Atour Lifestyle Holdings Limited (ATAT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Atour Lifestyle Holdings second-quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded.

各位女士、先生，感謝您耐心等候，歡迎參加亞朵生活方式控股（Atour Lifestyle Holdings）2026年第二季度業績電話會議。（接線員提示）本次會議正在錄音。

I would now like to turn the conference over to Mr. Luke Hu, IR Director. Please go ahead, sir.

現在我想把會議交給投資者關係總監 Luke Hu 先生。先生，請開始。

Thank you, operator. Good morning and good evening, everyone. Welcome to our second-quarter 2026 earnings conference call. Today, you will hear from our Founder, Chairman, and CEO, Mr. Wang Haijun; and our EVP and Co-CFO, Mr. Wu Jianfeng.

謝謝接線員。各位早上好、晚上好。歡迎參加我們2026年第二季度業績電話會議。今天，您將聽到我們的創辦人、董事長兼首席執行官王海軍先生，以及我們的執行副總裁兼聯席首席財務官吳建峰先生的發言。

Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and the 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依據聯邦證券法所界定的前瞻性陳述。這些陳述存在各種風險與不確定性，實際結果可能與我們今天評論中所明示或暗示的內容存在重大差異。除非適用法律要求，公司無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 a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yaduo.com, where a copy of the results presentation is also available.

此外，在本次電話會議中，我們的管理層將僅出於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，請參閱我們於今日稍早發布的業績新聞稿。另外，本次電話會議的網路重播將可於我們網站 ir.yaduo.com 收看，該網站亦提供業績簡報的副本。

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

現在，我把電話交給我們的首席執行官王先生。

(interpreted) Thank you, Luke. Hello, everyone. Thank you for joining Atour's second-quarter 2026 earnings call today. Please turn to our results presentation.

（口譯）謝謝你，Luke。各位好。感謝各位參加今天亞朵2026年第二季度業績電話會議。請翻到我們的業績簡報。

In the first half of 2026, China's consumer market continued to show diverging performance. In both the Hotel and Retail sectors, we saw a clear split. Homogeneous products and services remained under pressure, while companies that deliver differentiated experiences and have strong brand equity showed greater resilience. More specifically, the hotel industry is shifting from scale-driven expansion to high-quality growth. Competition is increasingly centered on product innovation, service capabilities, and operational efficiency rather than supply growth.

2026年上半年，中國消費市場的表現持續呈現分化。在酒店與零售兩個領域，我們都看到了明顯的分化。同質化的產品與服務仍然承壓，而能提供差異化體驗並具備強品牌資產的公司展現出更強韌性。更具體而言，酒店行業正從規模驅動的擴張轉向高品質成長。競爭焦點也日益從供給增長轉向產品創新、服務能力與營運效率。

In Retail, consumers are not only pursuing product quality but are also placing increasing importance on whether products align with their lifestyles. And the demand for personalization is also growing. This means that, under these new consumer trends, brands that consistently invest in quality and build differentiated experiences are better positioned to earn consumer recognition.

在零售方面，消費者不僅追求產品品質，也越來越重視產品是否與其生活方式相契合。個性化需求也在提升。這意味著，在新的消費趨勢下，持續投入品質並打造差異化體驗的品牌，更有機會贏得消費者認可。

In the first half, we firmly advanced our new three-year strategy, Chinese Experience, Brand-Led Excellence, making continuous breakthroughs across Hotel and Retail businesses. We also consolidated our experience advantage and enhanced brand momentum, driving long-term healthy and sustainable growth.

上半年，我們堅定推進全新的三年戰略——「中國體驗，品牌引領卓越」，在酒店與零售業務上持續取得突破。我們也鞏固了體驗優勢並增強品牌動能，推動長期健康、可持續的成長。

Now, I would like to provide more details on our business performance for the second quarter of 2026. Let's begin with our Hotel business. In the second quarter, our RevPAR was RMB345.4, representing 100.7% of the level in the same period of 2025. ADR maintained steady growth, reaching 101.2% of its level in the same period of 2025, while OCC stood at 99.7%.

接下來，我想更詳細地介紹我們2026年第二季度的業務表現。先從酒店業務開始。第二季度，我們的RevPAR為人民幣345.4元，相當於2025年同期水準的100.7%。ADR保持穩健增長，達到2025年同期水準的101.2%，而OCC為99.7%。

RevPAR for our mature hotels in operation for more than 18 months was RMB336.8, representing 97% of the level in the same period of 2025. ADR and OCC were 98.3% and 99% of their respective levels in the same period of 2025.

營運超過18個月的成熟酒店RevPAR為人民幣336.8元，相當於2025年同期水準的97%。ADR與OCC分別為2025年同期水準的98.3%與99%。

As for our hotel network, we continued to follow a quality-first principle and maintained strict standards for project selection and new hotel openings. In the second quarter, we opened 101 new hotels. Product strength and prime locations together enhanced the quality of our hotel presence in core markets. By the end of the second quarter, our total number of hotels in operation reached 2,175, and our pipeline of hotels under development remained at a healthy level of 811.

