Q1 2024 Atour Lifestyle Holdings Ltd Earnings Call
Business travel is recovering relatively slowly due to the impact of macroeconomic uncertainties and other factors.
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Experiential leisure travel during holidays and weekends has continued to perform well in the market for the past two to three years.
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Speaker Change: As an industry-leading mid-to-high-end hotel brand
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Speaker Change: Facing the constant changes in the external environment
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Atour: Atour is firmly advancing the comprehensive upgrade of its experience strategy.
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Speaker Change: Fully leverage the unique and profound scene value of Asia through ultimate experiential advantages
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Speaker Change: Continuously improve and upgrade our products and services to consolidate and strengthen our strong market position in Asia.
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Speaker Change: During the first quarter of 2024, the travel market witnessed the contrasting demand pattern.
Speaker Change: During the first quarter of 2024, the travel market witnessed a contrasting demand patterns.
Speaker Change: While the recovery of business travel was relatively subdued due to macro uncertainties, experience-driven leisure tourism during holidays and weekends maintained its growth momentum from 2023. As a leading upper-mid-scale hotel brand, a tour remains dedicated to advancing the comprehensive upgrade of its experience strategy amid the ever-evolving external environment. it.
Speaker Change: While the recovery business travel was relatively subdued due to macro uncertainties experienced driven leisure tourism during holidays and weekends maintained its growth momentum from 2023 as a leading upper mid scale hotel brand at all.
Speaker Change: Remains dedicated to advancing the comprehensive upgrade of its experienced strategy and net the ever evolving external environment.
Speaker Change: By delivering exceptional accommodation experiences, we unleash the greater value across our unique deep sleep scenarios.
Speaker Change: By delivering exceptional accommodation experiences, we unleash the greater value across our unique deep sleep scenarios.
Speaker Change: We also continued to enhance and upgrade our products and services, solidifying a Tour's leading position in the industry.
Speaker Change: We also continued to enhance and upgrade our products and services solidifying of tourists leading position in the industry.
Speaker Change: Below, I will provide a detailed overview of the various business activities for the first quarter of 2024.
Speaker Change: Similar to encourage you saw R&R and easy to go through the year with a strategic partner.
Speaker Change: Now, I would like to provide more details on our performance for the first quarter of 2024.
Now I would like to provide more details on our performance for the first quarter of 2024.
Speaker Change: First is the accommodation business
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Speaker Change: Please look at the fourth page of our PPT
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Speaker Change: In the first quarter, our roll price reached 328 yuan.
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Speaker Change: 97.4% of the same period in 2023
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Speaker Change: Among them, ock has achieved sustainable and robust growth.
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Speaker Change: 101.1% of the same period in 2023
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Speaker Change: Demonstrated the resilient market competitiveness of Asia
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Speaker Change: Due to the concentrated surge in business and leisure travel demand over the past two to three years, last year's price base was relatively high. This year's first quarter ADR is under pressure, down 2.9% year-on-year.
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Speaker Change: Let's begin with our hotel business. Please turn to slide four of our first quarter 24 results presentation.
Speaker Change: Let's begin with our hotel business. Please turn to slide four of our first quarter 2004 results presentation.
Speaker Change: Our rough part reached a RMB 328 grant in the first quarter, representing 97.4% of its level in the same period of 2020.
Speaker Change: Our Revpar reached RMB 328 in the first quarter, representing 97, 4% of its level in the same period of 2023.
Speaker Change: Notably, we achieved the sustainable OCC growth reaching 101.1% of 2023 level for the same period. Demonstrating a tourist resilient demand and a leading competitiveness
Speaker Change: Notably, we achieved sustainable OCC growth, reaching 101, 1% of 2023% level for the same period.
Speaker Change: Demonstrating a tourist's resilient demand and a leading competitiveness.
Speaker Change: However, due to a high comparison base resulting from the explosive demands for both business and leisure travel in the same period of 2023, our ADR faced some pressure in the first quarter and a decreased by 2.9% year over year.
Speaker Change: However, due to a high comparison base, resulting from the explosive demand for both business and leisure travel in the same period of 2023, our ADR faced some pressure in the first quarter and a decreased by two 9% year over year.
Speaker Change: Please turn to page five. Excluding the structural impacts such as the ramp-up of new hotels, our mature hotels that have been in operation for over eighteen months are performing steadily.
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Speaker Change: The same-store sales in the first quarter reached 99.7% of the level in the same period of 2023.
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Speaker Change: Among them, OCC is 102% of the same period in 2023, and ADR is 98.4% of the same period in 2023.
Speaker Change: OCC.
Speaker Change: And on SEDAR by vendor EBIT.
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Speaker Change: Please turn to slide 5. Excluding structural impacts such as the ramp-up of new hotels, our mature hotels in operation for more than 18 months performed well during the quarter. Their same hotel RAV PAR was 99.7 million.
Speaker Change: Please turn to slide five excluding.
Speaker Change: Excluding structural impact such as the ramp up of new hotels, our mature hotels in operation for more than 18 months performed well during the quarter.
Their same hotel Revpar was $99 seven.
Speaker Change: of 2023 level for the same period, while OCC reached 102 percent, and ADR stood at 98.4 Both compared to the same period in 2023.
Speaker Change: 2023% level for the same period, while OCC reached a 102% and ADR stood at 98, 4% both compared to the same period in 2023.
Speaker Change: Please turn to page six
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Speaker Change: With the continuously increasing brand influence, our hotel network continued to expand in the first quarter and achieved high-quality growth.
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Speaker Change: In the first quarter, the trend of rapid hotel openings from the fourth quarter of last year continued, with a total of 97 new hotels opened.
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Speaker Change: By the end of the first quarter, the number of Atour hotels reached 1,302, a year-on-year increase of 34.5%.
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Yaduo representative: Last month, the number of operational Atour Hotel single-brand locations reached the milestone of one thousand.
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Speaker Change: It fully demonstrates our strong leading position in the mid-to-high-end market.
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Speaker Change: Please turn to slide 6.
Speaker Change: Please turn to slide six.
Speaker Change: Supported by a tour's increasing brand influence, our hotel network continued to expand and achieved high quality growth in the first quarter.
Speaker Change: Courted by towards increasing brand influence our hotel network continued to expand and achieved high quality growth in the first quarter.
Speaker Change: We maintained our rapid pace in network expansion with 97 new hotel openings.
Speaker Change: We maintained a rapid pace in network expansion with 97, New hotel openings.
Speaker Change: By the end of the first quarter, we had a total of 1,302 hotels in operation.
Speaker Change: By the end of the first quarter, we had a total of 1300 <unk> two hotels in operation.
Speaker Change: representing a 34.5% increase year over year. Notably, our flagship Attour brand reached the 1,000 hotel milestone last month, underscoring our leading position in the upper-mid-scale hotel market.
Speaker Change: Representing a 34, 5% increase year over year, notably our flagship a tour brand reached the 1000 hotel milestone last month, underscoring our leading position in the upper mid scale hotel market.
Speaker Change: Please turn to page seven.
Speaker Change: Each year.
Speaker Change: This quarter, we have seen that franchisees' confidence remains strong, with signings continuing to grow rapidly and pipeline projects continuously expanding. As of March 31, the number of our pipeline projects has reached 674.
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Speaker Change: Please turn to slide 7.
Speaker Change: Please turn to slide seven.
Speaker Change: Moreover, franchisees' confidence remained robust in the first quarter, with a continuous increase in new signings and steady pipeline growth.
Speaker Change: Moreover, franchisees confidence remained robust in the first quarter with a continuous increase in new signings and steady pipeline growth.
Speaker Change: As of March 31st, the number of hotels under development reached 674.
Speaker Change: As of March 31, the number of hotels under development reached 674.
Speaker Change: Please turn to page eight, everyone.
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Speaker Change: By year.
Speaker Change: Benefiting from unique brand positioning and enormous growth potential
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Speaker Change: Qingju 3.0 continues to attract franchisees, signing 30 contracts in the first quarter.
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Speaker Change: The contract signing rate exceeds 15%
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Speaker Change: As of March 31, the number of operational Qingju 3.0 hotels has reached 36.
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Speaker Change: The changes in India that are centrally with them.
Speaker Change: Mature stores performed strongly in the first quarter, which is traditionally a slow season. The Roller Park of Qingju 3.0 hotels, which have been in operation for more than three months, exceeded 290 yuan and quickly increased to over 300 yuan in April .
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Speaker Change: It highlights the strong product competitiveness of Light Machine 3.0 in the terminal market.
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Speaker Change: We believe that in the upcoming peak summer season, the performance of Light Vehicle 3.0 will continue to break through.
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Speaker Change: Please turn to slide eight.
Speaker Change: Please turn to slide eight.
Speaker Change: Thanks to its unique positioning and immense growth potential, a tour light 3.0 continued to gain favor among franchisees.
Speaker Change: Thanks to its unique positioning and immense growth potential a tour like 3.0 continued to gain favor among franchisees.
Speaker Change: A total of 30 new Atulalai 3.0 hotels were signed in the first quarter, accounting for more than 15% of our total new signings for the period.
Speaker Change: A total of 30, new a tour like 3.0 hotels were signed in the first quarter.
Speaker Change: Accounting for more than 15% of our total new signings for the period.
Speaker Change: As of March 31st, we had a total of 36 Touralight 3.0 hotels in operation, with mature hotels performances thriving.
Speaker Change: As of March 31, we had a total of $36 <unk> 3.0 hotels in operation with mature hotels performances thriving.
Speaker Change: Despite the traditional off-season, the rough part of A Tour Light 3.0 hotels in operation for more than three months exceeded R&B 290 in the first quarter and a surge to over R&B 300 in April , highlighting A Tour Light's strong competitive edge in the mid-scale segment.
Speaker Change: Despite the traditional off season, the Revpar of <unk> 3.0 hotels in operation for more than three months exceeded RMB 290 in the first quarter and surged to over RMB 300 in April highlighting a tour light strong competitive edge.
Speaker Change: H and the mid scale segment.
Speaker Change: We anticipate that the operational performance of Atulalight 3.0 will continue to excel during the upcoming summer holiday season.
Speaker Change: We anticipate that the operational performance of our core light $3 zero will continue to excel during the upcoming summer holiday season.
Speaker Change: Please turn to page nine
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Speaker Change: Centered around the concept of bringing new life, we continuously refine and introduce services with a light living characteristic, aiming to transform each Light Living 3.0 hotel into a small island in the city.
Speaker Change: But it also is a syndrome quarterly NIM will <unk> <unk> <unk>.
Speaker Change: The Tulsa leader hired onshore.
Speaker Change: In the first quarter, the Qingju City Guide is newly launched, leading users to explore the dining, entertainment, and fun around the hotel, allowing users to have a great stay, great fun, and great experiences at Qingju.
Speaker Change: Digital Chengdu, Changsha, Tianjin, Shenzhen fairly new Hortons audio with you until the end of <unk>.
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Speaker Change: In addition, we have launched unique international services with special member benefits.
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Speaker Change: But for the whole year fully diluted.
Speaker Change: As of now, the various service touchpoints of Xingju 3.0 are in a leading position among mid-range hotel brands.
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Speaker Change: Please turn to slide 9.
Speaker Change: Please turn to slide nine.
Speaker Change: Building upon our ethos of life at ease
Speaker Change: Building upon our ethos of life at East.
Speaker Change: We are consistently introducing and refining distinctive services at Atulahe 3.0 hotels, striving to transform each hotel into an intimate oasis within its city.
Speaker Change: We're constantly we're consistently introducing annual refining distinctive services at a tour like 3.0 hotels striving to transform each hotel into an intimate erases within a city.
Speaker Change: In the first quarter, we launched the new City Guide feature, which helps customers explore nearby dining, entertainment, and other attractions.
Speaker Change: In the first quarter, we launched a new city guide feature which helps customers explore nearby dining entertainment and other attractions.
Speaker Change: immersing them in the captivating lifestyle and beautiful, enjoyable, and comfortable experiences that are unique to a tour of Light 3.0 hotels.
Speaker Change: Immersing them and captivating lifestyle and beautiful enjoyable and comfortable experiences that are unique to a tour like 3.0 hotels.
Speaker Change: Furthermore, we unveiled special platinum privileges in our Arturlite 3.0 hotels, offering our members exclusive benefits.
Speaker Change: Furthermore, we unveiled special platinum privileges and our <unk> 3.0 hotels offering our members exclusive benefits.
Speaker Change: Presently, a Tour-Light 3.0's comprehensive range of superior services sets the brand apart in the mid-scale market.
Speaker Change: Presently a tour like three zeros comprehensive range of superior services set our brand apart in the Midscale market.
Speaker Change: In addition, we are continuously expanding cross-industry collaborations between Light Living 3.0 and other brands.
Speaker Change: Total drawn women, who don't put out <unk>.
Speaker Change: In response to the post-Chinese New Year work resumption season and the golden season for interviews, we collaborated with fashion clothing brands to jointly create a clothing borrowing station event. This event provided convenient suit borrowing services for business travelers staying at LightStay, receiving widespread acclaim. This activity not only effectively enhanced the brand awareness of LightStay but also addressed the pain points of young business travelers during their trips, conveying a different lifestyle and further strengthening the unique Asian experience.
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Speaker Change: Furthermore, we expended at Touralight 3.0's co-branded collaborations.
Speaker Change: Furthermore, we expanded a tour like three zeros co branded collaborations.
Speaker Change: for the post-Chinese New Year return to work period and the peak interview season. We partnered with a fashion clothing brand to introduce the suit-up station event.
Speaker Change: For the post the Chinese new year returned to work period and the peak interview season, we partnered with a fashion clothing brand to introduce the suit up station event.
Speaker Change: This initiative, offering convenience-suit rental services to Arturlite's customers, garnered widespread praise.
Speaker Change: This initiative offering convenient suit rental services to our <unk> customers garnered widespread praise.
Speaker Change: It not only boosted A Tour Light's brand visibility, but also addressed the needs of young business travelers during their trips, conveying a distinctive lifestyle and further strengthening the quintessential A Tour signature experience.
Speaker Change: It not only boosted a tour lights brand visibility, but also address the needs of young business travelers during their trips convey in a distinctive lifestyle and a further strengthening the quintessential towards signature experience.
Speaker Change: Next is our retail business. Please turn to page ten.
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Speaker Change: This year.
Speaker Change: Retail business continued to maintain strong growth in the first quarter with GMV reaching 495 million.
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Speaker Change: Year-on-year growth of 277%
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Speaker Change: Among them, the performance of online channels remains strong, with the proportion of GNV rising to 90%.
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Speaker Change: Moving now to our retail business.
Speaker Change: Moving now to our retail business, please turn to slide 10.
Speaker Change: Please turn to slide 10.
Speaker Change: Retail sustained its strong performance in the first quarter with quarterly GMV up by 277% year over year to RMB 495 million.
Speaker Change: Retail sustained its strong performance in the first quarter with quarterly GMB up by 277% year over year to RMB $495 million sale.
Speaker Change: Sales from online channels continued to flourish, accounting for over 90% of the total GMV in the first quarter.
Speaker Change: Sales from online channels continued to flourish accounting for over 90% of the total G&A in the first quarter.
Speaker Change: Atour's profound products continue to receive high market recognition
Speaker Change: Yes, I'm here.
Speaker Change: Tricia for those children, a golden Globe winner.
Speaker Change: We continue to focus on sleep scenarios, gain insights into users' sleep pain points, and develop and launch new products centered around deep sleep.
Speaker Change: We will then tissue treatment on your tongue hanging off stream into India.
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Speaker Change: Expanding the product line to create better in-depth solutions for users
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Speaker Change: Atour's deep sleep products continued to attract high market recognition. We are devoted to understanding the deep sleep scenarios, identifying customers' sleep pain points, and continuously developing and launching new products.
Towards deep sleep products continued to attract high market recognition, we are devoted to understanding the deep sleep scenarios identifying customers' sleep pinpoints and continuously developing and launching new products.
Speaker Change: Through the expansion of our product categories, we aim to provide customers with enhanced the solutions for an optimal deep sleep experience.
Speaker Change: The expansion of our product categories, we aim to provide customers with enhanced solutions for an optimal deep sleep experience.
Speaker Change: Please turn to page 11
Speaker Change: Sure.
Speaker Change: The three year.
Atour: Following the highly popular products such as Atour's Deep Sleep Pillow Pro and Deep Sleep Temperature Control Quilt, we have used a product keyword model to uncover the core needs of users for a summer quilt. On March 10th of this year, we launched another new product in the Deep Sleep series, the Deep Sleep Summer Quilt.
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Speaker Change: Our vests use imported breathable and moisture-permeable fibers, which can support heat dissipation and create natural benefits for the user.
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Speaker Change: For the insurance and the early on here.
Speaker Change: In addition, to create a more comfortable and skin-like deep experience for users
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Speaker Change: On the consumer shift from key food sugar and essentially it yet will not being Sheila front on the basal choppy. However soon.
Speaker Change: We have abandoned the traditional design of a quilt with a duvet cover.
Speaker Change: Different materials with varying coolness values are used on the double-sided fabric of the deep cool blanket. Natural cool fabric is used on side A, while a bare skin fabric with a moisture content close to that of the skin is used on side B. This allows users to switch between cool and warm sensations according to their needs.
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Speaker Change: The design that eliminates the need for a duvet cover places higher demands on the cleaning and maintenance of the quilt.
Speaker Change: The third phase of the <unk> Keytruda combo, the usual woman essentially shall number three could even longer.
Speaker Change: Our deep underwater cooling blanket is machine washable, can be tumble dried at low temperature, and air dried naturally.
Speaker Change: Only to make the user's profound experience more comfortable and more minimalist
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Speaker Change: Please turn to slide 11.
Speaker Change: Please turn to slide 11.
Speaker Change: Following the success of our popular products like Deep Sleep Pillow Pro and the Deep Sleep Temperature Control Quilt, we leveraged our proprietary product development process to delve deeper into customers' fundamental needs for lightweight bedding during the summer season.
Speaker Change: Following the success of our popular products like deep sleep pillow pro and a deep sleep temperature control quilt, we leveraged our proprietary product development process to delve deeper into customers' fundamental need for lightweight body during the summer season.
Speaker Change: On March the 10th of this year, we proudly introduced another standout addition to our Deep Sleep series, the Deep Sleep Lightweight Comforter.
Speaker Change: On March the 10th of this year, we proudly introduced another standout edition to our deep sleep series, the deep sleep lightweight comfort.
Speaker Change: crafted from imported breathable and moisture wicking fibers. The core of our lightweight comforter enables efficient heat dissipation, fostering a natural sense of coolness for customers.
Speaker Change: <unk> from imported breathable and moisture wicking fibers.
Speaker Change: Core of our lightweight comforter enables efficient heat dissipation, fostering a natural sense of corners for customers.
Speaker Change: Moreover, to elevate the deep sleep experience with superior comfort and touchability, we departed from the conventional design of a comforter with a removable cover.
Speaker Change: Moreover to elevate the deep sleep experience with superior comfort and a touch ability.
Speaker Change: We departed from the conventional design as a comforter with a removable cover <unk>.
Speaker Change: Instead, our one-piece comforter is reversible with A and B sides made from distinct materials.
Instead, our one piece comforter is reversible with AMB side made from distinct materials.
Speaker Change: The A side features natural cooling fabrics, while the B side is fashioned from a cozy fabric with moisture content akin to human skin, allowing customers to quickly switch from cooling to warmth.
Speaker Change: The <unk> side features natural cooling fabrics, while the <unk> side is fashion from a cozy fabric with moisture content are keen to human skin <unk>.
Speaker Change: <unk> customers to quickly switch from cooling to warm.
Speaker Change: Because the integrated cover design imposes heightened cleaning and maintenance requirements, our deep sleep lightweight comforter is machine washable and can be air or machine dried at low temperatures.
Speaker Change: Because the integrated cover design imposes heightened cleaning and maintenance requirements are.
Speaker Change: Our deep sleep lightweight comfort or is machine washable and it can be air or machine dried at low temperatures, bringing customers and easy care minimalist deep sleep experience.
Speaker Change: Bring customers an easy care, minimalist deep sleep experience.
Yaduo Planet: After its launch, Atour Planet Shenque Xia Liang Bei received widespread consumer acclaim.
Speaker Change: Yes, the essential Central Asia Central Hong Kong.
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Speaker Change: Within twenty-one days of being listed, the GMV quickly surpassed ten million.
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Speaker Change: and continue to maintain strong growth momentum
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Atour Planet: In April , the Atour Planet Deep Underbeam Stele won the top spot in the sales of quilt products on Douyin and JD platforms.
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Atour Planet: and ranked among the top ten in sales on the Tmall platform
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Speaker Change: Since its debut, the Atoll Deep Sleep Lightweight Comforter has garnered widespread acclaim. Its GMD soared passed RMB 10 million just 21 days after its release and continues to maintain robust growth momentum.
Speaker Change: Since its debut the tour deep sleep lightweight comforter has garnered widespread acclaim.
Speaker Change: <unk> passed to RMB 10 million just in 21 days after its release and it continues to maintain robust growth momentum.
Speaker Change: In April , the Deep Sleep Lightweight Comforter topped the sales charts for comforters on both Doein and JD.com and ranked among the top 10 in sales on T-Mall.
Speaker Change: In April the deep sleep lightweight comforter top of sales charts for comforters on both the OE and J D Dot com and ranked among the top 10 and sales on Tmall.
Atour Planet: The sales explosion of Deep Sui Xia Liang Bei once again validates Atour's profound insight and understanding of Deep Sui.
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Speaker Change: With efficient product development capabilities, we will adhere to the mission of providing better sleep for users, continuously creating innovative upgrade experiences, and further enhancing consumer recognition of the Atour Planet Deep Series.
