Atour Lifestyle Holdings Limited (ATAT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Atour Lifestyle Holdings first quarter 2026 Earnings Conference Call. (Operator Instruction) I would now like to turn the call over to Mr. Luke Hu, IR Director. Thank you. 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）2026年第一季度業績電話會議。(接線員指示) 現在我想把電話交給投資者關係總監 Luke Hu 先生。謝謝。先生，請開始。

Thank you, operator. Good morning and good evening, everyone. Welcome to our first-quarter 2026 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2026年第一季度業績電話會議。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 and federal securities laws. These statements are subject to various risks and uncertainties. And actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws.

在我們繼續之前，請注意今天的討論將包含前瞻性陳述，並受聯邦證券法規範。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所陳述或暗示的內容存在重大差異。除非適用法律要求，否則公司沒有義務更新任何前瞻性陳述。

Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and the 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 results presentation is also available. Now, I will turn the call over to Mr. Wang, our CEO.

另外，本次電話會議的網路重播將可於我們的網站 ir.yaduo.com 收看，該網站亦提供一份業績簡報。現在，我把電話交給我們的執行長王先生。

(Spoken in foreign language)

(以外語發言)

Thank you, Luke. Hello, everyone. Thank you for joining Atour's first quarter 2026 earnings call.

謝謝你，Luke。各位好。感謝各位參加亞朵2026年第一季度業績電話會議。

(Spoken in foreign language)

(以外語發言)

Please turn to our slides. Entering 2026, China's service consumption is accelerating its transition from scale driven expansion to value driven upgrades centered on quality and experience. Supportive policies are being refined and implemented while industry competition is becoming more rational.

請翻到我們的投影片。進入2026年，中國服務消費正加速從規模驅動的擴張轉向以品質與體驗為核心的價值驅動升級。支持性政策正持續完善並落地實施，同時行業競爭也愈發理性。

Together, these factors are shaping a healthier environment for the consumer market. Against this backdrop, the hotel market has continued its moderate recovery alongside structural upgrades, with development focus shifting toward deeper cultivation of refinement and differentiation.

這些因素共同塑造了更健康的消費市場環境。在此背景下，酒店市場在結構性升級的同時持續溫和復甦，發展重點正轉向更深度的精細化經營與差異化打造。

Meanwhile, the retail market is also evolving from traditional manufacturing driven models to an experience driven approach. Consumers are increasingly prioritizing holistic experiences and emotional value over functionality and value for money.

同時，零售市場也正從傳統製造驅動模式演進為體驗驅動模式。消費者愈來愈重視整體體驗與情緒價值，而非僅僅關注功能性與性價比。

At this pivotal moment, we will firmly seize the innovation opportunities arising from these transformations by embedding innovation across every dimension of our products, operations and organization and converting these opportunities into a long term sustainable growth engine. We are also more convinced than ever that our user first philosophy, with experience as our cornerstone and a brand as our anchor, is the fundamental path for Atour to navigate industry cycles.

在這個關鍵時刻，我們將堅定把握這些變革帶來的創新機遇，將創新嵌入產品、營運與組織的每一個維度，並把機遇轉化為長期可持續的成長引擎。我們也比以往任何時候都更堅信，以體驗為基石、以品牌為錨點的「用戶第一」理念，是亞朵穿越行業週期的根本路徑。

(Spoken in foreign language)

(以外語發言)

Now I would like to provide more details on our business performance for the first quarter of 2026.

接下來，我想更詳細地介紹我們2026年第一季度的業務表現。

(Spoken in foreign language)

(以外語發言)

Let's begin with our hotel business in the first quarter, performance across our overall hotel portfolio and our mature hotels continued to improve Sequentially. We achieved positive year-over-year RevPAR growth primarily driven by a steady increase in ADR. This reflects a return to value based competition in a healthier industry environment alongside the steady compounding of our brand equity.

先從我們第一季度的酒店業務開始，我們整體酒店組合以及成熟酒店的表現均持續環比改善。我們實現了正向的同比RevPAR成長，主要由ADR的穩步提升所帶動。這反映出在更健康的行業環境下，競爭正回歸以價值為導向，同時也體現了我們品牌資產的持續累積。

In the first quarter our RevPAR was RMB 311.6 representing 102.4% of the level in the same period of 2025. Specifically, OCC reached 100.6% and ADR stood at 102.1% of their levels in the same period of 2025. RevPAR for our mature hotels in operation for more than 18 months was 98.3% of the level in the same Period of 2025, with OCC and ADR at 99.2% and 99.4% respectively of their levels in the same period of 2025.

第一季度我們的RevPAR為人民幣311.6元，相當於2025年同期水準的102.4%。具體而言，OCC達到2025年同期水準的100.6%，ADR為2025年同期水準的102.1%。營運超過18個月的成熟酒店RevPAR為2025年同期水準的98.3%，其中OCC與ADR分別為2025年同期水準的99.2%與99.4%。

(Spoken in foreign language)

(以外語發言)

As for our hotel network, we adhered to a quality first principle and maintained strict quality control for every new signing and new hotel opening. Ensuring growth is built on a solid quality foundation. In the first quarter we opened 110 new hotels. By the end of the first quarter our total number of hotels in operation reached 2088. As of the same date, our pipeline of hotels under development remained at a healthy level of 751.