在酒店網路方面，我們持續遵循品質優先原則，並對項目篩選與新店開業維持嚴格標準。第二季度，我們新開業101家酒店。產品力與優越地段共同提升了我們在核心市場的酒店佈局品質。截至第二季度末，我們在營酒店總數達到2,175家，在建酒店儲備（pipeline）仍保持在健康水準的811家。

On the hotel channel front, our CRS Channel continued its steady performance in the second quarter, accounting for 61.5% of total room nights sold. The contribution of room nights sold to corporate members was 20.4%.

在酒店渠道方面，我們的CRS渠道在第二季度延續穩健表現，貢獻了總間夜量的61.5%。企業會員貢獻的間夜量占比為20.4%。

Next, I would like to share the latest developments across our hotel brands. The upper midscale segment has long been Atour's core focus. Over the years, we have established a clear leadership position. Looking back at our development, Atour Hotel was initially perceived by users as a lifestyle brand catering to the needs of upper midscale business travelers.

接下來，我想分享我們各酒店品牌的最新進展。中高端細分市場一直是亞朵的核心聚焦領域。多年來，我們已建立清晰的領先地位。回顧我們的發展，亞朵酒店最初在用戶心中被視為一個生活方式品牌，主要滿足中高端商旅人群的需求。

As consumer trends and user needs evolved, we continued to upgrade our products. With disciplined investment, the latest Atour 3.6 strikes a balance between the experience it delivers and investment returns. It preserves its strength in business travel while introducing a greater sense of ease. Atour 3.6 again delivered outstanding performance in the second quarter, with RevPAR of hotels in operation exceeding RMB370, further validating market recognition of the product upgrade.

隨著消費趨勢與用戶需求演進，我們持續對產品進行升級。在有紀律的投入下，最新的亞朵3.6在所提供的體驗與投資回報之間取得平衡。它保留了商旅場景的優勢，同時帶來更強的鬆弛感。第二季度，亞朵3.6再次交出亮眼成績，在營酒店RevPAR超過人民幣370元，進一步驗證市場對產品升級的認可。

Within our upper midscale brand portfolio, Atour Origin and Atour Hotel are developing in parallel, further expanding our growth potential in the segment. To date, more than 60 Atour Origin hotels are in operation, with over 90 projects in the pipeline. Atour Origin offers a more distinctive experience and commands stronger pricing power. In the second quarter, RevPAR of Atour Origin hotels in operation exceeded RMB450, highlighting its strong differentiated competitive edge.

在我們的中高端品牌矩陣中，亞朵S（Atour Origin）與亞朵酒店並行發展，進一步拓展我們在該細分市場的成長空間。截至目前，已有超過60家亞朵S酒店投入營運，另有超過90個項目在建儲備中。亞朵S提供更具辨識度的體驗，並具備更強的定價能力。第二季度，在營亞朵S酒店RevPAR超過人民幣450元，凸顯其強勁的差異化競爭優勢。

Atour Origin is designed to reflect Yaduo Village as it truly is: natural, tranquil, warm, and authentic. In April, we rolled out a series of distinctive experience touchpoints across Atour Origin hotels nationwide. Upon arrival, guests are welcomed by a wilderness-inspired signature scent. In the afternoon, they can enjoy the tea break in the Chatting Room. At night, they enjoy our Deep Sleep experience. And in the morning, they are served a breakfast featuring local Yunnan flavors. Through this more complete experience, we want guests to feel closer to nature, feel like they're on vacation, and to rediscover their inner peace.

亞朵S的設計旨在呈現真實的「亞朵村」：自然、寧靜、溫暖且真誠。4月，我們在全國亞朵S酒店推出一系列獨特的體驗觸點。賓客抵達時，會以荒野靈感的標誌性香氛迎接。下午，他們可在「聊天間」享用茶歇。夜晚，則體驗我們的「深睡」體驗。清晨，則提供融入雲南在地風味的早餐。透過更完整的體驗，我們希望賓客更貼近自然、感受度假的氛圍，並重新找回內心的平靜。

In the midscale market, differentiation ultimately rests on a stay experience that customers can truly feel. This has long been Atour Light's focus. After continued refinement, the Atour Light 3.3 cost model has entered a new phase of systematic optimization and scaled rollout.

在中端市場，差異化最終取決於客人能真切感受到的入住體驗。這一直是亞朵輕居（Atour Light）的聚焦方向。經過持續打磨，亞朵輕居3.3成本模型已進入系統化優化與規模化推廣的新階段。

We are concentrating resources more precisely on the core experience areas that customers care about, including sleep and breakfast. Atour Light 3.3 not only provides customers with a more comfortable and relaxing stay but also improves franchisees' operating efficiency through a more disciplined investment model. In the second quarter, RevPAR of Atour Light 3.3 hotels in operation exceeded RMB340, demonstrating strong operational resilience.

我們更精準地將資源集中於客人關注的核心體驗領域，包括睡眠與早餐。亞朵輕居3.3不僅為客人提供更舒適、更放鬆的入住體驗，也透過更有紀律的投資模型提升加盟商的營運效率。第二季度，在營亞朵輕居3.3酒店RevPAR超過人民幣340元，展現出強勁的營運韌性。

Atour Light has established more flagship projects in higher-tier cities, which have received positive feedback from franchisees, while the brand's foundation continues to strengthen. At this stage, Atour Light will continue to take a quality-first approach. As we strengthen our operating capabilities, we will steadily expand Atour Light's city coverage and continue to drive product and experience innovation in the midscale hotel market.

