Atour Lifestyle Holdings Limited Reports First Quarter of 2025 Unaudited Financial Results

• A total of 1,727 hotels, or 194,559 hotel rooms, in operation as of March 31, 2025.
• Net revenues for the first quarter of 2025 increased by 29.8% year-over-year to RMB1,906 million (US$263 million).
• Net income for the first quarter of 2025 decreased by 5.5% year-over-year to RMB244 million (US$34 million).
• Adjusted net income (non-GAAP)¹ for the first quarter of 2025 increased by 32.3% year-over-year to RMB345 million (US$48 million).
• EBITDA (non-GAAP)² for the first quarter of 2025 increased by 6.1% year-over-year to RMB372 million (US$51 million).
• Adjusted EBITDA (non-GAAP)³ for the first quarter of 2025 increased by 33.8% year-over-year to RMB474 million (US$65 million).

SHANGHAI, China, May 22, 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 first quarter ended March 31, 2025.

First quarter of 2025 Operational Highlights

As of March 31, 2025, there were 1,727 hotels with a total of 194,559 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 32.6% and 31.3% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of March 31, 2025, there were 755 manachised hotels under development in our pipeline.

The average daily room rate⁴ (“ADR”) was RMB418 for the first quarter of 2025, compared with RMB430 for the same period of 2024 and RMB420 for the previous quarter.

The occupancy rate⁴ was 70.2% for the first quarter of 2025, compared with 73.3% for the same period of 2024 and 77.0% for the previous quarter.

The revenue per available room⁴ (“RevPAR”) was RMB304 for the first quarter of 2025, compared with RMB328 for the same period of 2024 and RMB337 for the previous quarter.

__________________________
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 became unavailable due to temporary hotel closures. 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.

The GMV⁵ generated from our retail business was RMB845 million for the first quarter of 2025, representing an increase of 70.9% year-over-year.

“Amid market volatility in the first quarter of 2025, we delivered strong results and drove high-quality growth across our hotel and retail businesses by adhering to our business philosophy of ‘serving people,’” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our hotel network continued to expand with 121 new openings this quarter, bringing the total to 1,727 hotels in operation. Leveraging deep market insights, we launched Atour 3.6 to reinforce our leading position in the upper-midscale segment. We also introduced Atour Light 3.3, the latest iteration to our Atour Light brand, supporting steady progress toward our goal of ‘1,000 Atour Light hotels.’ In the first quarter, our retail business sustained robust momentum as the Atour Planet deep-sleep experience continues to shape user perception, with GMV increasing by 70.9% year-over-year to RMB845 million.”

“Looking ahead, we will remain committed to our core ‘Chinese Experience’ strategy, enhancing brand awareness and product offerings, and deepening integration between our hotel and retail businesses to deliver increasingly elevated experiences for our customers. These efforts will solidify Atour’s position as a leading lifestyle group and drive sustainable, high-quality growth,” concluded Mr. Wang.

First Quarter of 2025 Unaudited Financial Results

(RMB in thousands)	Q1 2024	Q1 2025
Revenues:
Manachised hotels	836,111	1,032,183
Leased hotels	168,049	128,563
Retail	416,591	693,779
Others	47,542	51,289
Net revenues	1,468,293	1,905,814

Net revenues. Our net revenues for the first quarter of 2025 increased by 29.8% to RMB1,906 million (US$263 million) from RMB1,468 million for the same period of 2024. The increase was mainly driven by growth in the manachised hotel and retail businesses.

Manachised hotels. Revenues from our manachised hotels for the first quarter of 2025 increased by 23.5% to RMB1,032 million (US$142 million) from RMB836 million for the same period of 2024. The increase was primarily driven by our ongoing hotel network expansion. The total number of our manachised hotels increased from 1,271 as of March 31, 2024 to 1,702 as of March 31, 2025.

__________________________
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.

Leased hotels. Revenues from our leased hotels for the first quarter of 2025 decreased by 23.5% to RMB129 million (US$18 million) from RMB168 million for the same period of 2024. 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 31 as of March 31, 2024 to 25 as of March 31, 2025.

Retail. Revenues from retail for the first quarter of 2025 increased by 66.5% to RMB694 million (US$96 million) from RMB417 million for the same period of 2024. The increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.

Others. Revenues from others for the first quarter of 2025 increased by 7.9% to RMB51 million (US$7 million) from RMB48 million for the same period of 2024.