在酒店網路方面，我們堅持「品質優先」原則，對每一個新簽約與新開業酒店都保持嚴格的品質管控。確保成長建立在堅實的品質基礎之上。第一季度我們新開業110家酒店。截至第一季度末，我們在營酒店總數達到2,088家。同日，我們在建酒店儲備（pipeline）仍維持在健康水準，為751家。

(Spoken in foreign language)

(以外語發言)

On the hotel channel front, our CRS channel continued its steady performance accounting for 63.7% of total room nights sold in the first quarter. The contribution of room nights sold to corporate members was 19.3% during the quarter.

在酒店渠道方面，我們的CRS渠道持續保持穩健表現，第一季度佔總間夜銷量的63.7%。本季度企業會員貢獻的間夜銷量佔比為19.3%。

At the same time, we are safeguarding the experience of guests who book through our official channels with our price assurance policies including the price drop refund and a best price guarantee as well as various other practical measures during the Chinese New Year holiday.

同時，我們透過價格保障政策（包括降價退差與最優價格保證），以及春節假期期間的各項其他務實措施，保障透過官方渠道預訂的住客體驗。

In particular, the seamless execution of these safeguards earned widespread positive feedback from users. This reflects our long term commitment to deepening our membership operations and strengthening member loyalty while also representing our consistent commitment to providing users with a more reassuring experience.

尤其是，這些保障措施的順暢落地獲得了用戶的廣泛正面回饋。這既體現了我們長期深耕會員營運、強化會員忠誠度的承諾，也代表我們一以貫之地致力於為用戶提供更安心的體驗。

(Spoken in foreign language)

(以外語發言)

As our hotel network expands and our brand strength steadily grows, our supply chain capabilities are advancing. In parallel, more high quality suppliers are joining our supply chain network. The platform's offerings are becoming more diverse and franchisees are increasingly willing to consolidate their procurement with us. We want our supply chain business to consistently deliver long term value in two aspects.

隨著我們酒店網路擴張以及品牌力穩步提升，我們的供應鏈能力也在持續進階。同時，更多高品質供應商正在加入我們的供應鏈網路。平台供給日益多元，加盟商也愈來愈願意將採購向我們集中。我們希望供應鏈業務能在兩個方面持續創造長期價值。

First, by empowering our franchisees and suppliers with high quality products at attractive value, helping them improve procurement efficiency and enhancing the overall franchisee experience. Second, by ensuring a consistent state experience for users, giving them greater convenience and a peace of mind when using our products, we adhere to our eight commitments to supply chain procurement, establishing reliable mechanisms across pricing, after sales, service and customer care.

第一，以具吸引力的價值提供高品質產品，賦能加盟商與供應商，幫助其提升採購效率，並提升整體加盟商體驗。第二，透過確保用戶一致性的住宿體驗，讓用戶在使用我們產品時更便利、更安心；我們堅持供應鏈採購的八項承諾，在定價、售後、服務與客戶關懷等方面建立可靠機制。

At the same time, we are deepening collaborative R&D with upstream suppliers to improve the practical functionality of existing products and develop new ones that deliver greater value. We will take innovation as our driving force to continuously enhance the core capabilities of our supply chain, jointly elevating the value of the Atour brand.

同時，我們正深化與上游供應商的協同研發，以提升既有產品的實用功能，並開發能帶來更高價值的新產品。我們將以創新為驅動力，持續強化供應鏈的核心能力，與合作夥伴共同提升亞朵品牌價值。

(Spoken in foreign language)

（以外語發言）

Next, I would like to share the latest developments across our hotel brands and In a highly competitive hotel market, Atour pioneered and continues to lead the upper mid scale segment. Over the past decade we have earned strong customer word of mouth and steadily built clear resilient brand mindshare. This long term commitment has enabled us to build differentiated competitive advantages that are difficult to replicate, supporting our resilience and sustainable growth through ever changing market conditions.

接下來，我想分享我們旗下各酒店品牌的最新進展。在競爭激烈的酒店市場中，亞朵率先開創並持續引領中高端細分市場。過去十年，我們贏得了強勁的客戶口碑，並穩步建立起清晰且具韌性的品牌心智佔有。這份長期承諾使我們得以建立難以複製的差異化競爭優勢，支撐我們在不斷變化的市場環境中保持韌性並實現可持續成長。

Atour 3.6, our latest attour hotel product was built around a systematic redesign of the key moments in the guest journey grounded in an in depth deconstruction of real guest experiences. This has allowed us to create a verifiable and scalable operational standard and a product model. Since its launch over a year ago, Atour 3.6 has continued to receive positive market feedback validating our product competitiveness in the upper mid scale market.

亞朵3.6作為我們最新的亞朵酒店產品，圍繞住客旅程中的關鍵時刻進行系統性重塑，並以對真實住客體驗的深度拆解為基礎。這使我們能夠打造可驗證、可規模化的營運標準與產品模型。自一年多前推出以來，亞朵3.6持續獲得正向市場回饋，驗證了我們在中高端市場的產品競爭力。

(Spoken in foreign language)

（以外語發言）

Atour Origin represents our continued effort to explore and expand the possibilities of of the upper mid scale segment and marks a concrete step forward in our brand led excellence strategy. Going forward, we will continue to refine Attour Origin with a long term mindset while advancing more refined operations and quality upgrades.

亞朵源（Atour Origin）代表我們持續探索並拓展中高端細分市場可能性的努力，也是我們以品牌引領卓越策略向前邁出的具體一步。展望未來，我們將以長期思維持續打磨亞朵源，同時推進更精細的營運與品質升級。

We will roll out the deep sleep system hotel wide and further integrate cultural elements and service details from Yunnan. We hope Attour Origin will bring the tranquil strength rooted in Yaduo village to more corners of urban life, further enriching what the Chinese experience represents. In the first quarter, RevPAR of Atour origin hotels in operation exceeded RMB400. The two upper mid scale brands developed in parallel forming a differentiated and complementary price tier.

