Atour Lifestyle Holdings Ltd (ATAT) 2025 Q1 法說會逐字稿

Hello ladies and gentlemen, thank you for standing by and welcome to the Atour Lifestyle Holdings' first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded.

女士們、先生們，大家好，感謝您的收看，歡迎參加亞朵生活控股 2025 年第一季財報電話會議。（操作員指示）今天的會議正在錄製。

I would now like to turn the call over to Mr. Luke Hu, Senior IR manager. Please go ahead, sir.

現在我想把電話轉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 first-quarter 2025 earnings conference call. Today, you will hear from our Founder, Chairman and CEO, Mr. Wang Haijun; and our EVP and 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 2025 年第一季財報電話會議。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；以及我們的執行副總裁兼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，本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，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回放，同時也可以從該網站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 first-quarter 2025 earnings call today.

（翻譯）謝謝你，盧克。大家好，感謝您今天參加亞朵2025年第一季財報電話會議。

In the first quarter of 2025, China's domestic travel market experienced fluctuations amid a complex and volatile macro environment, with numerous uncertainties presenting both challenges and opportunities. As a leading lifestyle group, we have always adhered to our business philosophy of serving people and are confidently navigating these evolving market dynamics. We continue to respond proactively to shifting consumer preferences for superior quality, personalized service, and experience-driven consumption. Meanwhile, we remain firmly committed to advancing the strategic initiative of Chinese Experience, 2,000 Premier Hotels, which not only strengthens our brand awareness and product offerings, but also drives the transformation and elevation of the industry's value chain.

2025年第一季度，中國國內旅遊市場宏觀環境波動較大，不確定因素較多，挑戰與機會並存。作為領先的生活方式集團，我們始終堅持為人民服務的經營理念，並自信地應對不斷變化的市場動態。我們持續積極回應消費者對卓越品質、個人化服務和體驗式消費的不斷變化的偏好。同時，我們堅定不移地推動「中國體驗，2000家精品酒店」策略，這不僅增強了我們的品牌知名度和產品力，也推動了產業價值鏈的轉型升級。

Next, I would like to provide more details on our business performance for the first quarter of 2025. Let's begin with our Hotel business. Please turn to slide 4 of our 1Q25 results presentation. Our RevPAR reached RMB304.4 in the first quarter of 2025, representing 92.8% of its level in the same period of 2024. Specifically, OCC reached 95.8% and ADR stood at 97.2%, both compared to the same period in 2024.

接下來，我想詳細介紹我們2025年第一季的經營業績。讓我們從酒店業務開始。請翻到我們 2025 年第一季業績簡報的第 4 張投影片。2025年第一季度，我們每間可用的客房收入 (RevPAR) 達到人民幣304.4元，相當於2024年同期水準的92.8%。具體而言，OCC 達到 95.8%，ADR 為 97.2%，均與 2024 年同期持平。

Please turn to slide 5. RevPAR for our mature hotels in operation for more than 18 months in the first quarter of 2025 was 92.8% of the level for the same period in 2024, in line with the Group's overall performance, while OCC and ADR for these mature hotels reached 95.6% and 97.4% of 2024's levels for the same period, respectively.

請翻到投影片 5。2025 年第一季度，我們營運超過 18 個月的成熟飯店的 RevPAR 達到 2024 年同期水準的 92.8%，與集團整體業績一致，而這些成熟飯店的 OCC 和 ADR 分別達到 2024 年同期水準的 95.6% 和 97.4%。

Please turn to slide 6. Benefiting from our strengthening brand influence and robust organizational efficiency, our hotel network continued to expand, demonstrating the resilience of our business. In the first quarter, we opened 121 new hotels, representing a 24.7% year-over-year increase. By the end of the first quarter, we had a total of 1,727 hotels in operation, representing a 32.6% year-over-year increase.

請翻到幻燈片 6。受惠於品牌影響力的增強和組織效率的提升，我們的飯店網絡持續擴張，展現出業務的韌性。第一季度，我們新開幕酒店121家，年增24.7%。截至第一季末，我們共有1,727家飯店在經營，較去年同期成長32.6%。

This quarter, franchisees remain positive about our brand development. This has led to a continuous expansion of our pipeline projects. By the end of the first quarter, the number of hotels under development reached 755. While pursuing scale expansion, we always adhere to the quality standards. We carefully screen and evaluate both new hotel signings and openings to ensure sustainable, high-quality growth.

本季度，加盟商對我們的品牌發展依然保持樂觀。這導致我們的管道項目不斷擴大。截至第一季末，在建飯店數量達755家。在追求規模擴張的同時，我們始終堅持品質標準。我們對新簽約和新開業的酒店進行仔細的篩選和評估，以確保可持續的高品質成長。

Next, I would like to share the latest developments for Atour's hotel brands. In the first quarter, guided by our long-term growth philosophy and deep insights into current business travel trends, we implemented upgrades to our midscale and upper midscale hotel products.