亞朵輕居已在更高能級城市打造更多旗艦項目，並獲得加盟商的正面回饋，同時品牌基礎持續夯實。在現階段，亞朵輕居將繼續堅持品質優先。在強化營運能力的同時，我們將穩步擴大亞朵輕居的城市覆蓋，並持續推動中端酒店市場的產品與體驗創新。

Meanwhile, we are deepening Atour Light's connection with younger customers. In the second quarter, we introduced exclusive benefits for students and launched distinctive brand collaborations over the summer, further raising brand awareness among younger consumers.

同時，我們也在加深亞朵輕居（Atour Light）與年輕客群的連結。第二季，我們推出學生專屬權益，並在暑期展開具特色的品牌聯名合作，進一步提升品牌在年輕消費者中的知名度。

Drawing from the vital essence of breath, SAVHE is devoted to creating serene spaces in the city, where guests can breathe freely and feel truly at peace. SAVHE has played a role in driving the upward breakthrough of Atour's brand portfolio since its launch. It has advanced our brand philosophy and continues to broaden the value it delivers, setting a new standard for upscale lifestyle. In the second quarter, SAVHE's operating performance reached a new high, with RevPAR of hotels in operation exceeding RMB1,000.

汲取「呼吸」的核心精髓，SAVHE 致力於在城市中打造靜謐空間，讓賓客得以自在呼吸、真正安然。自推出以來，SAVHE 在推動亞朵品牌矩陣向上突破方面發揮了作用。它深化了我們的品牌理念，並持續拓展其所帶來的價值，為高端生活方式樹立新標準。第二季，SAVHE 的經營表現再創新高，在營酒店的 RevPAR 超過人民幣1,000元。

On the operations side, we continue to enhance SAVHE's refined management capabilities, gradually developing a replicable experience methodology with a global perspective that covers brand standards, service systems, and talent training. In the second quarter, we also expanded SAVHE's wellness offerings with a broader selection of classes and dining options. Our goal is to provide guests with an even more exceptional experience throughout their stay.

在營運層面，我們持續強化 SAVHE 的精細化管理能力，逐步形成具全球視野、可複製的體驗方法論，涵蓋品牌標準、服務體系與人才培訓。第二季，我們亦擴充 SAVHE 的康養（wellness）供給，提供更豐富的課程選擇與餐飲選項。我們的目標是在賓客整個入住期間，提供更卓越的體驗。

Moving on to our Retail business. In the second quarter, Atour Planet sustained its strong growth momentum, with Retail revenue reaching RMB1.575 billion, up 63% year over year. In terms of category mix, we are gradually shifting from a single-blockbuster product model to a broader product portfolio.

接下來談零售業務。第二季，亞朵星球（Atour Planet）延續強勁成長動能，零售收入達人民幣15.75億元，同比增長63%。在品類結構方面，我們正逐步從「單一爆品」模式轉向更豐富的產品組合。

By product category, Atour Planet further consolidated its dominant position in the pillow category, with cumulative sales of the Deep Sleep Memory Foam Pillow Pro series surpassing 12 million units since launch. The Deep Sleep Thermo-Regulating Comforter Pro 3.0 Summer Season continued to see strong sales, driving rapid growth in the comforter category. GMV of the comforter category increased by more than 80% year over year. Fitted sheets and loungewear, two strategic categories we introduced last year, maintained outstanding sales momentum and contributed a larger share of revenue.

按產品品類看，亞朵星球進一步鞏固其在枕頭品類的領先地位，深睡記憶棉枕 Pro 系列自上市以來累計銷量已突破1,200萬件。深睡控溫被 Pro 3.0 夏季款持續熱銷，帶動被芯品類快速成長。被芯品類 GMV 同比增長超過80%。我們去年引入的兩個戰略品類——床笠與家居服——保持亮眼的銷售動能，並貢獻了更高的收入占比。

Over the long term, the continued breakthroughs in our Retail businesses are backed by systematic capabilities built across our brand, products, supply chain, and content creation. Together, they form a strong competitive moat. First, in brand building, Atour Planet has firmly established natural deep sleep in users' minds over the years while users' trust in our sleep products continues to grow.

從長期來看，我們零售業務的持續突破，源於在品牌、產品、供應鏈與內容創作等方面所建立的系統性能力。這些能力共同構築了堅實的競爭護城河。第一，在品牌建設方面，亞朵星球多年來已在用戶心智中牢固建立「自然深睡」的認知，同時用戶對我們睡眠產品的信任也在持續提升。

Second, in product development, we have always innovated to address users' genuine sleep needs. Through continuous iteration, we have built R&D capabilities that deliver breakthroughs in individual products and support expansion into new categories. This has enabled us to steadily broaden our sleep product portfolio.

第二，在產品研發方面，我們始終圍繞用戶真實的睡眠需求進行創新。通過持續迭代，我們建立了研發能力，既能在單品上實現突破，也能支撐向新類目拓展。這使我們得以穩步擴充睡眠產品矩陣。

Third, in supply chain capabilities, we have reshaped the industry's supply chain system and set new industry standards for precision across multiple manufacturing processes. We have also established end-to-end quality control from raw materials to finished products, with industry-leading product consistency and delivery reliability.

