Atour Lifestyle Holdings Ltd. · NASDAQ:ATAT
Atour Lifestyle — Q4 2025 Earnings Presentation
26 slides from Atour Lifestyle's earnings presentation, March 2026
Slide 1: Atour Lifestyle Holdings Limited 4Q25 Results Presentation
Atour Lifestyle Holdings Limited NASDAQ: ATAT 4Q25 Results Presentation March 2026
Slide 2: Disclaimer
Disclaimer 免责声明 This presentation has been prepared by Atour Lifestyle Holdings Limited (the “Company”) solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, adv
Slide 3: Chinese Experience, 2000 Premier Hotels; Brand-Led Excellence
Chinese Experience, Chinese Experience, 2000 Premier Hotels Brand-Led Excellence 中国体验，两千好店 中国体验，品牌领航 3
Slide 4: Business Review
Business Review 业务表现 4
Slide 5: 4Q25 RevPAR was 99.6% of 2024's Level for the Same Period
4Q25 RevPAR was 99.6% of 2024’s Level for the Same Period 四季度RevPAR为2024年同期的99.6% (1) (1) (1) OCC ADR RevPAR 98.8% of the level in 4Q24 101.5% of the level in 4Q24 99.6% of the level in 4Q24 为24年同期的98.8% 为24年同期的101.5% 为24年同期的99.6% -1.2% +1.5% -0.4% (RMB) (RMB) 420 426 77.0% 76.1% 337 336 4Q24 4Q25 4
Slide 6: 4Q25 Same-Hotel RevPAR was 96.0% of 2024's Level
4Q25 Same-Hotel(1) RevPAR was 96.0% of 2024’s Level for the Same Period 四季度同店(1)RevPAR为2024年同期的96.0% (2) (2) (2) OCC ADR RevPAR 97.0% of the level in 4Q24 99.6% of the level in 4Q24 96.0% of the level in 4Q24 为24年同期的97.0% 为24年同期的99.6% 为24年同期的96.0% -3.0% -0.4% -4.0% (RMB) (RMB) 78.9% 424 422 76.5% 34
Slide 7: Hotel Network Continued to Expand, CRS Channel Remained Stable
Hotel Network Continued to Expand, CRS Channel Remained Stable 酒店⽹络持续扩张，⾃有渠道保持稳健 Core CRS Channel(2) New Hotel Openings in 2025 2025全年新开业酒店数量 488 核⼼⾃有渠道(2) 62.9% Total Room-Nights Sold 2,015 Through CRS(3) Channels Hotels in Operation(1) 在营酒店数量(1) CRS(3) 渠道销售间夜占⽐ 20.8% Corporate Members’ Contributio
Slide 8: Atour Origin's Differentiated Positioning Validated by the Market
Atour Origin’s Differentiated Positioning Validated by the Market 亚朵⻅野差异化品牌定位得到市场充分验证 RevPAR of Atour Origin Atour Origin Hotels in Operation(1) Hotels in Operation(2) 亚朵⻅野 亚朵⻅野 在营酒店RevPAR (1) 在营酒店数量(2) RMB 430+ 55 Introduces an Immersive Vacation Ambiance, Creating a Serene Urban Retreat 延续⾼效便捷的商旅功
Slide 9: Atour Hotel Offering Dependable Options That Balance Functionality With Emotional Appeal
Atour Hotel Offering Dependable Options That Balance Functionality With Emotional Appeal 亚朵酒店提供功能与情感的可靠选择 RevPAR of Atour 3.6 Hotels in Operation(1) 亚朵3.6在营酒店RevPAR (1) RMB 380+ Meticulous Hardware Outstanding Service Configuration Details 极致的硬件配置 卓越的服务细节 (1) For the Fourth Quarter of 2025 9
Slide 10: Atour Hotel and Atour Origin Form a Competitive Brand Portfolio
Atour Hotel and Atour Origin Form a Competitive Brand Portfolio in the Upper Midscale Market 亚朵酒店与亚朵⻅野共同构成中⾼端赛道更具竞争⼒的品牌矩阵 Atour Hotel 亚朵酒店 Atour Origin 亚朵⻅野 10
Slide 11: SAVHE Hotel is Redefining the Value of Upscale Hotels
SAVHE Hotel is Redefining the Value of Upscale Hotels 萨和正在重新定义⾼端酒店的价值边界 RevPAR of SAVHE Hotels in Operation(1) 萨和在营酒店RevPAR (1) RMB 950+ Efficient Investment Innovative Experience Profound Cultural Model Design Expression ⾼效投资模型 创新体验设计 深层⽂化表达 (1) For the Fourth Quarter of 2025 11
Slide 12: Atour Light to Set a New Benchmark Among Midscale Hotel Brands
Atour Light to Set a New Benchmark Among Midscale Hotel Brands 轻居树⽴中端酒店品牌新标杆 Atour Light Series 3 RevPAR Recovery to Its 2024 Level 轻居3系在营酒店RevPAR同⽐恢复度 In 4Q25 In 2025 2025年第四季度 2025全年 110%+ 100%+ Developed An Operating Model That Balances Experience and Efficiency While Also Incorporates Sustainabi
Slide 13: Retail Business Sustained Strong Growth Momentum
