Atour Lifestyle Holdings Limited (ATAT) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Atour Lifestyle Holdings fourth quarter and full year 2025 earnings conference call. (Operator Instructions) 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.

各位女士、先生，感謝您稍候，歡迎參加亞朵生活控股（Atour Lifestyle Holdings）2025年第四季及全年業績電話會議。（接線員指示）本次會議將被錄音。現在我想把會議交給資深投資人關係經理 Luke Hu 先生。先生，請開始。

Thank you, operator. Good morning, and good evening, everyone. Welcome to our fourth quarter and full year 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.

謝謝接線員。各位早安、晚安。歡迎參加我們2025年第四季及全年業績電話會議。今天，您將聽到我們的創辦人、董事長兼執行長王海軍先生，以及我們的執行副總裁兼共同財務長吳建峰先生的發言。

Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws.

在我們繼續之前，請注意今天的討論將包含依據聯邦證券法所作的前瞻性陳述。

These statements are subject to various risks and uncertainties, and the actual results may differ significantly tie or implied in our comments today. The company is not obliged to update any forward-looking statements, except as required by applicable laws.

這些陳述受到各種風險與不確定性影響，實際結果可能與我們今天評論中明示或暗示的內容存在重大差異。除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。

Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purpose. 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.

此外，在本次電話會議中，我們的管理層將僅為比較目的討論若干非GAAP財務衡量指標。為清楚理解這些指標以及GAAP與非GAAP財務結果之間的調節，請參閱我們今日稍早發布的業績新聞稿。

Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yaduo.com, where a copy of the resort's presentation is also available.

另外，本次電話會議的網路重播可於我們網站 ir.yaduo.com 觀看，該處亦提供一份業績簡報的副本。

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。

(Spoken in foreign language) Thank you, Luke. Hello, everyone. Thank you for joining Atour's fourth quarter and full year 2025 earnings call today.

（外語發言）謝謝你，Luke。各位好。感謝各位今天參加亞朵2025年第四季及全年業績電話會議。

(Spoken in foreign language) Please turn to our results presentation. Looking back at 2025 sustained global competition structural shifts in consumption and accelerating technological transformation collectively shaped the overarching theme of the year amid a volatile recovery China's travel and consumer markets have become increasingly mature, rational and resilient.

（外語發言）請翻到我們的業績簡報。回顧2025年，全球競爭持續、消費結構性轉變以及科技加速變革，共同塑造了在波動復甦中的年度主題；中國的旅遊與消費市場日益成熟、理性且更具韌性。

In this environment, we are more convinced than ever only by staying true to our user first philosophy relentlessly enhancing user experience and building enduring brand value can we navigate industry cycles in an increasingly competitive maturing market. (Spoken in foreign language).

在這樣的環境下，我們比以往任何時候都更堅信：唯有堅守「使用者優先」的理念，持續不懈地提升使用者體驗並打造長久的品牌價值，才能在競爭日益激烈且走向成熟的市場中穿越產業週期。（外語發言）。

2025 marked the successful completion of our Chinese experience 2,000 Premier Hotels strategic initiatives. In terms of the hotel business, we achieved our scale target of 2,000 premier hotels and further strengthened our brand through differentiated product positioning and customer experiences that resonate.

2025年標誌著我們「中國體驗2,000家高端酒店」戰略舉措的成功完成。在酒店業務方面，我們達成了2,000家高端酒店的規模目標，並透過差異化的產品定位與能引發共鳴的客戶體驗，進一步強化了品牌。

Meanwhile, our retail business sustained strong growth momentum, accounting for nearly 40% of the group's total revenue. Atour Planet further reinforced its leading position in China's sleep market, establishing itself as the preferred choice for consumers.

同時，我們的零售業務保持強勁成長動能，佔集團總營收近40%。亞朵星球（Atour Planet）進一步鞏固其在中國睡眠市場的領先地位，成為消費者的首選。

We continue to see growing synergy between our hotel and retail businesses with each strengthening the other to further enrich the value proposition of our Chinese experience. (Spoken in foreign language) As we enter 2026, we continue to see considerable market uncertainty. However, our strategic direction has never been clearer. We will (technical difficulty).

我們持續看到酒店與零售業務之間的協同效應不斷增強，彼此相互賦能，進一步豐富我們「中國體驗」的價值主張。（外語發言）進入2026年，我們仍然看到相當大的市場不確定性。然而，我們的戰略方向從未如此清晰。我們將（技術故障）。

Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Ladies and gentlemen, please remain on the line, your conference will resume shortly. Presenters, please continue.

各位女士、先生，請保持在線。您的會議將很快恢復。各位女士、先生，請保持在線，您的會議將很快恢復。簡報人員，請繼續。

Thank you. As we enter 2026, we continue to see considerable market uncertainty. However, our strategic direction has never been clearer. We will embrace change while maintaining a long-term focus. We consistently create value-added experiences with a personal touch through high-quality product centre services.

謝謝。進入2026年，我們仍然看到相當大的市場不確定性。然而，我們的戰略方向從未如此清晰。我們將擁抱變化，同時保持長期聚焦。我們將透過高品質、以產品為中心的服務，持續打造帶有個人溫度的增值體驗。

Building on this foundation, we have officially launched a new three-year strategic plan, Chinese experience, brand-led excellence. Experience remains the cornerstone of our development and a core driver of growth. We will further reinforce our differentiated experience moat amplify our strength, pioneer new frontiers and strengthening our leadership within the industry.