第三，在供應鏈能力方面，我們重塑了行業供應鏈體系，並在多道製造工序的精準度上樹立了新的行業標準。我們亦建立了從原材料到成品的端到端品質管控，具備行業領先的產品一致性與交付可靠性。

Fourth, we have strong capabilities in content creation and user engagement. Our strategy has always been to communicate product value with clarity and precision. By creating content around real sleep scenarios and experiences, we make Deep Sleep more tangible and deepen the emotional connection between our brand and our users.

第四，我們在內容創作與用戶互動方面具備強勁能力。我們的策略始終是以清晰、精準的方式傳達產品價值。通過圍繞真實睡眠場景與體驗創作內容，我們讓「深睡」更具體可感，並加深品牌與用戶之間的情感連結。

Building on these capabilities, we recently launched upgraded products in our core categories, including the Deep Sleep Memory Foam Pillow Pro 4.0 and the Deep Sleep Thermo-Regulating Comforter Pro 3.0 All-Season. Both new products are built on the Atour Planet's Deep Sleep Standard we introduced last year. Through this standard, we aim to translate users' experience of sleeping well into product standards that are more scientific, verifiable, and continuously refinable.

基於上述能力，我們近期在核心品類推出了升級產品，包括深睡記憶棉枕 Pro 4.0 與深睡控溫被 Pro 3.0 四季款。兩款新品均基於我們去年推出的亞朵星球「深睡標準」。通過該標準，我們希望將用戶「睡得好」的體驗轉化為更科學、可驗證、且可持續精進的產品標準。

Guided by this approach, the Deep Sleep Memory Foam Pillow Pro 4.0 addresses a real pain point of frequent position changes during sleep. With an upgraded dynamic support system, it provides better support across every sleeping position. The Deep Sleep Thermo-Regulating Comforter Pro 3.0 All-Season also addresses the need for sleep comfort under changing temperature and humidity conditions. Its temperature and humidity balancing system improves temperature regulation and moisture management, allowing it to flexibly adapt to seasonal temperature swings and changes in how warm or cool users feel throughout the night.

在這一方法指引下，深睡記憶棉枕 Pro 4.0 針對睡眠中頻繁翻身換姿的真實痛點。通過升級的動態支撐系統，為各種睡姿提供更佳支撐。深睡控溫被 Pro 3.0 四季款同樣回應了在溫度與濕度變化條件下的睡眠舒適需求。其溫濕平衡系統提升了溫度調節與濕氣管理能力，使其能靈活適應季節溫差波動，以及用戶夜間體感冷暖的變化。

Looking ahead, we will continue developing our Retail business with a long-term mindset. Guided by user needs, we will continue to innovate and evolve our product portfolio, further increase our market share in core categories, and consolidate our leadership. We will also continue strengthening Atour Planet's brand value. By translating our strength in product development and technology into a lasting competitive moat for the brand, we will consolidate Atour Planet's position as the sleep brand that users choose first and consistently trust.

展望未來，我們將以長期主義持續發展零售業務。以用戶需求為導向，我們將持續創新並迭代產品組合，進一步提升核心品類市占率並鞏固領先地位。我們也將持續強化亞朵星球的品牌價值。通過把我們在產品研發與技術方面的優勢轉化為品牌的長期競爭護城河，我們將鞏固亞朵星球作為用戶首選且長期信賴的睡眠品牌地位。

Turning to membership. By the end of the second quarter, Atour had 120 million registered individual members. As our membership base has grown, the strategic role of our membership ecosystem has become clearer. It is not only a solid foundation for our Hotel and Retail businesses but also a platform for retaining long-term users and cultivating user value.

再談會員。截至第二季末，亞朵註冊個人會員達1.2億。隨著會員規模擴大，我們會員生態的戰略作用愈發清晰。它不僅是酒店與零售業務的堅實基礎，也是沉澱長期用戶、培育用戶價值的平台。

At the same time, we are building a more refined system for engaging different user groups. By focusing on their core needs, we deliver more relevant benefits and experiences through segmented engagement and targeted outreach. We aim to deepen our connection with users and build longer-lasting relationships with them throughout the user lifecycle.

同時，我們正在打造更精細化的分層用戶經營體系。聚焦不同人群的核心需求，我們通過分群運營與定向觸達，提供更匹配的權益與體驗。我們希望加深與用戶的連結，並在用戶全生命周期中建立更長久的關係。

Finally, I would like to share a few thoughts. Recently, we introduced Atour's Six Commitments to Peace of Mind, which further clarify our service standards and safeguards across key touchpoints of the guest journey. We believe peace of mind is not just a slogan. It should be an experience that guests can clearly feel and consistently enjoy during every stay. By delivering these experiences more reliably, we aim to make peace of mind an integral part of how people perceive the Atour brand. We also hope to set a new benchmark for service standard across the industry.

最後，我想分享幾點想法。近期，我們推出了亞朵「安心六承諾」，進一步明確了在賓客旅程關鍵觸點上的服務標準與保障。我們相信，「安心」不僅是一句口號。它應當是賓客在每一次入住中都能清晰感受到、並持續享有的體驗。通過更穩定可靠地交付這些體驗，我們希望讓「安心」成為大眾認知亞朵品牌的重要組成部分。我們也希望為行業服務標準樹立新的標竿。

Behind every experience that gives guests peace of mind is the dedication of our service staff. We continue to pay close attention to their development and enhance their experience at work, including launching a public welfare program for hotel housekeeping professionals nationwide, improving the work environment for frontline service staff, and expressing respect and gratitude to them through initiatives such as Service Staff Appreciation Day.

