• Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

    Источник: Nasdaq GlobeNewswire / 25 мар 2025 06:00:34   America/New_York

    • A total of 1,619 hotels, or 183,184 hotel rooms, in operation as of December 31, 2024.
    • Net revenues for the fourth quarter of 2024 increased by 38.5% to RMB2,084 million (US$286 million), compared with RMB1,505 million for the same period of 2023. Net revenues for the full year of 2024 increased by 55.3% to RMB7,248 million (US$993 million), compared with RMB4,666 million for the full year of 2023.
    • Net income for the fourth quarter of 2024 increased by 50.5% to RMB331 million (US$45 million), compared with RMB220 million for the same period of 2023. Net income for the full year of 2024 increased by 72.2% to RMB1,273 million (US$174 million), compared with RMB739 million for the full year of 2023.
    • Adjusted net income (non-GAAP)1 for the fourth quarter of 2024 increased by 49.9% to RMB333 million (US$46 million), compared with RMB222 million for the same period of 2023. Adjusted net income (non-GAAP)1 for the full year of 2024 increased by 44.6% to RMB1,306 million (US$179 million), compared with RMB903 million for the full year of 2023.
    • EBITDA (non-GAAP)2 for the fourth quarter of 2024 increased by 77.2% to RMB440 million (US$60 million), compared with RMB248 million for the same period of 2023. EBITDA (non-GAAP)2 for the full year of 2024 increased by 66.8% to RMB1,739 million (US$238 million), compared with RMB1,043 million for the full year of 2023.
    • Adjusted EBITDA (non-GAAP)3 for the fourth quarter of 2024 increased by 76.5% to RMB443 million (US$61 million), compared with RMB251 million for the same period of 2023. Adjusted EBITDA (non-GAAP)3 for the full year of 2024 increased by 46.8% to RMB1,772 million (US$243 million), compared with RMB1,207 million for the full year of 2023.

    SHANGHAI, March 25, 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 fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Operational Highlights

    As of December 31, 2024, there were 1,619 hotels with a total of 183,184 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 33.8% and 32.8% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2024, there were 741 manachised hotels under development in our pipeline.

    The average daily room rate4 (“ADR”) was RMB420 for the fourth quarter of 2024, compared with RMB438 for the same period of 2023 and RMB456 for the third quarter of 2024. The ADR for the full year of 2024 was RMB437, compared with RMB464 for the full year of 2023.

    The occupancy rate4 was 77.0% for the fourth quarter of 2024, compared with 78.4% for the same period of 2023 and 80.3% for the third quarter of 2024. The occupancy rate for the full year of 2024 was 77.4%, compared with 77.8% for the full year of 2023.

    The revenue per available room4 (“RevPAR”) was RMB337 for the fourth quarter of 2024, compared with RMB358 for the same period of 2023 and RMB380 for the third quarter of 2024. The RevPAR for the full year of 2024 was RMB351, compared with RMB377 for the full year of 2023.

    The GMV5 generated from our retail business was RMB912 million and RMB2,592 million for the fourth quarter and full year of 2024, representing increases of 84.5% and 127.7% year-over-year, respectively.

    “In 2024, guided by the vision of “Chinese Experience, 2,000 Premier Hotels,” we achieved dual improvements in both business scale and operational excellence, driving robust performance growth,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Fueled by strong momentum in both our hotel and retail businesses, we continued to strengthen our brand presence and expand our hotel network, setting new records in both new hotel openings and signings for the year. Notably, Atour 4.0 further solidified its leadership in the upper midscale segment, while Atour Light 3.0 reached a significant milestone, surpassing 100 hotels in operation. Meanwhile, driven by increasing brand recognition and expanding product offerings, Atour Planet’s full potential is steadily unlocking. Atour’s retail business delivered remarkable results, with its full year GMV surging by 127.7% year-over-year to RMB2.59 billion.

    “Looking ahead to 2025, we will continue to fortify our core capabilities, elevate our brand influence, and further deepen the synergy between our accommodation and retail sectors. By amplifying our position as the industry benchmark for the ‘Chinese Experience,’ we will propel the Group’s sustained, long-term growth while achieving our expansion goals,” concluded Mr. Wang.

