Atour Lifestyle Holdings Ltd (ATAT) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by. Welcome to Atour Lifestyle Holdings second quarter 2025 earnings conference call. (Operator Instructions) Today's conference is being recorded.

女士們、先生們，大家好。感謝您的支持。歡迎參加亞朵生活控股2025年第二季財報電話會議。（操作員指示）今天的會議正在錄製。

I would now like to turn the 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 second quarter 2025 earnings conference call. Today, we 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 2025 年第二季財報電話會議。今天，我們將聽取我們的創辦人、董事長兼執行長王海軍先生和我們的執行副總裁、聯合財務長吳建鋒先生的發言。

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.

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。

The company is not obligated to update any forward-looking statements, except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes.

除適用法律要求外，本公司沒有義務更新任何前瞻性聲明。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。

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.

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。

Thank you, Luke. Hello, everyone, and thank you for joining Atour's second quarter 2025 earnings call today.

謝謝你，盧克。大家好，感謝您今天參加亞朵2025年第二季財報電話會議。

(spoken in foreign language)

（用外語說）

In the first half of the year, China's travel market went through a period of volatility and adjustment. While overall demand steadily recovered, the industry still faced numerous challenges amidst this high-growth cycle.

上半年，我國旅遊市場經歷了波動調整期。雖然整體需求穩步回升，但產業在高成長週期中仍面臨諸多挑戰。

Against this backdrop, we believe that a true industry leader must not only validate its business model through scale, but also build a strong brand moat grounded in customer reputation. Therefore, Atour will stay true to our founding aspiration, refocus on customers placing their needs at the forefront and adhering to our business philosophy of serving people.

在此背景下，我們認為真正的產業領導者不僅要透過規模來驗證其商業模式，還要建立以客戶聲譽為基礎的強大品牌護城河。因此，亞朵將不忘初心，重新以顧客為中心，以顧客需求為中心，秉持為人民服務的經營理念。

We continue to drive product innovation and iteration across both our hotel and retail businesses, leveraging differentiated experiential strength to build defensible competitive advantages. This allows us to stay resilient through industry cycles and pursue sustainable long-term growth.

我們持續推動飯店和零售業務的產品創新和迭代，利用差異化的體驗優勢打造可防禦的競爭優勢。這使我們能夠在行業週期中保持彈性並追求可持續的長期成長。

(spoken in foreign language)

（用外語說）

Now I would like to provide more details on our business performance for the second quarter of 2025.

現在，我想提供有關我們 2025 年第二季業務表現的更多詳細資訊。

(spoken in foreign language)

（用外語說）

Let's begin with our hotel business. Please turn to Slide 4 of our second quarter 2025 results presentation. Our RevPAR was RMB343 in the second quarter, representing 95.7% of its level in the same period of 2024. Specifically, OCC reached 97.4% and ADR stood at 98.2% of their levels in the same period in 2024.

讓我們從酒店業務開始。請翻到我們 2025 年第二季業績簡報的第 4 張投影片。我們第二季的每間可用客房收入為 343 元，相當於 2024 年同期水準的 95.7%。具體而言，OCC 達到 2024 年同期水準的 97.4%，ADR 達到 2024 年同期水準的 98.2%。

(spoken in foreign language)

（用外語說）

Please turn to Slide 5. In the second quarter, RevPAR for our mature hotels in operation for more than 18 months was 94.4% of the level in the same period of 2024, and while OCC and ADR stood at 96.5% and 97.8% of 2024 levels for the same period, respectively.

請翻到投影片 5。第二季度，我們營運超過 18 個月的成熟飯店的 RevPAR 為 2024 年同期水準的 94.4%，OCC 和 ADR 分別為 2024 年同期水準的 96.5% 和 97.8%。

(spoken in foreign language)

（用外語說）

Please turn to Slide 6. In the process of expanding our scale, we have always adhered to a long-term growth principle with hotel quality as our top priority. This ensures each new hotel carries forward our brand DNA and delivers consistent experiences, thereby supporting sustainable growth through quality.

請翻到幻燈片 6。在規模不斷擴大的過程中，我們始終堅持以飯店品質為首要的長期成長原則。這確保每家新酒店都能傳承我們的品牌 DNA 並提供一致的體驗，從而透過品質支持可持續成長。

In the second quarter, we maintained a steady pace of expansion with 118 hotels opened. By the end of the second quarter, we had a total of 1,824 hotels in operation, representing a 29.2% year-over-year increase.

第二季度，我們保持了穩健的擴張步伐，新開幕酒店118家。截至第二季末，我們共有1,824家飯店在經營，較去年同期成長29.2%。

(spoken in foreign language)

（用外語說）

Meanwhile, leveraging our solid brand momentum and continuously enhanced product strength, we have been gradually building differentiated competitive edges with multiple brands and product lines that precisely target various market segments, we offer franchisees a rich and diverse range of investment options.

同時，憑藉穩健的品牌動能與不斷提升的產品力，我們逐步建構差異化的競爭優勢，多品牌、多產品線精準定位不同細分市場，提供加盟商豐富多元的投資選擇。

By the end of the second quarter, the number of hotels under development reached 816. The growth of high-quality pipeline projects is fueling strong momentum toward our strategic goal of 2,000 premier hotels.

截至第二季末，在建飯店數量達816家。優質專案儲備的成長為我們實現2000家頂級飯店的策略目標提供了強勁動力。

(spoken in foreign language)

（用外語說）

Next, I would like to share the latest developments for a Atour hotel brands.

接下來想跟大家分享亞朵酒店品牌的最新動態。

(spoken in foreign language)

（用外語說）

Please turn to Slide 7. In the upper mid-scale market, the parallel development of Atour Series 3 and Series 4 enables us to gain deeper insights into demand across segmented scenarios, driving our further penetration in the upper mid-scale segment.