每一份讓賓客感到安心的體驗背後，都是我們服務人員的投入與付出。我們持續關注他們的成長並提升其工作體驗，包括在全國範圍內推出酒店客房保潔從業者公益項目、改善一線服務人員的工作環境，以及通過「服務人員感謝日」等舉措向他們表達尊重與感謝。

We firmly believe that when service staff are seen, respected, and treated with care, their kindness and warmth will reach guests naturally. This creates lasting trust between our brand and our users. With that in mind, we hope to continue advocating for service excellence and leading the industry toward a higher standard of experience.

我們堅信，當服務人員被看見、被尊重並被善待，他們的善意與溫暖會自然傳遞給賓客。這將在品牌與用戶之間建立長久的信任。基於此，我們希望持續倡導卓越服務，引領行業邁向更高標準的體驗。

These actions are grounded in Atour's long-term commitment. Across both our Hotel and Retail businesses, we have always believed that quality is the foundation of sustainable, long-term growth. By improving product quality, refining the user experience, and strengthening organizational capabilities, we can keep creating value for users and build competitive strength that endures through industry cycles.

這些行動根植於亞朵的長期承諾。在酒店與零售兩大業務中，我們始終相信品質是可持續、長期成長的基石。通過提升產品品質、打磨用戶體驗並強化組織能力，我們能持續為用戶創造價值，並建立能穿越行業周期的競爭力。

Looking ahead, we will continue to do the right things with warmth. With user experience at the center and organizational capabilities as the foundation, we will carry that warmth through every experience we deliver. This enduring warmth will define Atour as we navigate industry cycles and build for the long term.

展望未來，我們將持續以溫度做正確的事。以用戶體驗為中心、以組織能力為基礎，我們將把這份溫度貫穿於每一次交付的體驗之中。這份持久的溫度，將在我們穿越行業周期、面向長期建設的過程中，定義亞朵。

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

我現在把電話交給我們的聯席財務長吳建峰先生，由他來介紹我們的財務業績。

Thank you, Haijun. Hello everyone. I would like to present the company's financial performance for the second quarter of 2026.

謝謝你，海軍。各位好。我想向各位匯報公司2026年第二季度的財務表現。

Our net revenues for the second quarter of 2026 grew by 41.4% year over year to RMB3.490 billion. Revenues from our manachised hotels for the second quarter of 2026 grew by 32.8% year over year to RMB1.725 billion. The increase was primarily fueled by the ongoing expansion of our hotel network as well as supply chain business development.

2026年第二季度，我們的淨收入同比增長41.4%，達到人民幣34.90億元。2026年第二季度，來自我們加盟酒店的收入同比增長32.8%，達到人民幣17.25億元。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。

Revenues contributed by our leased hotels for the second quarter of 2026 decreased by 11.8% year over year to RMB132 million. The decline was primarily due to a decrease in the number of leased hotels (technical difficulty) The total number of our leased hotels decreased from 24 as of June 30, 2025, to 19 as of June 30, 2026.

2026年第二季度，我們租賃酒店貢獻的收入同比下降11.8%，至人民幣1.32億元。下降主要由於租賃酒店數量減少（技術困難）。截至2025年6月30日，我們租賃酒店總數為24家；截至2026年6月30日降至19家。

Revenues from our Retail business for the second quarter of 2026 increased by 63.2% year over year to RMB1.575 billion. The growth was driven by increasing brand recognition, successful product innovation, and a broadened range of product offerings.

2026年第二季度，我們零售業務收入同比增長63.2%，達到人民幣15.75億元。增長主要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。

Gross profit of our Hotel businesses for the second quarter of 2026 increased by 18.7% year over year to RMB659 million. The decline in the gross margin primarily reflected a shift in revenue mix, as our lower-margin supply chain business grew faster and accounted for a larger share of Hotel revenue.

2026年第二季度，我們酒店業務的毛利同比增長18.7%，至人民幣6.59億元。毛利率下降主要反映了收入結構的變化，因為毛利率較低的供應鏈業務增長更快，並在酒店收入中佔比提高。

Gross profit of our Retail business for the second quarter of 2026 increased by 57.4% year over year to RMB809 million. The decrease in the gross margin primarily reflected a shift in product mix.

2026年第二季度，我們零售業務的毛利同比增長57.4%，至人民幣8.09億元。毛利率下降主要反映了產品結構的變化。

Selling and marketing expenses accounted for 17.4% of net revenues for the second quarter of 2026, compared with 15.9% for the same period of 2025. 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.

2026年第二季度，銷售及市場推廣費用佔淨收入的17.4%，而2025年同期為15.9%。增加主要由於我們在品牌認知方面的投入以及線上渠道的有效拓展，與零售業務的增長相匹配。

G&A expenses, excluding share-based compensation expenses, accounted for 3.5% of net revenues for the second quarter of 2026, compared with 3.6% for the same period of 2025. Technology and development expenses accounted for 1.6% of net revenues for the second quarter of 2026, compared with 1.7% for the same period of 2025.

