Q3 2023 Atour Lifestyle Holdings Ltd Earnings Call

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Ladies and gentlemen, thank you for standing by and welcome to the H.O. lifestyle holdings, 3rd quarter 2020 free earnings conference call. At this time, our participants are in listen only mode. After the speakers presentation, there'll be a question and answer session. Today's conference being recorded. At this time, I'd like to turn the conference over to Ms. Allison Zhang, director of investor relations. Please go ahead, mom.

Ladies and gentlemen, thank you for standing by and welcome to the H O lifestyle Holdings third quarter 2020 for your earnings Conference call.

At this time, all participants are in listen only mode.

After the Speakers' presentation there'll be a question answer session. Today's conference is being recorded.

At this time I'd like to talk to the conference over to MS. Alison Zhang Director of Investor Relations. Please go ahead maam.

Thank you, operator. Good morning and good evening, everyone. Welcome to our SecForter 2023 earnings call. Joining us today are founder, chairman, and CEO , Mr. Wang Haijun, and our co-chief financial officers, Mr. Wang Shodong and Mr. Wu Qianfeng.

Alison Zhang: Thank you, operator. Good morning and good evening, everyone. Welcome to our Q3 2023 Earnings Call. Joining us today are our founder, chairman, and CEO, Mr. Wang Haijun, and our Co-Chief Financial Officers, Mr. Wang Shoudong and Mr. Wu Jianfeng. Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today.

Thank you operator, good morning, and good evening, everyone welcome to our third quarter of 2023 earnings call. Joining us today are founder Chairman and CEO, Mr. Wahl hygiene, and our co Chief Financial Officer are you still won't show dog and Mr. Jansen before we continue please be aware.

Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties. And actual results may differ significantly from what is stated or implied in our comments today.

Today's discussion will include forward looking statements under federal Securities laws. These statements are subject to various risks and uncertainties and actual results may differ significantly from what is stated or implied in our comments today.

The company is not obligated to update any forward-looking statements, except as required by applicable laws.

Company is not obligated to update any forward looking statements, except as required by applicable laws.

Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today.

Additionally, during this call our management will discuss certain non-GAAP financial measures solely for comparison purposes.

Clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results. Please refer to the earnings release issued earlier today.

Alison Zhang: Furthermore, a webcast replay of this conference call will be available on our website at ir.yaduo.com. Now I will turn the call over to Mr. Wang, our CEO.

Furthermore, a webcast replay of this conference call will be available on our website at irr.yaduo.com. Now I will turn the call over to Mr. Wang, our CEO .

Furthermore, a webcast replay of this conference call will be available on our website at IR thought why do you owe dot com.

Now I will turn the call over to Mr. Wang.

Our CEO.

Please apply yourJoel's

Wang Haijun: Thank you, Alison. Hello everyone, and thank you for joining Atour's Q3 2023 earnings call today. We are delighted to report another robust quarter. Our unremitting pursuit of growing to 2,000 premier hotels nationwide by 2025, while establishing the Chinese experience as the industry benchmark, along with the continuous expansion of our brand influence, enabled us to capture the growth opportunities arising from both business travel and the peak leisure travel season. As such, we achieved tremendous breakthroughs across each of our business lines. Now I would like to discuss our performance in detail. Let's begin with our hotel business. Travel and accommodation demand maintained solid growth momentum in Q3, highlighted by a notable uptick during the summer season.

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Thank you, Allison. Hello, everyone, and thank you for joining a Tool's third quarter 2023 earnings call today. We are delighted to report another robust quarter.

Thank you Alison.

Hello, everyone and thank you for joining eye towards third quarter 2023 earnings call. Today, we are delighted to report another robust quarter.

Our unremitting pursuit of growing to 2,000 premier hotels nationwide by 2025, while establishing the Chinese experience as the industry benchmark, along with the continuous expansion of our brand influence.

Our unremitting pursue tough growing to 2000 premier hotels nationwide by 2025, while establishing the Chinese experience as the industry benchmark along with the continuous expansion of our brand influence enabled us to capture growth opportunities arising from.

enabled us to capture the growth opportunities arising from both business travel and the peak leisure travel season.

Both business travel and the peak leisure travel season as.

As such, we achieve the tremendous breakthroughs across each of our business lines.

As such we achieved a tremendous breakthroughs across each of our business lines.

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All I would like to discuss our performance in detail.

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Let's begin with our hotel business travel and accommodation demand maintained solid growth momentum in the third quarter highlighted by a notable uptick during the summer season, Accordingly, our third quarter Revpar increased to a record high of RMB 420.

Travel and accommodation demand maintained solid growth momentum in the third quarter, highlighted by a notable uptick during the summer season. Accordingly, our third quarter's RAVPAR increased to a record high of RMB 424.

Wang Haijun: Accordingly, our Q3's RevPAR increased to a record high of CNY 424, and recovery rate rose to 118% of 2019's level, with July, August, and September reaching 122%, 116%, and 115% respectively. Moreover, our ADR and OCC maintained their robust growth momentum during the Mid-Autumn Festival and the National Day holiday period, increasing by 14.6% and 7.2%, respectively, compared with the same period in 2019. Together, they boosted our RevPAR's recovery rate for the period to 123% of 2019's level. Meanwhile, our mature hotels in operation for more than 18 months sustained their excellent performance. Their same hotel RevPAR recovery rate reached 118% of 2019's level in the Q3, in line with the overall performance of our hotel business, highlighting the market's recognition of Atour's brand as well as outstanding efficiency across our business management and operations.

And recovery rate rose to 118 percent of 2019's level, with July , August , and September reaching 122 percent, 116 percent, and 115 percent respectively.

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Recovery rates rose to 118% of 2019 level with July August and September, reaching 122% or 116% and 115% respectively.

Moreover, our ADR and OCC maintained their robust growth momentum during the Mid-Autumn Festival and the National Day holiday period, increasing by 14.6 percent and 7.2 percent respectively compared with the same period in 2019.

Moreover, our ADR and OCC maintained their robust growth momentum during the mid autumn festival and the National day holiday period.

Creasing by 14, 6% and seven 2%, respectively compared with the same period in 2019.

Together, they boosted our Revpar's recovery rate for the period to 123% of 2019's level.

Together, they boosted our revpar recovery rate for the period to 123% of 2019 level.

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with the overall performance of the Group, showing the value of the Asian brand and our high-profile management capabilities.

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Meanwhile, our mature hotels in operation for more than 18 months sustained their excellent performance.

Meanwhile, our mature hotels in operation for more than 18 months sustained their absolute performance. There same hotel revpar recovery rate reached a 118% of 2019 level in the third quarter in line with the overall performance of our hotel business.

Their same hotel rep power recovery rate reached a 118% of 2019 level in the third quarter. In line with the overall performance of our hotel business, highlighting the market's recognition of a tourist brand as well as outstanding efficiency across our business management and operation.

Delighting the markets recognition of our tour spread as well as outstanding efficiency across our business management and operations.

We continue to accelerate the progress of opening. The opening of the third quarter is 81 points.

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Wang Haijun: We continued to accelerate our hotel network expansion with 81 new openings in Q3, driving our hotel network to reach 1,112 hotels as of the end of September. Meanwhile, propelled by our mounting competitiveness across products and brand, our Q3's new signings grew rapidly, and our pipeline continued to flourish.

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At the same time, we will continue to keep the rapid signing of the new products and brand strength, and we will continue to keep the rapid signing of the new products and brand strength.

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In September 30th, 577 hotels were opened in Guangdong, more than 60% of the price was increased.

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We continue to accelerate our hotel network expansion with 81 new openings in the third quarter, driving our hotel network to reach 1,112 hotels as of the end of September .

We continue to accelerate our hotel network expansion with 81, new openings in the third quarter driving our hotel network to reach 1112 hotels as of the end of September.

Meanwhile, propelled by our mounting competitiveness across products and brand, our third quarter's new signings grew rapidly and our pipeline continued to flourish.

Meanwhile, propelled by our mounting competitiveness across products and brand our third quarter's new signings grew rapidly and our pipelines continued to flourish.

As of the end of September , our pipeline had soared to 577 hotels up by more than 60% year over year.

[Company Representative] (Atour Lifestyle Holdings): As of the end of September, our pipeline had soared to 577 hotels, up by more than 60% year over year.

As of the end of September our pipeline had soared to 577 hotels up by more than 60% year over year.

Wang Haijun: 我们的终端产品轻居3.0，自2月发布以来，持续获得加盟商的青睐。本季度，轻居3.0共签约25个新项目，签约占比超过15%。截止9月末，轻居3.0已开业门店达到13家，主要位于二线及以上城市的核心商圈。作为中端酒店市场的全新产品，轻居3.0以符合年轻人的审美设计和亚朵一致的服务体验，成功获得消费者的认可。经营表现在同商圈中也极具竞争力。自开业以来，这些门店在各项关键运营指标快速爬坡，开业第四周OCC平均达到78.8%，RevPAR超过340元。我们相信，轻居3.0很好地满足了年轻商务客人对高品质住宿体验的需求，同时抓住核心商圈物业升级的机遇，未来将实现快速的规模增长。

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This quarter, Starbucks 3.0 has signed a total of 25 new projects, with a 15% contract ratio.

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XinJue 3.0, with the support of young people's aesthetic design, and the support of Asian consciousness, successfully obtained the recognition of consumers.

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We believe that 3.0 is very satisfied with the needs of young businessmen to improve their quality of life.

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At Twilight 3.0, our mid-scale offering has continued to gain favor among franchisees since its launch in February . A total of 25 At Twilight 3.0 projects were signed over the quarter, constituting more than 15% of the quarter's total signing.

[Company Representative] (Atour Lifestyle Holdings): Atour Light 3.0, our midscale offering, has continued to gain favor among franchisees since its launch in February. A total of 25 Atour Light 3.0 projects were signed over the quarter, constituting more than 15% of the quarter's total signings. By the end of September, we had opened 13 Atour Light 3.0 hotels, primarily located in core business districts in higher-tier cities. As a new hotel offering in the midscale market, Atour 3.0 has won broad market recognition for its stylish design as well as Atour's premier experience, resulting in a strong initial showing. In fact, these hotels have performed exceptionally well across key operating metrics since their openings. In their fourth week of operation, average OCC reached 78.8%, while RevPAR surpassed RMB 340.

A tour like 3.0, our Midscale offering has continued to gain favor among franchisees since its launch in February.

A total of 25, a tour like 3.0 projects where sign over the quarter.

Constituting more than 15% of the quarter's total signings.

By the end of September , we had opened 13 at all like 3.0 hotels, primarily located in core business districts in higher tier cities.

By the end of September we had opened 13, a tour like 3.0 hotels, primarily located in core business districts in higher tier cities.

As a new hotel offering in the mid-scale market, Atour 3.0 has won broad market recognition for its stylish design as well as Atour's premiere experience, resulting in a strong initial showing. In fact, these hotels have performed exceptionally well across key operating metrics since their opening.

A new hotel offering in the Midscale market, a two or 3.0 has one broad market recognition for its stylish design as well as a tourist premier experience, resulting in a strong initial showing.

In fact, these hotels have performed exceptionally well across key operating metrics since their openings.

In their fourth week of operation, average OCC reached 78.8 percent, while RASPAR surpassed RMB340.

And our fourth week of operation average OCC reached at 78.8%, while Revpar surpassed RMB 340.

We believe a Tour Light 3.0 is well-positioned to meet young business travellers' demands for high-quality accommodation experiences while capturing the opportunities arising from property upgrades in core business districts.

[Company Representative] (Atour Lifestyle Holdings): We believe Atour Light 3.0 is well-positioned to meet young business travelers' demands for high-quality accommodation experiences while capturing the opportunities arising from property upgrades in core business districts. Moving forward, we anticipate it will rapidly grow to scale.