Speaker Change: Is it closer to the $10 billion, obviously women jump in.
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Speaker Change: The Austin chalk century city of wrinkles.
Speaker Change: The surgeon sales of our deep sleep lightweight comforter are yet another testament to a tour's profound insight and exceptional understanding of deep sleep.
Speaker Change: The surge in sales of our deep sleep lightweight comforter are yet another testament to our tours profound insight and exceptional understanding of deep sleep.
Speaker Change: as well as our efficient product research and development capabilities.
Speaker Change: As well as our efficient product research and development capabilities.
Speaker Change: We are passionate about enhancing customers' sleep experience and remain dedicated to crafting innovative, upgraded solutions to amplify customers' recognition of the A Tour Planet Deep Sleep Theory.
We are passionate about enhancing customers' sleep experience and remain dedicated to crafting innovative upgraded solutions to amplify customers' recognition of the tour planet deep sleep series.
Speaker Change: Finally, there is our membership business.
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Speaker Change: Please turn to page 12, everyone.
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Speaker Change: Continuously enhancing brand awareness as well as providing high-quality products and services
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Yazo: Attracted more and more users to join the membership system of Asia's A Card.
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Speaker Change #100: Membership is rapidly expanding
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Yazo: As of March 31, our registered members have exceeded 71 million.
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Speaker Change #101: Year-on-year growth of 86%
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Speaker Change #101: Additionally, our CIS channel maintained steady growth in the first quarter.
Speaker Change: We want women <unk>.
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Speaker Change #101: The proportion of CRS channel sales in concurrent operations is 65.1%, an increase of 2.6 percentage points year-on-year.
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Speaker Change: Neutral.
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Speaker Change #102: transitioning to our membership business.
Speaker Change: Transitioning to our membership business. Please.
Speaker Change #103: Please turn to slide 12.
Speaker Change: Please turn to slide 12.
Speaker Change #104: Our thriving brand recognition, coupled with our top-tier products and the services, has inspired a growing number of customers to join the A-Card membership program, leading to a rapid expansion of our membership base.
Speaker Change: Thriving brand recognition, coupled with our top tier products and services has inspired a growing number of customers to join the <unk> card membership program, leading to a rapid expansion of our membership base.
Speaker Change #104: As of March the 31st, our registered individual members increased by 86% year over year, surpassing 71 million. Additionally, our CRS channel experienced steady growth in the first quarter, with a 65.1% contribution to the total room nights sold in the first quarter.
Speaker Change: As of March 31, our registered individual members increased by 86% year over year, surpassing $71 million in.
Speaker Change: Additionally, our Crs chatter experienced steady growth in the first quarter with a 65, 1% contribution to the total room nights sold in the first quarter increasing.
Speaker Change #104: increasing by 2.6 percentage points from the same period of last year.
Speaker Change: Increasing by two six percentage points from the same period last year.
Speaker Change #105: In addition, we continue to promote the integration of Atour accommodation membership and retail membership systems.
Speaker Change: Throughout <unk>.
Speaker Change #106: Further build a complete and unified membership ecosystem for Asia A Card
Speaker Change: We will go out in London.
Speaker Change: Ecological sometime soon.
Speaker Change #107: Please turn to page 13, everyone.
Speaker Change: <unk>.
Speaker Change #108: We plan to integrate the points and benefits of multi-channel memberships, consolidating users from various scenarios into a unified A-card membership system.
Speaker Change: We'll move on to Johan who tortured unclear now it's even closer.
Speaker Change: John Gugel, Honeywell, who those <unk>.
Speaker Change: Either a card for you and if you do.
Speaker Change #109: and continuously committed to exploring opportunities for product and service innovation
Speaker Change: We encourage you to review module timely and whole foods in the queue.
Speaker Change #109: While creating an integrated membership experience for users, continuously enhance the brand recognition of ACard members.
Speaker Change: <unk> <unk> <unk> <unk> <unk>.
Speaker Change #110: To achieve the synergistic development of accommodation and retail businesses
Speaker Change: Estrogen.
Speaker Change: <unk> functional chicken product.
Speaker Change #111: At the same time, by leveraging deeper user insights, we will provide users with more precise product recommendations and personalized in-store service experiences, strengthening the experiential barriers in Asia.
Speaker Change: Usually the owner <unk> conjunction with our young women.
Speaker Change: Women Jamba Youll continue to champion T J crew.
Speaker Change: Fourth year, Shanghai Eurodollar TMT rain.
Speaker Change #112: In addition, we have continued to promote the integration of both accommodation and retail members, further solidifying the foundation of our comprehensive and unified ACARD membership ecosystem. Please turn to slide 13.
In addition, we have continued to promote the integration as both accommodation and retail members further solidifying the foundation of our comprehensive and unified a card membership ecosystem.
Speaker Change: Please turn to slide 13, we.
Speaker Change #113: We plan to offer multi-scenario membership points and benefits.
Speaker Change: We plan to offer multi scenario membership points and benefits.
Speaker Change #114: thus funneling customers from different scenarios into the Unified A-Card membership system.
Speaker Change: Thus funneling customers from different scenarios into the unified a card membership system.
Speaker Change #114: We will also identify and push the boundaries of product and service innovation.
Speaker Change: We will also identify and push the boundaries of product and service innovation.
Speaker Change #115: Together, these initiatives will create an integrated membership experience for our customers while enhancing ACAR's brand recognition, ultimately empowering us to create a virtual cycle and achieve greater synergies between the accommodation and retail business.
Speaker Change: Together these initiatives will create an integrated membership experience for our customers, while enhancing a car's brand recognition ultimately empowering us to create a virtuous cycle and achieve greater synergies between the accommodation and retail business.
Speaker Change #116: Meanwhile, we will leverage our growing customer insights to provide our customers with more tailored product recommendations and personalized offline accommodation experiences.
Speaker Change: Meanwhile, we will leverage our growing customer insights to provide our customers with more tailored product recommendations and personalized offline accommodation experiences, thereby strengthening towards experiential advantages.
Speaker Change #116: thereby strengthening a tourist experiential advantage
Speaker Change #116: Finally, I am very proud to announce to everyone that we have officially released Yaduo's first ESG report.
Speaker Change: So we hope to harvest in that Azure more will then to ensure formula offshore firm ESD bulk up sooner.
Speaker Change #117: Please turn to page fourteen, everyone.
Speaker Change: The Australia.
Yaduo: As a leader in quality living and an advocate of the Chinese experience, Yadu always adheres to the business philosophy of ecological win-win. We strive to integrate the best ESG practices into our daily operations.
Speaker Change: So there are some quarterly lingo somewhat tongue, Aldo <unk>, Shanghai boom emerging media, new regional ESG So Josh.
<unk>.
Yaduo: In 2023, we further strengthened the company's ESG controls.
Speaker Change: Tonya will <unk> Johnson logos to the ESG winter.
Speaker Change #119: Aiming to promote warmer connections between people and between people and nature
Speaker Change: <unk> introduced <unk> window that engine.
Speaker Change #119: We strive to establish an efficient, orderly, and responsible management mechanism.
Speaker Change: Women, who recently <unk>.
Speaker Change #119: Grow together with our partners and collaborators
Speaker Change: Sure so warm enough cohort hurdles.
Speaker Change: Ananda.
Speaker Change #120: We stay true to our original aspiration, taking on corporate social responsibility through a series of social welfare projects, environmentally friendly operations, and green development initiatives.
Speaker Change: <unk> <unk> initiative shortly.
Speaker Change: One <unk>.
Utah Comandante Cheetah sugarcoat it.
Speaker Change #121: Looking ahead, we will comprehensively deepen our commitment to ESG, contributing to the sustainable development of the industry and society.
Speaker Change: John.
Speaker Change: Women juncture mentioned yesterday that have no very hungry for sure with a coach.
Speaker Change: Do you find that total project.
Atour Planet: Last but not least, I am delighted to announce that A Tour has published its inaugural ESG report.
Speaker Change: Last but not least.
Speaker Change: I am delighted to announce that a tour has published its inaugural ESG report, please turn to slide 14.
Speaker Change #122: Please turn to slide 14.
Speaker Change #123: as a leader in providing a quality lifestyle and an advocate for the Chinese experience,
Speaker Change: As a leader in providing a quality lifestyle and advocate for the Chinese experience.
Speaker Change #124: A tour consistently pursues win-win outcomes for the environment.
Speaker Change: <unk> consistently pursues win win outcomes for the environment.
Speaker Change #125: Our industry and society as a whole by integrating ESG best practices across our business operations.
Speaker Change: Our industry and society as a whole by integrating ESG best practices across our business operations.
Speaker Change #126: In 2023, we further enhanced our ESG governance to help build warm connections between people, as well as between people and nature.
Speaker Change: In 2023, we further enhanced our ESG governance to help you warm connections between people as well as between people and nature.
Speaker Change #127: We strove to establish an efficient, orderly, and responsible management mechanism and foster mutual growth among our employees, franchisees, and partners.
Speaker Change: We strove to establish an efficient orderly and responsible management mechanism and foster neutral growth among a tour our employees franchisees and partners.
Speaker Change #128: Through a broad array of charitable projects, eco-friendly operational upgrades, diversity and inclusion initiatives, and green development efforts, we upheld our original aspirations while assuming our corporate social responsibility.
Speaker Change: Through our broad array of charitable projects.
Speaker Change: Friendly operational upgrades diversity and inclusion initiatives and Green development efforts, we upheld our original aspirations, while assuming our corporate social responsibility.
Speaker Change #129: We will actively strengthen our commitment to GSG and increase our contributions to the sustainable development of society and the industry.
Speaker Change: Moving forward, we will holistically deepened our commitment to ESG.
Speaker Change: Maintain our contributions to society and the industry's sustainable development.
Speaker Change #129: Next, let's have our Co-CFO, Wu Jianfeng, introduce the company's financial situation.
Speaker Change: Show me on terminology, several which is great I don't you answer that I would.
Speaker Change: Now I will turn the call over to our co CFO, Mr. Hu cancel to discuss our financial results.
Speaker Change #130: Thank you, Haijun. Good morning and good evening, everyone. Now I would like to present the company's financial performance for the first quarter of 2024.
Speaker Change: Thank you hygiene.
Speaker Change: Ammonia, even everyone now I would like to present, the company's financial performance for the first quarter of 2024.
Speaker Change #131: Please turn to slide 16 of the result presentation.
Speaker Change: Please turn to slide 16 of the results presentation.
Speaker Change #132: Our net revenues for the first quarter of 2024 grew by 89.7% year over year and decreased by 2.5% quarter over quarter to R&B 1,468 million.
Speaker Change: Our net revenues for the first quarter of 2024 grew by 89, 7% year over year and decreased by two 5% quarter over quarter to RMB 1000.
Speaker Change: $468 million.
Speaker Change #133: The year-over-year increase was driven by robust growth in both the hotel and retail business
Speaker Change: The year over year increase was driven by robust growth in both the hotel and the retail businesses.
Speaker Change #133: The quarter of a quarter decrease was caused by the decrease in RAPA, which was RMB 328 for the first quarter of 2024, compelled with RMB 358 for the previous quarter.
Speaker Change: Quarter over quarter decrease was caused by the decrease in Revpar, which was RMB 328 for the first quarter of 2024, compared with RMB 358 for the previous quarter.
Speaker Change #134: and also was due to the renovation of one of Aldi's hotels.
Speaker Change: And also.
Speaker Change: Due to the renovation of one of our leased hotels.
Speaker Change: Sure.
Speaker Change #134: Revenue from our managed hotels for the first quarter of 2024 will RMB 836 million, up by 87.1% year over year, while decreasing 1.8% quarter over quarter.
Speaker Change: Revenue for our <unk> hotels for the first quarter of 2024 were RMB 860, $836 million up by 87, 1% year over year, while decreasing one 8% quarter over quarter.
Speaker Change #135: The year-over-year increase was primarily fueled by the ongoing expansion of our hotel network and the rapid growth of the supply chain business.
Speaker Change: Year over year increase was primarily fueled by the ongoing expansion of our hotel network and the rapid growth of the powertrain business.
Speaker Change #135: Manitized hotels increased to 1,271 as of March 31, 2024, up by 35.9% year-over-year.
Speaker Change: The total number of monetize the hotels increased to 1271 as of March 31, 2024 up by 35, 9% year over year.
Speaker Change #136: The quarter over-quarter change was due to the decrease in RAPA. Red Power of our managed-hized hotels was R&B 324 for the first quarter of 2024, compelled with R&B 353 for the previous quarter.
Speaker Change: The quarter over quarter change was due to the decrease in Revpar Revpar of our <unk> hotels was RMB 324 for the first quarter of 2024, compared with RMB 353 for the previous quarter.
Speaker Change #137: Revenues contributed by our Least Hotel for the first quarter of 2024 were IMB 168 million, representing a decrease of 10.3% year over year and 13.8% quarter over quarter. This decline was mostly driven by the renovation of one of our least hotels into our first 204.0 hotel, as well as the decrease in RAPA.
Speaker Change: Revenues contributed by our leased hotel for the first quarter of 2020 for RMB $168 million, representing a decrease of 10, 3% year over year, and 13, 8% quarter over quarter. This decline was mostly driven by the relative renovate.
Speaker Change: <unk> of one of our leased hotel into offers to a 4.0 hotel as well as the decrease in Revpar.
Speaker Change #138: RAPA of our least hotels was R&B 455 for the first quarter of 2024, compared with R&B 464 for the same period of 2023, and R&B 495 for the previous quarter.
Speaker Change: Revpar of all of these hotels was RMB 400 and.
Speaker Change: <unk> 55 for the first quarter of 2024, compared with RMB 464 for the same period of 2023, and RMB 495 for the previous quarter.
Speaker Change #139: Revenue from our retail business for the first quarter of 2024 will be 417 million.
Speaker Change: Revenues from our retail business for the first quarter of 2024 were RMB 400.
Speaker Change: $17 million.
Speaker Change #140: up by 268.9% year over year and 1.1% quarter over quarter. The increases were attributable to the widespread recognition of our retail brands and the compelling product offerings, as well as improved product, development, and distribution capabilities.
Speaker Change: Up by 268, 9% year over year, and one 1% quarter over quarter. The increases were attributable to the widespread widespread recognition of our retail brands and our compelling product offerings as well as improve the product development and distribution capability.
Speaker Change #140: Revenues from other for the first quarter of 2024 will IMB 48 million, up by 76.8% year over year and 1.7% quarter over quarter. The increases were driven by the fast-growing membership business.
Speaker Change: Revenues from other for the first quarter of 2024 were RMB $48 million up by 676, 8% year over year, and one 7% quarter over quarter. The increases were driven by the fast growing membership business.
Speaker Change #141: Now let's move to cost and expenses. Please turn to slide 17.
Speaker Change: Now, let's move to costs and expenses.
Speaker Change: Turn to slide 17.
Speaker Change #142: Operating costs and expenses for the first quarter of 2024 were IMB 154 million, including RMB 3 million share-based compensation expenses, compared with RMB 719 million, including RMB 142 million share-based compensation expenses for the same period of 2023.
Speaker Change: Operating costs and expenses for the first quarter of 2020 for RMB 1150, $4 million, including RMB 3 million share based compensation expenses, compared with RMB $719 million, including RMB 142 million share based compensation expenses for the same period.
Speaker Change: Of 2023.
Speaker Change #143: Hotel operating costs for the first quarter of 2024 increased by 73.5% year over year and decreased by 9.7% quarter over quarter to R&B 662 million.
Speaker Change: Hotel operating costs for the first quarter of 2024 increased by 73, 5% year over year and decreased by nine 7% quarter over quarter to RMB $662 million.
Speaker Change #144: The year-over-year increase was mainly due to the increase in variable costs, such as supply chain costs associated with the ongoing expansion of our hotel network.
Speaker Change: The year over year increase was mainly due to the increase in variable costs, such as supply chain costs associated with the ongoing expansion of our hotel network.
Speaker Change #145: The growth margin of our hotel business was 34.1% for the first quarter of 2034, compelled with 39.8% for the same period of 2023. The decrease was attributable to a decreased RAPA and an increased share of revenue generated by the lower margin supply chain business.
Speaker Change: The gross margin of our hotel business was 34, 1% for the first quarter of 2024, compared with 39, 8% for the same period of 2023.
Speaker Change: <unk> was attributable to decreased the Revpar and an increased share of revenue generated by the lower margin supply chain business.
Speaker Change #145: Retail costs for the first quarter of 2024 increased by 235.0% year-over-year and decreased by 11.2% quarter-over-quarter to R&B 206 million. The year-over-year increase was associated with the rapid growth of our retail business. The growth margin of our retail business was 50.5% for the first quarter of 2024, compared with 45.5% for the same period. of 2023, the increase in growth profit margin of retail business was attributable to an increasing contribution from higher margin online sales.
Speaker Change: Retail cost for the first quarter of 2024 increased by 235 zero percent year over year and decreased by 11, 2% quarter over quarter to RMB 206 million the year over year increase was associated with the rapid growth of our retail business.
Speaker Change: The gross margin of our retail business was 55% for the first quarter of 2024, compared with 45, 5% for the same period of 2023. The increase in gross profit margin of retail business was attributable to an increase in contribution from higher <unk>.
Speaker Change: Online sales.
Speaker Change #146: Please turn to page 18 now
Speaker Change: Now please turn to slide 18.
Speaker Change #147: For selling and marketing expenses for the first quarter of 2024, will RMB $175 million, compared with RMB, $56 million for the stem period of 2023.
Speaker Change: For selling and marketing expenses for the first quarter of 2020 for RMB 100, 175 million compared with RMB 56 million for the same period of 2023.
Speaker Change #148: The increase was made due to our increased investment in brand awareness and effective online channel development, along with the growth of retail business.
Speaker Change: The increase was mainly due to our increased investment in brand awareness and effective online channel development, along with the growth of retail business.
Speaker Change #149: Setting and Marketing Assenses accounted for 11.9% of net revenues for the first quarter of 2024, compared with 7.2% for the same period of 2023.
Speaker Change: Selling and marketing expenses accounted for 11, 9% of net revenues for the first quarter of 2024 compared with seven 2% for the same period of 2023.
Speaker Change #150: General and administrative expenses for the first quarter of 2024 will RMB 77 million.
Speaker Change: General and administrative expenses for the first quarter of 2024 were RMB $77 million in.
Speaker Change #151: including RMB 3 million share-based compensation expenses, compelled with RMB-193 million, including RMB 141 million share-based compensation expenses for the same period of 2023.
Speaker Change: Including RMB 3 million share based compensation expenses, compared with RMB $193 million, including RMB 141 million share based compensation expenses for the same period of 2023.
Speaker Change #151: excluding the share-based compensation expenses, the increase was primarily due to the increase in labor costs.
Speaker Change: Excluding the share based compensation expense expenses. The increase was primarily due to the increase in labor costs.
Speaker Change #151: General and administrative expenses, excluding the share-based compensation expenses, accounted for 5.0% of revenue for the first quarter of 2024, compelled with 6.7% for the same period of 2023.
Speaker Change: General and administrative expenses, excluding the share based compensation expenses accounted for 5.0% of revenue for the first quarter of 2024 compared to a six 7% for the same period of 2023.
Speaker Change #152: Technology and development expenses for the first quarter of 2024 were IMB 24 main name.
Speaker Change: Technology and development expenses for the first quarter of 2020 for RMB $24 million.
Speaker Change #152: compared with R&B 17 million for the same period of 2023.
Speaker Change: Compared with RMB 17 million for same period of 2023.
Speaker Change #153: The increase was mainly due to the increased investment in technology, systems, and infrastructure to support our expanding hotel network and retail business, as well as improve the customer experience.
Speaker Change: The increase was mainly due to the increased investments in technology systems and infrastructure to support our expanding hotel network and retail business as well as improve the customer experience.
Speaker Change #153: Technology and development expenses accounted for 1.6% of net revenues for the first quarter of 2024, compelled with 2.2% for the same period of 2023.
Technology and development expenses.
Speaker Change: Accounted for one 6% of net revenues for the first quarter of 2024 compared with two 2% for the same period of 2023.
Speaker Change #154: Please return to seat number 19.
Speaker Change: Now please turn to slide 19.
Speaker Change #154: A adjusted net income for the first quarter of 2024 was RMB 261 million, up by 63.4% year over year.
Speaker Change: Adjusted net income for the first quarter of 2024 was RMB $261 million up by 63, 4% year over year.
Speaker Change #154: Adjusted net profit margin for the first quarter of 2024 was 17.8%, a decrease of 2.9 percentage points year over year. Adjusted EBITDA for the first quarter of 2024 was RMB 354 million, up by 53.1% year over year. Adjusted EBITDA margin for the first quarter of 2024 was 24.1%, a decrease of 5.8 percentage points, year over year.
Speaker Change: Adjusted net profit margin for the first quarter of 2024 was 17, 8% a decrease of two nine percentage points year over year adjusted EBITA for the first quarter of 2024 was RMB $354 million up by 53, 1% year over year.
Speaker Change: Adjusted EBITDA margin for the first quarter of 2000 April was.
Speaker Change: 24, 1% a decrease of five eight percentage points year over year.
Speaker Change #155: The decreases in both margins were primarily due to the decrease in RAPR, and the increase of revenue contribution from lower margin supply chain business, as well as organic growth of setting and marketing expenses amid the retail business development.
Speaker Change: The decreases in both margins were primarily due to the decrease in Revpar and the increased revenue contribution from lower margin supply chain business as well as organic growth offsetting in marketing expenses.
Speaker Change: The retail business development.
Speaker Change #156: Now please turn to slide 20 and 21.