    Fourth Quarter and Full Year 2024Unaudited Financial Results
         
    (RMB in thousands)

    		Q4 2023Q4 2024FY 2023FY 2024
        
    Revenues:    
    Manachised hotels851,2161,106,4512,705,6094,148,752
    Leased hotels195,020164,050840,044701,963
    Retail412,226765,169971,9312,198,198
    Others46,75648,340148,383199,019
    Net revenues1,505,2182,084,0104,665,9677,247,932
         

    Net revenues. Our net revenues for the fourth quarter of 2024 increased by 38.5% to RMB2,084 million (US$286 million) from RMB1,505 million for the same period of 2023. The increase was mainly driven by the growth in manachised hotel and retail businesses.

    For the full year of 2024, net revenues increased by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million for the full year of 2023.

    • Manachised hotels.
      Revenues from our manachised hotels for the fourth quarter of 2024 increased by 30.0% to RMB1,106 million (US$152 million) from RMB851 million for the same period of 2023. The increase was primarily driven by our ongoing hotel network expansion and the growth of our supply chain business. The total number of our manachised hotels increased from 1,178 as of December 31, 2023 to 1,593 as of December 31, 2024.

      Revenues from our manachised hotels for the full year of 2024 increased by 53.3% to RMB4,149 million (US$568 million) from RMB2,706 million for the full year of 2023.
    • Leased hotels.
      Revenues from our leased hotels for the fourth quarter of 2024 decreased by 15.9% to RMB164 million (US$22 million) from RMB195 million for the same period of 2023. 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 32 as of December 31, 2023 to 26 as of December 31, 2024.

      Revenues from our leased hotels for the full year of 2024 decreased by 16.4% to RMB702 million (US$96 million) from RMB840 million for the full year of 2023.
    • Retail.
      Revenues from retail for the fourth quarter of 2024 increased by 85.6% to RMB765 million (US$105 million) from RMB412 million for the same period of 2023. The increase was driven by widespread 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 2024 increased by 126.2% to RMB2,198 million (US$301 million) from RMB972 million for the full year of 2023.
    • Others.
      Revenues from others for the fourth quarter of 2024 increased by 3.4% to RMB48 million (US$7 million) from RMB47 million for the same period of 2023.

      Revenues from others for the full year of 2024 increased by 34.1% to RMB199 million (US$27 million) from RMB148 million for the full year of 2023.
         
    (RMB in thousands)

    		Q4 2023 Q4 2024 FY 2023 FY 2024 
        
    Operating costs and expenses:    
    Hotel operating costs(733,208)(794,039)(2,240,890)(3,108,158)
    Retail costs(232,041)(385,576)(513,326)(1,083,709)
    Other operating costs(30,671)(16,966)(72,543)(44,524)
    Selling and marketing expenses(206,913)(355,112)(469,595)(972,863)
    General and administrative expenses(105,434)(102,470)(451,470)(352,590)
    Technology and development expenses(22,300)(46,644)(77,288)(134,017)
    Total operating costs and expenses(1,330,567)(1,700,807)(3,825,112)(5,695,861)
             

    Operating costs and expenses for the fourth quarter of 2024 were RMB1,701 million (US$233 million), including RMB2 million share-based compensation expenses, compared with RMB1,331 million, including RMB2 million share-based compensation expenses for the same period of 2023.

    Operating costs and expenses for the full year of 2024 were RMB5,696 million (US$780 million), including RMB33 million share-based compensation expenses, compared with RMB3,825 million, including RMB164 million share-based compensation expenses for the full year of 2023.

    • Hotel operating costs for the fourth quarter of 2024 were RMB794 million (US$109 million), compared with RMB733 million for the same period of 2023. The increase was mainly due to the increase in variable costs, such as supply chain costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 62.5% of manachised and leased hotels’ revenues for the fourth quarter of 2024, compared with 70.1% for the same period of 2023. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization.

