Q2 2025 Atour Lifestyle Holdings Ltd Earnings Call
Costs are in a listen only mode. After the speaker's presentation there'll be a Q&A session. Today's conference is being recorded.
I'd like to turn the conference over to Mr. Luke who senior IR manager. Please go ahead Sir.
Thank you operator, good morning, angry when you everyone welcome to our second close for a country of 25 earnings Conference call. Today, you will hear from our founder Chairman and CEO. Mr. Wahid, you and all of our EVP and co CFO. Mr. Chancel before we continue please be aware of that.
Jianfeng Wu: Hello, ladies and gentlemen. Thank you for standing by, and welcome to Atour Lifestyle Holdings, second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. I would now like to turn the conference over to Mr. Luke Hu, Senior IR Manager. Please go ahead, sir.
Speaker #2: Hello, ladies and gentlemen. Thank you for standing by, and welcome to Atour Lifestyle Holdings’ second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode.
Today's discussion will include forward looking statements under federal Securities laws Theres, a stainless are subject to various risks and uncertainties and actual results may differ significantly from what states are implanting novel comments today. The company is not obligated to update any forward looking on stay.
Speaker #2: After the speakers' presentation, there will be a Q&A session. Today's conference is being recorded. I'd now like to turn the conference over to Mr. Luke Hu, Senior IR Manager.
Speaker #2: Please go ahead, sir.
Except as required by applicable laws. Additionally, during this call management will discuss certain non-GAAP financial measures for comparison purpose for a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results. Please refer to the earnings release issued earlier today.
Luke Hu: Thank you, Operator. Good morning and good evening, everyone. Welcome to our second quarter 2025 earnings conference call. Today, we will hear from our founder, Chairman, and CEO, Mr. Wang Haijun, and our EVP Co-CFO, Mr. Wu Jianfeng. Before we continue, please be aware that today's discussion will include forward-looking statements under Federal Securities Laws. These statements are subject to various risks and uncertainties, and the actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and a quick recognition of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today.
Speaker #3: Thank you, Operator. Good morning and good evening, everyone. Welcome to our second quarter 2025 earnings conference call. Today, we will hear from our founder, chairman, and CEO, Mr. Haijun Wang, and our EVP Co-CFO, Mr. Jianfeng Wu.
Speaker #3: Before we continue, please be aware that today's discussion will include forward-looking statements and federal securities laws. These statements are subject to various risks and uncertainties, and the actual results may differ significantly from what is stated or implied in our comments today.
Furthermore, a webcast replay of this conference call will be accessible off our website at <unk>.
<unk> com, where a copy of the results presentation is also available now I will turn the call over to Mr. While our CEO.
Speaker #3: The company is not obligated to update any forward-looking statements except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes.
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Speaker #3: For a clear understanding of these measures and the reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today.
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Luke Hu: Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yadu.co.c where a copy of the results presentation is also available. Now, I will turn the call over to Mr. Wang, our CEO.
Speaker #3: Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yaduo.com, where a copy of the results presentation is also available.
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Speaker #3: Now, I will turn the call over to Mr. Wang, our CEO.
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Haijun Wang: 谢谢主持人, 大家好, 感谢各位参加亚朵集团2025年第二季度业绩电话会议。
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Speaker #4: CEO President, 大家好, 感谢各位参加亚洲集团2025年第二季度业绩电话会议。
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Luke Hu: Thank you, Luke. Hello, everyone, and thank you for joining Atour's second quarter 2025 earnings call today.
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Speaker #3: Thank you, Luke. Hello, everyone, and thank you for joining Atour's second quarter 2025 earnings call today.
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Haijun Wang: 上半年国内出行市场处于震荡调整阶段, 虽然需求端整体呈现稳健复苏的态势, 但行业在高速发展的周期中仍面临诸多挑战。在这样的背景下, 我们认为真正的行业引领者不仅要用规模验证商业模式的可行性, 更要以用户口碑筑牢品牌价值护城河。因此, 亚朵一直恪守创立初心, 回归用户, 以用户真实需求为原点, 秉持经营人群的核心理念, 持续推动住宿与零售产品的创新迭代, 以差异化的体验优势构建竞争壁垒。在行业周期波动中保持定力, 追求可持续的长期发展。
Speaker #4: 上半年, 国内出行市场处于震荡调整阶段, 虽然需求端整体呈现稳健复苏的态势, 但行业在高速发展的周期中, 仍面临诸多挑战。 在这样的背景下, 我们认为真正的行业引领者不仅要用规模验证商业模式的可行性, 更要以用户口碑筑牢品牌价值护城河。 因此, 亚洲一直恪守创立初心, 回归用户, 以用户真实需求为原点, 秉持经营人群的核心理念, 持续推动住宿与零售产品的创新迭代, 以差异化的体验优势构建竞争壁垒。在行业周期波动中, 保持定力, 追求可持续的长期发展。
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In the first half of the year China's travel market went through a period of volatility and adjustment while overall demand steadily recovered the industry still faced numerous challenges amidst this high growth cycle against this backdrop, we believe that a true indie.
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Therefore, a tour, we'll stay true to our founding aspiration refocus on customers, placing their needs at the forefront and adhering to our business philosophy of serving people, we continue to drive product innovation and integration across both our hotel and retail businesses.
Luke Hu: In the first half of the year, China's travel market went through a period of volatility and adjustment. While overall demand steadily recovered, the industry still faced numerous challenges amidst this high growth cycle. Against this backdrop, we believe that a true industry leader must not only validate its business model through scale but also build a strong brand moat grounded in customer reputation. Therefore, Atour will stay true to our founding aspiration. We focus on customers, placing their needs at the forefront, and adhering to our business philosophy of serving people. We continue to drive product innovation and iteration across both our hotel and retail businesses, leveraging differentiated experiential strengths to build defensible competitive advantages. This allows us to stay resilient through industry cycles and pursue sustainable long-term growth.
Speaker #3: In the first half of the year, China's travel market went through a period of volatility and adjustment. While overall demand steadily recovered, the industry still faced numerous challenges amidst this high-growth cycle.
Leveraging differentiated experiential strengths to build a defensible competitive advantages. This allows us to stay resilient through industry cycles and pursue sustainable long term growth.
Speaker #3: Against this backdrop, we believe that a true industry leader must not only validate its business model through scale but also build a strong brand moat grounded in customer reputation.
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Speaker #3: Therefore, Atour will stay true to our founding aspiration: refocusing on customers' needs and placing them at the forefront while adhering to our business philosophy of serving people.
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Speaker #3: We continue to drive product innovation and iteration across both our hotel and retail businesses, leveraging differentiated experiential strength to build defensible competitive advantages. This allows us to stay resilient through industry cycles and pursue sustainable long-term growth.
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Let's begin with our hotel business. Please turn to slide four of our second quarter 2025 results presentation.
Haijun Wang: 下面我将展开介绍2025年第二季度各项业务的具体情况。
Speaker #4: 下面我将展开介绍2025年第二季度各项业务的具体情况。
Our Revpar was RMB 343 in the second quarter, representing 95, 7% of its level in the same period of 2024.
Luke Hu: Now, I would like to provide more details on our business performance for the second quarter of 2025.
Speaker #3: Now, I would like to provide more details on our business performance for the second quarter of 2025.
Haijun Wang: 首先是住宿业务, 请大家翻到PPT的第四页。二季度集团大盘ROICPA为343元, 恢复至24年同期的95.7%。其中OCC为24年同期的97.4%, ADR为24年同期的98.2%。
Speaker #4: 首先是住宿业务, 请大家翻到PPT的第四页。二季度, 集团大盘Royal al al Pass为343元, 恢复至2024年同期的95.7%。 其中, OCC为2024年同期的97.4%, ADR为2024年同期的98.2%。
Specifically OCC reached 97, 4% and ADR stood at 98, 2% of their levels in the same period in 2024.
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Luke Hu: Let's begin with our hotel business. Please turn to slide four of our second quarter 2025 results presentation. Our ROICPA was RMB 343 in the second quarter, representing 95.7% of its level in the same period of 2024. Specifically, OCC reached 97.4% and ADR stood at 98.2% of their levels in the same period in 2024.
Speaker #3: Let's begin with our hotel business. Please turn to slide four of our second quarter 2025 results presentation. Our rough PAR was RMB 343 in the second quarter, representing 95.7% of its level in the same period of 2024.
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Please turn to slide five in the second quarter Revpar for our mature hotels in operation for more than 18 months was 94, 4% of our level in the same period of 2024, while OCC and ADR stood at 96, 5% and $90.
Speaker #3: Specifically, OCC reached 97.4%, and ADR stood at 98.2% of their levels in the same period in 2024.
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Haijun Wang: 请大家翻到PPT的第五页。二季度在营超过18个月的成熟酒店ROICPA为24年同期的94.4%。其中OCC和ADR分别为24年同期的96.5%和97.8%。
Speaker #4: 请大家翻到PPT的第五页。二季度, 在营超过18个月的成熟酒店Royal Pass为2024年同期的94.4%。 其中, OCC和ADR分别为2024年同期的96.5%和97.8%。
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Luke Hu: Please turn to slide five. In the second quarter, ROICPA for our mature hotels in operation for more than 18 months was 94.4% of the level in the same period of 2024, while OCC and ADR stood at 96.5% and 97.8% of 2024's levels for the same period, respectively.
Speaker #3: Please turn to slide five. In the second quarter, rough PAR for our mature hotels in operation for more than 18 months was 94.4% of the level in the same period of 2024, while OCC and ADR stood at 96.5% and 97.8% of 2024's levels for the same period, respectively.
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Please turn to slide six.
In the process of expanding our scale, we have always adhere to our long term growth principle with hotel quality as our top priority.
Haijun Wang: 请大家翻到第六页。在拓展规模的进程中, 我们坚持长期主义的理念, 始终将酒店品质置于首位, 确保每家新开酒店都能延续亚朵的品牌基因和一致性的体验, 以高质量支撑可持续的发展。二季度我们保持稳健的开店节奏, 新开业酒店118家, 截止二季度末, 集团在营酒店数量达到1824家, 同比增长29.2%。
Speaker #4: 请大家翻到第六页。在拓展规模的进程中, 我们坚持长期主义的理念, 始终将酒店品质置于首位, 确保每家新开酒店都能延续亚洲的品牌基因和一致性的体验。 以高质量支撑可持续的发展。二季度, 我们保持稳健的开店节奏, 新开业酒店118家, 截止二季度末, 集团再营酒店数量达到1824家, 同比增长29.2%。
This ensures each new hotel carries Florida, our brand DNA and it delivers consistent experiences, thereby supporting sustainable growth through quality.
In the second quarter, we maintained a steady pace of expansion with 118 hotels opened by the end of the second quarter. We had a total of 1824 hotels in operation, representing a 29, 2% year.
Luke Hu: Please turn to slide six. In the process of expanding our scale, we have always adhered to a long-term growth principle, with hotel quality as our top priority. This ensures each new hotel carries forward our brand DNA and delivers consistent experiences, thereby supporting sustainable growth through quality. In the second quarter, we maintained a steady pace of expansion with 118 hotels opened. By the end of the second quarter, we had a total of 1,824 hotels in operation, representing a 29.2% year-over-year increase.
Speaker #3: Please turn to slide six. In the process of expanding our scale, we have always adhered to a long-term growth principle, with hotel quality as our top priority.
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Speaker #3: This ensures each new hotel carries forward our brand DNA and delivers consistent experiences, thereby supporting sustainable growth through quality. In the second quarter, we maintained a steady pace of expansion with 118 hotels opened. By the end of the second quarter, we had a total of 1,824 hotels in operation.
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Meanwhile, leveraging our solid brand momentum and to continuously enhance the product strength, we have been gradually building differentiated competitive hedges with.
Speaker #3: Representing a 29.2% year-over-year increase.
