞朵集團進軍中高端飯店市場奠定了堅實的基礎。

(spoken in foreign language)

（用外語說）

Moving now to our retail business, please turn to slide 10. In 2024, Atour's retail business maintained its strong growth momentum with four-year GMV reaching RMB2.59 billion, representing an impressive 127.7% year over year increase. Online channels remained the primary driver, consistently contributing to over 90% of total GMV fueled by strong sales performance across multiple e-commerce platforms.

現在轉到我們的零售業務，請翻到第 10 頁。2024年，亞朵零售業務持續保持強勁成長勢頭，四年GMV達25.9億元，年增127.7%。線上通路仍是主要推動力，得益於多個電子商務平台的強勁銷售業績，線上通路持續貢獻了超過 90% 的總成交總額。

(spoken in foreign language)

（用外語說）

With our astute market insights, we remain highly attuned to evolving consumer trends. For the 2024 Double 11 shopping festival, our retail GMV exceeded RMB420 million, reflecting an 80% year-over-year increase and the 36% growth compared to the 2024 June 18 shopping festival. During the recent Spring Festival, we once again delivered outstanding results by seizing key marketing opportunities.

憑藉敏銳的市場洞察力，我們高度關注不斷變化的消費者趨勢。2024 年雙 11 購物節，我們的零售 GMV 超過 4.2 億元，較去年同期成長 80%，比 2024 年 6 月 18 日購物節成長 36%。剛過去的春節期間，我們抓住行銷關鍵機遇，再次交出亮眼成績單。

Creatively fostering emotional connections with customers by seamlessly integrating the festive atmosphere with our fresh brand messaging. The ongoing success of Atour Planet's Deep-Sleep series further validates our brand's market appeal and the strong growth momentum we continue to generate.

透過將節日氣氛與我們新穎的品牌訊息無縫融合，創造性地培養與客戶的情感聯繫。亞朵星球深睡系列的持續成功，進一步驗證了亞朵品牌的市場號召力和持續釋放的強勁成長動能。

(spoken in foreign language)

（用外語說）

Serving as an innovative interpretation and a tangible extension of Atour's signature Chinese experience, our retail business plays a vital role in supporting our strategy. Let me elaborate on our perspectives and the key initiatives within the Deep-Sleep sector.

作為亞朵特色中國體驗的創新詮釋和切實延伸，零售業務在支持我們的策略中發揮著至關重要的作用。讓我詳細闡述我們的觀點和深度睡眠領域的關鍵措施。

(spoken in foreign language)

（用外語說）

Please turn to slide 11. In recent years, the market potential of the sleep economy has gradually been unlocked. However, the industry faces challenges such as limited brand differentiation, widespread pedigree homogenization, and stagnating product innovation.

請翻到第 11 張投影片。近年來，睡眠經濟的市場潛力逐漸被釋放。然而，產業也面臨品牌差異化程度有限、血統同質化現象普遍存在、產品創新停滯等挑戰。

Against this backdrop, Atour Planet has leveraged a deep understanding of consumer needs to continually elevate to refine its natural deep-sleep brand concept and enhance product competitiveness. These efforts have positioned Atour Planet as a pioneer at the forefront of emerging trends within the sleep economy.

在此背景下，亞朵星球憑藉著對消費者需求的深刻理解，不斷提升與完善自然深睡的品牌概念，提升產品競爭力。這些努力使亞朵星球成為睡眠經濟新興趨勢的前沿先驅者。

(spoken in foreign language)

（用外語說）

To fuel our product development, we rigorously analyze customers' diverse sleep needs and pain points. These insights coupled with our innovation in technology, craftsmanship, and materials have led to the creation of an extensive range of premium deep-sleep products. We continuously refine and iterate these products based on customer feedback.

為了推動我們的產品開發，我們嚴格分析客戶的不同睡眠需求和痛點。這些見解加上我們在技術、工藝和材料方面的創新，促成了一系列優質深度睡眠產品的誕生。我們根據客戶的回饋不斷改進和迭代這些產品。

Throughout the brand's development, Atour Planet has cultivated a distinctive product of philosophy that drives market success. A prime example of this is the deep-sleep memory foam Pillow Pro series, which has achieved outstanding performance.

在品牌發展歷程中，亞朵星球培養了獨特的產品哲學，推動市場的成功。一個典型的例子就是深度睡眠記憶泡棉Pillow Pro系列，它取得了出色的表現。

Through exceptional product quality and a well executed marketing strategy, we have established a blockbuster product model that aligns perfectly with consumers' pursuit of superior sleep, as evidenced by the Deep Sleep Memory Foam Pillow Pro series annual sales exceeding 3.8 million units. In the pillow segment, Atour Planet has consistently maintained its industry leading position, further cementing our reputation as the go to choice for the deep sleep in consumers' minds.