We believe it's more like 3.0 is well positioned to meet you on business travelers demand for high quality accommodation experiences while capturing the opportunities are rising from property upgrades in core business districts moving.

Moving forward, we anticipate it will rapidly grow to scale.

Moving forward, we anticipate it will rapidly grow to scale.

Wang Haijun: 此外，我们持续致力于产品创新，以满足用户不断变化的住宿需求。11月11日，我们正式面向全市场发布全新中高端旗舰产品，亚朵4.0见野。4.0版本以亚朵村为设计灵感，为用户打造自然闲寂的松弛氛围。

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On November 11, we will officially launch the new mid-to-high-end flagship product, Yanduo 4.0, to the market.

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The 4.0 version is inspired by the village of Yaduo and creates a relaxing atmosphere for the user to relax naturally.

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Moreover, we remain dedicated to product innovation to better meet our customers' evolving demands.

[Company Representative] (Atour Lifestyle Holdings): Moreover, we remain dedicated to product innovation to better meet our customers' evolving demands. On November 11, we officially launched our brand new upper midscale flagship product, Atour 4.0 With Nature. Inspired by Yaduo Village, this product revolves around the idea of natural tranquility, providing customers with immersive experiences infused with contentment and relaxation.

Moreover, we remain dedicated to product innovation to better meet our customers' evolving demands.

On November the 11th, we officially launched our brand new upper mid-scale flagship product, Attor 4.0 with Nature. Inspired by Yaddo Village, this product revolves around the idea of natural tranquility, providing customers with immersive experiences infused with contentment and relaxation.

On November the 11th we officially launched our breath, new upper mid scale flagship product <unk> 4.0 with nature.

Aspired by yard or village this product to revolves around the idea of natural tranquility, providing customers with immersive experiences infused with contentment and relaxation.

The Yaduo 4.0 farm uses the Yaduo old tea tree as a symbol of the origin of the brand, bringing nature and quiet back to the city.

Wang Haijun: 亚朵4.0的大堂以亚朵村老茶树作为品牌起源的标志，把自然和静谧带回城市空间。开放式的公区设计，全新的坐云会客空间，很好地满足了客人在住宿之外的办公和会客的需求。

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The open-air area is designed for all-new seats and meeting rooms. It is very good for the guests to be able to have a meeting with the guests outside of the office.

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Elegantly outfitted with images of the brand's distinctive hallmark, Yaduo Village's T-Tree, a tool 4.0's lobby is specially designed to reintroduce nature and serenity into urban settings.

[Company Representative] (Atour Lifestyle Holdings): Elegantly outfitted with images of the brand's distinctive hallmark, Yaduo Village's tea tree, Atour 4.0's lobby is specially designed to reintroduce nature and serenity into urban settings. Its new chatting room offers a practical, functional open area to work and socialize beyond accommodations.

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Elegantly outfitted with images after brands distinctive hallmark yard dwell villages tea tree a tool a full point zero lobby is specially designed to reintroduce nature and serenity into urban settings.

Its new chatting room offers a practical, functional open area to work and socialize beyond accommodation.

It's new chatting room offers a practical functional open area to work and socialize beyond accommodations.

Wang Haijun: 另外，我们对亚朵4.0的运营标准和硬件设施进行了全方位升级。我们在亚朵4.0开辟了养生早餐专区，并精心挑选了东北非转基因大豆和黄土高原的米脂小米，新鲜食材当日制作，为用户提供营养、健康、安心的早餐选择。同时，我们与两个奢华小众的洗沐护品牌合作，通过有质感的气味，营造舒适的奢华体验。在汗出健身房，我们配备了全球顶级品牌碧雀的运动器械，为用户提供更安全、流畅、高效的运动体验。

In addition, we have made comprehensive improvements to the operating standards and hardware facilities of the ADORE 4.0.

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At the same time, we are cooperating with two small and luxury brands. Through a sense of quality, we can create a comfortable luxury system.

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In the Hanchu gym, we have equipped the world's top brand B-Quad sports equipment.

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to provide users with safer, smoother, and more efficient sports equipment.

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Additionally, we have fully upgraded a tool 4.0 service standards, amenities, and facilities.

[Company Representative] (Atour Lifestyle Holdings): We have fully upgraded Atour 4.0's service standards, amenities, and facilities. In our Atour 4.0 hotels, we added a special breakfast area providing more diverse options for an exceptionally nutritious and healthy breakfast with carefully selected high-quality ingredients such as non-GMO soybeans from Northeast China, millet from the Mizhi County on the Loess Plateau, and many other fresh components. We will cooperate with two niche luxury bathing brands to create a comforting experience through their bath products, luxurious textures and scents. We also outfitted our gym with equipment from Precor, one of the world's top exercise facility brands, to provide our customers a safer and more effective exercise experience in our well-appointed fitness facilities.

Additionally, we have fully upgraded.

Tore 4.0 service standards amenities and facilities.

In our Atour 4.0 hotels, we added a special breakfast area providing more diverse options for an exceptionally nutritious and healthy breakfast with carefully selected high-quality ingredients such as non-GMO soybeans from northeast China, millet from Miji County on the lowest plateau, and many other fresh components.

A tour full point zero hotels, we added a special breakfast area, providing more diverse options for an exceptionally nutritious and healthy breakfast with carefully selected high quality ingredients, such as non GMO soybeans from northeast China mill It from the mid <unk>.

On the lowest plateau and many other fresh components.

Furthermore, we will cooperate with two niche luxury bathing brands to create a comforting experience through their bath products' luxurious textures and sense.

Furthermore, we will cooperate with two niche luxury basing brands to create a comforting experience through their bath products luxurious textures and sense.

We also outfitted our gym with equipment from Precorp, one of the world's top exercise facility brands, to provide our customers a safer and more effective exercise experience in our well-appointed fitness facility.

We also outfitted our gym with equipment from pre court one of the worlds top exercised facility brands to provide our customers a safer and more effective exercise of experience and our well appointed fitness facilities.

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Wang Haijun: 除了全面升级的公区设计和运营服务标准外，我们在4.0版本中特别推出了亚朵深睡楼层。专属的楼层设计，搭配独特的走廊灯光引导和SAVHE的香氛，让整个楼层充满静谧的舒适氛围。每个深睡客房均采用无级调光系统，引入一键深睡智能灯控，并全面升级了隔音设计。同时，我们在客房内采用亚朵星球最具代表性的深睡系列产品，在支撑力、包裹感和温度上做到完美平衡，只为让用户获得自在的深睡体验。

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At the same time, we use the most representative deep sleep series products of the Asian planet in the living room. In terms of support, wrapping and temperature, it is perfectly balanced. It only allows users to have a comfortable deep sleep experience.

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Beyond the enhanced public area design and service standards, we added an innovative, exclusive deep sleep floor to our Atour 4.0 hotels.

[Company Representative] (Atour Lifestyle Holdings): Beyond the enhanced public area design and service standards, we added an innovative, exclusive Deep Sleep Floor to our Atour 4.0 hotels. This debut concept features stylishly designed corridors lit with a special lighting guidance system, as well as our staff branded fragrance permeating the entire floor to create a serene atmosphere. Each room on the floor is equipped with a seamless dimming system, one click to sleep, smart light controls, and enhanced sound insulation, delivering the ultimate in serenity for optimal sleep. Meanwhile, we provide signature products from Atour Planet's Deep Sleep series in each room to create a perfect balance among support, envelopment, and pleasant temperature control, further ensuring users relaxing sleep experience.

Beyond the enhanced public carrier design and the service standards, we added an innovative exclusive deep sleep floor two hour a tour a 4.0 hotels.

This debut concept features stylishly designed corridors lit with a special lighting guidance system as well as our SAF branded fragrance permeating the entire floor to create a serene atmosphere.

This debuted concept features stylishly design corridor slit with a special lighting guidance system as well as our soft branded fragrance permitting the entire floor to create a serene atmosphere.

Each room on the floor is equipped with a stepless dimming system, one-click to sleep smart light controls, and enhanced sound insulation, delivering the ultimate in serenity for optimal sleep.

Each room on the floor is equipped with a surplus gaming system, one click to sleep smart light controls and enhanced sound insulation delivering the ultimate in serenity for optimal sleep. Meanwhile, we provide sick nature of products from a tour of planets deep sleep series in.

Meanwhile, we provide signature products from Atul Planet's Deep Sleep Series in each room to create a perfect balance among support, envelopment, and pleasant temperature control, further ensuring users' relaxing sleep experience.

Each room to create a perfect balance amongst support and development and pleasant temperature control further ensuring users relapsing sleep experience.

Yaddo 4.0's product innovation represents our unwavering pursuit of the ultimate accommodation experience.

Wang Haijun: 亚朵4.0的产品创新，代表了我们对极致住宿体验的不懈追求，也将再次引领中高端酒店的体验升级，进一步夯实亚朵在中高端市场的领先优势。

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will also lead to the upgrade of high-end hotels and further boost Asia's lead in the mid-to-high-end market.

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In short, the product innovation we have integrated throughout Atour 4.0 is a testament to our relentless pursuit of providing the ultimate accommodation experience.

[Company Representative] (Atour Lifestyle Holdings): In short, the product innovation we have integrated throughout Atour 4.0 is a testament to our relentless pursuit of providing the ultimate accommodation experience. We are confident that Atour 4.0 will set a new industry benchmark for customer experience in the upper mid-scale market, propelling industry development and further solidifying Atour's market leading competitiveness.

Sure.

In short the product innovation, we have integrated throughout a 12 4.0 is a testament to our relentless pursuit of providing the ultimate accommodation experience.

We are confident that Atul 4.0 will set a new industry benchmark for customer experience in the upper mid-scale market, propelling industry development and further solidifying Atul's market-leading competitiveness.

We're confident that that's a tour a 4.0 will set a new industry benchmark for customer experience and the upper mid scale market propelling industry developments and a further solidifying a towards market leading competitiveness.

Wang Haijun: 接下来是我们的会员业务。通过不断迭代升级的会员服务和专属权益，我们的A-Card会员体系也在持续为用户创造价值。我们逐渐融合了酒店住宿、零售、餐饮、文化、艺术、体育和其他高价值权益，使会员生态边界实现有机扩展。A-Card的品牌知名度持续提升，并带来会员规模的快速扩张。截止9月30日，A-Card的累计注册会员人数突破5,400万。

Julian and I'm sure, we'll end up with you.

Come Ward, the actions, the we who CORT by, which are E: one they car't acquaran in netrually, where you water on the.

Well done do you guys from Gws quarters.

Sure.

Well no the economy.

He will talk about guidance.

We gradually integrated hotel accommodation, retail, catering, culture, art, sports, and other

Women, who didn't own floor. So it didn't go to diesel.

Well I'm off equal to you.

with high price and of high quality.

Yeah.

Oh John.

Sure, sometimes India Cecilia was equally.

Quarter.

The brand fame of A-car continues to grow and brings a rapid expansion of the membership scale.

Any kind of human Nitramino, Shuja Beaver, absolutely runway model kind of a quarter.

Even on September 30th, A-card's total number of registered members exceeded 54 million.

Yeah. Thanks Peter.

He will tell you that there is a two part which you asked about.

[Company Representative] (Atour Lifestyle Holdings): Moving now to our prime memberships. Through our persistent efforts to upgrade our membership services and exclusive privileges, our A-Card membership program continues to provide outstanding value for our customers. We have progressively expanded our membership network to include hospitality, retail, dining, culture, art, sports, and various other premium benefits. Consequently, our A-Card membership has gained significant recognition and popularity, resulting in substantial growth of our member base. As of the end of September, the total number of individuals who have enrolled in our A-Card membership program exceeded 54 million.

Moving now to our prime memberships.

Through our persistent efforts to upgrade our membership services and exclusive privileges, our ACARD membership program continues to provide outstanding value for our customers.

Several of our persistent efforts to upgrade our membership services and exclusive privileges. Our a card membership program continues to provide outstanding value for our customers.

we have progressively expanded our membership network to include hospitality, retail, dining, culture, art, sports, and various other premium benefits.

