Atour Lifestyle Holdings Ltd (ATAT) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by, and welcome to Atour Lifestyle Holdings third quarter 2025 earnings conference call. (Operator Instructions)

各位女士、先生們，大家好。感謝您的耐心等待，歡迎參加 Atour Lifestyle Holdings 2025 年第三季財報電話會議。（操作說明）

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

今天的會議正在錄影。現在我將把會議交給高級投資者關係經理盧克·胡先生。請繼續，先生。

Thank you, operator. Good morning, and good evening, everyone. Welcome to our third quarter 2025 earnings conference call. Today, you will hear from our Founder, Chairman and CEO, Mr. Wang Haijun; and our EVP, Co-CFO, Mr. Wu Jianfeng.

謝謝接線生。各位早安，各位晚上好。歡迎參加我們2025年第三季財報電話會議。今天，您將聽到我們的創辦人、董事長兼執行長王海軍先生和我們的執行副總裁兼聯席財務長吳建峰先生的演講。

Before we continue, please be aware that this 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.

在繼續之前，請注意，本次討論將包含聯邦證券法規定的前瞻性陳述。這些聲明存在各種風險和不確定性，實際結果可能與我們今天在評論中陳述或暗示的內容有重大差異。

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 purpose.

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 the 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.

若要清楚了解這些措施以及 GAAP 與非 GAAP 財務結果的調整情況，請參閱今天稍早發布的獲利報告。此外，本次電話會議的網路直播回放可在我們的網站 ir.yaduo.com 上觀看，該網站還提供結果簡報的副本。

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

現在我將把電話交給我們的執行長王先生。

(interpreted) Thank you, Luke. Hello, everyone. Thank you for joining Atour's third quarter 2025 earnings call today.

（翻譯）謝謝你，盧克。大家好。感謝您今天參加 Atour 2025 年第三季財報電話會議。

Amid the ongoing volatility in the macro environment, consumers have shown a clear shift towards prioritizing value and making more rational purchasing decisions. Innovative experiences emerging from new scenarios and business models have become a key force driving the release of consumption potential. For the hotel sector, the overall market has shown a moderate recovery since the third quarter. While travel and leisure demand continues to be robust, the industry is also characterized by rapidly shifting hotspots and uneven recovery across regions.

在宏觀環境持續波動的情況下，消費者明顯轉向優先考慮價值，並做出更理性的購買決策。源自於新場景和新商業模式的創新體驗已成為釋放消費潛力的關鍵驅動力。飯店業整體市場自第三季以來呈現溫和復甦態勢。儘管旅遊休閒需求依然強勁，但該產業也呈現出熱點快速轉移和各地區復甦不平衡的特徵。

In the retail market, consumption is increasingly centered around experiential offerings and quality of life upgrades. Evolving consumer habits, coupled with technological advancements are jointly fueling development across various segments.

在零售市場，消費越來越以體驗式產品和服務以及生活品質提升為中心。消費者習慣的演變，加上科技的進步，共同推動了各領域的發展。

As a leading lifestyle group, Atour keenly observes the evolution of user needs and captures consumption trends with precision. Through continuous innovation and enhanced the experience in both our hotel and retail businesses, we consistently respond to and lead contemporary consumers' pursuit of quality living.

作為領先的生活方式集團，Atour 敏銳地觀察用戶需求的演變，並精準地捕捉消費趨勢。透過不斷創新和提升飯店及零售業務的體驗，我們始終回應並引領當代消費者對高品質生活的追求。

Now I would like to provide more details on our performance for the third quarter of 2025. Let's begin with our hotel business. Please turn to slide 4 of our third quarter '25 results presentation. In the third quarter, our RevPAR was RMB371.3, representing 97.8% of its level in the same period of 2024, specifically, OCC nearly recovered to the prior year level at 99.9% of the same period in 2024, and ADR reached 98.1% at this level in the same period of 2024.

現在我想提供更多關於我們2025年第三季業績的詳細資訊。讓我們先從酒店業務說起。請翻到我們2025年第三季業績報告的第4頁。第三季度，我們的每間可供出租客房收入（RevPAR）為人民幣371.3元，相當於2024年同期水平的97.8%；具體而言，OCC幾乎恢復到上年同期水平，達到2024年同期水平的99.9%；ADR達到2024年同期水平的98.1%。

Please turn to slide 5. In the third quarter, RevPAR for our mature hotels in operation for more than 18 months was 95% of the level in the same period of 2024, while OCC and ADR stood at 98.5% and 96.6% of their levels in the same period of 2024, respectively.

請翻到第5張投影片。第三季度，營運超過 18 個月的成熟飯店的每間可供出租客房收入 (RevPAR) 為 2024 年同期水準的 95%，而入住率 (OCC) 和平均房價 (ADR) 分別為 2024 年同期水準的 98.5% 和 96.6%。

Please turn to slide 6. Driven by our brand power and product excellence, Atour's hotel network steadily expanded with the successful launch of various high-quality projects. In the third quarter, we opened 152 new hotels, a record high for a single quarter. By the end of the third quarter, we had a total of 1,948 hotels in operation, representing a 27.1% year-over-year increase.

請翻到第6張投影片。憑藉強大的品牌實力和卓越的產品品質，Atour 的酒店網絡透過成功推出各種高品質項目而穩步擴張。第三季度，我們新開了 152 家飯店，創下單季新開飯店數量的最高紀錄。截至第三季末，我們共有 1948 家酒店投入運營，年增 27.1%。

We have full confidence in achieving our strategic targets of the 2,000 premier hotels by year-end, laying a solid foundation for the next phase of our journey. As of the end of the third quarter, our pipeline of hotels under development remained steady at 754. amid our rapid expansion, we remain steadfast in our quality-first principle. By applying rigorous project selection criteria and strict quality standards, we are driving healthy and sustainable high-quality growth.