我們憑藉著卓越的產品品質和完善的行銷策略，建立了符合消費者對優質睡眠追求的重磅產品模式，其中深度睡眠記憶棉枕Pro系列年銷量超過380萬台即為明證。在枕頭領域，亞朵星球始終保持行業領先地位，進一步鞏固了其在消費者心目中深度睡眠的首選地位。

(spoken in foreign language)

（用外語說）

Furthermore, through our dedicated efforts in the sleep market and continuous breakthroughs in product innovation, we have developed a sophisticated product development mechanism that has evolved from creating individual blockbusters to offering a comprehensive product category series, further expanding our deep sleep product portfolio.

此外，憑藉在睡眠市場的深耕和在產品創新上的不斷突破，我們已形成了完善的產品開發機制，從單一的爆款產品到完整的產品品類系列，進一步豐富了我們的深度睡眠產品組合。

Take our comforter product series, which represents a significant milestone in our category expansion as an example. In 2024, the Deep Sleep Lightweight Comforter and the Deep Sleep Thermal Regulating comforter Pro series garnered exceptional market recognition, with annual sales surpassing 770,000 units.

以我們的被子產品系列為例，它代表了我們產品類別擴展的一個重要里程碑。2024年，深睡輕薄被及深睡調溫被Pro系列獲得市場一致認可，年銷量突破77萬台。

As the comforter product line continued to perform strongly, it contributed to over 20% of total retail GMV for 2024, reflecting year-over-year growth of more than 300%. Its success not only serves as an emergent driver of the Atour Planet's ongoing growth, but also stands as a testament to our ability to replicate our blockbuster product model across different product categories.

由於棉被產品線持續表現強勁，其對 2024 年總零售 GMV 的貢獻超過 20%，較去年同期成長超過 300%。它的成功不僅為亞朵星球的持續成長注入了新興動力，也證明了我們有能力在不同產品類別中複製重磅產品模式。

(spoken in foreign language)

（用外語說）

In 2025, we will remain focused on the deep sleep ecosystem, efficiently driving progress in both brand development and product innovation. At the same time, we will further strengthen the fundamentals of our retail business, offering customers a broader array of superior sleep products and enriched experiences to propel the long-term growth of the Atour Planet's brand.

2025年，我們將持續聚焦深度睡眠生態，高效推動品牌建立與產品創新。同時，我們將進一步夯實零售業務的基本面，為顧客提供更多優質的睡眠產品和豐富的體驗，推動亞朵星球品牌的長期成長。

We are confident that as the sleep economy continues to expand rapidly and the industry undergoes accelerating consolidation, our ongoing exploration of scientific sleep solutions will categorize continuous advancement in industry craftsmanship and quality standards with a tour plant leading and shaping the evolution of the customer's sleep experience.

我們堅信，隨著睡眠經濟的持續快速擴張和行業加速整合，我們對科學睡眠解決方案的不斷探索，將推動行業工藝和品質標準的不斷進步，以參觀工廠為引領和塑造客戶睡眠體驗的演變。

(spoken in foreign language)

（用外語說）

Please turn to slide 12. Last but not least, I would like to share our progress across channel development and our membership business.

請翻到第 12 張投影片。最後，我想分享我們在通路發展和會員業務方面的進展。

(spoken in foreign language)

（用外語說）

In terms of channel development, our CRS channel accounted for 63.5% of total room nights sold for the fourth quarter and 63% for the full year, respectively. Notably, the contribution of room nights sold to our corporate members rose to 21.1% in the fourth quarter, driven by the ongoing growth of our corporate members.

通路建置方面，CRS通路第四季及全年銷售間夜量佔比分別為63.5%及63%。值得注意的是，由於企業會員數量的持續成長，第四季度銷售給企業會員的間夜量的貢獻上升至 21.1%。

(spoken in foreign language)

（用外語說）

The steady growth of our CRS channel can be attributed to our continuous enhancement of Atour's membership ecosystem and the ongoing expansion of member benefits. By the end of 2024, our registered individual members surpassed 89.89 million, representing year-over-year growth of more than 40%. In 2024, we also completed a comprehensive upgrade of the ACARD membership ecosystem, seamlessly integrating membership identities and benefits across our two primary service areas.

CRS通路的穩定成長得益於亞朵會員生態的不斷完善和會員權益的持續拓展。截至2024年底，我們的註冊個人會員數突破8,989萬，年增超過40%。2024年，我們也完成了ACARD會員生態系統的全面升級，無縫整合了我們兩個主要服務領域的會員資格和福利。

This upgrade reinforced the synergy between accommodation and the retail experiences. Additionally, we expanded our service categories to better cater to the evolving demand for solutions, consistently delivering unique and tailored accommodation experiences to our customers.