在此基礎上，我們已正式啟動新的三年戰略規劃——「中國體驗：品牌引領的卓越」。體驗仍是我們發展的基石，也是成長的核心驅動力。我們將進一步加固差異化體驗的護城河，放大自身優勢，開拓新領域，並強化我們在行業內的領導地位。

Brand serves as the anchor of our long-term development and the guiding force behind our strategy. We will firmly follow the course of a lifestyle group, actively exploring and expanding growth path by using scenarios as a bridge will deepen the synergy between our hotel and retail businesses, leveraging our brand to connect across scenarios and deepening our emotional connection and resonance with users. (Spoken in foreign language)

品牌是我們長期發展的錨點，也是戰略背後的指引力量。我們將堅定走生活方式集團之路，積極探索並拓展成長路徑；以場景為橋樑，深化酒店與零售業務的協同，運用品牌實現跨場景連結，並加深與使用者之間的情感連結與共鳴。（外語發言）

Now I would like to provide more details on our hotel and retail performance for the fourth quarter and full year of 2025. (Spoken in foreign language). Let's begin with our hotel business.

接下來，我想就我們2025年第四季及全年的酒店與零售表現提供更多細節。（外語發言）。我們先從酒店業務開始。

In the fourth quarter, our RevPAR was RMB335.7 representing 99.6% of the level in the same period of 2024, with the recovery showing sequential improvement trend. Specifically, OCC reached 98.8% and ADR stood at 101.5% of their levels in the same period of 2024. (Spoken in foreign language).

第四季，我們的RevPAR為人民幣335.7元，相當於2024年同期水準的99.6%，復甦呈現逐季改善的趨勢。具體而言，入住率（OCC）達到2024年同期水準的98.8%，平均每日房價（ADR）為2024年同期水準的101.5%。（外語發言）。

In the fourth quarter, RevPAR for our mature hotels in operation for more than 18 months was 96% of the level in the same period of 2024, while OCC and ADR stood at 97% and a 99.6% of 2024 levels for the same period, respectively. (Spoken in foreign language).

第四季，營運超過18個月的成熟酒店RevPAR為2024年同期水準的96%，而入住率（OCC）與平均每日房價（ADR）分別為2024年同期水準的97%與99.6%。（外語發言）。

In 2025, we opened 488 new hotels. By the end of the fourth quarter, the number of hotels in operation reached 2015, representing a 24.5% year-over-year increase.

2025年，我們新開業488家酒店。截至第四季末，在營酒店數量達到2,015家，較去年同期成長24.5%。

As of the same date, our pipeline of hotels under development stood at 779, providing a solid foundation for the continued expansion of our hotel network. (Spoken in foreign language).

截至同日，我們在建及籌備中的酒店管線為779家，為酒店網路的持續擴張提供了堅實基礎。（外語發言）。

On the hotel channel front, our core CRS channel remained stable accounting for 62.9% of total room nights sold in the fourth quarter. The contribution of room nights sold to corporate members was 20.8% during the quarter. (Spoken in foreign language).

在酒店渠道方面，我們核心CRS渠道保持穩定，第四季佔總售出間夜數的62.9%。本季企業會員貢獻的售出間夜數佔比為20.8%。（外語發言）。

Next, I would like to share the latest developments across our hotel brands. (Spoken in foreign language).

接下來，我想分享我們各酒店品牌的最新進展。（外語發言）。

The upper mid-scale segment has long been our core focus, where we have built a deep presence. For the long term view, at the beginning of this year, we officially upgraded Atour 4.0 to an independent brand, Atour Origin, while retaining efficient business travel functionality a tour origin introduces an immersive vacation ambience, creating a serine urban retreat where customers can find piece of body and mind. Its differentiated brand positioning has been validated by the market.

中高端細分市場長期以來一直是我們的核心聚焦領域，我們已在該領域建立了深厚的佈局。從長期視角來看，今年年初我們正式將亞朵4.0升級為獨立品牌「亞朵原點」（Atour Origin），在保留高效商旅功能的同時，亞朵原點引入沉浸式度假氛圍，打造靜謐的城市度假棲所，讓顧客獲得身心的平靜。其差異化的品牌定位已獲市場驗證。

For full year 2025, RevPAR for Atour origin hotels in operation exceeded RMB430. To date, 55 Atour Origin hotels are in operation with over 50 projects in the pipeline. (Spoken in foreign language).

就2025年全年而言，亞朵原點在營酒店的RevPAR超過人民幣430元。截至目前，已有55家亞朵原點酒店投入營運，另有超過50個項目在籌備中。（外語發言）。

Together, Atour Hotel and Atour origin for a more competitive brand portfolio in the upper mid-scale market. Atour Hotel style is tailored to mainstream business travel, offering customers dependable options that balance functionality with emotional appeal.

亞朵酒店與亞朵原點共同構成更具競爭力的中高端市場品牌組合。亞朵酒店的風格針對主流商務出行量身打造，為客戶提供兼顧功能性與情感價值的可靠選擇。

The latest product at Atour 3.6 continues to gain market recognition for its meticulous hardware configuration and outstanding service details. In the fourth quarter, the RevPAR of Atour 3.6 hotels in operation surpassed RMB380.

亞朵3.6的最新產品憑藉精細的硬體配置與出色的服務細節，持續獲得市場認可。第四季度，在營亞朵3.6酒店的RevPAR超過人民幣380元。

Atour origin expands customers' experience and enriches their sense of well-being through its unique atmosphere.

亞朵原點以其獨特氛圍拓展客戶體驗，並豐富其幸福感。

The synergistic development of the two brands has created more flexible investment opportunities for our franchisees while better addressing the diverse needs of our customers across various travel scenarios.

兩大品牌的協同發展為我們的加盟商創造了更靈活的投資機會，同時也能更好地滿足客戶在不同出行場景下的多元需求。

The advantages have further strengthened our competitive edge through innovative scenario designs and enhanced customer experiences helping us maintain our absolute leading position in the upper midscale market. (Spoken in foreign language).