      Hotel operating costs for the full year of 2024 were RMB3,108 million (US$426 million), compared with RMB2,241 million for the full year of 2023. Hotel operating costs accounted for 64.1% of manachised and leased hotels’ revenues for the full year of 2024, compared with 63.2% for the full year of 2023.
    • Retail costs for the fourth quarter of 2024 were RMB386 million (US$53 million), compared with RMB232 million for the same period of 2023. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 50.4% of retail revenues for the fourth quarter of 2024, compared with 56.3% for the same period of 2023. The decrease was attributable to the increasing contribution from higher-margin products.

      Retail costs for the full year of 2024 were RMB1,084 million (US$148 million), compared with RMB513 million for the full year of 2023. Retail costs accounted for 49.3% of retail revenues for the full year of 2024, compared with 52.8% for the full year of 2023.
    • Other operating costs for the fourth quarter of 2024 were RMB17 million (US$2.3 million), compared with RMB31 million for the same period of 2023.

      Other operating costs for the full year of 2024 were RMB45 million (US$6.1 million), compared with RMB73 million for the full year of 2023.
    • Selling and marketing expenses for the fourth quarter of 2024 were RMB355 million (US$49 million), compared with RMB207 million for the same period of 2023. 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 17.0% of net revenues for the fourth quarter of 2024, compared with 13.7% for the same period of 2023.

      Selling and marketing expenses for the full year of 2024 were RMB973 million (US$133 million), compared with RMB470 million for the full year of 2023. Selling and marketing expenses accounted for 13.4% of net revenues for the full year of 2024, compared with 10.1% for the full year of 2023.
    • General and administrative expenses for the fourth quarter of 2024 were RMB102 million (US$14 million), including RMB2 million share-based compensation expenses, compared with RMB105 million, including RMB2 million share-based compensation expenses for the same period of 2023. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.8% of net revenues for the fourth quarter of 2024, compared with 6.8% for the same period of 2023.

      General and administrative expenses for the full year of 2024 were RMB353 million (US$48 million), including RMB24 million share-based compensation expenses, compared with RMB451 million, including RMB162 million share-based compensation expenses for the full year of 2023. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.5% of net revenues for the full year of 2024, compared with 6.2% for the full year of 2023.
    • Technology and development expenses for the fourth quarter of 2024 were RMB47 million (US$6 million), compared with RMB22 million for the same period of 2023. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business and improve customer experience. Technology and development expenses accounted for 2.2% of net revenues for the fourth quarter of 2024, compared with 1.5% for the same period of 2023.

      Technology and development for the full year of 2024 expenses were RMB134 million (US$18 million), compared with RMB77 million for the full year of 2023. Technology and development expenses accounted for 1.8% of net revenues for the full year of 2024, compared with 1.7% for the full year of 2023.

    Other operating income, net for the fourth quarter of 2024 was RMB31 million (US$4.2 million), compared with RMB40 million income for the same period of 2023. For the full year of 2024, other operating income was RMB70 million (US$9.6 million), compared with RMB83 million income for the full year of 2023.

    Income from operations for the fourth quarter of 2024 was RMB414 million (US$57 million), compared with RMB214 million for the same period of 2023. For the full year of 2024, income from operations was RMB1,622 million (US$222 million), compared with RMB924 million for the full year of 2023.

    Income tax expense for the fourth quarter of 2024 was RMB104 million (US$14 million), compared with RMB17 million for the same period of 2023. For the full year of 2024, income tax expense was RMB446 million (US$61 million), compared with RMB243 million for the full year of 2023.

    Net income for the fourth quarter of 2024 was RMB331 million (US$45 million), representing an increase of 50.5% compared with RMB220 million for the same period of 2023. For the full year of 2024, net income was RMB1,273 million (US$174 million), representing an increase of 72.2% compared with RMB739 million for the full year of 2023.

    Adjusted net income (non-GAAP) for the fourth quarter of 2024 was RMB333 million (US$46 million), representing an increase of 49.9% compared with RMB222 million for the same period of 2023. For the full year of 2024, adjusted net income (non-GAAP) was RMB1,306 million (US$179 million), representing an increase of 44.6% compared with RMB903 million for the full year of 2023.