接下來想跟大家分享一下亞朵旗下飯店品牌的最新動態。第一季度，我們秉承長期成長理念，深入了解當前商務旅行趨勢，對中檔和中高檔飯店產品進行了升級。

Please turn to slide 7. In the upper midscale segment, we launched Atour 3.6 in the first quarter. This product embodies an in-harmony-with-nature design philosophy, seamlessly integrating business functionality and a relaxed ambiance. Furthermore, Atour 3.6 prioritizes enhanced convenience and comfort through optimized space utilization and upgraded functional design. This innovation enables us to deliver a comprehensive, full-scenario ultimate business travel experience, setting a new benchmark for premium business travel in the upper midscale market.

請翻到幻燈片 7。在中高端市場，我們在第一季推出了亞朵3.6。這款產品體現了與大自然和諧相處的設計理念，將商務功能與輕鬆的氛圍完美融合。此外，亞朵3.6更著重提升便利性和舒適性，透過優化空間利用率、升級功能設計。這項創新使我們能夠提供全方位、全場景的極致商旅體驗，為中高端市場的高端商旅樹立了新的標竿。

Since its launch, Atour 3.6 has received widespread market recognition and positive feedback from franchisees through its strong product vitality, holistically upgraded customer experience features, and efficient investment returns. We believe this product will further solidify our core competitiveness in the upper midscale segment.

亞朵3.6自開業以來，憑藉強大的產品生命力、全面升級的客戶體驗、高效的投資回報，獲得了廣泛的市場認可和加盟商的正面回饋。我們相信這款產品將進一步鞏固我們在中高端市場的核心競爭力。

Please turn to slide 8. Looking ahead, the Atour Series 3 and Series 4 product lines will jointly shape our next-generation upper midscale hotel portfolio, operating in parallel to complement each other. Atour Series 3 strengthens our leading brand position in core business travel scenarios. Meanwhile, Atour Series 4 offers an extended lifecycle and shapes the future of the upper midscale market. Together, Series 3 and Series 4 product lines address diverse customer aesthetic preferences and accommodation needs, while also providing franchisees with a broader range of investment options. In addition, for existing hotels with renovation needs, we have introduced the Atour 3.5SE renovation program to help them maintain market competitiveness.

請翻到第 8 張投影片。展望未來，亞朵3系和4系產品線將共同塑造我們下一代中高端酒店組合，並行運營，相互補充。亞朵3系進一步鞏固了我們在核心商務旅遊場景中的領先品牌地位。同時，亞朵4系擁有更長的生命週期，塑造了中高端飯店市場的未來。3系列和4系列產品線共同滿足了客戶不同的美學偏好和住宿需求，同時也為特許經營商提供了更廣泛的投資選擇。此外，針對有改造需求的現有飯店，我們推出了亞朵3.5SE改造計劃，幫助其保持市場競爭力。

Please turn to slide 9. In the midscale segment, we remain committed to product innovation and experiential upgrades that cater to the diverse needs of younger consumers. In 2023, we introduced Atour Light 3.0, which effectively addressed critical market challenges such as outdated aesthetics and inadequate service experiences by incorporating youthful fashionable design and innovative service touchpoints. This product has received widespread acclaim from both franchisees and consumers. Meanwhile, during the operation, we have gained valuable insights into the preferences of younger consumers.

請翻到第 9 張投影片。在中端市場，我們持續致力於產品創新和體驗升級，以滿足年輕消費者的多樣化需求。2023年，我們推出亞朵之光3.0，透過年輕時尚的設計、創新的服務接點，有效應對了審美陳舊、服務體驗不足等市場痛點。該產品受到了加盟商和消費者的廣泛好評。同時，在營運過程中，我們對年輕消費者的喜好也獲得了寶貴的洞見。

Building on this foundation, we launched Atour Light 3.3 in the first quarter. Inspired by the Blue Nights of Genoa, Atour Light 3.3 provides customers with a relaxing and restorative resting experience through immersive atmospheric design. Atour Light 3.3 features comprehensive upgrades in visual design, spatial perception, and facilities, while offering tailored functionality for business meetings and work-related needs. These enhancements further elevate the overall customer experience. With its improved quality, expanded versatility, and adherence to our Atour-signature experience standards, we believe Atour Light 3.3 will serve as a key driver in achieving the scale of 1,000 Atour Light hotels and will establish itself as a flagship product in the midscale segment.

在此基礎上，我們在第一季推出了亞朵Light 3.3。亞朵輕奢3.3的設計靈感源自熱那亞的藍色之夜，透過沉浸式的氛圍設計，為顧客提供放鬆身心、恢復活力的休憩體驗。亞朵輕奢3.3在視覺設計、空間感知、配套設施等方面進行了全面升級，並針對商務會議、辦公室等需求提供個人化的功能體驗。這些改進進一步提升了整體客戶體驗。我們相信，憑藉品質的提升、功能的豐富，以及對亞朵標誌性體驗標準的堅持，亞朵輕奢3.3將成為實現千家亞朵輕奢酒店規模的關鍵驅動力，並將成為中檔酒店的旗艦產品。

In an increasingly competitive market, we remain focused on creating products with extended lifecycles. By continuously enhancing our product competitiveness with reinforced experience differentiations, we effectively meet the diverse needs of broader demographics, further solidifying our leadership across market segments.