Retail Business Sustained Strong Growth Momentum 零售业务延续强劲增⻓态势 Retail Revenue(1) 零售收⼊(1) TOP (RMB bn) Ranking Among the Top Brands in the Bedding Category on Major Third-Party Platforms(1) +67% 在主流第三⽅平台床上⽤品品类 3.67 排名头部⾏列(1) 2.20 10mn+ Accumulated Sales Units of Deep Sleep Memory Foam Pillow Pro Serie
Slide 14: Atour Planet Sleep Ecosystem Continues to Evolve
Atour Planet Sleep Ecosystem Continues to Evolve 亚朵星球睡眠⽣态持续完善 Extended Categories Strategic Categories 补充品类 Core Categories 战略品类 主⼒品类 Mattresses 床垫 Deep Sleep Fitted Sheet Deep Sleep Memory Foam 深睡床笠 Pillow Series 深睡枕系列 Other Sleep Products 其他配件 Deep Sleep Loungewear Deep Sleep Thermo-Regulating 深睡睡
Slide 15: Membership Base Continued to Grow, Delivering Tangible, Differentiated Experiences
Membership Base Continued to Grow, Delivering Tangible, Differentiated Experiences 会员规模持续增⻓，打造可感知的差异化体验 No. of Registered Individual Members(1) Partnered with Starbucks China to Launch a Joint Membership Program 注册会员数(1) 携⼿星巴克中国推出联合会员计划 (mn) +25% 112 89 2024 2025 (1) As of December 31, 2025 15
Slide 16: Deepening Membership Operations With a Brand-Building Mindset
Deepening Membership Operations With a Brand-Building Mindset 以经营品牌的思维深耕会员运营 Building a Membership Ecosystem Brand Around the Full User Lifecycle 围绕⽤⼾全⽣命周期， 打造会员⽣态品牌 Introduce New Benefits Tailored to Enhancing Digital Capabilities and the "Deep Sleep" Scenario, Building Building a Granular User on
Slide 17: A Timeless Atour, Warmth Along Every Journey
A Timeless Atour, Warmth Along Every Journey 百年亚朵，温暖同⾏ 17
Slide 18: Financial Review
Financial Review 财务表现 18
Slide 19: Net Revenues
Net Revenues 收⼊ （RMB in thousands） 4Q24 3Q25 4Q25 YoY QoQ 2024 2025 YoY Net Revenues 2,084,010 2,627,970 2,787,826 33.8% 6.1% 7,247,932 9,790,159 35.1% - Manachised hotels 1,106,451 1,560,266 1,417,221 28.1% -9.2% 4,148,752 5,308,864 28.0% - Leased hotels 164,050 164,158 148,054 -9.8% -9.8% 701,963
Slide 20: Operating Costs and Expenses
Operating Costs and Expenses 运营成本及费⽤ （RMB in thousands） 4Q24 3Q25 4Q25 YoY QoQ 2024 2025 YoY Total Operating Costs and Expenses 1,700,807 1,989,184 2,237,764 31.6% 12.5% 5,695,861 7,667,571 34.6% Hotel Operating Costs 794,039 1,081,694 1,005,166 26.6% -7.1% 3,108,158 3,716,236 19.6% - Gross Margin o
Slide 21: Operating Costs and Expenses (cont.)
Operating Costs and Expenses (cont.) 运营成本及费⽤（续） （RMB in thousands） 4Q24 3Q25 4Q25 YoY QoQ 2024 2025 YoY Selling and marketing expenses 355,112 354,722 459,216 29.3% 29.5% 972,863 1,489,682 53.1% - as % of net revenues 17.0% 13.5% 16.5% -0.5 p.p. +3.0 p.p. 13.4% 15.2% +1.8 p.p. General and administra
Slide 22: Adjusted Net Income and Adjusted EBITDA
Adjusted Net Income and Adjusted EBITDA 调整后净利润和调整后EBITDA Adjusted Net Income (1) Adjusted EBITDA (2) 调整后净利润 (1) 调整后EBITDA (2) (RMB mn) (RMB mn) +48.0% +34.2% +60.9% +40.0% 1,753 712 493 2,481 1,306 333 443 1,772 4Q24 4Q25 2024 2025 4Q24 4Q25 2024 2025 Adj. Net Adj. EBITDA Profit Margin 16.0% 17.7% 1
Slide 23: Cash Position
Cash Position(1) 流动性情况(1) Cash and Cash Equivalents Net Cash(2) 现⾦及现⾦等价物 净现⾦(2) RMB 3,304 mn RMB 3,052 mn (1) As of December 31, 2025 (2) Net cash equals cash and cash equivalents less total borrowings 23
Slide 24: Shareholder Return
Shareholder Return 股东回报 Total Shareholder Return in 2025 Exceeded 2025年股东回报总额超过 US $150 mn+ Dividend(1) Share Repurchase(2) 分红(1) 回购(2) 〜US $108 mn 〜US $46 mn (1) For the Full Year of 2025 (2) For the Full Year of 2025, with Implementation Began in The Third Quarter 24
Slide 25: Outlook
Outlook 业绩指引 Expected Total Net Revenues Growth Rate For Full Year 2026 预计2026全年收⼊同⽐增⻓ 20%-24% (YOY) 25
Slide 26: Q&A
Q& A 问答 26
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