Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

Rhea-AI Summary

Atour Lifestyle Holdings (NASDAQ: ATAT) reported strong financial results for Q4 and full year 2024. The company's hotel network expanded to 1,619 hotels with 183,184 rooms, representing year-over-year growth of 33.8% in hotel count.

Full-year 2024 net revenues increased by 55.3% to RMB7,248 million (US$993 million), while net income grew 72.2% to RMB1,273 million (US$174 million). The retail business showed remarkable growth with GMV reaching RMB2,592 million, up 127.7% year-over-year.

However, some key metrics declined: Average Daily Rate (ADR) decreased to RMB437 from RMB464, occupancy rate slightly dropped to 77.4% from 77.8%, and RevPAR fell to RMB351 from RMB377 compared to 2023. The company has 741 manachised hotels under development and projects a 25% revenue increase for 2025.

Positive

• Net income increased 72.2% to RMB1,273 million in 2024
• Hotel network expanded by 33.8% to 1,619 hotels
• Retail business GMV grew 127.7% to RMB2,592 million
• Strong pipeline with 741 manachised hotels under development
• Operating cash inflow of RMB1,726 million for 2024

Negative

• ADR decreased 5.8% from RMB464 to RMB437
• RevPAR declined 6.9% from RMB377 to RMB351
• Occupancy rate dropped from 77.8% to 77.4%
• Leased hotels revenue decreased 16.4% to RMB702 million
• Selling and marketing expenses increased to 13.4% of net revenues from 10.1%

Insights

Financial Analyst

Atour Lifestyle has delivered exceptional financial performance for both Q4 and full year 2024, significantly outpacing prior-year results. The company's net revenue increased 55.3% to RMB7.25 billion ($993 million) for 2024, driven by an aggressive hotel network expansion strategy and remarkable growth in its retail segment.

The company's 72.2% surge in full-year net income to RMB1.27 billion ($174 million) demonstrates strong operational leverage as the business scales. Particularly impressive is Atour's retail division, which saw revenue growth of 126.2% for the full year.

Atour's strategic pivot toward an asset-light business model is evident in its operational mix. The company has decreased leased hotels from 32 to 26 while expanding manachised properties by 35.2% to 1,593 locations. This shift supports higher margins and reduced capital requirements, as reflected in improved profitability metrics.

Despite the impressive topline and bottom-line growth, there are some metrics warranting attention. The RevPAR decreased 5.9% to RMB337 in Q4 2024, with slight declines in both ADR and occupancy rates year-over-year. However, these modest decreases are more than offset by the substantial expansion in hotel count.

Atour maintains a strong balance sheet with RMB3.6 billion ($496 million) in cash and minimal debt of just RMB62 million ($8.5 million), providing ample resources for continued expansion. The company's 25% revenue growth forecast for 2025, while lower than 2024's pace, still represents robust projected growth.

Hospitality Industry Expert

Atour's stellar performance demonstrates the effectiveness of its differentiated "Chinese Experience" positioning in China's competitive hotel market. The 33.8% year-over-year increase in total hotel count to 1,619 properties represents extraordinary growth in the hospitality sector, where expansion typically occurs at a more measured pace.

The company's manachised hotel model is proving highly scalable, with 741 additional hotels already in the development pipeline. This franchise-like approach allows for rapid expansion with capital investment while maintaining brand standards through supply chain integration and operational oversight.

Atour's unique dual-growth engine strategy is particularly noteworthy. While most hotel companies focus solely on accommodation revenue, Atour has developed a robust retail business that generated RMB2.59 billion in GMV for 2024, growing at a remarkable 127.7% year-over-year. This retail component creates a differentiated revenue stream and likely enhances guest loyalty through brand extension.

The slight declines in ADR and occupancy metrics should be viewed in context. As hotel networks expand rapidly into new markets and property types, some dilution of these metrics is expected. The 77.0% occupancy rate still represents strong operational performance in the upper midscale segment.

Particularly impressive is how Atour has maintained operational efficiency during rapid growth. The reduction in selling and marketing expenses as a percentage of revenue from 13.7% to 4.8% demonstrates increasing brand strength and operational maturity. The company appears well-positioned to continue its expansion trajectory while maintaining its premium positioning in China's evolving hospitality landscape.