Haijun Wang: 与此同时, 依托坚实的品牌势能以及持续提升的产品力, 我们逐步构建起差异化的竞争壁垒, 旗下多个品牌和产品线精准定位不同的细分市场, 也为加盟商提供了丰富多元的投资选择。截止二季度末, 我们的管道项目数量达到了816家, 高质量储备项目的扩充为我们2000豪店战略目标注入了强劲的动能。
Speaker #4: 与此同时, 依托坚实的品牌势能以及持续提升的产品力, 我们逐步构建起差异化的竞争壁垒。 旗下多个品牌和产品线精准定位不同的细分市场, 也为加盟商提供了丰富多元的投资选择。 截止二季度末, 我们的管道项目数量达到了816家, 高质量储备项目的扩充为我们2000好店占据目标注入了强劲的动能。
With multiple brands and product lines that precisely target various market segments, we offer our franchisees a rich and diverse range of investment options.
At the end of the second quarter, the number of hotels under development reached 816.
The growth of high quality pipeline projects is fueling strong momentum toward our strategic goal of 2000 Premier hotels.
Luke Hu: Meanwhile, leveraging our solid brand momentum and continuously enhanced product strength, we have been gradually building differentiated competitive edges. With multiple brands and product lines that precisely target various market segments, we offer franchisees a rich and diverse range of investment options. By the end of the second quarter, the number of hotels under development reached 816. The growth of high-quality pipeline projects is fueling strong momentum toward our strategic goal of 2,000 premier hotels.
Speaker #3: Meanwhile, leveraging our solid brand momentum and continuously enhanced product strength, we have been gradually building differentiated competitive edges. With multiple brands and product lines that precisely target various market segments, we offer franchisees a rich and diverse range of investment options.
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Speaker #3: By the end of the second quarter, the number of hotels under development reached 816. The growth of high-quality pipeline projects is fueling strong momentum toward our strategic goal of 2,000 premier hotels.
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Haijun Wang: 下面我将介绍一下亚朵集团住宿品牌的最新进展。
Speaker #4: 下面我将介绍一下亚洲集团住宿品牌的最新进展。
Luke Hu: Next, I would like to share the latest developments for Atour Hotel Brands.
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Speaker #3: Next, I would like to share the latest developments for Atour Hotel brands.
Haijun Wang: 请大家翻到第七页。在中高端的市场方面, 是亚朵三系和四系并行的产品矩阵, 通过深挖细分的场景需求, 推动了我们在中高端赛道的纵深的扩张。其中亚朵三系主要巩固我们在主流商旅出行场景中的核心品牌地位。最新的亚朵3.6版本秉承经典人文的产品理念, 聚焦用户对空间功能以及氛围感的需求, 优化了住宿体验的便捷性和舒适度。目前首批亚朵3.6的酒店已经陆续开业, 出色的产品力也赢得了市场的好评, 并且带动了亚朵3.6强劲的签约势头。
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Speaker #4: 请大家翻到第七页。在中高端的市场方面, 是亚洲三系和四系并行的产品矩阵, 通过深挖细分的场景需求, 推动了我们在中高端赛道的纵深的扩张。 其中, 亚洲三系主要巩固我们在主流商旅出行场景中的核心品牌地位, 最新的亚洲3.6版本秉承经典人文的产品理念, 聚焦用户对空间功能以及氛围感的需求, 优化了住宿体验的便捷性和舒适度。 目前, 首批亚洲3.6的酒店已经陆续开业, 出色的产品力也赢得了市场的好评, 并且带动了亚洲3.6强劲的签约势头。
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Please turn to slide seven.
The upper mid scale market. The parallel development of tour series three series floor enables us to gain deeper insights into demand across segmented scenarios driving our further penetration in the upper mid scale segment.
Among them a tour series three consolidates, our core brand position in mainstream business travel scenarios.
The latest towards three six version is built on the product philosophy of timeless and humane and it focuses on customer needs for both functional space and ambiance further enhancing the convenience and comfort of the stay experience.
Luke Hu: Please turn to slide seven. In the upper mid-scale market, the parallel development of Atour Series 3 and Series 4 enables us to gain deeper insights into demand across segmented scenarios, driving our further penetration in the upper mid-scale segment. Among them, Atour Series 3 consolidates our core brand position in mainstream business travel scenarios. The latest Atour 3.6 version is built on the product philosophy of timeless and humane and focuses on customer needs for both functional space and ambience, further enhancing the convenience and comfort of the stay experience. The first batch of Atour 3.6 hotels have gradually opened and received strong market recognition for their outstanding product strength, which is driving robust assigning momentum.
Speaker #3: Please turn to slide seven. In the upper mid-scale market, the parallel development of Atour Series 3 and Series 4 enables us to gain deeper insights into demand across segmented scenarios.
The first batch of a tour three six hotels have gradually opened and received strong market recognition for their outstanding product strength, which is driving robust assigning momentum.
Speaker #3: Driving our further penetration in the upper mid-scale segment. Among them, Atour Series 3 consolidates our core brand position in mainstream business travel scenarios. The latest Atour 3.6 version is built on the product philosophy of timeless and humane and focuses on customer needs for both functional space and ambiance, further enhancing the convenience and comfort of the stay experience.
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Speaker #3: The first batch of Atour 3.6 hotels has gradually opened and received strong market recognition for their outstanding product strength, which is driving robust signing momentum.
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Haijun Wang: 请大家翻到第八页。亚朵四系作为布局中高端市场的新一代标杆产品, 聚焦高线城市核心商圈的区位, 精准契合用户商务出行与都市度假的符合的场景需求。6月28日, 亚朵4.0的首店已迎来了开业一周年。通过空间美学与属地文化的深度融合, 我们构建了差异化的体验壁垒, 实现了从产品创新到品质验证的关键的跨越。截止目前, 亚朵4.0已开业超过30家酒店, 管道内项目数超过了60个。
Speaker #4: 请大家翻到第八页。亚洲四系作为布局中高端市场的新一代标杆产品, 聚焦高线城市核心商圈的区位, 精准契合用户商务出行与都市度假的符合的场景需求。 六月二十八日, 亚洲4.0的首店也迎来了开业一周年, 通过空间美学与属地文化的深度融合, 我们构建了差异化的体验壁垒, 实现了从产品创新到品质验证的关键的跨越。 截止目前, 亚洲4.0已开业超过30家酒店, 管道内项目数超过了60个。
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Please turn to slide eight.
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By seamlessly integrating special is tactics with local culture. It has established a moat of differentiated experiences marking a critical transition from product innovation to quality validation.
Luke Hu: Please turn to slide eight. As a next-generation benchmark product for the upper mid-scale market, Atour Series 4 focuses on prime locations in higher-tier cities, precisely catering to the blended needs of business trips and urban vacations. On June the 28th, we celebrated the one-year anniversary of our first Atour 4.0 hotel. By seamlessly integrating spatial aesthetics with local culture, it has established a moat of differentiated experiences, marking a critical transition from product innovation to quality validation. To date, more than 30 Atour 4.0 hotels have opened, with over 60 hotels under development in our pipeline.
Speaker #3: Please turn to slide eight. As a next-generation benchmark product for the upper mid-scale market, Atour Series 4 focuses on prime locations in higher-tier cities.
To date more than 30, a tour for zero hotels have opened with over 60 hotels under development in our pipeline.
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Speaker #3: Precisely catering to the blended needs of business trips and urban vacations, on June 28th, we celebrated the one-year anniversary of our first Atour 4.0 hotel.
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Speaker #3: By seamlessly integrating spatial aesthetics with local culture, it has established a moat of differentiated experiences, marking a critical transition from product innovation to quality validation.
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Speaker #3: To date, more than 30 Atour 4.0 hotels have opened, with over 60 hotels under development in our pipeline.
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Haijun Wang: 请大家翻到第九页。当下消费者普遍注重内心满足的体验式的消费, 而传统的高端酒店在硬件设施和服务体验上与用户的需求存在了显著的脱节。萨合酒店的推出是重塑高端酒店体验标准的一次成功的探索, 基于引义东方的品牌调性, 在睡眠、疗愈、养生等多个维度打造的深度体验场景, 革新了传统酒店对宾客的关怀模式。今年5月28日, 萨合的首家旗舰店于深圳正式开业, 凭借独特的东方生活方式体验获得了用户的广泛好评。
Speaker #4: 请大家翻到第九页。当下消费者普遍注重内心满足的体验式的消费, 而传统的高端酒店在硬件设施和服务体验上与用户的需求存在了显著的脱节。 萨合酒店的推出, 是重塑高端酒店体验标准的一次成功的探索。 基于引亿东方的品牌调性, 在睡眠、疗愈、养生等多个维度打造的深度体验场景, 革新了传统酒店对宾客的关怀模式。 今年五月二十八日, 萨合的首家旗舰店于深圳正式开业, 凭借独特的东方生活方式体验获得了用户的广泛好评。
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Please turn to slide nine.
Today consumers increasingly prioritize experiential consumption that fulfills their in their needs. However, traditional upscale hotels have struggled to keep pace as their facilities in our service offerings exhibit a significant mismatch of evolving guest expectations.
The introduction of soccer hotel represents a successful effort to redefine the standards of upscale hotel experiences.
Added by our brand ethos of Oriental Serenity.
<unk> creates deeply immersive experiences across sleep healing and wellness revolutionizing the traditional hotels approach to guest occur.
Luke Hu: Please turn to slide nine. Today, consumers increasingly prioritize experiential consumption that fulfills their inner needs. However, traditional upscale hotels have struggled to keep pace, as their facilities and service offerings exhibit a significant mismatch of evolving guest expectations. The introduction of the Saho Hotel represents a successful effort to redefine the standards of upscale hotel experiences. Guided by the brand ethos of Oriental Serenity, Saho creates deeply immersive experiences across sleep, healing, and wellness, revolutionizing the traditional hotel's approach to guest care. On May the 28th, our first Saho flagship hotel officially opened in Shenzhen and has received widespread acclaim for its distinctive Oriental lifestyle experience.
Speaker #3: Please turn to slide nine. Today, consumers increasingly prioritize experience consumption that fulfills their inner needs. However, traditional upscale hotels have struggled to keep pace, as their facilities and service offerings exhibit a significant mismatch of evolving guest expectations.
On May 28, our first SaaS flagship hotel officially opened in Shenzhen and has received widespread acclaim for its distinctive oriental lifestyle experience.
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Speaker #3: The introduction of ?? Hotel represents a successful effort to redefine the standards of upscale hotel experiences. Guided by the brand ethos of Oriental Serenity, ?? creates deeply immersive experiences across sleep, healing, and wellness, revolutionizing the traditional hotel's approach to guest care.
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Speaker #3: On May 28th, our first ?? flagship hotel officially opened in ?? and has received widespread acclaim for its distinctive Oriental lifestyle experience.
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As a newly developed upscale brand.
Hotel addressing pressing needs, while anticipating emerging consumption trends.
Haijun Wang: 作为全新打造的高端品牌, 萨合酒店不仅着眼当下的需求, 更面向未来的消费趋势。展望下一阶段, 萨合将聚焦一线与新一线城市核心商圈的严格选址, 基于用户反馈和实际运营的情况持续优化产品。我们希望精心打造的萨合酒店能够成为所在城市生活方式的标杆之作, 让消费者和加盟商看到中国新一代高端酒店的创新典范。
Looking ahead <unk> will focus on rigorous site selection and core business districts are first tier and the new first tier cities, while continuously optimizing its product model based on customer feedback and operating performance, we expect each thoughtfully crafted software.
Hotel to become a lifestyle landmark in every city it enters demonstrating to both customers and our franchisees and innovative model in China's new generation of upscale hotels.
Luke Hu: As a newly developed upscale brand, Saho Hotel addresses present needs while anticipating emerging consumption trends. Looking ahead, Saho will focus on rigorous site selection in core business districts of first-tier and new first-tier cities, while continuously optimizing its product model based on customer feedback and operating performance. We expect each thoughtfully crafted Saho Hotel to become a lifestyle landmark in every city it enters, demonstrating to both customers and franchisees an innovative model in China's new generation of upscale hotels.