    Basic and diluted income per share/American depositary share (ADS). For the fourth quarter of 2024, basic income per share was RMB0.80 (US$0.11), and diluted income per share was RMB0.79 (US$0.11). For the fourth quarter of 2024, basic income per ADS was RMB2.40 (US$0.33), and diluted income per ADS was RMB2.37 (US$0.33).

    For the full year of 2024, basic income per share was RMB3.08 (US$0.42), and diluted income per share was RMB3.06 (US$0.42). For the full year of 2024, basic income per ADS was RMB9.24 (US$1.26), and diluted income per ADS was RMB9.18 (US$1.26).

    EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB440 million (US$60 million), representing an increase of 77.2% compared with RMB248 million for the same period of 2023. For the full year of 2024, EBITDA (non-GAAP) was RMB1,739 (US$238 million), representing an increase of 66.8% compared with RMB1,043 million for the full year of 2023.

    Adjusted EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB443 million (US$61 million), representing an increase of 76.5% compared with RMB251 million for the same period of 2023. For the full year of 2024, adjusted EBITDA (non-GAAP) was RMB1,772 million (US$243 million), representing an increase of 46.8% compared with RMB1,207 million for the full year of 2023.

    Cash flows. Operating cash inflow for the fourth quarter of 2024 was RMB573 million (US$79 million). Investing cash inflow for the fourth quarter of 2024 was RMB320 million (US$44 million). Financing cash outflow for the fourth quarter of 2024 was RMB25 million (US$3.5 million).

    For the full year of 2024, operating cash inflow was RMB1,726 million (US$236 million). Investing cash outflow for the full year of 2024 was RMB521 million (US$71 million). Financing cash outflow for the full year of 2024 was RMB427 million (US$58 million).

    Cash and cash equivalents and restricted cash. As of December 31, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.6 billion (US$496 million).

    Debt financing. As of December 31, 2024, the Company had total outstanding borrowings of RMB62 million (US$8.5 million), and the unutilized credit facility available to the Company was RMB490 million.

    Outlook

    For the full year of 2025, the Company currently expects total net revenues to increase by 25% compared with the full year of 2024.

    This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.

    __________________
    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 income, interest expense, 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 were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. From the third quarter of 2023, no hotels were requisitioned for quarantine needs. 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.
    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.

    Conference Call

    The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, March 25, 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 Fourth Quarter and Full Year 2024 Earnings Conference Call
    Pre-registration Link: https://register-conf.media-server.com/register/BI523003440c684eb28157a529995ef804

    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; 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 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, excluding share-based compensation expenses, which are not expected to result in cash payment. 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 Limited
    Email: ir@yaduo.com

    Piacente Financial Communications
    Email: Atour@tpg-ir.com
    Tel: +86-10-6508-0677


    —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,
      2023 2024
      RMB RMB USD1
    Assets      
    Current assets      
    Cash and cash equivalents 2,840,807 3,618,451 495,726
    Short-term investments 751,794 1,266,061 173,450
    Accounts receivable 162,101 186,047 25,488
    Prepayments and other current assets 251,900 331,632 45,433
    Amounts due from related parties 115,900 146,120 20,018
    Inventories 119,078 167,436 22,939
    Total current assets 4,241,580 5,715,747 783,054
    Non-current assets      
    Restricted cash 946 1,179 162
    Contract costs 98,220 119,408 16,359
    Property and equipment, net 266,120 213,676 29,273
    Operating lease right-of-use assets 1,712,580 1,502,891 205,895
    Intangible assets, net 4,247 6,373 873
    Goodwill 17,446 17,446 2,390
    Other assets 100,939 71,217 9,757
    Deferred tax assets 144,947 230,877 31,630
    Total non-current assets 2,345,445 2,163,067 296,339
    Total assets 6,587,025 7,878,814 1,079,393
           