• A total of 1,619 hotels, or 183,184 hotel rooms, in operation as of December 31, 2024.
• Net revenues for the fourth quarter of 2024 increased by 38.5% to RMB2,084 million (US$286 million), compared with RMB1,505 million for the same period of 2023. Net revenues for the full year of 2024 increased by 55.3% to RMB7,248 million (US$993 million), compared with RMB4,666 million for the full year of 2023.
• Net income for the fourth quarter of 2024 increased by 50.5% to RMB331 million (US$45 million), compared with RMB220 million for the same period of 2023. Net income for the full year of 2024 increased by 72.2% to RMB1,273 million (US$174 million), compared with RMB739 million for the full year of 2023.
• Adjusted net income (non-GAAP)¹ for the fourth quarter of 2024 increased by 49.9% to RMB333 million (US$46 million), compared with RMB222 million for the same period of 2023. Adjusted net income (non-GAAP)¹ for the full year of 2024 increased by 44.6% to RMB1,306 million (US$179 million), compared with RMB903 million for the full year of 2023.
• EBITDA (non-GAAP)² for the fourth quarter of 2024 increased by 77.2% to RMB440 million (US$60 million), compared with RMB248 million for the same period of 2023. EBITDA (non-GAAP)² for the full year of 2024 increased by 66.8% to RMB1,739 million (US$238 million), compared with RMB1,043 million for the full year of 2023.
• Adjusted EBITDA (non-GAAP)³ for the fourth quarter of 2024 increased by 76.5% to RMB443 million (US$61 million), compared with RMB251 million for the same period of 2023. Adjusted EBITDA (non-GAAP)³ for the full year of 2024 increased by 46.8% to RMB1,772 million (US$243 million), compared with RMB1,207 million for the full year of 2023.

SHANGHAI, March 25, 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 fourth quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Operational Highlights

As of December 31, 2024, there were 1,619 hotels with a total of 183,184 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 33.8% and 32.8% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2024, there were 741 manachised hotels under development in our pipeline.

The average daily room rate⁴ (“ADR”) was RMB420 for the fourth quarter of 2024, compared with RMB438 for the same period of 2023 and RMB456 for the third quarter of 2024. The ADR for the full year of 2024 was RMB437, compared with RMB464 for the full year of 2023.

The occupancy rate4 was 77.0% for the fourth quarter of 2024, compared with 78.4% for the same period of 2023 and 80.3% for the third quarter of 2024. The occupancy rate for the full year of 2024 was 77.4%, compared with 77.8% for the full year of 2023.

The revenue per available room⁴ (“RevPAR”) was RMB337 for the fourth quarter of 2024, compared with RMB358 for the same period of 2023 and RMB380 for the third quarter of 2024. The RevPAR for the full year of 2024 was RMB351, compared with RMB377 for the full year of 2023.

The GMV⁵ generated from our retail business was RMB912 million and RMB2,592 million for the fourth quarter and full year of 2024, representing increases of 84.5% and 127.7% year-over-year, respectively.

“In 2024, guided by the vision of “Chinese Experience, 2,000 Premier Hotels,” we achieved dual improvements in both business scale and operational excellence, driving robust performance growth,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Fueled by strong momentum in both our hotel and retail businesses, we continued to strengthen our brand presence and expand our hotel network, setting new records in both new hotel openings and signings for the year. Notably, Atour 4.0 further solidified its leadership in the upper midscale segment, while Atour Light 3.0 reached a significant milestone, surpassing 100 hotels in operation. Meanwhile, driven by increasing brand recognition and expanding product offerings, Atour Planet’s full potential is steadily unlocking. Atour’s retail business delivered remarkable results, with its full year GMV surging by 127.7% year-over-year to RMB2.59 billion.

“Looking ahead to 2025, we will continue to fortify our core capabilities, elevate our brand influence, and further deepen the synergy between our accommodation and retail sectors. By amplifying our position as the industry benchmark for the ‘Chinese Experience,’ we will propel the Group’s sustained, long-term growth while achieving our expansion goals,” concluded Mr. Wang.

