Atour Lifestyle (ATAT) Q4 2024 earnings summary

Executive summary

• Achieved record hotel network expansion in 2024, with 471 new hotels opened and 1,619 hotels in operation by year-end, representing a 33.8% year-over-year increase.

• Retail business delivered strong momentum, with full-year GMV reaching RMB 2.59 billion, up 127.7% year-over-year, and online channels contributing over 90% of GMV.

• Membership base expanded 41% year-over-year to 89 million registered members.

• Net revenues for Q4 2024 grew 38.5% year-over-year to RMB 2,084 million; full-year net revenues rose 55.3% to RMB 7,248 million.

• Net income for Q4 2024 grew 50.5% to RMB 331 million; full-year net income surged 72.2% to RMB 1,273 million.

Financial highlights

• Adjusted net income for Q4 2024 was RMB 333 million, up 49.9% year-over-year; full-year adjusted net income rose 44.6% to RMB 1,306 million.

• Adjusted EBITDA for Q4 2024 was RMB 443 million, up 76.5%; full-year adjusted EBITDA increased 46.8% to RMB 1,772 million.

• Cash and cash equivalents at year-end 2024 totaled RMB 3,618 million; net cash at RMB 3,560 million.

• Basic EPS for 2024 was RMB 3.08; diluted EPS was RMB 3.06.

• Adjusted net profit margin for 2024 was 18%, down 1.4 percentage points year-over-year; adjusted EBITDA margin was 24.4%, down 1.5 points.

Outlook and guidance

• Expects total net revenues to increase by 25% in 2025 compared to 2024.

• Plans to open 500 new hotels in 2025, aiming for 2,000 premier hotels by year-end.

• Retail revenue expected to grow by no less than 35% year-over-year in 2025, outpacing hotel business growth.

• Adjusted net profit margin anticipated to remain relatively stable in 2025 despite revenue structure changes.