2026年第二季度，剔除股份支付費用後的一般及行政費用佔淨收入的3.5%，而2025年同期為3.6%。2026年第二季度，技術及研發費用佔淨收入的1.6%，而2025年同期為1.7%。

Adjusted net profit margin for the second quarter of 2026 was 16.0%, representing a decrease of 1.3 percentage points year over year. Adjusted EBITDA margin for the second quarter of 2026 was 23.5%, decreased by 1.2 percentage points year over year.

2026年第二季度，經調整淨利潤率為16.0%，同比下降1.3個百分點。2026年第二季度，經調整EBITDA利潤率為23.5%，同比下降1.2個百分點。

We maintained a healthy cash position. As of June 30, 2026, cash and cash equivalents totaled RMB3.9 billion, with net cash of RMB3.7 billion.

我們保持了健康的現金狀況。截至2026年6月30日，現金及現金等價物合計人民幣39億元，淨現金為人民幣37億元。

That concludes our financial highlights for the second quarter of 2026. And for the full year of 2026, we currently expect total net revenues to increase by 30% compared with the full year of 2025.

以上是我們2026年第二季度的財務要點。對於2026年全年，我們目前預計總淨收入將較2025年全年增長30%。

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

現在我們進入問答環節。

(Operator Instructions) Dan Xu, Morgan Stanley.

（接線員提示）摩根士丹利，Dan Xu。

(spoken in foreign language) This is Dan from Morgan Stanley. My question is about hotel opening and signing. So since the beginning of this year, the overall industry supply has seen deceleration. So will this affect the company's upcoming signing interest? And additionally, we would like to ask if the company is keeping or any adjustment to the guidance of full-year hotel gross opening and closure. Thank you.

（外語發言）我是摩根士丹利的Dan。我的問題關於酒店開業與簽約。今年年初以來，行業整體供給增速有所放緩。這會影響公司接下來的簽約意願嗎？另外也想請問，公司是否維持或會調整全年酒店開業與關店總量的指引？謝謝。

(interpreted) Thank you, Dan. There are multiple factors behind the supply dynamics in the hotel industry, including macroeconomic environment, supply-demand relationship, and property availabilities. They all lead to cyclical fluctuations. So this is a natural adjustment process as the industry matures.

（口譯）謝謝你，Dan。酒店行業供給變化背後有多重因素，包括宏觀經濟環境、供需關係以及物業可得性等。這些因素都會導致週期性波動。因此，這是行業走向成熟過程中的自然調整。

Rather than focusing solely on overall supply volume, we place greater emphasis on truly competitive, the high-quality supply that meets consumers' quality expectations. In the current market environment, franchisees are more focused on a brand's ability to sustain growth and its long-term resilience through market cycles.

相較於只關注整體供給量，我們更重視真正具競爭力、能滿足消費者品質期待的高品質供給。在當前市場環境下，加盟商更關注品牌能否持續增長，以及其穿越市場週期的長期韌性。

The leading brands with superior customer experiences, strong brand equity, and proven product models and stable investment returns remain at their top choice for those franchisees when making their investment decisions. We believe that the industry adjustment period is precisely a critical phase for leading brands to further consolidate their strength and increasing their market share.

具備更佳客戶體驗、強品牌資產、經驗證的產品模型以及穩定投資回報的頭部品牌，仍是加盟商做出投資決策時的首選。我們認為，行業調整期正是頭部品牌進一步鞏固實力、提升市佔率的關鍵階段。

We are not pursuing scale expansion alone. Our core goal is to build sustainable brands and strong brand equity across all tiers. And on the foundation of steadily enhancing brand strength, we are expanding our brand presence. Currently, our brand portfolio already covers a broader range of price points and consumption scenarios capable of accommodating diverse property conditions and meeting more varied market demands.

我們不會只追求規模擴張。我們的核心目標是在各個檔位打造可持續的品牌與強大的品牌資產。在穩步提升品牌實力的基礎上，我們正在擴大品牌覆蓋。目前，我們的品牌組合已覆蓋更廣的價格帶與消費場景，能夠適配多樣化的物業條件並滿足更為多元的市場需求。

In terms of project distribution, we center around user needs and long-term brand value, with higher-tier city core business districts still remaining as our primary focus. At the same time, we are actively expanding into strong third-tier cities, areas surrounding the 5A-rated scenic spots and distinctive property opportunities arising from urban renewal projects as a supplement.

在項目分佈方面，我們以用戶需求與長期品牌價值為中心，高線城市核心商圈仍是我們的主要重點。同時，我們也在積極拓展具實力的三線城市、5A級景區周邊區域，以及作為補充的城市更新項目所帶來的特色物業機會。

In the first half of the year, our signing momentum remained a steady trend, and the pipeline achieved solid increase quarter over quarter, providing a high-quality reserve for future hotel openings. Thus, we maintain our full-year opening target unchanged. In addition, the overall pace of closures has slowed significantly on a sequential basis since the second quarter. Therefore, we are also keeping our full-year guidance of approximately 80 hotel closures unchanged.

上半年，我們的簽約動能保持平穩，管線項目環比實現穩健增長，為未來酒店開業提供了高品質儲備。因此，我們維持全年開業目標不變。此外，自第二季度以來，整體關店節奏環比明顯放緩。因此，我們也維持全年約80家酒店關店的指引不變。

Thank you.

謝謝。

Next question, please.

請下一個問題。

Ronald Leung, Bank of America.

美國銀行，Ronald Leung。

(spoken in foreign language) So we have observed relatively volatile RevPAR trend since Q2. Could management share your view on RevPAR performance in the second half of the year? Thank you.