We have progressively expanded our membership network to include hospitality retail tiny couch her.

Art sports and various other premium benefits.

Consequently, our ACARD membership has gained significant recognition and popularity, resulting in substantial growth of our member base.

Consequently, our <unk> card membership has gained significant recognition and popularity, resulting in substantial growth of our member base.

As of the end of September , the total number of individuals who have enrolled in our A-card membership program exceeded 54 million.

As of the end of September the <unk>.

Total number of individuals who have enrolled in our <unk> card membership program exceeded 54 million.

Wang Haijun: 我们也持续探索品牌异业合作的机会，增强A-Card用户价值感知。10月，亚朵作为北京马拉松合作伙伴，为亚朵会员提供了一系列赛事专属权益，包括北马直通名额、专属早餐、能量补给包等特色的参赛增值服务。未来，我们也将通过品牌异业合作，覆盖更多元的垂类权益，持续探索和构筑亚朵会员生态。

Well, maybe if you kind of go off him how you go to the tumor.

Southern Cal they kind of you who Joshua vendor.

In October , as a partner of Beijing Marathon, YADO provided a series of exclusive rights for YADO members, including a North Horse 10-way pass, exclusive breakfast, energy supplements, and other special meals.

Yeah.

They do my utmost blah blah blah blah.

She will not issue any time soon.

Boardwalk module.

No.

One of them would evolve down towards the.

In the future, we will continue to explore and build Asian member ecosystems through brand and business cooperation.

Wonderful.

Right.

I'm from walk in pioneer Ludlow.

Not really.

Terrific well go to Yahoo.

We are continuously exploring opportunities for cross-industry collaboration to enhance ACARDS value perception among our members.

[Company Representative] (Atour Lifestyle Holdings): We are continuously exploring opportunities for cross-industry collaboration to enhance A-Card's value perception among our members. In October, as an official partner of the Beijing Marathon, Atour extended a series of proprietary rights and benefits to our members, including direct participant access to the Beijing Marathon and an array of value-added services such as special breakfasts and energy supply packs. Moving forward, we will continue to broaden our membership benefits and cover more diverse vertical interests through cross-industry exploration, developing more opportunities while building up our membership ecosystem.

We are continuously exploring opportunities for cross industry collaboration to enhance a cards value perception among our members in October as an official partner of the Beijing Marathon.

In October , as an official partner of the Beijing Marathon, Atur extended a series of proprietary rights and benefits to our members, including direct participant access to the Beijing Marathon and an array of value-added services, such as special breakfasts and energy supply packs.

Or extend it a series of proprietary rights and the benefits to our members.

Clothing director participants access to the Beijing Marathon and an array of value added services, such as a special breakfasts and energy supply packs.

Moving forward, we will continue to broaden our membership benefits and cover more diverse vertical interests through cross-industry exploration, developing more opportunities while building up our membership ecosystem.

Going forward, we will continue to broaden our membership benefits and to cover more diverse vertical interests through cross industry exploration developing more opportunities, while putting up our membership ecosystem.

So woman tecation is Y woring now big class.

Wang Haijun: 此外，我们继续升级亚朵锦囊APLUS产品，以更好地满足会员日益增长的个性化需求，为用户打造更独特的住宿体验。我们的深睡体验深入人心。亚朵锦囊中，以选枕服务、晚安牛奶为代表的深睡服务产品，获得更多用户青睐。随着产品的不断丰富和升级，用户对亚朵锦囊的认知和粘性也持续加强。亚朵锦囊权益使用率相比年初大幅提升。

So a woman to Houston.

Mark it's Andy.

to better meet the needs of the members to grow day by day and to create a unique accommodation experience for users.

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But not all of them throughout the year.

Well I mean, the surgery suite orders yet.

Y number E shoulders. Who well, you want to have a Val of the centur, would have it. Who the PR, though you put him enough.

Yes, no no.

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What have you.

What's your thought.

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So we don't end up with some volatility.

Yeah.

Beautiful.

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Yeah, there was enough room Chinese.

<unk> off the T cell.

In addition, we also continued to advance our A-plus service offerings to better meet our A-card customers' ever-growing and diversifying demands and ensure a unique, memorable experience during their stays at ATOUR.

[Company Representative] (Atour Lifestyle Holdings): In addition, we also continued to advance our APLUS service offerings to better meet our A-Card customers' ever-growing and diversifying demands, and ensure a unique, memorable experience during their stays at Atour. Our signature Deep Sleep experience is top of mind for many A-Card members, and our service offerings for achieving Deep Sleep, such as pillow selection and good night milk, have witnessed high levels of demand. Our wide selection of high-quality offerings effectively enhance the user's recognition and stickiness, significantly boosting the overall usage rate of our APLUS services since the beginning of the year.

In addition, we also continued to advance our <unk> plus service offerings to better meet our card customers ever growing and diversifying the mass and ensure a unique memorable experience during their stays at war.

Our signature deep sleep experience is top of mind for many ACARD members and our service offerings for achieving deep sleep such as pillow selection and good night milk have witnessed high levels of demand.

Our signature deep sleep experience is top of mind for many a card members and our service offerings for achieving deep sleep, such as pillow selection and good night milk has witnessed a high levels of demand.

Our wide selection of high-quality offerings effectively enhanced the users' recognition and stickiness, significantly boosting the overall usage rate of our A-plus services since the beginning of the year.

Our wide selection of high quality offerings effectively enhance the users' recognition and stickiness significantly boosting their overall the overall usage rate of our eight plus services since the beginning of the year.

At the same time, our core freedom channels are still effective.

Wang Haijun: 与此同时，我们的核心自有渠道依旧保持高效。即使在暑期旅游旺季，CRS间夜占比依然保持稳定，三季度达到62.5%。个人会员及企业协议的稳健表现，更是为我们OCC的持续提升打下了坚实的基础。

Users holger, well wind up good easily with.

Eagle Bulks or culture.

You sure Diane Shaw <unk> TV.

CIS is still stable at 62.5%

C J B E.

Sunday, though not all bad news.

At the same time, our direct sales channels remained effective and strong, even during the peak summer season for leisure travel. Room nights sold through our CRS remained stable, reaching 62.5% in the third quarter.

Good enough.

Yes, Jim.

I'm sure many women OCC the fiduciary diesel.

Canceled as usual.

[Company Representative] (Atour Lifestyle Holdings): At the same time, our direct sales channels remained effective and strong. Even during the peak summer season for leisure travel, room nights sold through our CRS remained stable, reaching 62.5% in Q3. Resilience in both individual and corporate membership channels continued to propel the sustainable growth of our occupancy rate.

At the same time, our direct sales channels remain effective and strong even during the peak summer season for leisure travel room nights sold through our Crs remained stable, reaching 62, 5% in the third quarter.

Resilience in both individual and corporate membership channels continued to propel the sustainable growth of our occupancy rate.

Resilience in both individual and corporate membership channels continued to propel the sustainable growth of our occupancy rate.

Wang Haijun: 接下来是我们的场景零售业务。本季度我们的零售业务继续取得突破，整体GMV再创新高，达到3.02亿人民币，同比增长292%。线上渠道的销售增长尤为强劲，占整体GMV的比例进一步提升至80%。刚刚结束的双11购物节，场景零售业务再创佳绩。亚朵星球斩获各电商平台枕头品类的销售榜首。双11线上第三方平台的GMV超过2.5亿，较去年同期增长超过600%，较今年618也有超过140%的提升，体现了亚朵星球不断强化的品牌心智和强劲的增长势能。

Sure I'm in the towns you Antonio.

In this quarter, our retail business continues to gain breakthroughs. The overall GNV will create a new wave, reaching 3.02 billion coins. The?? will increase by 2.92%.

But diesel.

Oh Gee should also go up.

<unk> Cingal.

On Sunday.

<unk> <unk> <unk>.

Number two.

The sales growth in the online market has increased. The overall ratio of the GNV has increased to 80%. The double-11 purchase season just ended.

Sure.

Uhm.

John uncertainty GMA, the BD G, which is under 500 market.

<unk> issued a call for Eagle Ford yet Tony.

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Yaro Sing your PO. Good you know. jumking Hat, then Tal the sht bunch.

Yeah, I know it seems you're all doing okay.

Okay.

I'm sorry.

So as you can see, the third screen is over 2.5 billion.

So felicia details on either DMV toggle.

to an increase of more than 60 percent from last year.

<unk>.

Josh I think she's done the toggle back in Dubai.

This year's 618 also has more than 140% increase.

Joe Bob.

Bob Youre, Togo by vendor if prices sort of T cells.

Here you are watching your ud't chafather Kim my hind, her chamion that production.

T J its usual, who don't show up on the pricing.

Challenging about some direction.

[Company Representative] (Atour Lifestyle Holdings): Now, I'd like to move on to our scenario-based retail business. We achieved another strong quarter, with total GMV reaching a record high of CNY 302 million, increasing significantly by 292% year-over-year. Online sales in particular soared, contributing approximately 80% of our total GMV. Our retail business also delivered a remarkable performance during the recently concluded Double 11 shopping festival, as we topped the pillow sales chart across various third-party e-commerce platforms. Double 11's GMV across third-party online platforms exceeded CNY 250 million, an increase of over 600% compared with the same period last year, and an increase of more than 140% from this year's 618 shopping festival. This impressive performance clearly reflects Atour Planet's continuously strengthening brand awareness and robust growth potential.

Now, I'd like to move on to our scenario-based retail business.

Now I'd like to move onto our scenario based our retail business.

We achieved another strong quarter with total GMV reaching a record high of RMB 302 million, increasing significantly by 292% year over year.

We achieved another strong quarter with total G. M D, reaching a record high of RMB $302 million, increasing significantly by 292% year over year.

online sales in particular sort, contributing approximately 80 percent of our total GMB.

Online sales in particular sort contributing approximately 80% of our total GMB.

Our retail business also delivered a remarkable performance during the recently concluded Double Eleven Shopping Festival, as we topped the Pillow sales chart across various third-party e-commerce platforms.

Our retail business also delivered a remarkable performance during the recently concluded double 11 shopping festival.

As we talked the pillow sales chart across various third party e-commerce platforms.

Double-eleventh GMB across third-party online platforms exceeded RMB $250 million, an increase of over 600 percent compared with the same period last year.

February 11th G. M D across third party online platforms exceeded RMB $250 million, an increase of over 600% compared with the same period last year.

and an increase of more than 140 percent from this year's June 18th shopping festival.

And an increase of more than 140% from this year's June 18th shopping Festival. This.

This impressive performance clearly reflects a tour planet's continuously strengthening brand awareness and robust growth potential.

This impressive performance clearly reflects a tour of planets continuously strengthening brand awareness and robust growth potential.

Wang Haijun: 我们通过用户的真实反馈，持续挖掘用户需求，不断推动场景零售产品创新。目前，我们已成功建立了一套高效的新品研发机制，帮助我们实现了多个爆款产品的研发落地。亚朵星球深睡枕Pro自今年3月上市以来，取得了巨大的成功。截止11月11日，累计销量已超过80万只。在此基础上，主打控温、舒适包裹和超柔静音的产品控温被，也在9月实现了超千万的GMV，有力地验证了亚朵高效的产品研发能力。

We will continue to dig into the needs of our users through the real feedback we receive from our users. We will continue to promote long-term sales.

Well, then who are you.

The future frankly traditionally larger acquisition.

Food, Ontario County landfill tons in transit.

mochair will meet B generally half gold, shouldder shimpy and part.

Well, Chad will meet him go materially, Utah, Colorado <unk>.

to help us achieve the development of more products.

Bundle, especially on the Pogo all point in time.

The Yaduo Star-Sleeping Pro has achieved great success since March of this year. The sales of the Yaduo Star-Sleeping Pro has exceeded $800,000.

Yes.