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Please turn to slide 10.
Haijun Wang: 请大家翻到第十页。作为青居3.0的延续和进阶, 青居3.3通过在设计风格、功能模块和经营模型上的系统优化, 精准满足了年轻的商旅人群和加盟商的需求, 进一步巩固了我们在终端酒店市场的产品竞争力。经营方面, 我们持续优化运营效率, 提升用户体验, 驱动了青居品牌整体以及城市标杆店经营数据的亮眼表现, 也为加盟商提供了可持续的投资回报的模型。
A tour like three three has an extension an upgrade of a tour like 3.0 has comprehensively improve its design style functional modules and operational model to precisely cater to the needs of young business travelers and our franchisees further enhancing our product.
<unk> competitiveness in the Midscale Hotel segment.
From an operational standpoint, we continued to improve efficiency and enhance the customer experience.
These efforts have produced a strong operating performance in our brand metrics and a flagship hotels in key cities, while offering franchisees a sustainable return on investment.
Luke Hu: Please turn to slide 10. Atour Lite 3.3, as an extension and upgrade of Atour Lite 3.0, has comprehensively improved its design style, functional modules, and operational model to precisely cater to the needs of young business travelers and franchisees, further enhancing our product competitiveness in the mid-scale hotel segment. From an operational standpoint, we continued to improve efficiency and enhance the customer experience. These efforts have produced a strong operating performance in the brand metrics and flagship hotels in key cities, while offering franchisees a sustainable return on investment.
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We believe the current market environment presents a great opportunity for a tour of light growth.
Haijun Wang: 我们认为当前的市场环境为青居品牌的发展提供了良好机遇。青居作为集团的战略重点, 我们将持续向其投入核心资源。规模扩张上, 我们立足长远, 坚持质量优先, 在严格筛选的基础上稳扎稳打。品牌建设上, 我们聚焦年轻化定位, 持续强化青居的品牌声量与影响力, 进一步扩大我们在终端酒店市场的差异化的优势。
As a strategic priority for the group, we will continue to allocate core resources to it.
In terms of scale, we are taking a long term quality first approach, making steady progress through a rigorous selection process.
In brand building, we maintained a youth focused positioning and it continued to strengthen its presence and influence further widening our differentiated advantage in the Midscale Hotel segment.
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Luke Hu: We believe the current market environment presents a great opportunity for Atour Lite's growth. As a strategic priority for the group, we will continue to allocate core resources to it. In terms of scale, we are taking a long-term quality-first approach, making steady progress through a rigorous selection process. In brand building, we maintain a youth-focused positioning and continue to strengthen its presence and influence, further widening our differentiated advantage in the mid-scale hotel segment.
Moving now to our retail business, please turn to slide 11.
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Haijun Wang: 接下来是我们的零售业务, 请大家翻到第十一页。
A tour retails differentiated advantages stemmed from a profound understanding of customer needs and steadfast commitment to our natural deep sleep concept, rather than accelerating product launches, we prioritize excellence in addressing core customer needs and are carefully.
In brand building, we maintain a youth-focused positioning and continue to strengthen our presence and influence, further widening our differentiated advantage in the midscale hotel segment.
Luke Hu: Moving now to our retail business, please turn to slide 11.
Haijun Wang: 亚朵零售的差异化优势源于对用户需求的深刻理解以及对自然深邃理念的坚持。我们对产品精益求精, 不盲目加快推新的速度, 而是聚焦用户的核心需求, 精准捕捉用户在不同场景下的体验细节, 并通过细心打磨将洞察转化为可以落地的产品功能。基于此, 我们正逐步构建坚实且难以复制的核心竞争力。
Moving now to our retail business, please turn to slide 11.
Capturing the experiential nuances of different scenarios.
Through meticulous refinement, we translate these insights into implementable product functionality gradually enhancing core competitiveness in a way that cannot be replicated.
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Luke Hu: Atour Retail's differentiated advantages stem from a profound understanding of customer needs and steadfast commitment to our natural deep sleep concept. Rather than accelerating product launches, we prioritize excellence in addressing core customer needs and carefully capturing the experiential nuances of different scenarios. Through meticulous refinement, we translate these insights into implementable product functionality, gradually enhancing core competitiveness in a way that cannot be replicated.
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A tour's retail differentiated advantages stem from a profound understanding of customer needs and a steadfast commitment to our natural deep sleep concept.
By ongoing strong sales of new products and the momentum from promotional campaigns, our retail business maintained robust growth this quarter with DMD rising 84, 6% year over year to RMB 1140 $4 million.
Rather than accelerating product launches, we prioritize excellence in addressing core customer needs carefully. We focus on capturing the experiential nuances of different scenarios.
Haijun Wang: 得益于新品的持续热销以及重要营销节点的市场释放, 本季度零售业务延续了强劲的增长的趋势, GMV达到11.44亿元, 同比增长84.6%。其中线上渠道销售占比持续保持在90%以上。
Online channels continued to account for over 90% of total GMT.
Through meticulous refinement, we translate these insights into implementable product functionality, gradually enhancing core competitiveness in a way that cannot be replicated.
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Luke Hu: Built by ongoing strong sales of new products and the momentum from promotional campaigns, our retail business maintained robust growth this quarter, with GMV rising 84.6% year-over-year to RMB 1,144 million. Online channels continued to account for over 90% of total GMV.
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Our retail <unk> set a new sales record during the June 18th shopping festival, reaching RMB $578 million up more than 86% from the same period last year.
Filled by ongoing strong sales of new products and the momentum from promotional campaigns, our retail business maintained robust growth this quarter, with GMV rising 84.6% year-over-year to RMB 1,144 million.
Haijun Wang: 618购物节期间, 亚朵零售GMV达到5.78亿元, 同比24年618增长了超过86%, 再次创下大促销售新高。本次大促在主流第三方平台亚朵星球也首次实现了床上用品行业排名第一的成绩。这一突破也代表着亚朵星球深邃解决方案的品牌定位在用户心智中进一步巩固。
Online channels continued to account for over 90% of total GMV.
This promotional campaign tour planet ranked first in terms of sales in the bedding category for the first time on major third party platforms.
This breakthrough signifies a tour planets deep sleep solutions brand positioning has further consolidated consumer mindshare.
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Luke Hu: Our retail GMV set a new sales record during the June 18th shopping festival, reaching RMB 578 million, up more than 86% from the same period last year. During this promotional campaign, Atour Planet ranked first in terms of sales in the bedding category for the first time on major third-party platforms. This breakthrough signifies that Atour Planet's deep sleep solutions brand positioning has further consolidated consumer mindset.
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During this promotional campaign, Atour Planet ranked first in terms of sales in the betting category, for the first time on major third-party platforms.
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Haijun Wang: 请大家翻到第十二页。在枕头品类方面, 亚朵星球本季度在主流第三方平台延续领先地位。基于对用户反馈的研究, 经过多轮选材支撑结构的调整和真实睡眠测试的反复打磨, 我们也于本月正式推出了深睡枕系列的迭代产品, 深睡枕Pro3.0。深睡枕Pro3.0实现了多项突破性的升级, 采用创新的曲线切合设计和分区支撑结构, 能够帮助用户更好地承托头部, 并自然贴合肩颈曲度。配套的枕套则使用了新型织法更衣, 在提升了透气性与排湿性的同时, 能够有效维持枕面的温度恒定。
This breakthrough signifies that Atour Planet's deep sleep solutions brand positioning has further consolidated consumer mind share.
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Please turn to slide 12.
In the pillows category.
Our planet has maintained its leading position our major third party platforms this quarter.
Other cementing our leadership position.
Based on customer feedback and after several rounds of fine tuning in material selection.
Support structure adjustments and a real sleep tests, we efficiently launched an upgraded version of the deep sleep memory foam pillow series. This month, the deep sleep of memory foam pillow Pro 3.0, this product delivers multiple breakthrough upgrades, including an innovative car.
Fitting design and a partition support structure that better cradles, the head and are naturally fits the coverage of the net kind of shoulders.
Luke Hu: Please turn to slide 12. In the pillow category, Atour Planet has maintained its leading position on major third-party platforms this quarter, further cementing our leadership position. Based on customer feedback and after several rounds of fine-tuning in material selection, support structure adjustments, and real sleep tests, we officially launched an upgraded version of the deep sleep memory foam pillow series this month, the deep sleep memory foam pillow Pro3.0. This product delivers multiple breakthrough upgrades, including an innovative curved fitting design and a partition support structure that better cradles the head and naturally fits the curvature of the neck and shoulders. The accompanying pillowcase uses a new weaving technique, which enhances breathability and moisture wicking while keeping the pillow surface at a stable temperature.
Please turn to slide 12.
The accompanying pillowcase uses a new weaving technique, which enhances breathability and moisture wicking, while keeping a pillow surface at a stable temperature.
In the pillow category, Atour has maintained its leading position on major third-party platforms this quarter, further cementing our leadership position.
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Please turn to slide 13. Meanwhile, after multiple quarters of dedicated research and functional refinement the momentum of our comfort category has gradually gain market recognition for its product strength.
The Deep Sleep memory foam pillow Pro 3.0 delivers multiple breakthrough upgrades, including an innovative curved fitting design and a partition support structure that better cradles the head and naturally fits the curvature of the neck and shoulders.
Haijun Wang: 请大家翻到第十三页。被子品类经过多个季度的精心研究和功能打磨, 产品的势能逐步得到了市场的验证。二季度深睡控温被夏季Pro2.0延续热销态势, 显著拉升品类销售的增长。亚朵星球也于5月在抖音平台强势跃居被子品类排名的第一。
The deep sleep thermal regulating comforter pro 2.0 summer season continued its strong sales momentum during the second quarter driving significant growth in category sales.
The accompanying pillowcase uses a new weaving technique, which enhances breathability and moisture-wicking while keeping the pillow surface at a stable temperature.
Our planet has also surged to the top of the comfort category rankings onto our <unk> platform in May.
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Luke Hu: Please turn to slide 13. Meanwhile, after multiple quarters of dedicated research and functional refinement, the momentum of our comforter category has gradually gained market recognition for its product strength. The deep sleep thermoregulating comforter Pro2.0 summer season continued its strong sales momentum during the second quarter, driving significant growth in category sales. Atour Planet has also surged to the top of the comforter category rankings on the Douyin platform in May.
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Please turn to slide 13. Meanwhile, after multiple quarters of dedicated research and functional refinement, the momentum of our Comforter category has gradually gained market recognition for its product strength.
Please turn to slide 14, this quarter to address common daily use pinpoint we also launched a new product category the deep sleep fitted sheet.
Tour planets continuously expanding deep sleep product portfolio comprehensively covers the diverse needs of customer home sleep micro environment and demonstrate our capabilities to provide systematic solutions in the sleep segment.
The Deep Sleep thermal regulating comforter Pro 2.0 for the summer season continued its strong sales momentum during the second quarter, driving significant growth in category sales.
Haijun Wang: 请大家翻到第十四页。本季度针对用户日常使用的痛点, 我们还推出了全新品类深睡床笠。亚朵星球持续拓宽的深睡产品矩阵全面覆盖了用户居家睡眠微环境的多元化的需求, 也体现了我们在睡眠领域提供系统性解决方案的能力。
A tour planet has also surged to the top of the comforter category rankings on the Doin platform in May.
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Luke Hu: Please turn to slide 14. This quarter, to address common daily use pain points, we also launched a new product category, the deep sleep fitted sheet. Atour Planet's continuously expanding deep sleep product portfolio comprehensively covers the diverse needs of customers' home sleep microenvironment and demonstrates our capabilities to provide systematic solutions in the sleep segment.
