Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results
Rhea-AI Summary
Atour Lifestyle Holdings (NASDAQ: ATAT) reported strong 2025 results: net revenues rose 35.1% to RMB9,790 million (US$1,400 million) and full-year net income increased 27.4% to RMB1,621 million (US$232 million). The company reached 2,015 hotels and 224,423 rooms, with retail revenue up 67.0% to RMB3,671 million.
Q4 net revenue grew 33.8% to RMB2,788 million (US$399 million); adjusted EBITDA for FY2025 rose 40.0% to RMB2,481 million (US$355 million).
Positive
- Net revenues +35.1% to RMB9,790 million (FY2025)
- Full-year net income +27.4% to RMB1,621 million (FY2025)
- Retail revenue +67.0% to RMB3,671 million (FY2025)
- Hotel network expanded to 2,015 hotels (+24.5% YoY)
- Adjusted EBITDA +40.0% to RMB2,481 million (FY2025)
Negative
- Full-year RevPAR down to RMB340 (-3.1% YoY)
- Full-year occupancy rate fell to 75.9% (-1.5pp)
- Leased hotel revenue -15.9% to RMB590 million (FY2025)
- Operating costs rose ~34.6% to RMB7,668 million (FY2025)
- Share-based compensation increased to RMB131 million (FY2025)
News Market Reaction – ATAT
In the Mar 17 session, ATAT gained 5.98%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.9% during that session. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Q3 2025 earnings | Positive | -1.8% | Strong Q3 revenue and income growth with expanding hotel network and retail GMV. |
| Aug 26 | Q2 2025 earnings | Positive | +5.8% | Q2 net revenues and net income up nearly 40% with strong retail GMV. |
| May 22 | Q1 2025 earnings | Positive | +8.9% | Solid revenue growth and retail strength despite softer ADR, occupancy and RevPAR. |
| Mar 25 | Q4/FY 2024 earnings | Positive | -4.2% | Strong 2024 revenue and profit growth with robust retail expansion. |
| Nov 19 | Q3 2024 earnings | Positive | -5.7% | Strong Q3 2024 revenue and net income growth and higher retail GMV. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive fundamentally, but price reactions have been mixed, with several strong prints followed by negative next-day moves.
Over the past five earnings cycles, Atour has consistently reported strong revenue and net income growth, alongside rapid hotel network and retail expansion. Events on Nov 25, 2025, Aug 26, 2025, and May 22, 2025 all highlighted high‑teens to 30%+ revenue growth and rising EBITDA. However, share price reactions have alternated between gains and pullbacks, suggesting investors frequently reassess valuation after strong prints. Today’s Q4/FY 2025 report extends the growth trend in hotels and retail.
Key Terms
adjusted net income financial
ebitda financial
adjusted ebitda financial
adr technical
occupancy rate technical
revpar technical
non-gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- A total of 2,015 hotels, or 224,423 hotel rooms, in operation as of December 31, 2025.
- Net revenues for the fourth quarter of 2025 increased by
33.8% to RMB2,788 million (US$399 million ), compared with RMB2,084 million for the same period of 2024. Net revenues for the full year of 2025 increased by35.1% to RMB9,790 million (US$1,400 million ), compared with RMB7,248 million for the full year of 2024. - Net income for the fourth quarter of 2025 increased by
44.7% to RMB478 million (US$68 million ), compared with RMB331 million for the same period of 2024. Net income for the full year of 2025 increased by27.4% to RMB1,621 million (US$232 million ), compared with RMB1,273 million for the full year of 2024. - Adjusted net income (non-GAAP)1 for the fourth quarter of 2025 increased by
48.0% to RMB493 million (US$71 million ), compared with RMB333 million for the same period of 2024. Adjusted net income (non-GAAP)1 for the full year of 2025 increased by34.2% to RMB1,753 million (US$251 million ), compared with RMB1,306 million for the full year of 2024. - EBITDA (non-GAAP)2 for the fourth quarter of 2025 increased by
58.4% to RMB697 million (US$100 million ), compared with RMB440 million for the same period of 2024. EBITDA (non-GAAP)2 for the full year of 2025 increased by35.1% to RMB2,349 million (US$336 million ), compared with RMB1,739 million for the full year of 2024. - Adjusted EBITDA (non-GAAP)3 for the fourth quarter of 2025 increased by
60.9% to RMB712 million (US$102 million ), compared with RMB443 million for the same period of 2024. Adjusted EBITDA (non-GAAP)3 for the full year of 2025 increased by40.0% to RMB2,481 million (US$355 million ), compared with RMB1,772 million for the full year of 2024.