我們將在全酒店推行深睡系統，並進一步融合來自雲南的文化元素與服務細節。我們希望亞朵源能把根植於亞朵村落的寧靜力量帶到城市生活的更多角落，進一步豐富「中國體驗」所代表的內涵。第一季度，已開業的亞朵源酒店RevPAR超過人民幣400元。兩個中高端品牌並行發展，形成差異化且互補的價格帶。

(Spoken in foreign language)

（以外語發言）

For the upscale brand. Sahe Hotel continues to build brand visibility and recognition while expanding its development potential. In the first quarter, RevPAR of Savhe Hotels in operation exceeded RMB910 with ADR surpassing RMB1000.

在高端品牌方面。薩和酒店（Savhe Hotel）在擴大發展潛力的同時，持續提升品牌能見度與認知度。第一季度，已開業的Savhe酒店RevPAR超過人民幣910元，ADR超過人民幣1,000元。

Meanwhile, Savhe has attracted a more diverse customer base with a higher proportion of international customers and family travelers on overseas review platforms and social media. Savhe has also received a growing number of organic recommendations and positive reviews from international users. This demonstrates the unique appeal of Savhe's deep Chinese cultural roots and opens up broader possibilities for its future development.

同時，Savhe在海外評價平台與社群媒體上吸引了更多元的客群，國際旅客與親子家庭旅客占比更高。Savhe也獲得越來越多來自國際用戶的自發推薦與正面評價。這展現了Savhe深厚中國文化根基的獨特吸引力，並為其未來發展打開更廣闊的可能性。

(Spoken in foreign language)

（以外語發言）

We are taking a long term view on SAP. We will continue to drive brand upgrades bringing China's homegrown philosophy and expression of upscale living to a broader global audience. Savhe's development calls for patience. We will remain disciplined in scale, pursue continuous refinement in product and service and translate our long term vision into every tangible experience.

我們以長期視角看待Savhe。我們將持續推動品牌升級，把中國本土的生活哲學與高端生活方式的表達帶給更廣泛的全球受眾。Savhe的發展需要耐心。我們將在規模上保持紀律，持續精進產品與服務，並把長期願景落實到每一個可感知的體驗之中。

(Spoken in foreign language)

（以外語發言）

Demand for more differentiated stay experiences continues to grow, an opportunity that aligns closely with Atour Lite's positioning. Atour Lite continued its steady long term trajectory in the first quarter. On the customer side, Atour Lite has been attracting a more diverse customer base, gaining increasing recognition among younger users while steadily broadening its business traveler base. This has further built the brand's differentiated momentum.

市場對更具差異化的住宿體驗需求持續成長，這一機會與亞朵輕居（Atour Lite）的定位高度契合。第一季度，亞朵輕居延續穩健的長期發展軌跡。在客戶端，亞朵輕居吸引了更為多元的客群，在年輕用戶中獲得更高認可，同時穩步拓展商旅客群。這進一步積累了品牌的差異化動能。

Atour Light 3.3 has now opened in more than 20 hotels. It enhanced the product experience and more efficient operating model have earned strong recognition from both customers and franchisees. Operationally, Atour Light 3.3 has demonstrated stronger pricing power. In the first quarter, RevPAR of Atour Light 3.3 hotels in operation was more than 10% higher than that of the 3.0 version.

亞朵輕居3.3目前已在20多家酒店開業。其升級的產品體驗與更高效率的營運模型，獲得了客戶與加盟商的高度認可。在營運層面，亞朵輕居3.3展現出更強的定價能力。第一季度，已開業的亞朵輕居3.3酒店RevPAR較3.0版本高出10%以上。

(Spoken in foreign language)

（以外語發言）

We fully recognize that brand development is not built overnight. It requires us to first focus on product refinement and operating system development so that we can build strong brand equity and support healthy sustainable growth.

我們充分認識到，品牌發展並非一蹴可幾。這需要我們首先聚焦於產品打磨與營運系統建設，從而建立強勁的品牌資產，並支撐健康、可持續的成長。

In 2026, we will continue to comprehensively and systematically enhance to our Light's operational efficiency and product competitiveness and continue to focus our expansion on second tier and above cities pursuing quality led expansion and laying a more solid foundation to for the next stage of Atour Light's development.

在2026年，我們將持續全面且系統性地提升輕居的營運效率與產品競爭力，並繼續把拓展重點放在二線及以上城市，堅持以品質引領的擴張，為亞朵輕居下一階段發展奠定更堅實的基礎。

(Spoken in foreign language)

（以外語發言）

Moving on to our retail business entering 2026, Atour's retail business sustained its strong growth momentum with core categories continuing to deliver outstanding performance. Retail revenue reached RMB1,071,000,000 in the first quarter representing 54.4% year-over-year growth. Atour Planet also ranked among the top brands in the betting category on major third party platforms with our product and a brand strength continuously being validated by the market.

接下來談到我們在2026年的零售業務，亞朵零售業務延續強勁成長動能，核心品類持續交出亮眼表現。第一季度零售收入達人民幣1,071,000,000元，同比增長54.4%。亞朵星球（Atour Planet）在主要第三方平台的寢具品類中亦位居頭部品牌之列，我們的產品力與品牌力持續獲得市場驗證。

(Spoken in foreign language)

（以外語發言）

We recognize that maintaining long term competitiveness requires continuous innovation, responding faster and more precisely to meeting the evolving needs and expectations of our users. As our understanding of users sleep needs deepens, we are steadily turning latent demands into tangible product strength.