<unk> chosen to again.

So the junior side.

She talked about $2 symbol <unk>.

Three years, a year later as shown on the Togo entrepreneur.

In this episode, we will talk about the products that are easy to handle and are easy to handle. In September , we will talk about the products that are easy to handle and are easy to handle.

Thanks, as it goes up to that.

Sure sure Boardwalk Autoloading, Lynda Com wasn't bad.

Yeah sure John culture, the DMV.

It has done a good job of testing the high-quality products of Yaduo.

You'll need.

Go China turnkey economy.

We have been consistently promoting innovation across our scenario-based retail business by identifying and exploring our users' evolving demands through their real feedback.

[Company Representative] (Atour Lifestyle Holdings): We have been consistently promoting innovation across our scenario-based retail business by identifying and exploring our users' evolving demands through their real feedback. Recently, we successfully established an efficient product development mechanism, which has enabled us to roll out numerous blockbuster products. Our Deep Sleep Pillow PRO has enjoyed great success since its launch in March this year, with total sales volume exceeding 800,000 units as of 11 November. Moreover, our Deep Sleep Temperature Control Quilt, which is designed to envelop users in a snug and tranquil environment with its advanced temperature control features, recorded an outstanding GMV of over CNY 10 million in September. This remarkable achievement serves as a compelling validation of our outstanding product development capabilities. Beyond our products themselves, exceptional customer experience is the cornerstone of Atour as a leading lifestyle brand.

We have been consistently promoting innovation across our scenario based retail business by identifying and exploring our users evolving demands through their real feedback.

Recently, we successfully established an efficient product development mechanism which has enabled us to roll out numerous blockbuster products. Our Deep Sleep Pillow Pro has enjoyed great success since its launch in March this year, with total sales volume exceeding 800,000 units as of November 11.

Recently, we successfully established that efficient product development mechanism, which has enabled us to rollout numerous blockbuster products. Our deep sleep Hello Pro has enjoyed great success since its launch in March this year with total sales volume exceeding.

800000 units as of November 11th.

Moreover, our deep sleep temperature control quilt, which is designed to envelop users in a snug and tranquil environment with its advanced temperature control features, recorded an outstanding GMB of over RMB 10 million in September . This remarkable achievement serves as a compelling validation of our outstanding product development capabilities.

Moreover, our deep sleep temperature control quilt, which is designed to envelop users in our snack and the tranquil environment, whether it's advanced of temperature controlled features.

Corded at outstanding G. M D of over RMB 10 million in September. This remarkable achievement serves as a compelling validation of our outstanding product development capabilities.

She then I'm sure you are looking at future.

The development of the retail industry not only comes from innovative physical products, but also comes from the high-tech purchase experience provided by our users.

Maybe to put.

Could you elaborate a tranche in the figures.

As a woman she will not go through the cycles.

Mo you are watching. Your came more got within the chicken there. P M, who also CLO here you start up wushing the orer. You hered on their shair.

Yeah, I'll go as usual caremark ortho endo.

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From the speed limit to the speed limit, we have been actively developing the core strategy of China's experience.

Total hold on Ito, well me, either <unk> or <unk>.

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Harsher Hydro Colby you leave Yoghurt Golar, Nevada.

Beyond our products themselves, exceptional customer experience is the cornerstone of a tour as a leading lifestyle brand. Our retail business development and success are not only driven by our innovative deep sleep series products, but also by the high quality shopping experience we provide to our customers.

Beyond our products themselves exceptional customer experience is the cornerstone of a tour as a leading lifestyle brand our retail business development and success are not only driven by our innovative deep sleep series products, but also by the high.

[Company Representative] (Atour Lifestyle Holdings): Our retail business development and success are not only driven by our innovative Deep Sleep series products, but also by the high-quality shopping experience we provide to our customers. Our Atour Planet flagship stores have garnered five-star ratings in terms of customer experience on both Douyin and Tmall, significantly outperforming our industry peers. From accommodation to our retail business, we have been proactively implementing our Chinese experience strategy to great effect, further solidifying our brand recognition and propelling our sustainable and quality growth. Last but not least, we embarked upon a journey to rediscover Atour's original aspirations in October, and returned to Yunnan Province to revisit Yaduo Village. Yaduo Village's spirit has always been our guiding light, inspiring our commitment to creating an intimate ambience where people can warmly connect.

Quality shopping experience, we provide to our customers.

Our Atua Planet flagship stores have garnered five star ratings in terms of customer experience on both Douyin and T-Mall, significantly outperforming our industry peers.

Our tour planet flagship stores have garnered five star ratings in terms of customer experience on both L. E N T mall significantly outperforming our industry peers.

From accommodation to our retail business, we have been proactively implementing our Chinese experience strategy to great effect, further solidifying our brand recognition and propelling our sustainable and quality growth.

Accommodation to our retail business, we have been proactively implementing our Chinese experience strategy to great effect further solidifying our brand recognition and propelling our sustainable and quality growth.

Finally, in October of this year, we went back to Yunnan to visit Yaduosun and started the journey of Yaduosun. The spirit of Yaduosun has been guiding us.

So it all women's I can assure you we don't youre not two of them together.

Hi, Sheila Yoghurt, whose injury.

Yes, well it wasn't the Jews Anita easier three alone.

No no he was injured.

Again, you wouldn't rule out of India.

We, in 2018, help the Yaduo Village to establish tea and professional cooperation.

Well, Linda <unk>, Tony it's higher.

through the innovation and support of companies, cooperatives, and tea farmers.

Yeah.

Tom Walsh Josh.

John on the policy for the merger.

for the local villagers to provide stable income and resources. The Yado Village of Julia is in full swing at the end of 2019. End.

It's only for me and people want to do the full rollout here.

Giuliano said on.

On the NV shares yeah in terms of the booking.

Due to our in our opinion.

We are in the face of three old investigation officers in Lujiang, China.

Yeah.

We don't know the Sun, who I'm talking to me and he is javan.

We hope that the tea garden in Yaduo Village not only can help local people to achieve their local goals.

Well Miss you up.

Sundar, how do you encounter with equally bound rule of thumb, the Australia, Colombia and whatnot.

We can also make positive contributions to the ecological construction and environmental protection of Yunnan.

Hi, Phil.

Sometimes.

When you bought whole foods <unk> homecare.

Last but not least, we embarked upon a journey to rediscover Atul's original aspirations in October and returned to Rih-Nan province to revisit Yaduo Village.

Last but not least we embarked upon a journey to rediscover it towards our original aspirations in October and have returned to inland provinces to revisit Yeattaw village.

Yaduo Village's spirit has always been our guiding light, inspiring our commitment to creating an intimate ambience where people can warmly connect.

Yeah, the old vintages spirit has always been our guiding light inspiring our commitment to creating an intimate ambiance where people can warmly connect.

In 2018, we helped the village to form a specialized T-cooperative, adopting an innovative model to encourage full cooperation among enterprises, V-cooperative, and T-farmers.

[Company Representative] (Atour Lifestyle Holdings): In 2018, we helped the village to form a specialized tea cooperative, adopting an innovative model to encourage full cooperation among enterprises, the cooperative, and tea farmers. This initiative has provided a stable income channel for local villagers ever since, and empowered Yaduo Village to eradicate poverty village-wide as of the end of 2019. As of September this year, we have increased the planting area of our three tea farms in Nujiang Prefecture to nearly 10,000 mu, a Chinese unit of areas. We believe the promotion of tea farms in Yaduo Village will not only help reclaim wasteland for agriculture, but can also contribute positively to Yunnan's ecological development and environmental conservation. Now, I'll turn the call over to our Co-CFO, Mr. Wu Jianfeng, to discuss our financial results.

In 2018, we help to the village to form a specialized T cooperative adopting an innovative model to encourage full cooperation among enterprises, we cooperated and T farmers.

This initiative has provided a stable income channel for local villagers ever since and empowered Yaduo Village to eradicate poverty village-wide as of the end of 2019.

This initiative has provided a stable income channel for local villagers ever since and empowered yellow village to eradicate poverty vintage wide as of the end of 2019.

As of September this year, we have increased the planting area of our three tea farms in Niujiang Prefecture to nearly 10,000 mu, a Chinese unit of area.

As of September this year, we have increased the planting area of our <unk> farms in new jumped et cetera to nearly 10000 more.

And Chinese unit of areas.

We believe the promotion of tea farms in Yaduo Village will not only help reclaim wasteland for agriculture, but can also contribute positively to renown's ecological development and environmental conservation.

We believe the promotion of tea farms in outdoor village will not only help reclaim wasteland for agriculture, but can also contributes positively to reenergize ecological development and environmental conservation.

Now, I'll turn the call over to our co-CFO, Mr. Wu Jianfeng, to discuss our financial results.

Jimmy Choo woman values used vehicles.

Great.

Sudan I wouldn't even walk now I will turn the call over to our co CFO, Mr. We cancel to discuss our financial results.

Thank you, Haijun. Now I would like to present the company's financial performance for the third quarter of 2023.

Wu Jianfeng: Thank you, Haijun. Now I would like to present the company's financial performance for Q3 2023. Our net revenues for Q3 2023 grew by 93.1% year-over-year and 18.4% quarter-over-quarter to CNY 1,294 million. The strong increase in Q3 was driven by the robust growth in both our hotel and scenario-based retail businesses. Revenues from our managed hotels for Q3 2023 were CNY 781 million, up by 82.9% year-over-year and 24.7% quarter-over-quarter. These increases were primarily driven by the ongoing expansion of our hotel network and the increase in RevPAR. The total number of managed hotels increased to 1,080 as of 30 September 2023, up by 27.5% year-over-year and 7.9% quarter-over-quarter, while RevPAR surpassed 2019's level and recovered to CNY 418 for Q3 2023 from CNY 317 for Q3 2022.

Thank you hygiene now I would like to present, the company's financial performance for the third quarter of 2023.

Our net revenues for the third quarter of 2023 grew by 93.1% year-over-year and 18.4% quarter-over-quarter to RMB 1,294 million.

Our net revenues for the third quarter of 2033 grew by 93, 1% year over year, and 18.4% quarter over quarter to RMB 1290 $4 million.

The strong increase in the third quarter was driven by the robot growth in both our hotel and scenario-based retail business.

The strong increase in the third quarter whats driven by the robust growth in both our hotel and narrow base of retail businesses.

Revenues from our monetized hotels for the third quarter of 2023 will be 7801 million.

Revenue was thrown out monetize the hotels for the third quarter of 2023 were RMB 781 million about.

up by 82.9% year over year and 24.7% quarter over quarter.

About 82, 9% year over year, and 24, 7% quarter over quarter.

These increases were primarily driven by the ongoing expansion of our hotel network and the increase in rent power.

These increases were primarily driven by the ongoing expansion of our hotel network and the increase in Revpar.

The total number of managerized hotels increased to 1,080 as of September 30, 2023, up by 27.5% year over year and 7.9% quarter over quarter.

The total number of <unk> hotels increased to 1080 as of September 32003.

By 27, 5% year over year, and 7.9% quarter over quarter, while Revpar was about 2019 as devil and recover to RMB 418 for the third quarter up 10 to 23 from RMB 317.

while Railpark surpassed 2019's level and recovered to RMB418 for the third quarter of 2023 from RMB317 for the same period of 2022.

Periods of 2022.

Revenues contributed by our lease totals for the third quarter of 2023 for RMB 238 million, representing an increase of 49.3% year-over-year and 8.5% quarter-over-quarter.

Wu Jianfeng: Revenues contributed by our leased hotels for Q3 2023 were CNY 238 million, representing an increase of 49.3% year-over-year and 8.5% quarter-over-quarter. These increases were primarily due to the growth of RevPAR. RevPAR of our leased hotels surpassed 2019's level and recovered to CNY 571 for Q3 2023, from CNY 384 for the same period of 2022. Revenues from retail and others for Q3 2023 increased by 229.1% year-over-year, and 11.4% quarter-over-quarter to CNY 275 million, with scenario-based retail revenues growing by 291.7% year-over-year and 11.1% quarter-over-quarter to CNY 235 million. These increases were attributable to our ongoing efforts to address evolving customer needs, as well as our efficient product development mechanism, which enabled us to consistently launch lead products that which are well received by customers.

