Q2 2024 Atour Lifestyle Holdings Ltd Earnings Call

August 29, 2024

Ladies and gentlemen, thank you for standing by and welcome to the A2A lifestyle holding 2nd quarter 234 earnings conference call.

or earnings conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. Today's conference has been recorded. At this time, I would like to turn the conference over to Ms. Alyson Chang, Director of Investor Relations. Please go ahead, ma'am. Thank you, operator. Good morning and good evening, everyone. Welcome to our second quarter of 2024 earnings conference call. Today, you will hear from our founder, chairman, and CEO, Mr. Wang Haichun, and our co-sephal, Mr. Wu Qian Feng. Before we continue, please be aware that today's discussion will include forward-looking statements under federal security's laws. These statements are subject to various risks and uncertainties, and actually results significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements, except as required by applicable laws. Additionally, during this call, our management will discuss certain non-gap financial measures solely for comparison purposes. For a clear understanding of these measures and a reconciliation of gaps to non-gap financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of conference calls will be accessible on our website at ir.yadu.com, where a copy of the resource presentation is also available. Now, I will turn the call over to Mr. Wang, our CEO. earnings call today. During the second quarter of 2024, domestic travel market demand remained with leisure tourism extending its healthy upward trajectory alongside continuously evolving customer demand, but proactively adapting to these shifting market dynamics with further strengthen our leadership in the upper mid-scale hotel market. We consistently elevated the Chinese experience in our accommodation business during the first and half of the year to better address our customers' personalized, diverse, and quality-driven expectations. Meanwhile, we adaptedly capitalized on emerging opportunities presented by the latest wave of retail business developments.

Speaker Change: At this time, Opartis Friends are in recent on the mode, after the speaker's presentation, there will be a question and answer session.

Speaker Change: To build conferences being recorded. At this time, I would like to turn the conference over to Miss Alyson Chang, Director of Investor Relations. Please go ahead, man.

Speaker Change: Thank you, Operator. Good morning and good evening everyone. Welcome to our second quarter 2021 earnings conference call. Today, you will hear from our founder, chairman and CEO, Mr. Wilhantrin. And our co-steffel, Mr. Wu Tianfeng.

Speaker Change: Before we continue, please be aware that today's discussion will include follow-up statements under Federal Security's laws.

Speaker Change: These statements are subject to various risks and uncertainties, and actual results may differ significantly from what is dated or implied in our comments today. The company is not obligated to update any follow-up statements except as required by applicable laws.

Speaker Change: Additionally, during this call, our management will discuss certain non-gapoponential measures, solely for comparison purposes.

Speaker Change: For clear understanding of these measures and a reconciliation of gas to non-gap financial results, please refer to the earnings really issued earlier today.

Speaker Change: For the more a web catch replay of this conference call, we'll be accessible on our website at iR.YADU.com We're a copy of the redosh presentation, it's also available Now I will turn a call over to Mr. Wong, our CEO

Speaker Change: Thank you very much for your support.

Mr. Wong: Thank you, Alec. Hello, everyone. And thank you for joining a tour's second quarter, 2024 earnings call today.

Mr. Wong: 22 years ago, the United States had a very long time to continue the war.

Speaker Change: 同时多元化的消费需求日以增加压夺以及想念不断变化的市场需求并持续广告我们在宗高端酒店品牌中的顶先优势

Speaker Change: During the second quarter of 2024, domestic travel market demand remained steady with leisure tourism, extending its healthy upward trajectory alongside continuously evolving customer demand.

Speaker Change: By proactively adapting to these shifting marketing, shifting market dynamics, we further strengthened our leadership in the upper mid-scale hotel market.

Speaker Change: [inaudible]

Speaker Change: We consistently elevated the Chinese experience in our accommodation business during the first half of the year to better address our customers personalized, diverse, and equality driven expectations.

Speaker Change: Meanwhile, we adaptively capitalised on emerging opportunities presented by the latest wave of retail business development.

Speaker Change: We made substantial headway in propelling holistic high quality growth across our business and a brand portfolio while continuously deepening our insight into customer needs and amplifying our brand reputation. Now I would like to provide more details on our performance for the second quarter of 2024. Let's begin with our hotel business. Please turn to slide four of our second quarter 2024 results presentation. Our rough bar reached the RMB 359 in the second quarter of this year representing 93.5% of its level in the same period of 2023. Notably, our OCC growth remained solid reaching 101.7% of 2023's level for the same period. Further on the scoring atour's resilient demand and strong brand influence. ADR was 92.8% of its level in the same period of 2023, largely due to last year's high comparison base effect. Please turn to slide five. Our mature hotels in operation for more than 18 months continued to outpace groups overall performance during the second quarter. Excluding structural impacts such as the ramp up of new hotels, same hotel rough bar in the second quarter of 2024 reached the 96.2% of 2023's level for the same period, outperforming the group's blended performance by 2.7% percentage points. Specifically, OCC increased by 2.2% percentage points year-over-year and ADR stood at 94.4% of the same period in 2023.

Speaker Change: We made substantial headway in propelling catalytic high quality growth across our business and a brand portfolio while continuously deepening our insight into customer needs and amplifying our brand's reputation.

Speaker Change: [inaudible]

Speaker Change: Now, I would like to provide more details on our performance for the second quarter of 2024.

Speaker Change: 2nd episode, we will be talking about 3.59 yuan. 2.37% of the total weight of 3.5 yuan.

Speaker Change: [inaudible]

Speaker Change: Let's begin with our hotel business. Please turn to slide four of our second quarter, 2024 results presentation.

Speaker Change: On our rev bar, reach the RMB 359 in the second quarter of this year. Representing 93.5% of its level in the same period of 2023.

Speaker Change: Notably, our OCC growth remains solid, reaching 101.7% of 2023's level for the same period. Further underscoring a towards resilient demand and strong brand influence.

Speaker Change: ADR was 92.8% of its level, same period of 2023, largely due to last year's high comparison base effects.

Speaker Change: Please subscribe to our channel.

Speaker Change: [inaudible]

Speaker Change: 提出新建爬波等杰露性的影響二季度同电同比的热化为23年同期水平的96.2%

Speaker Change: 高于集团大阳大阪表现两点七个百分点其中 OTHC同笔增长两点二个百分点 ADR为二十三年同期的九十四点次

Speaker Change: Please turn to slide five. Our mature hotels in operation for more than 18 months continue to outpace groups overall performance during the second quarter.

Speaker Change: Excluding structural impact such as the ramp-up of new hotels same hotel red bar in the second quarter of 2024 reach the 96.2 percent of 2023's level for the same period

Speaker Change: Outperforming the group's blended performance by 2.7% points.

Speaker Change: Specifically, OCC increased by 2.2 percentage points year over year, and ADR stood at 94.4% of the same period in 2023.

Speaker Change: 德意與亞朵和青獄多品牌的協同發展集團強掌性得到了顯作體現

Speaker Change: The group has opened a total of 123 new hotels across all brands, a year-on-year increase of 76%. The number of new store openings has set a new quarterly record. By the end of the second quarter, the number of our operating hotels reached 1,412, a year-on-year increase of 37%, accelerating towards the goal of 2,000 good stores by 2025. By the end of the second quarter, we have grown by a total of 1,412 hotels, a 37% increase from the first quarter, accelerating towards the goal of 2,000 good stores by 2025. Please see page seven. Relying on the solid brand strength and product strength in Asia, our franchisees are full of confidence. This quarter, our contract progress has been prominently showcased, and the expansion momentum of pipeline projects is significant. By the end of the second quarter, the number of our pipeline projects reached 712, and we have a sufficient reserve of high-quality projects, laying a solid foundation for Atour's continuous growth and national layout. Please turn to page seven. Our franchisees are full of confidence, laying a solid foundation for Atour's continuous growth and national layout. Next, I will introduce the latest developments in our Atour and Qingqu brands. Please turn to page eight. On June 28, on the occasion of Atour's eleventh anniversary, the first Atour 4.0 store officially opened in Xi'an. As Atour's return to its original intention, Atour 4.0 is inspired by Atour Village, transforming the hotel into a place of tranquility in the bustling city. Through comprehensive upgrades in various aspects such as office space, sleep environment, and dining services, combined with an experience-driven concept, it aims to achieve a higher quality, higher premium, and higher efficiency business model. Next, let me share the latest developments of Atour and Atour. Please turn to page eight. On June 28, to commemorate Atour's eleventh anniversary, we proudly showcased the Atour 4.0 hotel in Xi'an, representing Atour's commitment and original expectations.

Speaker Change: 2nd episode, our 9th day of the Kodang Shitong, the first round of the game.

Speaker Change: 集團全品來攻擊新開業1203假酒店, 同比增長766

Speaker Change: 新店開業數量再廠紀獨新高

Speaker Change: We are going to introduce the first time in the world. We are going to introduce the third episode of the second episode of the second episode of the second episode.

Speaker Change: Please turn to slide 6. Our synergistic development of a tour and a tour life has unlocked the substantial growth potential for our group.

Speaker Change: In the second quarter, we maintain the vigorous momentum in our hotel network expansion with 123 new hotel openings.

Speaker Change: Up 76% year over year, setting a record pace in new openings for a single quarter.

Speaker Change: As of the end of the second quarter, we had a total of 1,412 photos in operation, representing a 37% year-over-year increase.