	Q1 2024		Q1 2025
(RMB in thousands)
Operating costs and expenses:
Hotel operating costs	(662,169	)	(736,145	)
Retail costs	(206,103	)	(337,426	)
Other operating costs	(9,826	)	(7,628	)
Selling and marketing expenses	(174,711	)	(282,897	)
General and administrative expenses	(76,655	)	(161,813	)
Technology and development expenses	(24,181	)	(39,381	)
Total operating costs and expenses	(1,153,645	)	(1,565,290	)

Operating costs and expenses for the first quarter of 2025 were RMB1,565 million (US$216 million), including RMB102 million share-based compensation expenses, compared with RMB1,154 million, including RMB3 million share-based compensation expenses for the same period of 2024.

Hotel operating costs for the first quarter of 2025 were RMB736 million (US$101 million), compared with RMB662 million for the same period of 2024. The increase was mainly due to the increase in variable costs, such as hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 63.4% of manachised and leased hotels’ revenues for the first quarter of 2025, compared with 65.9% for the same period of 2024. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization.

Retail costs for the first quarter of 2025 were RMB337 million (US$46 million), compared with RMB206 million for the same period of 2024. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 48.6% of retail revenues for the first quarter of 2025, compared with 49.5% for the same period of 2024. The decrease was attributable to the increasing contribution from higher-margin products.

Other operating costs for the first quarter of 2025 were RMB7.6 million (US$1.1 million), compared with RMB9.8 million for the same period of 2024.

Selling and marketing expenses for the first quarter of 2025 were RMB283 million (US$39 million), compared with RMB175 million for the same period of 2024. 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 14.8% of net revenues for the first quarter of 2025, compared with 11.9% for the same period of 2024.

General and administrative expenses for the first quarter of 2025 were RMB162 million (US$22 million), including RMB84 million share-based compensation expenses, compared with RMB77 million, including RMB3 million share-based compensation expenses for the same period of 2024. Excluding the share-based compensation expenses, this increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.1% of net revenues for the first quarter of 2025, compared with 5.0% for the same period of 2024.

Technology and development expenses for the first quarter of 2025 were RMB39 million (US$5 million), compared with RMB24 million for the same period of 2024. 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 2.1% of net revenues for the first quarter of 2025, compared with 1.6% for the same period of 2024.

Other operating income, net for the first quarter of 2025 was RMB15 million (US$2 million), compared with RMB10 million income for the same period of 2024.

Income from operations for the first quarter of 2025 was RMB355 million (US$49 million), compared with RMB325 million for the same period of 2024.

Income tax expense for the first quarter of 2025 was RMB134 million (US$18 million), compared with RMB89 million for the same period of 2024.

Net income for the first quarter of 2025 was RMB244 million (US$34 million), representing a decrease of 5.5% compared with RMB258 million for the same period of 2024.

Adjusted net income (non-GAAP) for the first quarter of 2025 was RMB345 million (US$48 million), representing an increase of 32.3% compared with RMB261 million for the same period of 2024.

Basic and diluted income per share/American depositary share (ADS). For the first quarter of 2025, basic income per share was RMB0.58 (US$0.08), and diluted income per share was RMB0.58 (US$0.08). For the first quarter of 2025, basic income per ADS was RMB1.74 (US$0.24), and diluted income per ADS was RMB1.74 (US$0.24).

EBITDA (non-GAAP) for the first quarter of 2025 was RMB372 million (US$51 million), representing an increase of 6.1% compared with RMB351 million for the same period of 2024.

Adjusted EBITDA (non-GAAP) for the first quarter of 2025 was RMB474 million (US$65 million), representing an increase of 33.8% compared with RMB354 million for the same period of 2024.

Cash flows. Operating cash inflow for the first quarter of 2025 was RMB2 million (US$0.3 million). Investing cash outflow for the first quarter of 2025 was RMB478 million (US$66 million). Financing cash inflow for the first quarter of 2025 was RMB11 million (US$1.6 million).

Cash and cash equivalents and restricted cash. As of March 31, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.1 billion (US$434 million).

Debt financing. As of March 31, 2025, the Company had total outstanding borrowings of RMB72 million (US$10 million), and the unutilized credit facility available to the Company was RMB470 million.

Outlook

For the full year of 2025, the Company currently expects total net revenues to increase by 25% to 30% 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.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, May 22, 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 First Quarter of 2025 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI58a0fdec46524ebc8273483b3c9032d6

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; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; 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, adjusted net income per ordinary share – Diluted, 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. 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

Christensen Advisory
Email: atour@christensencomms.com
Tel: +86-10-5900-1548

 