我們認為，維持長期競爭力需要持續創新，以更快、更精準的方式回應用戶不斷演進的需求與期待。隨著我們對用戶睡眠需求的理解加深，我們正穩步把潛在需求轉化為可感知的產品實力。

We approach each product iteration as a systematic solution grounded in scientific testing and validation as AturPlanet's product capabilities continue to grow, we are proud to enter a new stage defined by the technological innovation and standard setting.

我們將每一次產品迭代都視為一套系統性解決方案，並以科學測試與驗證為基礎。隨著亞朵星球的產品能力持續成長，我們很自豪地邁入以技術創新與標準制定為特徵的新階段。

(Spoken in foreign language)

（以外語發言）

In the pillow category, Hatura Planet maintained its strong and clear leadership in the first quarter, consistently ranking first in category sales on major third party platforms. We have remained guided by genuine sleep need, integrating this principle into every product upgrade within the pillow category, consistently building a strong word of mouth.

在枕頭品類方面，亞朵星球在第一季度保持了強勁且清晰的領先地位，在主要第三方平台的品類銷售中持續排名第一。我們始終以真實的睡眠需求為導向，將這一原則融入枕頭品類的每一次產品升級，持續累積強勁口碑。

During the Chinese New Year, we launched a special edition of the Deep Sleep Memory foam pillow Pro 3.0. Paired with a supporting brand campaign, we sought to turn a sleeping product into a meaningful expression of emotion, helping users rest fully in body and mind during the holiday and fall naturally into deep sleep.

在春節期間，我們推出深睡記憶棉枕Pro 3.0新年特別版。配合相應的品牌活動，我們希望把睡眠產品轉化為一種有意義的情感表達，幫助用戶在假期身心充分休息，自然進入深度睡眠。

(Spoken in foreign language)

（以外語發言）

For our comforter category market share is steadily increasing with very strong growth continuing into the first quarter. The deep sleep thermoregulating comforter series has consistently achieved strong sales and garnered significant user preference with cumulative sales exceeding 3 million units since its launch.

在被芯品類方面，我們的市場份額穩步提升，強勁成長延續至第一季度。深睡恆溫調節被系列持續實現亮眼銷售並獲得用戶顯著偏好，自上市以來累計銷量已超過300萬件。

At the end of March, we launched the latest upgrade in the series, the deep sleep thermoregulating comforter pro 3.0 summer season. This new generation delivers systematic improvements in dynamic temperature and humidity control featuring a fully upgraded two way temperature regulation technology that helps smooth out temperature fluctuations. Its moisture absorption and permeability have also been enhanced with each innovation cycle.

在三月底，我們推出了該系列的最新升級產品——深睡恆溫舒適被 Pro 3.0 夏季款。這一代產品在動態溫濕度控制方面帶來系統性提升，採用全面升級的雙向溫度調節技術，有助於平滑溫度波動。其吸濕性與透氣性也在每一輪創新迭代中持續增強。

In the comforter category, our product strength continues to improve enabling us to more precisely capture users pain points and translate them into practical applications through enhanced R&D capabilities. Within just 45 days of launch, the Gross Merchandise Value of Deep Sleep thermoregulating Comforter Pro 3.0 summer season exceeded RMB100 million.

在被子品類方面，我們的產品力持續提升，使我們能更精準地捕捉用戶痛點，並透過強化的研發能力將其轉化為實際應用。上市僅45天，深睡恆溫舒適被 Pro 3.0 夏季款的商品交易總額（GMV）即突破人民幣1億元。

(Spoken in foreign language)

（外語發言）

For new categories. Sales momentum also has been very positive. Recently we launched the summer edition of the Deep Sleep Launchwear in line with the season and introduced the new color options for the deep sleep fitted sheet. As our sleep ecosystem continues to evolve, Atour Planet's product mindshare among users is becoming stronger and the trust between the brand and users is reinforced through each experience.

在新品類方面，銷售動能也非常正向。近期我們順應季節推出了深睡發射服夏季版，並為深睡床包新增了新的顏色選項。隨著我們的睡眠生態持續演進，Atour Planet 在用戶心中的產品心智正在變得更強，品牌與用戶之間的信任也在每一次體驗中得到強化。

(Spoken in foreign language)

（外語發言）

Turning to membership by the end of the first quarter our registered individual members reached RMB116 million representing a 20% year-over-year increase in 2026. We will continue to focus on deep sleep as a core scenario, deepening the synergy between our hotel and retail businesses to enhance members sense of membership value and benefits.

接下來談會員，截至第一季末，我們的註冊個人會員達到1.16億，於2026年同比增長20%。我們將持續聚焦深睡作為核心場景，深化酒店與零售業務之間的協同，提升會員對會員價值與權益的感受。

At the same time, we are actively exploring partnerships with like minded brands jointly creating expanded quality lifestyle experiences. We hope Atour membership will continue to evolve as a lifestyle membership brand that accompanies users with warmth, helping every member find experiences where body and mind return to inner peace.

同時，我們也在積極探索與理念相近的品牌合作，共同打造更豐富的高品質生活方式體驗。我們希望 Atour 會員能持續演進為陪伴用戶、帶來溫暖的生活方式會員品牌，幫助每一位會員找到身心回歸內在平靜的體驗。

(Spoken in foreign language)

（外語發言）

Finally, I would like to share Atour's progress on ESG. We recently released the Atur Group 2025 ESG report. Atur started from Yaduo Village in Yunnan and we have always been dedicated to a founding aspiration of doing good. Over time, this simple goodwill has become the spiritual foundation of of Atour's growth.