    Liabilities and shareholders’ equity      
    Current liabilities      
    Operating lease liabilities, current 295,721 291,002 39,867
    Accounts payable 594,545 693,783 95,047
    Deferred revenue, current 406,066 453,986 62,196
    Salary and welfare payable 189,823 225,687 30,919
    Accrued expenses and other payables 684,391 882,009 120,835
    Income taxes payable 136,201 221,649 30,366
    Short-term borrowings 70,000 60,000 8,220
    Amounts due to related parties 1,104 2,101 288
    Total current liabilities 2,377,851 2,830,217 387,738
    Non-current liabilities      
    Operating lease liabilities, non-current 1,583,178 1,379,811 189,033
    Deferred revenue, non-current 369,455 475,331 65,120
    Long-term borrowings, non-current portion 2,000 2,000 274
    Other non-current liabilities 194,452 245,568 33,643
    Total non-current liabilities 2,149,085 2,102,710 288,070
    Total liabilities 4,526,936 4,932,927 675,808
           

    __________________
    1 Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2024 and as of December 31, 2024 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.2993, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024.

    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,
      2023  2024 
      RMB RMB USD1
    Shareholders’ equity      
    Class A ordinary shares 244  245  34 
    Class B ordinary shares 56  56  8 
    Additional paid in capital 1,555,773  1,608,017  220,297 
    Retained earnings 507,226  1,346,526  184,473 
    Accumulated other comprehensive income 4,769  1,386  190 
    Total equity attributable to shareholders of the Company 2,068,068  2,956,230  405,002 
    Non-controlling interests (7,979) (10,343) (1,417)
    Total shareholders’ equity 2,060,089  2,945,887  403,585 
    Commitments and contingencies -  -  - 
    Total liabilities and shareholders’ equity 6,587,025  7,878,814  1,079,393 
              


    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,
      2023  2024  2023  2024 
      RMB RMB USD1 RMB RMB USD1
    Revenues:            
    Manachised hotels 851,216  1,106,451  151,583  2,705,609  4,148,752  568,377 
    Leased hotels 195,020  164,050  22,475  840,044  701,963  96,169 
    Retail 412,226  765,169  104,828  971,931  2,198,198  301,152 
    Others 46,756  48,340  6,623  148,383  199,019  27,265 
    Net revenues 1,505,218  2,084,010  285,509  4,665,967  7,247,932  992,963 
    Operating costs and expenses:            
    Hotel operating costs (733,208) (794,039) (108,783) (2,240,890) (3,108,158) (425,816)
    Retail costs (232,041) (385,576) (52,824) (513,326) (1,083,709) (148,468)
    Other operating costs (30,671) (16,966) (2,324) (72,543) (44,524) (6,100)
    Selling and marketing expenses (206,913) (355,112) (48,650) (469,595) (972,863) (133,282)
    General and administrative expenses (105,434) (102,470) (14,038) (451,470) (352,590) (48,305)
    Technology and development expenses (22,300) (46,644) (6,390) (77,288) (134,017) (18,360)
    Total operating costs and expenses (1,330,567) (1,700,807) (233,009) (3,825,112) (5,695,861) (780,331)
    Other operating income, net 39,526  30,701  4,206  83,179  70,231  9,622 
    Income from operations 214,177  413,904  56,706  924,034  1,622,302  222,254 
    Interest income 8,757  9,505  1,302  29,569  48,415  6,633 
    Gain from short-term investments 11,322  14,599  2,000  34,519  48,943  6,705 
    Interest expense (679) (727) (100) (5,005) (3,110) (426)
    Other income (expenses), net 3,418  (2,662) (365) (1,024) 2,465  338 
    Income before income tax 236,995  434,619  59,543  982,093  1,719,015  235,504 
    Income tax expense (17,232) (103,959) (14,242) (243,036) (446,031) (61,106)
    Net income 219,763  330,660  45,301  739,057  1,272,984  174,398 
    Less: net (loss) income attributable to non-controlling interests (291) 511  70  1,920  (2,364) (324)
    Net income attributable to the Company 220,054  330,149  45,231  737,137  1,275,348  174,722 
                 
