Core Viewpoint - Atour Lifestyle Holdings Ltd. has achieved significant revenue growth through a unique combination of hospitality and retail, but forecasts a slowdown in growth due to economic conditions in China [1][3][16] Revenue Growth - The company's revenue rose 55% last year, with a forecast of 25% growth for the current year, indicating a substantial slowdown [3][4] - In the fourth quarter, Atour's revenue increased by 38.5%, reaching 2.08 billion yuan ($286 million), primarily driven by new hotel openings and retail sales [2][9] Profitability - Atour's profit grew by 50.5% year-on-year in the fourth quarter, totaling 331 million yuan, supported by improving gross margins [15][16] - The retail business has significantly contributed to profitability, achieving a gross profit margin of 49.6% in the fourth quarter, compared to 37.5% for the hotel business [14] Business Model - Atour operates both self-operated and manchised hotels, with a shift towards the manchised model due to its higher margins [10][11] - The retail segment, which includes products like pillows and comforters, has become a major revenue source, accounting for 37% of total revenue in the fourth quarter [11][12] Market Position - Despite economic headwinds, Atour and other Chinese hotel stocks are favored by investors, with Atour trading at a P/E ratio of 23, higher than global peers like Accor [5][6] - The travel industry has shown resilience during China's economic slowdown, benefiting from a surge in "revenge travel" post-pandemic [6][7] Future Outlook - The company plans to add 500 new properties in 2025, which is crucial for maintaining revenue growth amid slowing performance from existing hotels [4][3] - Analysts remain positive on Atour, with unanimous "buy" ratings from 15 analysts, reflecting confidence in its business model and market position [16]

Atour Lifestyle Holdings Limited (ATAT) reported robust fourth-quarter 2024 results, with earnings and net revenues beating the Zacks Consensus Estimate and increasing on a year-over-year basis.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The quarter’s result was mainly backed by the ongoing hotel network expansion and the growth of the company’s supply chain business. Furthermore, the widespread recognition of its retail brands and effective product innovation and development refl ...

证券研究报告 | 2025年03月27日 亚朵（ATAT.O） 优于大市 2024 年经调净利润增长 45%，2025 年 2000 店目标维持不变 四季度超预期收官，全年收入与业绩增势靓丽。2024Q4 公司收入 20.84 亿元 /+38.5%，归母净利润 3.30 亿元/+50.0%；调整后净利润 3.33 亿元/+49.9%， 调整后 EBITDA 4.43 亿元/+76.5%，各项财务指标均好于彭博预期。2024 年 公司实现 72.48 亿元/+55.3%，归母净利润 12.75 亿元/73.0%，调整后净利 润 13.06 亿元/+44.6%，调整后 EBITDA17.72 亿元/+46.8%，其中调整前后利 润增速差异主要系股权激励费用变化影响。总体看，公司品牌势能强势期实 现门店与零售双轮成长，在 RevPAR 高基数压力下实现收入与利润强势表现。 酒店：加盟贡献酒店核心增速，全年超额完成开店目标。全年酒店收入实现 48.51 亿元/+36.8%，其中加盟模式主导、全年贡献 41.49 亿元/+53%（其中 房间量增长 35%、筹开结构变化助力供应链收入增速、门店管理人员工资提 升等均有助力 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Insights - The company reported Q4 2024 revenue of 2.08 billion yuan, representing a year-on-year increase of 38.5%, and an adjusted net profit of 330 million yuan, up 49.9%, indicating that both operating revenue and performance met expectations [8] - The company is expected to achieve steady growth in performance throughout the year, driven by ongoing openings and the recovery of domestic business travel demand [8] - The company aims to open 500 new stores by 2025, with a net increase of approximately 450 stores [8] Financial Performance - For the fiscal year 2023, the company achieved a total revenue of 4.518 billion yuan, with a year-on-year growth of 100% [10] - The adjusted net profit for 2023 was 737 million yuan, reflecting a significant year-on-year increase of 651% [10] - The company’s gross profit margin for Q4 2024 was 37.5%, an increase of 7.6 percentage points year-on-year [8] - The overall occupancy rate (OCC) for Q4 2024 was 77.0%, with an average daily rate (ADR) of 420.2 yuan and revenue per available room (RevPAR) of 336.9 yuan [8] Future Projections - The company is projected to achieve a revenue of 9.074 billion yuan in 2025, with a year-on-year growth of 25% [3] - The adjusted net profit is expected to reach 1.634 billion yuan in 2025, representing a 28% increase compared to 2024 [3] - The report anticipates that the company will maintain a stable profitability outlook, with adjusted net profit margins expected to remain around 16% [8] Valuation Metrics - The current stock price is $28.96, with projected price-to-earnings (PE) ratios of 31.6 for 2023, 23.0 for 2024, and 17.5 for 2025 [4][11] - The price-to-book (PB) ratio is projected to decrease from 13.8 in 2023 to 7.4 in 2025 [4][11] - The report indicates a strong return on equity (ROE) of 39.04% [4]