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Looking ahead to the second half we will further deepen our presence in our sleep market by driving more product iterations and category innovation based upon our customer needs, we will enhance our R&D capabilities strictly adhere to production standards and optimize.
Please turn to slide 14 this quarter to address common daily-use pain points. We also launched a new product category, the Deep Sleep fitted sheet.
Haijun Wang: 展望下半年, 我们将持续深耕睡眠市场, 基于用户需求推动更多产品迭代和品类创新, 提升产品研发能力, 恪守生产标准, 优化供应链管理, 推进行业工艺与品质标准的升级, 持续引领消费者睡眠体验的革新, 驱动零售业务实现高质量的增长。
A tour planet's continuously expanding deep sleep product portfolio comprehensively covers the diverse needs of customer home sleep microenvironments and demonstrates our capabilities to provide systemic solutions in the sleep segment.
Apply chain management to advance the upgrading of industry craftsmanship and quality standards, we will remain at the forefront of innovation in consumers sleep experience and drive high quality growth in the retail business.
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Luke Hu: Looking ahead to the second half, we will further deepen our presence in the sleep market by driving more product iterations and category innovations based upon our customer needs. We will enhance our R&D capabilities, strictly adhere to production standards, and optimize supply chain management to advance the upgrading of industry craftsmanship and quality standards. We will remain at the forefront of innovations in consumers' sleep experience and drive high-quality growth in the retail business.
Please turn to slide 15 last but not least I would like to share the progress across our membership business and channel development.
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Looking ahead to the second half, we will further deepen our presence in the sleep market by driving more product iterations and category innovations based upon our customer needs.
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Haijun Wang: 请大家翻到第十五页。最后我向大家介绍一下会员以及渠道方面的进展。
The capabilities strictly adhere to production standards and optimize supply chain management to advance the upgrading of the industry, craftsmanship, and quality standards. We will remain at the forefront of innovations in consumer sleep experience and drive high-quality growth in the retail business.
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With the ongoing refinement of the eight card membership system and the steady expansion of member benefits our registered individual members surpassed $102 million by the end of the second quarter, representing a 34, 7% year over year.
Luke Hu: Please turn to slide 15. Flash but not least, I would like to share the progress across our membership business and channel development.
Haijun Wang: 随着ACAD会员体系的持续完善以及权益的不断丰富, 截止二季度末, 亚朵注册会员人数超过1.02亿, 同比增长34.7%。这标志着亚朵会员发展迈入了全新阶段。渠道方面, CRS渠道销售间接占比为61.5%, 其中企业协议销售占比为20%, 保持稳健水平。
Please turn to slide 15. Last but not least, I would like to share the progress across our membership business and channel development.
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This marks a new phase for our membership program in terms of channel development. Our Crs channel remained at a healthy level accounting for 61, 5% of total room nights sold in the second quarter. The contribution of room nights sold to corporate members was 20.
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Luke Hu: With the ongoing refinement of the ACAD membership system and the steady expansion of member benefits, our registered individual members surpassed 102 million by the end of the second quarter, representing a 34.7% year-over-year increase. This marks a new phase for our membership program. In terms of channel development, our CRS channel remained at a healthy level, accounting for 61.5% of total room nights sold in the second quarter. The contribution of room nights sold to corporate members was 20%.
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With the ongoing refinement of the card membership system and the steady expansion of member benefits, our registered individual members surpassed 102 million by the end of the second quarter, representing a 34.7% year-over-year increase.
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Haijun Wang: 请大家翻到第十六页。我们认为会员业务的本质并不是流量运营, 而是与用户建立情感连接的重要方式。回归用户, 响应用户的真实需求, 是亚朵ACAD的会员体系迭代升级的核心价值。今年6月份, 为提升金会员对权益的感知度和满意度, 我们推出了全新的金会员成长体系。体系采用阶梯式权益发放机制, 并且下放了部分铂金权益, 更加贴合用户升级的节奏和实际的使用需求, 让更多高频的活跃用户提前享受到高阶的权益。
Please turn to slide 16, we believe the core value of our membership business is not on traffic operations, but on building an emotional connection with our customers refocusing on customers and responding to their January needs is the core value of continuous Evan.
This marks a new face for our membership program. In terms of channel development, our CRS Channel remained at a healthy level, accounting for 61.5% of total room nights sold in the second quarter. The contribution of room nights sold to corporate members was 20%.
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In June this year, we launched the new gold member growth system to improve gold member perception and satisfaction with membership benefits. This system adopts a tier based benefits release mechanism and extend certain platinum member benefits to them better aligning with the pay.
Luke Hu: Please turn to slide 16. We believe the core value of our membership business is not on traffic operations, but on building an emotional connection with our customers. Refocusing on customers and responding to their genuine needs is the core value of the continuous evolution of the ACAD system. In June this year, we launched the new Gold Member Growth System to improve gold member perception and satisfaction with membership benefits. This system adopts a tier-based benefits relief mechanism and extends certain platinum member benefits to them, better aligning with the pace of members' progression and their usage needs, while allowing more high-frequency active customers to enjoy premium benefits earlier.
<unk> members progression and their usage needs, while allowing more high frequency active customers to enjoy premium premium benefits earlier.
Please turn to slide 16.
While <unk> tissue Ginger kombucha in the Telegraph Anja <unk> handsets, even more.
We believe the core value of our membership business is not on traffic operations but on building an emotional connection with our customers.
Ill hop regional builder.
So that will be on November one year, while monthly cohort, which is we really don't hope pongolle. It seems your waterfall you go into the time here truly higher tier yoga.
Refocusing on customers and responding to their genuine needs is the core value of the continuous evolution of the card system.
Jeff Yes.
In June this year, we launched the new Gold Member growth system to improve Gold Member perception and satisfaction with membership benefits.
You won't see <unk>.
No.
Looking ahead to the second half of the year, we remain committed to our Chinese experienced strategy and will continuously strengthen our fundamental capabilities and reinforce execution standards.
Amid a complex and volatile external environment, we will uphold our core values of humanistic care and a customer focus through refine our service and high quality products. We aim to set the benchmark for experiences in the industry and as always deliver our ones.
Haijun Wang: 展望下半年, 我们将继续坚持中国体验的战略方向, 持续夯实基本功, 强化执行标准。面对复杂多变的外部环境, 我们会恪守初心, 回归用户, 通过精细化的服务与高品质的产品, 树立行业体验标杆, 一如既往地将亚朵的温暖与用心传递给每一位用户。
This system adopts a tier-based benefits release mechanism and extends certain Platinum member benefits to better align with the pace of members' progression and their usage needs, while allowing more high-frequency active customers to enjoy premium benefits earlier.
And attentiveness to every customer.
<unk>, where does it all come to the towers.
Luke Hu: Looking ahead to the second half of the year, we remain committed to our Chinese experience strategy and will continuously strengthen our fundamental capabilities and reinforce execution standards. Amid a complex and volatile external environment, we will uphold our core values of humanistic care and customer focus. Through refined service and high-quality products, we aim to set the benchmark for experiences in the industry and, as always, deliver our warmth and attentiveness to every customer.
I will now turn the call over to our co CFO, Mr. <unk>, who will discuss our financial results.
Thank you hygiene.
Now I would like to present, the company's financial performance for the second quarter of 2025.
Looking ahead to the second half of the year, we remain committed to our Chinese experience strategy and will continuously strengthen our fundamental capabilities and reinforce execution standards.
Please turn to slide 18 of the result presentation.
Our net revenues for the second quarter of 285 grew by 37, 4% year over year, and 29, 5% quarter over quarter to RMB 2460 $9 million.
Amid a complex and volatile external environment, we will uphold our core values of humanistic care and a customer focus.
Revenues from our monetize the hotels for the second quarter of 2025 were RMB 1290, $9 million up 26, 5% year over year, and 25, 9% quarter over quarter.
Haijun Wang: 下面请我们的联席CFO吴建峰为大家介绍公司的财务情况。
Through refined service and high-quality products, we aim to set the benchmark for experiences in the industry. And, as always, deliver our warmth and attentiveness to every customer.
Luke Hu: I will now turn the call over to our Co-CFO, Mr. Wu Jianfeng, who will discuss our financial results.
Jianfeng Wu: Thank you, Haijun. Now, I would like to present the company's financial performance for the second quarter of 2025. Please turn to slide 18 of the result presentation. Our net revenues for the second quarter of 2025 grew by 37.4% year-over-year and 29.5% quarter-over-quarter to RMB 2,469 million. Revenues from our managed hotels for the second quarter of 2025 were RMB 1,299 million, up 26.5% year-over-year and 25.9% quarter-over-quarter. The year-over-year increase was primarily fueled by our ongoing hotel network expansion. The total number of our managed hotels increased from 1,382 as of June 30, 2024, to 1,800 as of June 30, 2025. The quarter-over-quarter increase was mainly due to an increase in ROICPA. ROICPA for our managed hotels was RMB 340 for the second quarter of 2025, compared with RMB 302 for the previous quarter.
The year over year increase was primarily fueled by ongoing hotel network expansion.
I will now turn the call over to our Co-CFO, Mr. Jianfeng Wu, who will discuss our financial results.
Thank you.
The total number of our <unk> hotels increased four 1380 and 82 at June 32034 to 1800.
Um, now I would like to present the company's financial performance for the second quarter of 2025.
Please turn to slide 18 of the result Plantation.
32025.
The quarter over quarter increase was mainly due to an increase in revpar.
Revpar for our <unk> hotels was RMB 340 for the second quarter of 2025, compared with RMB 302 for the previous quarter.
Of 2025, revenue grew by 37.4% year-over-year and 29.5% quarter-over-quarter to R&B 2,469 million.
Revenues contributed by all these hotels for the second quarter of 2025 was RMB $150 million, a decrease of 17%, 17% year over year, and an increase of 16, 4% quarter over quarter.
Revenue was from our manager at the hotels. For the second quarter of 2025, R&B was 1,299 million, up 26.5% year-over-year and 25.9% quarter-over-quarter.
The year-over-year increase was primarily fueled by our ongoing hotel network expansion.
The year over year decline was primarily due to a decrease in the number of these hotels as a result of our product mix optimization.
The total number of our managed hotels increased from 1,382 as of June 30, 2024, to 1,800 as of June 30, 2025.
The quarter over quarter increase was mainly due to an increase in revpar.
The quarter-over-quarter increase was mainly due to an increase in red park.
Revpar for our hotels was RMB 513 for the second quarter of 2025, compared with RMB 450.
Jianfeng Wu: Revenues contributed by our leased hotels for the second quarter of 2025 were RMB 150 million, a decrease of 17% year-over-year, and an increase of 16.4% quarter-over-quarter. The year-over-year decline was primarily due to a decrease in the number of leased hotels as a result of our product needs optimization. The quarter-over-quarter increase was mainly due to an increase in ROICPA. ROICPA for our leased hotels was RMB 513 for the second quarter of 2025, compared with RMB 453 for the previous quarter. Revenues from our retail business for the second quarter of 2025 were RMB 965 million, up 79.8% year-over-year and 39.1% quarter-over-quarter. These increases were driven by growing recognition of our retail brands and effective product innovation and development, as we successfully broadened our range of product offerings. Now, let's move to cost and expenses. Please turn to slide 19.
Red Park for our managed hotels was R&B 340 for the second quarter of 2025 compared with R&B 302 for the previous quarter.
<unk> 53 for the previous quarter.
Revenue from our retail business for the second quarter of 2025 were RMB.
<unk> hundred $65 million.
Up 17, nine 8% year over year, and 39, 39, 1% quarter over quarter.
Revenues contributed by our lease, the hotels for the second quarter of 2025, will be $150 million. This reflects a decrease of 17% year-over-year and an increase of 16.4% quarter-over-quarter.
These increases were driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings.
The year-over-year decline was primarily due to a decrease in the number of these hotels as a result of our product means optimization.