此次升級加強了住宿與零售體驗之間的協同作用。此外，我們擴大了服務類別，以更好地滿足不斷變化的解決方案需求，並始終如一地為客戶提供獨特、量身定制的住宿體驗。

(spoken in foreign language)

（用外語說）

Please turn to slide 13. In 2025, we will continue refining and strengthening the ACARD membership ecosystem by expanding value added benefits across all touch points, ensuring that our hotel and retail customers enjoy seamless, high-quality services across various scenarios. Meanwhile, we will consistently upgrade and iterate the tiered benefit system for both corporate and individual members.

請翻到第 13 張投影片。2025年，我們將繼續完善和加強ACARD會員生態系統，擴大所有接觸點的增值利益，確保我們的酒店和零售客戶在各個場景享受無縫、高品質的服務。同時，我們將持續升級和迭代企業會員和個人會員的階梯式福利體系。

Additionally, we will strengthen our closed loop service experience, unlocking the cross-consumption potential between accommodation and retail. Looking ahead, we will continue to widen our membership experience mode and roll out more diverse scenario-based promotional activities, further deepening and expanding the Atour's signature Chinese experience to enrich its meaning and broaden its scope.

此外，我們將加強閉環服務體驗，釋放住宿和零售之間的交叉消費潛力。未來，我們將持續拓寬會員體驗模式，推出更豐富的場景化推廣活動，進一步深化拓展亞朵中國特色體驗的內涵與廣度。

(spoken in foreign language)

（用外語說）

Please turn to slide 14. As the final year of our three-year strategic roadmap, 2025 represents a pivotal moment in laying the foundation for our next phase of growth. As the market landscape becomes increasingly fragmented, Atour will remain focused on strengthening its core competencies. Our priorities will remain on amplifying brand momentum, boosting organizational vitality, and advancing digital capabilities.

請翻到第 14 張投影片。2025年是我們三年策略路線圖的最後一年，是奠定下一階段成長基礎的關鍵時刻。隨著市場格局日趨分散，亞朵將持續專注於加強其核心競爭力。我們的重點仍是擴大品牌動能、增強組織活力和提升數位化能力。

By strategically seizing on development opportunities, we will drive continuous breakthroughs in both scale expansion and quality enhancement across the hotel and retail businesses. Moving forward with steadfast dedication to achieving our expansion goals, we will continue to establish the benchmark for customer experience, strategically driving sustained high quality growth for the long term.

我們將策略性地掌握發展機遇，推動飯店及零售業務在規模擴張和品質提升上不斷突破。未來，我們將繼續堅定不移地致力於實現擴張目標，繼續樹立客戶體驗的標桿，策略性地推動長期持續的高品質成長。

(spoken in foreign language)

（用外語說）

Now, I'll turn the call over to our co CFO Mr. Wu Jianfeng to discuss our financial results.

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, Hiajun. Now I would like to present the company's financial performance for the first quarter of the full year 2024. Please turn to slide 16 for the result of the result plantation.

謝謝你，Hiajun。現在，我想介紹一下公司2024年全年第一季的財務表現。請翻到投影片 16 看種植結果。

Our net revenues for the first quarter of 2024 grew by 38.5% year over year and 9.8% quarter over quarter to RMB2,084 million. Net revenues for full year 2024 increased by 55.3% year over year to RMB7,248 million. The increases were driven by growth in the monetized hotels and retail businesses.

我們 2024 年第一季的淨收入年增 38.5%，季增 9.8%，達到 20.84 億元人民幣。2024年全年淨收入年增55.3%至人民幣72.48億元。成長主要得益於貨幣化酒店和零售業務的成長。

Revenues from our monetized hotels for the first quarter of 2024 were RMB1,106 million, up by 30% year over year and down by 6.2% quarter over quarter. For a full year 2024, revenues from our monetized hotels increased by 53.3% year over year to RMB4,149 million.

2024年第一季，我們貨幣化飯店營收為人民幣11.06億元，較去年同期成長30%，季減6.2%。2024年全年，我們貨幣化酒店的營收年增53.3%至人民幣41.49億元。

The year-over-year increases were primarily fueled by our ongoing hotel network expansion and the growth of our supply chain business. The quarter of a quarter decrease was mainly due to a decrease in that part. Revenues contributed by all these hotels for the first quarter of 2024 were RMB164 million, reflecting 15.9% year-over-year and 13.4% quarter-over-quarter decline.

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成長。環比下降主要是由於該部分的減少。2024年第一季所有這些飯店貢獻的收入為人民幣1.64億元，年增15.9%，季減13.4%。

For the full year 2024, revenues from all these hotels decreased by 16.4% year over year to RMB702 million. The declines were primarily due to a decrease in the number of these hotels as a result of our product needs optimization. Revenues from our retail business for the first quarter of 2024 were RMB765 million, reflecting 85.6% year-over-year and 59.5% quarter-over-quarter increases.