（外語發言）我們觀察到自第二季度以來RevPAR走勢相對波動。管理層能否分享一下對下半年RevPAR表現的看法？謝謝。

(interpreted) Thank you, Ronald, and let me address this question. We believe that the long-term demand in the quality accommodation market continues to rise. Whether for business travel or leisure tourism, this fundamental logic has not changed.

（口譯）謝謝你，Ronald，我來回答這個問題。我們認為，高品質住宿市場的長期需求仍在上升。無論是商務出行還是休閒旅遊，這一基本邏輯並未改變。

In the short term, due to weather factors such as typhoons and heavy rainfall in some regions during early July, the travel pace during this summer season was slightly delayed compared to previous years. But since the end of July, with the arrival of peak season, summer travel demand has shown signs of stabilizing and picking up.

短期來看，由於7月上旬部分地區受颱風、強降雨等天氣因素影響，今年暑期出行節奏較往年略有延後。但自7月底以來，隨著旺季到來，暑期出行需求已顯示出企穩並回升的跡象。

Over the longer term, demand resilience remains intact, and the industry's trend toward higher quality developments is clear. In this process, companies with strong brand equity and a solid customer base will continue to capture structural opportunities. We, therefore, hope the market can look beyond short-term data points and focus more on the positive adjustment trends within the industry and the ability of leading brands to withstand cycles.

從更長期來看，需求韌性依然存在，行業向更高品質發展的趨勢也十分明確。在這一過程中，具備強品牌資產與穩固客群基礎的公司將持續把握結構性機會。因此，我們也希望市場能超越短期數據點，更關注行業內部的正向調整趨勢，以及頭部品牌穿越週期的能力。

Thank you.

謝謝。

Next question, please.

請下一位提問。

Jiwei Liu, CITIC.

劉繼偉，中信。

(spoken in foreign language) I'm Jiwei from CITIC. I would like to ask management how you view the current demand structure. Are there any new changes or opportunities in business and near travel, respectively? Thank you.

（外語發言）我是中信的繼偉。我想請管理層談談你們如何看待目前的需求結構。在商務與近程出行方面，分別是否有新的變化或機會？謝謝。

(interpreted) Thank you, Jiawei. First, with business demand, the customer base is becoming more diversified. Before, larger KA enterprise clients were a major source of demand. However, as the market landscape evolves, we are now also seeing new opportunities emerging from local core enterprises, universities, and research institutions. Therefore, while we continue to serve our core corporate clients well, we are also enhancing our business travel system to tap into new resources of business travelers, thereby strengthening both our demand coverage and the stability of our customer structure.

（口譯）謝謝你，繼偉。首先，在商務需求方面，客戶基礎正變得更加多元化。過去，大型KA企業客戶是需求的主要來源。然而，隨著市場格局演變，我們也看到來自本地核心企業、高校以及科研機構的新機會正在出現。因此，在持續服務好核心企業客戶的同時，我們也在完善商旅系統，以開拓新的商旅客源，從而提升需求覆蓋並增強客戶結構的穩定性。

In addition, on the leisure travel demand side, more and more consumers are paying greater attention to the experiential value of their stay beyond simply fulfilling functional accommodation needs. This aligns well with Atour's direction of pursuing high-quality and multi-brand development. Through differentiated positioning, our brand portfolio is able to more precisely match the needs of different customer segments and the consumption scenarios.

此外，在休閒旅遊需求端，越來越多消費者除了滿足基本住宿功能需求之外，也更加重視入住的體驗價值。這與亞朵追求高品質與多品牌發展的方向高度契合。透過差異化定位，我們的品牌組合能更精準地匹配不同客群的需求與消費情境。

At the same time, inbound tourism is also a key growth market that we have been focusing on over the long term. With the gradual recovery of the inbound tourism market, we are actively advancing cooperation with overseas distribution channels and brand communications and capture the long-term opportunities brought by the growth of international guests in the future.

同時，入境旅遊也是我們長期重點關注的成長市場。隨著入境旅遊市場逐步復甦，我們正積極推進與海外分銷渠道的合作及品牌傳播，把握未來國際客人增長所帶來的長期機會。

Thank you.

謝謝。

Next question, please.

請下一位提問。

Lydia Ling, Citi.

Lydia Ling，花旗。

(spoken in foreign language) Hi, management. This is Lydia from Citi. I have questions on the Retail business. And we continue to see very strong momentum for the Retail business in the second quarter. And so what would be the core reason behind the distress? And given the strong growth in the first half, what's your latest guidance for your Retail business for the full year? Thank you.

（外語發言）管理層好。我是花旗的Lydia。我有關於零售業務的問題。我們持續看到第二季零售業務動能非常強。那麼，背後的核心原因是什麼？另外，鑑於上半年強勁成長，你們對全年零售業務最新的指引是什麼？謝謝。

(interpreted) Thank you, Lydia. Let me answer the first part of your question. In the first half of this year, Atour Planet continued to maintain relatively fast growth. However, for us, growth itself is merely an external reflection of the building of our capabilities. What matters more is the continuous accumulation and improvement of our systematic capabilities across brand, product, supply chain, content, and other areas.