Revenue was contributed by Audi hotels for the third quarter up to anything here three were RMB $238 million, representing an increase of 49, 3% year over year, and eight 5% quarter over quarter.

These increases were primarily due to the growth of red part.

These increases were primarily due to the growth of Revpar.

Red Power of all these hotels surpassed 2019's level and recovered to RMB571 for the third quarter of 2023 from RMB384 for the same period of 2022.

Revpar of all these hotels, so part 2019 level and recover the two RMB 571 for the third quarter of 283 from RMB 384 for the same period of 2022.

Revenues from retail and others for the third quarter of 2023 increased by 229.1% year-over-year and 11.4% quarter-over-quarter to MB 275 minutes.

Revenues for all retail and other for the third quarter of 2023 increased by 229, 1% year over year, and 11, 4% quarter over quarter to RMB $275 million.

with narrow-based retail revenues growing by 291.7% year-over-year and 11.1% quarter-over-quarter to RMB 235 million.

With narrow base of retail revenues growing by 291, 7% year over year, and 11, 1% quarter over quarter to RMB 200.

$35 million.

These increases were attributable to our ongoing efforts to address evolving customer needs as well as our efficient product development mechanism, which enabled us to consistently launch new products which are well received by customers.

These increases were attributable to our ongoing.

Efforts to address evolving customer needs as well as our efficient product development mckenney them, which enabled us to consistently.

The product that which are well received by customers.

In addition, we continue to expand our customer base and enhance our brand recognition through a combination of various online and offline distribution channels.

Wu Jianfeng: In addition, we continued to expand our customer base and enhance our brand recognition through a combination of various online and offline distribution channels. Now let's move to costs and expenses. Our hotel operating costs for Q3 2023 increased by 58.4% year-over-year to CNY 617 million, mainly due to the increase in variable costs such as supply chain costs associated with the ongoing expansion of our hotel network. Hotel operating costs accounted for 60.5% of total hotel revenues for Q3 2023, compared with 66.3% for the same period of 2022. The decrease was due to the robust growth of RevPAR and the economics of scale brought by our rapid network expansion.

In addition, we continued to expand our customer base and enhance our brand recognition through a combination of various online and offline distribution channels.

Now, let's move to costs and expenses.

Our hotel operating costs for the third quarter of 2023 increased by 58.4% year-over-year to RMB 617 million.

Our hotel operating costs for the third quarter of 2023 increased by 58, 4% year over year to RMB $670 million.

mainly due to the increase in variable costs such as supply chain costs associated with the ongoing expansion of our hotel network.

Mainly due to the increase in variable costs.

Supply chain costs.

L shaped it with the ongoing expansion of our hotel network.

Hotel operating costs accounted for 60.5% of total hotel revenues for the third quarter of 2023, compared with 66.3% for the same period of 2022.

Hotel operating costs accounted for 65% of total hotel revenues.

Third quarter of 2023, compared with 56, 3% for the same period of 2022.

The decrease was due to the robust growth of Redpox and the economics of Gale brought by our rapid network expansion.

The decrease was due to the robust growth of wrap up and the economics of scale brought by our rapid network expansion.

Other operating costs for the third quarter of 2023 were R&D 131 million, representing an increase of 190.8% year over year.

Wu Jianfeng: Other operating costs for Q3 2023 were RMB 131 million, representing an increase of 119.8% year-over-year, driven by increased costs associated with the rapid growth of our scenario-based retail business. Other operating costs accounted for 47.6% of retail revenues and others for Q3 2023, compared with 53.8% for the same period of 2022. This decrease was attributable to improved retail business profitability as a result of the increasing contribution from higher margin online distribution channels. Selling and marketing expenses for Q3 2023 increased by 269.3% year-over-year to RMB 112 million. Selling and marketing expenses accounted for 8.7% of net revenues for Q3 2023, compared with 4.5% for the same period of 2022.

Other operating costs for the third quarter of 2023 were RMB 131 million, representing an increase of 198% year over year.

driven by increased costs associated with the rapid growth of our narrow-based retail business.

Driven by increased costs associated associated with the rapid growth of our narrow base of the retail business.

Other operating costs accounted for 47.6% of retail revenues and others for the third quarter of 2023.

Other operating costs accounted for 47, 6% of retail revenues and others for the third quarter of 2023.

compelled with 53.8% for the same period of 2022.

With 53, 8% for same period of 2022.

This decrease was attributable to improved retail business profitability as a result of the increasing contribution from higher margin online distribution channels.

The decrease was attributable to improve the retail business profitability as a result of the increasing contribution from higher margin online distribution channels.

Selling and marketing expenses for the third quarter of 2023 increased by 269.3% year-over-year to RMB 112 million.

Selling and marketing expenses for the third quarter of 2023 increased by 269, 3% year over year to RMB $112 million.

setting and marketing expenses accounted for 8.7% of the net revenues for the third quarter of 2023, compared with 4.5% for the same period of 2022.

Selling and marketing expenses accounted for eight 7% of net revenue for the third quarter of 2023 compared with four 5% for the same periods of 2022.

Wu Jianfeng: The year-over-year increase was primarily attributable to the rapid growth of the scenario-based retail business, which was particularly driven by online channels. General and administrative expenses for Q3 2023 were CNY 79 million. Excluding share-based compensation expenses of CNY 9 million, adjusted general and administrative expenses increased by 53.3% year-over-year to CNY 17 million for Q3 2023. Adjusted general and administrative expenses accounted for 5.4% of net revenues for Q3 2023, compared with 6.8% for the same period of 2022. The decrease was due to the improvement of our management efficiency and operating leverage. Our technology and development expenses for Q3 2023 were CNY 20 million, compared with CNY 16 million for the same period of 2022.

The year-over-year increase was primarily attributable to the rapid growth of this narrow-based retail business, which was particularly driven by online channels.

The year over year increase was primarily attributable to the rapid growth of the scenario based the retail business, which was particularly driven by omni channel.

Journal and administrative expenses for the third quarter of 2023 will be 79 million.

General and administrative expenses for the <unk>.

Third quarter of 2023 were RMB, seven 9 million extra.

excluding share-based compensation expenses of RMB9 million, adjusted general and administrative expenses increased by 53.3% year-over-year to RMB17 million for the third quarter of 2020.

Excluding share based compensation expenses of RMB 9 million.

Adjusted General and administrative expenses increased by 53, 3% year over year to RMB 70 million.

For the third quarter of 2023.

Adjusted general and administrative expenses accounted for 5.4% of net revenues for the third quarter of 2023, compared with 6.8% for the same period of 2022.

Adjusted General and administrative expenses accounted for five 4% of net revenues for the third.

Quarter of $10 93, compared with six 8% for the same period of 2022.

The decrease was due to the improvement of our management efficiency and operating leverage.

This decrease was due to the improvement of our management efficiency and operating leverage.

Our technology and development expenses for the third quarter of 2023 will be 20 million.

Our technology and development expenses for the third quarter of 2023 were RMB 20 million.

Compiled with RMB16 minimum for a 10-period option 2020 too.

Compared with RMB 16 million for same period of <unk> 92.

Wu Jianfeng: Technology and development expenses accounted for 1.6% of net revenues for Q3 2023, compared with 2.5% for the same period of 2022. We will continue to improve our technology and development capability and invest in comprehensive digital infrastructures to facilitate our long term sustainable growth. Adjusted EBITDA for Q3 2023 was CNY 380 million, up by 122.4% year over year. Adjusted EBITDA margin for Q3 2023 was 29.4%, with an increase of 4 percentage points year over year. Adjusted net income for Q3 increased by 144.7% year over year to CNY 272 million.

Technology and development expenses accounted for 1.6% of net revenues for the third quarter of 2023, compared with 2.5% for the same period of 2022.

Technology and development expenses accounted for one 6% of the net.

Net revenues for the further opportunity in Q3 compared with two 5% for same period of 2022.

We will continue to improve our technology and development capability and invest in comprehensive digital infrastructure to facilitate our long-term sustainable goals.

We will continue to improve our technology and development capability and invest in comprehensive digital is that structure to facilitate our long term sustainable growth.

Adjusted EBITDA for the third quarter of 2023 was RMB 380 million, up by 122.4% year-over-year. Adjusted EBITDA margin for the third quarter of 2023 was...

Adjusted EBITDA for the third quarter of 2023 was RMB $380 million up by 122, 4% year over year.

Adjusted EBITDA margin for the third quarter of 2023.

Nine 4%.

with an increase of 4 percentage points year over year.

With an increase of four percentage points year over year.

adjusted net income for the third quarter increased by 144.7% year-over-year to RMB272 million.

Adjusted net income for the third quarter increased by 144, 7% year over year to RMB 272 million.

Adjusted net profit margin for the third quarter of 2023 was 21.0%, with an increase of 4 percentage points year-over-year.

Wu Jianfeng: Adjusted net profit margin for Q3 2023 was 21.0%, with an increase of 4 percentage points year-over-year. The improved group's overall net margin was primarily driven by the increase in gross profit margin in both our hotel and scenario-based retail businesses, along with our improved operating leverage. Operating cash inflow for Q3 2023 was RMB 543 million. Investing cash outflow and financing cash outflow for Q3 2023 were RMB 779 million and RMB 98 million respectively. Notably, we have maintained a healthy cash position with stable growth momentum. As of 30 September 2023, our cash and cash equivalents totaled RMB 2.2 billion. Together with bank structured deposits, we have cash and short-term investments totaling RMB 3.0 billion. That concludes our financial highlights for Q3 2023. With that, let's open for Q&A.

Adjusted net profit margin for the third quarter of 2023, what 'twenty.

<unk>, 1.0% with an increase of four percentage points year over year.

The improved group overall net margin was primarily driven by the increase in gross profit margin in both our hotel and scenario-based retail businesses, along with our improved operating

They improve the group's overall net margin was primarily driven by the increase in gross profit margin in both our hotel and narrow base the retail businesses.

Along with our improved operating leverage.

Operating cash inflow for the third quarter of 2023 was RMB 543 million.

Operating cash inflow for the third quarter of 2023 was RMB 543 million investing cash outflow and financing cash outflow for the third quarter.

Investing cash outflow and financing cash outflow for the third quarter of 2023 were RMB779 million and RMB98 million respectively.

Order of 2023, while RMB, 717, 9 million and RMB $98 million respectively.

Notably, we have maintained a healthy cash position with stable growth momentum. As of September 30, 2023, our cash and cash equivalents totaled RMB 2.2 billion. Together with bank-structured deposits, we have cash and short-term investments totaling RMB 3.0 billion.

Notably we have maintained.

Healthy cash position with stable growth momentum as of September 32023, our cash and cash equivalents totaled RMB two 2 billion.

Together with bank structure the deposits, we have cash and short term investments totaled RMB 3.0 opinion.

That concludes our financial highlights for the third quarter of 2023, with that open for Q&A.

That concludes our financial highlights for the third quarter up 10 to 33 with that let's open for Q&A.

Thank you sir. As a reminder to ask a question you'll need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question please press star 1 and 1 again. Once again please press star 1 and 1 on your telephone and wait for your name to be announced.

Operator: Thank you, sir. As a reminder to ask a question, you'll need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one on your telephone and wait for your name to be announced. For the benefit of all you participants on today's call, if you raise your question in Chinese, please immediately repeat your question in English. Please limit your questions to one at a time. If you wish to have any follow-up questions, please rejoin the queue. Thank you. We are now going to proceed with our first question. The question comes from the line of Lydia Ling from Citi. Please ask your question.