在競爭日益激烈的市場中，我們始終致力於創造具有更長生命週期的產品。透過不斷提升產品競爭力和強化體驗差異化，我們有效滿足了更廣泛人群的多樣化需求，進一步鞏固了我們在各個細分市場的領導地位。

Now moving to our retail business, please turn to slide 10. The growth of our retail business is a natural extension of our positioning as a lifestyle group and our business philosophy of serving people. In the first quarter, our retail business maintained strong growth momentum, with GMV reaching RMB845 million, up 70.9% year over year, driven by rising brand strength and growing customer loyalty. Online channels continued to contribute over 90% of total GMV.

現在轉到我們的零售業務，請翻到投影片 10。我們零售業務的成長是我們作為生活方式集團的定位以及為人民服務的經營理念的自然延伸。第一季度，我們的零售業務保持強勁成長勢頭，GMV達到人民幣8.45億元，年增70.9%，這得益於品牌實力的提升和客戶忠誠度的提高。線上通路持續貢獻總成交額的90%以上。

Please turn to slide 11. Since its inception, Atour Planet has remained committed to studying and integrating customers' sleep needs across both hotel and home environments. This anchors the deep-sleep experience firmly in the minds of customers. Across different scenarios, Atour Planet's products not only fulfill customers' functional needs but also deeply resonate with their emotional needs.

請翻到第 11 張投影片。自成立以來，亞朵星球一直致力於研究和整合顧客在飯店和居家環境中的睡眠需求。這使得深度睡眠體驗牢牢地紮根在顧客心中。亞朵星球的產品跨越不同的場景，不僅滿足了顧客的功能性需求，更深度觸動了顧客的情感需求。

In the pillow category, our Deep Sleep Memory Foam Pillow PRO series maintained robust sales performance in the first quarter, consistently ranking as the top seller in its category on major third-party e-commerce platforms. Since its launch, the accumulated sales of the Deep Sleep Memory Foam Pillow PRO series have exceeded 6 million units, further solidifying Atour Planet's leading position in the pillow category.

在枕頭類別中，我們的深度睡眠記憶棉枕頭PRO系列在第一季保持了強勁的銷售業績，在各大第三方電商平台上穩居同類產品最暢銷榜首。自上市以來，深眠記憶枕PRO系列累積銷售量已突破600萬片，進一步鞏固了亞朵星球在枕頭品類的領先地位。

Please turn to slide 12. Based on our capture and exploration of user needs, as well as the refinement and analysis of user feedback, Atour Planet has developed a standardized, user-driven product iteration model. In March, in line with seasonal changes, we launched the Deep Sleep Thermo-Regulating Comforter Pro 2.0 Summer Season. Serving as the upgraded version of the Deep Sleep Lightweight Comforter introduced last year, this new product further optimizes the breathable cooling system, aiming to provide the customers with a natural and cozy coolness instead of an ultimate cold touch. Upon launch, the product received widespread consumer praise, ranking first in sales in its category on Tmall and Douyin in its first month. Within just 48 days, the product exceeded RMB100 million GMV, making it another blockbuster product in the Deep Sleep series.

請翻到第 12 張投影片。基於對使用者需求的捕捉和探索，以及對使用者回饋的提煉和分析，亞朵星球形成了標準化的、以使用者為驅動的產品迭代模型。三月份，順應季節變化，我們推出了深睡調溫被Pro 2.0夏季款。作為去年推出的深睡輕薄被的升級版，這款新品進一步優化了透氣降溫系統，旨在為消費者帶來自然舒適的涼爽感受，而非極致的冰冷觸感。產品上市後，獲得消費者廣泛好評，首月榮登天貓、抖音同品類銷售第一。短短48天，該產品GMV突破1億元，成為深度睡眠系列的另一個爆款產品。

In addition, amidst an increasingly competitive market environment, we have been steadily reinforcing Atour Planet's core strengths. On one hand, we continue to drive innovation in product materials and manufacturing technologies. On the other hand, by establishing a comprehensive set of production standards, we have achieved end-to-end quality control and ensured consistent and reliable product quality. Moreover, Atour Planet remains focused on refining product details based on customer needs, aiming to enhance the overall usage experience. With the continuous improvement of both product performance and quality, Atour Planet is well positioned to meet consumers' growing expectations for high-quality living, redefining new standards for both product quality and customer experience.

此外，在競爭日益激烈的市場環境中，我們不斷強化亞朵星球的核心優勢。一方面，我們不斷推動產品材料和製造技術的創新。另一方面，透過建立完善的生產標準，實現了端到端的品質控制，確保了產品品質的一致、可靠。此外，亞朵星球持續關注顧客需求，打磨產品細節，提升整體使用體驗。隨著產品性能和品質的不斷提升，亞朵星球能夠更好地滿足消費者日益增長的高品質生活需求，重新定義產品品質和客戶體驗的新標準。

Please turn to slide 13. Moving to our membership business and channel development progress. Thanks to the continued enhancement of our membership ecosystem and an expanding range of membership benefits, our registered individual members surpassed 96 million by the end of the first quarter, representing a 35.4% year-over-year increase. Our core CRS channel continued to maintain stable performance, accounting for 65.1% of total room nights sold during the first quarter. The contribution of room nights sold to corporate members was 19.8% during the first quarter.