（口譯）謝謝你，Lydia。我先回答你問題的第一部分。今年上半年，亞朵星球持續保持相對較快的成長。但對我們而言，成長本身只是能力建設的外在呈現。更重要的是在品牌、產品、供應鏈、內容等方面系統性能力的持續累積與提升。

Atour Planet has never chased the short-term trends or run discount promotions. Instead, we focus on product innovation and brand building around users' real sleep needs. We believe that products that truly create user value and deliver consistent quality will ultimately earn long-term recognition from the users.

亞朵星球從未追逐短期風口或做折扣促銷。相反，我們圍繞用戶真實的睡眠需求，專注於產品創新與品牌建設。我們相信，真正為用戶創造價值並能穩定交付品質的產品，最終會獲得用戶的長期認可。

On the product side, as the business developed, we have gradually built a more comprehensive sleep product portfolio. While our pillow category continues to maintain its leading edge, our comforters also achieved rapid growth. New categories extending from the sleep scenario, such as fitted sheets and loungewear, are also becoming important growth drivers.

在產品端，隨著業務發展，我們逐步建立了更完整的睡眠產品組合。在枕頭品類持續保持領先優勢的同時，我們的被子也實現了快速成長。從睡眠場景延伸出的新品類，例如床包與居家服，也正成為重要的成長驅動力。

Regarding the full-year revenue guidance for the Retail business, based on the strong performance in the first half of the year and the solid sales momentum following new product launches, we are raising our full-year Retail revenue growth guidance to 40% year over year.

關於零售業務全年收入指引，基於上半年強勁表現以及新品上市後穩健的銷售動能，我們將全年零售收入成長指引上調至同比成長40%。

Thank you.

謝謝。

Next question, please.

請下一位提問。

Xin Chen, UBS.

陳欣，瑞銀。

(spoken in foreign language) This is Xin Chen from UBS. I'd like to ask questions about financials. Previously, the company indicated the full-year expense ratio would increase. Could you please elaborate on whether there has been any change to the full-year profit margin guidance at this stage?

（外語發言）我是瑞銀的陳欣。我想問一些財務方面的問題。此前公司表示全年費用率會上升。請問在目前這個階段，全年利潤率指引是否有任何變化？

Second question is about shareholder return. Has there been any change to the company's shareholder return policy?

第二個問題是關於股東回報。公司的股東回報政策是否有任何變化？

(interpreted) Thank you, Chen Xin. Let me address this question. Currently, we still maintain our initial judgment from the beginning of the year that the full-year net profit margin will see a slight year-on-year decline. However, we observed some shifts in the factors affecting our profit margin.

（口譯）謝謝你，陳欣。我來回應這個問題。目前我們仍維持年初的初步判斷，即全年淨利率將出現小幅同比下降。不過，我們也觀察到影響利潤率的因素出現了一些變化。

At the beginning of the year, we anticipated that increased investment in talent expansion and technology R&D aimed at supporting long-term capability building would drive up our G&A and R&D expense ratios and exert some pressure on net margin. But based on our actual first-half performance, a positive development has emerged, revenue growth exceeded our initial expectations. So while we continue to invest in capability building, the expense growth has remained broadly aligned with revenue growth. As a result, we now expect the G&A and R&D expense ratios to stay relatively stable.

年初我們預期，為支持長期能力建設而加大的人才擴張與技術研發投入，會推高我們的管理費用（G&A）與研發（R&D）費用率，並對淨利率造成一定壓力。但從上半年實際表現來看，出現了一個正向變化：收入成長超出我們最初預期。因此，在我們持續投入能力建設的同時，費用增長基本與收入增長保持一致。結果是，我們現在預期管理費用與研發費用率將保持相對穩定。

As the full-year revenue growth for both our Hotel supply chain business and the Retail business is expected to exceed our initial estimates, driving a shift in the group's revenue mix, in addition, as we continue to execute our shareholder return program, the group's effective tax rate is also expected to rise compared to last year, which will have a certain impact on net margin. Considering both the revenue mix shift and the higher tax rate, we anticipate a modest year-over-year decline in the group's full-year net profit margin.

由於我們的酒店供應鏈業務與零售業務全年收入成長預計都將超過最初估計，帶動集團收入結構發生變化；此外，隨著我們持續推進股東回報計畫，集團有效稅率也預計將較去年上升，這將對淨利率產生一定影響。綜合收入結構變化與較高稅率兩方面因素，我們預期集團全年淨利率將出現溫和的同比下降。

And as in terms of shareholder returns, we have consistently executed it in accordance with our established strategy and pace. Since the initiation of the share repurchase program up to the end of the second quarter, the cumulative repurchase amount has exceeded USD150 million. In terms of dividends, we are also continuing to steadily implement our existing dividend policy.

至於股東回報方面，我們一直按照既定策略與節奏持續執行。自股份回購計畫啟動至第二季末，累計回購金額已超過1.5億美元。在股利方面，我們也在持續穩步落實現有的股利政策。

Thank you.

謝謝。

Thank you. That concludes today's Q&A session. I would now like to turn the conference back to Mr. Luke for any additional or closing comments.

謝謝。今天的問答環節到此結束。接下來我想把電話交回給Luke先生，請他做任何補充或結語。

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者關係（IR）團隊。我們期待在下個季度再次與各位交流。謝謝，再見。

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，由現場電話會議中的口譯員發言。該口譯員由本活動的主辦公司提供。