Speaker Change: Now, please turn to slide 2020 one.
Speaker Change #157: Notably, we have maintained a healthy cash position with stable growth momentum. As of March 31st, 2024, our cash and cash equivalent totaled RM 3,048 million. Among them, net cash was RMB 2,956 million.
Speaker Change: Notably we have maintained a healthy cash position with stable growth momentum as of March 31, 2024, our cash and cash equivalents totaled RMB 3040 $8 million among them net cash was RMB 2156.
Speaker Change #158: That concludes our financial highlights for the first quarter of 2024. With that, that's open for Q&A.
Speaker Change: <unk>.
Speaker Change: That concludes our financial highlights for the first quarter of 2024.
Speaker Change: With that let's open for Q&A.
Speaker Change #159: Thank you. We will now begin the question and answer this session.
Speaker Change: Thank you we will now begin the question and answer session.
Speaker Change #160: To ask a question, please press 1-1 on your telephone keypad. You would then hear an automated message advising your hand is raised.
Speaker Change: To ask a question. Please press star one one on your telephone keypad you wouldn't you in all the major emphasis revising your hand is raised.
Speaker Change #161: To withdraw your question, please press star 1-1 again. For the benefit of all participants on today's call, if you have raised your question in Chinese, please immediately repeat your question in English. Please limit your questions to one at a time.
Speaker Change: Your question. Please press star one one again for the benefit of all participants on today's call. If you have.
Speaker Change: Raise your question in Chinese please immediately repeat your question in English. Please limit your questions to one at a time.
Speaker Change #162: If you wish you have full-up questions, please rejoin the queue. Once again, let's stop 1-1 for questions.
Speaker Change: If you wish to have follow up questions. Please rejoin the queue once again Thats star one one for questions.
Speaker Change #162: Our first question comes from the line of CICC to Sijian. Please go ahead, Sijer.
Speaker Change: Our first question comes from the line of CIC.
Speaker Change: Please go ahead Sir.
Sijie Lin: Thank you to the management team. We have seen that the company opened 97 stores in the first quarter, which is a very fast pace. This number is almost equal to the highest value in the third quarter of last year. The revenue also exceeded our expectations. So, I would like to ask if the company will adjust the full-year store opening revenue and profit guidance for 2024. That's my question. I will translate my question into English. Thank you to the management team. Congratulations on the fast pace of store openings, reaching 97 stores, almost the highest in the first quarter of last year. The revenue growth is also very fast. So, will we adjust the full-year store opening revenue and profit guidance? The same question. Thank you.
Tom Kim: This is Tom.
Speaker Change: Well maintained.
Speaker Change: Kyle Joseph C Ibs.
Speaker Change: All right I'll hold you should see issue.
You're welcome Julian Thank you.
Speaker Change: Sure.
Speaker Change: How should we be in Chicago.
Speaker Change: Great.
John: So quick question, John with regard to near term and even paid yeah sure why would you leave energy.
Speaker Change: I will translate my question into English. So thank you management congrats on the very fact hotel opening two one the 19000 new openings almost achieved the highest quarterly level last year and the revenue growth is also a bit.
Speaker Change: We adjust our full year opening revenue and profit guidance accordingly, Thank you.
Speaker Change #164: Okay, thank you, Sijie. I will answer this question for you.
Speaker Change #100: All tiers as well as with <unk>.
Speaker Change #165: Although we observed some fluctuations in the Rappart of the entire industry in the first quarter, from the perspective of franchisees, confidence in the hotel industry remains very strong. Therefore, our signings in the first quarter have maintained rapid growth, and the pipeline projects have continuously expanded to reach 674.
Speaker Change #101: I think all of them what kind of are easy to genco hung either a panel support hometown of Charlotte I mean, I cannot thank you again senior hazard pay townhome product.
Speaker Change #101: So it wasn't that easy to the Chengdu tapachula quite some legal cost that were.
Speaker Change #101: The quarter on <unk>.
Sijie Lin: Thank you, Siji. Let me try to answer your question. Although we saw some fluctuations in the roughbar of the entire industry in the first quarter this year, but from the franchisee's level, confidence in the hotel industry is still sufficient. And our signings in the first quarter also maintained rapid growth. And the projects in our pipeline continued to expand, reaching 674.
Speaker Change #101: Thank you Sergio let me try to answer your question.
Speaker Change #102: Although we saw some fluctuations in the revpar of the entire industry in the first quarter this year, but from the franchisees level confidence in the hotel industry is still sufficient and our signings in the first quarter also maintained rapid growth and projects in our pipeline continued to expand.
Speaker Change #102: 674.
Speaker Change #166: From the perspective of store openings, we opened 97 stores in the first quarter, continuing the rapid trend we saw in the fourth quarter of last year.
Speaker Change #103: Hong Caribbean I kind of <unk> <unk> to the <unk> question regarding the future.
Speaker Change #167: So this year, based on our strategic goal of having 2,000 quality stores by 2025, we will set higher standards for the quality of our hotels. We aim to achieve quantitative growth with quality. Based on this, we will maintain our annual target of opening 360 stores, and we are very confident that we can achieve this.
Speaker Change #104: At the moment and you know how we view on the <unk> downturn Hacienda Gianluca channel more belt.
Speaker Change #105: So within a trade off you can call. It <unk> <unk> <unk> you go through Amazon now TV sort of how <unk> been here when we update on your thinking on both agile.
Speaker Change #167: In terms of new openings, in this first quarter, we opened 97 new hotels, continuing the trend in fourth quarter last year.
Speaker Change #105: In terms of new openings in this first quarter, we opened 97, new hotels continuing to trend in fourth quarter last year.
Speaker Change #168: This year, based on the strategic targets of having 2,000 premier hotels by 2025, we will put forward higher requirements for quality and consider quality as a prerequisite for quantity growth.
Speaker Change #105: This year based on the strategic targets of having 2000 Premier hotels by 2025, we will put forward higher requirements for quality and considered quality as a prerequisite for quantity growth.
Speaker Change #169: Based on this, we would like to maintain our target of 360 new openings for the full year, and we stay fully confident about achieving that.
Speaker Change #105: Based on this we would like to maintain our target of 360, new openings for the full year and we stay fully confident about achieving that.
Speaker Change #170: In terms of revenue, although we see some fluctuations with REPA, we expect the group's revenue to maintain high-quality growth in 2024.
Speaker Change #105: Sure.
Speaker Change #106: But I think government Condor Revpar Ministry of Porto <unk>.
Speaker Change #107: So then John Boucher cultured in Bethesda.
Speaker Change #171: Based on our outstanding performance in the first quarter, especially in the retail business, we will raise our group's full-year revenue guidance for 2024 from approximately 30% year-over-year growth in the previous quarter to 40% year-over-year growth. This will also maintain an industry-leading growth rate. This is mainly due to the continuous expansion of our long-standing network and the rapid development of our retail business.
Speaker Change #108: Peter do you have an easy to use you should ensure the tool belt here, we don't want us in entering initial gene Tangshan <unk> tissue valve, Andrew Tom beaten down by resolution about Seeger hanging in kindergarten.
Speaker Change #108: To drill out the EUR, which is your core technological Joel.
Speaker Change #109: It requires some partnership with initial yield comps here.
Speaker Change #172: In terms of profit, the overall fluctuations of Red Pot this year and changes in our company's revenue structure will exert some pressure on our overall profit margin. However, we will continuously optimize our cost structure and improve our management and operational efficiency, with the expectation of maintaining a relatively stable profit margin.
Speaker Change #110: Third even EMEA shot on the panel.
<unk> also showed with vehicle of Pilbara duo mentioned delivery as we can without eating a galley.
Speaker Change #111: <unk> no problem the chamber that vehicle tissue on the sodium <unk> Boucher do indeed, you got sounds little boutique.
Speaker Change #173: In terms of revenue, despite some fluctuations in RevPAR we saw, we still expect the group's 2024 revenue to maintain a high-quality growth, and based on the outstanding performance in the first quarter, especially in our retail business, we would like to raise this year's revenue guidance from what we announced the last quarter, the original 30% year-on-year growth to a new growth of 40% year-on-year. maintaining a growth rate leading the industry.
Speaker Change #112: In terms of revenue despite some fluctuations and Revpar. We saw we still expect the group's 2020 for revenue to maintain our high quality growth and based on the outstanding performance in the first quarter, especially in our retail business, we would like to raise this year's revenue guidance.
From what we announced last quarter, the original 30% year on year growth too and new growth of 40% year on year, maintaining our growth rate leading the industry. This is mainly due to the continued expansion of our hotel network and the contribution of our rapidly growing.
Speaker Change #174: This is mainly due to the continued expansion of our hotel network and the contribution of our rapidly growing retail business
Retail business.
Speaker Change #174: At the profit level, the fluctuation of the overall REVPAR and the change of the company's revenue structure this year will bring certain pressure on our profit margin level. However, we will continue to optimize our cost structure, improve the efficiency of management and operations, and we expect to keep a relatively stable profit margin level. I'll see it. Okay, thank you.
Speaker Change #112: At the profit level, the fluctuation of the overall revpar and the change of the company's revenue structure. This year will bring certain pressure on our profit margin level. However, we will continue to optimize our cost structure improve the efficiency of management and operations and we.
Speaker Change #112: Expect to keep a relatively stable profit margin level.
Speaker Change #113: Okay. Thank you.
Speaker Change #174: Thank you, Suuji. Let's take next.
Speaker Change #114: Thank you Susanna, let's take next.
Speaker Change #174: Thank you. Our next question comes from the line of Dan Chief of Morgan Stanley . Please ask your question, Dan.
Speaker Change #115: Thank you next question comes from the line of Dan <unk> from Morgan Stanley. Please ask your question Dan.
Dan Qi: Thank you to the management. I would like to ask the management if you could share with us the performance of the entire Blended Repa Group since April . Also, if we break it down, how are the situations of OCC and housing prices respectively?
Speaker Change #116: Ccs physical Nathan.
Speaker Change #117: With that we have great quality.
Speaker Change #118: Thanks, guys.
Speaker Change #119: Blended revpar revpar.
Jacob: Revpar coupon Jacob here.
Speaker Change #121: Hi, Kelly.
Speaker Change #122: OCC hydro.
Speaker Change #123: <unk> seen similar yes.
Speaker Change #176: Additionally, regarding the company's outlook for the entire year of 2024, as we mentioned before, we will try our best to maintain a stable trend. The company's latest views and opinions are as follows:
Speaker Change #124: I hope to see.
Speaker Change #124: Instantly, so neogen enrollment since calendar.
Speaker Change #124: I think now Paypal.
Speaker Change #125: It sounds like perhaps you start.
Speaker Change #125: It seems like also facing.
Speaker Change #126: Can you say what is it something beyond that.
Speaker Change #177: Please allow me to translate my questions. Can the management share the recent blended RefPAR trend in second quarter and in particularly occupancy and ADR's respective performance?
Speaker Change #127: Please allow me to translate my questions.
Speaker Change #128: Can management share the recent flat revpar.
Speaker Change #129: Revpar trend.
Speaker Change #130: In second quarter, and in particularly occupancy and ADR respective performance.
Speaker Change #178: This is the company's latest opinion regarding your Blender RevPower for the entire year.
Speaker Change #130: And what's the company's most updated view on your blended revpar for full year 2024.
Big Eye: Okay, thank you Big Eye, I'll answer this question. The company's ROHR for the first quarter is 328 yuan. Compared to the same period last year, it has decreased by about 9 yuan. Our OCC is 73.3%, which is an increase of about 0.8 percentage points compared to the same period last year.
Speaker Change #131: Although exceeded revenue.
Speaker Change #132: <unk> cost for some of our suppliers.
Speaker Change #133: Hi, Josh.
Speaker Change #133: Yes.
Speaker Change #134: She didn't want <unk> batten disease.
Speaker Change #134: Yes.
Speaker Change #134: Bye.
Speaker Change #135: Good afternoon.
Speaker Change #180: Our ADR is 430 yuan, which is approximately 13 yuan lower compared to the same period last year.
Speaker Change #136: Thanks, John Sheehan.
Speaker Change #137: Shutdowns Susanna.
Big Eye: Thank you, Dan. Let me try to answer your questions.
Speaker Change #137: Thank you Dan let me try to answer your questions.
Speaker Change #181: Our rough part in first quarter was RMB 328, which was down by RMB 9 RAN compared to the same period last year. OCC was 73.3%, 0.8 percentage point higher than the same period last year. ADR was RMB 430, down by RMB 13 RAN from the same period last year.
Speaker Change #138: Our revpar in first quarter was RMB 328, which was down by RMB, 9% when compared to the same period last year OCC was 73, 3% <unk> eight percentage points higher than the same period last year.
Speaker Change #138: <unk> was RMB 430 down by RMB 13 that from the same period last year.
Speaker Change #182: If we look at the year-on-year data for our 843 mature stores that have been open for more than 18 months
Speaker Change #138: We will come on buybacks.
Shabaniyah tons of ammonia.
Speaker Change #183: The softening performance of the same electricity and the same pen is basically the same as the same period last year.
Speaker Change #138: <unk>.
Speaker Change #139: I'll be there are public opinion, and Gina <unk> trillion.
Speaker Change #184: Uh, the number is approximately 99%
Speaker Change #140: Susan advisors by 100 units.
Speaker Change #185: If we narrow down to our 843 mature hotels in operation for more than 18 months, the same hotel ref park performance in first quarter this year stood at 99.7%, which was basically unchanged from last year.
Speaker Change #141: If we narrow down to our 843 mature hotels in operation for more than 18 months. The same hotel Revpar performance and first quarter. This year stood at 99, 7%, which was basically unchanged from last year.
Speaker Change #185: So looking at the individual performance of OCC and ADR
Speaker Change #141: Current OCC for Adi.
Speaker Change #186: Compared to last year, the surge in business and leisure travel has significantly raised the price baseline. Therefore, this year we are facing relatively high price pressure.
Speaker Change #142: We actually announced some shuja owner for Sito mobile.
Speaker Change #143: So you're going to lose tonnage for non holiday jumbo that's useful.
Speaker Change #142: Yes.
Speaker Change #187: Since April , including the May Day holiday, we have observed this situation. From the QTD data, the rollout pressure in the second quarter is even greater than in the first quarter.
Speaker Change #144: No no no.
Speaker Change #145: That's clear thank you.
Speaker Change #146: <unk> EBIT will be a cut on advancing well.
Speaker Change #146: Number one <unk>.
No more R&D to the Aurora.
Speaker Change #146: <unk>.
Speaker Change #146: Right.
Speaker Change #188: To separate OCC and ADR performances, last year's concentrated bursts of business and leisure travel to a certain extent drove the price base higher and imposed relatively more pressure on this year's price.
Speaker Change #146: To separate OTC and ADR performances last year's concentrated bursts of business and leisure travel to a certain extent drove the price base higher and imposed to relatively more pressure on this year's price since.
Speaker Change #188: Since April , including the Labor Day holiday, we have also seen such situation. According to QTD data, our Q2 RAVP might have bigger pressure than in Q1.
Speaker Change #146: Since April including the Labor day holiday, we have also seen such situation. According to <unk> data, our Q2 revpar might have bigger pressure than in Q1.
Speaker Change #188: For the full-year forecast of Rollercoaster, because the performance of Rollercoaster will be affected by multiple factors
Speaker Change #146: The issue.
Speaker Change #146: Europe.
Speaker Change #147: We sold our total easily vita because it will have a foundation.
Speaker Change #189: Providing a relatively accurate estimate might be a bit difficult
Speaker Change #146: Uhm.
Speaker Change #190: From the current perspective, we believe that the uncertainty for the entire year has also exceeded our previous expectations.
Speaker Change #146: <unk>.
Speaker Change #146: Hello.
Speaker Change #191: In the current environment, our genetic strategy is to prioritize stabilizing the basic foundation of occ, while also seizing some key opportunities for profit.
Speaker Change #146: Number.
Speaker Change #146: One is the gene coded.
Speaker Change #146: Chairman through OTC.
Speaker Change #148: Alright, and familiar withdrawing in Egypt with industrial EBIT margin.
Speaker Change #191: As for the forecast on 24 whole-year rev-par, due to multiple factors affecting its performance, it is rather difficult to give a relatively accurate rev-par forecast.
Speaker Change #146: Yes.
As for the forecast on 2020 for whole year Revpar due to multiple factors affecting its performance. It is rather difficult to give a relatively accurate revpar forecast.
Speaker Change #191: see him from now
Speaker Change #146: I'm from now the uncertainty of this year exceeds our previous expectation and in this current environment. Our strategy is to prioritize stabilizing our OCC base, while also sees the core opportunities and revenue.
Speaker Change #191: The uncertainty of this year exceeds our previous expectation, and in this current environment, our strategy is to prioritize stabilizing our OCC base while also sees the core opportunities in revenue.
Speaker Change #192: Thank you, next question, please
Speaker Change #149: Thank you Dan next question please.
Speaker Change #192: Thank you.
Speaker Change #192: Our next question comes from the line of Sin Chen from UBS. Please ask your question, SIN.
Speaker Change #150: Our next question comes from the line of.
Speaker Change #151: <unk> Chen from UBS. Please ask your question.
Speaker Change #193: Thank you, thank you to the management for giving me this opportunity to ask a question. I am PS Chen Xing. My question is about our retail business. I noticed that in the relatively slow first quarter, the company's retail revenue still maintained very strong growth. Could the management share their expectations for the full-year revenue of the retail business, as well as the anticipated investment in retail sales expenses? On the product side, I would also like to ask about the company's product planning following the successful launch of the limited edition in March.
Speaker Change #152: Hey, Glenn thank.
Speaker Change #152: Okay.
Speaker Change #152: Yes.
Speaker Change #153: Thanks Glenn.
Joe: Thank you. Thank you Joe.
Joe: Thank you.
Joe: Sure.
Speaker Change #155: Thank you Bob.
Speaker Change #156: Mark Wilson Jefferies.
Speaker Change #155: Sure.
Speaker Change #155: Sure.
Speaker Change #155: Sure. Thanks, Josh.
Speaker Change #155: Okay.
Speaker Change #155: <unk>.
Speaker Change #155: Alright.
Speaker Change #155: Yes.
Speaker Change #155: That's all right.
Speaker Change #155: Thanks, that's helpful.
Speaker Change #155: Great.
Speaker Change #193: We noticed that in Q1 relatively more opposition, the company's revenue from V2Binus, do maintain a very strong growth. Would the company mind shoveling your expectations on the two revenue over the whole year and expectations on its temperature than returbedness?
Speaker Change #155: Yeah.
Speaker Change #155: We noticed that in Q1 relatively.
Speaker Change #155: Revenue from <unk>.
Steve.
Speaker Change #157: Strong growth.
Speaker Change #158: What are the company in.
Speaker Change #158: Mind.
Speaker Change #159: Congratulations on the tube Avenue, Okay, yes. Thank you.
Speaker Change #159: <unk>.
Speaker Change #160: Thank you Sir.
Speaker Change #160: Davis.
Speaker Change #193: The second question is that on product level, the summer cool, quick launch, that you much achieved a good result. Could you share about some follow up planning products?
Scott: Thanks Scott.
Speaker Change #162: Thermal coal.
Speaker Change #162: Okay.
Speaker Change #162: Greater launch thanks, so much.
Yes.
Speaker Change #162: Good results.
Speaker Change #162: Our share about just on the follow up.
Speaker Change #163: Thank you.
Speaker Change #193: Okay, thank you Chen Xing. I will now talk about the overall business and product planning for retail. The financial situation will be discussed later.
Speaker Change #164: Obviously that was.
Speaker Change #165: <unk> total in a regular year without having to give up.
Speaker Change #166: I would add Jim.
Speaker Change #194: I think our retail business is based on the real sleep needs of users.
Speaker Change #167: It wasn't a woman's lymphoma.
Speaker Change #167: Institutionally.
Speaker Change #195: Today, we can see that the gentleman products from Asian Planet are continuously gaining popularity and receiving user appreciation and recognition.
Speaker Change #167: So you can always goes.
Speaker Change #167: So the centers.
Speaker Change #168: And welcome to Charles River.
Speaker Change #167: Borders.
Speaker Change #195: I think these have also driven the continuous outstanding performance of our retail business.
Gino: We do this is Gino you sit on all meaningful year will not repeat that again.
Speaker Change #195: Our ability to develop products based on user needs, I believe, has once again been demonstrated in the outstanding performance of this new product from Xia Liangbei.
Speaker Change #167: Sure.
Speaker Change #167: The women's shoes.
Speaker Change #167: She showed up.
Speaker Change #170: Me too.
Speaker Change #170: So there you go.
Speaker Change #170: Shanghai, Shenzhen, China total gotcha.
Speaker Change #170: Thanks.
Speaker Change #196: So this year we will continue to focus on our profound products.
Speaker Change #171: <unk> you John.
Xia Liangbei: In the coming quarters, we will continue to launch some new products.
Speaker Change #170: Okay.
Speaker Change #172: Nonetheless, our digital activities associated with DCP.
Speaker Change #198: This includes our next generation of deep thinkers and our deep thinker temperature control unit.
Speaker Change #173: <unk> essentially.
David.
David: Essentially the whole one bit.
Speaker Change #199: While continuously expanding our sleep product category, we will also keep deepening and refining our advantageous categories.
David: The third quarter.
David: I mentioned it is ultra will rebound the user convert <unk> Central Hall.
Speaker Change #200: This is our entire business plan and product in marketing.
Speaker Change #175: Nutritional momentarily so Jonathan.
Speaker Change #176: I mean.
Speaker Change #200: Then Jianfeng will share the financial situation with everyone.