我們完全有信心在年底前實現建成 2000 家頂級酒店的戰略目標，為我們下一階段的發展奠定堅實的基礎。截至第三季末，我們在建飯店專案數量穩定在 754 家。在快速擴張的同時，我們始終堅持品質第一的原則。我們透過實施嚴格的專案選擇標準和嚴格的品質標準，推動健康、可持續的高品質成長。

Next, I would like to share the latest developments for our hotel brands. Please turn to slide 7. Within our upper midscale product portfolio, Atour 3.6 represents a new benchmark for Atour Series 3 hotels. To date, we have opened 19 Atour 3.6 hotels, which continue to gain market recognition and acclaim. Through meticulous attention to detail and optimize scenario design Atour 3.6 seamlessly integrates functional amenities, premium service, and humane ambiance.

接下來，我想和大家分享我們酒店品牌的最新發展。請翻到第7頁投影片。在我們高階中檔產品組合中，Atour 3.6 代表了 Atour 系列 3 飯店的新標竿。到目前為止，我們已經開設了 19 家 Atour 3.6 酒店，這些酒店不斷獲得市場認可和讚譽。Atour 3.6 透過細節的精雕細琢和場景設計的最佳化，將功能性設施、優質服務和人性化氛圍完美融合。

It effectively addresses the core needs of guests for efficiency and comfort offering a new, more refined choice for travel experiences.

它有效滿足了客人對效率和舒適度的核心需求，為旅行體驗提供了一種全新的、更精緻的選擇。

Please turn to slide 8. Grounded in a forward-looking understanding of consumers' long-term needs, Atour Series 4 has received a strong market recognition, reaffirming its precise product positioning. In the third quarter, the RevPAR of Atour 4.0 hotels in operation for more than 3 months surpassed RMB500 while delivering both functional utility and emotional value, Atour 4.0 hotels place greater emphasis on fostering a deep resonance with guests, creating a healing experience that promotes holistic well-being.

請翻到第8張幻燈片。Atour Series 4 基於對消費者長期需求的前瞻性理解，獲得了強大的市場認可，再次確認了其精準的產品定位。第三季度，營運超過 3 個月的 Atour 4.0 飯店的每間可供出租客房收入 (RevPAR) 超過 500 元人民幣。 Atour 4.0 飯店在提供功能實用性和情感價值的同時，更著重與客人建立深層的共鳴，創造促進身心健康的療癒體驗。

The upper midscale segment has long been our core focus and a strategic foundation by leveraging the synergistic deployment of Atour Series 3 and Series 4 we effectively serve the diverse needs of different customer groups as Atour product continued to penetrate core business districts across cities. We will further solidify our competitive moat and leading position in the upper midscale market.

中高端市場一直是我們的核心關注點和策略基礎，透過Atour Series 3和Series 4的協同部署，我們有效地滿足了不同客戶群的多樣化需求，Atour產品也持續滲透到各個城市的核心商業區。我們將進一步鞏固我們在中高端市場的競爭優勢和領先地位。

Please turn to slide 9. SAVHE hotel represents a significant breakthrough for us in the upscale lifestyle segment. In the third quarter, the two operating hotels demonstrated robust performance with RevPAR exceeding RMB900. On November 18, our third SAVHE hotel began its soft opening in Guangzhou and has already received positive market feedback. With its unique design style and exceptional accommodation experience, SAVHE hotel continues to attract a diverse clientele, demonstrating its substantial growth potential.

請翻到第9頁投影片。SAVHE酒店是我們進軍高端生活風格領域的一項重大突破。第三季度，兩家營運飯店業績表現強勁，每間可供出租客房收入超過人民幣900元。11月18日，我們的第三家SAVHE酒店在廣州開始試營業，並已獲得正面的市場回饋。憑藉其獨特的設計風格和卓越的住宿體驗，SAVHE 酒店不斷吸引多元化的客戶群，展現出其巨大的成長潛力。

SAVHE hotel is dedicated to creating rejuvenating journeys for the discerning clientele, masterfully fusing Eastern cultural heritage with modern aesthetics. We are now collaborating with a professional institution to integrate scientific wellness concepts across the guest experience from customized healthy diets to carefully curated in-room amenities building a comprehensive deep experience for guests and showcase our thoughts and the practice of the Chinese experience concept in the upscale segment.

SAVHE 酒店致力於為眼光獨到的顧客打造煥發活力的旅程，巧妙地將東方文化遺產與現代美學融合在一起。我們現在正與專業機構合作，將科學的健康理念融入賓客體驗的各個方面，從定制的健康飲食到精心挑選的客房設施，為賓客打造全面而深入的體驗，並在高端領域展示我們對中國體驗理念的思考和實踐。

For our expansion strategy, we will continue to adhere to precise site selection striving to make every SAVHE hotel a model of local upscale lifestyle. Please turn to slide 10. For our midscale brand, we consolidated our differentiated advantages by continuously refining our products, improving operational efficiency, and enhancing brand building.

為了我們的擴張策略，我們將繼續堅持精準的選址，力求將每間 SAVHE 飯店都打造成為當地高端生活方式的典範。請翻到第10張投影片。對於我們的中端品牌，我們透過不斷改進產品、提高營運效率和加強品牌建立來鞏固我們的差異化優勢。

Atour Light continued its strong performance in the third quarter. With the RevPAR of Atour Light Series 3 hotels and operation surpassing year-ago levels as the latest upgraded version Atour Light 3.3 has seen its first batch of hotels successively open. Atour Light 3.3 features a more mature model with that incorporates targeted optimization in practicality and spatial aesthetics earning strong acclaim from both users and franchisees.

Atour Light在第三季持續保持強勁的業績表現。隨著最新升級版 Atour Light 3.3 的首批飯店陸續開業，Atour Light 系列 3 飯店的 RevPAR 和營運水準已超過去年同期水準。Atour Light 3.3 採用更成熟的模型，在實用性和空間美學方面進行了針對性優化，贏得了用戶和加盟商的一致好評。

At the current stage, Atour Light will continue to concentrate its presence in higher-tier cities, advancing steadily while building brand recognition through benchmark projects. Simultaneously, we are systematically enhancing our operational framework or refining service touch points, optimizing operational standards and strengthening talent development.