Fourth Quarter and Full Year 2024Unaudited Financial Results
(RMB in thousands)	Q4 2023	Q4 2024	FY 2023	FY 2024
Revenues:
Manachised hotels	851,216	1,106,451	2,705,609	4,148,752
Leased hotels	195,020	164,050	840,044	701,963
Retail	412,226	765,169	971,931	2,198,198
Others	46,756	48,340	148,383	199,019
Net revenues	1,505,218	2,084,010	4,665,967	7,247,932

Net revenues. Our net revenues for the fourth quarter of 2024 increased by 38.5% to RMB2,084 million (US$286 million) from RMB1,505 million for the same period of 2023. The increase was mainly driven by the growth in manachised hotel and retail businesses.

For the full year of 2024, net revenues increased by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million for the full year of 2023.

• Manachised hotels.
  Revenues from our manachised hotels for the fourth quarter of 2024 increased by 30.0% to RMB1,106 million (US$152 million) from RMB851 million for the same period of 2023. The increase was primarily driven by our ongoing hotel network expansion and the growth of our supply chain business. The total number of our manachised hotels increased from 1,178 as of December 31, 2023 to 1,593 as of December 31, 2024.
  
  Revenues from our manachised hotels for the full year of 2024 increased by 53.3% to RMB4,149 million (US$568 million) from RMB2,706 million for the full year of 2023.

• Leased hotels.
  Revenues from our leased hotels for the fourth quarter of 2024 decreased by 15.9% to RMB164 million (US$22 million) from RMB195 million for the same period of 2023. 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 32 as of December 31, 2023 to 26 as of December 31, 2024.
  
  Revenues from our leased hotels for the full year of 2024 decreased by 16.4% to RMB702 million (US$96 million) from RMB840 million for the full year of 2023.

• Retail.
  Revenues from retail for the fourth quarter of 2024 increased by 85.6% to RMB765 million (US$105 million) from RMB412 million for the same period of 2023. The increase was driven by widespread recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings.
  
  Revenues from retail for the full year of 2024 increased by 126.2% to RMB2,198 million (US$301 million) from RMB972 million for the full year of 2023.

• Others.
  Revenues from others for the fourth quarter of 2024 increased by 3.4% to RMB48 million (US$7 million) from RMB47 million for the same period of 2023.
  
  Revenues from others for the full year of 2024 increased by 34.1% to RMB199 million (US$27 million) from RMB148 million for the full year of 2023.

(RMB in thousands)	Q4 2023		Q4 2024		FY 2023		FY 2024
Operating costs and expenses:
Hotel operating costs	(733,208	)	(794,039	)	(2,240,890	)	(3,108,158	)
Retail costs	(232,041	)	(385,576	)	(513,326	)	(1,083,709	)
Other operating costs	(30,671	)	(16,966	)	(72,543	)	(44,524	)
Selling and marketing expenses	(206,913	)	(355,112	)	(469,595	)	(972,863	)
General and administrative expenses	(105,434	)	(102,470	)	(451,470	)	(352,590	)
Technology and development expenses	(22,300	)	(46,644	)	(77,288	)	(134,017	)
Total operating costs and expenses	(1,330,567	)	(1,700,807	)	(3,825,112	)	(5,695,861	)

Operating costs and expenses for the fourth quarter of 2024 were RMB1,701 million (US$233 million), including RMB2 million share-based compensation expenses, compared with RMB1,331 million, including RMB2 million share-based compensation expenses for the same period of 2023.

Operating costs and expenses for the full year of 2024 were RMB5,696 million (US$780 million), including RMB33 million share-based compensation expenses, compared with RMB3,825 million, including RMB164 million share-based compensation expenses for the full year of 2023.

• Hotel operating costs for the fourth quarter of 2024 were RMB794 million (US$109 million), compared with RMB733 million for the same period of 2023. The increase was mainly due to the increase in variable costs, such as supply chain costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 62.5% of manachised and leased hotels’ revenues for the fourth quarter of 2024, compared with 70.1% for the same period of 2023. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization.
  
