Atour Lifestyle (ATAT) Q4 2025 earnings summary

Executive summary

• Achieved 2,015 premier hotels and 224,423 rooms in operation as of December 31, 2025, up 24.5% and 22.5% year-over-year, reinforcing brand through differentiated positioning and customer experience in a competitive Chinese travel market.

• Net revenues grew 35.1% year-over-year to RMB 9.79 billion in 2025, driven by manachised hotel expansion and retail growth.

• Retail business revenue surged 67.0% year-over-year to RMB 3.67 billion, with Atour Planet leading China's sleep market and driving synergy with hotel operations.

• Membership base grew 25% to 112 million, with new joint programs enhancing engagement.

• Launched a new three-year strategic plan focused on brand-led excellence and deepening synergy between hotel and retail businesses.

Financial highlights

• Net revenues for Q4 2025 rose 33.8% year-over-year to RMB 2.79 billion; FY 2025 net revenues reached RMB 9.79 billion, up 35.1%.

• Adjusted net income for FY 2025 was RMB 1.75 billion, up 34.2% year-over-year; adjusted EBITDA grew 40.0% to RMB 2.48 billion, with margin improving to 25.3%.

• Hotel gross margin was 37.0% for 2025; retail gross margin improved to 52.6%.

• Cash and cash equivalents totaled RMB 3.3 billion at year-end 2025.

• Basic EPS for FY 2025 was RMB 3.90; diluted EPS was RMB 3.87.

Outlook and guidance

• 2026 net revenues expected to increase by 20%-24% year-over-year.

• Retail revenue projected to grow 25%-30% in 2026.

• Net profit margin for 2026 expected to decline slightly due to increased G&A and R&D investments.

• Hotel opening scale in 2026 to remain consistent with 2025, focusing on quality and core city locations.