The quarter-over-quarter increase was mainly due to an increase in Red Park.
Now, let's move to costs and expenses, please turn to slide 19.
Hotel operating costs for the second quarter of 2025 increased by 15, 1% year over year, and 21, 3% quarter over quarter to RMB $893 million. This.
Repa for our lease, hotels was R&B 513 for the second quarter of 2025, compared with R&B 400 and 53 for the previous quarter.
These increases were primarily due to the increases in variable costs.
Revenue from our retail business for the second quarter of 2025 was $965 million.
Such as the supply chain costs and hotel manager costs.
Located with our ongoing hotel network extension.
Up to 79.8% year-over-year and 391, uh, 39.1 quarter of a culture.
Gross margin of our hotel businesses extended to 38, 3% in the second quarter of 2025 from 35, 7% during the same period.
These increases were driven by the growing recognition of our retail brands and effective product innovation and development. As we successfully broadened our range of product offerings.
For primarily attributable to a lower proportion of these hotels as a result of our product mix optimization.
Jianfeng Wu: Hotel operating costs for the second quarter of 2025 increased by 15.1% year-over-year and 21.3% quarter-over-quarter to RMB 893 million. These increases were primarily due to the increases in variable costs, such as supply chain costs and hotel manager costs, associated with our ongoing hotel network expansion. Gross margin of our hotel businesses extended to 38.3% in the second quarter of 2025, from 35.7% during the same period of 2024, primarily attributable to a lower proportion of leased hotels as a result of our product needs optimization. Retail costs for the second quarter of 2025 rose by 70.0% year-over-year and 33.5% quarter-over-quarter to RMB 451 million. These increases were associated with the rapid growth of our retail business.
Now, let's move to costs and expenses. Please turn to slide 19.
Sure.
Retail cost for the second quarter of 2025 rose by 17% year over year, and 33, 5% quarter over quarter to RMB 480 $451 million.
Hotel operating costs for the second quarter of 2025 increased by 15.1% year-over-year and 21.3% quarter-over-quarter to R&B 893 million.
This increases primarily due to the increases in variable costs.
These increases were associated with the rapid growth of our retail business.
Gross margin of our retail business expanded to 53, 3% in the second quarter of 2025 <unk> 50.
Such as supply chain costs and hotel manager costs associated with our ongoing hotel network expansion.
56% during the same period up 10 to 24, primarily attributable to the increasing contribution of higher margin products.
Now please turn to slide 20.
Selling and marketing expenses for the second quarter of 2025 were RMB $393 million.
Gross margin of our hotel businesses extended to 38.3% in the second quarter of 2025 from 35.7% during the same period of 2024, primarily attributable to a lower proportion of these hotels as a result of our product mix optimization.
Compared with RMB $225 million for the same period of 2024.
Selling and marketing expenses accounted for 15.9% of net revenues for the second quarter of 2025 compelled with 12, 5% for the same periods of 2024.
Retail costs for the second quarter of 2025 rose by 70.0% year-over-year and 33.5% quarter-over-quarter to RMB 48,451 million.
Jianfeng Wu: Gross margin of our retail business expanded to 53.3% in the second quarter of 2025, from 50.6% during the same period of 2024, primarily attributable to the increasing contribution from higher margin products. Now, please turn to slide 20. Setting and market expenses for the second quarter of 2025 were RMB 393 million, compared with RMB 225 million for the same period of 2024. Setting and market expenses accounted for 15.9% of net revenues for the second quarter of 2025, compared with 12.5% for the same period of 2024. The increase was mainly due to the investment in brand recognition and effective development of online channels, in line with the growth of our retail business.
These increases were associated with the rapid growth of our retail business.
The increase was mainly due to the investment.
In brand recognition and effective development of online channels in line with the growth of our retail business.
The growth margin of our retail business expanded to 53.3% in the second quarter of 2025 from 50.6% during the same period of 2024, primarily attributable to the increase in contribution from higher-margin products.
General and administrative expenses for the <unk> for the second quarter of 2025 were RMB 90 million includes.
Now, please turn to Slide 20.
Including RMB 2 million share based compensation expenses.
Setting and marketing expenses for the second quarter of 2025 were R&B 393 million.
Compared with RMB $91 million for the same period of 284, which include the RMB 15 million in share based compensation expenses.
Compelled with R&B, $225 million, 47 period of 2024.
General and administrative expenses, excluding show they share based expense compensation expenses accounted for three 6% of net revenue for the second quarter of 2025, compared with four 2% for the same period and therefore decrease was primarily due.
Setting and marketing expenses accounted for 15.9% of net revenues for the second quarter of 2025, compared with 12.5% for the same period of 2024.
The increase was mainly due to the investment.
Jianfeng Wu: General and administrative expenses for the second quarter of 2025 were RMB 90 million, including RMB 2 million in share-based compensation expenses, compared with RMB 91 million for the same period of 2024, which included RMB 15 million in share-based compensation expenses. General and administrative expenses, excluding share-based compensation expenses, accounted for 3.6% of net revenues for the second quarter of 2025, compared with 4.2% for the same period of 2024. The increase was primarily due to improved management efficiency and economic upscale. Technology and development expenses for the second quarter of 2025 were RMB 43 million, compared with RMB 33 million for the same period of 2024. Technology and development expenses accounted for 1.7% of net revenues for the second quarter of 2025, compared with 1.8% for the same period of 2024. Now, please turn to slide 21.
In, uh, brand recognition and effective development of online channels in my work with the girls of our retail business.
To improve improve management efficiency and economics of scale.
Technology and development expenses for the second quarter of 2025 were RMB 43 million compared with RMB 33 million for the same period of 2020 for technology and development expenses accounted for one 7% of net revenues for the second quarter of 2025.
General and administrative expenses for the same period for the second quarter of 2025 where IMB, uh, 90 million.
Including R&B, $2 million share-based compensation expenses.
Which includes the R&B $15 million in share-based compensation expenses.
Compared with one 8% for the same period of 2024.
Now please turn to slide 21.
Adjusted net income for the second quarter of 2025 was RMB 427 million.
Presenting a 32% increase year over year.
Adjusted EBITDA for the second quarter of 2025 was RMB $610 million.
Journal and and and administrative expenses. Excluding shall shall based extension? Uh compensation expenses accounted for 3.6% of net revenues for the second quarter of 2025 compared with 4.2% for the same period of 2024. The crease was primarily due to improve improved management, efficiency and economics of scale.
Up by 37, 7% year over year.
And adjusted net margin for the second quarter of 2025.
Technology and development expenses for the second quarter of 2025 were RMB 43 million, compared with RMB 333 million for the same period of 2024.
17, 3%, representing a decrease of <unk> nine percentage points year over year.
The decrease was due to a rise in the overall effective tax rate, resulting from a withholding tax.
Technology and development expenses accounted for 1.7% of net revenues for the second quarter of 2025, compared with 1.8% for the same period of 2024.
Jianfeng Wu: Adjusted net income for the second quarter of 2025 was RMB 427 million, representing a 30.2% increase year-over-year. Adjusted EBITDA for the second quarter of 2025 was RMB 610 million, up by 37.7% year-over-year. And adjusted net profit margin for the second quarter of 2025 was 17.3%, representing a decrease of 0.9 percentage points year-over-year. The decrease was due to a rise in the overall effective tax rate, resulting from withholding tax. Adjusted EBITDA margin for the second quarter of 2025 was 24.7%, remaining stable compared to the same period of 2024. Now, please turn to slide 22. We also maintained a healthy cash position as of June 30, 2025. Our cash and cash equivalents totaled RMB 2,716 million, with net cash of RMB 2,649 million. Please turn to slide 23.
Now, please turn just like 21.
Adjusted EBITDA margin for the second quarter of 2025 was 24, 7% remaining stable compared to the same period of 2024.
Adjusted net income for the second quarter of 2025 was R&B 427 million, representing a 30.2% increase year-over-year.
Now please turn to slide 22.
We also maintained a healthy cash position as of June 32020 for 30, 35 odd cash and cash equivalents totaled RMB 2000, $715 million with net cash of RMB 2640 $9 million.
The adjusted EBITDA for the second quarter of 2025 was RMB 610 million, up by 37.7% year-over-year.
Please turn to slide 23.
The adjusted net profit margin for the second quarter of 2025 was 17.3%, representing a decrease of 0.9 percentage points year-over-year.
For full year 2025, given ongoing network expansion and rapid growth of our retail business. We currently expect total net revenue to increase by 30% compared with full year 2024.
The increase was due to a rise in the overall effective tax rate resulting from the wasting tax.
That concludes our financial highlights for the second quarter of 2025 now like to open for Q&A.
The EPA margin for the second quarter of 2025 was 24.7%, remaining stable compared to the same period of 2024.
Now, please tend to like 22.
I will begin the question and answer session, if you'd like to ask a question. Please press star one one.
Aimed to P&L.
All participants on today's call. If you raise your questions in Chinese please see immediately repeat your question in English.
Please limit your questions to one at a time if you wish to have a follow up questions. Please rejoin the queue.
We also maintained a healthy cash position. As of June 30, 2025, our cash and cash equivalents totaled RMB 2,716 million, with net cash of RMB 20,649 million.
Jianfeng Wu: For full year 2025, given ongoing network expansion and rapid growth of our retail business, we currently expect total net revenues to increase by 30% compared with full year 2024. That concludes our financial highlights for the second quarter of 2025. Now, let's open for Q&A.
Please turn to slide 23.
One moment for the first question.
So first question comes from the line of <unk> Lee from Citi. Please go ahead.
For a full year, 2025, given the ongoing network extension and rapid growth of our retail business, we currently expect total net revenues to increase by 30% compared with the full year 2024.
Oh go ahead.
Okay.
Thank you.
Operator: Thank you. It will now begin the question and answer session. If you would like to ask a question, please press *11 and wait for a name to be announced. For the benefit of all participants on today's call, if you raise your questions in Chinese, please immediately repeat your question in English. Please repeat your questions one at a time. If you wish to have a follow-up question, please rejoin the queue. One moment for the first question. Our first question comes from the line of Lydia Ling from Xiti. Please go ahead.
Thank you Bill.
How are you.
So what that means.
Oh, no we're selling.
Thank you.
That concludes our financial highlights for the second quarter of 2025. Now, let's open for Q&A. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press *1 and wait for your name.
Yes.
<unk>.
I need to know about.
<unk> alright.
For the brand name for all participants on today's call. If you raise your questions in Chinese, please do so immediately. Repeat your question in English.
Hi, Thanks management and congratulations on the Xyrem is out yet.
Our second quarter and as.
Please repeat your questions one at a time. If you wish to have a follow-up question, please rejoin the queue.
I want to ask for some.
1 moment for the first question.
Although revpar trend so could you share the delay is the revpar trend performance in the quarter.
So quarter to date and especially during the summer.
Lydia Ling: 管理层好, 感谢给我提问的这个机会, 也恭喜公司三季度、二季度依旧取得了非常优秀的那个业绩。那我想问一个关于ROICPA的问题, 能否分享一下三季度以来, 包括尤其是暑期期间咱们的这个ROICPA的一个情况, 以及管理层能否分享一个最新的对全年ROICPA的一个看法? Thanks, management, and congratulations on the results in the second quarter. And so I want to ask some questions on the ROICPA trend. So could you share the latest ROICPA trend performance in the third quarter to date, and especially during the summer holidays? And what's your latest view on the full year ROICPA trend? Thank you.
Alrighty and let's see our latest view on the full year Revpar trends. Thank you.
Our first question comes from the line of lead. Your link from City, please. Go ahead.
<unk> is a leader.
So whichever one kolasa shallow.
Yes.
<unk> <unk>.
Turning to our Suzhou <unk> Mayo equate with Australia considers rating, especially EMEA, Canada showed <unk> internal well, maybe just authentic to the Revpar Gardner.
Our usual policy now.
