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Atour Lifestyle Holdings (ATAT) investor relations material
Atour Lifestyle Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Net revenues for Q3 2025 grew 38.4% year-over-year to RMB 2,628 million, driven by strong hotel network expansion and robust retail business performance.
Adjusted net income rose 27.0% year-over-year to RMB 488 million, with adjusted EBITDA up 28.7% to RMB 685 million.
Hotel network expanded to 1,948 hotels, a 27.1% year-over-year increase, with 152 new hotels opened in Q3, a record high.
Retail business GMV reached RMB 994 million, up 75.5% year-over-year, with online channels contributing over 90%.
Membership base exceeded 108 million, growing over 30% year-over-year.
Financial highlights
Revenues from manachised hotels rose 32.3% year-over-year to RMB 1,560 million; leased hotel revenues declined 13.4% year-over-year to RMB 164 million due to product mix optimization.
Retail revenues increased 76.4% year-over-year to RMB 846 million, despite a 12.3% sequential decline due to seasonality.
Hotel business gross margin improved to 37.3% from 36.0% year-over-year; retail gross margin remained stable at 52.7%.
Adjusted net profit margin for Q3 2025 was 18.6%; adjusted EBITDA margin was 26.1%.
Cash and cash equivalents totaled RMB 2,670 million as of September 30, 2025.
Outlook and guidance
Full-year 2025 net revenue growth expected at 35% year-over-year, with retail revenue growth outlook raised to at least 65%.
Confident in achieving 500 new hotel openings and reaching 2,000 premier hotels by year-end.
RevPAR pressure expected to ease in Q4, with continued market divergence and resilience in core cities.
Why did net income growth trail revenue growth?
What factors caused the RevPAR decline?
How is investing cash outflow primarily allocated?
Atour Planet's competitive strategy
Leased hotel strategy and impact
Shareholder return program specifics
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Next Atour Lifestyle Holdings earnings date
Q4 202526 Mar, 2026
Next Atour Lifestyle Holdings earnings date
Q4 202526 Mar, 2026
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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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