這些優勢透過創新的場景設計與更佳的客戶體驗進一步強化了我們的競爭力，幫助我們在中高端市場保持絕對領先地位。（外語發言）。

Hotel marks a substantial breakthrough in advancing our brand portfolio in the upscale market, leveraging an efficient investment model innovative experience design and a profound cultural expression, Sahu Hotel has forged a distinct path within the existing market framework and become a game changer in the upscale segment.

Sahu酒店在推進我們於高端市場的品牌組合方面取得重大突破；依託高效的投資模型、創新的體驗設計以及深厚的文化表達，Sahu酒店在既有市場格局中走出一條獨特路徑，並成為高端細分市場的顛覆者。

Currently, Sahu has established its presence with three hotels in Shanghai, Shenzhen and Guangzhou with its unique aesthetic system carefully crafted ambience and exceptional experiences, Sahu is gradually becoming a cultural gateway in each city, it enters, redefining the value of upscale hotels.

目前，Sahu已在上海、深圳與廣州落地三家酒店；憑藉其獨特的美學體系、精心打造的氛圍與卓越體驗，Sahu正逐步成為其進入城市的文化入口，重新定義高端酒店的價值。

In the fourth quarter, Sahu delivered exceptional operating results with RevPAR exceeding RMB950. (Spoken in foreign language).

第四季度，Sahu交出亮眼的經營成績，RevPAR超過人民幣950元。（外語發言）。

In 2026, we will further develop our Eastern wellness experience and build a holistic SAS healing experience system through more refined operations and a more comprehensive framework, we will drive further brand upgrades and breakthroughs.

2026年，我們將進一步發展東方養生體驗，透過更精細的營運與更完整的框架，打造整體性的SAS療癒體驗系統，推動品牌持續升級與突破。

Based on a longer-term vision, SAC partnered with EHL hospitality business school in the fourth quarter to jointly develop an upscale accommodation service system that combines global expression with Eastern values, supporting the brand's long-term development. We aim to establish stock as a showcase of global vision and Eastern stories translate its core experiential philosophy into new value benchmark for the global upscale hotel industry and bring Chinese experiences to the wealth stage.

基於更長期的願景，SAC於第四季度與EHL酒店管理商學院合作，共同開發融合全球表達與東方價值的高端住宿服務體系，支援品牌的長期發展。我們希望將其打造為全球視野與東方故事的展示樣本，將其核心體驗理念轉化為全球高端酒店業的新價值標竿，並把中國體驗帶上世界舞台。

(Spoken in foreign language)

（外語發言）

The mid-scale hotel market has significant potential, yet product and service homogenization has long been a major pain point for the industry.

中端酒店市場潛力巨大，但產品與服務同質化長期以來一直是行業的主要痛點。

We believe the key to breaking through is to develop an operating model that balances experience and efficiency while also incorporate sustainability thereby creating a unique and differentiated competitive advantage.

我們認為，突破的關鍵在於打造兼顧體驗與效率的營運模式，同時納入永續理念，從而形成獨特且差異化的競爭優勢。

By the end of 2025, over 160 Atour Light Series three hotels were in operation. We have focused on higher-tier cities, continuously refine our products, deepened brand building and improved operational efficiency, thereby steadily elevating brand asset quality.

截至2025年底，超過160家亞朵輕居3.0系列酒店已投入營運。我們聚焦高線城市，持續打磨產品、深化品牌建設並提升營運效率，從而穩步提升品牌資產品質。

Atour Light has also demonstrated strong operational resilience -- in the fourth quarter, the RevPAR of the Atour Light Series three hotels in operation recovered by more than 110% year-over-year and full year RevPAR recovered by over 100% year-on-year.

亞朵輕居亦展現出強勁的經營韌性——第四季度，在營亞朵輕居3.0系列酒店的RevPAR同比回升超過110%，全年RevPAR同比回升超過100%。

(Spoken in foreign language)

（外語發言）

In 2026, we will fully roll out Atour Light's refined cost model, deepen its distinctive operations and management and systematically improve operational efficiency and product competitiveness. At the same time, we will continue to focus on core customer needs, enhance brand recognition and influence and build unique or like mind share.

2026年，我們將全面推行亞朵輕居的精細化成本模型，深化其差異化的營運與管理，並系統性提升營運效率與產品競爭力。同時，我們將持續聚焦核心客戶需求，提升品牌辨識度與影響力，建立獨特的心智佔有。

At the organizational level, we are working to establish Atour Light's distinctive talent development system to comprehensively enhance the team's overall capabilities. Atour Light's goal has always been clear. driven by product and brand strength, we will reshape the mid-scale market landscape and establish a new benchmark among midscale hotel brands.

在組織層面，我們正著手建立亞朵輕居具特色的人才培養體系，全面提升團隊整體能力。亞朵輕居的目標始終清晰：以產品力與品牌力為驅動，我們將重塑中端市場格局，並在中端酒店品牌中樹立新的標竿。

(Spoken in foreign language)

（外語發言）

Moving on to our retail business.

接下來談談我們的零售業務。

(Spoken in foreign language)

（外語發言）

Over the past few years, the traditional consumer market has been mired in homogeneous competition and sluggish growth. only brands that truly define new demand and create new value, have a chance to break through the industry's structural constraints and chart a differentiated growth path.

過去幾年，傳統消費市場深陷同質化競爭與成長乏力；唯有真正定義新需求、創造新價值的品牌，才有機會突破行業結構性約束，走出差異化成長路徑。

This is precisely the path Atour Planet has taken. Rather than engaging in evolution with brands taking a traditional path we have proactively chosen and firmly committed to an entirely new trajectory, guided by user needs we have forged this path of differentiated growth through deep insights into users' sleep pain points and a continuous product innovation.

