First Beijing reports 5.11% Atour (NASDAQ: ATAT) share ownership

Rhea-AI Filing Summary

First Beijing Investment Limited filed an amended ownership report showing a significant stake in Atour Lifestyle Holdings Ltd. It reports beneficial ownership of 17,433,312 Class A ordinary shares, equal to 5.11% of the class, based on 340,876,937 shares outstanding as of December 31, 2024.

These holdings correspond to 5,811,104 American Depositary Shares (ADSs), with each ADS representing three Class A ordinary shares. First Beijing has sole voting power over 5,294,895 shares, or 1,764,965 ADSs, and sole dispositive power over the full 17,433,312 shares. The filer certifies the position is not held to change or influence control of Atour.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Atour Lifestyle Holdings Ltd

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

04965M106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04965M106

1

Names of Reporting Persons

First Beijing Investment Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,294,895.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 17,433,312.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,433,312.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Exempt Reporting Advisor

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Atour Lifestyle Holdings Ltd
(b)	Address of issuer's principal executive offices: 1ST FLOOR, WUZHONG BUILDING, 618 WUZHONG ROAD, MINHANG DISTRICT, SHANGHAI, CHINA, 00000
Item 2.
(a)	Name of person filing: First Beijing Investment Limited
(b)	Address or principal business office or, if none, residence: 16th Floor, On Building, 162 Queens Road, Central, Hong Kong
(c)	Citizenship: Hong Kong
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: 04965M106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: These 17,433,312 Class A ordinary shares represent 5,811,104 ADSs (each representing 3 Class A ordinary shares) of the Issuer. There is no CUSIP number assigned to the ordinary shares, CUSIP number 04965M106 has been assigned to the American Depositary Shares ("ADS") of the Issuer. Each ADS represents three Class A ordinary shares, which are quoted on the Nasdaq Global Select Market under the symbol "ATAT".
(b)	Percent of class: 5.11%. The ownership is calculated based on 340,876,937 Class A ordinary shares of the Issuer outstanding as of December 31, 2024, according to the Form 20-F filed by the Issuer with Securities and Exchange Commission (the "SEC") on April 25, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: These 5,294,895 Class A ordinary shares represent 1,764,965 ADSs (each representing 3 Class A ordinary shares) of the Issuer.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 17,433,312. Same as Item 4.(a)
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

First Beijing Investment Ltd

Signature:	LI JINGWEI
Name/Title:	DIRECTOR
Date:	02/17/2026

FAQ

What stake in Atour Lifestyle Holdings Ltd (ATAT) does First Beijing report?

First Beijing Investment Limited reports beneficial ownership of 17,433,312 Class A ordinary shares of Atour Lifestyle Holdings Ltd, representing 5.11% of the class. This stake is calculated using 340,876,937 Class A shares outstanding as of December 31, 2024.

How many Atour (ATAT) ADSs does First Beijing’s position represent?

First Beijing’s position represents 5,811,104 American Depositary Shares (ADSs) of Atour. Each ADS corresponds to three Class A ordinary shares, so the 17,433,312 Class A shares equate directly to these 5,811,104 ADSs listed on Nasdaq.

What voting power does First Beijing have over its Atour (ATAT) shares?

First Beijing has sole voting power over 5,294,895 Class A ordinary shares of Atour, equal to 1,764,965 ADSs. It reports no shared voting power and no shared dispositive power over any Atour securities in this filing.

How is First Beijing’s 5.11% ownership in Atour (ATAT) calculated?

The 5.11% ownership is calculated using 340,876,937 Class A ordinary shares of Atour outstanding as of December 31, 2024. This outstanding share count comes from Atour’s Form 20-F filed with the U.S. Securities and Exchange Commission on April 25, 2025.

Does First Beijing seek to influence control of Atour Lifestyle (ATAT)?

First Beijing certifies that its Atour securities were not acquired and are not held to change or influence control of the issuer. It also states they are not held in connection with transactions intended to affect control, other than limited nomination-related activities allowed by regulation.

What type of reporting person is First Beijing in the Atour (ATAT) filing?

First Beijing identifies itself as an Exempt Reporting Adviser in the Schedule 13G/A. The entity is organized in Hong Kong and provides its principal business address in Central, Hong Kong, while reporting ownership of Atour’s Class A ordinary shares and ADSs.