  Hotel operating costs for the full year of 2024 were RMB3,108 million (US$426 million), compared with RMB2,241 million for the full year of 2023. Hotel operating costs accounted for 64.1% of manachised and leased hotels’ revenues for the full year of 2024, compared with 63.2% for the full year of 2023.

• Retail costs for the fourth quarter of 2024 were RMB386 million (US$53 million), compared with RMB232 million for the same period of 2023. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 50.4% of retail revenues for the fourth quarter of 2024, compared with 56.3% for the same period of 2023. The decrease was attributable to the increasing contribution from higher-margin products.
  
  Retail costs for the full year of 2024 were RMB1,084 million (US$148 million), compared with RMB513 million for the full year of 2023. Retail costs accounted for 49.3% of retail revenues for the full year of 2024, compared with 52.8% for the full year of 2023.

• Other operating costs for the fourth quarter of 2024 were RMB17 million (US$2.3 million), compared with RMB31 million for the same period of 2023.
  
  Other operating costs for the full year of 2024 were RMB45 million (US$6.1 million), compared with RMB73 million for the full year of 2023.

• Selling and marketing expenses for the fourth quarter of 2024 were RMB355 million (US$49 million), compared with RMB207 million for the same period of 2023. 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 17.0% of net revenues for the fourth quarter of 2024, compared with 13.7% for the same period of 2023.
  
  Selling and marketing expenses for the full year of 2024 were RMB973 million (US$133 million), compared with RMB470 million for the full year of 2023. Selling and marketing expenses accounted for 13.4% of net revenues for the full year of 2024, compared with 10.1% for the full year of 2023.

• General and administrative expenses for the fourth quarter of 2024 were RMB102 million (US$14 million), including RMB2 million share-based compensation expenses, compared with RMB105 million, including RMB2 million share-based compensation expenses for the same period of 2023. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.8% of net revenues for the fourth quarter of 2024, compared with 6.8% for the same period of 2023.
  
  General and administrative expenses for the full year of 2024 were RMB353 million (US$48 million), including RMB24 million share-based compensation expenses, compared with RMB451 million, including RMB162 million share-based compensation expenses for the full year of 2023. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.5% of net revenues for the full year of 2024, compared with 6.2% for the full year of 2023.

• Technology and development expenses for the fourth quarter of 2024 were RMB47 million (US$6 million), compared with RMB22 million for the same period of 2023. 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 2.2% of net revenues for the fourth quarter of 2024, compared with 1.5% for the same period of 2023.
  
  Technology and development for the full year of 2024 expenses were RMB134 million (US$18 million), compared with RMB77 million for the full year of 2023. Technology and development expenses accounted for 1.8% of net revenues for the full year of 2024, compared with 1.7% for the full year of 2023.

Other operating income, net for the fourth quarter of 2024 was RMB31 million (US$4.2 million), compared with RMB40 million income for the same period of 2023. For the full year of 2024, other operating income was RMB70 million (US$9.6 million), compared with RMB83 million income for the full year of 2023.

Income from operations for the fourth quarter of 2024 was RMB414 million (US$57 million), compared with RMB214 million for the same period of 2023. For the full year of 2024, income from operations was RMB1,622 million (US$222 million), compared with RMB924 million for the full year of 2023.

Income tax expense for the fourth quarter of 2024 was RMB104 million (US$14 million), compared with RMB17 million for the same period of 2023. For the full year of 2024, income tax expense was RMB446 million (US$61 million), compared with RMB243 million for the full year of 2023.

Net income for the fourth quarter of 2024 was RMB331 million (US$45 million), representing an increase of 50.5% compared with RMB220 million for the same period of 2023. For the full year of 2024, net income was RMB1,273 million (US$174 million), representing an increase of 72.2% compared with RMB739 million for the full year of 2023.

Adjusted net income (non-GAAP) for the fourth quarter of 2024 was RMB333 million (US$46 million), representing an increase of 49.9% compared with RMB222 million for the same period of 2023. For the full year of 2024, adjusted net income (non-GAAP) was RMB1,306 million (US$179 million), representing an increase of 44.6% compared with RMB903 million for the full year of 2023.