Thank you so as a reminder to ask a question you'll need to press star one and one on your telephone and wait for your name to be announced can we go to your question. Please press star one and one again once again, please press star one and one on your telephone and wait for your name to be announced.

For the benefit of all your participants on today's call, if you raise your question in Chinese, please immediately repeat your question in English. Please submit your questions to one at a time. If you wish to have any follow-up questions, please rejoin the queue. Thank you. We are now going to proceed with our first.

For the benefit of all your participants on today's call. If you raise your question in Chinese. Please immediately repeat your question in English. Please limit your questions to one at a time if you wish to have any follow up questions. Please rejoin the queue. Thank you.

We are now going to proceed with our first question.

Other questions come from the line of Linda Ling from Citi, please ask your question.

Our question comes from the line of Lee Yelling from Citi. Please ask your question.

Lydia Ling: Thank you.

Thank you. Hello, everyone. I'm Lydia from Huaqi. First of all, I'd like to thank you for giving me the opportunity to ask questions. And I'd also like to congratulate the company for achieving a very bright result in the third quarter, whether it's our hotel business or long-term retail sales. I'd also like to ask, based on the current trend from the fourth quarter to the present, has there been any changes to the company's opening of stores last year, including RAPPA and revenue guidance? It's now the end of the year, so I'd also like to know how the company sees the development trend for next year. Do you have any preliminary guidance that you can share with us? Yes, of course. I'd like to start by saying that the company has been very successful in the past three quarters. We've had a lot of success in the past three quarters. But after this year's closing down, we've had bad results. How do you see the company's development trend for next year? Do you have any initial guidance you can share with us?

Lydia Ling: 管理层好，我是花旗的Lydia。那先感谢给我提问的机会，也恭喜公司三季度取得了非常亮丽的一个业绩，无论是我们的酒店业务还是场景零售。那也想问一下，就是基于四季度到目前的一个趋势，公司对于今年全年的一个开店，也包括RevPAR以及收入利润指引，那是否有改变？那现在也到年底了，所以也想了解一下公司是如何看明年的一个发展趋势，那是否有初步的指引可以跟我们分享一下？我来翻译一下。Hi management.

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Hi, management. I'm from our city. Thanks for taking my questions. First, the congratulations. I'm very sorry. The results for the first quarter, including the hotel business and also the retail business.

Oh Wow.

Lydia Ling: I'm Lydia Ling from Citi. Thanks for taking my questions. First, congratulations on very solid results for the Q3, including the hotel business and also the retail business. I want to check with the management that based on the Q4 to date trend, do you actually have any changes in your full-year guidance in terms of the openings, like the RevPAR as well as for the top line and bottom line guidance? As we are into the end of this year, also want to check with the company if you have any guidance for growth outlook for next year. Do you have any initial expectation to share with us? Thank you.

Oh, Hi management MDA daily from Citi. Thanks for taking my questions. Firstly, congratulations I'm very sorry that results for the quarter, including the hotel business and also whatever retail business.

So we want to check with the management database on the fourth quarter to date trend. So do you actually have any changes in your four-year guidance in terms of the openings, like the red part, as well as for the top line and the bottom line guidance? And also, as we are into the end of this year, also want to check with the company if you have any guidance for growth outlook for next year. Do you have any, like the initial expectation to share with us? Thank you.

Wanted to chat with the management that based on the fourth quarter to date trend.

Have any changes in your full year guidance in terms of your openings like the revpar as well as for the top line and the bottom line guidance and also as we go into the end of this year's total walnuts checked with the company. If you have any guidance or outlook for next year do you have any like the initial expectation to show with that thank you.

Yeah.

Wu Jianfeng: 好，谢谢 Lydia，我来回答你这个问题。那首先是关于全年的开店，截止到 9 月 30 号，今年我们累计的开店是 189 家。那从趋势来看的话，是逐个季度在增加的。我们也有信心在四季度的开店可以进一步地提速，所以我们维持全年的 280 家这个开店目标不变。Thank you, Lydia. Let me take your question. As of September the 30th, we have opened 189 hotels cumulatively this year.

So that area well every dining table wouldn't here.

First of all, regarding the annual power generation, as of September 30th, we have generated 189 power generations this year. Looking at the trend, the number is increasing every quarter. We are confident that the power generation in the fourth quarter can be accelerated further. So our goal of maintaining 280 power generations throughout the year remains the same.

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Thank you, Lydia. Let me take your question. As of September the 30th, we have opened 189 hotels cumulatively this year. The trend shows a quarterly increase, and we are pretty confident that the new hotel openings will accelerate further in the fourth quarter.

Thank you Alicia let me take your question.

September 30, we have opened 118 nine hotels cumulatively. This year the trend shows our quarterly increase and we're pretty confident that the new hotel openings will accelerate further in the fourth quarter.

Wu Jianfeng: The trend shows a quarterly increase. We are pretty confident that the new hotel openings will accelerate further in Q4. That's why we would like to maintain the target of 280 new hotel openings for the full year. 第 二 是 关 于 RevPAR。 RevPAR 我 们 在 上 季 度 的 业 绩 会 上 跟 大 家 沟 通 的 是 113% 到 117% 的 这 个 恢 复 度 的 区 间 。 目 前 从 整 体 的 进 展 ， 包 括 暑 期 National Day 假 期 的 表 现 来 看 ， 都 符 合 我 们 之 前 的 预 期 ， 整 体 表 现 比 较 稳 健 。 我 们 也 会 维 持 全 年 113% 到 117% 的 RevPAR 恢 复 度 的 指 引 区 间 。 Secondly, in terms of the RevPAR, well, in our last earnings call, we had shared that our full year RevPAR recovery rate was to be in the range of 113% to 117%.

And that's why we would like to maintain a target of 280 new hotel openings for the full year.

And that's why we would like to maintain a target of 280, new hotel openings for the full year.

The second question is about RAP-PAR. RAP-PAR talks with everyone from 113 to 117 in the last quarter of this year.

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And secondly, in terms of the RAVPAR, well, in our last earnings call, we had shared that our full-year RAVPAR recovery rate was to be in the range of 113 percent to 117 percent.

And secondly in terms of the Revpar well in our last earnings call. We had shared that our full year revpar recovery rate was to be in the range of 113% to 117%.

Wu Jianfeng: Well, now that seeing the overall progress till now is including the performance during the summer and the National Day holidays, all remained solid and was in line with our expectations. We are maintaining the full year guidance unchanged still within the range of 113% to 117%. 第 三 是 关 于 收 入 。 那 么 我 们 的 零 售 业 务 取 得 了 不 断 的 突 破 和 超 预 期 的 一 个 表 现 ， 所 以 我 们 对 于 今 年 全 年 的 收 入 预 期 将 会 上 调 到 CNY 4.4 billion 左 右 ， 同 比 增 长 超 过 90%。Thirdly, in terms of revenue, as we have achieved many breakthroughs in our retail business, the retail business revenue has continuously exceeded our expectations.

Well, now that seeing the overall progress till now is including the performance during the summer and the National Day holidays all remained solid and was in line with our expectations. So we are maintaining the full year guidance unchanged still within the range of 113 percent to 117 percent.

Now Thats T&D overall progress till now is including the performance during the summer and a national day holidays. All remained solid and was in line with our expectations. So we are maintaining our full year guidance unchanged still within the range of 113% to 117%.

Thirdly, on income, our retail business continues to break through and exceed expectations. So our annual income for this year will increase to around 4.4 billion RMB, an increase of more than 90%.

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and thirdly in terms of revenue as we have achieved many breakthroughs in our retail business.

And thirdly in terms of revenue as we have achieved many breakthroughs in our retail business.

The retail business revenue has continuously exceeded our expectations. Therefore, we will revise up our full-year revenue guidance to around $4.4 billion, with a year-on-year growth exceeding 90 percent.

The retail business revenue has continuously exceeded our expectations and therefore, we will revise up our full year revenue guidance to around $4 4 billion with a year on year growth exceeding 90%.

Wu Jianfeng: Therefore, we will revise up our full year revenue guidance to around CNY 4.4 billion, with a year-on-year growth exceeding 90%. 那最后关于明年的指引。开店我们会按照2025年2,000家好店的节奏稳步推进。RevPAR会在今年的基础上，我们的目标是做到温和的一个增长。

Last but not least, regarding the guidance for next year, we will keep a steady pace of 2025 with 2,000 good power stations.

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Regarding guidance services, we plan to introduce different service models for our customers. As I mentioned, we want to introduce ToneMeter.

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Wang Haijun: 关于具体的数据，我们内部现在也正在做明年2024年的预算。详细的情况，我们会等到下个季度的业绩会的时候再跟大家做具体的沟通。

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[Company Representative] (Atour Lifestyle Holdings): Regarding guidance for the next year, new hotel openings will progress steadily in line with the pace to achieve our goal of opening 2,000 Premier Hotels by 2025. The RevPAR target for next year is to be with some moderate growth based upon this year's fundamental value. As we are in the middle of internal budgeting for next year 2024, we would like to share more color on the next quarter earnings call.

Regarding guidance for the next year.

New hotel openings will progress steadily in line with the pace to achieve our goal of opening 2,000 premier hotels by 2025. And the rough part target for next year is to be with some moderate growth based upon this year's fundamental value. And as we are in the middle of internal budgeting for next year, 2024, we would like to share more color on the next quarter earnings call.

New hotel openings will progress steadily in line with the pace to achieve our goal of opening 2000 Premier hotels by 2025, and the Revpar target for next year is to be with some moderate growth based upon this year's fundamental value.

And as we are in the middle of your internal budgeting for next year 2024, we would like to share more color on the next quarter earnings call. Susan. Thank you. Thank you Lydia operator, please invite next question.

Thank you. Thank you, Lydia. Operator, please invite next question.

Wang Haijun: 思杰。

[Company Representative] (Atour Lifestyle Holdings): Thank you.

Alison Zhang: Thank you, Lydia. Operator, please invite next question.

Operator: Thank you. We are now going to take our next question. The question comes from the line of Sijie Lin from CICC. Please ask your question. The line is opened.

Yeah.

Thank you we are not going to take our next question.

And the questions come from the line of Cingeline from CICC. Please ask a question. The line is open.

And the question is come from the line of engineered from the ICC. Please ask your question. Your line is open.

Sijie Lin: 谢谢管理层，也再次恭喜取得又一个季度很好的业绩。我们其实看了亚朵4.0的发布会，确实感觉在整体的风格和品质感上实现了一个跨越。所以我们是怎么样在这种情况下把单房的CAPEX还控制在14.5万的？然后以及能不能再为我们分享一下亚朵4.0开业以后的RevPAR和单店模型的预期？So my question is about Atour 4.0, which we launched recently. I feel that it's really a big improvement in overall style and quality compared with previous versions.

Thank you, Guan Yiceng. Congratulations again on your record-breaking performance. After watching the YADUO 4.0 launch, we can feel that you have made a breakthrough in terms of overall style and quality. So how do we control the single-room KPEX at 14.5 million in this situation? And can you share with us the expectations of RAPA and single-channel models after the launch of YADUO 4.0?

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Actually I don't see any kind of a hotel or a powerful event in Washington D C.

So, my question is about ATOR 4.0, which we launched recently. I feel that there's really a big improvement in overall style and quality compared with previous versions. So, how can we control the CAPEX at $145,000 per room while achieving this? And could you please share with us your expectation on its future RFPA and new unit economics, including payback period? Thanks.

So my question is about a two or a full point their ROE, which we launched recently I say that is really big and preventing overall styling and quality compared with previous versions. So how can we control the tray packs at mm 145000 per room, while shooting this and could you. Please share with us your expectation of ice futures.

Sijie Lin: How can we control the CAPEX at CNY 145,000 per room while achieving this? Could you please share with us your expectation on its future RevPAR and unit economics, including payback period? Thanks.

In the U S economy, including pay back period.