這正是亞朵星球所走的道路。我們並未沿著傳統路徑與其他品牌進行同質化演進，而是主動選擇並堅定投入一條全新軌道；以用戶需求為導向，透過對用戶睡眠痛點的深度洞察與持續的產品創新，打造差異化成長之路。

This has not only reshaped the market landscape but also helped to drive progress and upgrade across the industry.

這不僅重塑了市場格局，也推動了行業的進步與升級。

(Spoken in foreign language)

（外語發言）

In 2025, our retail business sustained strong growth momentum with full year revenue reaching RMB3.67 billion, representing 67% year-over-year growth.

2025年，我們的零售業務保持強勁成長動能，全年營收達人民幣36.7億元，同比增長67%。

Atour Planet has also consistently ranked among the top brands in the betting category on major third-party platforms. Throughout the year, we continued to drive product innovation and expand categories, and our deep sleep ecosystem grew increasingly mature.

亞朵星球亦持續在各大第三方平台的寢具品類中名列前茅。全年我們持續推動產品創新與品類拓展，深睡眠生態日益成熟。

The release of the Atour Planet deep sleep standard set a benchmark for the high quality and consistency of our products. Building on our solid product performance, Atour Planet brand influence continued to strengthen, laying a solid foundation for the long-term development of our retail business.

亞朵星球深睡標準的發布，為我們產品的高品質與一致性樹立了標竿。在穩健的產品表現基礎上，亞朵星球的品牌影響力持續增強，為零售業務的長期發展奠定堅實基礎。

(Spoken in foreign language)

（外語發言）

In 2025, our pivotal category further strengthened its leadership, consistently topping category rankings on major third-party platforms and gaming product mind share among users.

2025年，我們的核心品類進一步鞏固領先地位，持續位居各大第三方平台品類榜首，並在用戶端的產品心智佔有上保持領先。

Cumulative sales volume of the Deep Sleep Memory Foam Pillow Pro Series has exceeded 10 million units since launch, marking a significant sales milestone.

深睡記憶棉枕Pro系列自上市以來累計銷量已超過1,000萬件，達成重要的銷售里程碑。

Our comforter category also delivered robust growth momentum with full year GMV increasing by over 90% year-over-year and market share continuing to rise.

我們的被芯品類同樣保持強勁成長動能，全年GMV同比增長超過90%，市場份額持續提升。

Our new categories, fitted sheets and launch wear received positive market feedback in 2025, collectively driving the continued evolution of our deep sleep ecosystem.

2025年，我們的新興品類——床笠與家居服——獲得良好的市場回饋，共同推動深睡眠生態的持續演進。

(Spoken in foreign language).

（外語發言）。

Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Please remain on the line, your conference will resume shortly.

各位女士先生，請保持在線。您的電話會議將很快恢復。請保持在線，您的電話會議將很快恢復。

Remain on the line. Your conference will resume shortly. Presenters, please continue.

請保持在線。您的電話會議將很快恢復。各位講者，請繼續。

(Spoken in foreign language)

（以外語發言）

Looking ahead, the industry is entering a new cycle driven by innovation with competition increasingly centered on product value and user experience.

展望未來，產業正進入由創新驅動的新週期，競爭也日益聚焦於產品價值與使用者體驗。

In 2026, we will systematically enhance our core capabilities on product excellence, we will further expand our differentiated experience advantage making Atour Planet's deep sleep experience a competitive moat that is difficult to replicate.

在2026年，我們將系統性提升在產品卓越方面的核心能力，並進一步擴大差異化體驗優勢，讓亞朵星球的深睡體驗成為難以複製的競爭護城河。

On the supply chain front, we will deepen rigorous management at every stage to ensure product consistency and reliable delivery. At the brand level, we remain committed to creating long-term value building deeper emotional connections with our users.

在供應鏈方面，我們將在各個環節深化嚴謹管理，以確保產品一致性與可靠交付。在品牌層面，我們將持續致力於創造長期價值，與使用者建立更深層的情感連結。

Built on deep user insights and product innovation, we are positioned to consolidate and strengthen our competitive lead. We will open a new chapter for our development while collaborating with industry partners to elevate quality and innovation across the sector.

基於深度使用者洞察與產品創新，我們已具備鞏固並強化競爭領先優勢的條件。我們將在與產業夥伴協作的同時，開啟發展新篇章，推動全行業的品質與創新升級。

(Spoken in foreign language)

（以外語發言）

We have always upheld our core value of serving people continuously deepening our experiential value.

我們始終秉持「服務人」的核心價值，持續深化我們的體驗價值。

This is also clearly reflected in our membership operations. unlike the membership systems prevalence in the industry, which offer from homogenized benefits and the low brand recognition, we continue to explore new scenarios to deliver truly tangible differentiated experiences for our users.

這一點也清楚體現在我們的會員營運上。不同於行業中普遍存在的會員體系——權益同質化、品牌辨識度偏低——我們持續探索新場景，為使用者提供真正可感知、可落地的差異化體驗。

In early 2026, we partnered with Starbucks China to launch a joint membership program beyond linking membership systems and offer reciprocal benefits. This collaboration aims to build a multi-scenario lifestyle ecosystem, spanning travel, dining and leisure creating a bridge to extend value across different scenarios.

在2026年初，我們與星巴克中國合作推出聯名會員計畫，不僅打通會員體系並提供互惠權益。此次合作旨在打造跨場景的生活方式生態，覆蓋出行、餐飲與休閒，搭建一座橋樑，將價值延伸至不同場景。

By the end of 2025, our registered individual members reached RMB112 million, representing a year-over-year growth of over 25%.

截至2025年底，我們註冊個人會員達到1.12億人，同比增長超過25%。

(Spoken in foreign language)

（以外語發言）

Moving forward, we will continue to deepen our membership operations with a brand-building mindset focusing on the full user life cycle to create a membership ecosystem that stays closely connected with the users.