Basic and diluted income per share/American depositary share (ADS). For the fourth quarter of 2024, basic income per share was RMB0.80 (US$0.11), and diluted income per share was RMB0.79 (US$0.11). For the fourth quarter of 2024, basic income per ADS was RMB2.40 (US$0.33), and diluted income per ADS was RMB2.37 (US$0.33).

For the full year of 2024, basic income per share was RMB3.08 (US$0.42), and diluted income per share was RMB3.06 (US$0.42). For the full year of 2024, basic income per ADS was RMB9.24 (US$1.26), and diluted income per ADS was RMB9.18 (US$1.26).

EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB440 million (US$60 million), representing an increase of 77.2% compared with RMB248 million for the same period of 2023. For the full year of 2024, EBITDA (non-GAAP) was RMB1,739 (US$238 million), representing an increase of 66.8% compared with RMB1,043 million for the full year of 2023.

Adjusted EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB443 million (US$61 million), representing an increase of 76.5% compared with RMB251 million for the same period of 2023. For the full year of 2024, adjusted EBITDA (non-GAAP) was RMB1,772 million (US$243 million), representing an increase of 46.8% compared with RMB1,207 million for the full year of 2023.

Cash flows. Operating cash inflow for the fourth quarter of 2024 was RMB573 million (US$79 million). Investing cash inflow for the fourth quarter of 2024 was RMB320 million (US$44 million). Financing cash outflow for the fourth quarter of 2024 was RMB25 million (US$3.5 million).

For the full year of 2024, operating cash inflow was RMB1,726 million (US$236 million). Investing cash outflow for the full year of 2024 was RMB521 million (US$71 million). Financing cash outflow for the full year of 2024 was RMB427 million (US$58 million).

Cash and cash equivalents and restricted cash. As of December 31, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.6 billion (US$496 million).

Debt financing. As of December 31, 2024, the Company had total outstanding borrowings of RMB62 million (US$8.5 million), and the unutilized credit facility available to the Company was RMB490 million.

Outlook

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

__________________
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 were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. From the third quarter of 2023, no hotels were requisitioned for quarantine needs. 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.
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.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, March 25, 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 Fourth Quarter and Full Year 2024 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI523003440c684eb28157a529995ef804

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; 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 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, excluding share-based compensation expenses, which are not expected to result in cash payment. 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

Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677

—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,		December 31,
		2023		2024
		RMB		RMB		USD1
Assets
Current assets
Cash and cash equivalents		2,840,807		3,618,451		495,726
Short-term investments		751,794		1,266,061		173,450
Accounts receivable		162,101		186,047		25,488
Prepayments and other current assets		251,900		331,632		45,433
Amounts due from related parties		115,900		146,120		20,018
Inventories		119,078		167,436		22,939
Total current assets		4,241,580		5,715,747		783,054
Non-current assets
Restricted cash		946		1,179		162
Contract costs		98,220		119,408		16,359
Property and equipment, net		266,120		213,676		29,273
Operating lease right-of-use assets		1,712,580		1,502,891		205,895
Intangible assets, net		4,247		6,373		873
Goodwill		17,446		17,446		2,390
Other assets		100,939		71,217		9,757
Deferred tax assets		144,947		230,877		31,630
Total non-current assets		2,345,445		2,163,067		296,339
Total assets		6,587,025		7,878,814		1,079,393
Liabilities and shareholders’ equity
Current liabilities
Operating lease liabilities, current		295,721		291,002		39,867
Accounts payable		594,545		693,783		95,047
Deferred revenue, current		406,066		453,986		62,196
Salary and welfare payable		189,823		225,687		30,919
Accrued expenses and other payables		684,391		882,009		120,835
Income taxes payable		136,201		221,649		30,366
Short-term borrowings		70,000		60,000		8,220
Amounts due to related parties		1,104		2,101		288
Total current liabilities		2,377,851		2,830,217		387,738
Non-current liabilities
Operating lease liabilities, non-current		1,583,178		1,379,811		189,033
Deferred revenue, non-current		369,455		475,331		65,120
Long-term borrowings, non-current portion		2,000		2,000		274
Other non-current liabilities		194,452		245,568		33,643
Total non-current liabilities		2,149,085		2,102,710		288,070
Total liabilities		4,526,936		4,932,927		675,808

__________________
¹ Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2024 and as of December 31, 2024 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.2993, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024.