請翻到幻燈片 7。在中高端市場，亞朵3系和4系的並行發展，讓我們能夠更深入地洞察細分場景的需求，並推動亞朵在中高端市場的進一步滲透。

Among them, Atour Series 3 consolidates our core brand position in mainstream business travel scenarios. The latest Atour 3.6 version is built on the product philosophy of timeless and humane and focuses on customer needs for both functional space and ambience, further enhancing the convenience and comfort of the stay experience. The first batch of Atour 3.6 hotels have gradually opened and received strong market recognition for their outstanding product strength, which is driving robust signings momentum.

其中，亞朵3系鞏固了我們在主流商旅場景中的核心品牌地位。全新亞朵3.6版秉承「永恆與人性」的產品概念，兼顧空間功能與氛圍營造，更貼近顧客的需求，進一步提升入住體驗的便利性與舒適性。首批亞朵3.6酒店已陸續開業，並憑藉出色的產品力獲得市場強烈認可，帶動簽約勢頭強勁。

(spoken in foreign language)

（用外語說）

Please turn to Slide 8. As a next-generation benchmark product for the upper mid-scale market, Atour Series 4 focuses on prime locations in higher-tier cities, precisely catering to the blended needs of business trips and urban vacations.

請翻到幻燈片 8。作為新一代中高階市場的標竿產品，亞朵4系深耕一、二線城市黃金地段，精準滿足商務旅遊與城市度假的融合需求。

On June 28, we celebrated the one-year anniversary of our first Atour 4.0 hotel. By seamlessly integrating spatial aesthetics with local culture, it has established a moat of differentiated experiences, marking a critical transition from product innovation to quality validation. To date, more than 30 Atour 4.0 hotels have opened with over 60 hotels under development in our pipeline.

6月28日，我們慶祝了第一家亞朵4.0飯店開幕一週年。透過將空間美學與當地文化無縫融合，建構了差異化體驗的護城河，標誌著從產品創新到品質驗證的關鍵轉變。截至目前，亞朵4.0酒店已開業30餘家，另有60餘家酒店正在籌備中。

(spoken in foreign language)

（用外語說）

Please turn to Slide 9. Today, consumers increasingly prioritize experiential consumption that fulfills their inner needs. However, traditional upscale hotels have struggled to keep pace as their facilities and service offerings exhibit a significant mismatch of evolving guest expectations.

請翻到投影片 9。如今，消費者越來越重視能夠滿足內心需求的體驗式消費。然而，傳統高檔飯店卻難以跟上步伐，因為它們的設施和服務與不斷變化的客人期望有很大差異。

The introduction of SAVHE Hotel represents a successful effort to redefine the standards of upscale hotel experiences. Guided by the brand ethos of Oriental Serenity, SAVHE creates deeply immersive experiences across sleep, healing and wellness, revolutionizing the traditional hotels approach to guest care.

SAVHE 飯店的推出代表著重新定義高檔飯店體驗標準的成功嘗試。在東方寧靜品牌精神的指導下，SAVHE 在睡眠、復健和健康方面創造了深度沉浸式體驗，徹底改變了傳統飯店的賓客護理方式。

On May 28, our first SAVHE flagship hotel officially opened in Shenzhen and has received widespread acclaim for its distinctive oriental lifestyle experience.

5月28日，首家SAVHE旗艦酒店在深圳正式開業，並以其獨特的東方生活方式體驗獲得廣泛讚譽。

(spoken in foreign language)

（用外語說）

As a newly developed upscale brand, SAVHE Hotel addresses present needs while anticipating emerging consumption trends. Looking ahead, SAVHE will focus on rigorous site selection in core business districts of first tier and new first-tier cities while continuously optimizing its product model based on customer feedback and operating performance.

作為新開發的高端品牌，SAVHE Hotel 在滿足現有需求的同時，也預見了新興的消費趨勢。未來，SAVHE將專注於在一線及新一線城市的核心商圈進行嚴謹的選址，並根據客戶回饋和經營業績不斷優化產品模式。

We expect each thoughtfully crafted SAVHE Hotel to become a lifestyle landmark in every city it enters, demonstrating to both customers and franchisees an innovative model in China's new generation of upscale hotels.

我們期望每間精心打造的SAVHE飯店都能成為其所進入的每個城市的生活方式地標，向顧客和加盟商展示中國新一代高檔飯店的創新模式。

(spoken in foreign language)

（用外語說）

Please turn to Slide 10. Atour Light 3.3 as an extension and upgrade of Atour Light 3.0 has comprehensively improved its design style, functional modules and operational model to precisely cater to the needs of young business travelers and franchisees, further enhancing our product competitiveness in the mid-scale hotel segment.

請翻到投影片 10。亞朵輕奢3.3作為亞朵輕奢3.0的延伸升級，在設計風格、功能模組、營運模式等方面進行了全面升級，精準貼合年輕商旅人士及加盟商的需求，進一步提升了亞朵輕奢在中階飯店領域的產品競爭力。

From an operational standpoint, we continued to improve efficiency and enhance the customer experience. These efforts have produced a strong operating performance in the brand metrics and flagship hotels in key cities while offering franchisees a sustainable return on investment.

從營運角度來看，我們不斷提高效率並增強客戶體驗。這些努力使品牌指標和主要城市的旗艦酒店取得了強勁的營運業績，同時為特許經營商帶來了可持續的投資回報。

(spoken in foreign language)

（用外語說）

We believe the current market environment presents a great opportunity for Atour Light's growth. As a strategic priority for the group, we will continue to allocate core resources to it. In terms of scale, we are taking a long-term quality-first approach, making steady progress through a rigorous selection process. In brand building, we maintain a youth-focused positioning and continue to strengthen its presence and influence, further widening our differentiated advantage in the mid-scale hotel segment.