請翻到第 13 張投影片。轉向我們的會員業務和通路發展進程。由於我們會員生態系統的不斷完善和會員權益的不斷擴展，截至第一季末，我們的註冊個人會員數已超過9,600萬，同比增長35.4%。我們的核心 CRS 通路持續保持穩定的表現，佔第一季總售出間夜量的 65.1%。第一季度，出售給企業會員的間夜量貢獻率為19.8%。

Please turn to slide 14. We continue to enhance our ACARD membership ecosystem by gaining deeper insights into user behavior and preferences across different business formats. This enables us to further integrate hotel and retail businesses, thereby driving cross-consumption between them. In the first quarter, alongside the launch of new retail products, we introduced cross-promotional campaigns that allow retail customers to access our hotel membership benefits. These initiatives have attracted more retail customers to our hotels, driving further conversions across our business segments.

請翻到第 14 張投影片。我們透過深入了解不同業務形式的使用者行為和偏好，不斷增強我們的 ACARD 會員生態系統。這使我們能夠進一步整合酒店和零售業務，從而推動它們之間的交叉消費。第一季度，除了推出新的零售產品外，我們還推出了交叉促銷活動，讓零售客戶可以享受我們的飯店會員福利。這些舉措吸引了更多零售客戶到我們酒店，推動了我們各個業務部門的進一步轉換。

In terms of member engagement, we actively leverage emerging trends in leisure and business travel to continuously deliver experiences and benefits that highly resonate with customers. For example, during the Spring Festival, we launched our counter-trend travel blind hotel booking campaign, catering to the younger travelers' growing preference for exploring niche, crowd-free destinations. We also introduced destination ambassadors to share local travel inspiration. Additionally, we partnered with a vertical travel platform to establish integrated memberships, further embedding our value proposition throughout customers' journeys and enhancing member loyalty.

在會員參與度方面，我們積極利用休閒和商務旅行的新興趨勢，不斷提供與客戶產生強烈共鳴的體驗和福利。例如，在春節期間，我們推出了逆勢旅遊盲訂酒店活動，以滿足年輕遊客對探索小眾、人少目的地日益增長的偏好。我們還引入了目的地大使來分享當地的旅行靈感。此外，我們也與垂直旅遊平台合作建立綜合會員資格，進一步將我們的價值主張融入客戶的旅程中，並提高會員忠誠度。

Finally, I am pleased to announce the recent release of our 2024 ESG Report. Please turn to slide 15. Throughout 2024, we continued to strengthen our ESG governance by embedding sustainability principles across both hotel and retail businesses. At the same time, we are actively fulfilling our social responsibilities through industrial support and social assistance programs in Yaduo Village. And by leveraging our brand influence, we also built bridges for biodiversity conservation.

最後，我很高興地宣布我們最近發布了 2024 年 ESG 報告。請翻到第 15 張投影片。在整個 2024 年，我們透過在飯店和零售業務中融入永續發展原則，繼續加強我們的 ESG 治理。同時，我們也透過對亞多村的產業支持和社會幫助等項目，積極履行社會責任。並利用我們的品牌影響力，為生物多樣性保護搭建橋樑。

Looking ahead, we remain committed to upholding our product philosophy of being humane, warm, and inspiring, scaling the expansion and driving quality enhancements to both our hotel and retail businesses. Guided by our long-term growth principle, we remain committed to making tangible contributions to sustainable development and the betterment of society.

展望未來，我們將持續秉承人性化、溫暖化、啟發化的產品理念，擴大飯店和零售業務的擴張規模，推動品質提升。在長期成長原則的指導下，我們將繼續致力於為永續發展和社會進步做出實際貢獻。

I will now turn the call over to our Co-CFO, Mr. Wu Jianfeng, who will 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，他將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 first quarter of 2025.

謝謝海君。現在我向大家介紹一下公司2025年第一季的財務表現。

Please turn to slide 17 of the results presentation. Our net revenues for the first quarter of 2025 grew by 29.8% year over year and fell by 8.6% quarter over quarter to RMB1,906 million.

請翻到結果示範的第 17 張投影片。2025年第一季度，我們的淨收入年增29.8%，季減8.6%至人民幣19.06億元。

Revenues from our manachised hotels for the first quarter of 2025 were RMB1,032 million, up by 23.5% year over year and down 6.7% quarter over quarter. The year-over-year increase was primarily fueled by our ongoing hotel network expansion.

2025年第一季度，我們管理的飯店營收為人民幣10.32億元，較去年同期成長23.5%，較上季下降6.7%。年比成長主要得益於我們持續的飯店網路擴張。

Revenues contributed by our leased hotels for the first quarter of 2025 were RMB129 million, a decrease of 23.5% year over year and 21.6% quarter over quarter. The declines were primarily due to a decrease in the number of leased hotels as a result of our product mix optimization.

2025年第一季，我們租賃飯店貢獻的收入為人民幣1.29億元，年減23.5%，較上季下降21.6%。下降的主要原因是我們的 產品組合優化導致租賃酒店數量減少。

Revenues from our retail business for the first quarter of 2025 were RMB694 million, up by 66.5% year over year and down 9.3% quarter over quarter. The year-over-year increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings.