Um, sex management. And, uh, so congratulations on the S results in the second quarter. And so, uh, I want to ask a...
How the wastewater pumping downhole waiting for the.
<unk>.
And yet <unk> E Chen and the wrap up.
Sadly insufficient.
Thank you Lydia.
Entering the summer season, the market continues to exhibit some characteristics such as rotating travel hotspots or the divergent regional performances.
Haijun Wang: 好, 谢谢Lydia。进入暑假呢, 我们看到虽然市场依然呈现一个旅游的热点轮动, 还有区域表现分化的特点, 整体上呢, 需求还没有恢复到去年的同期的水平。但是我们也看到啊, 暑期的休闲游仍然具备一定的韧性, 因此呢, 我们预计整个三季度的ROICPA的压力呢, 较二季度将会有所缓解。那ROICPA的恢复的同比降幅会进一步的缩窄。那对于全年, 我们整体上预计全年的ROICPA恢复度也会呈现出逐渐改善的一个趋势。
Some, uh, questions on the Reaper trend. So could you share the latest Reaper trend performance since the quarter, or, uh, the quarter to date, and especially during the summer holidays? And what's your latest view on the full-year rapid trend? Thank you.
So overall demand has not yet recovered to the same period last year. However, we do have observed that the summer leisure travel still demonstrated some resilience. Therefore, we expect that the revpar pressure in Q3 will somewhat ease when compared to that of Q2.
um,
While further narrowing the declining year on year Revpar recovery.
Luke Hu: Thank you, Lydia. Well, entering the summer season, the market continues to exhibit some characteristics, such as the rotating travel hotspots or the divergent regional performances. So overall demand has not yet recovered to the same period last year. However, we do have observed that the summer leisure travel still demonstrated some resilience. Therefore, we expect that the ROICPA pressure in Q3 will somewhat ease when compared to that of Q2, while further narrowing the declining in year-on-year ROICPA recovery. Nonetheless, full year ROICPA recovery rate is also showing a gradual improving trend.
Nonetheless full year recovery.
Full year Revpar recovery rate is also showing a gradual improving trend.
thank you, Lydia.
But I don't want to.
<unk> turns out 70 Hollywood is a many of the Intelsat.
Characteristics such as the rotating travel hot spots or the divergent regional performances.
Yes.
Retention of publicity child poverty in the Yorkshire, we've made all youll see us reduce our champion developing paddy let US show you qualify me it will be exactly to gel OCC ADR clinical labor put it <unk> show.
So overall demand has not yet recovered to the same period last year. However, we have observed that summer leisure travel still demonstrated some resilience.
While the sales and the addition of <unk>.
You hear all the competitors in the <unk>.
Looking ahead, we believe the industry will continue to face challenges as market supply increases overall, however, a tour will consistently leverage our differentiated experiential advantages by refocusing on users while continuously strengthening our product.
Haijun Wang: 那展望未来的话呢, 伴随着市场供给的持续增加, 整体行业依然面临着一定的挑战。但对于亚朵而言, 我们会坚持发挥自己差异化的体验的优势, 回归到用户, 持续去强化我们的产品力和品牌力。那在收益管理方面, 我们也将会聚焦OCC跟ADR更加均衡的一个策略, 去提升我们整体的收益能力。我们相信呢, 这是我们亚朵穿越周期的关键所在, 也是检验我们品牌韧性的试金石。
therefore, we expect that the revpar pressure in Q3 will somewhat ease compared to that of Q2 while further narrowing the declining in year on year, rough power recovery nonetheless, 4 year recovery, uh 4 year, rough power recovery rate is also showing a gradual improving trend
Excellence in our brand premium capabilities in terms of revenue management, we shall maintain a more balanced strategy between OCC and ADR to enhance overall profitability. We are confident that this approach is the key to navigating market cycles and it will.
Serve as a touchstone for our branch resilience.
Luke Hu: Looking ahead, we believe the industry will continue to face challenges as market supply increases overall. However, Atour will consistently leverage our differentiated experiential advantages by refocusing on users, while continuously strengthening our product excellence and brand premium capabilities. In terms of revenue management, we shall maintain a more balanced strategy between OCC and ADR to enhance overall profitability. We are confident that this approach is the key to navigating market cycles, and it will serve as a touchstone for our brand's resilience. Thank you.
Thank you.
Thank you Lydia next question please.
The next question.
Your next question comes from the line of Chinese <unk> from UBS. Please go ahead.
Wonderful.
I wish you pay attention.
Mango and tissue.
Just talking about.
Joe Johnson.
Okay. Thanks, guys.
Hey, Dan.
The wine tumblers.
I'll, let Chad.
Patrick.
So simple things.
Great.
Matrix data.
Operator: Thank you, Lydia. Next question, please. One moment for the next question. The next question comes from the line of Chenxin from UBS. Please go ahead.
Looking ahead, we believe the industry will continue to face challenges as market supply increases overall. However, a tool we will consistently leverage is our differentiated experiential advantages by refocusing on users while continuously strengthening our product excellence and brand premium capabilities in terms of revenue management. We shall maintain a more balanced strategy between OC and ADR to enhance overall profitability. We are confident that this approach is the key to navigating market cycles and it will serve as a touchstone for our brand's resilience.
On behalf of the management of <unk>.
Thank you.
Hey, Richard.
Just two quick ones.
The guidance hotel openings and closures.
Thank you, Lydia. Next question, please. One moment for the next question.
But what is the recent protests findings with is increasing.
Competition in the market relative impact.
The next question comes from the line of Ching from UBS. Please go ahead.
Xin Chen: 王总好, 吴总好。我是UBS的陈鑫。我这边有个问题是关于我们开店的以及我们竞争的, 就想请你们来分跟大家分享一下2025年我们开店和关店目标是不是有变化。另外呢, 近期加盟商的签约的态势如何? 随着市场竞争的加剧, 是否会影响到公司未来的发展规划? Let me translate to English. I may have the management to share whether there are any changes to the 2025 guidance on hotel openings and closure. Additionally, what is the recent trend in franchise signings? With the increasing competition in the market, will this impact the company's future development plans? 谢谢。
So if youre talking about the past.
Tissue.
Although his vision.
Without Olympiakos Omega target one day of <unk>.
Yes, all of the current environment.
Thank you you're changing let me try to answer your question and allow me to share of tours long term development plans from multiple perspectives, including store openings closures Santa signings Eagle for.
Let me translate to English, amen.
<unk> continue to go down by a diary, Georgia.
Arguably more well known.
Philadelphia Ababa Ethiopia.
Yes.
On the balance sheet yet.
The prior three India, Russia.
Haijun Wang: 好的, 谢谢陈鑫。那我来回答这个问题啊, 我从这个开店、关店、签约啊这几个角度跟大家分享一下亚朵的长期发展的规划。
Russia. Are there any changes to the 25 guidelines and closure? Additionally, what is the reason the infant has signings, uh, with the increasing, uh, competition in the market? Will this impact the company's future development plans?
Oh, Dear Glu mobile.
Firstly regard to new openings.
And the first half of this year, we opened a total of 239 new hotels.
Luke Hu: Thank you, Chenxin. Let me try to answer your question and allow me to share Atour's long-term development plans from multiple perspectives, including store openings, closures, and signings.
End of the second quarter pipeline Hotel numbers reached 816 based upon this we are fully confident in achieving our full year guidance of 500, New hotel openings and finally, reaching the scale target of two premier hotels by the end.
Haijun Wang: 第一个是开店方面, 上半年呢, 我们新开的酒店是共计是239家, 截止二季度末管道项目数量是816家。基于这些啊, 我们有充分的信心达成全年500家店的开业的指引, 并且实现我们年底2,000好店的规模目标。
Thank you. Let me try to answer your question and allow me to share a tour. Long-term development plans from multiple perspectives, including store openings, closures, and signings.
Of this year.
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Luke Hu: Firstly, regard to new openings, in the first half of this year, we opened a total of 239 new hotels. By the end of the second quarter, pipeline hotel numbers reached 816. Based upon this, we are fully confident in achieving our full year guidance of 500 new hotel openings and finally reaching the scale target of 2,000 premier hotels by the end of this year.
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Secondly on closures as for our hotels in operation, we would conduct ongoing evaluations from operational to experiential perspectives and determinant partnerships with those that do not meet our experience consistency standards. So in the first half.
Haijun Wang: 第二点呢, 我们看一下这个关店方面, 针对在营的酒店啊, 我们会持续的从经营、体验、不同的维度啊进行动态的评估, 这个与不合格的、不符合我们体验一致性标准的酒店终止合作, 上半年。年呢,
In the first half of this year, we opened a total of 239 new hotels. By the end of the second quarter, our pipeline numbers reached 816. Based upon this, we are fully confident in achieving our full year guidance of 500 new hotel openings and finally reaching the scale target of 2,000 premier hotels by the end of this year.
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Half of the year, we closed at 34 hotels, and we expect a full year number of closures to be in between 70 to 80 and moving forward, we will maintain a certain active replacement rate to ensure every operating hotel is a differentiated high quality property.
Haijun Wang: 我们关店了34家, 预计今年全年关店数量将会达到70-80家。未来呢, 我们也会保持一定的主动汰换的比率, 确保每一家在营的酒店都是有差异化的高品质的酒店。
Jianfeng Wu: Secondly, on closures, as for our hotels in operation, we would conduct ongoing evaluations from operational to experiential perspectives and terminate partnerships with those that do not meet our experience consistency standards. So, in the first half of the year, we closed 34 hotels, and we expect the full year number of closures to be in between 70 to 80. And moving forward, we will maintain a certain active replacement rate to ensure every operating hotel is a differentiated, high-quality property.
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Secondly, on closures, as for our hotels in operation, we would conduct ongoing evaluations from operational to experiential perspectives and determine partnerships with those that do not meet our experience consistency standards.
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Thirdly, the next point on our future approach to signings Firstly, we will position precisely in terms of location leveraging the network management advantages outlined in our site selection tool set.
Haijun Wang: 第三点呢, 我来聊一聊关于我们未来的签约导向。首先呢, 我们将会在区位上更加精准的布局, 依托我们布点的白皮书, 发挥网络化的管理的优势。那其次呢, 在目前波动的市场环境下, 我们仍然会坚持高品质的签约的标准, 确保高质量的规模增长。通过以上策略啊, 我们希望不仅向用户提供更好的产品和体验, 也希望更加进一步推动品牌和加盟商的合作共赢和长期的可持续的发展。
So, in the first half of the year, we closed 34 hotels, and we expect the full year number of closures to be between 70 to 80. Moving forward, we will maintain a certain active replacement rate to ensure that every operating hotel is a differentiated, high-quality property.
Secondly, despite the current market environment with turbulence going on we shall continue with the high standards on signings to ensure our high quality growth and scale. These strategies will allow us to not only offer better products and experiences, but also create a win win some.
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Stable growth for our brand and the franchisees.
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Jianfeng Wu: Thirdly, the next point on our future approach to signings. Firstly, we will position precisely in terms of location, leveraging the network management advantages outlined in our site selection tool. Secondly, despite the current market environment with turbulences going on, we shall continue with the high standards on signings to ensure our high-quality growth in scale. These strategies will allow us to not only offer better products and experiences, but also create a win-win sustainable growth for our brand and the franchisees.
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Firstly, we will position precisely in terms of location leveraging the network management advantages outlined in our site selection tool.
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Haijun Wang: 最后呢, 就是说我想表达的是, 纵观整个中国连锁酒店啊的发展历程, 大部分企业都是规模为先的发展路径, 但是我们这个行业啊, 最终必将是要从规模的竞争转向质量的竞争。呃, 对于亚朵而言, 我们从始至终一直坚守的是我们的品质好店的战略的定力。未来呢, 我们仍将会从签约开业到运营酒店的整个生命周期, 对项目的质量进行严格的把控, 以亚朵的高标准构筑品牌的护城河, 这样才可以持续践行和传递啊我们长期主义的发展的理念。谢谢。
These strategies will allow us to not only offer better products and experiences but also create a win-win, sustainable growth for our brand and the franchisees.