展望未來，我們將以品牌建設的思維持續深化會員營運，聚焦使用者全生命週期，打造與使用者緊密連結的會員生態。

Building on our hotel and retail business, we will continue to introduce new benefits tailored to the deep sleep scenario. At the same time, we will actively explore more diverse scenarios and expand our reach to a wider audience. Further deepening emotional connections with users.

依託我們的酒店與零售業務，我們將持續推出貼合深睡場景的新權益。同時，我們也將積極探索更多元的場景，觸達更廣泛的人群。進一步加深與使用者的情感連結。

In addition, we will further enhance our digital capabilities and build a more granular operational framework for user segmentation providing strong support for the long-term development of our membership business.

此外，我們將進一步提升數位化能力，建立更精細的使用者分層營運框架，為會員業務的長期發展提供有力支撐。

(Spoken in foreign language)

（以外語發言）

Last but not least, as we embark on our new three-year strategy, we are more resolute than ever guided by the belief that everyone deserves kindness we will remain user-centric and ensure that every user views our sincerely and care.

最後但同樣重要的是，隨著我們啟動新的三年策略，我們比以往任何時候都更堅定：秉持「每個人都值得被善待」的信念，我們將持續以使用者為中心，確保每一位使用者都能感受到我們的真誠與關懷。

Guided by our long-term vision of a timeless tour arms along every journey, we will uphold our quality standards while striving to break through the ceiling of experience.

在「一路有亞朵」的長期願景指引下，我們將堅守品質標準，同時努力突破體驗的天花板。

At the same time, we will further strengthen our organizational capabilities and refine our digital framework, laying a solid foundation to support the group's long-term development.

同時，我們將進一步強化組織能力並完善數位化框架，為集團長期發展奠定堅實基礎。

We are committed to our company and our users on this long-term journey moving forward together every step of the way, dedicated to providing lasting companionship. We aim to curate experiences where body and mine return to through every genuine connection fulfilling our warm and Statcast commitment to every user.

我們承諾在這段長期旅程中與公司與使用者同行，步步相伴，致力於提供長久的陪伴。我們希望透過每一次真誠的連結，打造讓身心回歸的體驗，履行我們對每一位使用者溫暖且堅定的承諾。

(Spoken in foreign language)

（以外語發言）

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

接下來我把電話會議交給我們的聯席首席財務官吳劍鋒先生，由他介紹我們的財務業績。

Thank you, Haijun. Now I would like to present the company's financial performance for the first quarter and full year of 2025. Revenues from our maniatized hotels for the first quarter and full year of 2025 grew by 28.1% and 28.0% year-over-year to RMB1.4 billion and RMB5.3 billion, respectively.

謝謝，海軍。現在我將介紹公司2025年第一季度及全年財務表現。2025年第一季度及全年，我們管理酒店的收入同比分別增長28.1%與28.0%，達到人民幣14億元與人民幣53億元。

The increases were primarily fuelled by the ongoing expansion of our hotel network. Revenues contributed by our lease totals for the first quarter and full year of 2025 decreased by 9.8% and 7.9% year-over-year to RMB148 million and RMB590 million, respectively, the declines were primarily due to a decrease in the number of these hotels as a result of our product mix optimization.

增長主要由我們酒店網路的持續擴張所帶動。2025年第一季度及全年，我們租賃酒店貢獻的收入同比分別下降9.8%與7.9%，至人民幣1.48億元與人民幣5.90億元；下降主要由於我們進行產品組合優化，導致此類酒店數量減少。

Revenues from our retail businesses for the first -- for the fourth quarter and full year of 2025 increased by 52.4% and 67.0% year-over-year to RMB1.2 billion and RMB3.7 billion, respectively. The increases were driven by growing brand recognition, successful product innovation and broadened the range of product offerings.

2025年第四季度及全年，我們零售業務收入同比分別增長52.4%與67.0%，至人民幣12億元與人民幣37億元。增長主要由品牌認知度提升、產品創新成效顯著以及產品供給範圍擴大所驅動。

The gross margin of our hotel business was 3.8% for the fourth quarter and 37.0% for the full year of 295%. The gross margin of our retail business improved year-over-year to 52.6% for both the fourth quarter and the full year of 2025, reflecting the growing contribution from higher-margin products.

我們酒店業務的毛利率在第四季度為3.8%，全年為37.0%（原文：the full year of 295%）。我們零售業務的毛利率同比提升，2025年第四季度及全年均為52.6%，反映出高毛利產品貢獻提升。

Selling and marketing expenses accounted for 16.5% and 15.2% of revenues for the fourth quarter and full year of 2015, respectively. The year-over-year increase for the full year was mainly due to investments in brand recognition and the effective development of online channels in line with the growth of our retail business.

銷售及行銷費用分別佔2015年第四季度及全年收入的16.5%與15.2%。全年同比上升主要由於我們在品牌認知度方面的投入，以及隨著零售業務增長而對線上渠道的有效拓展。

General and administrative expenses, excluding share-based compensation expenses, accounted for 5.5% and 4.2% of net revenues for the fourth quarter and full year respectively.

一般及行政費用（不含股份支付費用）分別佔第四季度及全年淨收入的5.5%與4.2%。

The year-over-year decrease for the full year was primarily driven by improved management efficiency and economics of scale. Adjusted net profit margin for the fourth quarter and full year of 2025 was 17.7% and 17.9% representing an increase of 1.7 percentage points and a decrease of 0.1 percentage points year-over-year.

全年同比下降主要由管理效率提升與規模經濟所帶動。2025年第四季度及全年調整後淨利率分別為17.7%與17.9%，同比分別上升1.7個百分點與下降0.1個百分點。

Adjusted EBITDA margin for the fourth quarter and the full year of 2025 was 25.5% and 25.3%, respectively, up 4.3% and 0.9 percentage points year-over-year. We maintained a healthy cash position as of December 31, 2025, cash and cash equivalents totalled RMB3.3 billion with net cash of RMB3.1 billion.

