Atour Lifestyle (ATAT) Q1 2025 earnings summary

Executive summary

• Net revenues for Q1 2025 grew 29.8% year-over-year to CNY 1,906 million, driven by hotel network expansion and robust retail business performance.

• Retail business GMV surged 70.9% year-over-year to CNY 845 million, with online channels contributing over 90%.

• Opened 121 new hotels in Q1, reaching 1,727 hotels in operation, a 32.6% increase year-over-year, with 755 in the pipeline.

• Registered members surpassed 96.7 million, up 35.4% year-over-year, supporting stable direct channel performance.

• Adjusted net income rose 32.3% year-over-year to CNY 345 million, while reported net income fell 5.5% due to higher share-based compensation.

Financial highlights

• Manachised hotel revenues rose 23.5% year-over-year to CNY 1,032 million; leased hotel revenues fell 23.5% due to product mix optimization.

• Retail revenues reached CNY 694 million, up 66.5% year-over-year, supported by product innovation and brand recognition.

• Adjusted EBITDA was CNY 474 million, up 33.8% year-over-year; adjusted net profit margin was 18.1%, and adjusted EBITDA margin was 24.9%.

• Cash and cash equivalents totaled CNY 3,146 million as of March 31, 2025, with net cash of CNY 3,074 million and unutilized bank credit facilities of CNY 470 million.

• Basic and diluted EPS for Q1 2025 were CNY 0.58; adjusted diluted EPS was CNY 0.82.

Outlook and guidance

• Full-year 2025 net revenue growth guidance raised to 25%-30% year-over-year.

• Retail revenue growth guidance for 2025 increased to 50% year-over-year.

• Guidance maintained for 500 new hotel openings in 2025, targeting 2,000 hotels by year-end.

• RevPAR faces ongoing uncertainty but Q2 pressure expected to ease compared to Q1.