Atour Lifestyle (ATAT) Q3 2025 earnings summary

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.