Okay, thank you. I'll answer this question. The Asia 4.0 concept is that our location is different from traditional commercial hotels. So we used a lot of natural elements. We hope to create a relaxed and leisurely atmosphere for business trips and traveling guests.

Wang Haijun: 好的，谢谢思杰，我来回答这个问题。亚朵4.0"见野"我们的定位是有别于传统的商务型酒店，所以我们运用了很多自然原生的元素，希望是给出差和在外奔波的客人营造一种放松休闲的氛围，能够在自然闲逸的环境中，把紧绷的差旅的心情放松下来，获得松弛感。

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Not sure when but the latest you'll get your triangle in a somewhat linear.

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Thank you Heidi.

Susan.

For the full genome.

[Company Representative] (Atour Lifestyle Holdings): Well, thank you very much, Sijie, for your question. Let me answer that. Atour 4.0 with nature distinguishes itself from our traditional business hotels or of others. It incorporates many natural native elements to create a sense of natural tranquility, and this provides a relaxation and leisurely ambiance for our guests who are on business trips or if they are constantly on the go.

Well, thank you very much, Sujie, for your questions. Let me answer that.

Well. Thank you very much to CFO questions, let me answer that.

A tour of 4.0 with nature distinguishes itself from our traditional business hotels or of others. It incorporates many natural, native elements to create a sense of natural tranquility. And this provides a relaxation and leisurely ambience for our guests who are on the business trips or if they are constantly on the go.

A two 4.0 with nature distinguishes itself from our traditional business hotels or our fathers. It incorporates many natural native elements.

To create a sense of natural tranquility and this provides a relaxation and leisure the ambience for our guests who are on the business trips or if there are constantly on the go.

We expect a mature hotel like 4.0. Roller Park's target is 400 yuan.

Wang Haijun: 我们预计一个成熟的4.0的这样的酒店，RevPAR的目标是400元人民币。我们在整个的设计风格突破、软硬装全面升级的情况下，按照140个标准房量来算的话，单间造价是做到了14.5万。亚朵4.0的产品，我们整体采用了大比例的模块化的设计，一方面更好地保障了项目的很好的品质的交控，同时也缩短了时间和工期。

Well, usually you are comfortable with us with any materiality with Golar partners, we are not sure.

Maybe.

In the case of the full upgrade of the design style of the Ruan Yingzhuang, according to the 140 standard rooms, the price of the unit is 14.5 million yuan.

No more months showed if I go too far in Guangzhou, China National Division.

Sure.

Sure Bill.

That's one that you saw John for 12 hour shifts.

For the 4.0 product, we have used a large proportion of model design. On the one hand, it is better to ensure that the project has a good quality interaction. At the same time, we have shortened the time and supply period.

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Momentum is high on our coffee leader in most of our other shortly.

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For a tour, a tour 4.0 hotel, we would anticipate a rough part target of 400 RMB.

[Company Representative] (Atour Lifestyle Holdings): For a mature Atour 4.0 hotel, we would anticipate a RevPAR target of CNY 400. At the same time, with breakthroughs in design styles and the upgrades in both facilities and amenities, the CAPEX per room would be around CNY 145,000 based upon a total number of 140 rooms. Atour 4.0 adopts a large-scale modular design, which not only can help to better ensure the project quality, it also helps us to reduce the material and construction period.

For our mature 12, 4.0 hotel, we would anticipate our revpar target of 400 RMB at.

At the same time, with breakthroughs in design styles and the upgrades in both facilities and amenities, the CAPACs per room would be around 145,000 RMB based upon a total number of 140 rooms.

At the same time with breakthroughs and design styles and the upgrades in both facilities and amenities that capex per room would be around 145000 RMB based upon total number of 440 rooms.

A Tool 4.0 adopts a large-scale modular design, which not only can help to better ensure the project quality, it also helps us to reduce the material and construction period.

Two a 4.0 adults a large scale modular design, which not only can help to better ensure the project quality. It also helps us to reduce the material and construction period.

The investment return period for Yaduo 4.0 is about 3.5 years. This return period includes the renovation period. This will be further extended than the previous 3.5 version. It is expected to lead again in the mid-to-high-end market. Thank you.

Wang Haijun: 整体来看，我们亚朵4.0的投资回报期大概是3.5年，这个回报期是包含装修期的。那么这个比我们上一个3.5的版本会进一步的缩短，预计也能够在中高端的市场再次地引领。谢谢。

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In general, the investment return period for a Tour of 4.0, while including the renovation period, is estimated to be three year and a half. That is shorter than our previous version, 3.5. We expect a Tour of 4.0 will continue to enhance our competitiveness in the upper-mid-scale hotel market and also lead our long-term growth. Thank you.

[Company Representative] (Atour Lifestyle Holdings): In general, the investment return period for Atour 4.0, including the renovation period, is estimated to be three year and a half. That is shorter than our previous version, 3.5. We expect Atour 4.0 will continue to enhance our competitiveness in the upper mid-scale hotel market and also lead our long-term growth. Thank you.

In general the investment return period for a 12 4.0, while including the renovation period is estimated to be three year and a half that is shorter than our previous version three five we expect that 240 will continue to enhance our competitiveness in the <unk>.

Upper mid scale hotel market and also read our long term growth. Thank you.

Thank you, Sijie. Let's have our next question.

Alison Zhang: Thank you, Sijie. Let's have our next question.

Thank you for that.

Let's have our next question.

Operator: Thank you. We are now going to proceed with our next question. The question comes from the line of Ronald Leung from Bank of America. Please ask your question.

Thank you. We are now going to proceed with our next question.

Thank you.

We are not going to proceed with our next question.

And the questions come from the line of Ronald Lang from Bank of America. Please ask your question.

And the question is come from the line of Ronald Leung from Bank of America. Please ask your question.

Good evening, Managing Director. Thank you for giving me the opportunity to ask questions. And congratulations to the Managing Director for achieving very good results this quarter.

Ronald Leung: 管理层晚上好，谢谢你们给我提问的机会。还有恭喜管理层这个季度也达到非常好的业绩。我的问题是关于零售的业务的。我们看见三季度的零售业务的表现持续超预期，Double 11也再次取得了突破。请问公司对零售业务未来的规划和增长预期会是如何？让我翻译一下。The performance of the retail business in the third quarter continues to exceed expectations, and there was also another breakthrough during Double 11.

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My question is on <unk>, so yeah with a sales issue is how do you see.

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I'm going to do anything so yeah, we like that quite well.

You see it.

The performance of the retail business in the third quarter continues to exceed expectations, and there was also another breakthrough during W11. Could you please provide insights into the company's future plans and growth expectations for the retail business? Thank you very much.

Uh huh.

The performance of the retail business in the third quarter as it continues to exceed expectations and there was also at other breakthrough during double 11 could you. Please provide even places to accommodate future pads and growth expectations for the retail business. Thank you very much.

Ronald Leung: Could you please provide insights into company's future plans and growth expectations for the retail business? Thank you very much.

OK. Thank you for your question. Let me answer it for you. So, the future of the retail business is our strategy for the next few years. The first thing is to make a prediction. We will be more focused on the distribution and distribution of our sleeping areas.

Wang Shoudong: 好，谢谢你的问题，我来回答一下。那么零售业务未来我们几年的策略，一个是先做减法，我们会更加聚焦和深耕我们的睡眠领域。第二个，我们也会做加法。这个加法是指运用我们对用户的洞察和对科技的运用，不断地加强我们在深睡领域的产品的研发跟迭代，扩充我们睡眠相关的品类。

Oh, no assistant <unk> collaborate either.

No I think so you will a woman in any good.

Even though she schedule timber Suzhou Wuxi congestion Delta center to delve a sudden come on the stream endy.

Second, we will also add a method. This method is to use our observation of users and the application of technology to continue to strengthen the development and integration of products in the deep sleep field and to expand our sleep-related categories.

They are either now or whatever.

So good job on that.

So youll domiciled cookie meal, who don't attach how a woman that shouldn't really read attempting the gamba and peered back call It home, Australia somewhat less.

[Company Representative] (Atour Lifestyle Holdings): Well, thank you for your question. Our midterm strategy for the retail business revolves around two key approaches. The first is to do a subtraction. We aim to focus on concentrating and deepening our presence in the sleep market. Secondly, it is an addition. We are going to leverage our insights into customer behavior and the application of technology to continuously strengthen our product R&D as well as expanding our Deep Sleep product categories.

Well, thank you for your question. Well, our midterm strategy for the retail business revolves around two key approaches. The first is to do a subtraction.

Well. Thank you for your question our midterm strategy for the retail business revolves around two key approaches. The first is to do a substruction.

We aim to focus on concentrating and deepening our presence in the sleep market. And secondly, it is an addition. We are going to leverage our insights into customer behavior and the application of technology to continuously strengthen our product R&D as well as expanding our deep sleep product category.

We aim to focus on concentrating and deepening our presence in our sleep market and secondly. It is in addition, we are going to leverage our insights into customer behavior and the application of technology to continuously strengthen our product.

D as well as expanding our deep sleep product categories.

Like I just mentioned, our retail capacity is constantly increasing. From the cost-effectiveness of the first round of sales to September , we have sold tens of millions of sales per month. Our high-end product development system is constantly being verified. We will continue to promote the next generation of sales series products, sales bed.

Wang Shoudong: 就像刚才介绍的，我们零售的产品能力是在不断提升的。从之前爆款出圈的深睡枕头，到9月份我们单月销量过千万的深睡的控温被，我们这套高效的产品研发体系不断地得到验证。那么我们也会继续推出我们下一代的深睡系列的产品，深睡床垫，使得我们整个深睡家族的产品品类持续得到扩充，这也让亚朵从酒店用户逐渐覆盖到更广泛的这种消费的人群，亚朵星球在睡眠经济里的品牌影响力能够得到持续的大幅提升。

As you saw a woman named showed attempting downbeat should I pulled out each other.

So I'll just embarked on future, particularly since we just hope to reopen a woman.

So down a core tier one the sales rate of <unk>.

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No more women.

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S moment centimp doouul hand P neck So she did put home.

Sudhakar mentioned centuries outlet center and make sure that our portal.

This also makes the users of the hotel gradually become more widely known as the consumer group. The influence of the brand in the sleep economy can be greatly increased continuously.

Yeah.

Dan Jones, who do their food and what part of it.

Shelby that engine, yes, those things are that Sri minting EDW Paddington.

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Like we have previously introduced, our retail product capabilities are continually improving, ranging from the popular deep sleep pillow that gained widespread recognition to the deep sleep temperature control quote which achieved a monthly GMB exceeding tens of millions in September .

[Company Representative] (Atour Lifestyle Holdings): We have previously introduced, our retail product capabilities are continually improving, ranging from the popular Deep Sleep pillow that gained widespread recognition to the Deep Sleep Temperature Control Quilt, which achieved a monthly GMV exceeding CNY tens of millions in September. Additionally, we have other products to be launched soon, demonstrating our effectiveness of our product R&Ds, especially the robust system for that. The new product in Deep Sleep series, including the Deep Sleep mattress, which will be officially launched soon. The Deep Sleep product line continues to expand, gradually extending from hotel users to a broader consumer base. This expansion has significantly increased Atour Planet's brand influence within the sleep economy.

Like we have previously introduced our retail product capabilities are continually improving ranging from the popular deep sleep pillow that gained widespread recognition to the deep sleep temperature control quote, which achieved at monthly <unk> exceeding tens of millions.

Additionally, we have other products to be launched soon, demonstrating our effectiveness of our product R&D.

Since September. Additionally, we have other products to be launched as soon demonstrating our effectiveness of our product to r&d's.

especially the robust system for that. The new product in deep sleep series, including the deep sleep mattress, which will be officially launched soon.

Especially the robust system for that new product and deep sleep series, including the deep sleep night metrics, which will be officially launched as soon the deep sleep product line continues to expand gradually extending from hotel users to a broader consumer base. This expansion has significantly increase.