2025年第四季度及全年調整後EBITDA利潤率分別為25.5%與25.3%，同比分別提升4.3個百分點與0.9個百分點。截至2025年12月31日，我們保持健康的現金水位，現金及現金等價物合計人民幣33億元，淨現金為人民幣31億元。

In line with our commitment to enhancing shareholders' value, we declared aggregate cash dividends of approximately USD108 million for the full year of 2025. And as of December 31, 2025, we have made on market repurchase of USD46 million since the implementation began in the third quarter.

為踐行提升股東價值的承諾，我們宣佈2025年全年合計現金股利約1.08億美元。截至2025年12月31日，自第三季度啟動回購以來，我們已在公開市場回購約4,600萬美元。

Through this comprehensive shareholder return initiative, we are taking concrete actions to reward shareholders' trust and support ensuring that all shareholders benefit from the company's growth. For the full year of 2026, we currently expect total net revenue to increase by 20% to 24% and compared with the full year of 2025.

透過這一綜合性的股東回報計畫，我們以具體行動回饋股東的信任與支持，確保所有股東都能分享公司成長成果。對於2026年全年，我們目前預期總淨收入將較2025年全年增長20%至24%。

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

以上為我們對2025年第一季及全年財務重點的說明。現在我們開放問答環節。

Thank you. We will now begin the question-and-answer session. (Operator Instructions). For the benefit of all participants on today's call, if you raise your questions in Chinese, please immediately repeat your questions in English.

謝謝。我們現在開始問答環節。(接線員指示)。為了讓今天電話會議的所有與會者都能理解，若您以中文提問，請立即用英文重複您的問題。

Please limit your questions to one at a time. If you wish to have follow-up questions, please rejoin the queue. A moment for office question.

請每次僅提一個問題。如需追問，請重新排隊等候。請稍候，我們接入第一個問題。

We will now take up this question from the line of Sijje Lin from CICC. Please ask your questions, Sijje. Your line is open.

我們現在接聽來自中金公司（CICC）林思杰的提問。思杰，請提問。您的線路已開通。

(Spoken in foreign language) is that because now what I find is a new one, Thank you management. So we've noticed that the overall industry supply growth has slowed slightly. Therefore, we'd like to ask about the recent sentiments among franchisees regarding new signings. And additionally, could you please also provide some guidance on new openings in 2026. Thank you.

(外語發言) 是因為我現在發現有一個新的情況，謝謝管理層。我們注意到整體行業供給增速略有放緩。因此，我們想請教近期加盟商對新簽約的情緒/意願如何。另外，也請管理層就2026年的新開店給一些指引。謝謝。

(Spoken in foreign language)

(外語發言)

Okay. Let me answer your question. Thank you. We have also observed fluctuations in the overall industry supply growth rate. However, if we look deeper,

好的。我來回答您的問題。謝謝。我們也觀察到整體行業供給增速出現波動。不過，如果我們再深入看，

what's behind this is that after years of rapid expansion, the industry is now undergoing a profound structural upgrade and gradually moving towards a new stage of high-quality development.

其背後原因在於：在多年快速擴張之後，行業正經歷深刻的結構性升級，並逐步邁向高品質發展的新階段。

(Spoken in foreign language)

(外語發言)

As for franchisees, we have also observed that they are now becoming more rational and discerning. However, I believe this shift towards rationality for them is actually positive for the long-term healthy development of our industry. Because when franchisees exercise greater caution in negotiating rents choosing locations and selecting hotel brands, they are essentially facilitating a market screening process of survival of the fittest. The mutual selection between mature brands and the quality franchisees will lead to a more solid foundation for cooperation.

就加盟商而言，我們也觀察到他們正變得更加理性、更加挑剔。但我認為，這種理性化的轉變其實有利於行業長期健康發展。因為當加盟商在談判租金、選址以及選擇酒店品牌時更加謹慎，本質上是在推動市場的優勝劣汰篩選。成熟品牌與優質加盟商之間的雙向選擇，將為合作奠定更堅實的基礎。

(Spoken in foreign language)

(外語發言)

As regards to a tour's own strategic pace, high-quality supply in the market remains scarce. We have never advocated for purely scale-driven growth.

就亞朵自身的戰略節奏而言，市場上的高品質供給仍然稀缺。我們從未主張單純以規模驅動的增長。

However, high-quality distinctive growth is actually the direction of our long-term pursuit. We remain positive and optimistic about the signing momentum for 2026, and it will ensure that every newly signed project is more competitive in the market.

但高品質、具特色的增長，才是我們長期追求的方向。我們對2026年的簽約動能仍保持正面且樂觀的看法，並將確保每一個新簽項目在市場上更具競爭力。

(Spoken in foreign language)

(外語發言)

In terms of new openings, Well, thanks to the continued implementation of our premier hotel strategy. New hotels opened in 2025 have shown significant improvement in both of their location selection and property quality. In 2026, we will continue to uphold strict quality requirements, focusing on the core cities and the key commercial areas. On the basis of ensuring higher quality, we aim to achieve a similar scale of openings as last year.

在新開店方面，得益於我們高端酒店戰略的持續落地，2025年新開業酒店在選址與物業品質兩方面都顯著提升。2026年我們將繼續堅持嚴格的品質要求，聚焦核心城市與重點商圈。在確保更高品質的基礎上，我們力爭實現與去年相近的開業規模。

Thank you.

謝謝。

Thank you.

謝謝。

Simon Cheung, Goldman Sachs.