Speaker Change: Accelerating our progress toward our goal of 2000 premier hotels nationwide by 2025

Speaker Change: 請大家看到地區耶

Speaker Change: 移脫下左接示了品牌里和產品力, 我們的加工商信心充配。

Speaker Change: 本技术,我們的千約禁甲,亮相其生

Speaker Change: 管道項目擴張是頭顯入

Speaker Change: [inaudible]

Speaker Change: Please turn to slide separate. French IZs confidence remains strong and stats asked this quarter. Both stood by our robust brand influence and a product competitiveness.

Speaker Change: We made significant strides in both the number and efficiency of our new signings.

Speaker Change: with a notable pipeline expansion.

Speaker Change: The number of hotels under development reached 712 as of the end of the second quarter. Underpinned by a substantial number of high quality projects, laying a solid foundation for a towards sustained growth and nationwide expansion.

Speaker Change: [inaudible]

Speaker Change: Please subscribe to our channel.

Speaker Change: 1628

Speaker Change: In the year of September 11, 2014, the year of the 4th of November, the 7th of November, the 7th of November, the 7th of November.

Speaker Change: 作为亚朵回归初心制作亚朵四点凉以亚朵村为灵干

Speaker Change: 江酒店打造成為宣消毒室的進行之地

Speaker Change: 通過對酒店的辦公空間睡眠環境以及參與服務等多方面的全方衛生機派合體驗驅動的理念只在實現更高品質更高藝價和更高效率的經驗模型

Speaker Change: Next, let me share a tour and a tour light latest to developer. Please turn to slide 8.

Speaker Change: On June 28th, to mark a tour's 11th anniversary, we probably unveiled our first at World Cup 0.0 hotel in Xi'an, embodying a tour's commitment to its original aspirations.

Speaker Change: Atour 4.0 is inspired by the natural beauty of Yaduo Village, transforming the hotel into a tranquil retreat designed for the hustle and bustle of the city. With extensive upgrades in all aspects of the hotel, including multifunctional studios, premium guest room sleep equipment, and upgraded dining services, Atour 4.0 adopts an experience-driven approach aimed at creating an advantageous operating model with high quality, price potential, and optimal efficiency. In the first month of operation, the occupancy rate (OCC) of Xi'an South Gate Atour exceeded 91%, and the Roller Park revenue surpassed 710 yuan. This strong performance not only reflects the market's full recognition of Atour 4.0 but also reaffirms Atour's strong position among mid-to-high-end hotel brands. As of now, Atour 4.0 has signed 50 projects in more than 30 key cities nationwide, with benchmark projects in core business districts to be launched successively. We believe that the launch of Atour 4.0 not only represents our deep understanding of user needs but will also drive the mid-to-high-end hotel sector into a new stage of high-quality development. In the first month of operation, the occupancy rate (OCC) of Xi'an South Gate Atour exceeded 91%, and the Roller Park revenue surpassed 710 yuan. This strong performance not only reflects the market's full recognition of Atour 4.0 but also reaffirms Atour's strong position among mid-to-high-end hotel brands. Atour 4.0 has already signed 50 projects in more than 30 key cities nationwide, with benchmark projects in core business districts to be launched successively. The launch of Atour 4.0 not only represents our deep understanding of user needs but will also drive the mid-to-high-end hotel sector into a new stage of high-quality development. Please turn to pages 9 and 10. Our mid-range brand Qingju 3.0 has received widespread acclaim from users and franchisees since its launch. We are confident in cultivating Qingju 3.0 as the group's second signature brand. In the second quarter, Qingju 3.0 signed a total of 37 projects, accounting for more than 20% of the total. As of June 30, the number of Qingju 3.0 hotels in operation reached 54. In the second quarter, the Roller Park revenue of Qingju 3.0 hotels that have been in operation for three full months exceeded 310 yuan, strongly demonstrating Qingju 3.0's competitive advantage in the mid-range market. Please turn to pages 9 and 10 to take a look at Attour Lite. Since its launch, the mid-range brand Qingju 3.0 has received widespread acclaim from customers and franchisees. We are confident in cultivating Qingju 3.0 as the group's second signature brand. In the second quarter, Qingju 3.0 signed a total of 37 projects, accounting for more than 20% of the total.

Speaker Change: A tool of 4.0 is inspired by yacht or villages natural beauty.

Speaker Change: Transforming the hotel into a serene, retreat, aim at the city's hustle and bustle. With extensive upgrades across various aspects of the hotel, including multi-functional workspaces, premiums, sleep settings in guest rooms, and upgraded dining services.

Speaker Change: A 24.0 adult and experienced driven approach aiming to create an enhanced operating model characterized by superior quality, greater pricing potential, and optimized efficiency.

Speaker Change: In the beginning, the first generation of the Chinese people was born in 1991. The first generation of the Chinese people was born in 1991.

Speaker Change: 強勁的精英表現不僅體現了市場在亞羅4.0的充分認可也再次印象了亞羅在中高端酒店品牌中的強勢力韋

Speaker Change: 解止目前要落4.0以待全国超过30个重点城市, 千约50个项目。

Hexin Shang-Chen: Hexin Shang-Chen, Biao Guan Xiaomu, is called Lu Xu Tichu.

Speaker Change: We believe that more than 4,000 people will not be able to take the responsibility of the government to protect the government. We will take the responsibility of the government to protect the government to protect the government.

Speaker Change: During its first month of operation, Kia Nanmen, a tour hotel, achieved an OCC, surpassing 91% and a rough par exceeding R&B 710.

Speaker Change: This exceptional performance not only on the scores, the markets resounding in the endorsement of a tour of Oakland Zero, but also reaffirms a tour's leading position in the upper mid-scale hotel market.

Speaker Change: Today, we have signed 50 a tour of 0.0 projects across more than 30 cities nationwide. With flagship projects in core business districts, sets to be launched successfully.

Speaker Change: As a pioneering product reflecting our deep understanding of customer needs, we believe that a tool of 4.0 will propel the upper-med scale hotel market into a new stage of high-quality development.

Speaker Change: Please subscribe to the channel and the channel.

Speaker Change: We are going to the Communist Party of Xinjiang, the President of Xinjiang.

Speaker Change: 收到用户和加盟上多旁好品

Speaker Change: [inaudible]

Speaker Change: 6 months or 30 years ago, a new 3.09-year-old man is born in the early 19th century, in the late 50th century.

Speaker Change: 2-2-2-2

Speaker Change: In the last three months, the Qing-Gi-3.09, Rosalukha took over 312 hours.

Speaker Change: There is a lot of information about the 3.0 in the middle of the market, which is currently in the middle of the market.

Speaker Change: Please turn to slides 9 and 10 for a closer look at a tour light.

Speaker Change: Since its launch, a tour-life 3.0, our mid-scale product, has garnered broad trace and recognition from customers and franchisees.

Speaker Change: We are confident of growing a tour-life 3.0 into our second 1000 hotel brand.

Speaker Change: In the second quarter, a total of 37 new, a tour life 3.0 hotels were signed, accounting for more than 20% of our total new signings for the period.

Speaker Change: As of the end of the second quarter, we had a total of 54 Atour Light 3.0 hotels in operation. Among those Atour 3.0 hotels that have been in operation for more than 3 months, REVPAR exceeded RMB310 in the second quarter, highlighting Atour Light's strong competitive edge in the mid-scale hotel segment. It is worth mentioning that with the official opening of Beijing Liuliqiao Qingju at the end of May, Qingju 3.0 has completed its comprehensive layout in all first-tier cities. Liuliqiao Qingju's OCC exceeded 90% in July, with a comprehensive REVPAR exceeding RMB600, setting a new benchmark for Qingju 3.0 projects. It is worth mentioning that with the official opening of Beijing Liuliqiao Qingju in May, Qingju 3.0 has completed its comprehensive layout in all first-tier cities. In July, Liuliqiao Qingju achieved outstanding operational performance, with OCC exceeding 90% and comprehensive REVPAR exceeding RMB600, setting a new standard case for Qingju 3.0 benchmark projects. In addition, while optimizing Qingju 3.0 service touchpoints to bring more high-quality service experiences to users, we also continue to create unique brand content for Qingju, deepening users' recognition of the Qingju brand. In the second quarter, we collaborated with well-known cultural and creative IPs to launch Qingju 3.0's summer special activities, engaging in deep interactions with users and continuously accumulating brand volume. Relying on the diversified exploration of Chinese experiences, the proportion of young and female users of Qingju has significantly increased. In addition, while optimizing Qingju 3.0 service touchpoints to bring more high-quality service experiences to users, we are also optimizing Qingju 3.0 service touchpoints to bring deeper recognition to users. In the second quarter, we collaborated with well-known cultural and creative IPs to launch Qingju 3.0's summer activities, allowing users to have more interactive experiences with each other and enhancing Qingju's brand brightness. As we explore and embrace more diverse and rich Chinese experiences, we have discovered a significant increase in the proportion of young and female customers in Vancouver hotels. Next is our retail business, please turn to page 11. As our second growth curve, Atour's retail business continued its impressive performance in the second quarter. GMV reached RMB620 million, a significant year-on-year increase of 157.6%, with the online channel accounting for over 90%. Next is our retail business, please turn to page 11. As our second growth curve, Atour's retail business continued its impressive performance in the second quarter. GMV reached RMB620 million, a significant year-on-year increase of 157.6%, with the online channel accounting for over 90%.

Speaker Change: As of the end of the second quarter, we had a total of 54 a tour light 3.0 hotel in operation.

Speaker Change: Among those at war 3.0 hotels that have been in operation for more than 3 months, Rev. PAR exceeded RMB 310 in the second quarter, highlighting a tour-like strong competitive age in the mid-scale hotel segment.

Speaker Change: It is said that Beijing is the most popular in the world. The world has been completed, so there is a way to change the world.

