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Atour Lifestyle Holdings (ATAT) investor relations material
Atour Lifestyle Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues for Q2 2025 grew 37.4% year over year to RMB2,469 million, driven by hotel network expansion and robust retail growth.
Adjusted net income rose 30.2% year over year to RMB427 million, with adjusted EBITDA up 37.7% to RMB610 million.
Hotel network expanded to 1,824 hotels as of June 30, 2025, with 118 new openings in Q2 and 816 hotels in the pipeline.
Retail GMV surged 84.6% year over year to RMB1,144 million, with online channels accounting for over 90% of sales.
Membership program surpassed 102 million registered members, up 34.7% year over year.
Financial highlights
Revenues from monetized/manachised hotels increased 26.5% year over year to RMB1,299 million; retail revenues up 79.8% year over year.
Gross margin for hotel business improved to 38.3%; retail gross margin expanded to 53.3%.
Adjusted net profit margin was 17.3%-18.2%, slightly down year over year due to higher tax rate.
Selling and marketing expenses were 15.9% of net revenues, up from 12.5% last year.
Cash and cash equivalents totaled RMB2,649-2,716 million as of June 30, 2025.
Outlook and guidance
Full year 2025 net revenues expected to increase by 30% over 2024.
Retail business full year growth guidance raised to 60% year over year.
Confident in achieving 500 new hotel openings and reaching 2,000 premier hotels by year-end.
Anticipates year-on-year decline in full year net profit margin due to higher effective tax rate (30% vs. 25% last year).
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