高盛，Simon Cheung。

(Spoken in foreign language) Maybe can management share with us what do you think is going to be the outlook for the hotel industry in 2026. And also perhaps can comment about the first quarter RevPAR performance so far quarter-to-date as well as your view on the RevPAR trend for the rest of the year. Thank you,

(外語發言) 管理層是否可以分享一下，您認為2026年酒店行業的展望如何。另外，也請評論一下截至目前第一季（年初至今）的RevPAR表現，以及您對今年剩餘時間RevPAR走勢的看法。謝謝。

(Spoken in foreign language)

(外語發言)

Thank you, Simon, and let me take your question. In 2025, the hotel industry experienced a moderate recovery with a continued restoration of supply and the demand dynamics. The 2025 full year RevPAR recovery showed a trend of sequential improvement throughout the whole year.

謝謝你，Simon，我來回答你的問題。2025年，酒店行業溫和復甦，供給與需求動態持續修復。2025年全年RevPAR的修復呈現逐季改善的趨勢，貫穿全年。

In 2026, the overall industry supply growth may slow down furthermore, leisure demand remains strong. For example, during the Spring Festival holiday this year, both the ADR and occupancy performed well, exceeding levels from the same period of last year. Based upon this, we expect the RevPAR in Q1 to continue the trend of improvement with a positive momentum.

展望2026年，整體行業供給增速可能進一步放緩，而休閒需求仍然強勁。例如，今年春節假期期間，ADR與入住率（OCC）表現良好，均超過去年同期水平。基於此，我們預期第一季RevPAR將延續改善趨勢並保持正向動能。

(Spoken in foreign language)

(外語發言)

We will not provide specific guidance for RevPAR in 2026 but for the full year, the market environment is still changing relatively quickly. However, favorable policies and the continued recovery of business travel also provides positive factors. Our goal, however, still remains clear. That is to adhere to our strategy -- strategic focus amidst market volatility. Therefore, we will persist with and deepen the differentiated experience advantages of a tour maintaining our more balanced and refined revenue management strategy for both ADR and OCC to consolidate and enhance the performance of RevPAR recovery and solidify our long-term value of the brand.

我們不會就2026年RevPAR提供具體指引；從全年來看，市場環境仍在相對快速地變化。不過，有利政策以及商旅需求的持續復甦也帶來正面因素。但我們的目標仍然清晰。也就是堅持我們的策略——在市場波動中保持戰略聚焦。因此，我們將持續並深化亞朵差異化的體驗優勢，同時維持在ADR與入住率（OCC）之間更均衡、更精細的收益管理策略，以鞏固並提升RevPAR修復表現，並夯實品牌的長期價值。

Thank you.

謝謝。

Next question, please.

下一個問題，謝謝。

Lydia Ling, Citi.

花旗，Lydia Ling。

(Spoken in foreign language) and so my question is on retail business, which actually a very strong growth last year. So could you share your plans for the retail business for this year? And also any new product plans and also new category launch will be your retail revenue target for 2026? Thank you.

(外語發言) 我的問題關於零售業務，去年其實增長非常強勁。能否分享一下你們今年對零售業務的規劃？以及是否有新的產品規劃與新品類推出？另外，2026年零售收入目標會是什麼？謝謝。

(Spoken in foreign language).

(外語發言)。

Okay. Thank you, Lydia. Let me first share the overall direction and product plans for our retail business. Over the past few years, it is fair to say that Atour Planet has adhered to the development philosophy of innovation-driven and product-driven.

好的。謝謝你，Lydia。我先分享我們零售業務的整體方向與產品規劃。過去幾年，可以說亞朵星球一直堅持以創新驅動、以產品驅動的發展理念。

We not only released the industry's first deep sleep standard but also propelled the leapfrog growth in the retail business, truly leading the progress and upgrade of China's sleep industry.

我們不僅發布了行業首個深睡標準，也推動零售業務實現跨越式增長，真正引領了中國睡眠產業的進步與升級。

Moving forward, Atour Planet will enter a phase of deepening core capabilities consolidating our competitive advantages from all dimensions. We aim to avoid a modernized competition with those and followers and approach a unique development path for Atour Planet.

展望未來，亞朵星球將進入夯實核心能力的階段，從各個維度鞏固我們的競爭優勢。我們希望避免與其他玩家及追隨者陷入同質化競爭，走出一條屬於亞朵星球的獨特發展道路。

(Spoken in foreign language)

(外語發言)

In terms of category planning, Atour Planet will continue our focus on the deep sleep track. Firstly, we will continue to strengthen our core categories, and that will be the pillar category to name one of them. Our goal for the pillar category is to maintain our absolute leading position, establishing a decisive advantage.

在品類規劃方面，亞朵星球將持續聚焦深睡賽道。首先，我們會持續強化核心品類，其中支柱品類是其中之一。我們對支柱品類的目標是保持絕對領先地位，建立決定性的優勢。

While we expect the comfortable category to achieve an even faster growth than pillows, further increasing market share.

我們預期舒適品類將實現比枕頭更快的成長，進一步提升市占率。

Secondly, new categories such as fitted sheets and launch wear will accelerate breakthroughs, achieving scale growth through blockbuster product iterations and category matrix expansion. Besides, mattresses and other sleep accessories will also be as extended categories, collectively completing our deep sleep ecosystem layout of Atour Planet.

其次，床包與家居服等新品類將加速突破，透過爆款產品迭代與品類矩陣擴張實現規模成長。此外，床墊及其他睡眠配件也將作為延伸品類，共同完善我們「亞朵星球」的深睡生態系布局。

(Spoken in foreign language)

（以外語發言）

Next, I would like to share our outlook for the retail revenue. In 2025, both scale and brand reputation of our retail business reached a new high. Looking at 2026, we expect retail revenue to grow by 25% to 30% year-on-year. while maintaining the healthy scale growth, we are more focused on the continued consolidation of our core competitiveness by continuously enhancing product strength and brand power we aim to achieve a longer-term sustainable development for retail business.