The Deep Sleep product line continues to expand, gradually extending from hotel users to a broader consumer base.

This expansion has significantly increased a 12-planet brand influence within the sleep economy.

<unk> Tau planets brand influence within the sleep economy.

Our retail business has reached 235 billion RMB in revenue in the third quarter, which is a 292% increase. At the end of the Double 11 shopping festival, Yellow Planet ranked first in the sales of pillow products on various e-commerce platforms. The overall GMV of the online third-party platform exceeded 250 million RMB, which is more than six times higher than last year.

Wang Shoudong: 我们零售业务在三季度的收入是达到了2.35亿人民币，同比增长了292%。在刚刚结束的这个双十一购物节中，亚朵星球在各个电商平台枕头品类的销量都排名第一，线上第三方平台整体的GMV超过了2.5亿人民币，较去年同期增长超过6倍。相较今年的618，也有超过140%的一个提升。基于我们零售业务的强劲的表现，我们预计零售业务今年全年的收入将能够达到9亿人民币，同比增长超过250%。

Well then things. So you will note that certainty to the showroom without all the audience. So easy I mean be told me thumbs up the passenger down by two which are.

Just wanted to take a Shaanxi go Diego yeah, those into what I feel good jumping at Tolkien laid a sellout timing be.

There'll be some bumps in that sense. It is Randy talk where the audience is maybe sheltering at home as it turns out <unk> now.

This year's 618 also has an increase of over 140%. As for the strong performance of our retail business, we expect that the revenue of this year's retail business will reach 900 million yuan, which is more than 250%.

<unk> sure that you've got a T shirt.

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[Company Representative] (Atour Lifestyle Holdings): Our retail revenue was RMB 235 million in the third quarter, increasing significantly by approximately 292% year-over-year. During the recently concluded Double 11 shopping festival, we topped the pillow sales chart across various third-party e-commerce platforms. The Double 11 GMV across all third-party e-commerce channels have exceeded RMB 250 million, an increase of over 6 times, 600% when compared with the same period last year, and an increase of more than 140% from this year's 618 shopping festival. With all that, we expect retail revenue for this year to reach RMB 900 million, with a year-on-year growth exceeding 250%. Thank you.

Our retail revenue was R&B 235 million in the third quarter, increasing significantly by approximately 292% year-over-year.

Our retail revenue was RMB $235 million.

In the third quarter, increasing significantly by approximately 292% year over year.

During the recently concluded Double Eleven shopping festival, we topped the pillow sales chart across various third-party e-commerce platforms.

During the recently concluded the double 11 shopping festival, we talked to the pillow sales chart across various third party e-commerce platforms.

The W11's GME across all third-party commerce channels have exceeded RMB 250 million, an increase of over 600 percent when compared with the same period last year, and an increase of more than 140 percent from this year's June 18th shopping festival.

The double 11, <unk> across all third party e-commerce channels have exceeded RMB $250 million, an increase of over six times, 600% when compared with the same period last year and an increase of more than 140% from this year's June 18th shopping Festival.

With all that, we expect retail revenue for this year to reach 900 million RMB, with year-on-year growth exceeding 250 percent.

Oh.

With all that we expect retail revenue for this year to reach 900 million RMB with a year on year growth exceeding 250%.

Thank you. Thank you. We can take our next question.

Alison Zhang: Thank you. We can take our next question.

Thank you. Thank you we can take our next question.

Thank you. We are now going to take our next question.

Operator: Thank you. We are now going to take our next question. The question comes from the line of Jiwei Liu from CITIC. Please ask your question. Your line is opened.

Thank you we are not going to take our next question.

And the questions come from Zalanov, GWLU, from CITICS. Please ask your question, your line is open.

And the questions come from the line of Joanne you from Citigroup. Please ask your question. Your line is open.

Anything like a HA. We're sure toom Jun send with U.

Jiwei Liu: 管理层晚上好，我是中信证券的刘基伟。关于轻居的话，我想请教两个问题。一方面，其实整个轻居3.0发布以后，我们确实看到整个3.0的签约跟开店的速度是非常快的。关于目前已经开出来门店的实际的一些经营情况，管理层是不是有更多的一些细节可以跟我们再做进一步的分享？另外，就是随着整个的轻居门店在整体门店的占比的提升，未来是不是会对公司整体的RevPAR会带来一些影响？主要是这样的两个问题。我翻译一下。Thanks management, Jiwei from CITIC.

Thank you Brian.

Well sure Jonathan Johnson.

I would like to ask two questions about Qingju. On the one hand, after the release of Qingju 3.0, we did see that the signing and opening up of Qingju 3.0 was very fast.

Can you do to find out what that Golar.

If only in Jerusalem, but you said, you're probably hold while mature chaconne, Belgium.

Sure, but I'm quiet well.

Do you have any more details about the current operating situation of the store and can you share them with us?

Hi, Tom and Dan does shrinking as you can imagine why they.

Sorry, we couldnt do they have to go to get critical mass that sort of thing.

In addition, will the overall ROPA impact on the company in the future with the increase in the total share of the green households? These are the two main questions. Let me translate it. Thanks, management.

Meanwhile, the Winder, Georgia state isn't good of Jacob Suen, human beings and human DNA. If you could time that you show.

Consequently, the real property.

Charles Youre down on the language.

Well find out thanks management QA from Citrix.

Tourline 3.0 version is making rapid progress on sign-in and opening. So could you tell us more about the store's current business situation?

Jiwei Liu: Atour Light 3.0 version is making rapid progress on signing and opening. Could you tell us more about the store's current business situation? Besides, will it bring pressure to the group's revenue RevPAR with the increase in the proportion of Atour Light? Thanks.

All lines pulling or is making rapid progress on site and opening so could you tell us more about the stores, calling the business situation.

Besides, we need to bring pressure to the group's bloody well path with the increase in the propulsion of a torlite. Thanks.

We need to bring pressure to the group's plumbing, there well probably use the increase in the production of a tour light. Thanks.

Okay, thank you. I'll answer this question. As of September 30th, our new residence has signed 71 contracts. These are all 3.0 contracts. We have continued to gain the approval of our partners. There are 13 stores that have already opened. According to the two-line and above-level core business circle, the track in the mid-high-end hotel should be said to have reached the standard level.

Wang Shoudong: 好的，谢谢基伟。这个问题我来回答。截止到9月30号，我们的轻居已经累计签约了71个项目，都是3.0的，持续获得了加盟商的认可。已经开业的门店是有13家，聚焦在二线和以上城市的核心商圈，在中高端酒店的赛道应该说达到了标杆的品质。

Havasu city with Stephens.

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Rather than to identify it up he knows what that dollar billed in the future.

Thank you, Jiwei, for your question. Let me answer this one. As of the end of September , a Tour Light 3.0 has accumulated 71 fine projects, consistently gaining recognition from our franchisees. 13 hotels have been opened, primarily focusing on core business districts in higher-tier cities.

[Company Representative] (Atour Lifestyle Holdings): Thank you, Jiwei, for your question. Let me answer this one. As of the end of September, Atour Light 3.0 has accumulated 71 signed projects, consistently gaining recognition from our franchisees. 13 hotels have been opened, primarily focusing on core business districts in higher tier cities. These stores aim to set a benchmark for quality in the mid-scale hotel segment. Looking at those Atour Light 3.0 hotels that are currently open, they had significantly shortened ramping up period as a new product. Both ADR and RevPAR are highly competitive when compared to the other mid-scale hotels in the same business districts. Regarding the growth of the overall RevPAR next year, despite the structural changes and the pressures brought by the rapid expansion of new hotels and the increasing proportion of Atour Light, we plan to enhance product competitiveness through product upgrades and rejuvenation of the existing hotels.

Thank you for your question, let me answer this one.

As of the end of September a tour like 3.0 has accumulated 71 find projects consistently gaining recognition from our franchisees 13 hotels have been opened primarily focusing on core business districts in higher tier cities.

These stores aim to set a benchmark for quality in the mid-scale hotel sector.

Stores aimed to set a benchmark for quality in the Midscale Hotel segment.

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Thomas <unk>.

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Sean Dowdy Sheepherder <unk>, yes, sure it was even a leader.

Looking at those two Allied 3.0 hotels that are currently open, they had significantly shortened ramping up period as a new product. Both ADR and RevSpar are highly competitive when compared to the other mid-scale hotels in the same business districts.

Looking at those are true alive 3.0 hotels that are currently open.

Had significantly shortened the ramping up period as our new product.

<unk> ADR and Revpar, our highly competitive when compared to the other mid scale hotels in the same business districts.

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Bulk or change your target audience.

Sure Jacob.

But we will upgrade our products and upgrade our old appliances to improve the competitiveness of our products. And we will have a lot of new appliances, and we will have a lot of new appliances, and we will continue to promote the health of our Roller Park. Our goal is to achieve a balanced growth on the basis of this year.

Johnny.

Hum.

I'm in the same year Carla.

<unk> <unk>.

A daughter Silicon how good our food returns where torture corona filled up.

It's really a lot of them don't archive.

We all know that.

Genie energy to shop.

Other than that.

And regarding the growth of the overall rev par next year, despite the structural changes and the pressures brought by the rapid expansion of new hotels and the increasing proportion of a tour light, we plan to enhance product competitiveness through product upgrades and rejuvenation of the existing hotels.

And regarding the growth of the overall Revpar next year, despite the structural changes and the pressures brought by the.

The rapid expansion of new hotels, and the increasing proportion of a tour light we plan to enhance product competitiveness through product upgrades and rejuvenation of the existing hotels. Additionally, the support for new hotels ramp up will continue aiming for a sustain.

[Company Representative] (Atour Lifestyle Holdings): Additionally, the support for new hotels ramp up will continue, aiming for a sustained and healthy growth in RevPAR. The goal is to achieve moderate growth compared to this year's RevPAR as a baseline. Thank you.

Additionally, the support for new hotels ramp-up will continue, aiming for a sustained and healthy growth in RevPAR. The goal is to achieve moderate growth compared to this year's RevPAR as a baseline.

<unk> and healthy growth in Revpar. The goal is to achieve moderate growth compared to this year's revpar as a baseline.

Okay.

Gotcha. Thank you.

Yeah.

Thank you. As a reminder to ask a question, please press star 1 and 1 on your telephone and wait for your name to be announced. Once again, it's star 1 and 1 on your telephone.

Operator: Thank you. As a reminder to ask a question, please press star one and one on your telephone and wait for your name to be announced. Once again, it's star one and one on your telephone. We are now going to wait for a few minutes before taking the next question. As a reminder, to ask a question, you will need to press star one and one on your telephone. That concludes the question and answer session. I would like to turn the conference back over to Alison Zhang for any additional or closing remarks. Thank you.

Yeah.

Thank you as a reminder to ask a question. Please press star one and one on your telephone and wait for your name to be announced once again is still one and 110 aside.

We are now going to wait for a few minutes before taking the next question.

We are not going to we're not going to.

Wait for a few minutes before taking the next question.

As a reminder, to ask a question, you will need to press star 1 and 1 on your telephone.

As a reminder to ask a question you will need to press star one and one on your telephone.

That concludes the question and answer session. I would like to turn the conference back over to Alison Zhang for a near-additional closing remarks. Thank you.

That concludes our question and answer session I would like to turn the conference back over to Alison Zhang for any additional or closing remarks. Thank you.

Thank you for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye.

Alison Zhang: Thank you for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye.

Thank you for joining us today, if you have any further questions. Please feel free to contact our IR team. We look forward to speaking with you again next quarter, Thank you and goodbye.

Ladies and gentlemen, this concludes the conference call. Thank you for participating in our Disconnection Alliance. Thank you.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.

Ladies and gentlemen. This concludes today's conference call. Thank you for participating you may now disconnect your lines. Thank you.

Okay.

Okay.

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Okay.

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Okay.

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Yes.

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