Atour Lifestyle Holdings Limited reported third‑quarter 2025 results on November 25, 2025, with net revenues of RMB 2,628 million, up 38.4 % from the same period in 2024. Adjusted net income rose to RMB 488 million, a 27.0 % increase, while the company’s non‑GAAP diluted earnings per share were RMB 3.39 (US$0.48), slightly below the consensus estimate of RMB 3.55 (US$0.48).
Revenue growth was driven by a 27.1 % rise in operating hotels to 1,948 and a 25.2 % increase in hotel rooms to 219,359. The average daily rate of RMB 447 and occupancy of 80.2 % produced a RevPAR of RMB 371. Retail gross merchandise value surged 75.5 % to RMB 994 million, led by the Atour Planet deep‑sleep product line and a shift toward online channels that now account for over 90 % of total GMV.
The company beat revenue estimates by roughly RMB 124 million (about 5 % above consensus) thanks to stronger demand in its manachised hotel portfolio and a robust retail expansion. However, EPS fell short of expectations because selling and marketing expenses climbed to 13.5 % of net revenue from 11.5 % a year earlier, reflecting intensified investment in brand recognition and digital distribution.
Gross margin for the hotel business expanded to 37.3 % from 36.0 % in Q3 2024, driven by a lower proportion of leased hotels and higher ADR. Operating expenses grew, but the company maintained a healthy operating margin, indicating effective cost control amid the higher marketing spend.
Management raised its full‑year 2025 revenue guidance to a 35 % increase versus 2024 and reaffirmed its target of 2,000 premier hotels by year‑end. The guidance reflects confidence in sustained demand for experiential hospitality and the continued success of the retail platform, even as the company acknowledges market volatility as a headwind.
Chairman and CEO Haijun Wang said the quarter demonstrated the company’s ability to deliver value in a volatile market, noting that the hotel count “continues to grow toward the 2,000‑hotel goal.” Senior IR manager Luke Hu highlighted that retail GMV “reached RMB 994 million, a 75.5 % year‑over‑year increase, with online channels contributing more than 90 % of total GMV.”
Investors responded positively to the results, with the market welcoming the revenue beat and the upward revision of the full‑year outlook. Analysts noted the company’s strong execution in both hotel and retail segments, while recognizing the slight EPS miss as a result of strategic marketing investments.
Overall, Atour Lifestyle’s Q3 2025 performance underscores its growing scale and diversified revenue streams, positioning the company for continued expansion in the upper‑midscale hotel market and the lifestyle retail space.
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