2024年全年，這些飯店的營收年減16.4%至人民幣7.02億元。下降主要是因為我們的產品需求優化導致這些酒店的數量減少。2024年第一季，我們零售業務的營收為人民幣7.65億元，年增85.6%，季增59.5%。

For full year 2024, revenues from our retail business increased by 126.2% year over year to RMB2,198 million. The increases were driven by widespread recognisation of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings.

2024年全年，我們零售業務的營收年增126.2%至人民幣21.98億元。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，推動了銷售額的成長。

Now, let's move to cost and expenses. Please turn to slide 17. Hotel operating costs for the fourth quarter of 2024 increased by 8.3% year over year and decreased by 9.4% quarter over quarter to RMB794 million. Hotel operating cost for the full year 2024 increased by 38.7% year over year to RMB3,108 million.

現在，讓我們討論成本和費用。請翻到第 17 張投影片。2024年第四季飯店營業成本年增8.3%，季減9.4%至人民幣7.94億元。2024年全年飯店營業成本較去年同期成長38.7%至人民幣31.08億元。

The year-over-year increases were primarily due to the increases in variable costs such as supply chain costs associated with our ongoing hotel network pension. The quarter-over-quarter decrease was due to a decrease in our number of leased hotels as a result of our product needs optimization.

同比增長主要是由於與我們正在進行的酒店網路退休金相關的供應鏈成本等變動成本的增加。環比下降是由於我們的產品需求優化導致租賃酒店數量減少。

Gross margin of our hotel businesses was 37.5% and 35.9% for the first quarter and full year 2024 compared with 29.9% and 36.8% for the same period of 2023. Retail costs for the first quarter of 2024 rose by [66.2%] year over year and 69.8% quarter over quarter to RMB386 million. For a full year 2024, retail costs increased by 111.1% year over year to RMB1,084 million. The increases were associated with the rapid growth of our retail business.

2024 年第一季和全年，我們飯店業務的毛利率分別為 37.5% 和 35.9%，而 2023 年同期分別為 29.9% 和 36.8%。2024年第一季零售成本較去年同期成長[66.2%]，較上季成長69.8%至人民幣3.86億元。2024年全年零售成本較去年同期成長111.1%至人民幣10.84億元。成長與我們零售業務的快速成長有關。

The gross margin of our retail business was 49.6% and 50.7% for the first quarter and the full year of 2024, compared with 43.7% and 47.2% for the same period of 2023. The increases were attributable to the increasing contribution from higher margin products.

我們零售業務的毛利率在2024年第一季和全年分別為49.6%和50.7%，而2023年同期分別為43.7%和47.2%。成長主要歸因於高利潤產品貢獻的增加。

Now please turn to slide 18. Selling and marketing expenses accounted for 17% and 13.4% of net revenues for the first quarter and the full year of 2024, compared with 13.7% and 10.1% for the same period of 2023 respectively. The increases were mainly due to our enhanced investment in brand recognition and the effective development of online channels in line with the growth of our retail business.

現在請翻到第 18 張投影片。銷售和行銷費用佔2024年第一季和全年淨收入的17%和13.4%，而2023年同期分別為13.7%和10.1%。成長的主要原因是我們加強了對品牌知名度的投資，並隨著零售業務的成長而有效開發了線上通路。

General and administrative expenses, including share-based compensation expenses, accounted for 4.8% and 4.5% of net revenue for the first quarter and full year of 2024, compared with 6.8% and 6.2% for the same period of 2023 respectively. The decreases were primarily due to improved management efficiency and economic upscale.

包括股權激勵費用在內的一般及行政費用佔 2024 年第一季及全年淨收入的 4.8% 和 4.5%，而 2023 年同期分別為 6.8% 和 6.2%。下降主要由於管理效率提高和經濟規模擴大。

Technology and development expenses accounted for 2.2% and 1.8% of net revenue for the first quarter and full year of 2024, compared with 1.5% and 1.7% for the same period of 2023 respectively. The increases were mainly due to increased investment in technology systems and infrastructure to support outstanding hotel network and retail business and improved customer experience.

2024年第一季及全年技術與開發費用佔淨收入的2.2%及1.8%，而2023年同期分別為1.5%及1.7%。成長的主要原因是增加了對技術系統和基礎設施的投資，以支援出色的酒店網路和零售業務並改善客戶體驗。

Please turn to slide 19. Adjusted net income for the first quarter of 2024 was RMB333 million, representing a 49.9% increase year over year. Adjusted EBITDA for the first quarter of 2024 was RMB443 million, up by 76.5% year over year. Adjusted net profit margin for the full year 2024 was 18%, representing a decrease of 1.4 percentage points year over year.

請翻到第 19 張投影片。2024年第一季調整後淨收入為人民幣3.33億元，較去年同期成長49.9%。2024年第一季調整後EBITDA為4.43億元人民幣，較去年同期成長76.5%。2024年全年調整後淨利率為18%，較去年同期下降1.4個百分點。

The just margin for the whole year 2024 was 24.4%, a decrease of 1.5 percentage points year over year. The decreases in both margins were primarily due to a decline in RevPar, along with the organic growth in selling and marketing expenses amid our retail business expansion.

