Atour Lifestyle Holdings Limited Reports Second Quarter of 2025 Unaudited Financial Results
A total of 1,824 hotels, or 204,784 hotel rooms, in operation as of June 30, 2025.
Net revenues for the second quarter of 2025 increased by 37.4% year-over-year to RMB2,469 million (US$345 million).
Net income for the second quarter of 2025 increased by 39.8% year-over-year to RMB425 million (US$59 million).
Adjusted net income (non-GAAP)1 for the second quarter of 2025 increased by 30.2% year-over-year to RMB427 million (US$60 million).
EBITDA (non-GAAP)2 for the second quarter of 2025 increased by 45.1% year-over-year to RMB608 million (US$85 million).
Adjusted EBITDA (non-GAAP)3 for the second quarter of 2025 increased by 37.7% year-over-year to RMB610 million (US$85 million).
SHANGHAI, China, Aug. 26, 2025 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ:ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.
Second Quarter of 2025 Operational Highlights
As of June 30, 2025, there were 1,824 hotels with a total of 204,784 hotel rooms in operation across Atour's hotel network, representing rapid increases of 29.2% and 26.7% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of June 30, 2025, there were 816 manachised hotels under development in our pipeline.
The average daily room rate4 ("ADR") was RMB433 for the second quarter of 2025, compared with RMB441 for the same period of 2024 and RMB418 for the previous quarter.
The occupancy rate4 was 76.4% for the second quarter of 2025, compared with 78.4% for the same period of 2024 and 70.2% for the previous quarter.
_____________
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.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.
The revenue per available room4 ("RevPAR") was RMB343 for the second quarter of 2025, compared with RMB359 for the same period of 2024 and RMB304 for the previous quarter.
The GMV5 generated from our retail business was RMB1,144 million for the second quarter of 2025, representing an increase of 84.6% year-over-year.
Mr. Haijun Wang, Founder, Chairman and CEO of Atour, said, "In the first half of 2025, amid a volatile and complex competitive landscape in the industry, we adhered to our business philosophy of ‘serving people' and refocused on customers. By leveraging our differentiated experiential advantages, we achieved a strong performance across both our hotel and retail businesses. In our hotel business, we pursued high-quality, sustainable growth with a long-term mindset. By the end of the second quarter, the total number of hotels in operation reached 1,824 as we steadily advance toward our strategic goal of ‘2,000 Premier Hotels.' Continuous upgrades to our hotel products and increasingly strong brand power have consolidated our differentiated competitive moat in targeted market segments. Our retail business maintained robust growth momentum, with GMV increasing by 84.6% year-over-year to RMB1,144 million. Atour Planet's expanding deep sleep product portfolio continues to drive consumer sleep experience innovation."
"Looking ahead to the second half of the year, we will stay true to our founding aspirations and remain committed to the ‘Chinese Experience' strategic direction. We will continue to strengthen our fundamentals and prioritize our customers' perspective, delivering Atour's warmth and attentiveness through refined service and high-quality products," concluded Mr. Wang.
Second Quarter of 2025 Unaudited Financial Results
(RMB in thousands)
Q2 2024
Q2 2025
Revenues:
Manachised hotels
1,026,979
1,299,194
Leased hotels
180,333
149,597
Retail
536,734
964,849
Others
53,001
54,909
Net revenues
1,797,047
2,468,549
Net revenues. Our net revenues for the second quarter of 2025 increased by 37.4% to RMB2,469 million (US$345 million) from RMB1,797 million for the same period of 2024. The increase was mainly driven by growth in the manachised hotel and retail businesses.
Manachised hotels. Revenues from our manachised hotels for the second quarter of 2025 increased by 26.5% to RMB1,299 million (US$181 million) from RMB1,027 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 1,382 as of June 30, 2024 to 1,800 as of June 30, 2025.
____________
5 "GMV" refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.
Leased hotels. Revenues from our leased hotels for the second quarter of 2025 decreased by 17.0% to RMB150 million (US$21 million) from RMB180 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 30 as of June 30, 2024 to 24 as of June 30, 2025.
Retail. Revenues from retail for the second quarter of 2025 increased by 79.8% to RMB965 million (US$135 million) from RMB537 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.