最後，我想分享 Atour 在 ESG 方面的進展。我們近期發布了 Atour 集團 2025 年 ESG 報告。Atour 起源於雲南的亞朵村，我們始終秉持「行善」的創立初心。隨著時間推移，這份樸素的善意已成為 Atour 成長的精神基石。

We have embedded ESG principles into our corporate mission and core values, continuously enhancing our ESG governance and advancing environmental responsibility across our hotel and retail operations through industry support and social assistance programs. We continue to give back to Yado Village and the surrounding communities, fostering goodwill and extending warmth.

我們已將 ESG 原則融入企業使命與核心價值觀，持續完善 ESG 治理，並透過行業支持與社會援助項目，在酒店與零售營運中推進環境責任。我們持續回饋亞朵村及周邊社區，培育善意並傳遞溫暖。

(Spoken in foreign language)

（外語發言）

At the end of 2025, we officially established the Atour Foundation with a goal of advancing public welfare in a more systematic way, extending care to people recently we launched a dedicated public welfare program focused on frontline housekeeping staff, open not only to our own employees but also to housekeeping professionals across China's service industry guided by our belief that everyone deserves kindness, aimed to extend ator's warmth to the broader industry and enable these connections of goodwill to generate a more far reaching impact.

在2025年底，我們正式成立亞朵基金會，目標是以更系統化的方式推動公益，將關懷延伸至更多人群。近期我們推出了聚焦一線客房保潔人員的專項公益計畫，不僅面向我們自身員工，也向中國服務業的保潔從業者開放。在「每個人都值得被善待」的信念指引下，我們希望將亞朵的溫暖延伸至更廣泛的行業，並讓這些善意連結產生更深遠的影響。

(Spoken in foreign language)

（外語發言）

Grounded in the present and looking to the long term, we will continue to upload our mission of creating an intimate ambience where people can warmly connect, stay true to our founding aspiration and fulfill our corporate responsibilities.

立足當下、著眼長遠，我們將持續踐行「打造人與人之間溫暖連結的親密氛圍」的使命，堅守創立初心並履行企業責任。

We will remain committed to doing the right things with warmth, steadily move toward our long term vision of a timeless tour warmth along every journey and continue to contribute steadfast and warm strength to the industry and society.

我們將一如既往以溫暖做正確的事，穩步邁向「一路有溫暖相伴的永恆旅程」的長期願景，並持續為行業與社會貢獻堅定而溫暖的力量。

(Spoken in foreign language)

（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總裁兼首席財務官吳建峰先生，由他介紹我們的財務業績。

Thank you, Hai Jun. Hello everyone. I would like to present the company's financial performance for the first quarter of 2026. Our net revenues for the first quarter of 2026 grew by 47.5% year over year to RMB2,811 million. Revenues from our managed hotels for the first quarter of 2026 got by 51.9% year-over-year to RMB1,568 million.

謝謝，海軍。各位好。我將介紹公司2026年第一季度的財務表現。2026年第一季度，我們的淨收入同比增長47.5%，達到人民幣28.11億元。2026年第一季度，我們管理酒店業務收入同比增長51.9%，達到人民幣15.68億元。

The increase was primarily fueled by the ongoing expansion of our hotel network as well as supply chain business development. Revenues contributed by our leased hotels for the first quarter of 2026 decreased by 8.0% year-over-year to RMB118 million.

增長主要由我們酒店網絡的持續擴張以及供應鏈業務發展所帶動。2026年第一季度，我們租賃酒店業務貢獻的收入同比下降8.0%，至人民幣1.18億元。

The decline was primarily due to a decrease in the number of leased hotels as a result of our product mix optimization. The total number of our leased hotels decreased from 25 as of March 31, 2025 to 19 as of March 31, 2026. Revenues from our retail business for the first quarter of 2026 increased by 54.4% year-over -year to RMB1,071 million.

下降主要由於我們進行產品組合優化，導致租賃酒店數量減少。截至2025年3月31日，我們的租賃酒店總數為25家；截至2026年3月31日降至19家。2026年第一季度，我們零售業務收入同比增長54.4%，達到人民幣10.71億元。

The growth was driven by increasing brand recognition, successful product innovation and broadened broadened range of product offerings. Gross profit of our hotel businesses for the first quarter of 2026 increased by 29.5% year-over-year to RMB550 million. The decline in the gross margin was primarily due to the changes in the revenue structure.

增長得益於品牌認知度提升、成功的產品創新以及產品供給範圍的擴大。2026年第一季度，我們酒店業務毛利同比增長29.5%，達到人民幣5.50億元。毛利率下降主要由於收入結構的變化。

Gross profit of our retail business for the first quarter of 2026 increased by 58.3% year-over-year to RMB564 million. The increase in the gross margin was attributable to the increasing contribution from higher margin. Products selling and marketing expenses accounted for 14.3% of net revenues for the first quarter of 2026 compared with 14.8% of the same period of 2025.

2026年第一季度，我們零售業務毛利同比增長58.3%，達到人民幣5.64億元。毛利率提升主要歸因於高毛利產品貢獻占比提高。2026年第一季度，產品銷售及市場推廣費用占淨收入的14.3%，而2025年同期為14.8%。

The decrease was made primarily due to improved efficiency of investment in our retail business. General and administrative expenses, excluding share based compensation expenses accounted for 4.2% of net revenues for the first quarter of 2026 compared with 4.1% for the same period of 2025.