2025年第一季，我們零售業務的營收為人民幣6.94億元，年增66.5%，季減9.3%。隨著我們成功擴大產品範圍，零售品牌的知名度不斷提高，產品創新和開發也取得顯著成效，推動了銷售額年增。

Now, let's move to costs and expenses. Please turn to slide 18. Hotel operating costs for the first quarter of 2025 increased by 11.2% year over year and decreased by 7.3% quarter over quarter to RMB736 million. The year-over-year increase was primarily due to the increases in variable costs, such as hotel manager costs, associated with our ongoing hotel network expansion. Gross margin of our hotel businesses expanded to 36.6% in the first quarter of 2025 from 34.1% during the same period of 2024.

現在，讓我們討論成本和費用。請翻到第 18 張投影片。2025年第一季飯店營業成本為人民幣7.36億元，年增11.2%，季減7.3%。年比成長主要是由於我們持續的飯店網路擴張導致的變動成本（如飯店經理成本）的增加。我們飯店業務的毛利率從 2024 年同期的 34.1% 擴大至 2025 年第一季的 36.6%。

Retail costs for the first quarter of 2025 rose by 63.7% year over year and decreased by 12.5% quarter over quarter to RMB337 million. The year-over-year increase was associated with the rapid growth of our retail business. Gross margin of our retail business expanded to 51.4% in the first quarter of 2025 from 50.5% during the same period of 2024, primarily attributable to the increasing contribution from higher-margin products.

2025年第一季零售成本為3.37億元，年增63.7%，季減12.5%。年比成長與我們零售業務的快速成長有關。我們零售業務的毛利率從 2024 年第一季的 50.5% 擴大至 2025 年第一季的 51.4%，主要歸因於高利潤率產品的貢獻不斷增加。

Now please turn to slide 19. Selling and marketing expenses accounted for 14.8% of net revenues for the first quarter of 2025, compared with 11.9% for the same period of 2024. The increase was mainly due to 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 19 張投影片。銷售和行銷費用佔 2025 年第一季淨收入的 14.8%，而 2024 年同期為 11.9%。成長主要歸因於對品牌知名度的投資以及線上管道的有效發展，與我們的零售業務的成長保持一致。

General and administrative expenses, excluding share-based compensation expenses, accounted for 4.1% of net revenues for the first quarter of 2025, compared with 5.0% for the same period of 2024. The decrease was primarily due to improved management efficiency and economies of scale.

2025 年第一季度，不包括股權激勵費用的一般及行政費用佔淨收入的 4.1%，而 2024 年同期為 5.0%。下降的主要原因是管理效率提高和規模經濟效益提高。

Technology and development expenses accounted for 2.1% of net revenues for the first quarter of 2025, compared with 1.6% for the same period of 2024. The increase was mainly due to increased investments in technology systems and infrastructure to support our expanding hotel network and retail business and improve the customer experience.

2025 年第一季度，技術和開發費用佔淨收入的 2.1%，而 2024 年同期為 1.6%。成長的主要原因是增加了對技術系統和基礎設施的投資，以支持我們不斷擴大的酒店網路和零售業務並改善客戶體驗。

Now, please turn to slide 20. Adjusted net income for the first quarter of 2025 was RMB345 million, representing a 32.3% increase year over year. Adjusted EBITDA for the first quarter of 2025 was RMB474 million, up by 33.8% year over year. Adjusted net profit margin for the first quarter of 2025 was 18.1%, representing an increase of 0.3 percentage points year over year. Adjusted EBITDA margin for the first quarter of 2025 was 24.9%, an increase of 0.8 percentage points year over year.

現在請翻到第 20 張投影片。2025年第一季調整後淨利為3.45億元人民幣，較去年同期成長32.3%。2025年第一季調整後EBITDA為4.74億元人民幣，較去年同期成長33.8%。2025年第一季調整後淨利率為18.1%，年增0.3個百分點。2025年第一季調整後EBITDA利潤率為24.9%，年增0.8個百分點。

Please turn to slide 21. We also maintained a healthy cash position. As of March 31, 2025, our cash and cash equivalents totaled RMB3,146 million, with net cash of RMB3,074 million.

請翻到第 21 張投影片。我們也維持了健康的現金狀況。截至2025年3月31日，我們的現金及現金等價物總額為人民幣31.46億元，淨現金為人民幣30.74億元。

Please turn to slide 22. As part of our commitment to enhancing shareholder value, in accordance with the Annual Dividend Policy adopted in August 2024, today we declared our first cash dividend in 2025 of USD0.14 per ordinary share or USD0.42 per ADS, for an aggregate amount of approximately USD58 million.

請翻到第 22 張投影片。作為我們致力於提升股東價值的一部分，根據 2024 年 8 月通過的年度股息政策，我們今天宣布 2025 年首次現金股息為每股普通股 0.14 美元或每股美國存託憑證 0.42 美元，總額約為 5800 萬美元。

Concurrently, we announced a three-year share repurchase program, under which we may repurchase an aggregate value of up to USD400 million. Through a comprehensive shareholder return initiative encompassing dividends and share repurchases, we are taking concrete actions to reward shareholders' trust and support, enabling all shareholders to share in the company's growth achievements.