2024年全年公平利潤率為24.4%，年減1.5個百分點。兩項利潤率的下降主要由於 RevPar 的下降，以及零售業務擴張導致的銷售和行銷費用的有機成長。

Please turn to slide 20. We also maintained a healthy cash position with stable growth momentum. As of December 31, 2024, our cash and cash equivalent total RMB3,618 million with net cash of RMB3,556 million. Please turn to slide 21. For full year 2025, the company currently expects total net revenue to increase by 25% compared with full year 2024.

請翻到第 20 張投影片。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12月31日，我們的現金及現金等價物總額為人民幣36.18億元，淨現金為人民幣35.56億元。請翻到第 21 張投影片。對於 2025 年全年，該公司目前預計總淨收入將較 2024 年全年增長 25%。

That concludes our financial highlights for the fourth quarter and the full year 2024. Now let's open for Q&A.

這就是我們 2024 年第四季和全年的財務亮點。現在我們開始問答環節。

(Operator Instructions)

（操作員指令）

Dan Chee, Morgan Stanley.

摩根士丹利的 Dan Chee。

(spoken in foreign language)

（用外語說）

Please allow me to translate my question. This is Dan from Morgan Stanley. First of all, congratulations on the new hotel opening and signings record highs in 2024. My question is about the hotel business. Can you share some colors about the hotel's performance on RevPar in first quarter 2025?

請容許我翻譯我的問題。我是摩根士丹利的丹。首先恭喜2024年新酒店開幕及簽約量再創新高。我的問題是關於酒店業務的。您能否分享一下該酒店 2025 年第一季 RevPar 的表現？

We also noticed about the full year revenue guidance of 25%. We're wondering what is the contribution from the hotel business and the company's RevPar assumption for the full year 2025? Thank you.

我們也注意到全年收入預期為 25%。我們想知道酒店業務的貢獻以及公司對 2025 年全年的 RevPar 假設是多少？謝謝。

Thank you, Dan. Let me answer your question.

謝謝你，丹。讓我來回答你的問題。

(spoken in foreign language)

（用外語說）

Due to our high base effect, our full year RevPar for 2024 decreased by 6.8% compared to 2023, and that was in line with the guidance we provided previously. And in this year, quarter one, especially the first half of March, due to some seasonal factors and the weather conditions, our overall RevPar performance was relatively volatile, and we expect a year on year decline in Q1 RevPar of mid to high single digits.

由於基數效應較高，我們 2024 年全年 RevPar 較 2023 年下降了 6.8%，這與我們先前提供的指引一致。而今年第一季度，特別是3月上半月，受一些季節性因素和天氣影響，我們整體的RevPar表現比較波動，我們預期第一季RevPar的年減幅度將達到中高個位數。

(spoken in foreign language)

（用外語說）

As of now, we believe 2025 still presents some uncertainties and challenges. The market is changing very rapidly, making it difficult for us to provide specific forecasts on the RevPar. Nonetheless, against the backdrop of policy benefits and continued recovery in business travels, we will continue to implement our balanced and refined revenue management strategy, and we are confident to enhance the recovery of RevPar performance, thereby boosting our long-term revenue of our hotels and solidify our brand value.

截至目前，我們認為 2025 年仍存在一些不確定性和挑戰。市場變化非常快，我們很難對 RevPar 提供具體的預測。儘管如此，在政策利好及商旅持續回暖的背景下，我們將持續貫徹均衡、精細化的收益管理策略，有信心推動RevPar業績的回暖，從而提升集團酒店長期收益，鞏固品牌價值。

(spoken in foreign language)

（用外語說）

Although that the RevPar still is going to remain not so short, unknown, but our continuously expanding hotel network and the high-quality growth of the retail business, we expect the group's revenue to increase by 25% year on year in 2025.

儘管RevPar仍會保持如此低的增速還是未知數，但隨著我們不斷擴大的酒店網絡和零售業務的高品質增長，我們預計2025年集團的收入將同比增長25％。

Thank you.

謝謝。

Thank you, Dan. Next question please.

謝謝你，丹。請回答下一個問題。

Simon, Goldman Sachs.

西蒙，高盛。

(spoken in foreign language)

（用外語說）

And then let me translate that into English. Last year, the company achieved record high in both the hotel opening as well as new signing. Perhaps can you share with us what is your guidance on both measures in 2025? Thank you.