我們相信目前的市場環境為亞朵輕奢的成長提供了絕佳的機會。作為集團的策略重點，我們將繼續為其配置核心資源。在規模上，我們長期堅持品質第一的方針，透過嚴格的篩選，穩步推進。在品牌建立上，我們堅持年輕化的定位，不斷提升品牌影響力和存在感，進一步擴大中檔飯店領域的差異化優勢。

(spoken in foreign language)

（用外語說）

Moving now to our retail business, please turn to slide 11.

現在轉到我們的零售業務，請翻到投影片 11。

(spoken in foreign language)

（用外語說）

Atour retail's differentiated advantages stem from a profound understanding of customer needs and steadfast commitment to our natural deep sleep concept. Rather than accelerating product launches, we prioritize excellence in addressing core customer needs and carefully capturing the experiential nuances of different scenarios.

亞朵零售的差異化優勢，源自於對顧客需求的深刻理解和對自然深度睡眠概念的堅定堅持。我們並不急於加速產品發布，而是優先滿足核心客戶需求並仔細捕捉不同場景的體驗細微差別。

Through meticulous refinement, we translate these insights into implementable product functionality, gradually enhancing core competitiveness in a way that cannot be replicated.

透過精細化的提煉，我們將這些洞察轉化為可實現的產品功能，以不可複製的方式逐步提升核心競爭力。

(spoken in foreign language)

（用外語說）

Fueled by ongoing strong sales of new products and the momentum from promotional campaigns, our retail business maintained robust growth this quarter with GMV rising 84.6% year-over-year to RMB1,144 million. Online channels continued to account for over 90% of total GMV

受新品持續熱銷及促銷活動推動，本季零售業務維持強勁成長，GMV 較去年同期成長 84.6% 至 11.44 億元。線上通路繼續佔總成交額的90%以上

(spoken in foreign language)

（用外語說）

Our retail GMV set a new sales record during the June 18 Shopping Festival, reaching RMB578 million, up more than 86% from the same period last year. During this promotional campaign, Atour Planet ranked the first in terms of sales in the bedding category for the first time on major third-party platforms. This breakthrough signifies that Atour Planet's deep sleep solutions brand positioning has further consolidated consumer mind share.

6·18購物節期間，我們的零售交易總額創下新高，達到人民幣5.78億元，比去年同期成長超過86%。本次促銷活動中，亞朵星球首次榮登各大第三方平台床類別銷售第一名。此次突破標誌著亞朵星球深度睡眠解決方案品牌定位進一步鞏固了消費者心智。

(spoken in foreign language)

（用外語說）

Please turn to Slide 12. In the pillow category, Atour Planet has maintained its leading position on major third-party platforms this quarter, further cementing our leadership position. Based on customer feedback and after several rounds of fine-tuning in material selection, support structure adjustments and real sleep tests, we officially launched an upgraded version of the Deep Sleep Memory Foam Pillow Series this month, the Deep Sleep Memory Foam Pillow Pro 3.0.

請翻到投影片 12。枕頭類別方面，亞朵星球本季在各大第三方平台繼續保持領先地位，進一步鞏固了領先地位。根據顧客的回饋，經過多輪材質選擇、支撐結構調整、真實睡眠測試等精細調整，本月我們正式推出深睡記憶枕系列的升級版——深睡記憶枕Pro 3.0。

This product delivers multiple breakthrough upgrades, including an innovative curve fitting design and a partition support structure that better cradles the head and naturally fits the curvature of the neck and the shoulders. The accompanying pillow case uses a new weaving technique, which enhances breathability and moisture wicking while keeping the pillow surface at a stable temperature.

該產品實現了多項突破性升級，包括創新的曲線貼合設計和分區支撐結構，可以更好地支撐頭部，自然貼合頸部和肩部的曲線。隨附的枕頭套採用新型編織技術，增強透氣性和吸濕排汗性，同時保持枕面溫度穩定。

(spoken in foreign language)

（用外語說）

Please turn to Slide 13. Meanwhile, after multiple quarters of dedicated research and functional refinement, the momentum of our comfortable category has gradually gained market recognition for its product strength.

請翻到投影片 13。同時，經過多個季度的專注研究和功能改進，我們舒適類別的勢頭已逐漸以其產品力獲得市場認可。

The Deep Sleep Thermo-Regulating Comforter Pro 2.0 (Summer Season) continued its strong sales momentum during the second quarter, driving significant growth in category sales. Atour Planet has also surged to the top of the comforter category rankings on Douyin platform in May.

深睡調溫被Pro 2.0（夏季款）第二季度延續了強勁的銷售勢頭，帶動了品類銷售額的大幅增長。亞朵星球在5月抖音平台被子類目排行榜上也躍居第一名。

(spoken in foreign language)

（用外語說）

Please turn to Slide 14. This quarter, to address common daily use pain points, we also launched a new product category, the Deep Sleep fitted sheet. Atour Planet's continuously expanding Deep Sleep product portfolio comprehensively covers the diverse needs of customer home sleep micro environment and demonstrates our capabilities to provide systematic solutions in the sleep segment.

請翻到投影片 14。本季度，為了解決常見的日常使用痛點，我們也推出了新的產品類別—深度睡眠床單。亞朵星球持續豐富的深度睡眠產品線，全面覆蓋客戶居家睡眠微環境的多樣化需求，展現了我們在睡眠領域提供系統化解決方案的能力。

(spoken in foreign language)

（用外語說）

Looking ahead to the second half, we will further deepen our presence in the sleep market by driving more product iterations and category innovations based upon our customer needs. We will enhance our R&D capabilities, strictly adhere to production standards and optimize supply chain management to advance the upgrading of the industry craftsmanship and quality standards. We will remain at the forefront of innovations in consumers' sleep experience and drive high-quality growth in the retail business.