現階段，Atour Light將繼續專注於高線城市，穩步發展，並透過標竿專案建立品牌知名度。同時，我們正在系統地完善營運框架或改善服務接觸點，優化營運標準，並加強人才培育。

These efforts ensure premium experiences while consistently driving operational efficiency, solidifying our competitive edge in the midscale segment and laying a solid foundation for long-term development of Atour Light brand.

這些努力確保了優質的體驗，同時不斷提高營運效率，鞏固了我們在中端市場的競爭優勢，並為 Atour Light 品牌的長期發展奠定了堅實的基礎。

Moving now to our retail business. Please turn to slide 11. During the third quarter, our retail business sustained strong growth with GMV reaching RMB994 million, representing a 75.5% year-over-year increase. Online channels continue to contribute over 90% of total GMV. During the recently concluded Double Eleven shopping festival, Atour Planet has not only delivered its excellent sales momentum but has also further strengthened the Deep Sleep brand image in the mind of users.

接下來我們來談談零售業務。請翻到第11頁。第三季度，我們的零售業務保持強勁成長，GMV達到人民幣9.94億元，年增75.5%。線上通路持續貢獻超過90%的總GMV。在最近結束的雙十一購物節期間，Atour Planet 不僅保持了良好的銷售勢頭，而且進一步鞏固了 Deep Sleep 在用戶心中的品牌形象。

Meanwhile, across both the third quarter and the Double Eleven period, Atour Planet also ranked among the top brands in the bedding category on major third-party platforms.

同時，在第三季和雙十一期間，Atour Planet 在主要第三方平台上的寢具類別中也位列頂級品牌之列。

Please turn to slide 12. The outstanding performance of Atour Planet keeps validating our ability to provide comprehensive sleep solutions in the market. In our core categories, we pursue breakthrough innovation through initiatives like collaborative R&D with academic institutions, consolidating our competitive advantages while gradually expanding market reach.

請翻到第12頁投影片。Atour Planet 的出色表現不斷驗證了我們為市場提供全面睡眠解決方案的能力。在我們的核心類別中，我們透過與學術機構合作研發等措施追求突破性創新，鞏固我們的競爭優勢，同時逐步擴大市場覆蓋範圍。

Meanwhile, based on in-depth insights into user needs, we are also developing new categories such as Deep Sleep fitted sheet and the Deep Sleep loungewear, refining and enriching the sleep ecosystem of Atour Planet. Next, I will now walk you through the latest updates on Atour Planet's core categories.

同時，基於對使用者需求的深入洞察，我們也正在開發新的產品類別，例如深度睡眠床單和深度睡眠家居服，不斷完善和豐富 Atour Planet 的睡眠生態系統。接下來，我將帶您了解 Atour Planet 核心類別的最新更新。

Please turn to slide 13. In the third quarter, Atour Planet continued to lead the market in the pillow category across major third-party platforms. Deep Sleep Memory Foam Pillow PRO 3.0 has received the glowing reviews for its excellent support and comfort. Since its launch, it has shown strong sales performance, exceeding RMB100 million GMV in just 25 days, reducing 19 days compared to the previous generation.

請翻到第13頁。第三季度，Atour Planet 在各大第三方平台的枕頭類別中持續保持市場領先地位。Deep Sleep Memory Foam Pillow PRO 3.0 因其出色的支撐性和舒適性而獲得了極高的評價。自上市以來，該產品銷售業績強勁，僅用 25 天就突破了 1 億元的 GMV，比上一代產品減少了 19 天。

Up till now, the cumulative sales volume of the Deep Sleep Pillow series has exceeded 8 million units since its release. In addition, we've expanded the pillow portfolio with products like Deep Sleep Travel Pillow for travel and Deep Sleep pillow for children, gradually building a product portfolio that covers different scenarios and serves various user groups. This expansion demonstrates our execution capabilities in enhancing sleep experiences while reinforcing our category leadership position.

自推出以來，深度睡眠枕系列累計銷售量已超過 800 萬個。此外，我們也擴展了枕頭產品組合，推出了旅行用的深度睡眠旅行枕和兒童深度睡眠枕等產品，逐步建立了一個涵蓋不同場景、服務不同使用者群體的產品組合。此次擴張展現了我們在提升睡眠體驗方面的執行能力，同時也鞏固了我們在該領域的領先地位。

Please turn to slide 14. Atour Planet is leading the transformation of the comforter categories driven by the exceptional performance of our Deep Sleep Thermo-Regulating Comforter Series. As seasons change, we launched two upgraded products in the third quarter, [Thermo-Regulating Comforter Pro 2.0] (corrected by company after the call), all season and winter season, both feature an upgraded dual-layer temperature control system that dynamically adjust the sleep microenvironment for more stable rest.

請翻到第14頁。Atour Planet 憑藉其卓越的性能，引領著被褥品類的變革，尤其是我們深度睡眠恆溫被褥系列。隨著季節更迭，我們在第三季度推出了兩款升級產品，分別是[恆溫調節舒適毯 Pro 2.0]（電話會議後公司進行了更正），四季款和冬季款，這兩款產品均採用升級的雙層溫度控制系統，可動態調節睡眠微環境，從而實現更穩定的睡眠。

To date, the cumulative sales volume of the [Thermo-Regulating Comforter] (corrected by company after the call) Series has exceeded 2 million units since its launch.

截至目前，[恆溫調節被]系列（電話會議後公司更正）自上市以來累計銷售量已超過200萬件。

Please turn to slide 15. With the launch of new products targeting users core sensory needs during sleep, we officially released the Atour Planet Deep Sleep Standard, covering the dynamic pressure stabilization factor for the pillow category and the dynamic temperature management sector for the comforter category. In the future, this standard will serve as the core criterion for product iteration, ensuring high quality and consistency of products.