然後讓我將其翻譯成英文。去年，公司酒店開幕數量和新簽約數量均創下歷史新高。或許您可以與我們分享您對 2025 年這兩項措施的指導嗎？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Simon. And let me try to answer this question. In terms of new openings, we had opened 471 new hotels throughout 2024, bringing our total number of operating hotels to 1,619 by the year end, a year-on-year increase of over 33.8%. And in 2025, this positive trend will continue. We expect to maintain a similar hotel opening growth rate, with a full year target of 500 new hotels. So that we can steadily advance toward our strategic goal of achieving 2000 premier hotels by 2025.

謝謝你，西蒙。讓我嘗試回答這個問題。新開幕飯店方面，我們在2024年全年新開幕了471家飯店，使我們年底的營運飯店總數達到1,619家，年成長超過33.8%。2025年，這一正面趨勢仍將持續。我們預計保持類似的酒店開業增長率，全年目標是開設 500 家新酒店。穩步朝2025年實現2,000家優質飯店的策略目標邁進。

(spoken in foreign language)

（用外語說）

Regarding new signings, we can see that the demand in the franchise market remains very active during Q1 of 2025. We observed that franchisees generally believe that the hotel industry still holds significant, also quite stable investment potential when compared with other investment opportunities.

關於新簽約，我們可以看到，2025 年第一季特許經營市場的需求仍然非常活躍。我們觀察到，加盟商普遍認為，與其他投資機會相比，旅館業仍具有巨大且相當穩定的投資潛力。

In their decision-making processes, those mature franchisees pay particular attention to the long-term value of brands and the competitive advantages of hotel products. We believe that based upon Atour's leading brand power and product strength, we expect our group's signings performance in 2025 to remain strong.

成熟的加盟商在決策時，尤其註重品牌的長期價值和飯店產品的競爭優勢。我們相信，基於亞朵領先的品牌力和產品力，預計2025年集團的簽約業績仍將保持強勁。

(spoken in foreign language)

（用外語說）

Meanwhile, we believe that the high-quality supply in the market still remains scarce. Therefore, we will keep strict signing quality control, especially when represented by our new products such as Atour 4.0 and Atour Light 3.0. From the perspective of long-term brand development, we will set high standards and requirements for the site selection and property conditions of those initial projects to better showcase our long-term brand value and market competitiveness.

同時，我們認為市場上優質供應仍然稀缺。所以，我們會對簽約品質把控非常嚴格，特別是以亞朵4.0、亞朵Light3.0等新產品為代表。從品牌長遠發展的角度，我們將對首批專案的選址、物業條件等製定高標準、高要求，以更好地體現我們的長期品牌價值和市場競爭力。

We know that we have the strategy of 2,000 premier hotels. So while we achieved the 2,000 hotels scale target this year, we will continue to solidify our foundation of premier hotels, supporting the group's long-term high-quality development. Thank you.

我們知道，我們有 2,000 家頂級飯店的策略。因此，我們在今年實現2000家酒店規模目標的同時，將繼續夯實精品酒店基礎，支撐集團長期高品質發展。謝謝。

Sijie Lin, CICC.

林思傑，中金公司。

(spoken in foreign language)

（用外語說）

So in 2024 our retail business continue very strong growth momentum. So what's our plan for the retail business in 2025, and are there any plans for new product or revenue targets? Thank you.

因此到 2024 年我們的零售業務將持續保持強勁的成長動能。那我們對2025年的零售業務有什麼計畫呢？有沒有新產品或收入目標的計劃？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Siljie. Let me first bring up our overall retail business and a product plans. Then I'll ask Jianfeng to add some financial details related to retail later. Well as we have announced in our financial reports, Atour plant development is the natural outcome of Atour's long-term commitment to our brand group positioning and serving people business model.

謝謝你，Siljie。首先，我介紹一下我們的整體零售業務和產品計劃。那我稍後會讓劍鋒補充一些與零售相關的財務細節。正如我們在財報中所宣布的那樣，亞朵工廠的建設，是亞朵長期堅持品牌集團定位和服務人文商業模式的必然結果。

(spoken in foreign language)

（用外語說）

Atour Planet has indeed achieved impressive results in terms of its scale growth and brand momentum. However, we have to say that there's still substantial room for improvement across the whole industry.

無論從規模成長或品牌動能來看，亞朵星球確實取得了令人矚目的成就。但我們必須承認，整個產業仍然有很大的進步空間。

(spoken in foreign language)

（用外語說）

In 2025, we have set higher goals for ourselves and will strengthen the core competencies of Atour's retail across all dimensions. First, we will continue to enhance product R&D and innovation, consolidate our leading position in existing categories, and build product barriers. We will also actively develop and expand new products in the sleep and sleep categories, enriching our deep sleep product of matrix and continuously unleashing our ability to create blockbuster.