India talented leader in EMEA.
Last but not least well in fact, when we look back at the development history of China's chain hotel industry. Most of the players has inevitably followed a path of priority prioritizing scale first.
The industry would sooner or later eventually shift from competition on scale towards competition on quality.
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While we add tour consistently kept to our strategic focus of quality premier hotels throughout the whole time in the future. We will continue to enforce strict quality control throughout the entire lifecycle of hotels from signing and opening to operations and build.
Jianfeng Wu: Last but not least, well, in fact, when we look back at the development history of China's chain hotel industry, most of the players have inevitably followed a path of prioritizing scale first. But the industry would sooner or later eventually shift from competition on scale towards competition on quality. Meanwhile, we at Atour consistently kept to our strategic focus of quality premier hotels throughout the whole time. In the future, we will continue to enforce strict quality control throughout the entire lifecycle of hotels, from signing and opening to operations, and build a brand moat with our high standards and consistently practicing and promoting our development philosophy of long-termism. Thank you.
Our Brent mode with our high standards and are consistently practicing and promoting our development velocity of long term meso. Thank you.
Thank you.
Next question. Please our next question comes from the line of <unk>.
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Hi, This is Tom.
Last but not least, well, in fact, when we look back at the developments in the history of China's chain hotel industry, most of the players have inevitably followed up, prioritizing scale first. But the industry would sooner or later eventually shift from competition on scale to competition on quality.
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Meanwhile, we have consistently added a tour that aligns with our strategic focus on quality Premier hotels throughout this entire period.
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Haijun Wang: Thank you, Chen Xin. Next question, please.
In the future, we will continue to enforce strict quality control throughout the entire life cycle of hotels, from signing and opening to operations, and build a brand model with our high standards, while consistently practicing and promoting our development philosophy of long-termism. Thank you.
Sure sure.
Luke Hu: The next question comes from the line of Su Jielin from CICC. Please go ahead.
Yes.
So thank you management.
Go ahead for another strong quarter. So my question is on the retail business.
Haijun Wang: 啊, 谢谢管理层, 恭喜咱们又一个季度强劲的业绩。嗯, 我的问题是关于零售, 就是因为我们看到二季度包括这个六一八期间, 这个零售是延续了很亮眼的表现。呃, 咱们也上调了整个公司全年的收入指引, 那想请教一下, 这其中零售业务全年的收入指引是怎么样的? 啊, 另外的话呢, 就是能不能请咱们谈一谈对于这个零售业务未来发展的一些想法, 那包括说像这个睡眠系列的新品推出来的节奏, 呃, 以及是这个发展过程当中如果遇到, 那可能遇到的这个瓶颈或者障碍是什么? 啊, 我再翻译成英文。 so thank you, management. congrats for another strong quarter. So my question is on the retail business, because we noticed that Atour's retail business continued its outstanding performance during Q2, which spans across the 618 online shopping festival period. and that you have raised full-year revenue guidance. So could you share with us, what's the full-year revenue guidance for the retail business? And additionally, could you please discuss more about the future development of the retail business, maybe including the rollout phase of new sleep products, and, is there any bottlenecks or challenges among development? Thank you.
Thank you. Next question, please. The next question comes from Dubai from Suji Ling from CICC. Please go ahead.
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Full year revenue guidance for the retail business.
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Haijun Wang: 好, 谢谢苏姐。呃, 我首先来回答一下关于我们的收入指引的问题。那么二季度的话, 我们亚朵零售业务是取得了非常亮眼的表现。呃, 全年来看的话呢, 我们将继续按计划去推进我们新品的发布, 去持续完善我们的产品矩阵。那么我们上月呢, 本月啊, 是上新了我们深睡枕Pro 3.0, 还有我们深睡控温被Pro 2.0 4G被的产品。呃, 市场反馈也都非常非常的积极。那接下来我们还将陆续推出控温被系列的升级版本, 进一步去丰富我们深睡系列的产品线。所以基于当前零售业务的积极发展态势呢, 我们对实现全年的目标是充满信心的。因此我们将零售业务全年收入指引呢, 是上调至同比增长60%。
Across the 618 online shopping festival period, um, you raised your full year revenue guidance. So could you share with us, uh, what's the full year revenue guidance for the retail business? Additionally, could you please discuss more about the future development of the retail business, uh, maybe including the rollout pace of new sleep products? And, uh, are there any bumps or challenges in development? Thank you.
Thank you suggest let me answer your question regarding revenue guidance in the second quarter of tourist retail business achieved outstanding performance and looking at the full year, we will continue to launch new products as planned and further refine our product matrix. This month, we launched the.
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Jianfeng Wu: Thank you, Suji. Let me answer your question regarding revenue guidance. In the second quarter, Atour's retail business achieved outstanding performance, and looking at the full year, we will continue to launch new products as planned and further refine our product matrix. This month, we launched the Deep Sleep Memory Foam Pillow Pro 3.0 and the Deep Sleep Thermoregulating Comforter Pro 2.0 all season. Both have received very positive market feedback. Upgraded versions of the Deep Sleep Thermoregulating Comforter series will also be rolled out in the near future to further enrich our Deep Sleep product line. Considering that positive development momentum of the retail business, we are confident in achieving our full-year targets and have therefore raised our full-year guidance of retail business growth to 60% year over year.
Considering that positive developments momentum of the retail business, we are confident in achieving our full year targets and a half.
Therefore raised our full year guidance have retail business growth to 60% year over year.
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Thank you, CJ. Let me answer your question regarding revenue guidance. In the second quarter, a tourist retail business achieved outstanding performance. Looking at the full year, we will continue to launch new products as planned and further refine our product matrix. This month, we launched the Deep Sleep Memory Foam Pillow Pro 3.0 and a Deep Sleep Thermal Regulating Comforter Pro 2.0, All Season. Both have received very positive market feedback. Upgraded versions of the Deep Sleep Thermal Regulating Comforter series will also be rolled out in the near future to further enrich our Deep Sleep product line.
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Haijun Wang: 呃, 接下来我来谈谈零售业务未来的规划。啊, 经过长期的探索, 我们也认识到, 就说我们亚朵星球睡眠产品的持续的热销, 是基于我们对用户需求的深刻的洞察, 包括我们体验驱动商业模式的成功的实践。但同时呢, 我们也看到行业竞争是非常激烈的, 竞争者和模仿者也是非常多。那作为行业啊, 我们认为我们还是行业的一个新的成员, 我们最需要的是沉下心来, 持续夯实我们的基本能力。这个基本能力呢, 包括两个方面。第一方面呢, 是我们会不断提升我们的供应链水平, 打造企业长期发展的基础。第二个方面呢, 我们也会加强我们研发创新和品质的管控, 以更高的标准来推动行业整体水平的提升。那这两个方面的提高呢, 我们相信也会帮助我们持续践行高品质增长这一长期的理念。谢谢。
Considering the positive momentum in the retail business, we are confident in achieving our full-year targets. Therefore, we have raised our 4-year guidance for retail business growth to 60% year-over-year.
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Now, let me discuss the future plans for the retail business of ours.
Through long term exploration, we have already recognized that the sustained popularity of our 12 planets sleep products is rooted in our deep understanding of user needs and the successful implementation of an experienced driven business model.
However, we do see intensifying competition going on with new entrants and the imitators joining the fray.
As a relatively new player we see ourselves coming into this industry, we need to stay focused solidify our fundamental capabilities in two folds on one.
Jianfeng Wu: Now, let me discuss the future plans for the retail business of ours. Through long-term exploration, we have already recognized that the sustained popularity of our Atour Planet sleep products is rooted in our deep understanding of user needs and the successful implementation of an experience-driven business model. However, we do see intensifying competitions going on with new entrants and imitators joining the fray. As a relatively new player we see ourselves coming into this industry, we need to stay focused, solidify our fundamental capabilities in two folds. On one hand, we shall continuously optimize our supply chain as a strong foundation for our long-term development, while on the other hand, we will strengthen R&D innovation and quality control to drive the overall improvement of industry standards with higher benchmarks. This is precisely a continuation and practice of the long-term philosophy of high-quality growth that our hotel business upholds.
I'll hand re shall continuously optimize our supply chain has a strong foundation for our long term development while on the other hand, we will strengthen R&D innovation and quality control to drive the overall improvement of industry standards with higher benchmarks. This is precisely a continuation.
And practice of the long term philosophy of high quality growth that our hotel business approach. Thank you.
The next question please.
Thank you next question comes from Dan <unk>.
Now, let me discuss the future plans for the retail business of ours. Through long-term exploration, we have already recognized that the sustained popularity of our actual planet’s sleep products is rooted in our deep understanding of user needs and the successful implementation of an experience-driven business model. However, we do see intensifying competition going on with new entrants and imitators joining the freight.
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Jianfeng Wu: Thank you.
Haijun Wang: Thank you, Suji. Next question, please.
As a relatively new player, we see ourselves coming into this industry. We need to stay focused and solidify our fundamental capabilities in two folds. On one hand, we shall continuously optimize our supply chain as a strong foundation for our long-term development. On the other hand, we will strengthen R&D, innovation, and quality control to drive the overall improvement of industry standards with higher benchmarks. This is precisely a continuation and practice of the long-term philosophy of high-quality growth that our hotel business upholds. Thank you.
Well thank you.
Luke Hu: Thank you. Next question comes from Dan Qi of Morgan Stanley. Please go ahead.
We observed the growth rate of the retail segment business.
Thank you. Next question, please.
Revenue is a lot faster than the hotel segment. So there has been some structural change on the growth rate of the company's revenue outlook.
Jianfeng Wu: 呃, 各位管理层啊, 大家晚上好。我这边有一个呃关于财务上面的问题, 就是我们看到公司的收入结构在持续变化, 就是二季度。同时呢, 这个二季度和一季度一样的税率也比较高。之前有讲过这个全年的净利润率尽量保持在啊去年的18%的这个水平啊, 就经调整的净利润率。那现在有了这些结构性收入结构性这样的变化呢, 能否请管理层分享一下全年这个经调整后的净利润率的一个情况? 啊, 我翻译一下。 we observe the growth rate of the retail segment business, revenue is a lot faster than the hotel segment, so there has been some structural change on the growth rate of the company's revenue outlook. the tax rate was also high this quarter, similar to first quarter, so I would like to understand the company's latest view on the full-year adjusted net income margin and can it still stay stable at 18%, like last year as previously guided. Thank you.
Thank you. Next question comes from Donnie of Morgan Stanley. Please go ahead.
X-ray was also high this quarter similar to first quarter. So I would like to understand the company's latest view on the full year adjusted net income margin and can it still stays stable at 18% last year as previously guided thank you.
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Thank you Dan in 2024 hour group's adjusted net profit margin was approximately 18% this year due to the rapid growth of our retail business, our revenue structure shifted and in the first half of the year retail revenue accounted for around 38% of the total up from.
Haijun Wang: 好, 谢谢Dan。嗯, 2024年我们集团层面的经调整后净利润率是18%。那么今年呢, 基于我们零售业务快速的增长, 我们整个收入结构也发生了相应的变化。上半年整个上半年我们零售收入占集团整体收入的比例是从去年同期的29%上升到38%。那随着零售业务收入占比持续提升呢, 对整体利润率呢会产生一定的结构化的影响。但是随着公司管理效能的提升, 我们依然保持的税前的利润率呢还是能保持相对稳定的。
Uh, we observe the growth rate of the retail segment business. Uh, revenue is a lot faster than the hotel segment. So there has been some structural change in the growth rate of the company's revenue outlook. Uh, the tax rate was also high this quarter, similar to the first quarter, so I would like to understand the company's latest view on the full year, adjusted net income margin and can it still stay stable at 18% like last year as previously guided. Thank you.
um,
Around 29% in last year and the contribution from retail revenue continues to increase it is exerting a structural impact on our overall net profit margin, but as we have maintained a relatively stable pre tax profit margin through improved management efficiency.