Others. Revenues from others for the second quarter of 2025 increased by 3.6% to RMB55 million (US$8 million) from RMB53 million for the same period of 2024.
Q2 2024
Q2 2025
(RMB in thousands)
Operating costs and expenses:
Hotel operating costs
(775,753
)
(893,231
)
Retail costs
(265,003
)
(450,542
)
Other operating costs
(9,918
)
(6,593
)
Selling and marketing expenses
(224,607
)
(392,847
)
General and administrative expenses
(91,488
)
(89,546
)
Technology and development expenses
(32,952
)
(42,574
)
Total operating costs and expenses
(1,399,721
)
(1,875,333
)
Operating costs and expenses for the second quarter of 2025 were RMB1,875 million (US$262 million), including RMB2 million share-based compensation expenses, compared with RMB1,400 million, including RMB24 million share-based compensation expenses for the same period of 2024.
Hotel operating costs for the second quarter of 2025 were RMB893 million (US$125 million), compared with RMB776 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 for 61.7% of manachised and leased hotels' revenues for the second quarter of 2025, compared with 64.3% for the same period of 2024. The decrease was primarily due to a lower proportion of leased hotels as a result of our product mix optimization.
Retail costs for the second quarter of 2025 were RMB451 million (US$63 million), compared with RMB265 million for the same period of 2024. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 46.7% of retail revenues for the second quarter of 2025, compared with 49.4% for the same period of 2024. The decrease was attributable to the increasing contribution from higher-margin products.
Other operating costs for the second quarter of 2025 were RMB7 million (US$1 million), compared with RMB10 million for the same period of 2024.
Selling and marketing expenses for the second quarter of 2025 were RMB393 million (US$55 million), compared with RMB225 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 for 15.9% of net revenues for the second quarter of 2025, compared with 12.5% for the same period of 2024.
General and administrative expenses for the second quarter of 2025 were RMB90 million (US$13 million), including RMB2 million share-based compensation expenses, compared with RMB91 million, including RMB15 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 for 3.6% of net revenues for the second quarter of 2025, compared with 4.2% for the same period of 2024.
Technology and development expenses for the second quarter of 2025 were RMB43 million (US$6 million), compared with RMB33 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, retail business and improve customer experience. Technology and development expenses accounted for 1.7% of net revenues for the second quarter of 2025, compared with 1.8% for the same period of 2024.
Other operating income (expenses), net for the second quarter of 2025 was RMB3 million (US$0.4 million) income, compared with RMB6 million expense for the same period of 2024.
Income from operations for the second quarter of 2025 was RMB596 million (US$83 million), compared with RMB391 million for the same period of 2024.
Income tax expense for the second quarter of 2025 was RMB192 million (US$27 million), compared with RMB110 million for the same period of 2024. The increase was primarily due to higher income from operations as well as withholding tax arising from dividend distributions.
Net income for the second quarter of 2025 was RMB425 million (US$59 million), representing an increase of 39.8% compared with RMB304 million for the same period of 2024.
Adjusted net income (non-GAAP) for the second quarter of 2025 was RMB427 million (US$60 million), representing an increase of 30.2% compared with RMB328 million for the same period of 2024.
Basic and diluted income per share/American depositary share (ADS). For the second quarter of 2025, basic income per share was RMB1.02 (US$0.14), and diluted income per share was RMB1.01 (US$0.14). For the second quarter of 2025, basic income per ADS was RMB3.06 (US$0.42), and diluted income per ADS was RMB3.03 (US$0.42).
EBITDA (non-GAAP) for the second quarter of 2025 was RMB608 million (US$85 million), representing an increase of 45.1% compared with RMB419 million for the same period of 2024.
Adjusted EBITDA (non-GAAP) for the second quarter of 2025 was RMB610 million (US$85 million), representing an increase of 37.7% compared with RMB443 million for the same period of 2024.
Cash flows. Operating cash inflow for the second quarter of 2025 was RMB767 million (US$107 million). Investing cash outflow for the second quarter of 2025 was RMB771 million (US$108 million). Financing cash outflow for the second quarter of 2025 was RMB411 million (US$57 million).