SHANGHAI, China, March 17, 2026 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
As of December 31, 2025, there were 2,015 hotels with a total of 224,423 hotel rooms in operation across Atour’s hotel network, representing rapid increases of
1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
The average daily room rate4 (“ADR”) was RMB426 for the fourth quarter of 2025, compared with RMB420 for the same period of 2024 and RMB447 for the third quarter of 2025. The ADR for the full year of 2025 was RMB432, compared with RMB437 for the full year of 2024.
The occupancy rate4 was
The revenue per available room4 (“RevPAR”) was RMB336 for the fourth quarter of 2025, compared with RMB337 for the same period of 2024 and RMB371 for the third quarter of 2025. The RevPAR for the full year of 2025 was RMB340, compared with RMB351 for the full year of 2024.
The revenue generated from our retail business was RMB3,671 million for the full year of 2025, representing an increase of
“2025 marked the completion of our ‘Chinese Experience, 2,000 Premier Hotels’ strategic initiative,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For the hotel business, we not only achieved our target of ‘2,000 Premier Hotels,’ but also reinforced our hotel brands’ competitive advantages in their respective market segments through differentiated product positioning and deeply resonant customer experiences. Meanwhile, our retail business sustained strong growth momentum: full-year revenue reached RMB3.7 billion, representing
“As we enter 2026, we have officially launched a new three-year strategic plan for Atour: ‘Chinese Experience, Brand-Led Excellence.’ Our focus remains on delivering meaningful, human-centered experiences through high-quality products and services. Guided by our long-term vision of ‘A Timeless Atour, Warmth Along Every Journey,’ we will deepen our emotional connections with users, letting warmth empower us through industry cycles and lead us towards a future of healthy and sustainable growth,” concluded Mr. Wang.
4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
“ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period; “RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
Fourth Quarter and Full Year 2025 Unaudited Financial Results
| (RMB in thousands) | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 |
| Revenues: | ||||
| Manachised hotels | 1,106,451 | 1,417,221 | 4,148,752 | 5,308,864 |
| Leased hotels | 164,050 | 148,054 | 701,963 | 590,372 |
| Retail | 765,169 | 1,166,004 | 2,198,198 | 3,670,969 |
| Others | 48,340 | 56,547 | 199,019 | 219,954 |
| Net revenues | 2,084,010 | 2,787,826 | 7,247,932 | 9,790,159 |
Net revenues. Our net revenues for the fourth quarter of 2025 increased by
For the full year of 2025, net revenues increased by
- Manachised hotels.
Revenues from our manachised hotels for the fourth quarter of 2025 increased by28.1% to RMB1,417 million (US$203 million ) from RMB1,106 million for the same period of 2024. The increase was primarily driven by our ongoing hotel network expansion. The total number of our manachised hotels increased from 1,593 as of December 31, 2024 to 1,996 as of December 31, 2025.
Revenues from our manachised hotels for the full year of 2025 increased by28.0% to RMB5,309 million (US$759 million ) from RMB4,149 million for the full year of 2024. - Leased hotels.
Revenues from our leased hotels for the fourth quarter of 2025 decreased by9.8% to RMB148 million (US$21 million ) from RMB164 million for the same period of 2024. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization. The total number of our leased hotels decreased from 26 as of December 31, 2024 to 19 as of December 31, 2025.
Revenues from our leased hotels for the full year of 2025 decreased by15.9% to RMB590 million (US$84 million ) from RMB702 million for the full year of 2024. - Retail.
Revenues from retail for the fourth quarter of 2025 increased by52.4% to RMB1,166 million (US$167 million ) from RMB765 million for the same period of 2024. The increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.
Revenues from retail for the full year of 2025 increased by67.0% to RMB3,671 million (US$525 million ) from RMB2,198 million for the full year of 2024. - Others.
Revenues from others for the fourth quarter of 2025 increased by17.0% to RMB57 million (US$8 million ) from RMB48 million for the same period of 2024.