請翻到第15頁。隨著針對用戶睡眠期間核心感官需求的新產品的推出，我們正式發布了 Atour Planet 深度睡眠標準，涵蓋了枕頭類別的動態壓力穩定因素和被子類別的動態溫度管理領域。未來，該標準將作為產品迭代的核心準則，確保產品的高品質和一致性。

The establishment of this standard has also driven us to continuously enhance our supply chain capabilities, further strengthening our competitive advantages and the technical barriers in the sleep field. Our goal with this is to elevate industry standards and make natural Deep Sleep an experience that every user can truly perceive and achieve.

這個標準的發展也促使我們持續提升供應鏈能力，進一步增強我們在睡眠領域的競爭優勢和技術障礙。我們的目標是提升業界標準，讓每個使用者都能真正感知並實現自然深度睡眠體驗。

In the current market where imitators and followers are emerging, Atour Planet remains committed to its founding aspiration dedicated to listen to users' genuine needs and the refining product details. Our deep understanding and agile responsiveness to user needs have become a solid moat supporting long-term brand development. In the meantime, we'll keep strengthening our foundational capabilities.

在現今模仿者和追隨者層出不窮的市場中，Atour Planet 始終秉持著創立之初的願景，致力於傾聽用戶的真實需求，並不斷完善產品細節。我們對使用者需求的深刻理解和敏捷回應，已成為支撐品牌長期發展的堅實護城河。同時，我們將持續加強基礎能力建構。

We will pursue excellence in product development, supply chain management and quality control to solidify a strong foundation for healthy growth. Looking to the future, we are ready to work with our industry partners to move forward together and guide China's sleep industry to a new stage of higher quality development.

我們將追求產品開發、供應鏈管理和品質控制的卓越表現，為健康發展奠定堅實基礎。展望未來，我們願與產業夥伴攜手並進，引領中國睡眠產業邁向更高品質發展的新階段。

Please turn to slide 16. Last but not least, I would like to share our progress across our membership business and channel development. With our growing brand influence and the continuous enrichment of our membership benefit system, our membership base maintained a robust growth. By the end of the third quarter, the number of registered individual members exceeded 108 million, representing a year-over-year growth of over 30%.

請翻到第16頁。最後，我想和大家分享我們在會員業務和通路發展方面的進展。隨著品牌影響力的不斷擴大和會員福利體系的不斷完善，我們的會員基礎保持了強勁的成長。到第三季末，註冊個人會員人數超過 1.08 億，年增超過 30%。

In terms of channel development, our core CRS channel remained stable, accounting for 62.4% of the total room nights sold in the third quarter. The contribution of room nights sold to corporate members was 20% during the quarter.

在通路發展方面，我們的核心 CRS 通路保持穩定，佔第三季總客房夜數的 62.4%。本季售給企業會員的客房夜數貢獻率為 20%。

Please turn to slide 17. The evolution of the ACARD system and the upgrade of membership benefits stem from our deep understanding of members genuine needs. By integrating online and off-line resources, we've created multi-scenario end-to-end service experiences that continuously explore innovative possibilities in quality living.

請翻到第17頁。ACARD 系統的演進和會員權益的升級源自於我們對會員真實需求的深刻理解。透過整合線上和線下資源，我們創造了多場景的端到端服務體驗，不斷探索優質生活的創新可能性。

Looking ahead, we will sharpen ACARD's brand positioning with a focus on a complete customer life cycle, we will analyze consumption patterns across accommodation and retail scenarios among different user groups, expanding lifestyle experiences and introducing compelling benefits and activities to deepen emotional connection with our members.

展望未來，我們將著眼於完整的客戶生命週期，進一步強化 ACARD 的品牌定位；我們將分析不同用戶群在住宿和零售場景中的消費模式，拓展生活方式體驗，並推出引人入勝的優惠和活動，以加深與會員的情感聯繫。

Please turn to slide 18. Moving forward, we will continue to deepen our focus across three key areas of user, employee and fundamental capabilities. As for our users, we will always adhere to the user-first philosophy embedding it across all touch points of our hotel and retail businesses. We will continuously enhance users' experiences and deepen our emotional connection with them. For our employees, we pay close attention to their growth trajectories and accumulated experience.

請翻到第18頁幻燈片。展望未來，我們將持續深化對使用者、員工和基礎能力這三個關鍵領域的關注。對於我們的用戶，我們將始終堅持以用戶為中心的理念，並將其融入我們酒店和零售業務的所有接觸點中。我們將持續提升使用者體驗，加深與使用者的情感連結。我們非常關注員工的成長軌跡和經驗累積。

Through diversified mechanisms, we redefine traditional industry promotion and the development path, driving continuous organizational evolution. To strengthen our foundational capabilities, we have been leveraging digital solutions alongside granular operations management, thus driving a comprehensive upgrade in both efficiency and the customer experience, providing a solid foundation of the group's long-term sustainable high-quality growth.

我們透過多元化的機制，重新定義傳統的產業促進和發展路徑，推動組織不斷演進。為了加強我們的基礎能力，我們一直在利用數位化解決方案以及精細化的營運管理，從而全面提升效率和客戶體驗，為集團長期可持續的高品質成長奠定堅實的基礎。

I will now turn the call over to our Co-CFO, Mr. Wu Jianfeng, who will discuss our financial results.

現在我將把電話交給我們的聯席財務長吳建峰先生，他將討論我們的財務表現。

Thank you, Haijun. I would like to present the company's financial performance for the third quarter of 2025. Please turn to slide 20 of the result presentation. Our net revenue for the third quarter of 2025 grew by 38.4% year-over-year and 6.5% quarter-over-quarter to RMB2,628 million. Revenues from our manachised hotels for the third quarter of 2025 were RMB1,560 million, up 32.3% year-over-year and 20.1% quarter-over-quarter. The year-over-year increase was primarily fueled by the ongoing expansion of our hotel network.