同時，我們宣布了一項為期三年的股票回購計劃，根據該計劃，我們可能回購總額高達4億美元的股票。我們透過派發股利、股份回購等全面的股東回報計劃，以實際行動回饋股東的信任與支持，讓全體股東分享公司成長的成果。

Please turn to slide 23. For full year 2025, we currently expect total net revenues to increase by 25% to 30% compared with full year 2024.

請翻到第 23 張投影片。對於 2025 年全年，我們目前預計總淨收入將比 2024 年全年增長 25% 至 30%。

That concludes our financial highlights for the first quarter of 2025.

這就是我們 2025 年第一季的財務亮點。

Now, let's open the floor for Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) Sijie Lin, CICC.

(操作員指示) 林思傑，CICC。

(spoken in Chinese) So thank you management. Could you please share the performance of RevPAR since Q2 and provide outlook on RevPAR for the full year? Thank you.

（用中文說）非常感謝管理階層。您能否分享第二季以來 RevPAR 的表現並對全年 RevPAR 進行展望？謝謝。

(interpreted) Thank you, Sijie. In Q1, the overall market experienced some volatility. There were multiple factors to be considered, including weather conditions, macroeconomic impact, they all affecting travel demand. Our RevPAR decreased by 7.2% year over year, and also OCC and ADR were showing varying degrees of decline year over year as well.

（翻譯）謝謝你，思傑。第一季度，整體市場出現一定波動。有多個因素需要考慮，包括天氣條件、宏觀經濟影響，它們都會影響旅行需求。我們的RevPAR年減了7.2%，OCC和ADR也較去年同期出現不同程度的下降。

Entering Q2, we observed a continued divergence in market demand. While there were the recovery of business travel, but it remained quite uncertain to some extent. Leisure travel demand has demonstrated some notable resilience. During the Labor Day holiday, both pricing and occupancy performed quite strongly, exceeding prior year levels. So overall, we anticipate there might be some easing of RevPAR pressure in Q2 when compared to Q1.

進入第二季度，我們觀察到市場需求持續分化。雖然商務旅行有所復甦，但在某種程度上仍存在較大的不確定性。休閒旅遊需求表現出明顯的復甦勢頭。勞動節假期期間，價格和入住率均表現強勁，超過了去年同期水準。因此總體而言，我們預計第二季的 RevPAR 壓力可能會比第一季有所緩解。

And as for our view on the full-year RevPAR performance, it is still remaining consistent with the beginning of the year. And RevPAR still faces considerable uncertainty given the ongoing market volatility. However, in terms of our operations, we will not just blindly engage in price competitions with the homogenized products in the market. What we will do is to continue to adhere to Atour's differentiated experience advantages to seize the core revenue opportunities, and we are going to adopt a more balanced and refined revenue management strategy in terms of both ADR and OCC so that we can continuously build the long-term brand value of Atour.

至於我們對全年 RevPAR 表現的看法，它仍然與年初保持一致。鑑於持續的市場波動，RevPAR 仍然面臨相當大的不確定性。但在經營上，我們不會一味地與市場上同質化的產品進行價格競爭。我們接下來要做的就是繼續堅持亞朵的差異化體驗優勢，抓住核心收益機會，並在ADR和OCC兩個方面採取更均衡、精細化的收益管理策略，持續打造亞朵的長期品牌價值。

Thank you, Sijie. Next question, please.

謝謝你，思傑。請回答下一個問題。

Ronald Leung, Bank of America.

美國銀行的 Ronald Leung。

(spoken in Chinese) Let me translate my question into English. Good evening management. Could you please share your view on the new signings momentum and also new hotel openings for the full year of 2025. Thank you.

（用中文說）讓我把我的問題翻譯成英文。管理層晚上好。您能否分享一下對 2025 年全年新簽約勢頭和新酒店開業情況的看法？謝謝。

(interpreted) Thank you, Ronald. Let me answer your question. In the first quarter, we remained positive signing momentum. Amid industry-wide pressure from homogeneous supply, Atour, we solidified our unique market positioning through our differentiated brand strategy and a distinctive experiential strength. This has continuously drawn the attention of high-quality franchisees.

（翻譯）謝謝你，羅納德。讓我來回答你的問題。第一季度，我們保持了積極的簽約勢頭。在全產業同質化供應壓力下，亞朵透過差異化的品牌策略和獨特的體驗優勢，鞏固了獨特的市場定位。從不斷吸引優質加盟主的注意。

In addition, against the backdrop of persistent macroeconomic uncertainty, we have clearly observed along the way that compared to other investment channels, the hotel industry offers still a relatively stable cash flow return and a more robust business model. So, despite some RevPAR volatility, the premium property rental cost still is remaining in a relatively low range with improved availability, and that makes the overall returns attractive in the long term. As a result to that, mature hotel franchisees are still remaining confident and are willing to seize opportunities to capture that long-term growth potential of premium brands in the future market.

此外，在宏觀經濟持續不確定的背景下，我們一路走來清楚地觀察到，相較於其他投資管道，飯店業仍能提供相對穩定的現金流回報和更穩健的商業模式。因此，儘管 RevPAR 有所波動，但高端物業的租賃成本仍保持在相對較低的範圍內，而且可用性有所提高，這使得整體回報在長期內具有吸引力。因此，成熟的酒店特許經營商仍然保持信心，並願意抓住機遇，在未來的市場中捕捉高端品牌的長期成長潛力。

As for new openings, in the first quarter of this year, we opened 121 hotels, continuing that high-quality expansion trend since we had last year. Based upon that, we maintain our four-year opening guidance of 500 new openings and have full confidence in achieving this goal, steadily advancing toward our strategic objective of reaching 2,000 premier hotels by the year end.