Cash and cash equivalents and restricted cash. As of June 30, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.7 billion (US$379 million).
Debt financing. As of June 30, 2025, the Company had total outstanding borrowings of RMB67 million (US$9 million).
Outlook
For the full year of 2025, the Company currently expects total net revenues to increase by 30% compared with full-year 2024.
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, August 26, 2025 (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 Second Quarter of 2025 Earnings Conference Call Pre-registration Link: https://register-conf.media-server.com/register/BI0af2d276c50d47b6bd4b6ef4bb3530f2
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 hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China's hospitality industry and building new lifestyle brands around hotel offerings.
For more information, please visit https://ir.yaduo.com.
Investor Relations Contact
Atour Lifestyle Holdings LimitedEmail:
Christensen AdvisoryEmail: +86-10-5900-1548
—Financial Tables and Operational Data Follow—
ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)
As of
As of
December 31,
June 30,
2024
2025
RMB
RMB
USD1
Assets
Current assets
Cash and cash equivalents
3,618,451
2,715,596
379,083
Short-term investments
1,266,061
2,489,220
347,482
Accounts receivable
186,047
261,876
36,556
Prepayments and other current assets
331,632
404,600
56,480
Amounts due from related parties
146,120
155,031
21,641
Inventories
167,436
151,636
21,168
Total current assets
5,715,747
6,177,959
862,410
Non-current assets
Restricted cash
1,179
1,179
165
Contract costs
119,408
130,766
18,254
Property and equipment, net
213,676
245,313
34,244
Operating lease right-of-use assets
1,502,891
1,466,210
204,675
Intangible assets, net
6,373
5,598
781
Goodwill
17,446
17,446
2,437
Other assets
71,217
71,753
10,016
Deferred tax assets
230,877
239,302
33,405
Total non-current assets
2,163,067
2,177,567
303,977
Total assets
7,878,814
8,355,526
1,166,387
Liabilities and shareholders' equity
Current liabilities
Operating lease liabilities, current
291,002
290,872
40,604
Accounts payable
693,783
786,352
109,770
Deferred revenue, current
453,986
467,430
65,251
Salary and welfare payable
225,687
213,434
29,794
Accrued expenses and other payables
882,009
977,995
136,523
Income taxes payable
221,649
133,047
18,573
Short-term borrowings
60,000
65,000
9,074
Amounts due to related parties
2,101
1,798
251
Total current liabilities
2,830,217
2,935,928
409,840
Non-current liabilities
Operating lease liabilities, non-current
1,379,811
1,340,079
187,068
Deferred revenue, non-current
475,331
516,244
72,065
Long-term borrowings, non-current portion
2,000
2,000
279
Other non-current liabilities
245,568
273,184
38,135
Total non-current liabilities
2,102,710
2,131,507
297,547
Total liabilities
4,932,927
5,067,435
707,387
___________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the second quarter of 2025 and as of June 30, 2025 are solely for readers' convenience and were calculated at the rate of US$1.00=RMB 7.1636, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2025.
ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)
As of
As of
December 31,
June 30,
2024
2025
RMB
RMB
USD1
Shareholders' equity
Class A ordinary shares
245
246
34
Class B ordinary shares
56
56
8
Additional paid in capital
1,608,017
1,724,734
240,764
Retained earnings
1,346,526
1,595,272
222,691
Accumulated other comprehensive (loss) income
1,386
(23,368
)
(3,262
)
Totalequityattributable to shareholders of the Company
2,956,230
3,296,940
460,235
Non-controlling interests
(10,343
)
(8,849
)
(1,235
)
Totalshareholders' equity
2,945,887
3,288,091
459,000
Commitments and contingencies
-
-
-
Total liabilities and shareholders' equity
7,878,814
8,355,526
1,166,387
ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except share data and per share data, or otherwise noted)
Three Months Ended
Six Months Ended
June 30,
June 30,
June 30,
June 30,
2024
2025
2024
2025
RMB
RMB
USD1
RMB
RMB
USD1
Revenues:
Manachised hotels
1,026,979
1,299,194
181,360
1,863,090
2,331,377
325,448
Leased hotels
180,333
149,597