展望下半年，我們將根據客戶需求推動更多產品迭代和品類創新，進一步深化在睡眠市場的佈局。我們將提升研發能力，嚴格生產標準，優化供應鏈管理，推動產業製程與品質標準的提升。我們將始終站在消費者睡眠體驗創新的前沿，推動零售業務的高品質成長。

(spoken in foreign language)

（用外語說）

Please turn to Slide 15. Last but not least, I would like to share the progress across our membership business and channel development.

請翻到投影片 15。最後但同樣重要的是，我想分享我們的會員業務和管道發展的進展。

(spoken in foreign language)

（用外語說）

With the ongoing refinement of the ACARD membership system and the steady expansion of member benefits, our registered individual members surpassed 102 million by the end of the second quarter, representing a 34.7% year-over-year increase.

隨著ACARD會員體係不斷完善、會員權益穩定拓展，截至第二季末，註冊個人會員數突破1.02億，較去年同期成長34.7%。

This marks a new phase for our membership program. In terms of channel development, our CRS channel remained at a healthy level, accounting for 61.5% of total room nights sold in the second quarter. The contribution of room nights sold to corporate members was 20%.

這標誌著我們的會員計劃進入新階段。通路發展方面，我們的CRS通路維持健康水平，佔第二季總售出間夜量的61.5%。出售給企業會員的房間晚數貢獻率為20%。

(spoken in foreign language)

（用外語說）

Please turn to Slide 16. We believe the core value of our membership business is not on traffic operations, but on building an emotional connection with our customers. Refocusing on customers and responding to their genuine needs is the core value of the continuous evolution of the ACARD system. In June this year, we launched the new gold member growth system to improve gold member perception and satisfaction with membership benefits.

請翻到投影片 16。我們認為會員業務的核心價值不在於流量運營，而是與顧客建立情感連結。重新關注客戶，回應客戶的真正需求是ACARD系統不斷發展的核心價值。今年6月，我們上線了全新的金牌會員成長體系，提升金牌會員的感知度與會員權益的滿意度。

This system adopts a tier-based benefits release mechanism and extends certain platinum member benefits to them, better aligning with the pace of members' progression and their usage needs while allowing more high-frequency active customers to enjoy premium benefits earlier.

系統採用階梯式權益釋放機制，將部分白金會員權益延伸至白金會員，更加貼合會員的進階節奏和使用需求，讓更多高頻活躍客戶更早享受到尊貴權益。

(spoken in foreign language)

（用外語說）

Looking ahead to the second half of the year, we remain committed to our Chinese experience strategy and will continuously strengthen our fundamental capabilities and reinforce execution standards. Amid a complex and volatile external environment, we will uphold our core values of humanistic care and customer focus. Through refined service and high-quality products, we aim to set the benchmark for experiences in the industry and as always, deliver our warmth and attentiveness to every customer.

展望下半年，我們將持續堅定推動中國經驗戰略，不斷夯實基礎能力，強化執行力。面對複雜多變的外在環境，我們將秉持人文關懷、客戶至上的核心價值。我們致力於透過精緻的服務和高品質的產品，樹立行業體驗的標桿，並一如既往地為每位顧客帶來溫暖和貼心。

(spoken in foreign language)

（用外語說）

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 second quarter of 2025. Please turn to Slide 18 of the results presentation. Our net revenues for the second quarter of 2025 grew by 37.4% year-over-year and 29.5% quarter- over-quarter to RMB2,469 million. Revenues from our manachised hotels for the second quarter of 2025 were RMB1,299 million, up 26.5% year-over-year and 25.9% quarter-over-quarter.

謝謝海君。現在我向大家介紹一下公司2025年第二季的財務表現。請翻到結果示範的第 18 張投影片。2025 年第二季度，我們的淨收入年增 37.4%，季增 29.5%，達到 24.69 億元。2025 年第二季度，我們管理的飯店營收為 12.99 億元，年增 26.5%，季增 25.9%。

The year-over-year increase was primarily fueled by our ongoing hotel network expansion. The total number of our manachised hotels increased from 1,382 as of June 30, 2024, to 1,800 as of June 30, 2025. The quarter-over-quarter increase was mainly due to an increase in RevPAR. RevPAR for our manachised hotels was RMB340 for the second quarter of 2025 compared with RMB302 for the previous quarter.

年比成長主要得益於我們持續的飯店網路擴張。我們管理的飯店總數從截至 2024 年 6 月 30 日的 1,382 家增加到截至 2025 年 6 月 30 日的 1,800 家。環比成長主要由於每間可用客房收入 (RevPAR) 的成長。2025 年第二季度，我們管理飯店的 RevPAR 為人民幣 340 元，而上一季為人民幣 302 元。

Revenues contributed by our leased hotels for the second quarter of 2025 were RMB150 million, a decrease of 17% year-over-year and an increase of 16.4% quarter-over-quarter. The year-over-year decline was primarily due to a decrease in the number of leased hotels as a result of our product mix optimization. The quarter-over-quarter increase was mainly due to an increase in RevPAR. RevPAR for our leased hotels was RMB513 for the second quarter of 2025 compared with RMB453 for the previous quarter.

2025年第二季度，我們租賃飯店貢獻的營收為人民幣1.50億元，年減17%，較上季成長16.4%。年比下降主要是由於我們產品結構優化導致租賃酒店數量減少。環比成長主要由於每間可用客房收入 (RevPAR) 的成長。2025 年第二季度，我們租賃飯店的 RevPAR 為 513 元，而上一季為 453 元人民幣。

Revenues from our retail business for the second quarter of 2025 were RMB965 million, up 79.8% year-over-year and 39.1% quarter-over-quarter. These increases were driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings.