新開幕酒店方面，今年第一季度，我們新開業了121家酒店，延續了去年以來的高品質擴張趨勢。在此基礎上，我們維持四年內新開500家酒店的開業目標，並對實現這一目標充滿信心，並穩步向年底達到2000家高級酒店的戰略目標邁進。

Also, based on our strategic goal of 2,000 premier hotels, we will impose stricter requirements on quality from multiple dimensions, including signings, openings, and operation, to ensure that our hotel numbers grow with quality, so that every hotel can provide users with a consistently high-quality experience. Thank you.

同時，圍繞著2000家精品酒店的戰略目標，我們將從簽約、開業、運營等多個維度對品質提出更嚴格的要求，確保酒店數量與質量同步增長，讓每一家酒店都能為用戶提供始終如一的高品質體驗。謝謝。

Thank you, Ronald. Next question, please.

謝謝你，羅納德。請回答下一個問題。

Dan Xu, Morgan Stanley.

徐丹，摩根士丹利。

(spoken in Chinese) Please allow me to translate my question. My question is related to the company's retail business. We saw retail business revenue growth in the first quarter was outstanding at 67% year on year. Previously, the company guided full-year retail revenue of no less than 35% growth. I would like to ask the management about any update to the full-year revenue guidance on this business and any strategic plan for retail in the coming period. Thank you.

（中文）請容許我翻譯我的問題。我的問題與公司的零售業務有關。我們看到第一季零售業務收入年增67%，表現突出。此前，該公司預期全年零售收入成長不低於35%。我想詢問管理層有關該業務全年收入指引的任何更新以及未來一段時間零售的任何戰略計劃。謝謝。

(interpreted) Thank you, Dan. In the first quarter, we seized the key marketing opportunities of the Spring Festival. Also, we gained advantage from that continuous popularity of the Deep Sleep series products. Our retail business achieved a year-on-year growth of over 70% in GMB. Meanwhile, we can see that the sales trend of the new products we launched in March, namely the Deep Sleep Thermal Regulating Comforter Pro 2.0 Summer Season is also very strong.

（翻譯）謝謝你，丹。一季度，我們抓住了春節行銷的重點機會。此外，深度睡眠系列產品的持續受歡迎也為我們帶來了優勢。我們的零售業務在GMB實現了年增70%以上。同時，我們可以看到，我們3月推出的新品深睡溫控調整被Pro 2.0夏季款的銷售趨勢也非常強勁。

Looking at the full year, though the market competition is still remaining intense, however, because of our continuous enhancement of Atour Planet product offerings as well as the brand awareness, we are quite confident in the performance of our upcoming product launches. Also, the major promotional campaigns we have in our plans.

綜觀全年，雖然市場競爭依然激烈，但是，由於我們不斷增強亞朵星球的產品力和品牌知名度，我們對即將推出的產品的表現充滿信心。此外，我們也計劃進行重大促銷活動。

Based upon this outlook, we are now raising our full-year retail revenue growth forecast to 50% year over year. Meanwhile, despite there are still some RevPAR uncertainties, the strong performance of our retail business led us to increase our group's full-year revenue growth guidance to the range of in between 25% to 30% year over year.

基於這項展望，我們目前將全年零售收入成長預測上調至年增 50%。同時，儘管RevPAR仍存在一些不確定性，但我們零售業務的強勁表現使我們上調了集團全年營收成長預期，至年增25%至30%之間。

In the future, Atour Planet will continue to focus on the deep sleep domain, enhance product R&D, improve our product quality, also consolidate our moat and supply chain to achieve higher quality and a sustainable development of both the product and our brand. Thank you.

未來，亞朵星球將持續聚焦深度睡眠領域，加強產品研發，提升產品品質，夯實護城河和供應鏈，實現產品和品牌的更高品質和永續發展。謝謝。

Thank you, Dan. Next question, please.

謝謝你，丹。請回答下一個問題。

Ji Wei Lu, CITIC.

陸紀偉，中信。

(spoken in Chinese) We noticed that you had just announced dividend and share buyback program. Could you share some thoughts of the overall considerations behind these initiatives? Thanks, management.

（中文）我們注意到您剛剛宣布了股利和股票回購計劃。您能否分享一下這些舉措背後的整體考量？謝謝管理層。

(interpreted) Thank you, Ji Wei. Well, like we said before, we remain committed to creating long-term value and rewarding our shareholders' trust and support through concrete actions. So, in addition to the dividends, we have also officially announced today a three-year share repurchase program with a total amount not exceeding USD400 million.

（翻譯）謝謝你，季偉。嗯，就像我們之前說的，我們仍然致力於創造長期價值，並透過具體行動回報股東的信任和支持。因此，除了股利之外，我們今天還正式宣布了為期三年、總額不超過4億美元的股票回購計畫。

Regarding the dividends, we will continue implementing the three-year dividend plan established last year, under which the annual cumulative dividend payout will be no less than 50% of the net income in the previous fiscal year. That's why this year, as we announced, our first dividend distribution totals approximately USD58 million, representing about one-third, 33% of the prior fiscal year's net income.

