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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.Q2 2025 earnings summary26 Aug, 2025
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).
What drove the decline in leased hotel revenue?
What improved retail business margins?
Why did same-hotel RevPAR decline YoY?
What drives the full-year net profit margin decline?
Hotel expansion vs. quality-first strategy
Retail business: sustain growth amid competition
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Next Atour Lifestyle Holdings earnings date
Q3 202518 Nov, 2025
Next Atour Lifestyle Holdings earnings date
Q3 202518 Nov, 2025
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Frequently asked questions
Atour Lifestyle Holdings Limited is a lifestyle and hospitality company based in China. Established in 2012, the company has developed a comprehensive portfolio of lifestyle hotel brands, catering primarily to the upper midscale market segment. Atour provides hotel management services and sells hotel supplies and other related products. It is known for its innovative "scenario-based" retail model, which integrates retail elements into the hotel experience, allowing guests to purchase items directly from their hotel rooms. The company is headquartered in Shanghai, China, and its shares are listed on NASDAQ.
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