2025年，我們為自己設定了更高的目標，將全方位強化亞朵零售的核心競爭力。一是持續加強產品研發與創新，鞏固現有品類領先地位，建構產品壁壘。我們也將積極開發拓展睡眠品類的新品，豐富矩陣深度睡眠產品線，不斷釋放爆款能力。

(spoken in foreign language)

（用外語說）

Secondly, we will remain user experience oriented and strive to create Atour Planet retail product by referencing a higher standard from the apparel industry so as to drive the home textile industry achieve overall improvement and innovation in its processes and the technology. Thereby, we have the target of establishing a leading industry standards in the deep sleep domain and promoting high quality and sustainable growth in our retail business.

第二，我們將持續以使用者體驗為導向，力爭以服飾業更高的標準打造亞朵星球零售產品，帶動家紡產業實現工藝和技術的全面提升和創新。從而，我們的目標是在深度睡眠領域樹立領先的行業標準，推動零售業務高品質、永續的成長。

(spoken in foreign language)

（用外語說）

In terms of the revenue of retail business, it contributed 30% to our group's revenue in 2024, becoming a significant engine for the group's business growth.

以零售業務收入而言，2024年將為我們集團貢獻30%的收入，成為集團業務成長的重要引擎。

Looking into the full year 2025, with the continued scaling of dominant categories and the growth momentum from our new product matrix. We believe the retail business is expected to again outpace our hotel businesses in year-on-year revenue growth. We expect retail revenue to grow by no less than 35% year on year in 2025.

展望2025年全年，優勢品類將持續擴大，新產品矩陣將帶來成長動力。我們相信，零售業務的年比收入增幅預計將再次超過酒店業務。我們預計2025年零售收入將年增不低於35%。

Thank you. Next question please.

謝謝。請回答下一個問題。

Lydia Ling, Citi.

花旗銀行的 Lydia Ling。

(spoken in foreign language) (spoken in foreign language)

（用外語說） （用外語說）

So how do you look like the margin trend for 2025 and also for the retail business, what could be the margin trend for the year?

那麼您如何看待 2025 年的利潤趨勢呢？對於零售業務而言，今年的利潤趨勢會是怎麼樣的呢？

Thank you, Lydia.

謝謝你，莉迪亞。

(spoken in foreign language)

（用外語說）

In 2024, we achieved an adjusted net profit margin of approximately 18% for the full year, a decrease of 1.4% points compared to 2023. This was mainly due to the fluctuations in RevPar throughout the year and the structural factors such as the increase of proportion of our retail business.

2024年，我們實現全年調整後淨利率約18%，較2023年下降1.4個百分點。主要是由於全年RevPar的波動及我們零售業務佔比上升等結構性因素所致。

For 2025, although we know that the changes in companies' revenue structure will continue, so we will also optimize our cost structure, improve our management efficiency to offset the impact on structural profit margins. We anticipate that the adjusted net profit margin will remain relatively stable.

對於2025年，雖然我們知道公司收入結構的變化還會持續，但我們也會優化成本結構，提高管理效率，來抵銷結構性利潤率的影響。我們預計調整後的淨利潤率將保持相對穩定。

(spoken in foreign language)

（用外語說）

In 2024, the operating profit margin of our retail business increased to low double digits, and moving forward, as our retail scale continues to expand, we will maintain a certain level of marketing expenditure. We expect the operating profit margin of the retail business to remain at a similar level in 2025. In terms of the marketing strategy, we will continuously improve the efficiency of channel distribution to strengthen our brand building and more importantly, solidify our brand equity of Atour Planet.

2024年，我們零售業務的營運利潤率提升至低雙位數，未來隨著我們零售規模的不斷擴大，我們將維持一定的行銷開支。我們預計2025年零售業務的營業利潤率將維持在類似水準。在行銷策略上，我們會不斷提升通路分銷效率，加強品牌建設，更重要的是夯實亞朵星球的品牌資產。

Thank you, Lydia. Next question, please.

謝謝你，莉迪亞。請回答下一個問題。

[Chen Xin, UBS]

[瑞銀陳欣]

(spoken in foreign language)

（用外語說）

Let me translate it to English. This [Chen from UBS] and we noticed the first store has already opened. Could management share the main strategy for the high-end brand this year? Additionally, how is it like 3.0 recent performance and does it meet management expectations? Thank you.

讓我將其翻譯成英文。這（瑞銀的陳）我們注意到第一家店已經開張了。管理階層能否分享今年高端品牌的主要策略？此外，3.0 最近的表現如何？是否符合管理階層的期望？謝謝。

(spoken in foreign language)

（用外語說）

Thanks, Chen Xin. And currently, our two upscale hotel brands, Atours and (inaudible) hotel are developing in parallel. Among them, [Atour S] has won the favor of high-end business travelers by adapting to the contemporary needs, leveraging its precise market positioning and exceptional service quality. Of course, we will also promote the iterative upgrade of Atour S, and we are actively preparing a new version to maintain its competitiveness and brand vitality in the market.