—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,		March 31,
		2024		2025
		RMB		RMB		USD1
Assets
Current assets
Cash and cash equivalents		3,618,451		3,146,013		433,532
Short-term investments		1,266,061		1,738,916		239,629
Accounts receivable		186,047		189,943		26,175
Prepayments and other current assets		331,632		338,428		46,637
Amounts due from related parties		146,120		161,790		22,295
Inventories		167,436		157,730		21,736
Total current assets		5,715,747		5,732,820		790,004
Non-current assets
Restricted cash		1,179		1,179		162
Contract costs		119,408		124,278		17,126
Property and equipment, net		213,676		229,314		31,600
Operating lease right-of-use assets		1,502,891		1,504,529		207,330
Intangible assets, net		6,373		5,915		815
Goodwill		17,446		17,446		2,404
Other assets		71,217		71,293		9,824
Deferred tax assets		230,877		229,876		31,679
Total non-current assets		2,163,067		2,183,830		300,940
Total assets		7,878,814		7,916,650		1,090,944
Liabilities and shareholders’ equity
Current liabilities
Operating lease liabilities, current		291,002		312,511		43,065
Accounts payable		693,783		509,324		70,187
Deferred revenue, current		453,986		406,678		56,042
Salary and welfare payable		225,687		167,142		23,033
Accrued expenses and other payables		882,009		886,617		122,179
Income taxes payable		221,649		151,167		20,831
Short-term borrowings		60,000		70,000		9,646
Amounts due to related parties		2,101		1,778		245
Total current liabilities		2,830,217		2,505,217		345,228
Non-current liabilities
Operating lease liabilities, non-current		1,379,811		1,374,763		189,447
Deferred revenue, non-current		475,331		493,774		68,043
Long-term borrowings, non-current portion		2,000		2,000		276
Other non-current liabilities		245,568		257,791		35,525
Total non-current liabilities		2,102,710		2,128,328		293,291
Total liabilities		4,932,927		4,633,545		638,519

^{__________________________
1} Translations of balances in the consolidated financial statements from RMB into US$ for the first quarter of 2025 and as of March 31, 2025 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.2567, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025.

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,		March 31,
	2024		2025
	RMB		RMB		USD1
Shareholders’ equity
Class A ordinary shares	245		245		34
Class B ordinary shares	56		56		8
Additional paid in capital	1,608,017		1,711,012		235,784
Retained earnings	1,346,526		1,589,229		219,002
Accumulated other comprehensive (loss) income	1,386		(7,969)		(1,098)
Total equity attributable to shareholders of the Company	2,956,230		3,292,573		453,730
Non-controlling interests	(10,343)		(9,468)		(1,305)
Total shareholders’ equity	2,945,887		3,283,105		452,425
Commitments and contingencies	-		-		-
Total liabilities and shareholders’ equity	7,878,814		7,916,650		1,090,944

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
	March 31,		March 31,
	2024		2025
	RMB		RMB		USD1
Revenues:
Manachised hotels	836,111		1,032,183		142,239
Leased hotels	168,049		128,563		17,716
Retail	416,591		693,779		95,605
Others	47,542		51,289		7,068
Net revenues	1,468,293		1,905,814		262,628
Operating costs and expenses:
Hotel operating costs	(662,169)		(736,145)		(101,443)
Retail costs	(206,103)		(337,426)		(46,499)
Other operating costs	(9,826)		(7,628)		(1,052)
Selling and marketing expenses	(174,711)		(282,897)		(38,984)
General and administrative expenses	(76,655)		(161,813)		(22,298)
Technology and development expenses	(24,181)		(39,381)		(5,427)
Total operating costs and expenses	(1,153,645)		(1,565,290)		(215,703)
Other operating income, net	10,009		14,757		2,034
Income from operations	324,657		355,281		48,959
Interest income	13,519		19,280		2,657
Gain from short-term investments	9,592		9,851		1,358
Interest expense	(673)		(614)		(85)
Other expenses, net	(466)		(6,109)		(842)
Income before income tax	346,629		377,689		52,047
Income tax expense	(88,921)		(134,111)		(18,481)
Net income	257,708		243,578		33,566
Less: net income attributable to non-controlling interests	550		875		121
Net income attributable to the Company	257,158		242,703		33,445
Net income	257,708		243,578		33,566
Other comprehensive (loss) income
Foreign currency translation adjustments, net of nil income taxes	7,509		(9,355)		(1,289)
Other comprehensive (loss) income, net of nil income taxes	7,509		(9,355)		(1,289)
Total comprehensive income	265,217		234,223		32,277
Comprehensive income attributable to non-controlling interests	550		875		121
Comprehensive income attributable to the Company	264,667		233,348		32,156
Net income per ordinary share
—Basic	0.62		0.58		0.08
—Diluted	0.62		0.58		0.08
Weighted average ordinary shares used in calculating net income per ordinary share
—Basic	412,841,106		415,701,620		415,701,620
—Diluted	416,114,169		418,692,991		418,692,991