在分紅方面，我們將繼續執行去年制定的三年分紅計劃，每年累計分紅不低於上一財年淨利潤的50%。這就是為什麼我們今年宣布，第一次股息分配總額約為 5,800 萬美元，約佔上一財年淨收入的三分之一，即 33%。

And moving forward into the future, we will implement a comprehensive shareholder return program by combining dividend payout and share buyback together. While ensuring the company's stable and normal capital operations, we will actively consider various shareholder return methods in line with actual business conditions to enhance shareholder yield and enable all shareholders to share in the company's growth achievements. Thank you, Ji Wei.

未來，我們將透過分紅與股票回購結合的方式，實施全面的股東回報計畫。在確保公司資本運作穩定正常的同時，我們將根據公司經營實際情況，積極考慮各種股東回報方式，提升股東收益，讓全體股東分享公司成長成果。謝謝你，紀偉。

Thank you, Ji Wei. Next question, please.

謝謝你，紀偉。請回答下一個問題。

Lydia Ling, Citi.

花旗銀行的 Lydia Ling。

(spoken in Chinese) Hi, management. Could you provide an update on the progression of your upscale of brands? And also, we noticed the launch of some new products across both the upper mid-scale and also mid-scale brands. So, could you elaborate more on the strategies for them? Thank you.

（用中文說）嗨，管理階層。能否介紹一下貴公司品牌高端化進程的最新情況？此外，我們也注意到中高階品牌和中階品牌都推出了一些新產品。那麼，您能詳細闡述他們的策略嗎？謝謝。

(interpreted) Thank you, Lydia. In terms of our upscale brands, I'd like to talk about our new brand, SAVHE Hotel. We consistently adhere to a quality-first principle, and our goal is to develop a batch of flagship projects We are pleased to take this opportunity to announce that within this month, our SAVHE flagship hotel at Binhe, Shenzhen will officially commence operations on May 28.

（譯）謝謝你，莉迪亞。就我們的高端品牌而言，我想談談我們的新品牌 SAVHE 酒店。我們始終堅持品質第一的原則，我們的目標是打造一批旗艦項目。我們很高興能藉此機會宣布，本月內，我們位於深圳濱河的SAVHE旗艦酒店將於5月28日正式開幕。

So since the trial operations of two SAVHE Hotel which started this year, their product positioning, design aesthetics, and service experiences have received widespread acclaim from the consumers. And we have the confidence that SAVHE Hotel's core concept of Chinese experience and its brand ethos of oriental serenity will establish new benchmarks in the upscale hotel market in China.

因此，兩家SAVHE酒店自今年試營運以來，其產品定位、設計美學、服務體驗都得到了消費者的廣泛好評。我們有信心，賽禾酒店「中國體驗」的核心理念和「東方靜謐」的品牌精神，將在中國高端酒店市場樹立新的標竿。

And in the upper mid-scale hotel segment, as I mentioned earlier, our Atour 3 and Atour 4 Series will co-exist, and they will jointly shape our next-generation upper mid-scale hotel portfolio so that it not only reaches the choices of franchisees but also meet the diverse accommodation needs of consumers. Also, to further expand the market coverage so as to consolidating Atour's leading position in the upper mid-scale market.

而在中高端酒店領域，正如我之前提到的，我們的亞朵3系和亞朵4系將並存，共同塑造我們下一代中高端酒店組合，使其不僅可以滿足加盟商的選擇，還可以滿足消費者多樣化的住宿需求。並進一步擴大市場覆蓋範圍，鞏固亞朵在中高端市場的領先地位。

And as for the mid-scale hotel segment, as we announced earlier, we are going to upgrade our Atour Lite 3.0 to the Atour Lite 3.3 version, and that has undergone comprehensive upgrades in multiple dimensions, including experience, product texture, and business functions. We are adopting more modular design applications in order to adapt to more diverse properties as well as enlarging the room areas.

而在中階飯店領域，正如我們先前所宣布的，亞朵Lite 3.0即將升級到亞朵Lite 3.3版本，在體驗、產品質感、商務功能等多個維度進行了全面升級。我們正在採用更多的模組化設計應用，以適應更多樣化的房產並擴大房間面積。

We are going to continue to be committed to creating a higher premium and cost-controllable investment model by offering those lasting profitability and excellent returns so that we can provide the franchisees with more investment options. Thank you, Lydia.

我們將持續致力於打造更高溢價、成本可控的投資模式，提供持久的獲利能力和優異的回報，為加盟商提供更多的投資選擇。謝謝你，莉迪亞。

Thank you. This concludes today's question and answer session. I'd like to turn the conference back over to Mr. Luke for any additional or closing remarks.

謝謝。今天的問答環節到此結束。我想將會議交還給盧克先生，請他發表任何補充或結束語。

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 next quarter and thank you and goodbye.

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

And that concludes the question and answer session. And thank you very much for joining our call today. You may now disconnect.

問答環節到此結束。非常感謝您今天參加我們的電話會議。您現在可以斷開連線。

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。