2025年第二季度，我們零售業務的營收為人民幣9.65億元，年增79.8%，季增39.1%。隨著我們成功擴大產品範圍，推動了零售品牌知名度的不斷提高以及產品創新和開發的有效進行。

Now let's move to costs and expenses. Please turn to Slide 19. Hotel operating costs for the second quarter of 2025 increased by 15.1% year-over-year and 21.3% quarter-over-quarter to RMB893 million. These increases were primarily due to the increases in variable costs, such as supply chain costs and hotel manager costs associated with our ongoing hotel network expansion. Gross margin

現在讓我們討論成本和費用。請翻到投影片 19。2025年第二季飯店營業成本年增15.1%，較上季成長21.3%，達到人民幣8.93億元。這些成長主要是由於變動成本的增加，例如與我們正在進行的飯店網路擴張相關的供應鏈成本和飯店經理成本。毛利率

of our hotel businesses expanded to 38.3% in the second quarter of 2025 from 35.7% during the same period of 2024, primarily attributable to a lower proportion of these hotels as a result of our product mix optimization.

我們飯店業務的比例從 2024 年同期的 35.7% 增至 2025 年第二季的 38.3%，主要由於我們優化了產品組合，導致這些飯店的比例降低。

Retail cost for the second quarter of 2025 rose by 70.0% year-over-year and 33.5% quarter-over-quarter to RMB451 million. These increases were associated with the rapid growth of our retail business. Gross margin of our retail business expanded to 53.3% in the second quarter of 2025 from 50.6% during the same period of 2024, primarily attributable to the increasing contribution from higher- margin products.

2025年第二季零售成本年增70.0%，較上季成長33.5%，達到人民幣4.51億元。這些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 年第二季的 50.6% 擴大至 2025 年第二季的 53.3%，主要歸因於高利潤率產品的貢獻增加。

Now please turn to Slide 20. Selling and marketing expenses for the second quarter of 2025 were RMB393 million compared with RMB225 million for the same period of 2024. Selling and marketing expenses accounted for 15.9% of net revenues for the second quarter of 2025 compared with 12.5% for the same period of 2024.

現在請翻到第 20 張投影片。2025 年第二季銷售及行銷費用為 3.93 億元，而 2024 年同期為 2.25 億元。2025 年第二季銷售和行銷費用佔淨收入的 15.9%，而 2024 年同期為 12.5%。

The increase was mainly due to the investment in brand recognition and effective development of online channels in line with the growth of our retail business. General and administrative expenses for the second quarter of 2025 were RMB90 million, including RMB2 million share-based compensation expenses compared with RMB91 million for the same period of 2024, which included RMB15 million in share-based compensation expenses.

成長主要由於對品牌知名度的投資以及線上管道的有效開發，以配合我們零售業務的成長。2025 年第二季的一般及行政費用為人民幣 9,000 萬元，其中包括 200 萬元人民幣的股權激勵費用，而 2024 年同期的一般及行政費用為 9,100 萬元，其中包括人民幣 1,500 萬元的股權激勵費用。

General and administrative expenses, excluding share-based compensation expenses accounted for 3.6% of net revenues for the second quarter of 2025 compared with 4.2% for the same period of 2024. The decrease was primarily due to improved management efficiency and economics of scale.

2025 年第二季度，不包括股權激勵費用的一般及行政費用佔淨收入的 3.6%，而 2024 年同期為 4.2%。下降的主要原因是管理效率和規模經濟的提升。

Technology and development expenses for the second quarter of 2025 were RMB43 million compared with RMB33 million for the same period of 2024. Technology and development expenses accounted for 1.7% of net revenues for the second quarter of 2025 compared with 1.8% for the same period of 2024.

2025 年第二季技術與開發費用為 4,300 萬元，而 2024 年同期為 3,300 萬元。2025 年第二季度，技術和開發費用佔淨收入的 1.7%，而 2024 年同期為 1.8%。

Now please turn to Slide 21. Adjusted net income for the second quarter of 2025 was RMB427 million, representing a 30.2% increase year-over-year. Adjusted EBITDA for the second quarter of 2025 was RMB610 million, up by 37.7% year-over-year. And adjusted net profit margin for the second quarter of 2025 was 17.3%, representing a decrease of 0.9% points year-over-year.

現在請翻到第 21 張投影片。2025年第二季調整後淨利為4.27億元人民幣，較去年同期成長30.2%。2025年第二季調整後EBITDA為人民幣6.10億元，較去年同期成長37.7%。2025年第二季調整後淨利率為17.3%，年減0.9個百分點。

The decrease was due to a rise in the overall effective tax rate resulting from withholding tax. Adjusted EBITDA margin for the second quarter of 2025 was 24.7%, remaining stable compared to the same period of 2024.

減少的原因是預扣稅導致整體有效稅率上升。2025 年第二季調整後 EBITDA 利潤率為 24.7%，與 2024 年同期相比保持穩定。

Now please turn to Slide 22. We also maintained a healthy cash position. As of June 30, 2025, our cash and cash equivalents totaled RMB2,716 million, with net cash of RMB2,649 million. Please turn to Slide 23. For full year 2025, given ongoing network expansion and rapid growth of our retail business, we currently expect total net revenues to increase by 30% compared with full year 2024. That concludes our financial highlights for the second quarter of 2025.

現在請翻到第 22 張投影片。我們也維持了健康的現金狀況。截至2025年6月30日，我們的現金及現金等價物總額為人民幣27.16億元，淨現金為人民幣26.49億元。請翻到第 23 張投影片。對於 2025 年全年，鑑於我們零售業務的持續網路擴張和快速成長，我們目前預計總淨收入將比 2024 年全年增長 30%。這就是我們 2025 年第二季的財務亮點。

Now let's open for Q&A.

現在我們開始問答環節。

(Operator Instructions)

（操作員指示）

For the benefit of all participants on today's call, if you raise your questions in Chinese, please immediately repeat your question in English. Please repeat your questions to one at a time. If you wish to have a follow-up questions, please rejoin the queue. One moment for the first question.

為了今天電話會議所有參與者的利益，如果您用中文提出問題，請立即用英語重複您的問題。請逐一重複您的問題。如果您想有後續問題，請重新加入隊列。請稍等片刻回答第一個問題。

Lydia Li from Citi.