Speaker Change: 6th of May, 7th of August, 9th of September, the National National National National National National Day is in the 3rd of May, and we will be happy.

Speaker Change: Notably, with the opening of the Atua Light Hotel in Lilychau, Beijing in late May, A tour light 3.0 has now established a comprehensive presence across all tier 1 cities.

Speaker Change: In July, we'll each tell a tour life hotel realized an outstanding operational performance.

Speaker Change: with OCC exceeding 90% and the rev parts are surpassing R&B 600. Setting a new benchmark case for a tour light 3.0 hotels.

Speaker Change: 此外我們在優化清局3.0服務處點為用戶帶來更多優質服務體驗的同時也持續拿到清局特色的品牌內容深化用戶對清局品牌的認知

Speaker Change: The second step, we are going to talk about the topic of the global warming system, which will be used by the global warming system, which will be used by the global warming system.

Speaker Change: 移脫中國體驗多樣化的探索情緒年輕用戶和女性用戶的占幣或者显作的提升

Speaker Change: Furthermore, as we expanded a tour-lights various service touchpoints to provide our customers with a superior service experience.

Speaker Change: We also crafted distinctive marketing campaigns for a tour light to deepen customer awareness of the brand.

Speaker Change: In the second quarter, we partnered with renowned cultural IPs to launch a series of summer events at a tour light 3.0 hotels, fostering stronger connections with customers and further enhancing a tour light brand visibility.

Speaker Change: As we explore and embrace a more vibrant and diversified Chinese experience, we have observed a notable rise in the proportion of young and female customers at a twirlight hotels.

Speaker Change: Today, we are going to invite you to share the experience of the world.

Speaker Change: As our second growth curve, Atour's retail business continued its impressive performance in the second quarter, with GMV reaching 620 million, a significant year-on-year increase of 157.6%, with online channels accounting for over 90%.

Speaker Change: Moving out to our retail business.

Speaker Change: Please turn to slide 11. As our second growth driver, our retail business sustained its outstanding performance in the second quarter, with GMV up by 157.6% year over year to RMB 620 million and sales from online channels, accounting for over 90% of the total GMV.

Speaker Change: During the 618 shopping festival, the new product from the Deep Summer series by Yaduo saw continuous market explosion, with cumulative sales exceeding 170,000 units, ranking first in single product sales on platforms like Tmall, JD.com, and Douyin. Yaduo Planet once again performed outstandingly, achieving a total GMV of RMB 31 billion during this year's June 18 shopping festival, setting a new record for promotional sales and significantly boosting the sales growth of other brands on several major internet platforms. Additionally, since its launch this year, Yaduo Deep Summer series has received numerous accolades. During the June 18 shopping festival, Yaduo Deep Summer sales exceeded 170,000 units on Tmall, JD.com, and Douyin platforms. Please turn to page 12. The impressive growth of Yaduo Planet in the second quarter is primarily due to Yaduo's deep insight into the deep industry and relentless pursuit, as well as our efficient new product development mechanism, successfully launching multiple blockbuster products. We also continuously promote product iteration and upgrades based on user needs. This year, Yaduo Deep Summer sales exceeded 170,000 units, continuously promoting product iteration and upgrades. Since the beginning of this year, Yaduo Planet has made significant breakthroughs in the research and development and launch of new products in the quilt category. Following the Deep Summer series, in July , we launched the next disruptive product in the Deep series, the Deep Temperature Control Quilt Pro. Please turn to page 12. The impressive growth of Yaduo Planet in the second quarter was demonstrated in temperature and humidity variation tests, achieving better temperature control and dryness effects than silk.

Speaker Change: Today, 6.8 o'clock in the morning, I will be going to the 3.1 o'clock.

Speaker Change: 再次刷新大廚消束機路

Speaker Change: Please subscribe to our channel.

Speaker Change: 要多星球生水產品持續獲得市場侵賴消量女創新高

Speaker Change: The next two times, this year, we will be back to the next two years. We will be back to the next two years.

Speaker Change: [inaudible]

Speaker Change: A tour planet excelled once again during this year's June 18 shopping festival with O-O-G-M-V reaching R-M-B 310 million.

Speaker Change: Setting a new self-record for shopping festivals and significantly outpacing other brands year-over-year self-growth across many major e-commerce platforms.

Speaker Change: Furthermore, our Deep Sleep Lightweight Comforter has garnered extensive acclaim since its release earlier this year. Underscored by Surgeon Sales Momentum during the June 18 shopping festival, with total sales exceeding 170,000 units.

Speaker Change: Topping the sales charts in its category on tmulljd.com and doughing.

Speaker Change: Please let us know in the comments.

Speaker Change: In the next 20 years, you will be able to do the same as the previous generation.

Speaker Change: [inaudible]

Speaker Change: 今年以来压落星球在贝斯品类的新品研发和落定取得了重大的突破即深岁下两倍之后 7月我们再次推出深岁系列下一个颠覆性的产品深岁空温倍不浪

Speaker Change: Please turn to slide 12.

Speaker Change: A tour planet's impressive growth in the second quarter despite market softness stems from a towards deep inside into and relentless pursuit of the deep, sleep concept.

Speaker Change: coupled with an efficient new product development mechanism.

Speaker Change: This approach has successfully brought multiple blockbusters to market and consistently drives iterative product upgrades based on customer demands.

Speaker Change: Since the beginning of this year, a tour planet has achieved significant breakthroughs across research and development, as well as new product launches in the Comforter Caligrid.

Speaker Change: Following the Deep Sleep Lightweight Conferters success, we introduced another groundbreaking product in July. The Deep Sleep Thermoregulating Conferred Pro.

Speaker Change: We have never seen such a big problem.

Speaker Change: 大福提升備事的保暖和透擊性

Speaker Change: Using advanced fiber materials, it achieved better temperature control and dryness than silk in temperature and humidity variation tests.

Speaker Change: In addition, we have applied the widely praised duvet-free design of our deep cool quilt to the new temperature control quilt, which also supports machine washing and drying, all to provide users with a minimalist, authentic deep experience, allowing deep relaxation to occur naturally. It is made from short fiber cell material, and the comforter, which controls warmth, has undergone temperature and warmth variation tests, enhancing warmth control and dryness. Additionally, it adopts the widely praised duvet-free design of our deep cool quilt and also supports machine washing and drying, all to provide users with a minimalist, authentic deep experience, allowing deep relaxation to occur naturally. We will continue to focus on customer needs and continue to develop and enhance our deep product offerings to enhance and perfect the Atour experience. Our goal is to bring deep sleep into more homes and reach more in-depth customers, providing deeper touchpoints and enhancing the Atour brand. Meanwhile, the CRS channel continues to maintain a healthy level. In the second quarter, the sales room share of the CRS channel was 62.9%. Among them, the sales room share of corporate agreements increased to 19.3%, a year-on-year increase of 0.9 percentage points. We continue to solidify Atour's leading market position as the preferred brand for business travel. The sales room share in the second quarter increased by 19.3%, a year-on-year increase of 0.9 percentage points.

Speaker Change: So, we are going to introduce the two of us to the next two of us to make a very detailed explanation. The information of the information of the COVID-19 virus is also very important. It is also important to know the details of the virus. As for the information of the virus, we are going to introduce the information of the virus.

Speaker Change: This new product features our innovative dual-layer temperature control system, significantly enhancing its warmth and breathability.

Speaker Change: Crafted from cutting-edge fiber materials, the thermal regulating converter outperforms silk in temperature and humidity variation tests, delivering superior temperature regulation and a dryness.

Speaker Change: Additionally, it adopts our deep-sleep light-weight confiders highly-priced, coverless design and is also machine-washable and a drier friendly, ensuring a minimalist and authentic deep-sleep experience that allows deep-sleep to occur naturally.

Speaker Change: 以用後需求為期點,未來我們將持續這類與深睡產品的研發,深崩睡眠產品取證,進一步豐富和晚上亞洲體驗。

Speaker Change: Let more use, we can now use a new water in the home. The whole city of Zenglu, Yaduo, Xinqiu, and Yaduo, is in the center of the city.

Speaker Change: Looking ahead, we will remain focused on customer needs as we further develop and enrich our deep-sleep product offerings in enhancing and perfecting the at-war experience.

Speaker Change: Our goal is to bring deep sleep into more homes and immerse customers in a tour plan at touch points. Fostering a deeper connection with the Ator brand.

Speaker Change: 会员业务方面请大家翻到第一时才演

Speaker Change: 会缘体系的不断晚上和体量的训蒙增长为压折的发展注入了新的活力

Speaker Change: [inaudible]

Speaker Change: 解释第二技末压夺注册会员元术突破7600万

Speaker Change: 同比增长百分之七下25

Speaker Change: 同时虽然是取到继续维持健康水平

Speaker Change: [inaudible] Thanks for watching!

Speaker Change: 同比提升了0.9%增点

Speaker Change: 繼續支持亞國作為商旅出行首選品牌的領導市場地位

Speaker Change: Transitioning to our membership business, please turn to slide 13.

Speaker Change: Our consistent refinement of the Membership Program and the resulting rapid growth of our membership base has dynamically propelled a towards-development.

Speaker Change: As a tourist brand recognition flourishes and climbs, our membership base has rapidly expanded.

Speaker Change: As of the end of the second quarter, our registered individual members surpassed the 76 million, marking a 72.5% increase year over year.

Speaker Change: Meanwhile, our CRS channel remained healthy, contributing 62.9% to the total room night sold during the second quarter.

Speaker Change: A contribution of room-night-sodes to corporate members rose to 19.3% during the second quarter, up 0.9 percentage points from the same period last year.