下降主要由於我們在零售業務上的投入效率提升。一般及行政費用（不含股份支付費用）占2026年第一季度淨收入的4.2%，而2025年同期為4.1%。

Technology and development expenses accounted for 1.8% of net revenues for the first quarter of 2026 compared with 2.1% for the same period Of 2025. Adjusted net profit margin for the first quarter of 2026 was 17.4%, representing a decrease of 0.7 percentage points year over year.

技術與研發費用占2026年第一季度淨收入的1.8%，而2025年同期為2.1%。2026年第一季度經調整淨利潤率為17.4%，同比下降0.7個百分點。

Adjusted EBITDA margin for the first quarter of 2026 was 25.5%, increased by 0.6 percentage points year over year. We maintained a healthy cash position. As of March 31, 2026, cash and cash equivalents totaled RMB3.7 billion with net cash of RMB3.4 billion today.

2026年第一季的經調整EBITDA利潤率為25.5%，同比提升0.6個百分點。我們維持了健康的現金水位。截至2026年3月31日，現金及現金等價物合計人民幣37億元，今日淨現金為人民幣34億元。

In accordance with our annual dividend policy, we declared the first cash dividend of 2026 totaling around $72million as a reward for our shareholders trust and support. That concludes our financial highlights for the first quarter of 2026 and for the full year of 2026. We currently expect total net revenues to increase by 24% to 28% compared with the full year of 2025. Now let's open the floor for Q&A.

依照我們的年度股利政策，我們宣派了2026年首筆現金股利，合計約7,200萬美元，以回饋股東的信任與支持。以上為我們2026年第一季以及2026年全年之財務重點。我們目前預期，總淨營收較2025年全年將成長24%至28%。現在我們開放問答環節。

Thank you. We will now begin the question and answer session. (Operator Instruction) Your first question comes from the line of Sijie Lin, CICC. Please go ahead.

謝謝。我們現在開始問答環節。(接線員指示) 第一個問題來自中金公司（CICC）的林思潔。請發問。

(Spoken in foreign language)

(外語發言)

Thank you, management, congrats on another strong quarter. So we noticed a faster pace of hotel closures in Q1, so want to know whether that will affect the full year closure targets and additionally, is there any change regarding the guidance on new openings? Thank you.

謝謝管理層，恭喜又交出一個強勁的季度。我們注意到第一季酒店關店速度更快，想了解這是否會影響全年關店目標；另外，對於新開店的指引是否有任何變化？謝謝。

(Spoken in foreign language)

(外語發言)

Thank you. Sijie, let me answer your question. In Q1 we had a relatively more concentrated pace of closures with a total of 37 hotels being closed. The main reason was that some projects we had confirmed last year to be closed were carried over to this year for finalization and resulting in that lag in the numbers for our full year target for hotel closures this year remains unchanged at 80 hotels and moreover, thanks to the proactive structural adjustments we initiated last year, the quality of our operating hotels now has clearly improved.

謝謝。思潔，我來回答你的問題。第一季我們的關店節奏相對更集中，共關閉了37家酒店。主要原因是部分我們去年已確認要關閉的專案延續到今年完成收尾，導致數字出現滯後；我們今年全年酒店關店目標仍維持不變，為80家。此外，得益於我們去年啟動的主動結構性調整，目前在營酒店的品質已明顯提升。

And in this process, we have also gradually sorted out and established a set of long term mechanisms for older hotels that have been in operation for many years. We will provide targeted support and customized renovation plans to lower the barrier to upgrading along with partial fee waivers and financial support policies to effectively help these older hotels enhance their market competitiveness.

在此過程中，我們也逐步梳理並建立了一套針對已營運多年的老店的長期機制。我們將提供有針對性的支持與客製化改造方案，並配合部分費用減免及金融支持政策，以有效協助這些老店提升市場競爭力。

(Spoken in foreign language)

(外語發言)

And as for new openings, we are proceeding steadily according to our planned pace and adhering to the premier hotel logic. Newly opened hotels must be the ones that have met our positioning and can provide high quality experience for guests. As of the end of Q1, we had 751 projects in the pipeline ensuring an ample and high quality reserve. Therefore, we are maintaining our full year hotel opening target unchanged. Thank you.

至於新開店方面，我們正按照既定節奏穩步推進，並堅持「精品酒店」的邏輯。新開業酒店必須符合我們的定位，並能為住客提供高品質體驗。截至第一季末，我們在建管線（pipeline）共有751個項目，確保充足且高品質的儲備。因此，我們維持全年酒店開業目標不變。謝謝。

Our next question comes from the line of Dan Chi, Morgan Stanley. Please go ahead

下一個問題來自摩根士丹利的Dan Chi。請發問。

(Spoken in foreign language)

(外語發言)

This is Dan from Morgan Stanley. My question is about RevPAR trend for Q2. Can the management share some color with us and whether there's any change in the management's visibility on the full year RevPAR outlook. Thank you.

我是摩根士丹利的Dan。我的問題是關於第二季RevPAR的趨勢。管理層能否分享一些觀察，以及對全年RevPAR展望的能見度是否有任何變化？謝謝。

(Spoken in foreign language)

(外語發言)

Thank you Dan. Entering Q2, we had observed that leisure travel remained strong in particular spring break in some regions during April further boosted travel demand and the more dispersed travel schedule has led to a more balanced distribution of holiday passenger flows. However, when we look ahead, market volatility still exists. Therefore, we maintain a cautiously optimistic attitude about RevPAR performance in Q2.