來自花旗銀行的 Lydia Li。

(spoken in foreign language)

（用外語說）

And thanks management and so congratulations on the solid results in the second quarter. And so I want to ask some questions on the RevPAR trend. So could you share the latest RevPAR trend performance in the third quarter to date and especially during the summer holidays? And what's your latest view on the full year RevPAR trend? thank you.

感謝管理層，並祝賀第二季取得的穩健業績。所以我想問一些有關 RevPAR 趨勢的問題。那麼，您能否分享第三季迄今為止，尤其是暑假期間的最新 RevPAR 趨勢表現？您對全年 RevPAR 趨勢的最新看法是什麼？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Lydia. Well, entering the summer season, the market continues to exhibit some characteristics such as the rotating travel hotspots or the divergent regional performances. So overall demand has not yet recovered to the same period last year.

謝謝你，莉迪亞。進入夏季，市場持續呈現旅遊熱點輪替、區域表現分化等特色。因此整體需求尚未恢復到去年同期水準。

However, we do have observed that the summer leisure travel still demonstrated some resilience. Therefore, we expect that the RevPAR pressure in Q3 will somewhat ease when compared to that of Q2, while further narrowing the declining in year-on-year RevPAR recovery. Nonetheless, full year recovery -- full year RevPAR recovery rate is also showing a gradual improving trend.

不過，我們確實觀察到，夏季休閒旅遊仍然表現出一定的韌性。因此我們預期三季RevPAR壓力將較第二季緩解，年比RevPAR回升的降幅將進一步收窄。儘管如此，全年復甦－全年RevPAR回升率也呈現逐步改善的趨勢。

(spoken in foreign language)

（用外語說）

Looking ahead, we believe the industry will continue to face challenges as market supply increases overall. However, Atour will consistently leverage our differentiated experiential advantages by refocusing on users while continuously strengthening our product excellence and brand premium capabilities.

展望未來，我們認為隨著市場供應整體增加，該產業將繼續面臨挑戰。但亞朵將始終堅持以使用者為中心，強化產品力和品牌溢價能力，並發揮差異化體驗優勢。

In terms of revenue management, we shall maintain a more balanced strategy between OCC and ADR to enhance overall profitability. We are confident that this approach is the key to navigating market cycles, and it will serve as a touchstone for our brand's resilience thank you.

在收益管理方面，我們將在OCC和ADR之間保持更平衡的策略，以提高整體獲利能力。我們相信，這種方法是駕馭市場週期的關鍵，它將成為我們品牌韌性的試金石，謝謝。

Xin Chen from UBS.

瑞銀的陳欣。

(spoken in foreign language) Let me translate to English. I may have the management share whether there are any changes to the 2025 guidance on hotel openings and closure. Additionally, what is the recent trend in franchise signings? With the increasing competition in the market, will this impact the company's future development plans?

（用外語說）讓我翻譯成英文。我可能會讓管理層分享 2025 年酒店開業和關閉指南是否有任何變化。此外，最近的特許經營簽約趨勢如何？隨著市場競爭的加劇，這是否會影響公司未來的發展計畫？

(spoken in foreign language)

（用外語說）

Thank you, Chen Xin. Let me try to answer your question and allow me to share Atour's long-term development plans from multiple perspectives, including store openings, closures and signings.

謝謝你，陳欣。我試著回答你的問題，並且從開店、關店、簽約等多個角度來分享亞朵的長期發展規劃。

(spoken in foreign language)

（用外語說）

Firstly, regard to new openings. In the first half of this year, we opened a total of 239 new hotels. By the end of the second quarter, pipeline hotel numbers reached 816. Based upon this, we are fully confident in achieving our full year guidance of 500 new hotel openings and finally reaching the scale target of 2,000 premier hotels by the end of this year.

第一，關於新開端。今年上半年，我們共開設了239家新飯店。截至第二季末，籌備飯店數量已達816家。基於此，我們有信心實現全年新開500家酒店的預期，並最終在今年年底達到2000家高級酒店的規模目標。

(spoken in foreign language)

（用外語說）

Secondly, on closures. As for our hotels in operation, we would conduct ongoing evaluations from operational to experiential perspectives and terminate partnerships with those that do not meet our experience consistency standards.

第二，關於關閉。對於正在營運的飯店，我們將從營運到體驗的角度進行持續的評估，並終止與那些不符合我們體驗一致性標準的飯店的合作關係。

So in the first half of the year, we closed 34 hotels, and we expect the full year number of closures to be in between 70 to 80. And moving forward, we will maintain a certain active replacement rate to ensure every operating hotel is a differentiated, high-quality property.

因此，今年上半年我們關閉了 34 家飯店，預計全年關閉的飯店數量將在 70 至 80 家之間。未來，我們將保持一定的主動替代率，確保每家營運的飯店都是差異化的高品質飯店。

(spoken in foreign language)

（用外語說）

Thirdly, the next point on our future approach to signings. Firstly, we will position precisely in terms of location, leveraging the network management advantages outlined in our site selection tool. Secondly, despite the current market environment with turbulences going on, we shall continue with the high standards on signings to ensure our high-quality growth and scale. These strategies will allow us to not only offer better products and experiences, but also create a win-win sustainable growth for our brand and the franchisees.

第三，關於我們未來的簽約方式的下一點。首先，我們將精準定位，利用我們選址工具中概述的網路管理優勢。第二，儘管當前市場環境動盪，但我們仍將堅持高標準的簽約，確保公司高品質發展和規模擴張。這些策略不僅使我們能夠提供更好的產品和體驗，而且還能為我們的品牌和加盟商創造雙贏的永續發展。

(spoken in foreign language)

（用外語說）

Last but not least, well, in fact, when we look back at the development history of China's chain hotel industry, most players have inevitably followed a path of prioritizing scale first. But the industry would sooner or later eventually shift from competition on scale towards competition on quality. Meanwhile, we at Atour consistently kept to our strategic focus of quality premier hotels throughout the whole time.