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,			December 31,
		2023			2024
		RMB			RMB			USD1
Shareholders’ equity
Class A ordinary shares		244			245			34
Class B ordinary shares		56			56			8
Additional paid in capital		1,555,773			1,608,017			220,297
Retained earnings		507,226			1,346,526			184,473
Accumulated other comprehensive income		4,769			1,386			190
Total equity attributable to shareholders of the Company		2,068,068			2,956,230			405,002
Non-controlling interests		(7,979	)		(10,343	)		(1,417	)
Total shareholders’ equity		2,060,089			2,945,887			403,585
Commitments and contingencies		-			-			-
Total liabilities and shareholders’ equity		6,587,025			7,878,814			1,079,393

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									Year Ended
		December 31,			December 31,						December 31,			December 31,
		2023			2024						2023			2024
		RMB			RMB			USD1			RMB			RMB			USD1
Revenues:
Manachised hotels		851,216			1,106,451			151,583			2,705,609			4,148,752			568,377
Leased hotels		195,020			164,050			22,475			840,044			701,963			96,169
Retail		412,226			765,169			104,828			971,931			2,198,198			301,152
Others		46,756			48,340			6,623			148,383			199,019			27,265
Net revenues		1,505,218			2,084,010			285,509			4,665,967			7,247,932			992,963
Operating costs and expenses:
Hotel operating costs		(733,208	)		(794,039	)		(108,783	)		(2,240,890	)		(3,108,158	)		(425,816	)
Retail costs		(232,041	)		(385,576	)		(52,824	)		(513,326	)		(1,083,709	)		(148,468	)
Other operating costs		(30,671	)		(16,966	)		(2,324	)		(72,543	)		(44,524	)		(6,100	)
Selling and marketing expenses		(206,913	)		(355,112	)		(48,650	)		(469,595	)		(972,863	)		(133,282	)
General and administrative expenses		(105,434	)		(102,470	)		(14,038	)		(451,470	)		(352,590	)		(48,305	)
Technology and development expenses		(22,300	)		(46,644	)		(6,390	)		(77,288	)		(134,017	)		(18,360	)
Total operating costs and expenses		(1,330,567	)		(1,700,807	)		(233,009	)		(3,825,112	)		(5,695,861	)		(780,331	)
Other operating income, net		39,526			30,701			4,206			83,179			70,231			9,622
Income from operations		214,177			413,904			56,706			924,034			1,622,302			222,254
Interest income		8,757			9,505			1,302			29,569			48,415			6,633
Gain from short-term investments		11,322			14,599			2,000			34,519			48,943			6,705
Interest expense		(679	)		(727	)		(100	)		(5,005	)		(3,110	)		(426	)
Other income (expenses), net		3,418			(2,662	)		(365	)		(1,024	)		2,465			338
Income before income tax		236,995			434,619			59,543			982,093			1,719,015			235,504
Income tax expense		(17,232	)		(103,959	)		(14,242	)		(243,036	)		(446,031	)		(61,106	)
Net income		219,763			330,660			45,301			739,057			1,272,984			174,398
Less: net (loss) income attributable to non-controlling interests		(291	)		511			70			1,920			(2,364	)		(324	)
Net income attributable to the Company		220,054			330,149			45,231			737,137			1,275,348			174,722
Net income		219,763			330,660			45,301			739,057			1,272,984			174,398
Other comprehensive (loss) income
Foreign currency translation adjustments, net of nil income taxes		(10,372	)		17,731			2,429			15,634			(3,383	)		(463	)
Other comprehensive (loss) income, net of nil income taxes		(10,372	)		17,731			2,429			15,634			(3,383	)		(463	)
Total comprehensive income		209,391			348,391			47,730			754,691			1,269,601			173,935
Comprehensive (loss) income attributable to non-controlling interests		(291	)		511			70			1,920			(2,364	)		(324	)
Comprehensive income attributable to the Company		209,682			347,880			47,660			752,771			1,271,965			174,259
Net income per ordinary share
—Basic		0.53			0.80			0.11			1.82			3.08			0.42
—Diluted		0.53			0.79			0.11			1.78			3.06			0.42
Weighted average ordinary shares used in calculating net income per ordinary share
—Basic		412,824,955			414,732,181			414,732,181			405,628,647			413,681,482			413,681,482
—Diluted		416,012,830			419,182,770			419,182,770			414,823,302			417,229,238			417,229,238