謝謝海君。我謹代表公司介紹2025年第三季的財務表現。請翻到結果簡報的第20頁。2025年第三季度，我們的淨收入年增38.4%，較上季成長6.5%，達到人民幣26.28億元。2025年第三季度，我們管理的飯店的營收為人民幣15.6億元，較去年同期成長32.3%，較上季成長20.1%。年比成長主要得益於我們酒店網路的持續擴張。

The total number of our manachised hotels increased from 1,504 as of September 30, 2024, to 1,924 as of September 30, 2025. The quarter-over-quarter increase was mainly due to the growth in RevPAR and our supply chain business. Revenues contributed by our leased hotels for the third quarter of 2025 were RMB164 million, representing a decrease of 13.4% year-over-year, an increase of 9.7% quarter-over-quarter. The year-over-year decline was primarily driven by a decrease in the number of leased hotels as a result of our product mix optimization.

截至 2024 年 9 月 30 日，我們管理的飯店總數為 1,504 家；截至 2025 年 9 月 30 日，管理的飯店總數為 1,924 家。環比成長主要歸功於每間可供出租客房收入 (RevPAR) 的成長和供應鏈業務的成長。2025年第三季度，我們租賃飯店的營收為人民幣1.64億元，年減13.4%，較上季成長9.7%。年比下降的主要原因是，由於我們的產品組合優化，租賃飯店的數量減少了。

The quarter-over-quarter increase was mainly due to an increase in RevPAR. Revenues from our retail business for the third quarter of 2025 were RMB846 million, reflecting 76.4% year-over-year but a 12.3% quarter-over-quarter decline. The year-over-year growth was driven by increasing brand recognition, successful product innovation and a broadened range of product offerings. The quarter-over-quarter decline was primarily due to the seasonality of our retail business.

季度環比成長主要歸功於每間可供出租客房收入（RevPAR）的成長。2025年第三季度，我們零售業務的營收為人民幣8.46億元，年增76.4%，但季減12.3%。同比成長主要得益於品牌知名度的提升、成功的產品創新以及產品範圍的擴大。環比下降主要是由於零售業務的季節性因素造成的。

Now let's move to cost and expenses. Please turn to slide 21. Hotel operating costs for the third quarter of 2025 increased by 23.5% year-over-year and 21.1% quarter-over-quarter to RMB1,082 million. These increases were primarily due to higher variable costs, supply chain costs and hotel manager costs associated with our ongoing hotel network expansion.

現在我們來看看成本和費用。請翻到第21頁。2025年第三季飯店營運成本年增23.5%，季增21.1%，達10.82億元人民幣。這些成長主要是由於不斷擴大的飯店網路帶來的變動成本、供應鏈成本和飯店經理成本增加所致。

Gross margin of our hotel businesses expanded to 37.3% in the third quarter of 2025 from 36.0% during the same period of 2024, primarily due to a lower proportion of leased hotels as a result of our product mix optimization. Retail cost for the third quarter of 2025 went up by [76.3%] (corrected by company after the call) year-over-year and down by 11.2% quarter-over-quarter to RMB400 million.

由於我們優化了產品組合，租賃酒店的比例有所下降，因此，我們酒店業務的毛利率從 2024 年同期的 36.0% 增長到 2025 年第三季的 37.3%。2025 年第三季零售成本年增 76.3%（公司在電話會議後進行了更正），季減 11.2% 至人民幣 4 億元。

The year-over-year increase was associated with the rapid growth of our retail business. Gross margin of our retail business remained stable compared to the same period of 2024.

年比成長與我們零售業務的快速成長有關。與 2024 年同期相比，我們零售業務的毛利率保持穩定。

Now please turn to slide 22. Selling and marketing expenses for the third quarter of 2025 were RMB355 million, compared with RMB218 million for the same period of 2024. Selling and marketing expenses accounted for 13.5% of net revenues for the third quarter of 2025 compared with 11.5% 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22張投影片。2025 年第三季的銷售和行銷費用為 3.55 億元，而 2024 年同期為 2.18 億元。2025 年第三季銷售和行銷費用佔淨收入的 13.5%，而 2024 年同期為 11.5%。成長主要歸功於對品牌知名度的投資以及線上通路的有效發展，這與我們的零售業務成長一致。

General and administrative expenses for the third quarter of 2025 were RMB100 million and included RMB10 million in share-based compensation expenses compared with RMB82 million for the same period of 2024, which also include RMB3 million in share-based compensation expenses.

2025 年第三季一般及行政費用為人民幣 1 億元，其中包括人民幣 1,000 萬元的股份支付費用；而 2024 年同期一般及行政費用為人民幣 8,200 萬元，其中也包括 300 萬元人民幣的股份支付費用。

General and administrative expenses, excluding share-based compensation expenses, accounted for 3.4% of net revenues for the third quarter of 2025, compared with 4.2% for the same period of 2024. The decrease was primarily due to improved management efficiency and economies of scale.

2025 年第三季度，一般及行政費用（不含股份支付費用）佔淨收入的 3.4%，而 2024 年同期為 4.2%。下降的主要原因是管理效率的提高和規模經濟效益的提升。

Technology and development expenses for the third quarter of 2025 were RMB44 million, compared with RMB30 million for the same period of 2024. Technology and development expenses accounted for 1.7% of net revenues for the third quarter of 2025 compared with 1.6% for the same period of 2024.

2025年第三季技術研發費用為人民幣4,400萬元，2024年同期為人民幣3,000萬元。2025 年第三季度，技術和開發費用佔淨收入的 1.7%，而 2024 年同期為 1.6%。

Please turn to slide 23. Adjusted net income for the third quarter of 2025 was RMB488 million, representing a 27.0% increase year-over-year. Adjusted net profit margin for the third quarter of 2025 was 18.6%. Adjusted EBITDA for the third quarter of 2025 was RMB685 million, up by 28.7% year-over-year. Adjusted EBITDA margin for the third quarter of 2025 was 26.1%.