Revenues from others for the full year of 2025 increased by10.5% to RMB220 million (US$31 million ) from RMB199 million for the full year of 2024.
| (RMB in thousands) | Q4 2024 | Q4 2025 | FY 2024 | FY 2025 | ||||
| Operating costs and expenses: | ||||||||
| Hotel operating costs | (794,039 | ) | (1,005,166 | ) | (3,108,158 | ) | (3,716,236 | ) |
| Retail costs | (385,576 | ) | (553,121 | ) | (1,083,709 | ) | (1,741,233 | ) |
| Other operating costs | (16,966 | ) | (3,885 | ) | (44,524 | ) | (25,832 | ) |
| Selling and marketing expenses | (355,112 | ) | (459,216 | ) | (972,863 | ) | (1,489,682 | ) |
| General and administrative expenses | (102,470 | ) | (164,861 | ) | (352,590 | ) | (516,671 | ) |
| Technology and development expenses | (46,644 | ) | (51,515 | ) | (134,017 | ) | (177,917 | ) |
| Total operating costs and expenses | (1,700,807 | ) | (2,237,764 | ) | (5,695,861 | ) | (7,667,571 | ) |
Operating costs and expenses for the fourth quarter of 2025 were RMB2,238 million (US
Operating costs and expenses for the full year of 2025 were RMB7,668 million (US
- Hotel operating costs for the fourth quarter of 2025 were RMB1,005 million (US
$144 million ), compared with RMB794 million for the same period of 2024. The increase was mainly due to the increase in variable costs, such as supply chain costs and hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for64.2% of manachised and leased hotels’ revenues for the fourth quarter of 2025, compared with62.5% for the same period of 2024.
Hotel operating costs for the full year of 2025 were RMB3,716 million (US$531 million ), compared with RMB3,108 million for the full year of 2024. Hotel operating costs accounted for63.0% of manachised and leased hotels’ revenues for the full year of 2025, compared with64.1% for the full year of 2024. - Retail costs for the fourth quarter of 2025 were RMB553 million (US
$79 million ), compared with RMB386 million for the same period of 2024. The increase was associated with the rapid growth of our retail business. Retail costs accounted for47.4% of retail revenues for the fourth quarter of 2025, compared with50.4% for the same period of 2024. The decrease was attributable to the increasing contribution from higher-margin products.
Retail costs for the full year of 2025 were RMB1,741 million (US$249 million ), compared with RMB1,084 million for the full year of 2024. Retail costs accounted for47.4% of retail revenues for the full year of 2025, compared with49.3% for the full year of 2024. - Other operating costs for the fourth quarter of 2025 were RMB4 million (US
$0.6 million ), compared with RMB17 million for the same period of 2024. Other operating costs for the full year of 2025 were RMB26 million (US$3.7 million ), compared with RMB45 million for the full year of 2024. - Selling and marketing expenses for the fourth quarter of 2025 were RMB459 million (US
$66 million ), compared with RMB355 million for the same period of 2024. The increase was mainly due to our enhanced investment in brand recognition and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for16.5% of net revenues for the fourth quarter of 2025, compared with17.0% for the same period of 2024.
Selling and marketing expenses for the full year of 2025 were RMB1,490 million (US$213 million ), compared with RMB973 million for the full year of 2024. Selling and marketing expenses accounted for15.2% of net revenues for the full year of 2025, compared with13.4% for the full year of 2024. - General and administrative expenses for the fourth quarter of 2025 were RMB165 million (US
$24 million ), including RMB10 million share-based compensation expenses, compared with RMB102 million, including RMB2 million share-based compensation expenses for the same period of 2024. Excluding the share-based compensation expenses, this increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for5.5% of net revenues for the fourth quarter of 2025, compared with4.8% for the same period of 2024.
General and administrative expenses for the full year of 2025 were RMB517 million (US$74 million ), including RMB106 million share-based compensation expenses, compared with RMB353 million, including RMB24 million share-based compensation expenses for the full year of 2024. General and administrative expenses, excluding share-based compensation expenses, accounted for4.2% of net revenues for the full year of 2025, compared with4.5% for the full year of 2024. - Technology and development expenses for the fourth quarter of 2025 were RMB52 million (US
$7.4 million ), compared with RMB47 million for the same period of 2024. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business, and to improve customer experience. Technology and development expenses accounted for1.8% of net revenues for the fourth quarter of 2025, compared with2.2% for the same period of 2024.