事件 3 月 25 日公司公告 4Q24 业绩，实现营收 20.8 亿元/+38.5%，净利 润 3.3 亿元/+50.5%，经调整净利 3.3 亿元/+49.9%，经调整 EBITDA 4.4 亿元/+76.5%，业绩好于预期。 点评 Q4RevPAR 降幅环比收窄，期待 25 年弹性。Q4 RevPAR 337 元/-5.9% （前值-10.5%、符合预期），同店 RevPAR 同比-4.0%（前值-8.4%）、 好于整体；拆分看 OCC 77.0%/-1.4pct（前值-2.1pct），ADR 420 元/-4.0%（前值-8.0%），降幅收窄。我们预计 25 年供给增速放缓， 政策刺激下需求端望改善，期待逐季度改善。 Q4 零售业务收入增长超预期，不断强化深睡领域品牌力。24 全年 公司零售业务 GMV 25.9 亿元/+128%，线上占比持续超过 90%；单 Q4 GMV 9.1 亿元/+125%，24 年双 11 大促期间 GMV4.2 亿元/+80%， 超预期。我们看好公司在泛睡眠领域持续拓展，目前枕头品类势 头持续强劲，被子领域预计低基数下望迎来更高增长。此外公司 已打通酒店、零售会员体系，有 ...

Atour Lifestyle Holdings (ATAT) Q4 2024 Earnings Call March 25, 2025 02:40 PM ET Company Participants Luke Hu - Senior Manager Investor RelationsJianfeng Wu - Co-CFO, Executive VP & DirectorDan Chee - Vice President, Equity ResearchSimon Cheung - Managing DirectorLydia Ling - Director - Equity Research Conference Call Participants None - AnalystXing Chen - Investment Banking Analyst Operator Thank you for standing by, and welcome to Artor Lifestyle Holdings Fourth Quarter and Full Year twenty twenty four Ea ...

Atour Lifestyle Holdings Limited (NASDAQ:ATAT) Q4 2024 Results Conference Call March 25, 2025 7:00 AM ET Company Participants Luke Hu - Senior IR Manager Haijun Wang - Founder, Chairman & Chief Executive Officer Jianfeng Wu - Co-Chief Financial Officer Conference Call Participants Dan Chi - Morgan Stanley Simon Cheung - Goldman Sachs Sijie Lin - CICC Lydia Ling - Citi Xin Chen - UBS Ronald Leung - Bank of America Operator Thank you for standing by, and welcome to Atour Lifestyle Holdings Fourth Quarter and ...

Exhibit 99.1 Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results SHANGHAI, China, March 25, 2025 -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter and Full Year 2024 Operational Highlights As of December 31, 2024, there were 1,619 hotels with a total of ...

Core Viewpoint - Atour Lifestyle Holdings Limited reported strong financial results for the fourth quarter and full year of 2024, showcasing significant growth in revenues, net income, and operational metrics, driven by the expansion of its hotel network and retail business. Financial Performance - Net revenues for Q4 2024 increased by 38.5% to RMB2,084 million (US$286 million) compared to RMB1,505 million in Q4 2023 [7] - For the full year 2024, net revenues rose by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million in 2023 [7] - Net income for Q4 2024 was RMB331 million (US$45 million), a 50.5% increase from RMB220 million in Q4 2023 [19] - Full year net income for 2024 reached RMB1,273 million (US$174 million), up 72.2% from RMB739 million in 2023 [19] Operational Highlights - As of December 31, 2024, Atour operated 1,619 hotels with 183,184 rooms, marking year-over-year increases of 33.8% in hotels and 32.8% in rooms [2] - The average daily room rate (ADR) for Q4 2024 was RMB420, down from RMB438 in Q4 2023 [3] - The occupancy rate for Q4 2024 was 77.0%, slightly lower than 78.4% in Q4 2023 [4] - Revenue per available room (RevPAR) for Q4 2024 was RMB337, down from RMB358 in Q4 2023 [5] Retail Business Growth - Gross merchandise value (GMV) from retail was RMB912 million for Q4 2024, an increase of 84.5% year-over-year [5] - For the full year 2024, retail GMV surged by 127.7% to RMB2,592 million from RMB1,139 million in 2023 [5] Cost and Expense Management - Total operating costs and expenses for Q4 2024 were RMB1,701 million (US$233 million), reflecting increased costs associated with hotel network expansion [12] - Selling and marketing expenses for Q4 2024 rose to RMB355 million (US$49 million), up from RMB207 million in Q4 2023, driven by enhanced brand investment [14] Future Outlook - The company anticipates a 25% increase in total net revenues for the full year 2025 compared to 2024 [28]

Core Viewpoint - Atour Lifestyle Holdings Limited (ATAT) is expected to report strong fourth-quarter results driven by domestic travel demand and strategic expansion efforts, with earnings anticipated to grow by 42.9% year over year and revenues by 26% [2][3]. Group 1: Financial Performance Expectations - The Zacks Consensus Estimate for ATAT's earnings is set at 30 cents per share, reflecting a year-over-year growth of 42.9% [2]. - The consensus revenue estimate for the fourth quarter is $267.2 million, indicating a 26% increase compared to the previous year [2]. Group 2: Growth Drivers - The company's performance is expected to benefit from strong domestic travel demand, an expanding membership base, and enhancements in brand offerings [3]. - ATAT's aggressive hotel expansion strategy, including the addition of Atour Light properties, has broadened its market reach, particularly appealing to younger and female travelers [4]. - Strong franchisee confidence and a robust development pipeline are expected to reinforce ATAT's revenue streams and operational efficiencies [5]. Group 3: Earnings Prediction Model - The current model does not predict a definitive earnings beat for ATAT, as it has an Earnings ESP of 0.00% and a Zacks Rank of 2 (Buy) [6].