Speaker Change: Please turn to page fourteen. In the second quarter, we have continuously launched a series of special activities to enrich member benefits and experiences. During this year's May Day holiday, we successfully held the Atour Hall Life Festival in Nantong, leveraging the new achievements in promoting national cultural and tourism consumption. We precisely matched the current diverse activities to explore and provide users with a comfortable and leisurely travel experience. Additionally, we are constantly capturing new driving forces in the hotel industry consumption, such as musicians and athletes, ensuring that every stay at Atour becomes a memorable experience, continuously deepening the barriers of the Atour experience. Please turn to page fourteen. In the second quarter, we have continuously launched a series of special activities to enrich member benefits and experiences. For example, during the May Day holiday, we successfully held the Nantong Atour Hall Life Festival, leveraging the new achievements in promoting national cultural and tourism consumption. We precisely matched the current diverse activities to explore and provide users with a comfortable and leisurely travel experience. Finally, please turn to page fifteen. I would like to share with you Atour's progress in ESG practices. Since the release of our first ESG report in the first half of the year, Atour has been continuously practicing sustainable development concepts, spreading Atour's warmth to broader communities and natural environments. In June , we officially launched the Atour Atlantis Sports Seminar. In June , we officially launched the Dream Realization Plan, partnering with public welfare organizations to jointly protect the critically endangered Skywalker Hoolock Gibbon. The Gaoligong Mountain in Yunnan is one of the few remaining habitats of the Skywalker Hoolock Gibbon, and it has become the first target of the Atour Seminar. Atour's research and construction will study the environment and biological systems, including the Atour Atlantis Sports Seminar, which is unparalleled in Taiwan and mainland China, and the Atour Atlantis Sports Seminar, expanding to the Skywalker Hoolock Gibbon and the Atour Atlantis Sports Seminar. The Skywalker Hoolock Gibbon is one of the few remaining habitats. As a rare animal in China, there are fewer than 200 Skywalker Hoolock Gibbons left. We have created a dedicated Atour image for the Skywalker Hoolock Gibbon, calling on the public to join Atour in defending the survival of the Skywalker Hoolock Gibbon through educational activities and related products.

Speaker Change: Further solidifying a tourist leading position as the preferred brand for business travel.

Speaker Change: Let's see how much the world is.

Speaker Change: The second round, we are going to take a look at each other's characteristics. We will not be able to choose between them.

Speaker Change: Today, we will continue to work on the next step of the year.

Speaker Change: Chen Tian, the former President of the United States, has been working on a new company. The government has been working on a new company. It has been used as a company that has been working on a new company.

Speaker Change: 此外我們也在不斷普通如醫院家體育家等酒店行業消費的心動力掌用戶在亞洲的每一次情流都成為一次印象深刻的經歷持續生活亞洲體驗的病人

Speaker Change: Please turn to slide 14. We launched a series of distinctive events in the second quarter to furthering as membership benefits and experiences.

Speaker Change: For example,

Speaker Change: During the Labor Day holiday in May, we successfully hosted the Attour Line Down Festival in Nantong, catering to the new wave of tourism consumption and precisely aligned with today's diverse leisure travel demand for comfortable and relaxing travel experiences.

Speaker Change: Furthermore, we continue to tap into new consumption drivers in the hospitality and logging in the street, such as the music plus and the sports plus concepts, ensuring that every day at a tours.

Speaker Change: is memorable and reinforces the distinctiveness of the atore experience.

Speaker Change: So, let's go to the first place.

Speaker Change: I want to tell you how to do this in the same time of the year.

Speaker Change: In the next few years, the National Security Service has been exposed. More than 10,000 people have been able to find out about this year. More than 10,000 people have been able to find out about this year.

Speaker Change: 6 months, we have been waiting for a long time. We have been waiting for a long time for a long time. We have been waiting for a long time.

Speaker Change: Please turn to slide 15. Last but not least, I would like to highlight a towards EST progress.

Speaker Change: Following the release of our first AESC report earlier this year, a tour has deepened our commitment to sustainable development, extending our warm carrying efforts to a broader range of communities and natural environments.

Speaker Change: In June, we proudly launched the Vemmung Project in partnership with a non-profit organization. This initiative helps to protect the critically endangered skywalker who locked Gibbon, one of China's rarest and most valuable primate species.

Speaker Change: 云南高利共山是天清常被援进村的少数家园之一

Speaker Change: 作为中国珍惜动物, 天行场面缘现存不足200g.

Speaker Change: [inaudible]

Speaker Change: In the future, we will also take more practical actions to protect biodiversity and continue to contribute to the protection of endangered animals. Now, let's invite our CFO, Wu Jianfeng, to speak again and introduce the company's financial situation. Bank bank bank bank bank Boeing J3 Guiyin General Field Guiyin General Withdrawal Set Value Please take the conversion. Cola Cola Cola Happy Amusement Park. Everyone has already stayed at Guiyin's hotel. You are improving here. Please on this page. In this finance. For ?? ? etc. ?este font ?? really very text reason this is.

Speaker Change: In order to make the government better, we will be able to make the government better, and we will be able to make the government better.

Speaker Change: The goal you go mountains in Greenland are one of the last remaining habitats for the skywalker who lock Given. As one of China's critically endangered species, fewer than 200 of these Givens remain in existence today.

Speaker Change: To raise awareness.

Speaker Change: We have created an exclusive, a tour-branded image of the Skywalker Hulak Gibbon and our conducting educational campaigns, as well as merchandise sales featuring this image, calling on the public to join us in safeguarding one of China's most endangered species.

Speaker Change: Moving forward, we remain committed to taking tangible steps to preserve biodiversity and protect endangered species.

Speaker Change: Next, we will introduce the 5th of May of the 5th of May of the 5th of May.

Speaker Change: Now, I'll turn the call over to our COCFO, Mr. Wu Jianfeng, discuss our financial results.

Speaker Change: Thank you, Hydrin. Now I would like to present the company's financial performance for the second quarter of 2024.

Speaker Change: Please turn to like 17 for the above of the earlier presentation.

Speaker Change: On that revenue, for the second quarter of 2012, grew by 64.5% year over year, and 22.4% of the total cost of the total cost to RMB 1,797 million.

Speaker Change: The year of a year increase was driven by rubber screws in the militarized hotel business and retail business.

Speaker Change: The quarter of a quarter increase was made, such a beautiful to an increase in rep power, which reached RMB 359.

Speaker Change: For the second quarter of 2004, compelled with R&B 328 for the previous quarter.

Speaker Change: Remaining from our managerized hotels, but a second quarter of 2024 will arm the 1,000 and 27,000 men in, up by 63.9% year over year, and 22.8% quarter of a quarter.

Speaker Change: The year of the year increase was primarily viewed by our going hotel network expansion in the rapid growth of our supply chain business.

Speaker Change: The total number of managed hotels increased to 1382 as of 1324 up by 38.1% year over year. The quarter of a quarter increased was mainly due to an increase in repot.

Speaker Change: Rampa of our managed hotel was RMB 355 for the same quarter of 2024, compared with RMB 324 for the previous quarter.

Speaker Change: Remnant was contributed by all of these hotels, so the second quarter of 2012, who are in the 180-minute. Reflecting 17.9% year over year decline, by 17.3% of the total increase.

Speaker Change: The year of a year decline would primary due to a decrease in the number of these hotels as a result of our product mix optimization as well as a decrease in repart.

Speaker Change: The Cotter of the Cotter increase was driven by increase in rep power. A release hotel rep power was Rmb503 for the second quarter of 10 units full, compelled with Rmb455 for the previous quarter.

Speaker Change: In the second quarter of 2024, our sales revenue was RMB 53.7 billion, with a year-on-year growth of 153.6% and a year-on-year growth of 28.8%. These increases were due to the widespread recognition of our sales brands and our successful enhancement of product innovation and development. In the second quarter of 2024, sales revenue increased by more than 20% to boost the growth of our sales brands. Other sales brands had a sales revenue of RMB 5.3 billion in the second quarter of 2024, with a year-on-year growth of 51.2% and a year-on-year growth of 11.5%. These increases were due to our successful enhancement of product innovation and development. Now let's talk about costs and expenses. Please turn to page 18. Sales costs and expenses in the second quarter of 2024 were RMB 140 billion, including RMB 2.4 billion in sales fund expenses and RMB 81.6 billion in sales fund expenses, including RMB 1 billion in sales fund expenses during the same period in 2023. In the second quarter of 2024, hotel revenue grew by 52.3% year-on-year and 17.2% year-on-year, increasing by RMB 77.6 billion. These increases were mainly due to the growth in our hotel revenue. Hotel revenue grew by 35.7% in the second quarter of 2024 compared to 39.8% during the same period in 2023 due to the growth in RAPPA and the increased revenue from low-end supply chain production. Sales revenue in the second quarter of 2024 grew by 146.4% year-on-year and 28.6% year-on-year, increasing by RMB 26.5 billion. These increases were due to the growth in our sales revenue. Our sales revenue grew by 50.6% in the second quarter of 2024 compared to 49.2% during the same period in 2023 due to the growth in high-end supply chain production. Now please turn to page 19. Sales revenue grew by RMB 26.5 billion in the second quarter of 2024 compared to RMB 9.4 billion during the same period in 2023. These increases were mainly due to our strengthened investment in online channel recognition and development, consistent with the growth in sales revenue. Sales revenue growth for the second quarter of 2024 was 12.5% year-on-year.

Speaker Change: Revenue is from our retail business for the second quarter of 2024. I'm the 500 and 37 minutes.

