-- 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 by
35.1% 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 by 27.4% 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 by 34.2% 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 by 35.1% 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 by 40.0% 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 24.5% and 22.5% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2025, there were 779 manachised hotels under development in our pipeline.
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 rate(4) ("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 rate(4) was 76.1% for the fourth quarter of 2025, compared with 77.0% for the same period of 2024 and 80.2% for the third quarter of 2025. The occupancy rate for the full year of 2025 was 75.9%, compared with 77.4% for the full year of 2024.
The revenue per available room(4) ("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 67.0% year-over-year.
"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 67.0% year-over-year growth. Atour Planet also continued to drive product innovation and category expansion, further solidifying its leadership in China's sleep market."
"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
Q4 2024 Q4 2025 FY 2024 FY 2025
--------- --------- --------- ---------
(RMB in thousands)
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 33.8% to RMB2,788 million (US$399 million) from RMB2,084 million for the same period of 2024. The increase was mainly driven by growth in the manachised hotel and retail businesses.
For the full year of 2025, net revenues increased by 35.1% to RMB9,790 million (US$1,400 million) from RMB7,248 million for the full year of 2024.
-- Manachised hotels. Revenues from our manachised hotels for the fourth
quarter of 2025 increased by 28.1% 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 by 28.0% 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 by 9.8% 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 by 15.9% 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 by
52.4% 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 by 67.0% 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 by
17.0% 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
by 10.5% to RMB220 million (US$31 million) from RMB199 million for the
full year of 2024.
Q4 2024 Q4 2025 FY 2024 FY 2025
----------- ----------- ----------- -------------
(RMB in thousands)
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$320 million), including RMB15 million share-based compensation expenses, compared with RMB1,701 million, including RMB2 million share-based compensation expenses for the same period of 2024.
Operating costs and expenses for the full year of 2025 were RMB7,668 million (US$1,096 million), including RMB131 million share-based compensation expenses, compared with RMB5,696 million, including RMB33 million share-based compensation expenses for the full year of 2024.
-- 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
for 64.2% of manachised and leased hotels' revenues for the fourth
quarter of 2025, compared with 62.5% 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 for 63.0% of manachised and leased hotels'
revenues for the full year of 2025, compared with 64.1% 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 for 47.4% of retail revenues for the fourth
quarter of 2025, compared with 50.4% 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 for 47.4% of retail revenues
for the full year of 2025, compared with 49.3% 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 for 16.5% of net revenues for the fourth quarter of 2025,
compared with 17.0% 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 for 15.2% of net revenues for the full year
of 2025, compared with 13.4% 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 for 5.5%
of net revenues for the fourth quarter of 2025, compared with 4.8% 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 for 4.2% of net revenues for the full
year of 2025, compared with 4.5% 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 for 1.8% of net
revenues for the fourth quarter of 2025, compared with 2.2% 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
for 1.8% 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$22 million), compared with RMB31 million for the same period of 2024. For the full year of 2025, other operating income was RMB184 million (US$26 million), compared with RMB70 million for the full year of 2024. These increases were mainly due to an increase in income from government subsidies.
Income from operations for the fourth quarter of 2025 was RMB704 million (US$101 million), compared with RMB414 million for the same period of 2024. For the full year of 2025, income from operations was RMB2,307 million (US$330 million), compared with RMB1,622 million for the full year of 2024.
Income tax expense for the fourth quarter of 2025 was RMB214 million (US$31 million), compared with RMB104 million for the same period of 2024. For the full year of 2025, income tax expense was RMB742 million (US$106 million), compared with RMB446 million for the full year of 2024.
Net income for the fourth quarter of 2025 was RMB478 million (US$68 million), representing an increase of 44.7% compared with RMB331 million for the same period of 2024. For the full year of 2025, net income was RMB1,621 million (US$232 million), representing an increase of 27.4% compared with RMB1,273 million for the full year of 2024.
Adjusted net income (non-GAAP) for the fourth quarter of 2025 was RMB493 million (US$71 million), representing an increase of 48.0% compared with RMB333 million for the same period of 2024. For the full year of 2025, adjusted net income (non-GAAP) was RMB1,753 million (US$251 million), representing an increase of 34.2% compared with RMB1,306 million for the full year of 2024.
Basic and diluted income per share/American depositary share (ADS). For the fourth quarter of 2025, basic income per share was RMB1.16 (US$0.17), and diluted income per share was RMB1.15 (US$0.16). For the fourth quarter of 2025, basic income per ADS was RMB3.48 (US$0.51), and diluted income per ADS was RMB3.45 (US$0.48).