    Net income 219,763  330,660  45,301  739,057  1,272,984  174,398 
    Other comprehensive (loss) income            
    Foreign currency translation adjustments, net of nil income taxes (10,372) 17,731  2,429  15,634  (3,383) (463)
    Other comprehensive (loss) income, net of nil income taxes (10,372) 17,731  2,429  15,634  (3,383) (463)
    Total comprehensive income 209,391  348,391  47,730  754,691  1,269,601  173,935 
    Comprehensive (loss) income attributable to non-controlling interests (291) 511  70  1,920  (2,364) (324)
    Comprehensive income attributable to the Company 209,682  347,880  47,660  752,771  1,271,965  174,259 
    Net income per ordinary share            
    —Basic 0.53  0.80  0.11  1.82  3.08  0.42 
    —Diluted 0.53  0.79  0.11  1.78  3.06  0.42 
    Weighted average ordinary shares used in calculating net income per ordinary share            
    —Basic 412,824,955  414,732,181  414,732,181  405,628,647  413,681,482  413,681,482 
    —Diluted 416,012,830  419,182,770  419,182,770  414,823,302  417,229,238  417,229,238 
                       


    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2023  2024  2023  2024 
      RMB RMB USD1 RMB RMB USD1
                 
    Cash flows from operating activities:            
    Net cash generated from operating activities 564,038  573,148  78,521  1,988,674  1,725,948  236,454 
    Cash flows from investing activities:            
    Payment for purchases of property and equipment (9,827) (359) (49) (41,724) (56,238) (7,705)
    Proceeds from disposal of property and equipment -  2,949  404  670  2,949  404 
    Payment for purchases of intangible assets -  (512) (70) -  (1,941) (266)
    Payment for purchases of short-term investments (3,601,000) (6,430,180) (880,931) (9,427,210) (20,015,100) (2,742,057)
    Proceeds from maturities of short-term investments 3,654,035  6,748,568  924,550  8,867,743  19,549,776  2,678,308 
    Net cash (used in) generated from investing activities 43,208  320,466  43,904  (600,521) (520,554) (71,316)
    Cash flows from financing activities:            
    Proceeds from borrowings -  40,000  5,480  40,000  60,000  8,220 
    Repayment of borrowings -  (70,000) (9,590) (141,958) (70,000) (9,590)
    Proceeds from employee stock option exercises 52,461  4,509  618  105,621  19,453  2,665 
    Payment for dividends -  -  -  (150,579) (436,048) (59,738)
    Net cash (used in) generated from financing activities 52,461  (25,491) (3,492) (146,916) (426,595) (58,443)
    Effect of exchange rate changes on cash and cash equivalents and restricted cash (16,275) 9,398  1,288  10,409  (922) (126)
    Net increase in cash and cash equivalents and restricted cash 643,432  877,521  120,221  1,251,646  777,877  106,569 
    Cash and cash equivalents and restricted cash at the beginning of the period 2,198,321  2,742,109  375,667  1,590,107  2,841,753  389,319 
    Cash and cash equivalents and restricted cash at the end of the period 2,841,753  3,619,630  495,888  2,841,753  3,619,630  495,888 
                       


    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2023  2024  2023  2024 
      RMB RMB USD1 RMB RMB USD1
                 
    Net income (GAAP) 219,763  330,660  45,301  739,057  1,272,984  174,398 
    Share-based compensation expenses, net of tax effect of nil2 2,476  2,483  340  163,978  32,792  4,492 
    Adjusted net income (non-GAAP) 222,239  333,143  45,641  903,035  1,305,776  178,890 
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2023  2024  2023  2024 
      RMB RMB USD1 RMB RMB USD1
                 