謝謝你，Dan。進入第二季後，我們觀察到休閒旅遊仍然強勁，尤其是4月部分地區的春假進一步帶動了出行需求；更分散的出行安排也使假期客流分布更為均衡。不過，展望未來，市場波動仍然存在。因此，我們對第二季RevPAR表現維持審慎樂觀的態度。

(Spoken in foreign language)

(外語發言)

As for long term trends, we also see various proactive policies continuously to unlock the potential of service consumption and injecting strong vitality of consumption into the industry. Although changes in the external environment may cause short term fluctuations in the travel market and the accommodation industry as a whole remains in a stage of fluctuating recovery.

就長期趨勢而言，我們也看到各項積極政策持續釋放服務消費潛力，為行業注入強勁的消費活力。儘管外部環境的變化可能導致旅遊市場短期波動，但住宿行業整體仍處於波動復甦階段。

Against this backdrop, we will not deliberately pursue short term performance. Instead, we will strategically expand our reach to a broader range of business travelers and leisure travelers, continuously refine our service to details that guests can truly feel and make a tour the most reassuring and reliable choice for travelers when staying.

在此背景下，我們不會刻意追求短期業績。相反，我們將以策略性方式擴大觸達更廣泛的商務旅客與休閒旅客，持續打磨住客真正能感受到的服務細節，讓亞朵在旅途中成為旅客入住時最安心、最可靠的選擇。

Thank you Dan. Next question please. Moment for the next question. Our next question comes from the line of Lydia Ling, Citi. Please go ahead.

謝謝你，Dan。請下一個問題。稍等下一個問題。下一個問題來自花旗的Lydia Ling。請發問。

(Spoken in foreign language)

(外語發言)

Hi management and this Lydia from Citi. So could you share with some like the whole franchise sentiment on the opening recently and also whether your company make any changes to your signings strategy? Thank you.

管理層好，我是花旗的Lydia。想請你們分享一下近期整體加盟商對開店的情緒/態度，以及公司是否對簽約策略做了任何調整？謝謝。

(Spoken in foreign language)

(外語發言)

Thank you Lydia. In March we mentioned that the market was gradually returning to rationality and the franchisees are adopting a more mature mindset so they are not over optimistic nor anxious about short term fluctuations. And regarding our signing strategy, first, we will continue to strengthen our presence in the core cities in prime commercial areas across China, capturing the fundamental demand from high frequency business travel and urban cultural tourism.

謝謝你，Lydia。我們在3月提到，市場正逐步回歸理性，加盟商也採取更成熟的心態，因此既不會過度樂觀，也不會因短期波動而焦慮。關於我們的簽約策略，第一，我們將持續強化在中國核心城市、核心商圈的佈局，抓住高頻商務出行與城市文化旅遊的基本需求。

On the other hand, we are selectively capturing the growth opportunities from leisure demand, for instance in key potential markets such as strong third tier cities and cities with 5A-rated scenic spots that generate stable visitor flows. In these promising areas with solid market foundations and long term growth potential, we are carefully selecting projects with strong development prospects.

另一方面，我們也會有選擇地把握休閒需求帶來的成長機會，例如在具潛力的重點市場，包括實力較強的三線城市，以及擁有5A級景區、能帶來穩定客流的城市。在這些市場基礎扎實、具長期成長潛力的區域，我們會審慎挑選具備良好發展前景的項目。

(Spoken in foreign language)

(外語發言)

Thirdly, in the long run, the quality of signed projects is of critical importance. However, there is no consensus in the market on what quality truly means. Let me take this chance to introduce to you the Atour's concept of quality. Our concept of quality goes beyond mere hardware upgrades and structural improvements. It is rather rooted in experience and aims to build a comprehensive quality composite.

第三，從長期來看，簽約項目的品質至關重要。然而，市場對「品質」究竟意味著什麼並沒有共識。我也藉此機會向各位介紹亞朵對品質的理念。我們對品質的理解不僅僅是硬體升級與結構改善。它更根植於體驗，旨在打造一個全面的品質綜合體。

Leading product strength is the foundation, the ability to open hotels in the core areas is a key capability and the continuous refinement of experience is our competitive moat such a quality philosophy leads to one important outcome.

領先的產品力是基礎，在核心區域開店的能力是關鍵能力，而持續打磨體驗是我們的競爭護城河；這樣的品質理念帶來了一個重要結果。

Our pricing power is not achieved through cost cutting, but it is earned through guest perception. This gives us the ability to continuously pushing pricing boundaries upward. New brands like SAVHE Hotel and Atour Origin have emerged upon this logic. They are not replacements for existing products of ours but rather the expansion of the Atour brand imaginative horizon. Thank you.

我們的定價能力不是透過削減成本取得的，而是透過住客感知所贏得的。這讓我們能夠持續把定價邊界往上推。SAVHE Hotel、Atour Origin 等新品牌正是在這一邏輯下誕生。它們不是用來替代我們既有產品，而是拓展亞朵品牌想像力的邊界。謝謝。

Thank you Lydia. Next question please. Moment for the next question. Our next question comes from the line of Cheng Qing, UBS. Please go ahead.

謝謝你，Lydia。請下一個問題。稍等下一個問題。下一個問題來自瑞銀（UBS）的程青，請開始。

(Spoken in foreign language)

（以外語發言）

Let me translate to English. This is Cheng Qing from UBS and my question is about retail business Q1 retail revenue outperformed the market practitioners what factors have contributed to the sustained popularity of your new products? Given the positive trend, has management provided any update to the full year retail revenue guidance.