Speaker Change #176: The most I would assume on a general note and I definitely.
Speaker Change #200: Thank you, Chen Xin. Let me first talk about the overall retail business and product planning, and then I'll pass it on to Jian Feng to add on retail financials later.
Speaker Change #177: Thank you changing let me first talk about the overall retail business and product planning and then I'll pass it onto gemstone to add on retail financials later.
Chen Xin: I think based on our insights into the real sleep needs for users, our strategy with AtroPlanet's deep sleep products has been kept on becoming known to people outside of the hotel industry and continued to gain users' fondness and recognition. And that promoted the excellent performance of our retail business.
Speaker Change #178: I think based on our insights into REO sleep needs for users our strategy with a tour planets deep sleep products has been catching on becoming known to people outside of the hotel industry and continued to gain users soundness and recognition and that promoted.
Speaker Change #178: The excellent performance of our retail business.
Jianfeng: Our product R&D capacity based on user needs has been verified once again by the outstanding performance of our new product this quarter, Deep Sleep Lightweight Comforter. This year, in the next quarters, we will continue to focus on deep sleep products and carry on launching the next generation of deep sleep pillows or deep sleep temperature control quote in the next coming quarters.
Speaker Change #178: Our product R&D capacity based on user needs has been verified once again by the outstanding performance of our new product this quarter deep sleep lightweight comfort or this year in the next quarters, we will continue to focus on deep sleep products and carry on launching the <unk>.
Speaker Change #178: The generation of deep sleep pillows or deep sleep temperature control quotes and then next coming quarters.
Jianfeng: While continuing to expand the sleep categories, we will also be continually deepening and solidifying our advantages categories. Now, Jian Feng, could you please add some more onto the retail financials?
Speaker Change #179: While continuing to expand the sleep categories. We will also be continually deepening and solidifying our advantages categories. Now came from could you. Please add some more onto the retail financials.
Jianfeng: Regarding the performance of our retail financials, our retail revenue in the first quarter reached 417 million, maintaining a rapid growth momentum. Based on the strong performance of the entire retail business in the first quarter, we expect our annual retail revenue to achieve a high double-digit year-on-year growth.
Speaker Change #180: Community to ensure that <unk> will be easy to install solution.
Speaker Change #181: Again, <unk> has approached legal questions and John you should hold the most easy to the good initial yield a chunk in the Belgian woman.
Speaker Change #181: <unk> in the shower gel negotiating the Gulf and we issued the Eagles homebuilding buttoned up.
Jianfeng: At the same time, our retail sector is still in a period of rapid development. We will deepen our investment in building its foundational capabilities, including brand promotion and channels.
Speaker Change #182: But wholesale but im sure Youll, how should we go close with our balance sheet, while insights hydrological tissue may need essential or competitor Iguala tradeoffs with departmental reduction who.
Jianfeng: Regarding the sales expenses mentioned earlier, the retail business achieved relatively high efficiency in investment and promotion in the first quarter. In the coming quarters, the sales expenses may fluctuate with the rhythm of our new product launches and some brand promotion plans. However, it is expected to remain at a relatively stable level throughout the year.
Speaker Change #182: Two.
Speaker Change #182: <unk> thousand $80 total feeling like kind of our initial yield that <unk> total in <unk>.
Speaker Change #182: As you can see it will have a short Oklahoma suite of women with symptoms DSO OE here jugal <unk> support all the EBIT change in that kind of how should we about your data center you negotiate here.
Speaker Change #203: Therefore, we also believe that as the scale of our retail business grows, the profit margin of our retail business will continue to improve. We are confident that our retail business will bring increasing incremental revenue and ecological value to the group.
Speaker Change #182: So you don't award lending, so modest and job openings of the new initiatives that should a tissue.
Speaker Change #183: I mean are we thinking of that ensure you're watching on Colgate.
Speaker Change #183: So now that <unk> type of capture.
Speaker Change #204: Thank you, Chen Xing. On our retail revenue in first quarter, reached RMB 417 million dollars.
Speaker Change #184: Thank you changing on our retail revenue in first quarter reached RMB 404, $417 million at maintaining our rapid growth momentum based on that strong retail performance, we do expect our retail business to achieve high double digit year.
Speaker Change #205: Maintaining a rapid growth momentum. Based on that strong retail performance, we do expect our retail business to achieve high double-digit year-over-year revenue growth for the full year.
Speaker Change #184: Year revenue growth for the full year.
Chen Xin: Meanwhile, our retail business is still in a process of rapid development, and that means we will continue to deepen investment in building a solid foundation for longer-term growth, branding, and channels.
Speaker Change #184: While our retail business is still in a process of rapid development and that means we will continue to deepen investment in building a solid foundation for our longer term growth brandy and channels.
Chen Xin: In terms of the sales expenditures you mentioned in your question, Chen Xin, our retail business in first quarter coordinated campaigns and promotions with high efficiency.
Speaker Change #185: In terms of the sales expenditures you mentioned in your question changing our retail business in first quarter coordinated campaigns and promotions with high efficiency.
Speaker Change #206: The sales expenses in the next few quarters will fluctuate slightly, echoing to our rhythm in new product launches and plans on branding campaigns. But it is expected to maintain a relatively stable level for the full year.
Speaker Change #185: <unk> expenses in the next few quarters will fluctuate slightly echo into our rhythm and new product launches and plans on branding campaigns, but it is expected to maintain a relatively stable level for the full year now.
Speaker Change #207: Now that with our grown scale of retail business, its margin level has been continually improving, and we are confident that the retail business will bring more incremental earnings to the group and more value to our ecosystem.
Now that with our grown scale retail business. It's margin level has been continually improving and we are confident that our retail business will bring more incremental earnings to the group and more value to our ecosystem. Thank you.
Speaker Change #208: Thank you. Next question, please.
Speaker Change #186: Thank you. The next question please.
Speaker Change #208: Thank you. The next question comes from Zwei Liu, from Citix. Please ask your question, Zwei.
Speaker Change #187: Thank you next question comes from Seaway Leal from Citigroup. Please ask your questions anyway.
Ziwei Liu: Hello, management friends. I am Liu Jiwei from CITIC Securities. Regarding the hotel business, I would like to ask for some advice. Previously, Premier Hai Jun mentioned that our Qingdi 3.0 is currently operating very well. So, I would like to ask about our opening goals for Qingdi 3.0 this year. Additionally, do we have any updates or detailed progress to share about our Atour 4.0 hotels? I trust with my question about the fatality do please share the opening goals for tour life 3.0 this year and also an absence on how it's all 4.0 hotels are coming along. Thanks.
Speaker Change #188: Hi, Bonnie.
Speaker Change #187: Sure.
Speaker Change #187: No.
Speaker Change #187: Yes.
Speaker Change #187: No.
Speaker Change #187: No.
Speaker Change #187: Okay.
Speaker Change #187: Thank you.
Speaker Change #187: Yes.
Speaker Change #187: Okay.
Speaker Change #187: On the mainline upon.
Speaker Change #187: Okay.
Speaker Change #187: Thank you.
Speaker Change #187: Okay.
Speaker Change #187: I've talked to many of my questions about the fidelity.
Speaker Change #189: Well, it's more likely.
Speaker Change #189: Okay.
Speaker Change #189: Alcohol.
Speaker Change #189: <unk>.
Speaker Change #189: Okay.
Speaker Change #189: Thanks.
Ziwei Liu: Okay Jiwei, let me answer your question. As for Qingju 3.0, we signed 30 contracts in the first quarter, accounting for over 15%. By the end of the first quarter, the number of Qingju 3.0 hotels that have already opened has reached 36. We expect that by the end of this year, the number of operational Qingju 3.0 hotels will reach around 100.
Speaker Change #189: <unk> <unk>.
Howard: <unk> essentially Jeff temperatures Howard I'm, just through normal tissues are easy to more eating hired <unk> Saturday with y'all.
Howard: <unk> thousand Union the Hindustan in industrial in the Cynosure that John will go that'll impact us.
Speaker Change #210: Thank you, Ji Wei. Let me answer that question of yours.
Speaker Change #191: Thank you <unk>, let me answer that question of yours.
Speaker Change #211: In first quarter, there was a total of 30 signings for a tour like 3.0, accounting for more than 15% of our total new signings.
Speaker Change #192: In first quarter. There was a total of 30 signings for a tour like 3.0 accounting for more than 15% of our total new signings.
Speaker Change #211: As of the end of March, 36 Atulite 3.0 hotels are in operation. We expect that by the end of this year, the number of Atulite 3.0 hotels in operation will reach about 100.
Speaker Change #192: As of the end of March 36, a tour like 3.0 hotels are in operation, we expect that by the end of this year. The number of mature like 3.0 hotels in operation will reach about 100.
Speaker Change #212: Just as the Navy mentioned earlier during the introduction, regarding Light Living 3.0, we are continuously refining and upgrading our unique services around the concept of a relaxed and light lifestyle to better meet the needs of young business travelers, and we have gained user recognition. Therefore, the performance of our mature Light Living 3.0 stores has been very impressive. In the traditionally slow first quarter, the REP PAR of Light Living 3.0 exceeded 290 yuan after three months of operation, and in April , it quickly increased to over 300 yuan, far exceeding our franchisees' expectations.
The 2010 Jacob hygiene.
Speaker Change #192: Okay.
Speaker Change #193: Why do you think <unk> syndrome was anchored in yet that we don't actually see Robinson enrolment change with a total of pool you can hold your module Nanjing, Shanghai yogurt as usual.
Speaker Change #193: So we continue to send in each autoimmune mandan team that they have central Pennsylvania.
Speaker Change #194: Thank you the easy to work he has done and in the Revpar our amyotrophic vignettes.
Speaker Change #194: <unk> semi pricing shop, when total jumbotron amici.
Speaker Change #212: Like Hygiene just now have mentioned, we focus on the concept of life at ease and consistently introducing and refining distinctive services at Atulite 3.0 hotels to better meet the needs of young business travelers and won their recognition.
Speaker Change #195: Like hygiene, just now has mentioned we focus on the concept of life at east and consistently introducing in refining distinctive services at tour like 3.0 hotels to better meet the needs of young business travelers and want their recognition.
Mr. Hai: Atulite 3.0 hotels have had eye-catching performances in first quarter, a commonly off-season, the rough part of those Atulite 3.0 hotels in operation for three months above had exceeded RMB-290 RAN in the first quarter, and quickly rose to above RMB 300 in April , far exceeding the expectations from those franchisees.
Speaker Change #195: <unk> 3.0 hotels has had eyecatching performances.
Speaker Change #195: First the quarter are commonly off season, the revpar of those a tour of <unk> 3.0 hotels in operation for three months above had exceeded RMB 209 events in the first quarter and quickly rose to above RMB 301 in April far exceeding the expectations.
Speaker Change #195: From those franchisees.
Speaker Change #214: At the same time, we are also continuously improving our Light Stay 3.0 model based on the operational situation of the already opened Light Stay 3.0 hotels and user feedback. This is to bring a better experience to our users and provide more sustainable and stable returns for our franchisees.
Speaker Change #195: Partial season with EMEA television is entirely <unk>.
Speaker Change #195: A quick footnote two.
Speaker Change #196: One shot enrollment changes done and in a more <unk> way on the yogurt I reckon hockey and our culture.
Speaker Change #196: Chart that open culture as usual when we bought.
Speaker Change #214: At the same time, based on the operation status and user feedback we gathered from those Atourlite 3.0 hotels in operation, we are gradually refining the Atulite 3.0 model to bring better and better experience to users, while also bring sustainable and stable returns to the franchisees.
Speaker Change #196: At the same time based on the operation status and user feedback we gathered from those at <unk> 3.0 hotels in operation.
Speaker Change #196: Gradually refining their tour light 3.0 model to bring better and better experience to users, while also bringing sustainable and stable returns to the franchisees.
Atour representative: Additionally, you mentioned Atour 4.0. Since its launch at the end of last year, we have signed over 30 flagship projects in the core business districts of key cities. The opening of our first Atour 4.0 hotel is also in full swing and will soon meet everyone. Please stay tuned.
Speaker Change #196: <unk>.
Speaker Change #197: And Andy Pablo Eli Moshe will meetings Cheng Cheng should've hurricane injunction changing Togo essentially go the belt and some normal Michelle <unk> from credit Suisse. Tatiana <unk>, you can see that.
Speaker Change #216: And you mentioned our at work 4.0.
Speaker Change #198: And you mentioned our tour for zero.
Speaker Change #216: Since a 204.0's launch at the end of last year, we have secured more than 30 benchmark projects in the core business areas of Key City.
Speaker Change #199: Since a 12 four zeros launch at the end of last year, we have secured more than 30 benchmark projects in our core business areas of key cities.
Speaker Change #217: The opening of the first at 204.0 hotel is also in busy preparation and will happen soon. It will be worth your waiting. Thank you.
Speaker Change #199: The opening of the first two of 4.0 hotel is also in Desi preparation and it will happen soon it will be worth your waiting thank you.
Speaker Change #218: Thank you, Ji Wei. And operator, we can take one more question. Thank you.
Speaker Change #200: Thank you and operator, we can take one more question. Thank you.
Speaker Change #218: Thank you. I'll find a question comes from the line of Lydia Lynn from City. Please ask your question, Lydia.
Thank you. Our final question comes from the line of lithium Lynn from Citi. Please ask your question Lydia.
Lydia Lin: - Hello management, thank you for giving me the opportunity to ask a final question. I would like to mainly inquire if there are any new plans regarding shareholder returns that you can share with us? - Thank you, management. I would like to ask if there are any plans concerning shareholder returns? Thank you.
Speaker Change #200: Great.
Speaker Change #201: Alright, thank you.
Speaker Change #202: You may now what kind of a joke.
Speaker Change #203: You guys have won.
Speaker Change #204: Who don't worry about it.
Speaker Change #205: We have seen that you all can ethan.
Speaker Change #205: Management and our.
Speaker Change #205: Management has any plans in terms of the returns.
Speaker Change #206: Got it.
Lydia Lin: Thank you for your question, Lilia. In terms of shareholder returns, this has always been a key focus for us. Last August , we issued a one-time dividend. This year, we will also consider the overall business performance, cash levels, business development needs, and industry practices to come up with plans to enhance shareholder returns, including dividends. We aim to continuously share the fruits of our development with our broad base of shareholders.
Speaker Change #206: Our leader.
Speaker Change #207: India, Ecuador, Weibo communal hall, Yeah, sure Egypt, how long should that you got there.
Speaker Change #208: <unk> Biopharma mazzola.
Speaker Change #208: Using alcohol, <unk> and integrating <unk> and Xiang Guan deal.
Hollywood Republican Hone financial patients, who don't we bought since you don't want bulk of it will go on contract Patent Award.
Speaker Change #220: Thank you, Lydia. In terms of shareholder returns, we have always attached importance to and practiced continuous returns to shareholders. In August the last year, we announced a one-time dividend.
Speaker Change #208: Thank you Lydia and in terms of shareholder returns, we have always attached importance too and practice to continuous returns to shareholders in August of last year, We announced a one time dividend.
Speaker Change #221: In this year, we will continue to act upon the overall operating performance, cash position, future business development plan, industry common practices, and to consider plans to increase shareholder returns, including dividends.
Speaker Change #208: This year, we will continue to act upon the overall operating performance cash position future business development plan industry common practices and to consider plans to increase shareholder returns, including dividends, we're committed to sharing the benefits of development with our shareholders.
Lilia: We are committed to sharing the benefits of development with our shareholders.
Lydia: Thank you.
Speaker Change #223: Thank you, Lydia.
Lydia: Thank you Lydia.
Speaker Change #223: Thank you.
Andy: Thank you Andy.
Speaker Change #224: And that concludes the question and answer session.
Speaker Change #210: That concludes the question and answer session.
Speaker Change #224: I'd like to turn the conference back to Alison John for any additional or closing command.
Speaker Change #212: Like to turn the conference back to Alison Zhang for any additional or closing comments.
Alison Zhang: Thank you all for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to reconnecting with you next quarter. Thank you and goodbye.
Alison Zhang: Thank you all for joining US today, if you have any further questions. Please feel free to contact.
Alison Zhang: IR team, we look forward to reconnecting with you next quarter, Thank you and goodbye.
Speaker Change #226: This concludes today's conference call. Thank you for participating. You may now disconnect.
Speaker Change #214: This concludes today's conference call. Thank you for participating you may now disconnect.
Speaker Change #226: [Lun Sang Original] Lun Sang Original [Lun Sang Original] Lun Sang Original
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Speaker Change #226: It has already been opened. It is recommended that everyone find a hiding place. The arranged location is Yinshi Park, in the northern part of the Secret City. When it clears, it is recommended to pass through the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City, the northern part of the Secret City.
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Speaker Change #214: Okay.
Speaker Change #214: [music].
Speaker Change #226: Lyrics and Music by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee
Speaker Change #214: Yeah.
Speaker Change #214: [music].
Speaker Change #214: Okay.
Speaker Change #214: [music].
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Speaker Change #214: [music].
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #214: Sure.
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #227: Please generously like, subscribe, share, and support the Mingjing and Diandian program.
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #214: Okay.
Speaker Change #214: [music].
Speaker Change #228: Lyrics and Music by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee, Performed by Jonathan Lee
Speaker Change #214: Okay.
Speaker Change #214: [music].
Speaker Change #214: Okay.
Speaker Change #214: Sure.
Speaker Change #214: [music].
Speaker Change #214: Yes.
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Speaker Change #214: Okay.
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Speaker Change #214: Okay.
Speaker Change #214: Yes.
Speaker Change #214: Okay.
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #214: Yes.
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #214: Yes.
Speaker Change #214: Yes.
Speaker Change #214: Okay.
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Speaker Change #214: Okay.
Speaker Change #214: [music].
Speaker Change #214: Okay.
Speaker Change #214: [music].
Speaker Change #214: Yes.
Speaker Change #214: [music].
Speaker Change #215: Ladies and gentlemen, thank you for standing by and welcome to tour lifestyle Holdings first quarter 2024 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation, there will be question and answer session.
Speaker Change #228: Today's conference is being recorded.
Speaker Change #215: Today's conference is being recorded.
Speaker Change #229: At this time, I'd like to turn the conference over to Ms. Alison John , Director of Investor Relations. Please go ahead, ma'am.
Speaker Change #216: At this time I would like to turn the conference over to MS. Alison Zhang Director of Investor Relations. Please go ahead ma'am.
Speaker Change #230: Thank you, Operator. Good morning and good evening, everyone. Welcome to our first quarter, 2024 earnings conference call. Today, you will hear from our founder, chairman, and CEO , Mr. Wang Haiguin, and our co-self of Mr. Wu Jianfong.
Alison Zhang: Thank you operator, good morning, and good evening, everyone. Welcome to our first quarter 2024 earnings Conference call. Today, you will hear from our founder Chairman and CEO, Mr. While hygiene and our co CFO Mr with anthem.
Speaker Change #231: Before we continue, please be aware that today's discussion will include follow-looking statements under federal securities laws.
Speaker Change #217: Before we continue please be aware that today's discussion will include forward looking statements under federal Securities laws.
Speaker Change #231: 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.
Speaker Change #217: 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.
Speaker Change #232: The company is not obligated to update any follow-looking statements except as required by applicable laws.
Speaker Change #217: The company is not obligated to update any forward looking statements, except as required by applicable laws.
Speaker Change #232: Additionally, during this call, our management will discuss certain non- GAAP financial measures solely for comparison purposes.
Speaker Change #217: Additionally, during this call our management will discuss certain non-GAAP financial measures solely for comparison purposes.
Speaker Change #233: for a clear understanding of these measures and a reconciliation of gap to non- GAAP financial results, please refer to the earnings release issued earlier today.
Speaker Change #217: 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.
Speaker Change #234: Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yadu.com, where a copy of the results presentation is also available.
Speaker Change #217: Furthermore, a webcast replay of this conference call will be accessible on our website at IR <unk> <unk>.
<unk> Dot com, where a copy of the results presentation is also available now.
Speaker Change #234: Now I will turn the call over to Mr. Wong, our CEO .
Speaker Change #218: Now I will turn the call over to Mr. Wang our CEO.
Mr. Wang: Okay, thank you, Sijia. Hello everyone, thank you for joining the Azor Group's Q1 2024 earnings conference call.
Although she is.
Speaker Change #218: Gotcha.
Speaker Change #218: Yes.
Speaker Change #218: Alright.
Speaker Change #219: <unk> Jim Hawaii.
Alison Zhang: Thank you, Alison.
Atour: Hello everyone and thank you for joining towards first quarter, 2024 earnings call today.
Speaker Change #218: Thank you Allison.
Speaker Change #220: Hello, everyone and thank you for joining towards first quarter 2024 earnings call today.
Speaker Change #236: In the first quarter of 2024, overall market travel demand showed differentiation.
Speaker Change #221: Harlan honestly and easy to do.
Speaker Change #221: <unk> 2001.
Speaker Change #237: Business travel is recovering relatively slowly due to the impact of macroeconomic uncertainties and other factors.
Speaker Change #221: Diesel <unk>, which reducing the use of the user playful someday.
Speaker Change #238: Experiential leisure travel during holidays and weekends
Speaker Change #221: She is huge and <unk>.
Speaker Change #222: <unk>, yes, so Sheila ottonian early on of hurdle.
Speaker Change #238: continued the good market conditions for two to three years
Speaker Change #239: As an industry-leading mid-to-high-end hotel brand
Speaker Change #222: So the agenda Komodo intuitive humana.
Speaker Change #240: Facing the constant changes in the external environment
Speaker Change #222: Founded in Abu Dhabi.
Atour: Atour is firmly advancing the comprehensive upgrade of its experience strategy.