Speaker Change: Machina's significant increase of 153.6% year over year and 28.8% of the quarter of the quarter.

Speaker Change: This increases, will driven by white-brad recognition of our retail-to-end brands and effective product innovation and development, as we successfully voted our range of product offerings.

Speaker Change: In the second quarter of 2024, converters sales accounted for over 20% of retail revenues for the set of reaching the growth of our retail business.

Speaker Change: Revenue is from others for the second quarter of 2024, who are in the 53-minute of 51.2% year of the year, an 11.5% quarter of a quarter, driven by our fast growing membership business.

Speaker Change: Now let's move to cost and expenses pre-stand to slide 18.

Speaker Change: Operating calls and expenses for the second quarter of 2024, totals R&B 1,400.

Speaker Change: including R&B 24-minin shell-based compensation expenses. Compel with R&B 816-minin, including R&B 10-minin shell-based compensation expenses for the R&B 10-minin shell-based compensation expenses for the R&B 10-minin shell-based compensation expenses for the

Speaker Change: Hotel operating cost for the second quarter of 2024 increased by 52.3% year over year and 17.2% quarter of a quarter to R&B 766 million. This increases what primary due to the increase in variable cost.

Speaker Change: Such as the Pride Chain costs associated with our ongoing hotel network expansion.

Speaker Change: The gross margin of our hotel business was 35.7% for the 10-courser of 2024, compared with the 9.8% for the 10-pirit of 2023.

Speaker Change: Due to an increase in rapa, which is beautiful to high base effect in the same period of 1973.

Speaker Change: As well as the increase of revenue generated by the lower margin supply trend business.

Speaker Change: Retail cost for the second quarter of 10 years before, rose by 146.4% year over year, and 28.6% total of a quarter to R&B 265 meaning.

Speaker Change: This increases what associated with the radicals of our retail business.

Speaker Change: The ghost margin of our retail business was 30.6% for the second quarter of 10.74, compelled with 49.2% for the same period of 10.23. Dreaming by increasing contribution from higher margin online sales.

Dwight: Now, please turn to Dwight 19

Speaker Change: Setting and marketing expenses for the second quarter of 2024, while I'm be 225 men in.

Speaker Change: Compiled with R&B 94 minutes for the San Piero of 2023, this increase was made due to our enhanced investment in brand recognition and the effective development of online channel. Along with the growth of our retail business.

Speaker Change: Standing in the marketing expenses are counted for 12.5% off-draminings of net revenues for the second quarter of 2014, compelled with 8.6% for the same period of 2023.

Speaker Change: General and administrative expenses for the second quarter of 2024 were RMB91 million, including RMB15 million share-based compensation expenses, compared with RMB73 million, including RMB9 million share-based compensation expenses for the same period of 2023. Excluding share-based compensation expenses, the increase was primarily due to an increase in labor cost. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.2% of net revenues for the second quarter of 2024, compared with 5.9% for the same period of 2023. Technology and development expenses for the second quarter of 2024 were RMB33 million, compared with RMB18 million for the same period of 2023. This increase was mainly due to increased investment in technology systems and infrastructure to support our expanding hotel network and retail business and to improve customer experience. Technology and development expenses accounted for 1.8% of net revenues for the second quarter of 2024, compared with 1.6% for the same period of 2023. Adjusted net income for the second quarter of 2024 was RMB328 million, representing a 31.6% increase year-over-year. Adjusted net profit margin for the second quarter of 2024 was 18.2%, representing a decrease of 4.6 percentage points year-over-year. Adjusted EBITDA for the second quarter of 2024 was RMB443 million, up by 28.6% year-over-year, with an adjusted EBITDA margin of 24.6%, which decreased 6.9 percentage points year-over-year. The decreases in both margins were primarily due to a decline in RPA and an increased revenue contribution from lower margin supply chain business, along with organic growth in selling and marketing expenses amid our retail business expansion. Please turn to slide 21 and 22. Operating cash inflow for the second quarter of 2024 was RMB577 million. Investment cash outflow for the second quarter of 2024 was RMB306 million. There were no cash flows from financing activities for the second quarter of 2024. We also maintained a healthy cash position with a stable growth momentum. As of June 30, 2024, our cash and cash equivalents totaled RMB3,323 million, with net cash of approximately RMB3,231 million. Please turn to slide 23. For the full year of 2024, we currently expect the company's total net revenue to increase by 48% to 52% compared with full year 2023.

Speaker Change: General and Administrative expenses for the Second Code of 1034 will arm be 91 menin, including arm B-15 menin shell-based compensation expenses.

Speaker Change: Compels with R&B 73 Minim, including R&B 9 Minim Shell-based compensation expenses for the SEM period of 10-23.

Speaker Change: It's through the Shell-based Compensation Adventures, the increase was primarily due to an increase in labor cost.

Speaker Change: Jero and the administrative expenses in extruding share based on the patient's expenses, the crowded for 4.2% of net revenues for the second quarter of 2024, compelled with 5.9% for the same period of 2023.

Speaker Change: Technology and Development Extension for the second quarter of 2024, while I am B33 Minion. Compiled with I'm B18 Minion for the SEMPTURers of 2023.

Speaker Change: This increase was made due to increase investment in technology systems and infrastructure to support our extending hotel network and retail business and to improve customer experience.

Speaker Change: Technology and development expenses are about 1.8% of net revenues for the second quarter of 2024. Compound with 1.6% for the tenth period of 2023.

Speaker Change: Now, please tend to select 20.

Speaker Change: A drug tip net income for the second quarter of 2014 was RMB-328 million.

Speaker Change: representing a 31.6% increase year over year. The objective net protein margin for the second quarter of 2024 was 18.2%.

Speaker Change: Representing a decrease of 4.6%.

Speaker Change: 4.6 percentage points year over year.

Speaker Change: The Justice EBITDA, for the second quarter of 2024, was RMB 443 min, up by 28.6% year over year, within a Justice EBITDA margin of 24.6%, which decreased 6.9% of the year over year.

Speaker Change: But the crisis in both margins will primarily due to a decline in RAPA and increase revenue contributions from lower margins of high-10 business, along with organic growth, in sending and marketing expenses amid our retail business expansion.

Speaker Change: Please turn just right, 21 and 22

Speaker Change: Operating Cash Inflow for the second quarter of 2024 was R&B 577min.

Speaker Change: Investment cash outflow for the second quarter of 2024 was RMB 350,000. There were no cash flows from financial activities for the second quarter of 2024.

Speaker Change: We also may tend to help the position with the stable growth momentum as all June 30, 2024. Our cash and cash and criminals.

Speaker Change: Total R&B 333 Minim, with net cash of a correspondingly R&B 3231 Minim.

Speaker Change: Faith in just like 23

Speaker Change #100: For a four year of 2024, we currently expect the companies to go next, running to increase by 48% to 52% compare with four year 2023.

Speaker Change #100: Please turn to page twenty-four. As part of the company's ongoing efforts to enhance consumer value, today we also announced a three-year investment policy. According to the investment policy, we plan to announce and allocate investments. The investment amount will not exceed 50% of the earnings generated in the first three years of this year. According to the investment policy, we have announced an investment of USD 0.15 or USD 0.45. The investment amount will exceed USD 0.62. This concludes our financial analysis for the second quarter of 2024. Now let's open the Q&A. Thank you. We will now start the Q&A session. Please press **1 on your phone and wait for your name to be announced. During today's call, if you ask your question in Chinese, please immediately repeat your question in English. If you want to answer, please rejoin. The first question comes from Morgan Stanley's **. Please go ahead. Thank you, management. First of all, congratulations to the company for achieving a new quarterly high in the second quarter. So my question today is about store openings and signings. I have two related questions. The first is that we see the momentum of the entire signing process, as Mr. Wang just mentioned, is very strong. I would like to ask, what is the current pace of the third quarter and the second quarter? Will the high base of last year's housing prices and subsequent decline affect the pace of the entire signing process? This is the first question. The second question is, because there were many store openings in the first half of the year, will the company adjust its full-year store opening guidance for 2024? Thank you. Let me translate my question. This is ** from Morgan Stanley. First of all, congratulations to the company on the new store openings in the fourth quarter. I have two related questions about store openings and signings. We saw very good progress in signings during Q2, but Mr. Wang also mentioned that housing prices have been declining year-on-year due to the high base. Will this change in housing prices affect the signing progress in the second half of the year compared to the number of signings in the first quarter of the first half of the year? My second question is, due to the company's change in the full-year store opening target of 360 stores in the first half of the year, this is my question. Thank you. Okay, thank you, Dion. First of all, we have seen that this year, overall, our store openings and signings have made very good progress.

Speaker Change #100: great time just like 24

Speaker Change #101: As part of the Communism, going efforts to enhance shellholder value, today we also announce a three-year annual dividend policy.

Speaker Change #101: Under the annual dividend policy, we plan to declare and distribute dividends with an aggregate amount of no less than 50% of net income for the preceding financial year, in each of the three financial years, commenting this year.

Speaker Change #102: In accordance with the annual dividend policy today, we declared a cash dividend of US dollar 0.15.

Speaker Change #103: or U.S. dollar 0.45 ADL. The aggregate amount of the cash dividend to be distributed will be a close-machy U.S. dollar 62 million.

Speaker Change #103: That concludes our financial highlights for the second quarter of 2024. Now let's open for Q&A.

Speaker Change #103: Thank you.

Speaker Change #104: We will now begin the question and answer session to ask a question, please press star 1, 1 on your telephone and wait for a name to be announced.