For the full year of 2025, basic income per share was RMB3.90 (US$0.56), and diluted income per share was RMB3.87 (US$0.55). For the full year of 2025, basic income per ADS was RMB11.70 (US$1.68), and diluted income per ADS was RMB11.61 (US$1.65).
EBITDA (non-GAAP) for the fourth quarter of 2025 was RMB697 million (US$100 million), representing an increase of 58.4% compared with RMB440 million for the same period of 2024. For the full year of 2025, EBITDA (non-GAAP) was RMB2,349 million (US$336 million), representing an increase of 35.1% compared with RMB1,739 million for the full year of 2024.
Adjusted EBITDA (non-GAAP) for the fourth quarter of 2025 was RMB712 million (US$102 million), representing an increase of 60.9% compared with RMB443 million for the same period of 2024. For the full year of 2025, adjusted EBITDA (non-GAAP) was RMB2,481 million (US$355 million), representing an increase of 40.0% compared with RMB1,772 million for the full year of 2024.
Cash flows. Operating cash inflow for the fourth quarter of 2025 was RMB594 million (US$85 million). Investing cash inflow for the fourth quarter of 2025 was RMB507 million (US$72 million). Financing cash outflow for the fourth quarter of 2025 was RMB445 million (US$64 million).
For the full year of 2025, operating cash inflow was RMB1,993 million (US$285 million). Investing cash outflow for the full year of 2025 was RMB1,332 million (US$190 million). Financing cash outflow for the full year of 2025 was RMB925 million (US$132 million).
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$475 million).
Debt financing. As of December 31, 2025, the Company had total outstanding borrowings of RMB252 million (US$36 million).
Shareholder Returns
For the full year of 2025, the Company has distributed cash dividends in an aggregate amount of approximately US$108 million pursuant to its annual dividend policy adopted in August 2024, and repurchased approximately US$46 million from the open market pursuant to the three-year share repurchase program announced in May 2025.
Outlook
For the full year of 2026, the Company currently expects total net revenues to increase by 20% to 24% compared with the full year of 2025.
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 USD(1)
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$1.00=RMB 6.9931, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025)
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 USD(1)
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 USD(1) RMB RMB USD(1)
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 USD(1) RMB RMB USD(1)
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 December
31, December 31, 31, December 31,
2024 2025 2024 2025
------- ----------------- --------- -------------------
RMB RMB USD(1) RMB RMB USD(1)
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 nil(2) 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 December
31, December 31, 31, December 31,
2024 2025 2024 2025
------- ----------------- --------- -------------------
RMB RMB USD(1) RMB RMB USD(1)
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
share(2) 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 December
31, December 31, 31, December 31,
2024 2025 2024 2025
------- ----------------- --------- -------------------
RMB RMB USD(1) RMB RMB USD(1)
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
Number of Hotels Rooms
--------------------------------------------- -------------
As of As of
Opened in Q4 Closed in Q4 December 31, December 31,
2025 2025 2025 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 Origin(3) 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, September December December December
2024 30, 2025 31, 2025 31, 2024 31, 2025
Occupancy rate(4)
(in percentage)
Manachised hotels 76.9% 80.1% 76.0% 77.2% 75.8%
Leased hotels 84.7% 85.0% 83.7% 83.2% 82.2%
All hotels 77.0% 80.2% 76.1% 77.4% 75.9%
ADR(4) (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
RevPAR(4) (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
2025(5)
----------------------------------------------------------------------
Same-hotel Same-hotel
Number of Occupancy(4) (in Same-hotel ADR(4) RevPAR(4) (in
hotels percentage) (in RMB) RMB)
------------- ------------------ ----------------- ----------------
Q4 Q4 Q4 Q4
2024 2025 2024 Q4 2025 Q4 2024 Q4 2025 2024 Q4 2025
----- ------ ----- ----------- ------- -------- ----- ---------
Manachised
hotels 1,244 1,244 78.8% 76.4% 420.3 419.0 344.5 331.2
Leased
hotels 21 21 85.1% 83.4% 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 2025(5)
----------------------------------------------------------------------
Same-hotel Same-hotel
Number of Occupancy(4) (in Same-hotel ADR(4) RevPAR(4) (in
hotels percentage) (in RMB) RMB)
------------- ------------------ ----------------- ----------------
2024 2025 2024 2025 2024 2025 2024 2025
----- ------ ----- ----------- ------- -------- ----- ---------
Manachised
hotels 1,299 1,299 78.1% 76.4% 435.4 426.8 353.1 337.8
Leased
hotels 23 23 83.2% 82.1% 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.
(END) Dow Jones Newswires
March 17, 2026 06:00 ET (10:00 GMT)