謝謝陳欣。目前，我們的兩家高檔飯店品牌亞朵和（聽不清楚）飯店正在並行發展。其中，【亞朵S酒店】順應時代需求，憑藉精準的市場定位和卓越的服務品質，贏得了高端商旅人士的青睞。當然，我們也會推動亞朵S的迭代升級，積極籌備新版本，保持其在市場上的競爭力與品牌活力。

(spoken in foreign language)

（用外語說）

Since its trial operation. Its advanced experiential services such as butlers and the room diffuser selection before checking in have received high praise from consumers, and its pricing and positioning have also been well received by the market and customers.

自試運行以來。其提供的管家服務、入住前房間擴香機選擇等先進體驗式服務獲得了消費者的一致好評，定價和定位也得到了市場和客戶的一致好評。

(spoken in foreign language)

（用外語說）

And then let me add something on Atour Light 3.0. The development trajectory of Atour Light consistently aligned with our expectations. As of the end of 2024, we have expanded to over 100 Atour Light 3.0 hotels in 46 cities across the country with strong operational performance that has significantly boosted the confidence of investments from the franchisees. As a new brand, Atour Light 3.0 requires accumulation and continuous refinements while rapidly expanding.

然後我再補充一下亞朵之光3.0。亞朵輕奢的發展軌跡始終符合我們的預期。截至2024年底，亞朵輕奢3.0飯店已覆蓋全國46個城市超過100家，強勁的營運表現大大增強了加盟商的投資信心。作為一個新品牌，亞朵之光3.0在快速擴張的同時，還需要積累，不斷磨練。

We are now consistently incorporating feedback from consumers and franchisees, enhancing our brand strength through product iterations and refined operations. Currently, we have over 100 Atour Light hotels in our pipeline, primarily located in core business districts of second tier and above cities.

我們目前也不斷汲取消費者和加盟商的回饋，透過產品迭代和精細化營運來提升我們的品牌實力。目前，我們正在籌備的亞朵輕奢酒店超過100家，主要分佈在二線以上城市的核心商圈。

Thank you. Next question.

謝謝。下一個問題。

Ronald Leung, Bank of America.

美國銀行的 Ronald Leung。

(spoken in foreign language)

（用外語說）

Let me translate my question into English. Could you share the plans for hotel closes plan 2025? Additionally, are there any new plans for shareholder return this year? Thank you very much.

讓我將我的問題翻譯成英文。能分享一下2025年飯店關閉計畫嗎？另外今年還有什麼新的股東回報計畫嗎？非常感謝。

(spoken in foreign language)

（用外語說）

Thank you, Ronald, for your question. A key consideration in our decisions of hotel closures is the consistency of experiences. We aim at achieving the strategic goal of Chinese experience 2,000 premier hotels by the end of 2025. Therefore, we will maintain a similar pace of closures in 2025, continuing to strengthen the centralized the evaluation of the property quality and operational performance of our hotels in operation.

謝謝羅納德的提問。我們決定關閉酒店的一個主要考慮因素是體驗的一致性。我們的目標是在2025年底實現中國體驗2,000家優質飯店的策略目標。因此，我們將在2025年保持類似的關閉步伐，並繼續加強對營運中酒店的物業品質和營運績效的集中評估。

For hotels that still fail to meet operational performance expectations after rectification in areas such as services and customer experiences, we will proactively terminate contracts with them in accordance with the agreement.

對於在服務、顧客體驗等方面整改後仍未達到經營業績預期的飯店，我們將依照協議約定主動與其解除合約。

(spoken in foreign language)

（用外語說）

Regarding shareholder returns, we have always placed a great emphasis on and actively fulfilled our commitment to sustained returns for shareholders. In August last year, we officially announced a three-year annual dividend plan, clearly committing to distribute an annual dividend of no less than 50% of the previous financial year's net income over these three years.

對於股東回報，我們一直高度重視並積極履行為股東帶來持續回報的承諾。去年8月，我們正式公佈了三年年度分紅計劃，明確承諾這三年每年派發不低於上一財年淨收入50%的年度分紅。

Last year our dividend payout amount is around USD62 million. In 2025, we will continue to comprehensively consider our company's overall operations, cash reserves, and the future business developments comprehensively to make integrated decisions on the timing and proportion of dividends, ensuring that our shareholders continue to share in the company's growth. Thank you.

去年我們的股息支付額約為6200萬美元。2025年，我們將持續綜合考量公司整體營運、現金儲備及未來業務發展，綜合決定分紅時機及比例，確保股東持續分享公司成長的成果。謝謝。

Thank you. That concludes today's question and answer session. I would now like to turn the conference back to Mr. Luke Hu for any additional or closing comments. Thank you.

謝謝。今天的問答環節到此結束。現在我想將會議交還給盧克·胡先生，請他發表任何補充或結束評論。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.

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。

Goodbye. This concludes today's conference call. Thank you for participating. You may now disconnect.

再見。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。