我來翻譯成英文。我是瑞銀的程青，我的問題關於零售業務：第一季零售收入表現優於市場同業，哪些因素促成了你們新品持續受歡迎？在這個正向趨勢下，管理層是否更新了全年零售收入指引？

(Spoken in foreign language)

（以外語發言）

Thank you Cheng Qing. The growth of our retail business is not just about the numbers. So right now what I really want to share is our product methodology behind this growth. Let me give you one example. Let's take the Deep Sleep Thermal Regulating Comforter Pro summer season series as an example. When we launched its first generation three years ago, we changed the traditional duvet cover design and created a one piece design with a cool to the touch feel on both sides. That was a product structural innovation.

謝謝你，程青。我們零售業務的成長不只是數字本身。所以我現在真正想分享的是，這個成長背後的產品方法論。我舉一個例子。以「深睡恆溫調節被 Pro」夏季系列為例。三年前我們推出第一代時，改變了傳統被套設計，做出一體式設計，兩面都有涼感觸感。那是一項產品結構創新。

As I think with the second generation we realized that users real need for coolness is not about extreme coldness but a naturally comfortable refreshing feel. So we reengineered the ventilation system and the fabric structure upgrading from passive cooling to activate temperature control plus moisture wicking. This second generation is demand driven innovation.

到了第二代，我們意識到使用者對「涼」的真正需求不是極致的冰冷，而是自然舒適、清爽的感受。因此我們重新設計了通風系統與布料結構，從被動降溫升級為主動溫控並兼具吸濕排汗。第二代屬於需求驅動的創新。

When we launched the third generation this year, we targeted the pain point of fluctuating indoor temperatures in summer aiming to create a dynamic system that actively responds to environmental changes. So the third generation further improves dynamic temperature control and humidity control. This is what I think has deepened scenario driven innovation.

今年推出第三代時，我們聚焦夏季室內溫度波動的痛點，目標是打造一套能主動回應環境變化的動態系統。因此第三代進一步提升了動態溫控與濕度控制。我認為這深化了場景驅動的創新。

(Spoken in foreign language)

（以外語發言）

After these three iterations, the definition of our product has fundamentally changed from a cool comforter to an air permeable comforter and then to a comforter that breathes. What drives this change are the repeatedly validated needs that emerge from real user scenarios.

經過這三次迭代，我們對產品的定義已從「涼感被」根本性地變為「透氣被」，再到「會呼吸的被子」。推動這一變化的，是從真實使用者場景中反覆驗證後浮現的需求。

This example of comforter is also the methodology of our retail business. Each iteration transforms previously vague user sensations into a definable, measurable and a replicable technical standard. So after these three iterations we've now come to realize that the most insurmountable moat is not a specific material or patent but rather the systematic capability to continuously stay close to users and constantly translate their feelings into standards.

這個被子的例子，也正是我們零售業務的方法論。每一次迭代，都把原本模糊的使用者感受，轉化為可定義、可量測、可複製的技術標準。因此在三次迭代之後，我們更深刻地認識到：最難以逾越的護城河不是某一種材料或專利，而是能夠系統性地持續貼近使用者，並不斷把他們的感受轉譯為標準的能力。

Thank you, Cheng Qing. Next question, please.

謝謝你，程青。請下一個問題。

(Spoken in foreign language)

（以外語發言）

Also let me add to the retail revenue guidance you asked about. Thanks to the solid groundwork laid in the first quarter and the strong sales momentum of our new products, we are confident that we will surpass our previous announced full year revenue target. Therefore, we are raising our full year retail revenue guidance to grow 30% to 35% year on year. Thank you.

另外補充你剛才問到的零售收入指引。受惠於第一季打下的扎實基礎，以及新品強勁的銷售動能，我們有信心將超越先前公布的全年收入目標。因此，我們將全年零售收入指引上調為年增 30% 至 35%。謝謝。

Thank you. Cheng Qing. Next question, please. Thank you for the questions. We will now take the last question coming from the line of Jiwei Liu, CITIC. Please go ahead.

謝謝。程青。請下一個問題。謝謝各位的提問。接下來我們將進入最後一個問題，來自中信（CITIC）的劉繼偉，請開始。

(Spoken in foreign language)

（以外語發言）

I translate my question in English. I'm Jiwei from CITIC. We noticed that you had also announced student plan for the first half year. Could you share whether there have been any changes or developments in the shareholder return policy? Thank you.

我把我的問題翻譯成英文。我是中信的繼偉。我們注意到你們也公布了上半年學生方案。能否分享一下股東回報政策是否有任何變化或進展？謝謝。

(Spoken in foreign language)

（以外語發言）

Thank you, Jiwei. Regarding shareholder returns, we have always placed great importance on this. Today we also announced our first dividend distribution plan for this year with a total amount of approximately $72 million, representing about 31% of the previous year's net profit.

謝謝你，繼偉。關於股東回報，我們一直非常重視。今天我們也公布了今年的首次股利分配方案，總金額約 7,200 萬美元，約占上一年度淨利的 31%。

In addition, since we began repurchases last year and as of Q1 this year, the total repurchase amount has exceeded $100 million. Going forward, we will continue to follow our comprehensive shareholder return plan that combines dividends and share repurchases, still targeting approximately a 100% payout ratio based on the previous fiscal year's GAAP net profit as our shareholder return policy. Thank you.

此外，自去年開始回購以來，截至今年第一季，累計回購金額已超過 1 億美元。展望未來，我們將持續遵循結合股利與股份回購的綜合股東回報計畫，股東回報政策仍以以前一財政年度 GAAP 淨利為基礎、目標約 100% 的派發率。謝謝。

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

謝謝。今天的問答環節到此結束。接下來我把會議交回給 Luke 先生，請他作任何補充或結語。

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。期待下個季度再與各位交流。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。