Speaker Change #223: Yes, Hello agenda in the <unk> that you mentioned.
Speaker Change #241: Fully leverage the unique and profound scene value of Asia through ultimate experiential advantages
Speaker Change #224: Penguins Ethernet user to go to.
Speaker Change #224: Since its founding charger.
Speaker Change #242: Continuously improve and upgrade our products and services to consolidate and strengthen our strong market position in Asia.
Speaker Change #224: <unk> women, the timing of who can move or Hunter gods chunks on DRAM.
Speaker Change #242: During the first quarter of 2024, the travel market witnessed the contrasting demand pattern.
Speaker Change #224: During the first quarter of 2024.
Speaker Change #224: Travel market witnessed a contrasting demand patterns.
Atour: While the recovery of business travel was relatively subdued due to macro uncertainties, experience-driven leisure tourism during holidays and weekends maintained its growth momentum from 2023. As a leading upper-mid-scale hotel brand, a tour remains dedicated to advancing the comprehensive upgrade of its experience strategy amid the ever-evolving external environment. it.
Speaker Change #225: While the recovery of business travel was relatively subdued due to macro uncertainties experience driven leisure tourism during holidays and weekends maintained its growth momentum from 2023 as a leading upper mid scale hotel brand at all.
Speaker Change #225: We remain dedicated to advancing the comprehensive upgrade assets experienced a strategy and net the ever evolving external environment.
Atour representative: By delivering exceptional accommodation experiences, we unleash the greater value across our unique deep sleep scenarios.
Speaker Change #225: By delivering exceptional accommodation experiences, we unleashed a greater value across our unique deep sleep scenarios.
Speaker Change #243: We also continued to enhance and upgrade our products and services, solidifying a Tour's leading position in the industry.
Speaker Change #225: We also continued to enhance and upgrade our products and services solidifying a tour <unk> leading position in the industry.
Speaker Change #244: Below, I will provide a detailed overview of the various business activities for the first quarter of 2024.
Speaker Change #225: <unk> R&D are fluid and easy to close here with a strategic partner.
Speaker Change #245: Now, I would like to provide more details on our performance for the first quarter of 2024.
Speaker Change #225: Now I would like to provide more details on our performance for the first quarter of 2024.
Speaker Change #246: First is the accommodation business
Speaker Change #225: So it's totally award.
Speaker Change #247: Please look at the fourth page of our PPT
Speaker Change #225: And all of them in <unk>.
Speaker Change #225: <unk> hit the full year.
Speaker Change #248: In the first quarter, our roll price reached 328 yuan.
Speaker Change #225: Ego lowered hot Samba Archer buyer.
Speaker Change #248: 97.4% of the same period in 2023
Speaker Change #226: We understand the intent Sheila <unk> resilience.
Speaker Change #249: Among them, OCC has achieved sustainable and steady growth.
Speaker Change #226: Okay.
Speaker Change #227: Sure Sheila.
Speaker Change #249: 101.1% of the same period in 2023
Speaker Change #227: Zander.
Speaker Change #227: And on SEDAR by one vendor E by region.
Speaker Change #250: Demonstrated the resilient market competitiveness of Asia
Speaker Change #227: Yes.
Speaker Change #228: Sure Julie.
Speaker Change #251: Due to the concentrated surge in business and leisure travel demand over the past two to three years, last year's price base was relatively high. This year's first quarter ADR is under pressure, down 2.9% year-on-year.
Speaker Change #229: Youll hear some more <unk>.
Speaker Change #230: So you don't change the channel got tissue Kengo junior easy to the ADR Junbish Tony.
Speaker Change #229: <unk> 500 MW.
Speaker Change #252: Let's begin with our hotel business. Please turn to slide four of our first quarter 24 results presentation.
Speaker Change #231: Let's begin with our hotel business. Please turn to slide four of our first quarter 2004 results presentation.
Speaker Change #253: Our RVPAR reached a R&B 328 grant in the first quarter, representing 97.4% of its level in the same period of 2023.
Our Revpar reached RMB 328, <unk> in the first quarter, representing 97, 4% of its level in the same period of 2023.
Speaker Change #254: Notably, we achieved the sustainable OCC growth reaching 101.1% of 2023 level for the same period. Demonstrating a tourist resilient demand and a leading competitiveness
Speaker Change #231: Notably, we achieved sustainable OCC growth, reaching 101, 1% of 2023% level for the same period.
Speaker Change #231: Demonstrating our tours resilient demand and a leading competitiveness.
Speaker Change #255: However, due to a high comparison base resulting from the explosive demand for both business and leisure travel in the same period of 2023, our ADR faced some pressure in the first quarter and a decrease by 2.9% year over year.
Speaker Change #231: However, due to a high comparison base, resulting from the explosive demand for both business and leisure travel in the same period of 2023, our ADR faced some pressure in the first quarter and a decreased by two 9% year over year.
Speaker Change #256: Please turn to page five. Excluding the structural impacts such as the ramp-up of new hotels, our mature hotels that have been in operation for over 18 months are performing steadily.
Speaker Change #231: Sundar.
Speaker Change #231: Yes.
Speaker Change #232: Q2 was in them how good an erosion of the Asia will use our <unk>.
Speaker Change #257: The same-store sales in the first quarter reached 99.7% of the level in the same period of 2023.
Speaker Change #233: Easy to Columbia, and Homebuilder DARPA the other arm.
Speaker Change #234: <unk>, which is driven by vendor Jos resilient sheet.
Speaker Change #257: Among them, OCC is 102% of the same period in 2023, and ADR is 98.4% of the same period in 2023.
Speaker Change #234: Okay.
Speaker Change #234: And on SEDAR by vendor EBIT.
Speaker Change #234: <unk> hundred 70, <unk> homes, Sheila 500 total balance.
Speaker Change #258: Please turn to slide five. Excluding structural impacts such as the ramp-up of new hotels, our mature hotels in operation for more than 18 months performed well during the quarter. Their same hotel RAF PAR was 99.7 million.
Speaker Change #235: Please turn to slide five excluding.
Speaker Change #235: Excluding structural impact such as the ramp up of new hotels, our mature hotels in operation for more than 18 months performed well during the quarter. The same hotel Revpar was $99 7 million.
Speaker Change #258: of 2023 level for the same period, while OCC reached 102 percent, and ADR stood at 98.4 percent, both compared to the same period in 2023.
Speaker Change #235: Of 2023% level for the same period, while OCC reached a 102% and ADR stood at 98, 4% both compared to the same period in 2023.
Speaker Change #259: Please turn to page six
Speaker Change #235: Sundar.
Speaker Change #260: With the continuously increasing brand influence, our hotel network continued to expand in the first quarter and achieved high-quality growth.
Speaker Change #235: Yes.
Speaker Change #236: PJ woodlands.
Speaker Change #237: Merck and <unk>.
Speaker Change #238: Each of the women that youll hear more tricky quarter being bolted on some that.
Speaker Change #261: In the first quarter, the trend of rapid hotel openings from the fourth quarter of last year continued, with a total of 97 new hotels opened.
Speaker Change #238: <unk> clients, who will guide you in the future.
Speaker Change #239: Are you seeing higher jewelry CGI Julia.
Speaker Change #261: By the end of the first quarter, the number of Atour operational hotels reached 1,302.
Speaker Change #240: Digi easier more yes, sorry, Joe to ensure that our aegis somebody anja <unk> by vendor centers to their own.
Speaker Change #261: Year-on-year growth of 34.5%
Speaker Change #262: Last month, the number of re-opened single-brand Yaduo hotels also reached the milestone of one thousand.
Speaker Change #240: Yes.
Speaker Change #240: Duncan.
Speaker Change #240: Schindler E change either.
Speaker Change #263: It fully demonstrates our strong leading position in the mid-to-high-end market.
Speaker Change #240: Two in Tianjin, Chongqing womens tombaugh inside on the Champs <unk>.
Speaker Change #264: Please turn to slide 6.
Speaker Change #241: Please turn to slide six.
Speaker Change #264: Supported by a tourist increasing brand influence, our hotel network continued to expand and achieved high quality growth in the first quarter.
Speaker Change #241: Important bias towards increasing brand influence our hotel network continued to expand and achieved high quality growth in the first quarter.
Speaker Change #265: We maintained our rapid pace in network expansion with 97 new hotel openings.
Speaker Change #241: We maintained a rapid pace in network expansion with 97, New hotel openings.
Atour: By the end of the first quarter, we had a total of 1,302 hotels in operation, representing a 34.5% increase year over year. Notably, our flagship Attour brand reached the 1,000 hotel milestone last month, underscoring our leading position in the upper-mid-scale hotel market.
Speaker Change #241: By the end of the first quarter, we had a total of 1300 <unk> two hotels in operation.
Speaker Change #241: Representing a 34, 5% increase year over year, notably our flagship a tour brand reached the 1000 hotel milestone last month, underscoring our leading position in the upper mid scale hotel market.
Speaker Change #266: Please turn to page seven
Each year.
Speaker Change #267: This quarter, we have seen that franchisees' confidence remains strong, with signings continuing to grow rapidly and pipeline projects continuously expanding. As of March 31, the number of our pipeline projects has reached 674.
Speaker Change #242: <unk> or Mohan.
John <unk>: Chairman, John <unk>, who will tell you it's really a voucher requires all summed up Guangdong, Shanghai Pudong called home Theater, Sanger Sanger year, Guangdong Shanghai Fuller.
Speaker Change #267: Please turn to slide 7.
Speaker Change #244: About two years ago.
Speaker Change #245: Please turn to slide seven.
Speaker Change #268: Moreover, franchisees' confidence remained robust in the first quarter, with a continuous increase in new signings and steady pipeline growth.
Speaker Change #245: Moreover, franchisees confidence remained robust in the first quarter with a continuous increase in new signings and steady pipeline growth.
Speaker Change #269: As of March the 31st, the number of hotels under development reached 674.
Speaker Change #245: As of March 31, the number of hotels under development reached 674.
Speaker Change #270: Please turn to page eight, everyone.
Speaker Change #245: Sure.
Speaker Change #270: Benefiting from unique brand positioning and enormous growth potential
Speaker Change #245: Per year.
Speaker Change #246: Bill you would heard a compounding with two other turnarounds handy <unk> Harman Sheila easy to continuous answer Jeff <unk> toggle back on the Shaw <unk>.
Qingju: Qingju 3.0 continues to attract franchisees, signing 30 contracts in the first quarter.
Qingju: The contract signing rate exceeds 15%
Qingju: As of March 31, the number of operational Qingju 3.0 hotels has reached 36.
Sandra: Thank you Sandra year, <unk> that are centrally with them.
Speaker Change #272: Mature stores performed strongly in the first quarter, which is traditionally a slow season. The Roller Park of Qingju 3.0 hotels, which have been in operation for more than three months, exceeded 290 yuan and quickly increased to over 300 yuan in April .
Speaker Change #248: Tony <unk> Xi'an Chengdu.
Izzy Dawood: Izzy Dawood.
Speaker Change #250: Suddenly the senior center in Georgia, and the normal path travel audio modules.
Izzy Dawood: Sure.
Speaker Change #251: <unk> <unk> Conger enchilada Shanda timepiece gingerly.
Speaker Change #273: It highlights the strong product competitiveness of Qingju 3.0 in the terminal market.
Speaker Change #274: We believe that in the upcoming peak summer season, the performance of Light Vehicle 3.0 will continue to break through.
Speaker Change #252: Thank you.
Speaker Change #252: Downtown either through <unk>, LNG <unk> junctures Youtube.
Speaker Change #275: Please turn to slide 8.
Speaker Change #253: Please turn to slide eight.
Speaker Change #276: Thanks to its unique positioning and immense growth potential, a tour light 3.0 continued to gain favor among franchisees.
Speaker Change #254: Thanks to its unique positioning and immense growth potential a tour like three zero continued to gain favor among franchisees.
Speaker Change #277: A total of 30 new Atulalai 3.0 hotels were signed in the first quarter, accounting for more than 15% of our total new signings for the period.
Speaker Change #254: A total of 30, new <unk> 3.0 hotels were signed in the first quarter.
Speaker Change #254: Accounting for more than 15% of our total new signings for the period.
Speaker Change #277: As of March 31st, we had a total of 36 Touralight 3.0 hotels in operation, with mature hotels' performances thriving.
As of March 31.
Speaker Change #254: We had a total of 36 at <unk> 3.0 hotels in operation with mature hotels performances thriving does.
Speaker Change #278: Despite the traditional off-season, the rough part of A Tour Light 3.0 hotels in operation for more than three months exceeded R&B 290 in the first quarter and a surge to over R&B 300 in April , highlighting A Tour Light's strong competitive edge in the mid-scale segment.
Speaker Change #254: Spike the traditional off season, the Revpar of <unk> 3.0 hotels in operation for more than 33 months exceeded RMB 290 in the first quarter and surged to over RMB 300 in April highlighting a tour light strong competitive edge.
Speaker Change #254: H and the mid scale segment.
Speaker Change #279: We anticipate that the operational performance of A Tour Light 3.0 will continue to excel during the upcoming summer holiday season.
Speaker Change #254: We anticipate that the operational performance of our core light $3 zero will continue to excel during the upcoming summer holiday season.
Speaker Change #280: Please turn to page nine
Speaker Change #254: <unk>.
Speaker Change #281: Centered around the concept of 'light living,' we have continuously refined and launched services with a 'light residence' characteristic, aiming to transform each Light Residence 3.0 hotel into an island in the city.
Speaker Change #255: <unk> yeah.
Speaker Change #256: But it also is a syndrome following year, we'll then Tricia <unk>.
Speaker Change #256: <unk>.
Speaker Change #257: The Tulsa leader high items other easy low Chengdu Changsha changes on here.
Speaker Change #282: In the first quarter, the Light Stay City Guide is newly launched, leading users to explore the surrounding dining and entertainment options of hotels, allowing users to have a good look, good fun, and a good stay at Light Stay.
Speaker Change #257: Fairly long haul tons audio there until the end of <unk>.
Speaker Change #258: How kind of how are you.
Speaker Change #283: In addition, we have launched a unique service product in the alloy field, creating exclusive member benefits.
Speaker Change #258: <unk> hundred rollout <unk> food.
Speaker Change #259: I'll now turn for the wholly owned fleet.
Speaker Change #284: As of now, the various service touchpoints of Xingju 3.0 are in a leading position among mid-range hotel brands.
Speaker Change #258: Due to the merger synergies annually.
Speaker Change #258: For full year.
Speaker Change #260: Turning down Julien I don't <unk>.
Speaker Change #285: Please turn to slide 9.
Speaker Change #260: Please turn to slide nine built.
Speaker Change #286: Building upon our ethos of life at ease
Speaker Change #260: Building upon our ethos of life at East.
Speaker Change #287: We are consistently introducing and refining distinctive services at Atulahe 3.0 hotels, striving to transform each hotel into an intimate oasis within its city.
Speaker Change #260: We are confident we are consistently introducing annual refining distinctive services at a tour like 3.0 hotels striving to transform each hotel into an intimate erases within its sitting in.
Speaker Change #288: In the first quarter, we launched the new City Guide feature, which helps customers explore nearby dining, entertainment, and other attractions.
Speaker Change #260: In the first quarter, we launched a new city guide feature which helps customers explore nearby dining entertainment and other attractions.
Speaker Change #289: immersing them in the captivating lifestyle and beautiful, enjoyable, and comfortable experiences that are unique to a tour of Light 3.0 hotels.
Speaker Change #260: Immersing them and captivating lifestyle and beautiful enjoyable and comfortable experiences that are unique to a tour like 3.0 hotels.
Speaker Change #290: Furthermore, we unveiled special platinum privileges in our Arturlite 3.0 hotels, offering our members exclusive benefits.
Speaker Change #260: Furthermore, we unveiled special platinum privileges and our <unk> 3.0 hotels offering our members exclusive benefits.
Speaker Change #291: Presently, a Tour-Light 3.0's comprehensive range of superior services sets the brand apart in the mid-scale market.
Speaker Change #260: Presently a tour like three zeros comprehensive range of superior services set our brand apart in the Midscale market.
Speaker Change #292: In addition, we are continuously expanding cross-industry collaborations between Light Living 3.0 and other brands.
Speaker Change #261: Total Joanna <unk> should have him hydrocodone absorbed.
Speaker Change #293: In response to the post-Chinese New Year work resumption season and the golden season for interviews, we collaborated with fashion clothing brands to jointly create a clothing borrowing station event. This event provided convenient suit borrowing services for business travelers staying at LightStay, receiving widespread acclaim. This activity not only effectively enhanced the brand awareness of LightStay but also addressed the pain points of young business travelers during their trips, conveying a different lifestyle and further strengthening the unique Asian experience.
Speaker Change #262: <unk>, who administered <unk> women D&O insurance lumpy manner.
Speaker Change #263: <unk> is in a bottle.
Speaker Change #263: <unk>.
Speaker Change #263: So hold on one hand the Javier.
Speaker Change #264: <unk> Chengdu imagine middle being converted into some New York Illumina, Columbia, <unk> G, but with Shanghai total, yes, those each year.
Speaker Change #293: Furthermore, we expended a Touralight 3.0's co-branded collaboration.
Speaker Change #264: Furthermore, we expanded our <unk> 3.0 co branded collaborations.
Speaker Change #293: for the post-Chinese New Year return to work period and the peak interview season. We partnered with a fashion clothing brand to introduce the suit-up station event.
Speaker Change #265: For the post the Chinese new year returned to work period and the peak interview season, we partnered with a fashion clothing brand to introduce the suit up station event.
Speaker Change #294: This initiative, offering convenient suit rental services to Atourlite's customers garnered widespread praise.
Speaker Change #265: This initiative offering convenient suit rental services to <unk> customers garnered widespread praise.
Speaker Change #295: it not only boosted a tour light's brand visibility, but also addressed the needs of young business travelers during their trips.
Speaker Change #265: It not only boosted a tour lights brand visibility, but also address the needs of young business travelers during their trips convey in a distinctive lifestyle and a further strengthening the quintessential towards signature experience.
Speaker Change #296: conveying a distinctive lifestyle and further strengthening the quintessential attour signature experience.
Speaker Change #297: Next is our retail business. Please turn to page ten.
Speaker Change #265: <unk> two.
Speaker Change #265: This year.
Speaker Change #297: Retail business continues to maintain strong growth at 100 million degrees, with GMV reaching 495 million.
Speaker Change #266: <unk> was our <unk> tissue Boucher charter doesn't add up to.
Speaker Change #265: Jim.
Speaker Change #267: So the jewelry Toby you summed up by 100 and by agility.
Speaker Change #297: Year-on-year growth of 277%
Speaker Change #298: Among them, the performance of online channels remains strong, with the proportion of GNV rising to 90%.
Speaker Change #268: Sure sure sure.
Speaker Change #268: Egypt Chunky, Jim laid a zombie skus under 500, Georgia.
Speaker Change #298: Moving now to our retail business.
Speaker Change #269: Moving now to our retail business, please turn to slide 10.
Speaker Change #298: Please turn to slide 10.
Speaker Change #298: Retail sustained its strong performance in the first quarter with quarterly GMV up by 277% year-over-year to RMB 495 million.
Speaker Change #270: Retail sustained its strong performance in the first quarter with quarterly GMB up by 277% year over year to RMB $495 million.
Speaker Change #298: Sales from online channels continued to flourish, accounting for over 90% of the total GMV in the first quarter.
Speaker Change #271: Sales from online channels continued to flourish accounting for over 90% of the total G&A in the first quarter.
Speaker Change #299: Atour's profound products continue to receive high market recognition.
Speaker Change #270: Yes.
Speaker Change #272: Tricia for those short haul Niccolo linker.
Speaker Change #300: We continue to focus on sleep scenarios, gain insights into users' sleep pain points, and develop and launch new products centered around deep sleep.
Speaker Change #274: We'll then tissue to Jos Antonio <unk>.
Speaker Change #273: <unk> you.
Speaker Change #275: Essentially hoses put archive.
Speaker Change #301: Expanding the product line to create better in-depth solutions for users
Speaker Change #275: <unk>.
Speaker Change #275: Hello.
Richard: Hi, This is Richard.
Speaker Change #302: Atoos deep sleep products continued to attract high market recognition. We are devoted to understanding the deep sleep scenarios, identifying customers' sleep pain points, and continuously developing and launching new products.
Speaker Change #277: A tourist deep sleep products continued to attract high market recognition, we are devoted to understanding the deep sleep scenarios identifying customers' sleep pinpoints and continuously developing and launching new products.
Speaker Change #302: Through the expansion of our product categories, we aim to provide customers with enhanced the solutions for an optimal deep sleep experience.
Speaker Change #277: The expansion of our product categories, we aimed to provide customers with enhanced solutions for an optimal deep sleep experience.
Speaker Change #302: Please turn to page 11
Speaker Change #277: Sure.
Speaker Change #277: Three.
Atour: Following the highly popular products such as Atour's Deep Sleep Pillow Pro and Deep Sleep Temperature Control Quilt, we have developed a product keyword model.
Speaker Change #278: <unk> centered in <unk> versus <unk>.
They don't control volume bulk contaminant removal momentum on Huntington's emerging.
Atour: Explore the core needs of users for Xia Liangbei and launch another new product of the Deep Series on March 10 this year, Deep Xia Liangbei.
Roger.
Speaker Change #279: Shandong beta Hershey as usual.
Speaker Change #280: Thank you sure chrome bond through two centuries, CDW symbion surgery.
Speaker Change #303: Our vests use imported breathable and moisture-permeable fibers, which can support heat dissipation and create natural benefits for the user.
Speaker Change #280: While no single code <unk>.
