Atour Lifestyle Holdings Ltd. · NASDAQ:ATAT
Atour Lifestyle — Q3 2025 Earnings Presentation
27 slides from Atour Lifestyle's earnings presentation, November 2025
Slide 1: Atour Lifestyle Holdings Limited 3Q25 Results Presentation
Atour Lifestyle Holdings Limited NASDAQ: ATAT 3Q25 Results Presentation November 2025
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: Business Review
Business Review 业务表现 3
Slide 4: 3Q25 RevPAR was 97.8% of 2024's Level for the Same Period
3Q25 RevPAR was 97.8% of 2024’s Level for the Same Period 三季度RevPAR为2024年同期的97.8% (1) (1) (1) OCC ADR RevPAR 99.9% of the level in 3Q24 98.1% of the level in 3Q24 97.8% of the level in 3Q24 为24年同期的99.9% 为24年同期的98.1% 为24年同期的97.8% -0.1p.p. -1.9% -2.2% (RMB) 456 447 (RMB) 80.3% 80.2% 380 371 3Q24 3Q25
Slide 5: 3Q25 Same-Hotel RevPAR was 95.0% of 2024's Level
3Q25 Same-Hotel(1) RevPAR was 95.0% of 2024’s Level for the Same Period 三季度同店同⽐(1)RevPAR为2024年同期的95.0% (2) (2) (2) OCC ADR RevPAR 98.5% of the level in 3Q24 96.6% of the level in 3Q24 95.0% of the level in 3Q24 为24年同期的98.5% 为24年同期的96.6% 为24年同期的95.0% -1.2p.p. -3.4% -5.0% (RMB) (RMB) 82.1% 80.9% 461 4
Slide 6: Hotel Network Expanded Steadily
Hotel Network Expanded Steadily 酒店⽹络稳步拓展 New Hotel Openings in 3Q25 Hotels in Operation(1) Hotels in Pipeline(1) 3Q25新开业酒店数量 在营酒店数量(1) 管道项⽬数量(1) 152 1,948 754 Remain Steadfast in “Quality-First” Principle, Driving Healthy, Sustainable High-Quality Growth 始终坚持“品质优先” 原则，推动健康、可持续的⾼质量增⻓ (1) As of Septem
Slide 7: Atour Series Continues to Gain Market Recognition and Acclaim
Atour Series 3 Continues to Gain Market Recognition and Acclaim 亚朵3系口碑与市场热度持续攀升 Atour 3.6 Hotels in Operation(1) 亚朵3.6在营酒店数量(1) 19 Seamlessly Integrating Functional Amenities, Premium Service, and Humane Ambiance, Effectively Addressing the Core Needs of Guests 精准融合功能设施、品质服务与⼈⽂氛围，深度契合住宿 ⽤⼾的核⼼需求 (1)
Slide 8: Atour Series Further Strengthens Our Brand Moat and Leading Position
Atour Series 4 Further Strengthens Our Brand Moat and Leading Position 亚朵4系进⼀步强化品牌壁垒和领先优势 RevPAR of Atour 4.0 Hotels in Operation for More Than 3 Months(1) 亚朵4.0在营超过三个⽉酒店 RevPAR (1) RMB 500+ Emotional Value Deep Resonance Holistic Well-Being 情感价值 深度共鸣 ⾝⼼平衡 (1) For the Third Quarter of 2025 8
Slide 9: SAVHE Hotel Defines a Model of Upscale Lifestyle
SAVHE Hotel Defines a Model of Upscale Lifestyle 萨和酒店定义⾼端⽣活⽅式的体验典范 RevPAR of SAVHE Hotels in Operation(1) 萨和在营酒店RevPAR (1) RMB 900+ Eastern Heritage Modern Aesthetics 东⽅底蕴 现代审美 Wellness Concepts Deep Experience 养⽣理念 深度体验 (1) For the Third Quarter of 2025 9
Slide 10: Atour Light Continuously Solidifies the Differentiated Advantages in the Midscale Segment
Atour Light Continuously Solidifies the Differentiated Advantages in the Midscale Segment 轻居不断强化在中端市场的差异化优势 Atour Light Series 3 RevPAR Recovery to Its 3Q24 Level(1) 轻居3系在营酒店RevPAR 同⽐恢复度(1) 100%+ Systematically Enhancing the Operational Framework to Ensure Premium Experiences While Consistently Driv
Slide 11: Retail Business Sustained Strong Growth
Retail Business Sustained Strong Growth 零售业务保持强势增⻓ Retail GMV (1) Online Channel Contribution(1) 零售GMV (1) 线上渠道占⽐(1) (RMB mn) +75.5% 994 90%+ 566 3Q24 3Q25 (1) For the Third Quarter of 2025 11
Slide 12: Atour Planet Continues to Refine and Enrich the Sleep Ecosystem
Atour Planet Continues to Refine and Enrich the Sleep Ecosystem 亚朵星球睡眠⽣态布局持续完善并丰富 Pillow Category Comforter Category Extended Categories 枕头品类 被⼦品类 延伸品类 Deep Sleep Fitted Sheet 深睡床笠 Deep Sleep Memory Foam Deep Sleep Thermo-Regulating Pillow Series Comforter Series 深睡枕系列 深睡控温被系列 Deep Sleep Loungewear
Slide 13: The Pillow Category Reinforces Its Leadership Position