Technology and development expenses for the full year of 2025 were RMB178 million (US$25 million ), compared with RMB134 million for the full year of 2024. Technology and development expenses accounted for1.8% of net revenues for the full year of 2025, remaining stable compared to the full year of 2024.
Other operating income, net for the fourth quarter of 2025 was RMB154 million (US
Income from operations for the fourth quarter of 2025 was RMB704 million (US
Income tax expense for the fourth quarter of 2025 was RMB214 million (US
Net income for the fourth quarter of 2025 was RMB478 million (US
Adjusted net income (non-GAAP) for the fourth quarter of 2025 was RMB493 million (US
Basic and diluted income per share/American depositary share (ADS). For the fourth quarter of 2025, basic income per share was RMB1.16 (US
For the full year of 2025, basic income per share was RMB3.90 (US
EBITDA (non-GAAP) for the fourth quarter of 2025 was RMB697 million (US
Adjusted EBITDA (non-GAAP) for the fourth quarter of 2025 was RMB712 million (US
Cash flows. Operating cash inflow for the fourth quarter of 2025 was RMB594 million (US
For the full year of 2025, operating cash inflow was RMB1,993 million (US
Cash and cash equivalents and restricted cash. As of December 31, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.3 billion (US
Debt financing. As of December 31, 2025, the Company had total outstanding borrowings of RMB252 million (US
Shareholder Returns
For the full year of 2025, the Company has distributed cash dividends in an aggregate amount of approximately US
Outlook
For the full year of 2026, the Company currently expects total net revenues to increase by
This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.
Conference Call
The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, March 17, 2026 (or 7:00 PM Beijing/Hong Kong time on the same day).
A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.
For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.
Details for the conference call are as follows:
Event Title: Atour Fourth Quarter and Full Year 2025 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI31476e4d82814901b2dc7042f58c50b2
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; EBITDA, which is defined as earnings before interest income, interest expense, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.
The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income, adjusted net income per ordinary share – Diluted, and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.
About Atour Lifestyle Holdings Limited
Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading lifestyle group in China that operates both hospitality and retail businesses. As a leader in quality living, Atour is dedicated to creating an intimate ambiance where people can warmly connect. Guided by its people-serving philosophy, Atour continuously refines its products and services to curate exceptional experiences for every user.
For more information, please visit https://ir.yaduo.com.
Investor Relations Contact
Atour Lifestyle Holdings Limited
Email: ir@yaduo.com
Christensen Advisory
Email: atour@christensencomms.com
Tel: +86-10-5900-1548
—Financial Tables and Operational Data Follow—
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||
| As of | As of | |||||
| December 31, | December 31, | |||||
| 2024 | 2025 | |||||
| RMB | RMB | USD1 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 3,618,451 | 3,303,949 | 472,458 | |||
| Short-term investments | 1,266,061 | 2,562,745 | 366,468 | |||
| Accounts receivable | 186,047 | 341,446 | 48,826 | |||
| Prepayments and other current assets | 331,632 | 675,974 | 96,663 | |||
| Amounts due from related parties | 146,120 | 192,289 | 27,497 | |||