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
	March 31,		March 31,
	2024		2025
	RMB		RMB		USD1
Cash flows from operating activities:
Net cash generated from operating activities	143,236		1,968		272
Cash flows from investing activities:
Payment for purchases of property and equipment	(12,615)		(19,300)		(2,660)
Proceeds from disposal of property and equipment	-		4,740		653
Payment for purchases of intangible assets	(282)		(75)		(10)
Payment for purchases of short-term investments	(2,664,000)		(3,593,000)		(495,129)
Proceeds from maturities of short-term investments	2,713,861		3,129,996		431,325
Net cash (used in) generated from investing activities	36,964		(477,639)		(65,821)
Cash flows from financing activities:
Proceeds from borrowings	20,000		30,000		4,134
Repayment of borrowings	-		(20,000)		(2,756)
Proceeds from stock option exercises	-		1,446		199
Net cash generated from financing activities	20,000		11,446		1,577
Effect of exchange rate changes on cash and cash equivalents and restricted cash	7,401		(8,213)		(1,132)
Net (decrease) increase in cash and cash equivalents and restricted cash	207,601		(472,438)		(65,104)
Cash and cash equivalents and restricted cash at the beginning of the period	2,841,753		3,619,630		498,798
Cash and cash equivalents and restricted cash at the end of the period	3,049,354		3,147,192		433,694

 

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
	March 31,		March 31,
	2024		2025
	RMB		RMB		USD1
Net income (GAAP)	257,708		243,578		33,566
Share-based compensation expenses, net of tax effect of nil2	3,142		101,549		13,994
Adjusted net income (non-GAAP)	260,850		345,127		47,560
	Three Months Ended
	March 31,		March 31,
	2024		2025
	RMB		RMB		USD1
Net income per ordinary share - Diluted (GAAP)	0.62		0.58		0.08
Share-based compensation expenses, net of tax effect of nil per ordinary share2	0.01		0.24		0.03
Adjusted net income per ordinary share - Diluted (non-GAAP)	0.63		0.82		0.11

 

	Three Months Ended
	March 31,		March 31,
	2024		2025
	RMB		RMB		USD1
Net income (GAAP)	257,708		243,578		33,566
Interest income	(13,519)		(19,280)		(2,657)
Interest expense	673		614		85
Income tax expense	88,921		134,111		18,481
Depreciation and amortization	17,149		13,210		1,820
EBITDA (non-GAAP)	350,932		372,233		51,295
Share-based compensation expenses	3,142		101,549		13,994
Adjusted EBITDA (non-GAAP)	354,074		473,782		65,289

__________________________
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 Q1 2025	Closed in Q1 2025	As of March 31, 2025		As of March 31, 2025
Manachised hotels	121	12	1,702		191,067
Leased hotels	-	1	25		3,492
Total	121	13	1,727		194,559

 

Hotel Brand	Positioning	As of March 31, 2025
		Properties		Rooms
		Manachised	Leased
A.T. House	Luxury	-	1	214
SAVHE	Upscale	1	-	156
Atour S	Upscale	80	3	11,671
Atour	Upper midscale	1,274	18	147,748
Atour X	Upper midscale	178	3	19,067
Atour Light	Midscale	169	-	15,703
Total		1,702	25	194,559

 

	All Hotels in Operation
	Three Months Ended March 31, 2024		Three Months Ended December 31, 2024		Three Months Ended March 31, 2025
Occupancy rate3 (in percentage)
Manachised hotels	73.1%		76.9%		70.1%
Leased hotels	79.3%		84.7%		77.5%
All hotels	73.3%		77.0%		70.2%
ADR3 (in RMB)
Manachised hotels	426.0		416.8		415.1
Leased hotels	541.6		551.1		551.9
All hotels	430.0		420.2		417.9
RevPAR3 (in RMB)
Manachised hotels	323.7		333.2		301.5
Leased hotels	455.2		495.1		453.1
All hotels	327.9		336.9		304.4

 

	Hotels in Operation for More Than 18 Months in Q1 20254
	Number of hotels			Same-hotel Occupancy3 (in percentage)			Same-hotel ADR3 (in RMB)			Same-hotel RevPAR3 (in RMB)
	Q1 2024	Q1 2025		Q1 2024	Q1 2025		Q1 2024	Q1 2025		Q1 2024	Q1 2025
Manachised hotels	987	987		74.7%	71.3%		430.2	419.2		334.1	310.1
Leased hotels	23	23		79.8%	77.1%		552.4	546.4		467.0	447.9
All hotels	1,010	1,010		74.8%	71.5%		434.2	423.0		338.1	313.9

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³ Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.

⁴ 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 2024.

Source: Atour Lifestyle Holdings Limited 2025 GlobeNewswire, Inc.