Speaker Change #281: Nonvoter sure Sandra.
So the entrance in the elderly.
Speaker Change #303: In addition, to create a more comfortable and skin-like deep experience for users
Speaker Change #281: So really.
Speaker Change #281: Johan Consortia sure frontier food sugar and essentially here will not being Sheila turnaround phase.
Speaker Change #304: We have abandoned the traditional design of a quilt with a duvet cover.
Chop right Howard.
Speaker Change #305: Different materials with varying coolness values are used on the double-sided fabric of the deep cool blanket. Natural cool fabric is used on side A, while a bare skin fabric with a moisture content close to that of the skin is used on side B. This allows users to switch between cool and warm sensations according to their needs.
Speaker Change #281: Essentially shall numbers are showing up.
Speaker Change #282: <unk> some years EMEA tayo in children.
Speaker Change #281: Yes.
Speaker Change #281: <unk> hundred <unk> hundred Lula large EMEA.
Speaker Change #283: Can you show Swisher.
Speaker Change #305: The design that eliminates the need for a duvet cover places higher demands on the cleaning and maintenance of the quilt.
Speaker Change #283: Sheila.
Speaker Change #284: The third phase of the <unk> Keytruda can garner Jojo woman essentially Shana Fisher Tracy co development cost.
Speaker Change #306: Our deep underwater cooling blanket is machine washable, can be tumble dried at low temperature, and air dried naturally.
Speaker Change #307: Only to make the user's profound experience more comfortable and more minimalist
Speaker Change #284:
Speaker Change #284: The exchange rates year concluded contagion.
Speaker Change #308: Please turn to slide 11.
Speaker Change #284: Please turn to slide 11.
Speaker Change #309: Following the success of our popular products like Deep Sleep Pillow Pro and the Deep Sleep Temperature Control Quilt, we leveraged our proprietary product development process to delve deeper into customers' fundamental needs for lightweight bedding during the summer season.
Speaker Change #285: Following the success of our popular products like deep sleep pillow pro and deep sleep temperature control quilt, we leveraged our proprietary product development process to delve deeper into customers' fundamental need for lightweight body during the summer season.
Speaker Change #310: On March the 10th of this year, we proudly introduced another standout addition to our Deep Sleep series, the Deep Sleep Lightweight Comforter.
On March the 10th of this year, we proudly introduced another standout edition to our deep sleep series, the deep sleep lightweight comforter.
Speaker Change #311: It is crafted from imported breathable and moisture wicking fibers. The core of our lightweight comforter enables efficient heat dissipation, fostering a natural sense of coolness for customers.
Speaker Change #285: Crafted from imported breathable and moisture wicking fibers, the core of our lightweight comforter enables efficient heat dissipation.
Stirring a natural sense of corners for customers more.
Speaker Change #312: Moreover, to elevate the deep sleep experience with superior comfort and touchability, we departed from the conventional design of a comforter with a removable cover.
Speaker Change #285: Moreover to elevate the deep sleep experience with superior comfort and a touch ability.
Speaker Change #285: We departed from the conventional design as a comforter with a removable cover <unk>.
Speaker Change #313: Instead, our one-piece comforter is reversible with A and B sides made from distinct materials.
Speaker Change #285: Instead, our one piece comforter is reversible with AMB side made from distinct materials.
Speaker Change #314: The A side features natural cooling fabrics, while the B side is fashioned from a cozy fabric with moisture content akin to human skin, allowing customers to quickly switch from cooling to warm.
Speaker Change #285: The <unk> side features natural cooling fabrics, while the <unk> side is fashion from a cozy fabric with moisture content are keen to human skin <unk>.
Speaker Change #285: Allowing customers to quickly switch from calling towards <unk>.
Speaker Change #315: Because the integrated cover design imposes heightened cleaning and maintenance requirements, our deep sleep lightweight comforter is machine washable and can be air or machine dried at low temperatures.
Speaker Change #285: Because the integrated cover design imposes heightened cleaning and maintenance requirements, our deep sleep lightweight comfort or is machine washable and it can be <unk> or machine dried at low temperatures, bringing customers and easy care minimalist deep sleep experience.
Speaker Change #316: bringing customers an easy care, minimalist deep sleep experience.
Yaduo Planet: After its launch, the Yaduo Planet Deep Cool Back received widespread consumer acclaim.
Speaker Change #286: Yes, the essential Central Asia Central Hong Kong Thunder Hawk here.
Speaker Change #317: Within twenty-one days of being listed, the GMV quickly surpassed ten million.
Speaker Change #287: Sure our region's <unk>.
Speaker Change #288: Clients Huatulco Tijuana.
Speaker Change #318: and continue to maintain strong growth momentum
Tissue voucher challenging industrial.
Atour Planet: In April , the Atour Planet Deep Underbeam Stele won the top spot in the sales of quilt products on Douyin and JD platforms.
Speaker Change #288: Yes, the essential centuries.
Speaker Change #289: Jon Hauck <unk> <unk>.
Speaker Change #289: Tempe shortly on a bunch of BMO.
Atour Planet: and ranked among the top ten in sales on the Tmall platform
Speaker Change #289: <unk> has shown on the treasure.
Speaker Change #319: Since its debut, the Atoll Deep Sleep Lightweight Comforter has garnered widespread acclaim. Its GMD soared passed the RMB 10 million just 21 days after its release and continues to maintain robust growth momentum.
Speaker Change #290: Since its debut their tour deep sleep lightweight comforter has garnered widespread acclaim.
Speaker Change #291: S GMB soared past to RMB 10 million just in 21 days after its release and continues to maintain robust growth momentum.
Speaker Change #319: In April , the Deep Sleep Lightweight Comforter topped the sales charts for comforters on both Dohing and JD.com and ranked among the top 10 in sales on T-Mall.
Speaker Change #291: In April the deep sleep lightweight comforter topped the sales charts for comforters on both the OEM and J D Dot com and ranked among the top 10 and sales on Tmall.
Atour: The sales explosion of the Deep Xialiangbei once again validates Atour's profound insight and understanding of depth.
Speaker Change #292: Essentially Shannon umbrella.
Julien I: Thanks Julien.
Speaker Change #292: Sure.
Speaker Change #293: Thomas Hasler Egypt.
Speaker Change #320: With efficient product development capabilities, we will adhere to the mission of providing better sleep for users, continuously creating innovative upgrade experiences, and further enhancing consumer recognition of the Atour Planet Deep Series.
Speaker Change #296: Is it closer to the $10 billion or the fleet will then jump in Portugal.
Speaker Change #295: Portugal Saundra.
Speaker Change #295: Sure.
Speaker Change #297: <unk> done some ETF, Jim will touch on shortly.
Speaker Change #298: Single century city of railcars.
Speaker Change #321: The surgeon sales of our deep sleep, lightweight comforter are yet another testament to a tour's profound insight and exceptional understanding of deep sleep.
Speaker Change #299: The surge in sales of our deep sleep lightweight comforter are yet another testament to our tourists profound insight and exceptional understanding of deep sleep as.
Speaker Change #321: as well as our efficient product research and development capabilities.
Speaker Change #299: As well as our efficient product research and development capabilities.
Speaker Change #322: We are passionate about enhancing customers' sleep experience and remain dedicated to crafting innovative, upgraded solutions to amplify customers' recognition of the A Tour Planet Deep Sleep Theory.
Speaker Change #299: We are passionate about enhancing customers' sleep experience and remain dedicated to crafting innovative upgraded solutions to amplify customers' recognition of the tour planet deep sleep series.
Speaker Change #323: Finally, there is our membership business.
Speaker Change #300: <unk> you.
Speaker Change #324: Please turn to page twelve
Speaker Change #300: Sundar.
Speaker Change #300: Sure.
Speaker Change #325: Continuously enhancing brand awareness as well as providing high-quality products and services
Speaker Change #302: Peter and Tom Jonathan Yoder.
Speaker Change #301: Yogurt time here.
Speaker Change #326: Attracted more and more users to join Atour's A Card membership system
Speaker Change #301: Sheila.
Speaker Change #303: John Rudolf <unk> e-commerce player in tissue.
Speaker Change #327: Rapid expansion of membership scale. As of March 31, our registered members have exceeded 71 million.
Speaker Change #304: <unk> quite a good quarter.
Speaker Change #305: Theaters every year, while no two so your initial <unk> Ebola.
Speaker Change #327: Year-on-year growth of 86%
<unk> is under 500 pounds.
Speaker Change #327: Additionally, our CIS channel maintained steady growth in the first quarter.
Speaker Change #306: We map woman.
Speaker Change #306: Not easy to a bunch of engines.
Speaker Change #327: CRS channel sales concurrent business accounted for 65.1%, an increase of 2.6 percentage points year-on-year.
Speaker Change #306: So, yes, the shooter genre, Virginia Assembly.
Speaker Change #306: Sure.
Speaker Change #306: <unk> is the only annual revenue.
Speaker Change #328: transitioning to our membership business.
Speaker Change #307: Transitioning to our membership business. Please.
Speaker Change #328: Please turn to slide 12.
Speaker Change #308: Please turn to slide 12.
Speaker Change #329: Our thriving brand recognition, coupled with our top-tier products and the services, has inspired a growing number of customers to join the A-Card membership program, leading to a rapid expansion of our membership base.
Thriving brand recognition, coupled with our top tier products and services has inspired a growing number of customers to join the <unk> card membership program, leading to a rapid expansion of our membership base.
Speaker Change #329: As of March the 31st, our registered individual members increased by 86% year over year, surpassing 71 million. Additionally, our CRS channel experienced steady growth in the first quarter, with a 65.1% contribution to the total room nights sold in the first quarter.
Speaker Change #308: As of March 31, our registered individual members increased by 86% year over year, surpassing $71 million <unk>.
Speaker Change #308: Additionally, our Crs chatter experienced steady growth in the first quarter with a 65, 1% contribution to the total room nights sold in the first quarter.
Speaker Change #329: increasing by 2.6 percentage points from the same period of last year.
Speaker Change #308: Increasing by two six percentage points from the same period of last year.
Speaker Change #330: In addition, we continue to promote the integration of Atour accommodation membership and retail membership systems.
Speaker Change #309: Sure <unk>.
Speaker Change #331: Further build a complete and unified membership ecosystem for Asia A Card
Speaker Change #310: Jamie we'll go to London.
Speaker Change #311: Although <unk> harder for you in some type of scenario.
Speaker Change #331: Please turn to page 13, everyone.
Speaker Change #332: We plan to integrate the points and benefits of multi-channel memberships, consolidating users from various scenarios into a unified A-card membership system.
Speaker Change #311: Suzanne.
We'll move on to Johan who tortured unclear and a.
Speaker Change #312: Different culture, John Gugel, Honeywell, who does that.
Speaker Change #312: And if you do.
Speaker Change #333: and continuously committed to exploring opportunities for product and service innovation
Speaker Change #313: We encourage you to review module time behalf all transient issue.
Speaker Change #334: While creating an integrated membership experience for users, continuously enhance the brand recognition of A card members.
Speaker Change #314: <unk>, yes, <unk> Johan <unk> Balder adhesion Ricardo for you on the <unk> pilot no.
Speaker Change #335: To achieve the synergistic development of accommodation and retail businesses
Speaker Change #315: Oestrogen crusoe, yielding toyoda tranche on certain products.
Speaker Change #336: At the same time, by leveraging deeper user insights, we will provide users with more precise product recommendations and personalized in-store service experiences, strengthening Asia's position as an experiential destination.
Speaker Change #316: Use of donor tissue in conjunction with a young.
<unk>, who continue to champion T. J crew Cushman, <unk> <unk> fourth year, Shanghai Yada tier DRAM.
Speaker Change #337: In addition, we have continued to promote the integration of both accommodation and retail members, further solidifying the foundation of our comprehensive and unified ACART membership ecosystem. Please turn to slide 13.
Speaker Change #316: In addition, we have continued to promote the integration as both accommodation and retail members further solidifying the foundation of our comprehensive and unified a card membership ecosystem.
Speaker Change #316: Please turn to slide 13, we.
Speaker Change #338: We plan to offer multi-scenario membership points and benefits.
Speaker Change #316: We plan to offer multi scenario membership points and benefits.
Speaker Change #339: thus funneling customers from different scenarios into the Unified A-card membership system.
Speaker Change #316: Thus funneling customers from different scenarios into the unified a card membership system.
Speaker Change #340: We will also identify and push the boundaries of product and service innovation.
Speaker Change #316: We will also identify and push the boundaries of product and service innovation.
Speaker Change #341: Together, these initiatives will create an integrated membership experience for our customers while enhancing ACAR's brand recognition, ultimately empowering us to create a virtual cycle and achieve greater synergies between the accommodation and retail business.
Together these initiatives will create an integrated membership experience for our customers, while enhancing a cars brand recognition ultimately empowering us to create a virtuous cycle and achieve greater synergies between the accommodation and retail business.
Speaker Change #342: Meanwhile, we will leverage our growing customer insights to provide our customers with more tailored product recommendations and personalized offline accommodation experiences.
Speaker Change #316: Meanwhile, we will leverage our growing customer insights to provide our customers with more tailored product recommendations and personalized offline accommodation experiences, thereby strengthening of tourists experiential advantages.
Speaker Change #343: thereby strengthening a tour's experiential advantage
Speaker Change #343: Finally, I am very proud to announce to everyone that we have officially released Yaduo's first ESG report.
Speaker Change #317: So we have two hydrogen production more momentum formula offshore ESD bulked up sooner.
Speaker Change #344: Please turn to page fourteen, everyone.
Yaduo CEO: As a leader in quality living and an advocate of the Chinese experience, Yadu always adheres to the business philosophy of ecological win-win. We strive to integrate the best ESG practices into our daily operations.
Speaker Change #316: Yes.
Speaker Change #316: So there are some quarterly linger somewhat tongue model, yes, those Colombian Shanghai.
Speaker Change #318: And yet new liaison ESG, so Josh <unk>.
Speaker Change #346: In 2023, we further strengthened the company's ESG controls.
Speaker Change #319: Tanya <unk> Johnson logos to the ESG winter.
Speaker Change #347: Aiming to promote warmer connections between people and between people and nature
Speaker Change #319: <unk> Windows LNG.
Speaker Change #347: We strive to establish an efficient, orderly, and responsible management mechanism.
Speaker Change #320: Women, who recently Ghansham.
Speaker Change #320: Cohort one inhibitor <unk>.
Speaker Change #348: Grow together with our partners, associates, and collaborators
Speaker Change #320: So a woman korba cohort, who have gone home tender.
Speaker Change #349: We stay true to our original aspiration, taking on corporate social responsibility through a series of social welfare projects, environmentally friendly operations, and green development initiatives.
Speaker Change #320: <unk> tongue or initiatives shortly.
Speaker Change #320: One OEM.
Speaker Change #321: Thanks, you for Sundance each year to sugarcoat it.
Speaker Change #350: Looking ahead, we will comprehensively deepen our commitment to ESG, contributing to the sustainable development of the industry and society.
Speaker Change #321: Sure.
Speaker Change #321: <unk>.
Speaker Change #322: Women juncture mentioned yesterday that no.
Sure.
Speaker Change #322: We found that total project.
Atour: Last but not least, I am delighted to announce that A Tour has published its inaugural ESG report.
Speaker Change #322: Last but not least.
Speaker Change #323: I am delighted to announce that a tour has published its inaugural ESG report, please turn to slide 14.
Atour: Please turn to slide 14.
Speaker Change #351: as a leader in providing a quality lifestyle and an advocate for the Chinese experience,
Speaker Change #323: As a leader in providing a quality lifestyle and an advocate for the Chinese experience.
Speaker Change #352: A tour consistently pursues win-win outcomes for the environment.
Speaker Change #323: A tour consistently pursues win win outcomes for the environment.
Speaker Change #352: Our industry and society as a whole by integrating ESG best practices across our business operations.
Our industry and society as a whole by integrating ESG best practices across our business operations in.
Atour: In 2023, we further enhanced our ESG governance to help build warm connections between people, as well as between people and nature.
Speaker Change #323: In 2023, we further enhanced our ESG governance to help you warm connections between people as well as between people and nature.
Speaker Change #353: We strove to establish an efficient, orderly, and responsible management mechanism and foster mutual growth among our employees, franchisees, and partners.
Speaker Change #323: We strove to establish an efficient orderly and responsible management mechanism and foster mutual growth among a tour our employees franchisees and partners.
Speaker Change #354: Through a broad array of charitable projects, eco-friendly operational upgrades, diversity and inclusion initiatives, and green development efforts, we upheld our original aspirations while assuming our corporate social responsibility.
Speaker Change #323: Through our broad array of charitable projects eco friendly operational upgrades diversity and inclusion initiatives and grain development efforts, we upheld our original aspirations, while assuming our corporate social responsibility.
Speaker Change #355: We will actively enhance our contributions to GSG and increase our contributions to the sustainable development of society and the industry.
Speaker Change #324: Moving forward, we will holistically deepened our commitment to ESG augmenting our contributions to society and the industry's sustainable development.
Speaker Change #355: Next, let's have our Co-CFO, Wu Jianfeng, introduce the company's financial situation.
Speaker Change #325: <unk> I would.
Speaker Change #327: Now I will turn the call over to our co CFO, Mr. Jansen to discuss our financial results.
Wu Jianfeng: Thank you, Hai Jun. Good morning, everyone. Good evening. Now I will introduce the financial performance of this company in the first quarter of 2024.
Speaker Change #326: Thank you hygiene.
Mr. Jansen: Ammonia, even everyone now I would like to present, the company's financial performance for the first quarter of 2024.
Speaker Change #357: Please turn to slide 16 of the result presentation.
Mr. Jansen: Please turn to slide 16 of the results presentation.
Speaker Change #358: Our net revenues for the first quarter of 2024 grew by 89.7% year over year and decreased by 2.5% quarter over quarter to R&B 1,468 million.
Mr. Jansen: Our net revenues for the first quarter of 2024 grew by 89, 7% year over year and decreased by two 5% quarter over quarter to RMB 1004.
Mr. Jansen: <unk> hundred $68 million.
Speaker Change #358: The year-over-year increase was driven by robust growth in both the hotel and retail business
Mr. Jansen: The year over year increase was driven by robust growth in both the hotel and the retail businesses.
Speaker Change #358: The quarter of a quarter decrease was caused by the decrease in RAPA, which was RMB 328 for the first quarter of 2024, compelled with RMB 358 for the previous quarter.
Mr. Jansen: Quarter over quarter decrease was caused by the decrease in Revpar, which was RMB 328 for the first quarter of 2024, compared with RMB 358 for the previous quarter.
Speaker Change #359: and also was due to the renovation of one of Audi's hotels.
Mr. Jansen: And also.
Mr. Jansen: It was due to the renovation of one of our leased hotels.
Speaker Change #359: Revenue from our managed hotels for the first quarter of 2024 will RMB 836 million, up by 87.1% year over year, while decreasing 1.8% quarter over quarter.
Speaker Change #329: Revenue for our <unk> hotels for the first quarter of 2024 were RMB 860, $836 million up by 87, 1% year over year, while decreasing one 8% quarter over quarter.
Speaker Change #360: The year-over-year increase was primarily fuelled by the ongoing expansion of our hotel network and the rapid growth of the supply chain business.
Speaker Change #329: Year over year increase was primarily fueled by the ongoing expansion of our hotel network and the rapid growth of the supply chain business.
Speaker Change #361: The total number of Manitized Hotels increased to 1,271 from March 31 to 2024, with an annual increase of 35.9%.
Speaker Change #329: The total number of monetize the hotels increased to 1271 as of March 31, 2024 up by 35, 9% year over year.
Speaker Change #361: The quarter over-quarter change was due to the decrease in RAPA. Red part of our managed-hized hotels was R&B 324 for the first quarter of 2024, compelled with R&B 353 for the previous quarter.
Speaker Change #329: The quarter over quarter change was due to the decrease in Revpar Revpar of our <unk> hotels was RMB 324 for the first quarter of 2024, compared with RMB 353 for the previous quarter.
Speaker Change #362: Revenues contributed by our Least Hotel for the first quarter of 2024 were IMB 168 million, representing a decrease of 10.3% year over year and 13.8% quarter over quarter. This decline was mostly driven by the renovation of one of our least hotels into our first 204.0 hotel, as well as the decrease in Rep.
Speaker Change #329: Revenues contributed by our leased hotel for the first quarter of 2020 for RMB 168 million, representing a decrease of 10, 3% year over year and 13, 8% quarter over quarter. This decline was mostly driven by the renovation.
Speaker Change #329: <unk> of one of our leased hotel into offers to a 4.0 hotel as well as the decrease in Revpar.
Speaker Change #363: RAPA of our least hotels was R&B 455 for the first quarter of 2024, compared with R&B 464 for the same period of 2023, and R&B 495 for the previous quarter.
Speaker Change #329: Revpar of our leased hotels was RMB 400 and.
Speaker Change #329: <unk> 55 for the first quarter of 2024, compared with RMB 464 for the same period of 2023, and RMB 495 for the previous quarter.
Speaker Change #364: Revenue from our retail business for the first quarter of 2024 will be 417 million.
Speaker Change #329: Revenues from our retail business for the first quarter of 'twenty 'twenty four were RMB 400.
Speaker Change #365: up by 268.9% year over year and 1.1% quarter over quarter. The increases were attributable to the widespread recognition of our retail brands and the compelling product offerings, as well as improved product development and distribution capabilities.
Speaker Change #329: $17 million.
Speaker Change #329: Up by 268, 9% year over year, and one 1% quarter over quarter. The increases were attributable to the widespread widespread recognition of our retail brands and our compelling product offerings as well as improved the product development and distribution capability.