| Inventories | 167,436 | 278,802 | 39,868 | |||
| Total current assets | 5,715,747 | 7,355,205 | 1,051,780 | |||
| Non-current assets | ||||||
| Restricted cash | 1,179 | 16,223 | 2,320 | |||
| Contract costs | 119,408 | 134,268 | 19,200 | |||
| Property and equipment, net | 213,676 | 225,603 | 32,261 | |||
| Operating lease right-of-use assets | 1,502,891 | 1,108,548 | 158,520 | |||
| Intangible assets, net | 6,373 | 4,712 | 674 | |||
| Goodwill | 17,446 | 17,446 | 2,495 | |||
| Other assets | 71,217 | 51,905 | 7,422 | |||
| Deferred tax assets | 230,877 | 253,596 | 36,264 | |||
| Total non-current assets | 2,163,067 | 1,812,301 | 259,156 | |||
| Total assets | 7,878,814 | 9,167,506 | 1,310,936 | |||
| Liabilities and shareholders’ equity | ||||||
| Current liabilities | ||||||
| Operating lease liabilities, current | 291,002 | 230,201 | 32,918 | |||
| Accounts payable | 693,783 | 821,997 | 117,543 | |||
| Deferred revenue, current | 453,986 | 701,147 | 100,263 | |||
| Salary and welfare payable | 225,687 | 316,562 | 45,268 | |||
| Accrued expenses and other payables | 882,009 | 1,090,394 | 155,924 | |||
| Income taxes payable | 221,649 | 312,302 | 44,659 | |||
| Short-term borrowings | 60,000 | 250,000 | 35,750 | |||
| Amounts due to related parties | 2,101 | 2,886 | 413 | |||
| Total current liabilities | 2,830,217 | 3,725,489 | 532,738 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | 1,379,811 | 1,042,719 | 149,107 | |||
| Deferred revenue, non-current | 475,331 | 526,439 | 75,280 | |||
| Long-term borrowings, non-current portion | 2,000 | 2,000 | 286 | |||
| Other non-current liabilities | 245,568 | 290,058 | 41,478 | |||
| Total non-current liabilities | 2,102,710 | 1,861,216 | 266,151 | |||
| Total liabilities | 4,932,927 | 5,586,705 | 798,889 | |||
1 Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2025 and as of December 31, 2025 are solely for readers’ convenience and were calculated at the rate of US
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||||
| As of | As of | |||||||
| December 31, | December 31, | |||||||
| 2024 | 2025 | |||||||
| RMB | RMB | USD1 | ||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares | 245 | 246 | 35 | |||||
| Class B ordinary shares | 56 | 56 | 8 | |||||
| Treasury shares | - | (326,400 | ) | (46,675 | ) | |||
| Additional paid in capital | 1,608,017 | 1,758,365 | 251,443 | |||||
| Retained earnings | 1,346,526 | 2,195,519 | 313,955 | |||||
| Accumulated other comprehensive income (loss) | 1,386 | (34,307 | ) | (4,906 | ) | |||
| Totalequityattributable to shareholders of the Company | 2,956,230 | 3,593,479 | 513,860 | |||||
| Non-controlling interests | (10,343 | ) | (12,678 | ) | (1,813 | ) | ||
| Totalshareholders’ equity | 2,945,887 | 3,580,801 | 512,047 | |||||
| Commitments and contingencies | - | - | - | |||||
| Total liabilities and shareholders’ equity | 7,878,814 | 9,167,506 | 1,310,936 | |||||
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||
| (All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
| Revenues: | ||||||||||||||||||
| Manachised hotels | 1,106,451 | 1,417,221 | 202,660 | 4,148,752 | 5,308,864 | 759,157 | ||||||||||||
| Leased hotels | 164,050 | 148,054 | 21,171 | 701,963 | 590,372 | 84,422 | ||||||||||||
| Retail | 765,169 | 1,166,004 | 166,736 | 2,198,198 | 3,670,969 | 524,942 | ||||||||||||
| Others | 48,340 | 56,547 | 8,087 | 199,019 | 219,954 | 31,453 | ||||||||||||
| Net revenues | 2,084,010 | 2,787,826 | 398,654 | 7,247,932 | 9,790,159 | 1,399,974 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||||
| Hotel operating costs | (794,039 | ) | (1,005,166 | ) | (143,737 | ) | (3,108,158 | ) | (3,716,236 | ) | (531,415 | ) | ||||||
| Retail costs | (385,576 | ) | (553,121 | ) | (79,095 | ) | (1,083,709 | ) | (1,741,233 | ) | (248,993 | ) | ||||||