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									Year Ended
		December 31,			December 31,						December 31,			December 31,
		2023			2024						2023			2024
		RMB			RMB			USD1			RMB			RMB			USD1
Cash flows from operating activities:
Net cash generated from operating activities		564,038			573,148			78,521			1,988,674			1,725,948			236,454
Cash flows from investing activities:
Payment for purchases of property and equipment		(9,827	)		(359	)		(49	)		(41,724	)		(56,238	)		(7,705	)
Proceeds from disposal of property and equipment		-			2,949			404			670			2,949			404
Payment for purchases of intangible assets		-			(512	)		(70	)		-			(1,941	)		(266	)
Payment for purchases of short-term investments		(3,601,000	)		(6,430,180	)		(880,931	)		(9,427,210	)		(20,015,100	)		(2,742,057	)
Proceeds from maturities of short-term investments		3,654,035			6,748,568			924,550			8,867,743			19,549,776			2,678,308
Net cash (used in) generated from investing activities		43,208			320,466			43,904			(600,521	)		(520,554	)		(71,316	)
Cash flows from financing activities:
Proceeds from borrowings		-			40,000			5,480			40,000			60,000			8,220
Repayment of borrowings		-			(70,000	)		(9,590	)		(141,958	)		(70,000	)		(9,590	)
Proceeds from employee stock option exercises		52,461			4,509			618			105,621			19,453			2,665
Payment for dividends		-			-			-			(150,579	)		(436,048	)		(59,738	)
Net cash (used in) generated from financing activities		52,461			(25,491	)		(3,492	)		(146,916	)		(426,595	)		(58,443	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(16,275	)		9,398			1,288			10,409			(922	)		(126	)
Net increase in cash and cash equivalents and restricted cash		643,432			877,521			120,221			1,251,646			777,877			106,569
Cash and cash equivalents and restricted cash at the beginning of the period		2,198,321			2,742,109			375,667			1,590,107			2,841,753			389,319
Cash and cash equivalents and restricted cash at the end of the period		2,841,753			3,619,630			495,888			2,841,753			3,619,630			495,888

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									Year Ended
		December 31,			December 31,						December 31,			December 31,
		2023			2024						2023			2024
		RMB			RMB			USD1			RMB			RMB			USD1
Net income (GAAP)		219,763			330,660			45,301			739,057			1,272,984			174,398
Share-based compensation expenses, net of tax effect of nil2		2,476			2,483			340			163,978			32,792			4,492
Adjusted net income (non-GAAP)		222,239			333,143			45,641			903,035			1,305,776			178,890
		Three Months Ended									Year Ended
		December 31,			December 31,						December 31,			December 31,
		2023			2024						2023			2024
		RMB			RMB			USD1			RMB			RMB			USD1
Net income (GAAP)		219,763			330,660			45,301			739,057			1,272,984			174,398
Interest income		(8,757	)		(9,505	)		(1,302	)		(29,569	)		(48,415	)		(6,633	)
Interest expense		679			727			100			5,005			3,110			426
Income tax expense		17,232			103,959			14,242			243,036			446,031			61,106
Depreciation and amortization		19,422			14,243			1,951			85,021			65,232			8,937
EBITDA (non-GAAP)		248,339			440,084			60,292			1,042,550			1,738,942			238,234
Share-based compensation expenses		2,476			2,483			340			163,978			32,792			4,492
Adjusted EBITDA (non-GAAP)		250,815			442,567			60,632			1,206,528			1,771,734			242,726

__________________
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 Q4 2024	Closed in Q4 2024	As of December 31, 2024		As of December 31, 2024
Manachised hotels	110	21	1,593		179,469
Leased hotels	1	4	26		3,715
Total	111	25	1,619		183,184