Speaker Change #105: For the benefit of all participants on today's call, if you raise your questions in Chinese, please immediately repeat your questions in English. Please leave me your questions to one at a time, if you wish to have a full-up questions, please rejoin the queue.

Speaker Change #106: Our first question comes from the lie, O Dan Chi from Morgan Stanley, please go ahead.

Speaker Change #106: Yeah

Speaker Change #106: [inaudible]

Speaker Change #107: One is, let's see the whole experience of this whole experience of the whole world.

Speaker Change #107: [inaudible]

Speaker Change #108: I would like to thank you for your support.

Speaker Change #109: Please allow me to translate my question. This is Dan from Morgan Stanley, first of all, congratulations on the new quarterly record on hotel new openings. I have two related questions on hotel opening and signing.

Speaker Change #110: We saw signing progress trend very well in Q2, but Mr. Wang also mentioned about RFPA, you and your decline due to high base.

Speaker Change #110: So, will this change in Repa affect the signing progress in second half this year? Compared to the number of signing in the first half this year?

Speaker Change #111: My second question is given the strong opening so far, year-to-day, where the company changed the full year opening target of 360 hotels.

Speaker Change #111: Thank you.

Speaker Change #112: Thank you very much. First of all, we will see the results of our development in the past few years.

Speaker Change #112: In terms of opening new stores, we continued the positive trend from the first quarter into the second quarter, with a total of 123 hotels opened, setting a new quarterly record for us. Due to the accelerated pace of openings in the first half of the year, we are confident that the number of new hotels opened this year will increase from 360 to 400. In terms of signings, our brand strength and product strength in the mid-to-high-end and mid-range markets should continue to be solidified. Suppliers are confident and willing to invest, and our pipeline projects exceeded 700 by the end of the second quarter. At the same time, our project quality requirements this year are definitely higher than last year. Our goal is to achieve quality growth in quantity. Suppliers also highly recognize the long-term returns brought by our industry-leading operational performance and brand. In the third quarter, we will maintain a healthy and steady signing pace. Additionally, we believe that with the continuous increase in the brand chain rate of the mid-to-high-end and mid-range hotel markets in China, we are also seeing a growing demand from users for high-quality products and accommodation experiences. Both Asian brands and light brands have their unique competitive advantages and have formed relatively strong influence. We believe that both Asian and light brands have ample growth space in the future. Thank you.

Speaker Change #112: In addition, we will continue to continue to continue to continue to continue

Speaker Change #113: 1.5-2-3-9-thousand This is also the first time in the world It is also the end of the year We have a new year of the 9-thousand It will be from 3-6 years, 7-thousand

dad: Thank you, Dad. Well, first we have seen some quite nice progress in both new openings and the new signings overall this year.

Speaker Change #115: And in that second quarter, we maintain a very positive trend in hotel network expansion with 123 new hotel openings. We also once again broke our quality record.

Speaker Change #115: And due to this acceleration of openings in the first half of the year, we are now confident that this four years new openings target will increase from 360 to 400.

Speaker Change #115: In the new industry, we have a lot of work to do, and we need to work together. The company's new development is also relatively high. We have a lot of work to do, and it's also a lot of work to do.

Speaker Change #115: We have been doing this for the past few years. We have been doing this for the past few years.

Speaker Change #115: We are also very happy to see the results of our performance and performance. We will see the results in the next few days.

Speaker Change #116: and as for new signings

Speaker Change #117: Due to our continuously strengthening brand influence and product competitiveness in the upper mid-scale and mid-scale markets.

Speaker Change #118: We're fair to see that we have French IZs having very great confidence and being strongly willing to join our tour system. We have now more than 700 hotels under development by the end of the second quarter.

Speaker Change #118: Meanwhile, we have also applied more stringent requirements on projects quality this year, because we aim to achieve quantity growth with quality.

Speaker Change #118: French ID is also recognized that. They recognize our leading operating performance and the long-term investment return of our brand across the markets. And we will maintain that momentum to have a healthy and solid-signing space in quarter three.

Speaker Change #119: So, why do we believe that this is the most important part of China's global market, which is not in the world.

Speaker Change #119: [inaudible]

Speaker Change #119: [inaudible] We should be able to do the same as before. We should be able to do the same as before.

Speaker Change #119: And besides, we believe that's now in China with the increasing chain rates of upper mid-scale and mid-scale hotel markets.

Speaker Change #119: Also that we see the customers are having increasing demand for higher quality products and a better accommodation experiences.

Speaker Change #119: And we do have enough capabilities to leverage our tour and our tour light for and to differentiate ourselves and exert our brand influence.

Speaker Change #119: To bring some impact to the hotel market and there is enough room for our future growth of both a tour and a tour light. Thank you.

Speaker Change #119: Thank you. Thank you, Dan. Next question, please. One moment for the next question. Next question comes from the line of Xing Chen from UBS. Please go ahead. Mr. Wang, Mr. Wu, Ms. Jia, good evening to the three leaders. Thank you for giving me the opportunity to ask questions. I have two small questions here. The first question is about the company's Wi-Fi performance since July and the company's guidance for the entire year's Wi-Fi. The second question is about the change in the revenue structure seen in our slides. Could you provide an outlook on the expected profit margin for the whole year? Thank you. Let me translate. I am Xu Xin from UBS. Thank you to all the leaders for giving us this opportunity to ask questions. The first question is, could you share with us the company's Wi-Fi performance since July and the company's guidance for the entire year's Wi-Fi? The second question is, considering the changes in the organization's Wi-Fi structure, could you give us some leadership views on the expected profit margin for the whole year? Thank you. Thank you, Shen Xin. Let me answer your question. In the third quarter of last year, with the full recovery of domestic tourism, the number of travelers during the summer holiday significantly exceeded the levels of 2019. Our performance since July this year has been very resilient. However, due to the high base pressure brought by last year's summer peak season, this pressure still exists in July and August this year. In the fourth quarter of last year, with the full recovery of domestic tourism, we saw that the fourth quarter of last year, with the full recovery of domestic tourism, significantly exceeded the levels of 2019. This year, our number of travelers in the tourist market has actually shown some persistence, but we still expect the high base caused by last summer to continue to exist in the performance of July and August this year. Looking at the whole year, we believe that there is still considerable uncertainty in the overall RAVPAR performance for the year. From our own situation in Asia, we are very confident in our overall performance. Especially after excluding the impact of new store ramp-up, you can see the year-on-year performance of our mature stores. We expect it to outperform the overall group by two percentage points, maintaining a relatively stable trend. For us, we are very confident in our performance, especially after excluding the impact of new hotel ramp-up. We can see the same hotel RAVPAR for mature hotels operating for more than 18 months. We expect their performance to weaken the overall group by two percentage points, maintaining a relatively stable trend. The second question, regarding financial expectations, despite some fluctuations in our RAVPAR, we still expect our revenue in 2024 to maintain a high growth rate.

Speaker Change #119: Thank you, Dan. Thank you for watching please. One moment for the next question.

Speaker Change #120: Next questions come from the Lyle Stingchun from UBS. Please go ahead.

Lyle Stingchun: Hello, Mr. Wang, Mr. Fijia.

Lyle Stingchun: Hello, everyone. Thank you for this opportunity. I have two small questions. The first question is, do you want to ask the President of the United States to come?

Speaker Change #122: I am very pleased to share this video with you. I am very pleased to share this video with you. I am very pleased to share this video with you. Thank you.

Speaker Change #123: Let me translate, I'm teaching from UBS, back the relevant or giving this chance to ask questions.

Speaker Change #124: The first question is that, in the news show with us, the Communist Republic of Bermissing, Sushalai, and that's the company have guidance for the full year 2024, Red Rock.

Speaker Change #125: The FAQC is that considering the changes in the groups of relevant new structures, we'll give us some of the colour on the full-year margin outlook.

Speaker Change #125: Thank you, I will answer your questions.

Speaker Change #125: Thank you, Tracy, and let me try to answer your questions.

Speaker Change #126: In the past few years, the government has been in the state of the United States for the first nine years.

Speaker Change #126: We have a lot of people here today. But because of the pandemic, the pandemic is still on.

Speaker Change #127: Well, in quarter three last year with the full recovery of domestic tourism.

Speaker Change #128: We saw the number of tourists involved on their summer trips significantly exceeded 2019's level.

Speaker Change #129: And this year, our performance in the tourism market actually showed some resilience. However, we still do expect that a high-based effect due to the summer peak season last year will still exist in this year's July and August performance.

Speaker Change #130: We are going to discuss about the future of the world.

Speaker Change #131: That's why we're going to see what we're going to see.

Speaker Change #132: We are very happy. We have actually talked about the fact that we have seen the situation in the past. We have seen the same situation in the past. We have been through the same situation for a few weeks. Until a few minutes, a part of the show.

Speaker Change #133: But looking on the whole year, we do notice that there are still some uncertainties remaining for REST PAR.

Speaker Change #134: But as a tour, we are quite confident of our performance, especially after removing the impact of new hotels ramping up. We can see that the same hotel ref-power for mature hotels in operation for more than 18 months.

Speaker Change #135: Their performance is expected to outperform the group's blended performance by about 2 percentage points, which is maintained at the relatively stable position.

Speaker Change #135: The second question is about the relationship between Taiwan and China. We will discuss the relationship between the two of us.