| Other operating costs | (16,966 | ) | (3,885 | ) | (555 | ) | (44,524 | ) | (25,832 | ) | (3,693 | ) | ||||||
| Selling and marketing expenses | (355,112 | ) | (459,216 | ) | (65,667 | ) | (972,863 | ) | (1,489,682 | ) | (213,022 | ) | ||||||
| General and administrative expenses | (102,470 | ) | (164,861 | ) | (23,575 | ) | (352,590 | ) | (516,671 | ) | (73,883 | ) | ||||||
| Technology and development expenses | (46,644 | ) | (51,515 | ) | (7,367 | ) | (134,017 | ) | (177,917 | ) | (25,442 | ) | ||||||
| Total operating costs and expenses | (1,700,807 | ) | (2,237,764 | ) | (319,996 | ) | (5,695,861 | ) | (7,667,571 | ) | (1,096,448 | ) | ||||||
| Other operating income, net | 30,701 | 153,696 | 21,978 | 70,231 | 184,089 | 26,324 | ||||||||||||
| Income from operations | 413,904 | 703,758 | 100,636 | 1,622,302 | 2,306,677 | 329,850 | ||||||||||||
| Interest income | 9,505 | 11,855 | 1,695 | 48,415 | 72,167 | 10,320 | ||||||||||||
| Gain from short-term investments | 14,599 | 13,327 | 1,906 | 48,943 | 44,867 | 6,416 | ||||||||||||
| Interest expense | (727 | ) | (2,377 | ) | (340 | ) | (3,110 | ) | (4,249 | ) | (608 | ) | ||||||
| Other (expenses) income, net | (2,662 | ) | (33,754 | ) | (4,826 | ) | 2,465 | (56,554 | ) | (8,087 | ) | |||||||
| Income before income tax | 434,619 | 692,809 | 99,071 | 1,719,015 | 2,362,908 | 337,891 | ||||||||||||
| Income tax expense | (103,959 | ) | (214,365 | ) | (30,654 | ) | (446,031 | ) | (741,646 | ) | (106,054 | ) | ||||||
| Net income | 330,660 | 478,444 | 68,417 | 1,272,984 | 1,621,262 | 231,837 | ||||||||||||
| Less: net income (loss) attributable to non-controlling interests | 511 | (1,894 | ) | (271 | ) | (2,364 | ) | 270 | 39 | |||||||||
| Net income attributable to the Company | 330,149 | 480,338 | 68,688 | 1,275,348 | 1,620,992 | 231,798 | ||||||||||||
| Net income | 330,660 | 478,444 | 68,417 | 1,272,984 | 1,621,262 | 231,837 | ||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||||
| Foreign currency translation adjustments, net of nil income taxes | 17,731 | (5,921 | ) | (847 | ) | (3,383 | ) | (35,693 | ) | (5,104 | ) | |||||||
| Other comprehensive income (loss), net of nil income taxes | 17,731 | (5,921 | ) | (847 | ) | (3,383 | ) | (35,693 | ) | (5,104 | ) | |||||||
| Total comprehensive income | 348,391 | 472,523 | 67,570 | 1,269,601 | 1,585,569 | 226,733 | ||||||||||||
| Less: Comprehensive income (loss) attributable to non-controlling interests | 511 | (1,894 | ) | (271 | ) | (2,364 | ) | 270 | 39 | |||||||||
| Comprehensive income attributable to the Company | 347,880 | 474,417 | 67,841 | 1,271,965 | 1,585,299 | 226,694 | ||||||||||||
| Net income per ordinary share | ||||||||||||||||||
| —Basic | 0.80 | 1.16 | 0.17 | 3.08 | 3.90 | 0.56 | ||||||||||||
| —Diluted | 0.79 | 1.15 | 0.16 | 3.06 | 3.87 | 0.55 | ||||||||||||
| Weighted average ordinary shares used in calculating net income per ordinary share | ||||||||||||||||||
| —Basic | 414,732,181 | 414,247,164 | 414,247,164 | 413,681,482 | 415,609,839 | 415,609,839 | ||||||||||||
| —Diluted | 419,182,770 | 418,435,496 | 418,435,496 | 417,229,238 | 419,297,298 | 419,297,298 | ||||||||||||
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
| (All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||
| Net cash generated from operating activities | 573,148 | 593,512 | 84,871 | 1,725,948 | 1,992,822 | 284,969 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||
| Payment for purchases of property and equipment | (359 | ) | (11,676 | ) | (1,670 | ) | (56,238 | ) | (85,775 | ) | (12,266 | ) | ||||||
| Proceeds from disposal of property and equipment | 2,949 | - | - | 2,949 | 4,995 | 714 | ||||||||||||
| Payment for purchases of intangible assets | (512 | ) | - | - | (1,941 | ) | (254 | ) | (36 | ) | ||||||||