    Net income (GAAP) 219,763  330,660  45,301  739,057  1,272,984  174,398 
    Interest income (8,757) (9,505) (1,302) (29,569) (48,415) (6,633)
    Interest expense 679  727  100  5,005  3,110  426 
    Income tax expense 17,232  103,959  14,242  243,036  446,031  61,106 
    Depreciation and amortization 19,422  14,243  1,951  85,021  65,232  8,937 
    EBITDA (non-GAAP) 248,339  440,084  60,292  1,042,550  1,738,942  238,234 
    Share-based compensation expenses 2,476  2,483  340  163,978  32,792  4,492 
    Adjusted EBITDA (non-GAAP) 250,815  442,567  60,632  1,206,528  1,771,734  242,726 
                       

    __________________
    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 2024Closed in Q4 2024As of
    December 31, 2024    		 As of
    December 31, 2024
    Manachised hotels110211,593 179,469
    Leased hotels1426 3,715
    Total111251,619 183,184
          


    Brand3



    		Positioning



    		                As of December 31, 2024
    PropertiesRooms
    ManachisedLeased 
    A.T. HouseLuxury-1214
    Atour SUpscale79411,684
    AtourUpper midscale1,19118138,589
    Atour XUpper midscale167318,138
    Atour LightMidscale156-14,559
    Total 1,59326183,184
         


     All Hotels in Operation
     Three Months Ended
    December 31, 2023    		 Three Months Ended
    September 30, 2024    		 Three Months Ended
    December 31, 2024
          
    Occupancy rate4(in percentage)     
    Manachised hotels78.2% 80.2% 76.9%
    Leased hotels84.5% 85.6% 84.7%
    All hotels78.4% 80.3% 77.0%
          
    ADR4 (in RMB)     
    Manachised hotels432.8  452.1  416.8 
    Leased hotels557.9  586.6  551.1 
    All hotels437.7  455.8  420.2 
          
    RevPAR4 (in RMB)     
    Manachised hotels353.1  375.6  333.2 
    Leased hotels495.3  527.4  495.1 
    All hotels358.2  379.5  336.9 
             


     All Hotels in Operation
     Twelve Months Ended
    December 31, 2023    		 Twelve Months Ended
    December 31, 2024
        
    Occupancy rate4 (in percentage)   
    Manachised hotels77.6% 77.2%
    Leased hotels83.6% 83.2%
    All hotels77.8% 77.4%
        
    ADR4 (in RMB)   
    Manachised hotels457.8  433.0 
    Leased hotels587.2  563.5 
    All hotels463.6  436.8 
        
    RevPAR4 (in RMB)   
    Manachised hotels370.8  347.3 
    Leased hotels517.2  495.0 
    All hotels376.8  351.3 
          


     Hotels in Operation for More Than 18 Months in Q4 20245
     Number of hotels Same-hotel Occupancy4
    (in percentage)    		 Same-hotel ADR4
    (in RMB)    		 Same-hotel RevPAR4
    (in RMB)
     Q4 2023Q4 2024 Q4 2023Q4 2024 Q4 2023Q4 2024 Q4 2023Q4 2024
                
    Manachised hotels938938 79.8%79.0% 436.5425.7 364.0349.8
    Leased hotels2828 85.1%84.4% 570.4549.4 509.9492.7
    All hotels966966 80.0%79.2% 441.7430.2 369.3354.7
                  


     Hotels in Operation for More Than 18 Months in 20245
     Number of hotels Same-hotel Occupancy4
    (in percentage)    		 Same-hotel ADR4
    (in RMB)    		 Same-hotel RevPAR4
    (in RMB)
     20232024 2023 2024  20232024 20232024
                
    Manachised hotels968968 78.2%78.9% 459.1439.9 374.9360.5
    Leased hotels3030 83.7%83.1% 588.8561.5 519.6492.5
    All hotels998998 78.4%79.0% 464.6444.6 380.6365.4
                  

     

     

    __________________
    3 Effective July 1, 2024, we merged our upscale hotel brand, ZHOTEL, with Atour S as part of our efforts to streamline and optimize our brand portfolio. Consequently, the key information for our Atour S brand in the table includes data for the hotel operated under ZHOTEL up to June 30, 2024.
    4 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. From the third quarter of 2023, no hotels were requisitioned for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
    5 For any given period, we define “same-hotel” to be a hotel that has operated for a minimum of 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 2023.


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