最後，其實回顧中國連鎖飯店業的發展歷程，多數企業都不可避免地走上了一條規模優先的道路。但該產業遲早會從規模競爭轉向品質競爭。同時，亞朵始終堅持打造精品飯店的策略重點。

In the future, we will continue to enforce strict quality control throughout the entire life cycle of hotels from signing and opening to operations and build a brand moat with our high standards and consistently practicing and promoting our development philosophy of long-termism. Thank you.

未來，我們將繼續嚴格把控酒店從簽約、開業到運營的全生命週期質量，以高標準構建品牌護城河，不斷實踐和發揚長期主義的發展理念。謝謝。

Sijie Lin from CICC.

中金公司的林思傑。

(spoken in foreign language)

（用外語說）

So thank you management, congrats for another strong quarter. So my question is on the retail business because we noticed that Atour's retail business continued its outstanding performance during Q2, which spans across the 618 Online Shopping Festival period.

所以感謝管理層，恭喜你們又一個強勁的季度。我的問題是關於零售業務的，因為我們注意到亞朵的零售業務在第二季度繼續表現出色，而第二季度正值618網路購物節期間。

And that you have raised full year revenue guidance. So could you share with us what's the full year revenue guidance for the retail business? And additionally, could you please discuss more about the future development of the retail business, maybe including the rollout pace of new sleep products? And is there any bottlenecks or challenges among development?

並且您已經提高了全年收入預期。那麼，您能否與我們分享零售業務的全年營收預期？此外，您能否進一步討論零售業務的未來發展，包括新睡眠產品的推出速度？發展中是否存在什麼瓶頸或挑戰？

(spoken in foreign language)

（用外語說）

Thank you, Sijie. Let me answer your question regarding revenue guidance. In the second quarter, Atour's retail business achieved outstanding performance. And looking at the full year, we will continue to launch new products as planned and further refine our product matrix. This month, we launched the Deep Sleep Memory Foam Pillow Pro 3.0 and the Deep Sleep Thermo-Regulating Comforter Pro 2.0 all-season.

謝謝你，思傑。讓我來回答您關於收入指導的問題。二季度，亞朵零售業務表現亮眼。展望全年，我們將繼續按計劃推出新產品，進一步完善我們的產品矩陣。本月，我們推出了 Deep Sleep Memory Foam Pillow Pro 3.0 和 Deep Sleep Thermo-Regulating Comforter Pro 2.0 全季型。

Both have received very positive market feedback. Upgraded versions of the Deep Sleep Thermo-Regulating Comforter series will also be rolled out in the near future to further enrich our deep sleep product line. Considering that positive development momentum of the retail business, we are confident in achieving our full year targets and have, therefore, raised our full year guidance of retail business growth to 60% year-over-year.

兩者都獲得了非常正面的市場回饋。深度睡眠恆溫調節被子系列的升級版也將在不久的將來推出，以進一步豐富我們的深度睡眠產品線。考慮到零售業務的良好發展勢頭，我們有信心實現全年目標，因此將全年零售業務成長預期上調至年增60%。

(spoken in foreign language)

（用外語說）

Now let me discuss the future plans for the retail business of ours. Through long-term exploration, we have already recognized that the sustained popularity of our Atour Planet sleep products is rooted in our deep understanding of user needs and the successful implementation of an experience-driven business model.

現在我來討論我們零售業務的未來計劃。透過長期的探索，我們認識到亞朵星球睡眠產品的持續熱銷，源自於對使用者需求的深刻理解和體驗驅動商業模式的成功落地。

However, we do see intensifying competitions going on with new entrants and imitators joining the freight. As a relatively new player, we see ourselves coming into this industry, we need to stay focused, solidify our fundamental capabilities in twofold.

然而，我們確實看到，隨著新進入者和模仿者的加入，競爭正在加劇。作為一個相對較新的參與者，我們進入這個行業，需要保持專注，鞏固我們雙重基本能力。

On one hand, we shall continuously optimize our supply chain as a strong foundation for our long-term development. While on the other hand, we will strengthen R&D innovation and quality control to drive the overall improvement of industry standards with higher benchmarks. This is precisely a continuation and practice of the long-term philosophy of high-quality growth that our hotel business upholds thank you.

一方面，我們要不斷優化供應鏈，為我們的長遠發展奠定堅實的基礎。另一方面，加強研發創新和品質管控，以更高的標準帶動產業水準的整體提升。這正是我們酒店業務長期秉持的高品質成長理念的延續和實踐。謝謝。

Dan Chee of Morgan Stanley.

摩根士丹利的 Dan Chee。

(spoken in foreign language)

（用外語說）

Our finding, we observed the growth rate of the retail segment business. Revenue is a lot faster than the hotel segment. So there has been some structural change on the growth rate of the company's revenue outlook. The tax rate was also high this quarter, similar to first quarter.

我們的發現是，我們觀察了零售業務的成長率。收入成長速度比旅館業快得多。因此，該公司收入前景的成長率發生了一些結構性變化。本季稅率也較高，與第一季類似。

So I would like to understand the company's latest view on the full year adjusted net income margin. And can it still stay stable at 18% like last year as previously guided? Thank you.

因此我想了解公司對全年調整後淨利率的最新看法。是否還能像去年一樣按照先前的指引穩定維持在18%？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Dan. In 2024, our group's adjusted net profit margin was approximately 18%. This year, due to the rapid growth of our retail business, our revenue structure shifted. And in the first half of the year, retail revenue accounted for around 38% of the total, up from around 29% in last year. And the contribution from retail revenue continues to increase. It is exerting a

謝謝你，丹。2024年，我們集團的調整後淨利率約為18%。今年由於零售業務的快速成長，我們的收入結構發生了變化。今年上半年，零售收入佔總收入的38%左右，高於去年的29%左右。零售收入的貢獻持續增加。它正在發揮

structural impact on our overall net profit margin. But as we have maintained a relatively stable pretax profit margin through improved management efficiency.