| Payment for purchases of short-term investments | (6,430,180 | ) | (5,024,970 | ) | (718,561 | ) | (20,015,100 | ) | (15,929,970 | ) | (2,277,955 | ) | ||||||
| Proceeds from maturities of short-term investments | 6,748,568 | 5,542,523 | 792,570 | 19,549,776 | 14,678,153 | 2,098,948 | ||||||||||||
| Proceeds from disposal of a subsidiary | - | 780 | 112 | - | 780 | 112 | ||||||||||||
| Net cash generated from (used in) investing activities | 320,466 | 506,657 | 72,451 | (520,554 | ) | (1,332,071 | ) | (190,483 | ) | |||||||||
| Cash flows from financing activities: | ||||||||||||||||||
| Proceeds from borrowings | 40,000 | 220,000 | 31,460 | 60,000 | 255,000 | 36,465 | ||||||||||||
| Repayment of borrowings | (70,000 | ) | (35,000 | ) | (5,005 | ) | (70,000 | ) | (65,000 | ) | (9,295 | ) | ||||||
| Proceeds from stock option exercises | 4,509 | 130 | 19 | 19,453 | 18,877 | 2,699 | ||||||||||||
| Payment for dividends | - | (353,811 | ) | (50,594 | ) | (436,048 | ) | (771,999 | ) | (110,394 | ) | |||||||
| Payment for share repurchases | - | (244,586 | ) | (34,975 | ) | - | (329,896 | ) | (47,175 | ) | ||||||||
| Distribution to non-controlling interests | - | (1,714 | ) | (245 | ) | - | (1,714 | ) | (245 | ) | ||||||||
| Others | - | (30,155 | ) | (4,312 | ) | - | (30,155 | ) | (4,312 | ) | ||||||||
| Net cash used in financing activities | (25,491 | ) | (445,136 | ) | (63,652 | ) | (426,595 | ) | (924,887 | ) | (132,257 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 9,398 | (6,485 | ) | (929 | ) | (922 | ) | (35,322 | ) | (5,051 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 877,521 | 648,548 | 92,741 | 777,877 | (299,458 | ) | (42,822 | ) | ||||||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 2,742,109 | 2,671,624 | 382,037 | 2,841,753 | 3,619,630 | 517,600 | ||||||||||||
| Cash and cash equivalents and restricted cash at the end of the period | 3,619,630 | 3,320,172 | 474,778 | 3,619,630 | 3,320,172 | 474,778 | ||||||||||||
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||||||||||||
| (All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
| Net income (GAAP) | 330,660 | 478,444 | 68,417 | 1,272,984 | 1,621,262 | 231,837 | ||||||||||||
| Share-based compensation expenses, net of tax effect of nil2 | 2,483 | 14,771 | 2,112 | 32,792 | 131,472 | 18,801 | ||||||||||||
| Adjusted net income (non-GAAP) | 333,143 | 493,215 | 70,529 | 1,305,776 | 1,752,734 | 250,638 | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
| Net income per ordinary share - Diluted (GAAP) | 0.79 | 1.15 | 0.16 | 3.06 | 3.87 | 0.55 | ||||||||||||
| Share-based compensation expenses, net of tax effect of nil per ordinary share2 | 0.01 | 0.04 | 0.01 | 0.08 | 0.31 | 0.04 | ||||||||||||
| Adjusted net income per ordinary share - Diluted (non-GAAP) | 0.80 | 1.19 | 0.17 | 3.14 | 4.18 | 0.59 | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
| Net income (GAAP) | 330,660 | 478,444 | 68,417 | 1,272,984 | 1,621,262 | 231,837 | ||||||||||||
| Interest income | (9,505 | ) | (11,855 | ) | (1,695 | ) | (48,415 | ) | (72,167 | ) | (10,320 | ) | ||||||
| Interest expense | 727 | 2,377 | 340 | 3,110 | 4,249 | 608 | ||||||||||||
| Income tax expense | 103,959 | 214,365 | 30,654 | 446,031 | 741,646 | 106,054 | ||||||||||||
| Depreciation and amortization | 14,243 | 13,789 | 1,972 | 65,232 | 54,106 | 7,737 | ||||||||||||
| EBITDA (non-GAAP) | 440,084 | 697,120 | 99,688 | 1,738,942 | 2,349,096 | 335,916 | ||||||||||||
| Share-based compensation expenses | 2,483 | 14,771 | 2,112 | 32,792 | 131,472 | 18,801 | ||||||||||||
| Adjusted EBITDA (non-GAAP) | 442,567 | 711,891 | 101,800 | 1,771,734 | 2,480,568 | 354,717 | ||||||||||||
2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.