請翻到第23頁。2025年第三季調整後淨利為人民幣4.88億元，較去年同期成長27.0%。2025 年第三季調整後淨利率為 18.6%。2025年第三季調整後EBITDA為人民幣6.85億元，較去年同期成長28.7%。2025 年第三季調整後 EBITDA 利潤率為 26.1%。

Now please turn to slide 24. We also maintained a healthy cash position. As of September 30, 2025, our cash and cash equivalents totaled RMB2,670 million, with net cash of RMB2,603 million.

現在請翻到第24張投影片。我們也保持了良好的現金流。截至2025年9月30日，我們的現金及現金等價物總額為人民幣26.7億元，淨現金為人民幣26.03億元。

Please turn to Slide 25. In line with our commitment to enhancing shareholder value and our annual dividend policy adopted in August 2024, today, we declared our second cash dividend for 2025, totaling approximately USD50 million. Through a comprehensive shareholder return initiative encompassing dividends and share repurchase, we are taking concrete actions to reward shareholders and support, enabling all shareholders to share in the company's growth achievements.

請翻到第25頁投影片。為了履行我們提升股東價值的承諾，並執行我們在 2024 年 8 月通過的年度股息政策，今天，我們宣布派發 2025 年的第二次現金股息，總額約為 5000 萬美元。透過包括分紅和股票回購在內的全面股東回報計劃，我們正在採取實際行動來回報和支持股東，使所有股東都能分享公司發展成果。

Please turn to slide 26. For full year 2025, given ongoing network expansion and rapid growth of our retail business, we currently expect total net revenues to increase by 35% compared with full year 2024.

請翻到第26頁投影片。鑑於網路持續擴張和零售業務快速成長，我們目前預計 2025 年全年淨收入總額將比 2024 年全年成長 35%。

That concludes our financial highlights for the third quarter of 2025. Now let's open the floor for Q&A.

以上就是我們2025年第三季的財務亮點。現在進入問答環節。

(Operator Instructions) Dan Chi, Morgan Stanley.

（操作員指令）Dan Chi，摩根士丹利。

(interpreted) Could the management share the RevPAR trend since October? And also, if it's possible, can you provide your outlook for RevPAR in the fourth quarter and also potentially next year? Thank you.

（翻譯）管理階層能否分享自 10 月以來的每間可供出租客房收入 (RevPAR) 趨勢？另外，如果可以的話，能否提供一下您對第四季以及明年RevPAR的預期？謝謝。

(interpreted) Thank you, Dan. Let me address your question. Since the beginning of this year, with the continued recovery in industry supply and the demand dynamics, we stick to high-quality development and leverage a refined strategy of revenue management, demonstrating strong operational resilience. Throughout the first three quarters of this year, our RevPAR has shown a trend of progressive improvement on a year-over-year basis.

（翻譯）謝謝你，丹。讓我來回答你的問題。今年年初以來，隨著產業供應和需求動態的持續復甦，我們堅持高品質發展，並利用精細化的收入管理策略，展現出強大的營運韌性。今年前三個季度，我們的每間可供出租客房收入（RevPAR）呈現逐年穩定成長的趨勢。

During the National Day holiday, leisure travel demand remained robust, but the market exhibited some significant structural divergence, driven by stronger ADR, our RevPAR achieved year-on-year growth. After the holiday, the market returned to a business-dominated environment, but benefiting from active exhibitions and business travel activities, the demand in core cities demonstrated strong resilience Therefore, we expect the pressure from the year-on-year decline in RevPAR to further ease in the fourth quarter.

在國慶假期期間，休閒旅遊需求依然強勁，但市場出現了一些明顯的結構性分化，在平均房價走強的推動下，我們的每間可供出租客房收入實現了同比增長。假期過後，市場恢復了以商務活動為主導的環境，但由於活躍的展覽和商務旅行活動，核心城市的需求展現了強大的韌性。因此，我們預期第四季RevPAR年減的壓力將進一步緩解。

Looking ahead, the market will continue to show divergence with still some challenges and uncertainties remaining. We will continue to deeply understand user needs, strengthen our foundational capabilities, attracting users with high-quality hotel products and the differentiated experiences. By forging deeper emotional ties with them, we will secure long-term advantages in a volatile market environment and demonstrate our resilience for development.

展望未來，市場將持續呈現分化狀態，仍存在一些挑戰與不確定性。我們將繼續深入了解用戶需求，加強基礎能力建設，以高品質的飯店產品和差異化體驗吸引用戶。透過與他們建立更深厚的情感聯繫，我們將在動盪的市場環境中確保長期優勢，並展現我們發展的韌性。

Sijie Lin, CICC.

林思傑，中金公司。

(interpreted) Could you please share more about the recent new hotel signing trends and whether there are any changes to the full year hotel opening and closure targets?

（翻譯）請問您能否詳細介紹一下近期新酒店簽約趨勢，以及全年酒店開業和關閉目標是否有任何變化？

(interpreted) Thank you, Sijie. Let me answer your question. In recent years, we found that during our scale expansion, Atour has consistently maintained our strategic focus on premier hotels concentrating on core locations for expansion and we strictly controlled quality. At the same time, we have launched several new hotel products that align with market needs.

（翻譯）謝謝你，思傑。讓我來回答你的問題。近年來，我們發現，在規模擴張的過程中，Atour 始終堅持戰略重點，專注於核心地段的高端酒店，並嚴格控製品質。同時，我們也推出了幾款符合市場需求的新型態飯店產品。

With the successful launch of many high-quality projects, our brand strength and the differentiated competitive advantages have been further solidified. So we do not endorse a growth strategy driven purely by scale. We firmly believe that only by advancing scale growth on the foundation of quality, can we achieve sustainable value.