對我們的整體淨利潤率產生結構性影響。但我們透過提高管理效率，維持了相對穩定的稅前利潤率。

(spoken in foreign language)

（用外語說）

Meanwhile, as we have officially launched a comprehensive shareholder return program combining dividends and share repurchases this year, of which the funding source comes from our net income profit distribution of our domestic subsidiaries.

同時，我們今年已正式啟動以分紅與股份回購相結合的綜合股東回報計劃，該計劃的資金來源來自境內子公司淨利潤分配。

Accordingly, the associated withholding tax will increase our overall effective tax rate this year. The adjusted comprehensive tax rate is expected to rise to 30% this year compared to last year's 25%. That will, to some extent, affect our full year net profit margin. So as a result, we anticipate our year-on-year decline in full year net profit margin. Thank you.

因此，相關預扣稅將增加我們今年的整體有效稅率。預計今年調整後的綜合稅率將從去年的25%上升至30%。這將在一定程度上影響我們全年的淨利潤率。因此，我們預計全年淨利潤率將年減。謝謝。

Simon Cheung of Goldman Sachs.

高盛的 Simon Cheung。

(spoken in foreign language)

（用外語說）

So let me translate that into English. So regarding the hotel brand, I have questions on the two hotel brands that they have maybe more strategic focus or newly launched recently. One is SAVHE, whereby they launched a Shenzhen new hotel and the market receptions have been excellent. Wondering whether they have any targets in terms of the number of hotel as well as the district or regions where they're going to be focusing on?

讓我把它翻譯成英文。因此，關於酒店品牌，我對這兩個酒店品牌有疑問，它們可能更具戰略重點或最近新推出。一是SAVHE，他們在深圳開了一家新飯店，市場反應非常好。想知道他們在酒店數量以及他們將要關注的地區或區域方面是否有任何目標？

Secondly, also on Atour Light, I think the number of hotel count almost reaching 180 for this quarter. Wondering if there's any update on the feedback and specifically, the version 3.3 has been quite well received. So wondering if there's going to be any feedback that management can share? Thank you.

其次，同樣是亞朵輕奢，我認為本季的飯店數量幾乎達到了180家。想知道反饋是否有任何更新，具體來說，3.3 版本受到了相當熱烈的歡迎。所以想知道管理層是否可以分享任何回饋？謝謝。

(spoken in foreign language)

（用外語說）

Thank you, Simon. First, regarding the question of SAVHE. Well, since its opening, SAVHE has been highly praised by our users because of the design style and service quality and the particularly standout operational performance. The flagship store of SAVHE Hotel in Shenzhen achieved a comprehensive RevPAR exceeding RMB800 in its first month operation that started from May 28.

謝謝你，西蒙。首先，關於SAVHE的問題。SAVHE自開業以來，其設計風格、服務品質以及特別突出的營運性能，得到了用戶的高度評價。莎禾飯店深圳旗艦店自5月28日開幕首月，綜合RevPAR突破800元。

Currently, several high-quality projects in key cities such as Guangzhou, Shanghai, Shenzhen are poised to open successfully. For SAVHE, we will adhere to quality-first approach because we need to control the scale of expansion while deepening the brand's presence and aiming to set a benchmark in experience and supporting its growth with a long-termism mindset.

目前，廣州、上海、深圳等重點城市多個優質項目即將盛大開幕。對於SAVHE，我們將堅持品質第一的方法，因為我們需要在深化品牌影響力的同時控制擴張規模，並致力於在體驗方面樹立標桿，並以長期主義的心態支持其發展。

(spoken in foreign language)

（用外語說）

I'll talk about Atour Light. In second quarter, overall operational performance of Atour Light 3.0 was outstanding with the RevPAR recovery rate outperforming our group's average, demonstrating a strong product potential and very efficient location of the Atour Light brand.

我來說說亞朵之光。第二季，亞朵輕奢3.0整體營運表現亮眼，RevPAR回升率超越集團平均水平，彰顯了亞朵輕奢品牌強大的產品潛力和高效的市場定位。

Atour Light 3.3 version upgraded from the basis of Atour Light 3.0 has also been highly favored by franchisees since its launch and picked up a very strong signing momentum. Our first Atour Light 3.3 hotel has opened in last week, and the first batch of more locations will open soon.

在亞朵輕奢3.0基礎上升級的亞朵輕奢3.3版本，自上市以來也受到了加盟商的熱烈追捧，簽約勢頭十分強勁。我們的第一家亞朵輕奢3.3飯店已於上週開業，首批更多門市也即將開業。

(spoken in foreign language)

（用外語說）

And looking forward, we do believe in Atour Light to be a strategic priority for our group, and we will continue to invest into this brand with our core resources, meticulously refine product quality, enhance operational efficiency and also focus on core urban areas and key business districts. With a long-term vision and a steady deliberate efforts, we aim to lay a solid foundation for achieving a goal of 1,000 Atour Light hotels. Thank you.

展望未來，我們堅信亞朵輕奢是集團的策略重點，並將持續以核心資源投入該品牌，精心打造產品品質，提升營運效率，並聚焦核心城區與重點商圈。我們以長遠的眼光、紮實的努力，為實現1000個亞朵輕奢酒店的目標奠定堅實的基礎。謝謝。

There are no further questions at this time. That concludes today's question-and-answer session. I would like to turn the call back to Mr. Luke for any additional or closing remarks.

目前沒有其他問題。今天的問答環節到此結束。我想將電話轉回給盧克先生，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, and we look forward to speaking with you again next quarter. Thank you, and goodbye.

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

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

今天的電話會議到此結束。感謝您的參與。您可以掛斷電話了。

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。