Speaker Change #135: Earlier in the introduction, we also mentioned that we will adjust our group's revenue guidance for the entire year of 2024 from 40% in the previous quarter to a range of 48% to 52%, maintaining a leading growth rate in the industry. This is mainly due to our continuously expanding hotel network and our rapidly developing retail business. In terms of profit margin, considering the fluctuations in RevPAR this year and the changes in the company's revenue structure you mentioned earlier, we are also continuously optimizing our cost structure. We expect the adjusted net profit margin for the year to remain around 18%. Thank you. Thank you. The next question is from CICC. Thank you to the management team, and congratulations on another strong quarterly performance. I have a question regarding product and brand upgrades. It's great to see that we have made continuous breakthroughs in product upgrades. I would like to ask about the opening plan for Atour 4.0 this year and how much it contributes to the improvement of RevPAR. Additionally, could you share some progress on the upgrade of high-end brands? Congratulations on another strong quarter. I'm pleased to see our continuous breakthroughs in product upgrades. Please share with us the opening guidance for Atour 4.0 this year and how it contributes to the improvement of RevPAR. Regarding our upgraded brands, we previously mentioned that we are undergoing some brand upgrades. Thank you, Sajid. With the opening of our first Atour 4.0 store, we believe the mid-to-high-end hotel market has entered a new stage of high-quality development. Currently, we have 50 Atour 4.0 projects in our project pipeline, and benchmark projects in core business districts will be launched one after another. We expect to open 8 to 10 Atour 4.0 stores this year. Thank you, Sajid, for your question.

Speaker Change #136: As we mentioned in the introduction just now, we will raise our group's full-year 2024 revenue guidance from 40% last quarter to a range of 48% to 52%, maintaining a leading growth rate in the industry.

Speaker Change #137: This is the first time we have seen a long-term network, and we are going to be able to take a look at the future.

Speaker Change #138: And as for our revenue guidance, despite some volatility in Rev PAR, we do expect of Groups 2024 revenue to maintain a faster growth.

Speaker Change #138: and like we previously mentioned.

Speaker Change #138: We would like to raise our 2024 full-year revenue gross guidance

Speaker Change #138: From 40% as we estimated in the last quarter to 48.

Speaker Change #138: to 52% year over year.

Speaker Change #138: maintaining our industry leading growth rate driven by our continued expansion of hotel network and a rapid development of our retail business.

Speaker Change #139: In June 2016, China has been running into a new era. And it has also been said that it has been changed. And it has also been said that it has also been changed. We have been considering the future of the future of the future of the future, and we have been able to keep it in the 18th century.

Speaker Change #140: as for profit.

Speaker Change #141: Considering the fluctuation of RAV part this year, and like you have mentioned, our revenue structure change and continuous optimization of our cost structure, our adjusted net profit margin is expected to remain, that's about 18% for the whole year. Thank you.

Speaker Change #142: Thank you for the questions one moment for the next question.

fritial link: Next question comes from the line of fritial link from CICC please go ahead

fritial link: [inaudible]

Speaker Change #144: So, congratulations for another strong culture and very happy to see that which sheathed continuous breakthrough, improved that upgrade. Could you please share with us the opening guidance of A24.0 this year and how would this contribute to Reft by Increase?

Speaker Change #145: And regarding our op-skip brand, we mentioned before, we are doing some brand upgrades to House of Progress. Thank you.

Speaker Change #146: Thank you so much.

Speaker Change #146: So, we are going to start our program. We are going to start our program. We are going to start a new program. We will be able to do this for the next 5 hours. We will be able to go back to our program. We will start our program today.

Speaker Change #146: Thank you, Mr. Jay for your question. With the grand opening of our first at war, 4.0 hotel, our upper mid-scale hotel market has entered a new stage of high quality development as we see it.

Speaker Change #147: Now, there are 50 at work, 4.0 Hout House in our pipeline.

Speaker Change #147: The benchmark projects in various core business areas will be introduced to the market gradually and it is expected that 8 to 10, a tour of 4.0 hotels will be opened within this year.

Speaker Change #147: We have higher standards and requirements for the first batch of Atour 4.0 projects. For example, in terms of site selection and property conditions, we will conduct stricter screening. This is to aim at creating a batch of Atour 4.0 hotel projects with benchmark significance, better showcasing our brand value and market competitiveness. As mentioned earlier, the performance of our first Atour 4.0 hotel that opened is very good. In the first month of opening, the RubPub exceeded 710 yuan, and the OCC exceeded 91%. This operational performance has far exceeded our previous model expectations and has further strengthened our confidence in the Atour 4.0 product. We believe that as the scale of Atour 4.0 hotels expands, it will make a more positive contribution to our overall RubPub. Additionally, you are also concerned about our high-end products. We expect to officially launch the next generation of our high-end brand products within this year, hoping to continuously inject new vitality into our brand development. Thank you. Thank you, Sijie. Next question. Thank you. The next question is from Ronoliang, Bank of America. Please go ahead. My question is about the development of Qingju 3.0 this year. What are the management's opening targets for Qingju 3.0 this year, and what measures are being taken for brand and user youthfulness? Congratulations to the management on achieving very rapid development in the mid-market. Please talk about the opening targets for Qingju 3.0 this year, and about the opening targets for Qingju 3.0, and about the opening targets for Qingju 3.0. Thank you.

Speaker Change #147: We have the highest level of education and education in the world, and we are going to share with you a new world.

Speaker Change #148: I hope you can support us with the support of the PGU Giao-Dan-Ii. We hope that we will be able to continue our journey to the next part of our journey.

Speaker Change #149: For the first batch of 24.0 projects, we are having a higher standard in requirements on this project.

Speaker Change #150: For example, such as on-site selection and property conditions, we have strict screening because we aim to create a batch of benchmark-attwar 4.0 hotel projects to better demonstrate our brand value and market competitiveness.

Speaker Change #150: We have been working on the project for the first time in the year of the year of the year.

Speaker Change #150: [inaudible]

Speaker Change #151: We believe that we will be able to make a decision on the future of the future of the future of the world.

Speaker Change #152: Like we previously said, during its first month of operation, our first 12,000 would sell achieved a rev power exceeding RMB 710 and OCC surpassing 91%.

Speaker Change #152: It's outstanding operating performance as far exceeded our product model expectation. And that further boosted our confidence in this product of a 24.0.

Speaker Change #152: We believe that with the scale of a 24.0 hotels gradually expand, those hotels will also make a positive contribution to the rough part of the whole group as a whole.

Speaker Change #153: Thank you for watching our program. We will be doing our best to make sure that we are able to support our new power. Thank you.

Speaker Change #154: And you also mentioned in your question, you want to know about our upscale brand.

Speaker Change #154: Well, our plan is to officially launch our next-generation upscale brand within this year, hoping to continuously boosting the development of our brand with some new utility. Thank you.

Speaker Change #155: Thank you for the next question please. Thank you for the question. Next question comes from Lono Lung from Bank of America. Please go ahead.

Speaker Change #156: Thank you for your attention.

Lono Lung: This is the question I would like to ask you.

Lono Lung: First of all, I want to share with you the important part of my question.

Speaker Change #158: see one is huncting and injuries h ing the kai and whoells to someone

Speaker Change #158: [inaudible]

Speaker Change #159: Congratulations to management for achieving a rapid expansion in the mid-scale market. Could you elaborate on the new opening target for a tour light 3.0 this year? And also, could you share some color on the initiative of a tour light to connect with younger demographic and hand-spread recognition? Thank you very much.

Speaker Change #159: Thank you, Ronald. Since the launch of Qingju 3.0, it has received widespread acclaim in the market. In the second quarter of this year, we signed 37 contracts for Qingju 3.0, accounting for over 20% of the total contracts. As of June 30th, there are 54 Qingju hotels in operation. We expect the number of Qingju 3.0 hotels opening this year to be between 70 and 80, so by the end of the year, the cumulative number of operating hotels is expected to reach 100. In terms of exploring the diverse and youthful experiences in China, the proportion of young and female users of Qingju has significantly increased. We also look forward to the new Qingju 3.0 hotels reaching 100 by the end of the year. In the first half of this year, the proportion of people under 30 in Qingju increased to 30%, which is an increase of nearly 5 percentage points compared to 2023, and female users account for half. We continue to refine and upgrade our Qingju's unique services around the concept of 'light living,' such as collaborating with well-known IPs to better meet the needs of young business travelers and improve the quality of our Qingju services. We also look forward to the new Qingju 3.0 hotels reaching 100 by the end of the year. We hope to attract more users in the Qingju 3.0 field and create more priority services to better meet the needs of young business travelers, deepen users' recognition of the Qingju brand, and continuously enrich our membership and user groups. Thank you. Thank you for watching. Thank you for watching.

Speaker Change #160: Thank you, everyone. We are going to be the final winner of the World Cup.

Speaker Change #160: [inaudible]

Ronald: Thank you, Ronald.

Speaker Change #162: Since the launch of our tour lights 3.0, it has been highly recognized in the market. In the second quarter of this year, we had a total 37 new signings of a tour light 3.0. And that accounted for more than 20% of our total new signings.

Speaker Change #162: As of the end of June, the number of a tour light 3.0 hotels in operation had reached 54. And we expect that the number of new openings of a tour light 3.0 hotels within this year will be around 70 to 80.

Speaker Change #162: And the number of the tour light 3.0 hotels in operation could possibly reach 100 by the end of this year.

Speaker Change #163: Based on the diversified and youthful exploration of the Chinese experience, the proportion of young users and female users of Qingju has significantly increased. In the first half of this year, the proportion of people under 30 in Qingju grew to 30%, an increase of nearly 5 percentage points compared to 2023, and the proportion of female users reached half.

Speaker Change #164: And based on our initiatives of the diversification and youngness of the Chinese experience.

Speaker Change #165: We now see a significant increase in the proportion of young consumers and female consumers, both of them, for a tour light.