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Jianfeng Wu: Thank you, Dan. In 2024, our group's adjusted net profit margin was approximately 18%. This year, due to the rapid growth of our retail business, our revenue structure shifted, and in the first half of the year, retail revenue accounted for around 38% of the total, up from around 29% in last year. And the contribution from retail revenue continues to increase; it is exerting a structural impact on our overall net profit margin, but as we have maintained a relatively stable pre-tax profit margin through improved management efficiency.
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Haijun Wang: 但同时呢, 我们是在今年正式推出了我们分红加回购的一揽子的股东回报的方案。由于我们的资金来源于境内子公司的税后利润的汇出, 相应的呢, 预提所的税呢也会推高集团今年整体的税率。呃, 今年我们调整后的综合税率啊, 预计会从去年25%提升到30%。这在一定程度上会影响全年的净利润率, 因此我们受这个税率的影响, 我们预计今年整体的净利润率跟去年相比的话会有所下降。谢谢。
Thank you. Dan, in 2024, our group's adjusted net profit margin was approximately 18% this year, due to the rapid growth of our retail business. Our revenue structure shifted, and in the first half of the year, retail revenue accounted for around 38% of the total, up from around 29% last year. The contribution from retail revenue continues to increase; it is exerting a structural impact on our overall net profit margin. However, we have maintained a relatively stable pre-tax profit margin through improved management efficiency.
Our overall effective tax rate this year. The adjusted comprehensive tax rate is expected to rise to 30% this year compared to last year's 25% that will to some extent affect our full year net profit margin. So as a result, we anticipate our year on year decline.
Full year net profit margin. Thank you. Thank.
Jianfeng Wu: Meanwhile, as we have officially launched a comprehensive shareholder return program combining dividend and share repurchases this year, of which the funding source comes from our net income profit distribution of our domestic subsidiaries. Accordingly, the associated withholding tax will increase our overall effective tax rate this year. The adjusted comprehensive tax rate is expected to rise to 30% this year compared to last year's 25%. That will, to some extent, affect our full-year net profit margin. So, as a result, we anticipate our year-on-year decline in full-year net profit margin. Thank you.
Thank you Dan next question please.
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Our next question comes from the line of Simon Cheng of Goldman Sachs. Please go ahead.
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Haijun Wang: Thank you, Dan. Next question, please.
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Meanwhile, we have officially launched a comprehensive shareholder return program combining dividends and share repurchases this year, of which the following source comes from our net income profit distribution of our domestic subsidiaries. Accordingly, the associated withholding tax will increase our overall effective tax rate this year. The adjusted comprehensive tax rate is expected to rise to 30% this year compared to last year's 25%, which will, to some extent, affect our full year net profit margin. As a result, we anticipate a year-on-year decline in full year net profit margin. Thank you. Thank you there. Next question, please.
Luke Hu: One moment for the next question. Our next question comes from the line of Simon Chen of Goldman Sachs. Please go ahead.
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Jianfeng Wu: 啊, 谢谢王总跟吴总的分享。啊, 我有两个问题。第一个问题是关于品牌, 其实两个问题都是关于品牌的。第一个是看到你们沙河在深圳开店以来那个反馈非常好, 想请教一下你们未来的发展有什么计划, 以及比如说在区域里面, 啊, 或是你有没有说啊, 有什么具体的目标要开到多少个店呢? 这个是沙河的, 然后另外一个就是亚朵啊, 清居啊, 这个品牌。那看到啊, 过去可能几个季度也看到慢慢啊, 那个数量也开始起来了。我看到好像上个季度大概180个店了。那也看到, 也也听到王总你刚才也分享了3.3挺啊, 那个啊, 那个version出来。那想请教一下你们最近看到市场的反馈是怎么样? so let me translate that into English. so regarding the hotel brand, I have questions on the two hotel brands that they have maybe more strategic focus or newly launched recently. One is沙河, whereby they launched a Shenzhen new hotel and the market receptions have been excellent. Wondering whether they have any targets in terms of the number of hotels, as well as you know the district or regions where they're going to be focusing on. Secondly, also on Atour, I think the number of hotels can almost reach 180 for this quarter. Wondering there's any update on the feedback and specifically you know the version 3.3 has been quite well received. So wondering there's going to be any feedback that management can share. Thank you.
All right, the next question comes from the line of Simon Chen of Goldman Sachs. Please go ahead.
One is on the commentary from Zelman associates.
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So let me translate that into English so.
Regarding the hotel brands.
Questions on the two hotel brands.
Maybe more strategic focus on newly launched recently when they suffer.
The launch of Syngenta, a new hotel in the market Reception's been excellent.
Wondering whether they have any targets in terms of the number of hotel.
As well as the district regions, where I think you're going to be focusing on.
Secondly, also on the two alike.
The number of hotel come almost reaching 184 this quarter.
Wondering does any.
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Haijun Wang: 好的, 感谢开门啊。我先来聊聊这个沙河的问题。沙河酒店呢, 自开业以来, 应该说我们在设计风格和体验的品质上都得到了用户和业界的高度的评价。今年的表现呢, 也比较亮眼, 特别是我们深圳的萨河旗舰店正式开, 我们是5月28号开业, 正式开业的首月啊, 综合的RO p就超过了800元。目前呢, 管道内我们有多个位于广州、上海、深圳这些核心城市的优质项目, 也将会陆陆续续的开出。那么对于萨河酒店啊, 我们一直坚持的就是质量第一, 我们要做的呢, 是控制发展的规模, 这样才能深耕我们的品牌价值, 打造体验标杆, 从而以长期主义的心态啊, 去让这个品牌更好的成长。
In terms of the number of hotel as well, as well as, you know, the uh, District of regions where they going to be focusing on. Uh, secondly also on on our tour like um, I think uh, the number of Hotel Kong almost reaching 180, uh, for this quarter, uh, wondering that's uh, any uh, you know, update on the feedback and uh, specifically uh, you know, the version 3.3 has been uh, quite well received, uh, so wondering that's going to be any any feedback that management can share. Thank you.
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Thank you Simon. Thank you Simon first regarding the question of soccer well since its opening soccer has been highly praised by our users because of the design style and service quality and that particularly stand out operational performance.
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Safra hotel in Shenzhen achieved a comprehensive revpar exceeding RMB 800.
Its first full month of operation that started from May 28th currently several high quality projects in key cities, such as Guangzhou, Shanghai, Shenzhen and are poised to open successively for.
We will adhere to quality first approach because we need to control the scale of expansion, while deepening the brand presence and aiming to set a benchmark in experience and supporting its growth with a long term mindset.
Jianfeng Wu: Thank you, Simon. Thank you, Simon. First, regarding the question of沙河, well, since its opening,沙河 has been highly praised by our users because of the design style and service quality and the particularly standout operational performance. The flagship store of沙河 Hotel in Shenzhen achieved a comprehensive rev par exceeding RMB 800 in its first four months of operation that started from May the 28th. Currently, several high-quality projects in key cities such as广州、上海、深圳 are poised to open successively. For沙河, we will adhere to a quality-first approach because we need to control the scale of expansion while deepening the brand's presence and aiming to set a benchmark in experience and supporting its growth with a long-termism mindset.
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Haijun Wang: 那我来回答一下清居的问题。嗯, 二季度我们清居3.0赛营的酒店的整体的经营表现是非常非常亮眼的。我们整体的rap part的同比恢复度呢, 是领先于集团的大盘, 那体现了清居品牌优异的产品的势能以及高效的这个点位的布局。那在清居3.0基础上升级的清居3.3的版本呢, 一经推出也获得了加盟商的一个高度青睐啊, 签约态势良好。那我们首家的清居3.3的酒店是在上周开业了, 那首批其他的门店呢, 也会陆续的开业。
Thank you. Thank you, Simon. First, regarding the question of Secours. Well, since its opening, Sakura has been highly praised by our users because of the design style, service quality, and particularly standout operational performance. The flagship store of Sakura Hotel in Shenzhen achieved a comprehensive RAR exceeding RMB 800 million in its first four months of operation, which started on May 28th. Currently, several high-quality projects in key cities such as Guangzhou, Shanghai, and Shenzhen are poised to open successively for Sakura. We will adhere to a quality-first approach because we need to control the scale of expansion while deepening the brand's presence and aiming to set a benchmark in experience, supporting its growth with a long-term mindset.
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Jianfeng Wu: I'll talk about Atour Light. In second quarter, overall operational performance of Atour Light 3.0 was outstanding, with the rev par recovery rate outperforming our group's average, demonstrating a strong product potential and very efficient location of the Atour Light brand. Atour Light 3.3 version, upgraded from the basis of Atour Light 3.0, has also been highly favored by franchisees since its launch and picked up a very strong signing momentum. Our first Atour Light 3.3 hotel has opened in the last week, and the first batch of more locations will open soon.
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I'll talk about Atour Lite in the second quarter. Overall operational performance of Atour Lite 3.0 was outstanding, with the rev power recovery rate outperforming our group's average, demonstrating a strong product potential and a very efficient location of the Atour Lite brand.
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Accretion of efficiency and also focus on core urban areas and a key business districts with a long term vision and a steady deliberate efforts. We aim to lay a solid foundation for achieving our goal of 1000 tour light hotels. Thank you.
Haijun Wang: 想问未来清居作为我们集团的战略重点, 我们将会一如既往的持续投入核心的资源, 深度去打磨我们产品的品质, 呃, 提升运营的效率, 聚焦在核心城市的核心商圈, 立足长远, 稳扎稳打, 为清居达成我们千店目标的这个千店千店的这样一个目标啊, 奠定坚实的基础。谢谢。
A Tour Lite 3.3 version, upgraded from the basis of a Twilight 3.0, has been highly favored by franchisees since its launch and picked up a very strong signing momentum. Our first Tour Lite 3.3 hotel opened last week, and the first batch of more locations will open soon.
Thank you Simon next question please.
Yes, no further questions at this time that concludes today's question and answer session Mike.
Jianfeng Wu: And looking forward, we do believe in Atour Light to be a strategic priority for our group, and we'll continue to invest into this brand with our core resources, meticulously refine product quality, enhance operational efficiency, and also focus on core urban areas and key business districts. With a long-term vision and steady, deliberate efforts, we aim to lay a solid foundation for achieving the goal of 1,000 Atour Light hotels. Thank you.
For.
Nicole.
Mr. Luke for any additional or closing remarks.
Thank you for joining us today, if you have in there further questions. Please feel free to contact our IR team and we look forward to speaking with you again next quarter. Thank you and goodbye.
Today's conference call. Thank you for participating you may now disconnect.
Haijun Wang: Thank you, Simon. Next question, please.
And looking forward, we do believe that a tour like this will be a strategic priority for our group and will continue to invest in this brand with our core resources. We will meticulously refine product quality, enhance operational efficiency, and also focus on core urban areas and key business districts. With a long-term vision and steady, deliberate efforts, we aim to lay a solid foundation for achieving our goal of 1,000 Atour Lite hotels. Thank you.
Luke Hu: There are no further questions at this time. That concludes today's questions and answer session. I would like to turn the call back to Mr. Luke for any additional or closing remarks.
Thank you, Simon. Next question, please.
Haijun Wang: Thank you for joining us today. If you have any further questions, please feel free to contact our IR team, and we look forward to speaking with you again next quarter. Thank you and goodbye.
Yeah, no further questions. That concludes today's questions and answers session. I would like to turn the call back to Mr. Luke for any additional remarks or closing agreements.
Luke Hu: This concludes today's conference call. Thank you for participating. You may now disconnect.
Today, if you have any further questions, please, uh, feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye.
Conference call, thank you for participating. You may now disconnect.