隨著眾多高品質專案的成功推出，我們的品牌實力和差異化競爭優勢得到了進一步鞏固。因此，我們不贊成純粹以規模為導向的成長策略。我們堅信，只有在品質的基礎上推進規模成長，才能實現永續的價值。

Regarding signings, as we mentioned earlier, we maintained a strict selection mechanism, focusing on expansion in core business districts of key cities with high quality being a prerequisite, the total number of new hotel signings this year is generally in line with last year, maintaining a steady development pace. At the same time, we are also clearing stalled projects in the pipeline in an orderly fashion to promote the healthy development of our pipeline.

關於簽約方面，正如我們之前提到的，我們保持了嚴格的篩選機制，重點在重點城市的核心商業區進行擴張，高質量是前提條件，今年新簽約酒店的總數與去年基本持平，保持了穩步發展。同時，我們也有條不紊地清理儲備庫中停滯的項目，以促進儲備庫的健康發展。

In terms of openings and closures, we opened 152 hotels in the third quarter. We have full confidence in achieving the full year guidance of 500 new openings and reaching our strategic target of 2,000 premier hotels by the end of this year. Meanwhile, for the operating hotels of ours, we place great emphasis on operational quality and user experience.

就開業和關閉情況而言，我們在第三季開設了 152 家飯店。我們完全有信心實現全年新增 500 家酒店的目標，並在今年年底前實現 2000 家頂級酒店的戰略目標。同時，對於我們經營的酒店，我們非常重視營運品質和用戶體驗。

By strengthening standard implementation and refined management, we can ensure that every hotel can deliver consistently high-quality service. To this end, we maintain a certain proactive replacement rate to continuously enhance the quality of our overall hotel network. In the third quarter, we closed 28 hotels and expect approximately 80 closures entirely for this year. Thank you.

透過加強標準執行和精細化管理，我們可以確保每家飯店都能提供一致的高品質服務。為此，我們保持一定的主動更換率，以不斷提高我們整體酒店網路的品質。第三季度，我們關閉了 28 家飯店，預計今年全年將關閉約 80 家飯店。謝謝。

Chen Xin, UBS.

陳欣，瑞銀集團。

(interpreted) This is Chen Xin from UBS. And my question is about retail business. Could the management to share your perspective on the competition in the retail business, in addition, given the consistent over-performance of the retail business, would you consider any adjustments to your full year retail revenue guidance?

（譯）這位是瑞銀的陳欣。我的問題是關於零售業的。管理階層能否分享一下您對零售業競爭的看法？此外，鑑於零售業持續超額完成業績，您是否會考慮對全年零售收入預期進行任何調整？

(interpreted) Thank you, Chen Xin. Let me start by sharing the development strategy of ours and the competitive landscape of our retail business. Since Atour Planet has entered the sleep industry, our brand and product power have gradually gained market recognition. This has been followed by a rise in imitators and industry participants leading to an increasingly fierce competition. However, we always believe that the real competition is not about the peers, but it's about the ever-evolving user needs.

（翻譯）謝謝你，陳欣。首先，我想跟大家分享我們的發展策略以及我們零售業務的競爭格局。自從 Atour Planet 進入睡眠產業以來，我們的品牌和產品實力已逐漸獲得市場認可。隨後模仿者和產業參與者增多，導致競爭日益激烈。然而，我們始終認為，真正的競爭不在於同行，而在於不斷變化的用戶需求。

To address this, we did not simply follow the existing industry path. Instead, we progressively built our products and supply chain system with our distinctive characteristics. For example, we officially launched the Atour Planet Deep Sleep Standard recently.

為了解決這個問題，我們並沒有簡單地遵循現有的產業路徑。相反，我們逐步建構了具有自身獨特性的產品和供應鏈體系。例如，我們最近正式推出了 Atour Planet 深度睡眠標準。

This standard differs from traditional industry metrics like fabric weights or thread counts, but it is based on sensory science and the natural rhythms of human sleep focusing on two core sensory indicators of sleeping users, the fluctuation of pressure and the change of temperature.

該標準與傳統的行業指標（如織物重量或紗線支數）不同，它基於感官科學和人類睡眠的自然節律，重點關注睡眠用戶的兩個核心感官指標：壓力波動和溫度變化。

This standard also places higher demand on our product development and production, we aim to continuously strengthen our product barriers through this forward-looking standard while collaborating with the upstream supplier partners to jointly lead the industry progresses.

該標準也對我們的產品開發和生產提出了更高的要求，我們旨在透過這項前瞻性標準不斷加強我們的產品壁壘，同時與上游供應商合作夥伴合作，共同引領產業進步。

As a relatively new player in the industry, we always plan our layout with a longer-term mindset while developing quite rapidly, we have been constantly building and consolidating our foundational capabilities, I believe our underlying philosophy is consistent between the retail and hotel businesses, which is to always prioritize quality over scale.

作為業內相對較新的參與者，我們在快速發展的同時，始終以長遠的眼光規劃佈局，不斷構建和鞏固我們的基礎能力。我相信，我們在零售和酒店業務中秉持的基本理念是一致的，那就是始終將品質置於規模之上。

Moving forward, Atour Planet will continue to strengthen our product and power, remain user-centric, focus on the systematic development of our long-term capabilities and practice Atour group's long-term development path.

展望未來，Atour Planet 將繼續加強產品和實力，堅持以用戶為中心，專注於有系統地發展長期能力，並實踐 Atour 集團的長期發展道路。

Well, let me address your question about our retail revenue. During the Double Eleven period, Atour Planet has delivered outstanding performance and continuously strengthened our brand presence in the minds of users. Based upon our strong performance in Q3 and Double Eleven, we are now raising our full year retail revenue growth outlook to at least 65% year-on-year and accordingly, adjust the group's full year revenue guidance to a growth of 35% year-on-year.

好的，讓我來回答您關於我們零售收入的問題。在雙十一期間，Atour Planet 取得了優異的成績，並不斷加強了我們在用戶心中的品牌影響力。基於我們在第三季和雙十一的強勁表現，我們現在將全年零售收入成長預期上調至至少年增 65%，並相應地將集團全年營收預期調整為年增 35%。

Ronald Leung, Bank of America.