接下來，我想分享我們對零售收入的展望。2025年，我們零售業務的規模與品牌口碑均創下新高。展望2026年，我們預期零售收入將年增25%至30%。在維持健康的規模成長同時，我們更聚焦於透過持續提升產品力與品牌力，不斷鞏固核心競爭力，力求實現零售業務更長期、可持續的發展。

Thank you, Lydia. Next question, please.

謝謝你，Lydia。請下一個問題。

Ronald Leung, Bank of America.

美國銀行的 Ronald Leung。

(Spoken in foreign language) Let me, ask my question in English. So I have a financial question. So we noticed that the company's actual net profit margin in Q2 was better than initially expected at the beginning of the year. Could you talk about your expected trend for the net profit margin in Q2. Thank you.

（以外語發言）我用英文提問。我有一個財務問題。我們注意到公司第二季的實際淨利率優於年初的預期。能否談談你們對第二季淨利率走勢的預期？謝謝。

(Spoken in foreign language)

（以外語發言）

Thank you, Ronald. Well, indeed, for the full year of 2025, our group's adjusted net profit margin was approximately 17.9%. At the beginning of the year, we had estimated that there's going to be changes in revenue structure and a higher effective tax rate, and they would exert some drag on our profit margin.

謝謝你，Ronald。確實，2025年全年，我們集團的調整後淨利率約為17.9%。年初我們估計，收入結構的變化以及更高的有效稅率將對利潤率造成一定拖累。

However, through refined operational management, our profit margins of all business units continued to improve. And coupled with the policy subsidies, being embodied intensively during quarter four. Eventually, our 2025 net profit margin roughly levelled with that of 2024.

然而，透過精細化營運管理，我們各業務單元的利潤率持續改善。再加上政策補貼在第四季集中體現。最終，2025年的淨利率大致與2024年持平。

(Spoken in foreign language)

（以外語發言）

Looking ahead to 2026. As our business continues to evolve, the revenue mix of our business, supply chain business and the retail business will continue to change.

展望2026年。隨著業務持續演進，我們住宿業務、供應鏈業務與零售業務的收入組合將持續變化。

At the same time, based on the new three year strategy of Chinese experience brand-led excellence, we will allocate resources with a longer-term perspective. For instance, to strengthen key positions through workforce expansion and to enhance digital operational capabilities to support the group's long-term development. Therefore, we anticipate that both our G&A and R&D expense ratios will increase this year. Therefore, at this starting point of the year, we preliminarily expect the group's net profit margin for 2026 to decline slightly year-on-year.

同時，基於「中國體驗」品牌引領卓越的新三年策略，我們將以更長期的視角配置資源。例如，透過擴編人力強化關鍵崗位，並提升數位化營運能力，以支撐集團長期發展。因此，我們預期今年管理費用（G&A）與研發（R&D）費用率都將上升。因此，在年初這個時點，我們初步預期集團2026年的淨利率將較去年小幅下降。

Thank you.

謝謝。

Thank you. Ronald Leung next question, please.

謝謝。Ronald Leung，請下一個問題。

Dan Chi, Morgan Stanley.

摩根士丹利的 Dan Chi。

(Spoken in foreign language)

（以外語發言）

Please allow me to translate my question. My question is relating to the hotel closures. We saw that company closed 92 hotels in 2025, full year, including lease and owned hotel lease and operated hotels. This was slightly higher than the initial estimate at the beginning of last year. Could you share the company's plan on hotel closure for the full year of 2026, providing that gross opening in 2026 flat year-on-year? Thank you.

請允許我翻譯一下我的問題。我的問題與酒店關店有關。我們看到公司在2025年全年關閉了92家酒店，包含租賃及自營的租賃與管理酒店。這略高於去年年初的初始預估。在假設2026年新增開業總量與去年持平的前提下，能否分享公司對2026年全年關店的規劃？謝謝。

(Spoken in foreign language)

（以外語發言）

Thank you, Dan. Regarding closures, just like what we have been consistently communicating with the market, our core consideration for closure decisions is the consistency of experience. The goal is to continuously strengthen the operational quality and experience standards of our hotels and operation. In 2025, we rigorously maintained quality control over our operating hotels and thereby closing a total of 92 hotels.

謝謝你，Dan。關於關店，正如我們一直與市場溝通的，我們做出關店決策的核心考量是體驗一致性。目標是持續強化酒店營運的品質與體驗標準。2025年，我們對在營酒店嚴格執行品質管控，因此共關閉了92家酒店。

(Spoken in foreign language)

（以外語發言）

In 2026, to ensure the quality level of our overall hotel network, we will still maintain a certain proactive elimination rate terminating cooperation with hotels that fail to meet towards experiential standards in order to continuously consolidate our brand value in the long term.

2026年，為確保整體酒店網路的品質水準，我們仍將維持一定的主動淘汰率，終止與未能達到體驗標準的酒店合作，以長期持續鞏固我們的品牌價值。

Nonetheless, based on the optimization and adjustments already made in 2025. Now the foundation of our existing hotel portfolio is more solid. Therefore, we expect the number of closures in 2026 to decrease. Our current planned target is to close around 80 hotels within the year.

不過，基於我們在2025年已完成的優化與調整。目前既有酒店組合的基礎更加穩固。因此，我們預期2026年的關店數量將有所下降。我們目前的規劃目標是全年關閉約80家酒店。

Thank you.

謝謝。

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

謝謝。以上為今天的問答環節。接下來我想把會議交回給 Luke Hu 先生，請他做補充或結語。

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 again next quarter. Thank you, and goodbye.

感謝各位今天的參與。如有任何進一步問題，歡迎隨時聯繫我們的投資人關係（IR）團隊。期待在下個季度再次與各位交流。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。感謝各位參與。您現在可以掛線。

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.

本逐字稿中標註為（口譯）的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。