The Pillow Category Reinforces Its Leadership Position 枕头品类不断夯实领先优势 8mn+ No.1 Accumulated Sales Units Sales Ranking in the of Deep Sleep Memory Pillow Category on Major Foam Pillow Series(1) Third-Party Platforms(2) 深睡枕系列累计销量(1) 枕头品类在主流第三⽅平台 Expanded the Pillow Products, 销售排名(2) Gradually Building a
Slide 14: The Comforter Category Leads the Transformation of the Market
The Comforter Category Leads the Transformation of the Market 被⼦品类驱动市场格局重塑 2mn+ Accumulated Sales Units of Deep Sleep Thermo-Regulating Comforter Series(1) 深睡控温被系列累计销量(1) Launched Upgraded Products of the Deep Sleep Thermo-Regulating Comforter Series, Further Elevating the Sleep Experience 推出深睡控温被系列
Slide 15: "Atour Planet Deep Sleep Standard" Officially Released
“Atour Planet Deep Sleep Standard” Officially Released “亚朵星球深睡标准”正式发布 Dynamic Pressure Centering on Users' Core Sensory Dynamic Temperature Needs During Sleep Management Stabilization Factor 围绕⽤⼾睡眠过程核⼼体感需求 Factor 动态稳压系数 动态控温系数 The Standard Will Serve as the Core Criterion for Product Iteration, Ensu
Slide 16: Robust Membership Base Expansion with a Stable CRS Channel
Robust Membership Base Expansion with a Stable CRS Channel 会员规模强势增⻓，⾃有渠道保持稳健 No. of Registered Individual Members(1) Core CRS Channel(2) 注册会员数(1) 核⼼⾃有渠道(2) (mn) +30% 108 Total Room-Nights Sold 62.4% Through CRS(3) Channels 83 CRS(3) 渠道销售间夜占⽐ 20.0% Corporate Members’ Contribution(4) 企业协议销售间夜占⽐(4) 3Q2
Slide 17: Ongoing Enhancements to the Membership Ecosystem and Benefits
Ongoing Enhancements to the Membership Ecosystem and Benefits 会员体系持续完善，会员权益不断升级 Exploring Users’ Consumption Preferences and Habits across Different Scenarios 挖掘会员在不同场景下的消费 偏好与习惯 Deepening Emotional Connection Expanding Lifestyle Experiences Focusing on the Members’ with Members 拓展更多元的⽣活⽅式体验 Genuine
Slide 18: User Focus, Employee Focus, Fundamental Capabilities Focus
User Focus 回归⽤⼾ Employee Focus 回归伙伴 Fundamental Capabilities Focus 回归基本功 18
Slide 19: Financial Review
Financial Review 财务表现 19
Slide 20: Net Revenues
Net Revenues 收⼊ （RMB in thousands） 3Q24 2Q25 3Q25 YoY QoQ Net Revenues 1,898,582 2,468,549 2,627,970 38.4% 6.5% - Manachised hotels 1,179,211 1,299,194 1,560,266 32.3% 20.1% - Leased hotels 189,531 149,597 164,158 -13.4% 9.7% - Retail 479,704 964,849 846,337 76.4% -12.3% - Others 50,136 54,909 57,20
Slide 21: Operating Costs and Expenses
Operating Costs and Expenses 运营成本及费⽤ （RMB in thousands） 3Q24 2Q25 3Q25 YoY QoQ Total Operating Costs and Expenses 1,441,688 1,875,333 1,989,184 38.0% 6.1% Hotel Operating Costs 876,197 893,231 1,081,694 23.5% 21.1% - Gross Margin of Hotel Businesses 36.0% 38.3% 37.3% +1.3 p.p. -1.0 p.p. Retail Costs
Slide 22: Operating Costs and Expenses (cont.)
Operating Costs and Expenses (cont.) 运营成本及费⽤（续） （RMB in thousands） 3Q24 2Q25 3Q25 YoY QoQ Selling and marketing expenses 218,433 392,847 354,722 62.4% -9.7% - as % of net revenues 11.5% 15.9% 13.5% +2.0 p.p. -2.4 p.p. General and administrative expenses 81,977 89,546 100,451 22.5% 12.2% - as % of ne
Slide 23: 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) +27.0% +28.7% 685 488 384 532 3Q24 3Q25 3Q24 3Q25 Adj. Net Adj. EBITDA Profit Margin 20.2% 18.6% 28.0% 26.1% Margin (1) Adjusted net income (non-GAAP) is de
Slide 24: 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 2,670mn RMB 2,603mn (1) As of September 30, 2025 (2) Net cash equals cash and cash equivalents less total borrowings 24
Slide 25: Dividend Policy
Dividend Policy 分红⽅案 〜US $50mn 〜US $108mn Second Dividend Payment in 2025 Aggregate Amount of the Dividend Payments in 2025 本年度第⼆次派息总额 2025全年累计派息总额 25
Slide 26: Outlook
Outlook 业绩指引 Total Net Revenues Growth Rate For Full Year 2025 2025全年收⼊同⽐增⻓ 35% (YOY) 26
Slide 27: Q&A
Q& A 问答 27
Atour Lifestyle Holdings — Q3 2025 Earnings Presentation on 6ix