Key Operating Data
| Number of Hotels | Number of Rooms | ||||
| Opened in Q4 2025 | Closed in Q4 2025 | As of December 31, 2025 | As of December 31, 2025 | ||
| Manachised hotels | 97 | 25 | 1,996 | 221,283 | |
| Leased hotels | - | 5 | 19 | 3,140 | |
| Total | 97 | 30 | 2,015 | 224,423 | |
| Hotel Brand | Positioning | As of December 31, 2025 | ||
| Properties | Rooms | |||
| Manachised | Leased | |||
| A.T. House | Luxury | - | 1 | 214 |
| SAVHE | Upscale | 2 | 1 | 487 |
| Atour S | Upscale | 87 | 2 | 12,261 |
| Atour Origin3 | Upper midscale | 48 | 1 | 5,737 |
| Atour | Upper midscale | 1,479 | 12 | 168,129 |
| Atour X | Upper midscale | 179 | 2 | 19,229 |
| Atour Light | Midscale | 201 | - | 18,366 |
| Total | 1,996 | 19 | 224,423 | |
| All Hotels in Operation | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | ||||||||
| Occupancy rate4 (in percentage) | ||||||||||||
| Manachised hotels | ||||||||||||
| Leased hotels | ||||||||||||
| All hotels | 77.0% | 80.2% | 76.1% | 77.4% | 75.9% | |||||||
| ADR4 (in RMB) | ||||||||||||
| Manachised hotels | 416.8 | 444.2 | 423.7 | 433.0 | 429.0 | |||||||
| Leased hotels | 551.1 | 602.3 | 579.6 | 563.5 | 582.2 | |||||||
| All hotels | 420.2 | 447.2 | 426.4 | 436.8 | 431.9 | |||||||
| RevPAR4 (in RMB) | ||||||||||||
| Manachised hotels | 333.2 | 368.2 | 332.9 | 347.3 | 336.6 | |||||||
| Leased hotels | 495.1 | 541.9 | 508.5 | 495.0 | 504.8 | |||||||
| All hotels | 336.9 | 371.3 | 335.7 | 351.3 | 339.6 | |||||||
| Hotels in Operation for More Than 18 Months in Q4 20255 | |||||||||||
| Number of hotels | Same-hotel Occupancy4 (in percentage) | Same-hotel ADR4 (in RMB) | Same-hotel RevPAR4 (in RMB) | ||||||||
| Q4 2024 | Q4 2025 | Q4 2024 | Q4 2025 | Q4 2024 | Q4 2025 | Q4 2024 | Q4 2025 | ||||
| Manachised hotels | 1,244 | 1,244 | 420.3 | 419.0 | 344.5 | 331.2 | |||||
| Leased hotels | 21 | 21 | 566.1 | 553.7 | 511.9 | 484.5 | |||||
| All hotels | 1,265 | 1,265 | 78.9% | 76.5% | 423.7 | 422.0 | 348.2 | 334.4 | |||
| Hotels in Operation for More Than 18 Months in 20255 | |||||||||||
| Number of hotels | Same-hotel Occupancy4 (in percentage) | Same-hotel ADR4 (in RMB) | Same-hotel RevPAR4 (in RMB) | ||||||||
| 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | ||||
| Manachised hotels | 1,299 | 1,299 | 435.4 | 426.8 | 353.1 | 337.8 | |||||
| Leased hotels | 23 | 23 | 571.1 | 564.3 | 501.3 | 489.1 | |||||
| All hotels | 1,322 | 1,322 | 78.2% | 76.5% | 438.9 | 429.9 | 356.7 | 341.0 | |||
3 Atour Origin, initially launched in November 2023 as Atour Series 4 under the Atour Hotel brand, has recently been upgraded to an independent upper midscale hotel brand within our portfolio.
4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
5 For any given period, we define “same-hotel” as a hotel that has operated for more than 18 calendar months as of the 15th day (inclusive) of any month within that period. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the given period, compared to the corresponding metrics generated by these “same hotels” during the same period in 2024.