Speaker Change #366: Revenues from other for the first quarter of 2024 will IMB 48 million, up by 76.8% year over year and 1.7% quarter over quarter. The increases were driven by the fast-growing membership business.
Speaker Change #329: Revenues from other for the first quarter of 2024 were RMB $48 million up by 676, 8% year over year, and one 7% quarter over quarter. The increases were driven by the fast growing membership business.
Speaker Change #367: Now let's move to cost and expenses. Please turn to slide 17.
Speaker Change #329: Now, let's move to costs and expenses.
Speaker Change #330: Turn to slide 17.
Speaker Change #368: Operating costs and expenses for the first quarter of 2024 were IMB 154 million, including RMB 3 million share-based compensation expenses, compared with RMB 719 million, including RMB 142 million share-based compensation expenses for the same period of 2023.
Speaker Change #330: Operating cost and expenses for the first quarter of 2020 for RMB 1150, $4 million, including RMB 3 million share based compensation expenses, compared with RMB $719 million, including RMB 142 million share based compensation expenses for the same period.
Of 2023.
Speaker Change #369: Hotel operating costs for the first quarter of 2024 increased by 73.5% year over year and decreased by 9.7% quarter over quarter to R&B 662 million.
Speaker Change #330: Hotel operating costs for the first quarter of 2024 increased by 73, 5% year over year and decreased by nine 7% quarter over quarter to RMB $662 million.
Speaker Change #370: The year-over-year increase was mainly due to the increase in variable costs, such as supply chain costs associated with the ongoing expansion of our hotel network.
Speaker Change #330: The year over year increase was mainly due to the increase in variable costs, such as supply chain costs associated with the ongoing expansion of our hotel network.
Speaker Change #371: The growth margin of our hotel business was 34.1% for the first quarter of 2024, compared with 39.8% for the same period of 2023. This decrease was attributable to a decrease RAPA and an increased share of revenue generated by the lower margin supply chain business.
Speaker Change #330: The gross margin of our hotel business was 34, 1% for the first quarter of 2024, compared with 39, 8% for the same period of 2023.
Speaker Change #330: This decrease was attributable to decreased the Revpar and an increased share of revenue generated by the lower margin supply chain business.
Speaker Change #371: Retail costs for the first quarter of 2024 increased by 235.0% year-over-year and decreased by 11.2% quarter-over-quarter to R&B 206 million. The year-over-year increase was associated with the rapid growth of our retail business. The growth margin of our retail business was 50.5% for the first quarter of 2024, compared with 45.5% for the same period. of 2023, the increase in growth profit margin of retail business was attributable to an increasing contribution from higher margin online sales.
Speaker Change #330: Okay.
Speaker Change #330: Retail cost for the first quarter of 2024 increased by 235 zero percent year over year and decreased by 11, 2% quarter over quarter to RMB $206 million.
Year over year increase was associated with the rapid growth of our retail business the.
Speaker Change #330: The gross margin of our retail business was 55% for the first quarter of 2024, compared with 45, 5% for the same period of 2023. The increase in gross profit margin of retail business was attributable to an increase in contribution from higher margin <unk>.
Speaker Change #372: Please return to your seat
Speaker Change #330: <unk> sales.
Speaker Change #330: Now please turn to slide 18.
Speaker Change #373: For selling and marketing expenses for the first quarter of 2024, will RMB $175 million, compared with RMB, $56 million for the same period of 2023.
Speaker Change #330: For selling and marketing expenses for the first quarter of 2020 for RMB 100, 175 million compared with RMB 56 million for the same period of 2023.
Speaker Change #374: The increase was made due to our increased investment in brand awareness and effective online channel development, along with the growth of retail business.
Speaker Change #330: The increase was mainly due to our increased investment in brand awareness and effective Omnichannel development, along with the growth of our retail business.
Speaker Change #375: Setting and Marketing Census accounted for 11.9% of net revenues for the first quarter of 2024, compared with 7.2% for the same period of 2023.
Speaker Change #330: Selling and marketing expenses accounted for 11, 9% of net revenues for the first quarter of 2024 compared with seven 2% for the same period of 2023.
Speaker Change #376: General and administrative expenses for the first quarter of 2024 will RMB 77 million.
Speaker Change #330: General and administrative expenses for the first quarter of 2024 were RMB $77 million.
Speaker Change #377: including RMB 3 million share-based compensation expenses, compelled with RMB-193 million, including RMB 141 million share-based compensation expenses for the same period of 2023.
Speaker Change #330: Including RMB 3 million share based compensation expenses, compared with RMB $193 million, including RMB 141 million share based compensation expenses for the same period of 2023.
Speaker Change #378: excluding the share-based compensation expenses, the increase was primarily due to the increase in labor costs.
Speaker Change #330: Excluding the share based compensation expense expenses. The increase was primarily due to the increase in labor cost.
Speaker Change #378: General and administrative expenses, excluding the share-based compensation expenses, accounted for 5.0% of revenue for the first quarter of 2024, compared with 6.7% for the same period of 2023.
Speaker Change #330: General and administrative expenses, excluding the share based compensation expenses accounted for 5.0% of revenue for the first quarter of 2024 compared with six 7% for the same period of 2023.
Speaker Change #379: Technology and development expenses for the first quarter of 2024 were IMB 24 main name.
Speaker Change #330: Technology and development expenses for the first quarter of 2020 for RMB $24 million.
Speaker Change #380: compared with R&B 17 million for the same period of 2023.
Speaker Change #330: Compared with RMB 17 million for same period of 2023.
Speaker Change #381: The increase was mainly due to the increased investment in technology systems and infrastructure to support our expanding hotel network and retail business, as well as improve the customer
Speaker Change #330: The increase was mainly due to the increased investments in technology systems and infrastructure to support our expanding hotel network and retail business as well as improve the customer experience.
Speaker Change #381: Technology and development expenses accounted for 1.6% of net revenues for the first quarter of 2024, compelled with 2.2% for the same period of 2023.
Speaker Change #330: Technology and development expenses accounted for one 6% of net revenues for the first quarter of 2024 compared with two 2% for the same period of 2023.
Speaker Change #382: Please return to seat number 19.
Speaker Change #330: Now please turn to slide 19.
Speaker Change #382: A adjusted net income for the first quarter of 2024 was RMB 261 million, up by 63.4% year over year.
Speaker Change #330: Adjusted net income for the first quarter of 2024 was RMB $261 million up by 63, 4% year over year.
Speaker Change #382: Adjusted net profit margin for the first quarter of 2024 was 17.8%, a decrease of 2.9 percentage points year over year. Adjusted EBITDA for the first quarter of 2024 was RMB 354 million, up by 53.1% year over year. Adjusted EBITDA margin for the first quarter of 2034 was 24.1%, a decrease of 5.8 percentage points, year over year.
Speaker Change #330: Adjusted net profit margin for the first quarter of 2024 was 17, 8% a decrease of two nine percentage points year over year adjusted EBITA for the first quarter of 2024 was RMB $354 million up by 53, 1% year over year.
Speaker Change #330: Adjusted EBITDA margin for the first quarter of 2000 April was.
Speaker Change #330: 24, 1% a decrease of five eight percentage points year over year.
Speaker Change #383: The decreases in both margins were primarily due to the decrease in RAPRAPR, and the increase revenue contribution from lower margin supply chain business, as well as organic growth of setting and marketing expenses amid the retail business development.
Speaker Change #330: The decreases in both margins were primarily due to the decrease in Revpar and the increased revenue contribution from lower margin supply chain business as well as organic growth offsetting in marketing expenses, Amit that the retail business development.
Speaker Change #384: Now please turn to slide 20 and 21.
Speaker Change #331: Now, please turn to slide 2020 one.
Speaker Change #385: Notably, we have maintained a healthy cash position with stable growth momentum. As of March 31st, 2024, our cash and cash equivalence totaled RM 3,048 million. Among them, net cash was RMB 2,956 million.
Speaker Change #331: Notably we have maintained a healthy cash position with stable growth momentum as of March 31, 2024, our cash and cash equivalents totaled RMB 3040 $8 million among them net cash was RMB 2156.
Speaker Change #386: That concludes our financial highlights for the first quarter of 2024. With that, that's open for Q&A.
Speaker Change #331: <unk>.
Speaker Change #331: That concludes our financial highlights for the first quarter of 2024.
Speaker Change #331: With that let's open for Q&A.
Speaker Change #387: Thank you. We will now begin the question and answer this session.
Speaker Change #332: Thank you we will now begin the question and answer session.
Speaker Change #388: To ask a question, please press 1-1 on your telephone keypad. You would then hear an automated message advising your hand is raised.
Speaker Change #333: To ask a question. Please press star one one on your telephone keypad you wouldn't you in all the main emphasis revising your hand is raised to withdraw your question. Please press star one one again for the benefit of all participants on today's call. If you have raised.
Speaker Change #389: To withdraw your question, please press star 1-1 again. For the benefit of all participants on today's call, if you have raised your question in Chinese, please immediately repeat your question in English. Please limit your questions to one at a time.
Speaker Change #333: Raise your question in Chinese please immediately repeat your question in English. Please limit your questions to one at a time.
Speaker Change #390: If you wish you have follow-up questions, please rejoin the queue. Once again, let's start 1-1 for questions.
Speaker Change #333: If you wish to have follow up questions. Please rejoin the queue once again Thats star one one for questions.
Speaker Change #390: Our first question comes from the line of CICC's Sijian. Please go ahead, Sijer.
Speaker Change #334: Our first question comes from the line of CIBC. Please go ahead Sir.
Sijie Lin: Thank you to the management team. We have seen that the company opened 97 stores in the first quarter, which is a very fast pace. This number is almost equal to the highest value in the third quarter of last year. The revenue also exceeded our expectations. So, I would like to ask if the company will adjust the full-year store opening revenue and profit guidance for 2024. That's my question. I will translate my question into English. Thank you to the management team. Congratulations to VeriFast on opening 97 new stores, which almost reached the highest number in the first quarter of last year. The revenue growth has also increased. So, will we adjust the full-year store opening revenue and profit guidance in the same way? Thank you.
Anthony: Hi, This is Anthony.
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Anthony: So easy to Kyle Joseph C Ibs.
Alright, how do your issuance issue.
Speaker Change #336: Quick question, you and thank you to the country boundaries shifting that alright, how should we be in Chicago.
Speaker Change #337: Just a quick question with regards to Anthony on legal KBS showroom comfortable housing new energy.
Speaker Change #338: I will translate my question into English. So thank you management congrats on those aircrafts hotel opening in Q1, the 90000, new openings almost achieved the highest quarterly level last year and the revenue growth is also big.
Speaker Change #339: We adjust our full year opening revenue and profit guidance accordingly, Thank you.
Sijie Lin: Okay, thank you, Sijie. I will answer this question for you.
Speaker Change #339: <unk>.
Speaker Change #391: Although we observed some fluctuations in the overall industry's rapport in the first quarter, from the perspective of franchisees, confidence in the hotel industry remains very strong. Therefore, our signings in the first quarter continued to grow rapidly, with the pipeline projects expanding to 674.
Speaker Change #340: <unk> will support hometown, which under commit I kind of think Youll get hired a senior hazard pay townhome product.
Speaker Change #341: So it wasn't that easy to change the adoption of <unk>.
Speaker Change #342: The quarter $1 <unk>.
Speaker Change #391: Thank you, Siji. Let me try to answer your question. Although we saw some fluctuations in the rough part of the entire industry in the first quarter this year, but from the franchisee's level, confidence in the hotel industry is still sufficient. And our signings in the first quarter also maintained rapid growth. And the projects in our pipeline continued to expand, reaching 674.
Speaker Change #343: Yeah, Let me try to answer your question.
Speaker Change #344: Although we saw some fluctuations in the revpar of the entire industry in the first quarter this year, but from the franchisees level confidence in the hotel industry is still sufficient and our signings in the first quarter also maintained rapid growth in our projects in our pipeline continued to expand reach.
Speaker Change #344: 674.
Speaker Change #392: From the perspective of store openings, we opened 97 stores in the first quarter, continuing the rapid trend we saw in the fourth quarter of last year.
Speaker Change #344: <unk> <unk> to the Eagle quite superdelegates future.
Speaker Change #393: So this year, based on our strategic goal of having 2,000 quality stores by 2025, we will set higher standards for the quality of our hotels. We aim to achieve quantitative growth with quality. Based on this, we will maintain our annual target of opening 360 stores, and we are very confident that we can achieve this.
Speaker Change #344: <unk> annual mobile feature.
Speaker Change #344: So within a tradeoff you can call it <unk> <unk> <unk> you go through that.
Speaker Change #344: Now TV sort of our <unk> ratio on the <unk>.
Speaker Change #393: In terms of new openings, in this first quarter, we opened 97 new hotels, continuing the trend in fourth quarter last year.
Speaker Change #345: In terms of new openings in this first quarter, we opened 97, new hotels, continuing the trend in fourth quarter last year.
Speaker Change #394: This year, based on the strategic targets of having 2,000 premier hotels by 2025, we will put forward higher requirements for quality and consider quality as a prerequisite for quantity
This year based on the strategic targets of having 2000 Premier hotels by 2025, we will put forward higher requirements for quality and considered quality as a prerequisite for quantity growth.
Speaker Change #395: Based on this, we would like to maintain our target of 360 new openings for the full year, and we stay fully confident about achieving that.
Speaker Change #345: Based on this we would like to maintain our target of 360, new openings for the full year and we stay fully confident about achieving that.
Speaker Change #395: In terms of revenue, despite some fluctuations faced by Redpot, we expect the group's revenue to maintain high-quality growth in 2024.
Speaker Change #346: Sure I think government Kendall Revpar Ministry of Porto <unk> Dungeon pouches cultured in Cassandra.
Speaker Change #396: Based on our outstanding performance in the first quarter, especially in the retail business, we will raise our group's full-year revenue guidance for 2024 from approximately 30% year-over-year growth in the previous quarter to 40% year-over-year growth. This will also maintain a leading growth rate in the industry. This is mainly attributed to the continuous expansion of our hotel network and the rapid development of our retail business.
Speaker Change #347: <unk> <unk> two the <unk> the two guards here, we're moving down materially as an engine and a soldier in tangshan <unk> advertisers.
Speaker Change #347: <unk> hundred <unk> by recession about Seeger hanging in Canada.
Speaker Change #347: To draw out the EUR intra quarter unless I got your.
Speaker Change #347: <unk> partnership with initial yield comps here.
Speaker Change #397: In terms of profit, the overall fluctuations of Red Pot this year and changes in our company's revenue structure will exert some pressure on our overall profit margin. However, we will continuously optimize our cost structure and improve our management and operational efficiency, with the expectation of maintaining a relatively stable profit margin.
Speaker Change #348: But even the submission of the final <unk> EUR mobile social with vehicle a pillar two I mentioned delivery as we can without eating a gallium <unk> Europe on the agenda. The vehicle <unk> one agreement, Saudi Resealable pouches do indeed, you've got some bleed over.
Speaker Change #398: In terms of revenue, despite some fluctuations in RevPAR we saw, we still expect the group's 2024 revenue to maintain a high-quality growth, and based on the outstanding performance in the first quarter, especially in our retail business, we would like to raise this year's revenue guidance from what we announced the last quarter, the original 30% year-on-year growth to a new growth of 40% year-on-year. Maintaining a growth rate leading the industry.
Speaker Change #349: In terms of revenue despite some fluctuations and Revpar. We saw we still expect the group's 2020 for revenue to maintain our high quality growth and based on the outstanding performance in the first quarter, especially in our retail business, we would like to raise this year's revenue guidance.
Speaker Change #349: From what we announced last quarter, the original 30% year on year growth too and new growth of 40% year on year, maintaining our growth rate leading the industry.
Speaker Change #399: This is mainly due to the continued expansion of our hotel network and the contribution of our rapidly growing retail business
Speaker Change #349: This is mainly due to the continued expansion of our hotel network and the contribution of our rapidly growing retail business.
Speaker Change #399: At the profit level, the fluctuation of the overall REVPAR and the change of the company's revenue structure this year will bring certain pressure on our profit margin level. However, we will continue to optimize our cost structure, improve the efficiency of management and operations, and we expect to keep a relatively stable profit margin level. Oh, thank you.
Speaker Change #349: At the profit level.
Speaker Change #349: Fluctuation of the overall revpar and the change of the company's revenue structure. This year will bring certain pressure on our profit margin level. However, we will continue to optimize our cost structure improve the efficiency of management and operations and we expect to keep a relatively <unk>.
Speaker Change #349: Stable profit margin level.
Speaker Change #350: Okay. Thank you.
Speaker Change #400: Thank you, Suu Kyi. Let's take next.
Speaker Change #351: Thank you Susanna, let's take next question. Thanks.
Speaker Change #400: Thank you. Our next question comes from the line of Dan Chief of Morgan Stanley . Please ask your question, Dan.
Speaker Change #352: Thank you. Our next question comes from the line of Dan <unk> from Morgan Stanley. Please ask your question Dan.
Dan Qi: Thank you to the management. I would like to ask the management if you could share with us the performance of the entire Blended Repa Group since April . Also, if we break it down, what are the respective situations of OCC and housing prices?
Nathan: Ccs physical Nathan.
Speaker Change #353: We have great quality.
Speaker Change #355: Okay. Thanks, guys.
Speaker Change #357: <unk> blended Revpar total revpar coupon Jacob Garcia.
Speaker Change #356: Hi, Hello, Hello.
Speaker Change #358: OCC Hydro Charterbank goods Ching Kwan.
Speaker Change #401: Also, regarding the entire year of 2024, as we mentioned before, we will try our best to maintain a stable trend. Now, the company's latest view and opinion is
Speaker Change #358: Considering some of your channel.
Speaker Change #359: Shannon will participate calendar.
Speaker Change #358: Okay.
Speaker Change #358: With peak net sales.
Speaker Change #361: <unk> it seems like also.
Speaker Change #360: So you're seeing that.
Speaker Change #360: Sure.
Speaker Change #362: Thank you Shannon.
Speaker Change #402: Please allow me to translate my question. Can the management share the recent mixed focus trends in the second quarter, especially in terms of focus and ADR performance?
Speaker Change #364: Or is it something beyond that.
Speaker Change #365: Please allow me to.
Speaker Change #363: <unk> My question.
Speaker Change #366: Can management share the recent plant Revpar trend.
Speaker Change #367: In second quarter and in particular in the occupancy and ADR perspective performance.
Speaker Change #403: And what's the company's most updated view on your blended repar for full year-2020?
Speaker Change #367: And what's the company's most updated view on your blended revpar for full year 2024. Thank you.
Speaker Change #403: Okay, thank you Big Eye, I'll answer this question. The company's ROHR for the first quarter is 328 yuan, which is about 9 yuan lower than the same period last year. Our OTT is 73.3%, which is approximately 0.8 percentage points higher than the same period last year.
Speaker Change #368: Our updated outlook without revenue.
Our Pos system supplier Josh.
Speaker Change #369: The shutdown biology.
Speaker Change #370: So you don't want the balance sheet.
Speaker Change #371: So <unk> severity.
Speaker Change #404: The ADR is 430 yuan, which is approximately 13 yuan lower compared to the same period last year.
Speaker Change #371: The amount of R&D.
Speaker Change #372: Thanks, John Sheehan.
Speaker Change #371: Shutdowns.
Big Eye: Thank you, Dan. Let me try to answer your questions.
Speaker Change #371: Thank you Dan let me try to answer your questions.
Speaker Change #405: Our rough part in first quarter was RMB 328, which was down by RMB 9-R and compared to the same period last year. OCC was 73.3%, 0.8 percentage point higher than the same period last year. ADR was RMB 430, down by RMB 13 ran from the same period last year.
Speaker Change #373: Our revpar in first quarter was RMB 328, which was down by RMB nine when compared to the same period last year OCC was 73, 3% 0.8 percentage points higher than the same period last year.
Speaker Change #374: <unk> was RMB 430 down by RMB 13 from the same period last year.
Speaker Change #405: If we look at the same-store sales growth of our 843 stores that have been mature for more than 18 months
Speaker Change #374: We will come back.
Speaker Change #375: Shabaniyah Tungsrom, Indiana Columbia mix.
Speaker Change #406: So, the performance of the same electricity and the same pen is basically flat compared to the same period last year.
Speaker Change #375: <unk>.
Speaker Change #375: And with our partner <unk>.
Speaker Change #375: And Gina <unk> trillion.
Speaker Change #407: Uh, the number is approximately 99%
Susan advisors by $100 with AG.
Speaker Change #407: If we narrow down to our 843 mature hotels in operation for more than 18 months, the same hotel ref park performance in first quarter this year stood at 99.7%, which was basically unchanged from last year.
If we narrow down to our 843 mature hotels in operation for more than 18 months. The same hotel Revpar performance and first quarter. This year stood at 99, 7%, which was basically unchanged from last year.
Speaker Change #408: So looking at the individual performance of OCC and ADR
Speaker Change #375: Okay.
Speaker Change #409: Last year, there was a concentrated surge in business and leisure travel, which to some extent raised the base price. Therefore, this year we are facing relatively high price pressure.
Speaker Change #375: Gotcha.
Speaker Change #376: We actually announced some shuja owner for Sito mobile.
Speaker Change #376: Tonnage for that holiday season.
Speaker Change #376: As usual so opinion.
Speaker Change #410: Since April , including the May Day holiday, we have observed this situation. From the QTD data, the rollout pressure in the second quarter is even greater than in the first quarter.
Speaker Change #376: In Assembly.
Speaker Change #377: Thank you.
Speaker Change #378: Youre welcome to EIC, when we are kind of normal.
Speaker Change #378: <unk>.