Speaker Change #166: In the first half of this year, the proportion of under 30 years old consumers of a to our light increased to 30 percent and that's with nearly 5 percentage points higher than 2023. The proportion of female consumers was also close to 50 percent.

Speaker Change #166: [inaudible]

Speaker Change #166: To build upon our ethos of life at ease, we've been consistently introducing and refining.

Speaker Change #166: The distinctive services at its war life hotels.

Speaker Change #166: Such as we expanded co-branded collaborations with renowned cultural IPs, we better address the need of young business travelers to deepen their awareness of our brand, its war light, and to continue to grow our membership and our consumer base. Thank you.

Speaker Change #166: Thank you, Ronald. Next question please. Thank you for the questions. One moment for the next question.

Speaker Change #166: i

Speaker Change #167: Next question, comes from the line I'll do two ways from FITIX, please go ahead.

Speaker Change #168: Welcome to my channel. I am the head of the General Manager of the General Manager.

Speaker Change #169: We have seen that the company has been working for a long time, and we have a lot of data. We have a lot of data. We have a lot of data. In fact, this is a part of the PICB data. It can be a part of the PICB data. It can be a part of the PICB data. So we also want to ask if we can have a couple of years. This is a part of the PICB data. There are a lot of things. As far as we know, we don't have to worry about the company's data. We will be able to do some research on the future. We will have a few more research on the future.

Speaker Change #170: I translate to my question. I am COA from Physics.

Speaker Change #171: I thought coming in on the Diblin Plan for the next three years, roughly calculating that Diblin Payal Racial is about 60% of the last year next call date.

Speaker Change #172: So, what's the guidance on the dividend pay-all ratio for the next two years? Also, I want to know if the company will consider other shareholders return plans, such as share or refugees. Thanks.

Speaker Change #172: We have always been evaluating and implementing sustained returns for our shareholders. Based on our confidence in the company's future long-term development and upon careful consideration of our profit distribution, we have declared the distribute dividends with an aggregate amount of no less than 50% of its net income for the preceding financial year in each of the announced three financial years commencing this year. However, as our company is still now in a rapid growth phase, we will maintain some flexibility in capital utilization while ensuring business development. The specific dividend amounts will be comprehensively evaluated based on the company's actual and projected results of operations, financials, and cash positions, capital requirements, and as well as other factors. In addition to cash dividends, we will continue to explore and actively consider other feasible ways to share the benefits of our growth with our shareholders. Thank you. One moment for the next question. Next question comes from Lidia Lin from CT. Please go ahead. Next question regarding the retail business, which we still have very sorry momentum in the second quarter, so can management share like what the growth driver behind this very sorry growth, and also could you share your latest retail revenue guidance for the retail business? And yes, and also like what kind of the new products you plan on the pipeline and also the open margins for retail business.

Speaker Change #173: [inaudible] We have been through the past three years. We have been through the past three years. We have been through the past five years.

Speaker Change #174: Thank you to you for your question.

Speaker Change #175: And we have always been evaluating and implementing sustained returns for our shareholders.

Speaker Change #176: Based on our confidence

Speaker Change #177: In the company's future long-term developments and upon careful consideration of our profit distribution, we have declared the distributed dividends with an aggregate amount of no less than 50 percent of its net income for the preceding financial year. In each of the announced 3 financial years commencing this year.

Speaker Change #178: We are in a hurry to take a break. We will also be on our way to the north of the north. We will also be on our way to the north of the north. We have already been on our way to the north. We have finally arrived to the north.

Speaker Change #179: However, as our company is still now in a rapid growth phase, we will maintain some flexibility and capital utilization while ensuring business development.

Speaker Change #180: The specific dividend amounts will be comprehensively evaluated based on the company's actual and projected results of operations, financials, and cash position, capital requirements, and as well as other factors.

Speaker Change #181: We will also go to the National Security Council to discuss the situation in the future. Thank you.

Speaker Change #181: In addition to cash dividends, we will continue to explore and actively consider other feasible ways to share the benefits of our growth with our shareholders. Thank you.

Speaker Change #181: Thank you, Jiwei. Next question please. One moment for the next question.

Speaker Change #182: Next question comes from Lydia Ling from CT, please go ahead.

Speaker Change #183: Dear management, I have a retail-related question. We have observed that our retail business continues to maintain a strong trend in the second phase. Could the management share some insights on this? We also notice that current consumer spending is relatively soft, yet we are still achieving high growth. Could the management provide an outlook on the latest revenue expectations for our retail business? Will there be any new product launches in the second half of the year? Additionally, we are very interested in knowing the latest trend of the OP margin for the retail business.

Speaker Change #184: Thank you very much, Mr. Chair, like that was the growth driver behind this very solid growth and also could be share your latest retail revenue guidance of the retail business. And yes, and also like the work kind of the new product you planning on the pipeline and also the optimizations for the retail business. Thank you.

Speaker Change #184: Thank you, thank you Lydia. So, our Asian Planet mainly focuses on the deep sleep sector. We are also dedicated to meeting users' needs for improving sleep quality. Therefore, not only do we pay great attention to innovation in design and materials during the development of new products, but we also particularly focus on product upgrades and iterations. This ensures that every Asian Planet product can promptly capture our users' needs and market changes, continuously providing a better sleep experience. Thank you, Lydia. Asian Planet mainly focuses on deep sleep scenarios. Regarding users' needs for improving sleep quality, not only do we pay great attention to innovation in design and materials during the development of new products, but we also particularly focus on product upgrades and iterations. This ensures that Asian Planet products can promptly capture users' needs and market changes, allowing us to continuously provide a better sleep experience. As for the new product you asked about, we mentioned earlier that we recently launched our Deep Sleep Air Temperature Pro, which is a brand new item in our Asian Planet Deep Sleep series. It has achieved groundbreaking innovation on many levels, once again proving our product development capability based on user needs. In terms of revenue, our retail revenue in the second quarter reached 537 million, with a year-on-year growth of over 150%. This not only maintains a growth rate far exceeding the industry but also drives the growth of related products on the entire e-commerce platform. Therefore, in this regard, we are also very much looking forward to continuously providing better services. We are very much looking forward to continuously providing better services. We are very much looking forward to continuously providing better services. We are very much looking forward to continuously providing better services. Based on our strong performance in the first half of the year, we expect the annual revenue of Asian Planet's retail business to achieve a year-on-year doubling growth. However, this has also led to the growth of related categories on the internet platform. Based on our strong performance in the first half of the year, we expect the annual revenue of Asian Planet's retail business to achieve a year-on-year doubling growth. In terms of the efficiency of our overall sales expenses, we have also achieved good control. Regarding the retail OP margin, we are currently able to reach a double-digit level. A retail level is maintained at 51%, and the expenses are well controlled. We believe the retail OP margin will be able to maintain within a double-digit level. Thank you.

Nibya: Thank you, Nibya.

Nibya: [inaudible]

Speaker Change #186: A tour planet focuses on deep sleep scenarios and we address consumer needs for improving their sleep quality.

Speaker Change #187: We are not only paying attention to the innovation of design and materials during our new products R&D, but we also pay special attention to the iterative upgrading of products to ensure that a tour planet products can timely capture the needs of consumers and whatever the market is changing towards.

Speaker Change #187: and so that we can continue to provide better sleep experiences to them.

Speaker Change #187: [inaudible]

Speaker Change #187: And as you ask about any new products, we previously mentioned that we recently had the official launch of our Deep Sleep Thermoregulating Conferitor Pro. And that product is a groundbreaking addition to our tour planet Deep Sleep series.

Speaker Change #187: And it had another, for another time, reinforced our commitment to product the development driven by user needs.

Speaker Change #188: In the next episode, we will be talking about the number of 5.31% of the population in the world.

Speaker Change #189: I'm not sure if you can see a video of a very long time ago, but it's also a big video.

Speaker Change #189: [inaudible]

Speaker Change #190: And as for retail revenue, our second quarter retail revenue reached 537 million yuan. A year over year increase of above 150 percent.

Speaker Change #191: This is not only maintained well because that it's above the growth rate of the industry, but it also even led to the overall growth of the relevant categories on those e-commerce platforms.

Speaker Change #191: And based upon this strong performance in the first half of the year, we believe our retail revenue for the full year of 2024 is expected to double year over year.

Speaker Change #191: [inaudible]

Speaker Change #191: And as for retail OP margin, you can see that with our products gross margin at the end improved.

Speaker Change #191: And because of our products structural and our channel structure are being optimized. And in the second quarter, it grows margin with maintain at 51% and expenses are being well controlled. And we do believe that the retail OP margin will be maintained within a double digit.

Speaker Change #191: and that concludes the discussion and on succession now, I'd like to turn the conference back over to Alison Zhang for any additional or closing comments. Thank you for joining us today. If you have any further questions, please feel free to contact us. We look forward to speaking with you again next quarter. Thank you and goodbye. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. See you now at Disconnect. Thank you very much.

Speaker Change #192: Thank you.

Speaker Change #192: And that concludes the Keshe Ninon Association. I'd like to turn the conference back over to Alyson Zhang for any additional or closing comments.

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

Speaker Change #194: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. See you with our disconnect.

Speaker Change #194: [inaudible]

Speaker Change #194: Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle Wei Ling, Xin Chen, Jianfeng Wu, Atour Lifestyle

Speaker Change #195: [inaudible] ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶

Speaker Change #195: ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ [inaudible]

Speaker Change #195: Episode 3 Episode 3 Episode 3 Episode 3 Episode 4 Episode 3

Speaker Change #195: ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ [inaudible]

Q2 2024 Atour Lifestyle Holdings Ltd Earnings Call

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