梁榮國，美國銀行。

(interpreted) Let me translate my question into English. So we noticed Atour has announced the second dividend distribution plan this year. Could management provide an update on the planning and progress regarding shareholder returns? Thank you.

（翻譯）讓我把我的問題翻譯成英文。我們注意到，Atour 已經宣布了今年的第二份分紅計畫。管理層能否提供有關股東回報計劃和進展的最新資訊？謝謝。

(interpreted) Thank you, Ronald. Regarding dividends, as we announced today, our second dividend distribution this year amounts to approximately USD50 million, representing about 29% of last year's net income. Consequently, the cumulative dividend total for this year reached about USD108 million, accounting for approximately 62% of the prior fiscal year's net income exceeding our commitment of no less than 50% of that.

（翻譯）謝謝你，羅納德。關於股息，正如我們今天宣布的那樣，我們今年的第二次股息分配金額約為 5000 萬美元，約佔去年淨收入的 29%。因此，本年度累計股利總額達到約 1.08 億美元，約佔上一財年淨收入的 62%，超過了我們承諾的至少 50%。

Additionally, we formally commenced our share repurchase program in September, and we'll continue to execute them in accordance with our established three-year plan. Looking ahead, we will continue to implement our comprehensive shareholder return program combining dividends and repurchases, targeting a payout ratio of 100% based upon the previous fiscal year's GAAP net income with the specific implementation pace to be dynamically arranged in line with our business development and capital planning. Through these tangible actions, we are committed to creating long-term value and sharing the success of the company with our shareholders in appreciation of your ongoing support and trust.

此外，我們已於 9 月正式啟動股票回購計劃，並將繼續按照既定的三年計劃執行該計劃。展望未來，我們將繼續實施綜合股東回報計劃，將股利和股票回購相結合，目標是根據上一財年的GAAP淨利潤實現100%的派息率，具體實施進度將根據我們的業務發展和資本規劃動態調整。透過這些實際行動，我們致力於創造長期價值，並與股東分享公司的成功，以感謝你們一直以來的支持和信任。

Lydia Ling, Citi.

Lydia Ling，花旗銀行。

(interpreted) I'm Lydia from Citi. We noticed the strong operational performance for the Atour Light in the third quarter. So could you share your plans for the Atour Light in the next steps? And any plan for accelerating the store expansion?

（翻譯）我是花旗銀行的莉迪亞。我們注意到 Atour Light 在第三季的營運表現強勁。那麼，您能否分享Atour Light的下一步計畫呢？是否有加速門市擴張的計畫？

(interpreted) Thank you, Lydia. Well, yes, indeed, in the third quarter, the RevPAR of operating Atour Light Series 3 hotels surpassed the level from the same period last year performing pretty decently. And in fact, since the beginning of this year, Atour Light has achieved notable results in brand building, operational efficiency, user experience with both operational performance and scale growth, meeting our expectations.

（譯）謝謝你，莉迪亞。沒錯，第三季度，營運中的 Atour Light Series 3 酒店的每間可供出租客房收入 (RevPAR) 超過了去年同期的水平，表現相當不錯。事實上，自今年年初以來，Atour Light 在品牌建立、營運效率、用戶體驗方面都取得了顯著成果，營運績效和規模成長都達到了我們的預期。

We always believe that the core of the brand lies in its products. The Atour Light hotel product accurately aligns with the needs and aesthetic preferences of today's young users. The newly launched Atour Light 3.3 with its constantly optimized investment model achieved a better balance between service experience and operational efficiency.

我們始終認為，品牌的核心在於其產品。Atour Light飯店產品精準契合了當今年輕用戶的需求和美感偏好。新推出的 Atour Light 3.3 透過不斷優化的投資模式，在服務體驗和營運效率之間實現了更好的平衡。

Through the implementation of the first batch of our Atour Light 3.3 project, we are constantly gathering feedback from various sites, refining product details and strengthening our differentiated competitive advantage in the midscale market. We expect the scale of Atour Light Series 3 hotels in operation will be reaching 170 to 180 by the end of this year.

透過實施我們的第一批 Atour Light 3.3 項目，我們持續收集來自各個站點的回饋，完善產品細節，並加強我們在中端市場的差異化競爭優勢。我們預計到今年年底，Atour Light Series 3 酒店的營運規模將達到 170 至 180 家。

We are firmly optimistic about the long-term development of Atour Light. At this current early stage of the brand development, we are particularly focused on solidifying the operational foundation and our systematic capabilities. As for our next step, we will systematically build a dedicated operational system for Atour Light, strengthening its differentiated positioning in all aspects, including from brand concepts to service delivery.

我們對 Atour Light 的長期發展充滿信心。在品牌發展的初期階段，我們特別注重鞏固營運基礎和系統能力。至於下一步，我們將有系統地為 Atour Light 建立專屬營運體系，從品牌理念到服務交付等各個方面加強其差異化定位。

This will not only distinguish it from our main Atour Hotel brands but also highlight the unique value in the midscale hotel market. On this basis, we will steadily advance towards a longer-term development goal of hitting 1,000 hotels milestone for Atour Light brand.

這不僅會使其與我們主要的 Atour Hotel 品牌區分開來，還會凸顯其在中檔飯店市場的獨特價值。在此基礎上，我們將穩步朝著Atour Light品牌實現1000家酒店里程碑的長期發展目標邁進。

That concludes today's questions-and-answer session. I would like to turn the conference back to Mr. Luke for any additional comments or closing comments.

今天的問答環節到此結束。我想把會議交還給盧克先生，讓他補充一些意見或總結發言。

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

感謝您今天蒞臨。如果您還有其他疑問，請隨時聯絡我們的投資者關係團隊。我們期待下個季度再次與您交流。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。您現在可以斷開連線了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。