Brand3	Positioning	As of December 31, 2024
		Properties		Rooms
		Manachised	Leased
A.T. House	Luxury	-	1	214
Atour S	Upscale	79	4	11,684
Atour	Upper midscale	1,191	18	138,589
Atour X	Upper midscale	167	3	18,138
Atour Light	Midscale	156	-	14,559
Total		1,593	26	183,184

	All Hotels in Operation
	Three Months Ended December 31, 2023			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024
Occupancy rate4(in percentage)
Manachised hotels	78.2	%		80.2	%		76.9	%
Leased hotels	84.5	%		85.6	%		84.7	%
All hotels	78.4	%		80.3	%		77.0	%
ADR4 (in RMB)
Manachised hotels	432.8			452.1			416.8
Leased hotels	557.9			586.6			551.1
All hotels	437.7			455.8			420.2
RevPAR4 (in RMB)
Manachised hotels	353.1			375.6			333.2
Leased hotels	495.3			527.4			495.1
All hotels	358.2			379.5			336.9

	All Hotels in Operation
	Twelve Months Ended December 31, 2023			Twelve Months Ended December 31, 2024
Occupancy rate4 (in percentage)
Manachised hotels	77.6	%		77.2	%
Leased hotels	83.6	%		83.2	%
All hotels	77.8	%		77.4	%
ADR4 (in RMB)
Manachised hotels	457.8			433.0
Leased hotels	587.2			563.5
All hotels	463.6			436.8
RevPAR4 (in RMB)
Manachised hotels	370.8			347.3
Leased hotels	517.2			495.0
All hotels	376.8			351.3

	Hotels in Operation for More Than 18 Months in Q4 20245
	Number of hotels			Same-hotel Occupancy4 (in percentage)					Same-hotel ADR4 (in RMB)			Same-hotel RevPAR4 (in RMB)
	Q4 2023	Q4 2024		Q4 2023		Q4 2024			Q4 2023	Q4 2024		Q4 2023	Q4 2024
Manachised hotels	938	938		79.8	%	79.0	%		436.5	425.7		364.0	349.8
Leased hotels	28	28		85.1	%	84.4	%		570.4	549.4		509.9	492.7
All hotels	966	966		80.0	%	79.2	%		441.7	430.2		369.3	354.7

	Hotels in Operation for More Than 18 Months in 20245
	Number of hotels			Same-hotel Occupancy4 (in percentage)					Same-hotel ADR4 (in RMB)			Same-hotel RevPAR4 (in RMB)
	2023	2024		2023		2024			2023	2024		2023	2024
Manachised hotels	968	968		78.2	%	78.9	%		459.1	439.9		374.9	360.5
Leased hotels	30	30		83.7	%	83.1	%		588.8	561.5		519.6	492.5
All hotels	998	998		78.4	%	79.0	%		464.6	444.6		380.6	365.4

 

 

__________________
³ Effective July 1, 2024, we merged our upscale hotel brand, ZHOTEL, with Atour S as part of our efforts to streamline and optimize our brand portfolio. Consequently, the key information for our Atour S brand in the table includes data for the hotel operated under ZHOTEL up to June 30, 2024.
⁴ Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. From the third quarter of 2023, no hotels were requisitioned for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
⁵ 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 2023.

FAQ

What was ATAT's revenue growth in Q4 2024?

ATAT's Q4 2024 revenue increased 38.5% to RMB2,084 million (US$286 million) compared to Q4 2023.

How many hotels does ATAT have in its development pipeline?

ATAT has 741 manachised hotels under development in its pipeline as of December 31, 2024.

What was ATAT's retail business performance in 2024?

ATAT's retail business GMV grew 127.7% to RMB2,592 million in 2024, with revenues increasing 126.2% to RMB2,198 million.

What is ATAT's revenue guidance for 2025?

ATAT expects total net revenues to increase by 25% in 2025 compared to 2024.

How did ATAT's hotel metrics perform in 2024 compared to 2023?

ADR decreased from RMB464 to RMB437, occupancy rate dropped from 77.8% to 77.4%, and RevPAR declined from RMB377 to RMB351.