Speaker Change #378: No more R&D go the wrong way.
Speaker Change #378: I'll come back.
Speaker Change #410: To separate OCC and ADR performances, last year's concentrated bursts of business and leisure travel to a certain extent drove the price base higher and imposed the relatively more pressure on this year's price.
Speaker Change #379: To separate OCC and ADR performances last year's concentrated burst of business and leisure travel to a certain extent drove the price base higher and imposed a relatively more pressure on this year's price.
Speaker Change #410: Since April , including the Labor Day holiday, we have also seen such situation. According to QTD data, our Q2 RAVP might have bigger pressure than in Q1.
Speaker Change #379: Since April including the Labor day holiday, we have also seen such situation. According to <unk> data, our Q2 revpar might have bigger pressure than in Q1.
Speaker Change #411: For the annual Rorqa forecast, because Rorqa's performance will be affected by various factors
Speaker Change #379: The addition of another golar.
Speaker Change #380: Thank you.
Speaker Change #379: <unk>.
Speaker Change #379: Our total easily Vita, which will have a foundation.
Speaker Change #412: Providing a relatively accurate estimate might be a bit difficult
Speaker Change #413: From the current perspective, we believe that the uncertainty for the entire year has also exceeded our previous expectations.
Speaker Change #379: Yes.
Speaker Change #381: That's helpful.
Speaker Change #379: Innovation opportunities is how long troops energy.
Speaker Change #414: In the current environment, our genetic strategy is to prioritize stabilizing the basic foundation of occ, while also seizing some key opportunities for profit.
Speaker Change #379: Why.
Speaker Change #382: The team.
Speaker Change #383: Uhm through OTC the infant.
Speaker Change #384: <unk> withdrawn.
Tim Mckay: Tim Mckay here.
Speaker Change #414: As for the forecast on 24 whole year revpar, due to multiple factors affecting its performance, it is rather difficult to give a relatively accurate revpar forecast.
Speaker Change #386: As for the forecast on 2020 for whole year Revpar due to multiple factors affecting its performance.
Tim Mckay: Is rather difficult to give a relatively accurate revpar forecast.
Speaker Change #415: see him from now
Speaker Change #415: The uncertainty of this year exceeds our previous expectation, and in this current environment, our strategy is to prioritize stabilizing our OCC base, while also sees the core opportunities in revenue.
Tim Mckay: <unk> from now the uncertainty of this year exceeds our previous expectation and in this current environment. Our strategy is to prioritize stabilizing our OCC base, while also sees the core opportunities and revenue.
Speaker Change #415: Thank you, may I ask the next question?
Speaker Change #387: Thank you Dan next question please.
Speaker Change #416: Thank you.
Speaker Change #416: Our next question comes from the line of Sin Chen from UBS. Please ask your question soon.
Speaker Change #388: Thank you.
Speaker Change #389: Our next question comes from the line of Sin Chen from UBS. Please ask your question.
Speaker Change #417: Thank you, thank you to the management for giving me this opportunity to ask a question. I am PS Chen Xin. My question is about our retail business. I noticed that in the relatively off-season first quarter, the company's retail revenue still maintained very strong growth. Could the management share their expectations for the full-year revenue of the retail business and the anticipated investment in retail sales expenses? On the product side, I would also like to ask about the company's product planning following the successful launch of the limited edition in March.
Speaker Change #390: Hey, Glenn Thank you, we'll take Q&A.
Speaker Change #390: Yes.
Speaker Change #390: Sure.
Joe: Thank you. Thank you Joe.
Joe: Thank you.
Speaker Change #391: Thanks, John.
Speaker Change #392: Mark Wilson Jefferies.
Speaker Change #392: Sure.
Speaker Change #392: Sure.
Speaker Change #392: Sure.
Speaker Change #392: Okay.
Speaker Change #392: <unk>.
Speaker Change #392: Oh, sorry.
Speaker Change #392: Please go ahead.
Speaker Change #392: Thanks, Jonathan.
Speaker Change #392: Got you.
John: Thanks, John.
Speaker Change #393: You bet.
Speaker Change #417: We noticed that in Q1 relatively more opposition, the company's revenue from V2Binus, do maintain a very strong growth. Would it come in mind sharing your expectations on V2 revenue over the whole year and your expectations on such as temperature than retail business?
Speaker Change #393: Yeah.
Speaker Change #393: We noticed that in Q1 relatively.
Speaker Change #393: The company's revenue.
Speaker Change #393: So very strong growth.
Speaker Change #393: Within the company in.
Mike.
Speaker Change #394: Congratulations on the tube Avenue.
Speaker Change #393: Yes.
Speaker Change #393: <unk>.
Speaker Change #393: Yes.
Speaker Change #418: The fact question is that on product level, the summer quaker launched much achieved a good result. Could you share about some follow-up planning products?
Richard Davis: Thank you Richard Davis.
Scott: Second question Scott.
Speaker Change #396: Perfect level.
Scott: Okay.
Speaker Change #397: Uh huh.
Speaker Change #398: Quaker launched thank you much achieved.
Speaker Change #398: Good results.
Speaker Change #398: Sure about this on the follow up.
Speaker Change #398: Quebec.
Speaker Change #398: Yeah.
Speaker Change #418: Okay, thank you Chen Xing. I will now talk about the overall business and product planning for retail. The financial situation will be discussed later.
Speaker Change #398: Yeah.
Speaker Change #398: What.
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Speaker Change #419: I think our retail business is based on the real sleep needs of users.
Speaker Change #398: Sure.
Speaker Change #398: And with a woman's lymphoma.
Speaker Change #398: To transfer from institutionally.
Speaker Change #420: Today, we can see that the gentleman products from Asian Planet are continuously gaining popularity and receiving user appreciation and recognition.
Speaker Change #398: So now we have no yogurt into the centers.
Speaker Change #399: Hold on a future two three or four quarters.
Speaker Change #420: I think these have also driven the continuous outstanding performance of our retail business.
Speaker Change #398: Borders.
Speaker Change #398: With the decision on your second one meaningful year without <unk> adventure.
Speaker Change #420: Our ability to develop products based on user needs, I believe, has once again been demonstrated in the outstanding performance of this new product from Xia Liangbei.
Speaker Change #400: The women who showed up.
Speaker Change #400: Me.
Speaker Change #401: Today, the Shanghai facility channel total gotcha.
Speaker Change #400: Thanks.
Speaker Change #421: So this year we will continue to focus on our profound products.
Speaker Change #400: Sure.
Speaker Change #400: <unk>.
Speaker Change #400: John.
Xia Liangbei: In the coming quarters, we will continue to launch some new products.
Speaker Change #400: Nonetheless, our digital activity.
Speaker Change #402: <unk> <unk> to <unk>.
Xia Liangbei: This includes our next generation of deep thinkers and our deep temperature controllers.
Speaker Change #403: Home insurance neither associated.
Speaker Change #404: Centuries of Colombia.
Speaker Change #422: While continuously expanding our sleep product category, we will also keep deepening and refining our advantageous categories.
Speaker Change #404: Nice quarter.
Speaker Change #404: <unk> ultra will rebound the usage of that.
Speaker Change #404: Q4 Central Hall.
Speaker Change #423: This is our entire business plan and product in marketing.
Notation momentarily so Jonathan.
Speaker Change #423: So, what about the financial situation? Jianfeng will share it with everyone.
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Speaker Change #404: The most I would assume on a general level.
Speaker Change #423: Thank you, Chen Xin. Let me first talk about the overall retail business and product planning, and then I'll pass it on to Jian Feng to add-on retail financials later.
Speaker Change #405: Thank you changing let me firstly talk about the overall retail business and product planning and then I'll pass it onto jumped onto add on retail financials later.
Chen Xin: I think based on our insights into the real sleep needs for users, our strategy with AtroPlanet's deep sleep products has been kept on becoming known to people outside of the hotel industry and continued to gain users' fondness and recognition. And that promoted the excellent performance of our retail business.
Speaker Change #407: I think based on our insights into REO sleep needs for users our strategy with a tour planets deep sleep products has been catching on becoming known to people outside of the hotel industry and continued to gain users soundness and recognition and that promoted.
Speaker Change #406: Excellent performance of our retail business.
Chen Xin: Our product R&D capacity based on user needs has been verified once again by the outstanding performance of our new product this quarter, Deep Sleep Lightweight Comforter. This year, in the next quarters, we will continue to focus on Deep Sleep products and carry on launching the next generation of deep sleep pillows or deep sleep temperature control quote in the next coming quarters. While continuing to expand the sleep categories, we will also be continually deepening and solidifying our advantages categories. Now, Jian Feng, could you please add some more onto the retail financials?
Speaker Change #406: Our product R&D capacity based on user needs has been verified once again by the outstanding performance of our new products this quarter deep sleep lightweight comfort or this year in the next quarters, we will continue to focus on deep sleep products and carry on launching the <unk>.
Speaker Change #406: Extra generation of deep sleep pillows or deep sleep temperature control quote and then next coming quarters.
Speaker Change #408: While continuing to expand the sleep categories. We will also be continually deepening and solidifying our advantages categories now gemstone could you. Please add some more onto the retail financials.
Jianfeng: Regarding the performance of our retail financials, our retail revenue in the first quarter reached 417 million, maintaining a rapid growth momentum. Based on the strong performance of the entire retail business in the first quarter, we expect our annual retail revenue to achieve a high double-digit year-on-year growth.
Speaker Change #409: Quality to ensure that <unk> easy to install solution <unk> has approached legal questions and John you can shuttle the most easy to the initial yield is helping to build here.
Speaker Change #410: <unk> ultra and assure John negotiating <unk>.
Jianfeng: At the same time, our retail sector is still in a period of rapid development. We will increase our investment in building foundational capabilities, including brand promotion and channels.
Speaker Change #411: Wholesale wombat intraocular hydrogel required for the project will insights, how digital tissue nonresidential or competitive equalling $3. If I remember it doesn't have.
Jianfeng: Regarding the sales expenses mentioned earlier, the retail business achieved relatively high efficiency in investment and promotion in the first quarter. In the coming quarters, the sales expenses may fluctuate with the rhythm of our new product launches and some brand promotion plans. However, it is expected to remain at a relatively stable level throughout the year.
Speaker Change #411: To calculate <unk>.
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Speaker Change #413: <unk> had a total of <unk> 300, <unk>, DSO, <unk> and Patrick quality Oaxaca support all diluted channel macro how should we partner data center, we're negotiating.
Speaker Change #424: Therefore, we also believe that as the scale of our retail business grows, the profit margin level of our retail business is also continuously improving. We are confident that our retail business can bring more and more incremental revenue and ecological value to the group.
Speaker Change #413: <unk> thousand 300, <unk> AUM and ensure that you initially issued a tissue.
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Speaker Change #425: Thank you, Chen Xing. On our retail revenue in first quarter, reached R&B 417 million years.
Speaker Change #416: Thank you changing on our retail revenue in first quarter reached RMB 404, $417 million, maintaining our rapid growth momentum based on that strong retail performance, we do expect our retail business to achieve high double digit.
Speaker Change #426: maintaining a rapid growth momentum. Based on that strong retail performance, we do expect our retail business to achieve high double-digit year-over-year revenue growth for the full year.
Year over year revenue growth for the full year.
Speaker Change #427: Meanwhile, our retail business is still in a process of rapid development, and that means we will continue to deepen investment in building a solid foundation for longer-term growth, branding, and channels.
Speaker Change #416: While our retail business is still in a process of rapid development and that means we will continue to deepen investment in building a solid foundation for our longer term growth branding and channels.
Speaker Change #427: In terms of the sales expenditures you mentioned in your question, Chen Xin, our retail business in first quarter coordinated campaigns and promotions with high efficiency.
Speaker Change #417: In terms of the sales expenditures you mentioned in your question changing our retail business and first quarter coordinated campaigns and promotions with high efficiency.
Chen Xin: The sales expenses in the next few quarters will fluctuate slightly, echoing to our rhythm in new product launches and plans on branding campaigns, but it is expected to maintain a relatively stable level for the full year.
Speaker Change #417: The sales expenses in the next few quarters will fluctuate slightly.
Speaker Change #417: So into our rhythm and new product launches and plans on branding campaigns, but it is expected to maintain a relatively stable level for the full year.
Speaker Change #428: Now that with our grown scale of retail business, its margin level has been continually improving, and we are confident that the retail business will bring more incremental earnings to the group and more value to our ecosystem.
Speaker Change #417: Now that with our grown scale retail business. It's margin level has been continually improving and we are confident that our retail business will bring more incremental earnings to the group and more value to our ecosystem. Thank you.
Speaker Change #429: Thank you. Next question, please.
Speaker Change #418: Thank you next question please.
Speaker Change #429: Thank you. The next question comes from Zeeway Liu, from Citix. Please ask your questions, Zwei.
Speaker Change #419: Thank you next question comes from Seaway Leal from Citigroup. Please ask your questions anyway.
Ziwei Liu: Regarding the hotel business, I would like to ask further. Since the Navy Premier mentioned earlier that our Qingdi 3.0 is currently performing exceptionally well, I would like to know what our store opening target for Qingdi 3.0 is this year. Additionally, could you share some updates and detailed information about our Atour 4.0 hotels? Thank you!
Speaker Change #419: Alright.
Speaker Change #419: Sure.
Speaker Change #419: No.
Speaker Change #419: Great.
Speaker Change #419: Yes.
Speaker Change #419: No.
Speaker Change #419: Hey, thanks.
Speaker Change #419: Thank you Sir.
Speaker Change #419: Yes.
Thank you.
Speaker Change #419: Okay.
Speaker Change #419: On the mainline upon.
Speaker Change #419: Yes.
Speaker Change #419: Thank you.
Speaker Change #419: Yes.
Speaker Change #419: I've talked to many of my questions about the fatalities.
Speaker Change #419: Okay.
Speaker Change #419: It's more likely this year.
Speaker Change #419: Hum.
Speaker Change #419: Okay.
Speaker Change #419: Yes.
Speaker Change #419: Thanks.
Ziwei Liu: Okay, Ji Wei, let me answer your question. For Qingju 3.0, we signed contracts with 30 hotels in the first quarter, accounting for over 15%. By the end of the first quarter, the number of Qingju 3.0 hotels that had already opened reached 36. We expect that by the end of this year, the number of operational Qingju 3.0 hotels will reach around 100.
Speaker Change #419: <unk>.
Speaker Change #419: <unk> here.
Speaker Change #419: Can you send an enormous daiichi <unk> essentials app.
Speaker Change #421: It's ambitious goal by just show no matter, how easy do more eating hired changes had an industrial here in Dallas as well.
Speaker Change #419: Well.
Speaker Change #420: <unk> said in industrial and <unk>.
Speaker Change #430: Thank you, Ji Wei. Let me answer that question of yours.
Speaker Change #422: Thank you <unk>, let me answer that question of yours.
Speaker Change #431: In first quarter, there was a total of 30 signings for a tour like 3.0, accounting for more than 15% of our total new signings.
Speaker Change #423: In first quarter. There was a total of 30 signings for a tour like 3.0 accounting for more than 15% of our total new signings.
Speaker Change #431: As of the end of March, 36 Atulite 3.0 hotels are in operation. We expect that by the end of this year, the number of Atulite 3.0 hotels in operation will reach about 100.
Speaker Change #423: As of the end of March 36 at <unk> 3.0 hotels are in operation, we expect that by the end of this year. The number of <unk> 3.0 hotels in operation will reach about 100.
Speaker Change #432: Just as the Navy mentioned earlier during the introduction, regarding Light Residence 3.0, we are continuously refining and upgrading our unique services around the concept of a relaxed and light lifestyle to better meet the needs of young business travelers, and we have gained user recognition. Therefore, the performance of our mature Light Residence 3.0 stores has been very impressive. In the traditionally slow first quarter, the REP PAR of Light Residence 3.0, which has been in operation for three months, exceeded 290 yuan, and in April , it quickly increased to over 300 yuan, far exceeding our franchisees' expectations.
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Speaker Change #432: Like Hygiene just now have mentioned, we focus on the concept of life at ease and consistently introducing and refining distinctive services at Atulite 3.0 hotels to better meet the needs of young business travelers and won their recognition.
Speaker Change #425: Like hygiene, just now has mentioned we focus on the concept of life at east and consistently introducing in refining distinctive services at <unk> 3.0 hotels to better meet the needs of young business travelers and want their recognition.
Mr. Hai: Atulite 3.0 hotels have had eye-catching performances in first quarter, a commonly off-season, the rough part of those Atulite 3.0 hotels in operation for three months above had exceeded R&B 290 RAN in the first quarter and quickly rose to above R&B 300 in April , far exceeding the expectations from those franchisees.
Speaker Change #425: <unk> three zero hotels has had eyecatching performances.
Speaker Change #425: In first quarter are commonly off season, the revpar of dose of <unk> 3.0 hotels in operation for three months above had exceeded RMB 209 events in the first quarter and quickly rose to above RMB 300 Grant in April far exceeding the.
Speaker Change #425: <unk> from those franchisees.
Speaker Change #433: At the same time, we are also continuously improving our Light Stay 3.0 model based on the operational situation of the already opened Light Stay 3.0 hotels and user feedback. This is to bring a better experience to our users and provide more sustainable and stable returns for our franchisees.
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Speaker Change #434: At the same time, based on the operation status and user feedback we gathered from those Atourlite 3.0 hotels in operation, we are gradually refining the Atourlite 3.0 model to bring better and better experience to users, while also bring sustainable and stable returns to the franchisees.
Speaker Change #427: At the same time based on the operation status and user feedback we gathered from those at <unk> 3.0 hotels in operation.
Speaker Change #427: Gradually refining their tour light 3.0 model to bring better and better experience to users, while also bringing sustainable and stable returns to the franchisees.
Speaker Change #435: Additionally, you mentioned Atour 4.0. Since its launch at the end of last year, we have signed over 30 flagship projects in the core business districts of key cities. The opening of our first Atour 4.0 hotel is also in full swing and will soon meet everyone. Please stay tuned.
Speaker Change #427: New ideas.
Speaker Change #428: Good evening.
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Speaker Change #436: And you mentioned our at work 4.0.
Speaker Change #430: And you mentioned our tour for zero.
Speaker Change #436: Since a 204.0's launch at the end of last year, we have secured more than 30 benchmark projects in the core business areas of Key City.
Since a 12 four zeros launch at the end of last year, we have secured more than 30 benchmark projects in our core business areas of key cities.
Speaker Change #437: The opening of the first atoll 4.0.0.0.0. Hotel is also in busy preparation and will happen soon. It will be worth your waiting. Thank you.
Speaker Change #430: The opening of the first two of 4.0 hotel is also in busy preparation and will happen soon it will be worth your waiting. Thank you.
Speaker Change #438: Thank you, Ji Wei. And operator, we can take one more question. Thank you.
Speaker Change #431: Thank you and operator, we can take one more question. Thank you.
Speaker Change #438: Thank you. I'll find a question comes from the line of Lydia Lynn from City. Please ask your question, Lydia.
Speaker Change #432: Thank you. Our final question comes from the line of Lithia Lynn from Citi. Please ask your question Lydia.
Lydia Lin: Dear management, thank you for giving me the opportunity to ask a final question. I would like to mainly inquire if there are any new plans regarding shareholder returns that you can share with us?
Great.
Speaker Change #433: All right.
Lydia: You may now what kind of I guess.
Speaker Change #434: Hi, Brian.
Brian: Oh don't worry about it.
Speaker Change #436: Thank you operator.
Speaker Change #437: Sample management and now I'd like to ask if management has any plans in terms of the return to shareholder.
Speaker Change #439: Alright, Lilian, thank you for your question. Regarding shareholder returns, this has always been a key focus for us. Last August , we issued a one-time dividend. This year, we will also consider the overall business performance, cash levels, business development needs, and industry practices to come up with plans to enhance shareholder returns, including dividends. We aim to continuously share the fruits of our development with our broad base of shareholders.
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Speaker Change #440: Hollywood powerful multinational patients who don't we bought since you don't compile Google home concept projects Awards.
Speaker Change #439: Thank you, Lydia. In terms of shareholder returns, we have always attached importance to and practiced continuous returns to shareholders. In August the last year, we announced a one-time dividend.
Thank you Leah and in terms of shareholder returns, we have always attached importance too and practice to continuous returns to shareholders in August of last year, We announced a one time dividend.
Speaker Change #439: This year, we will continue to act upon the overall operating performance, cash position, future business development plan, industry common practices, and to consider plans to increase shareholder returns, including dividends.
Speaker Change #441: This year, we will continue to act upon the overall operating performance cash position future business development plan industry common practices and to consider plans to increase shareholder returns, including dividends, we're committed to sharing the benefits of development with our shareholders.
Lilia: We are committed to sharing the benefits of development with our shareholders. Thank you.
Leah: Thank you.
Speaker Change #440: Thank you, Lydia
Speaker Change #443: Thank you Lydia.
Speaker Change #440: Thank you.
Speaker Change #441: And that concludes the question and answer session.
Speaker Change #444: Thank you.
Speaker Change #445: And that concludes the question and answer session.
Speaker Change #441: I'd like to turn the conference back to Alison John for any additional or closing command.
Speaker Change #446: I would now like to turn the conference back to Alison Zhang for any additional or closing comments.
Alison Zhang: Thank you all for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to reconnecting with you next quarter. Thank you and goodbye.
Thank you all for joining US today, if you have any further questions. Please feel free to contact our IR team. We look forward to reconnecting with you next quarter, Thank you and goodbye.
Speaker Change #442: This concludes today's conference call. Thank you for participating. You may now disconnect.
Speaker Change #447: This concludes today's conference call. Thank you for participating you may now disconnect.