Atour Lifestyle Holdings Limited Reports First Quarter of 2025 Unaudited Financial Results

A total of 1,727 hotels, or 194,559 hotel rooms, in operation as of March 31, 2025.Net revenues for the first quarter of 2025 increased by 29.8% year-over-year to RMB1,906 million (US$263 million). Net income for the first quarter of 2025 decreased by 5.5% year-over-year to RMB244 million (US$34 million). Adjusted net income (non-GAAP)1 for the first quarter of 2025 increased by 32.3% year-over-year to RMB345 million (US$48 million).EBITDA (non-GAAP)2 for the first quarter of 2025 increased by 6.1% year-over-year to RMB372 million (US$51 million).Adjusted EBITDA (non-GAAP)3 for the first quarter of 2025 increased by 33.8% year-over-year to RMB474 million (US$65 million). SHANGHAI, China, May 22, 2025 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the first quarter ended March 31, 2025. First quarter of 2025 Operational Highlights As of March 31, 2025, there were 1,727 hotels with a total of 194,559 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 32.6% and 31.3% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of March 31, 2025, there were 755 manachised hotels under development in our pipeline. The average daily room rate4 (“ADR”) was RMB418 for the first quarter of 2025, compared with RMB430 for the same period of 2024 and RMB420 for the previous quarter. The occupancy rate4 was 70.2% for the first quarter of 2025, compared with 73.3% for the same period of 2024 and 77.0% for the previous quarter. The revenue per available room4 (“RevPAR”) was RMB304 for the first quarter of 2025, compared with RMB328 for the same period of 2024 and RMB337 for the previous quarter. __________________________1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses. 2 EBITDA (non-GAAP) is defined as earnings before interest income, interest expense, income tax expense and depreciation and amortization. 3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses. 4 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates. “ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period; “Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period; “RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period. The GMV5 generated from our retail business was RMB845 million for the first quarter of 2025, representing an increase of 70.9% year-over-year. “Amid market volatility in the first quarter of 2025, we delivered strong results and drove high-quality growth across our hotel and retail businesses by adhering to our business philosophy of ‘serving people,’” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our hotel network continued to expand with 121 new openings this quarter, bringing the total to 1,727 hotels in operation. Leveraging deep market insights, we launched Atour 3.6 to reinforce our leading position in the upper-midscale segment. We also introduced Atour Light 3.3, the latest iteration to our Atour Light brand, supporting steady progress toward our goal of ‘1,000 Atour Light hotels.’ In the first quarter, our retail business sustained robust momentum as the Atour Planet deep-sleep experience continues to shape user perception, with GMV increasing by 70.9% year-over-year to RMB845 million.” “Looking ahead, we will remain committed to our core ‘Chinese Experience’ strategy, enhancing brand awareness and product offerings, and deepening integration between our hotel and retail businesses to deliver increasingly elevated experiences for our customers. These efforts will solidify Atour’s position as a leading lifestyle group and drive sustainable, high-quality growth,” concluded Mr. Wang. First Quarter of 2025 Unaudited Financial Results (RMB in thousands) Q1 2024 Q1 2025 Revenues: Manachised hotels836,1111,032,183Leased hotels168,049128,563　Retail416,591693,779Others47,54251,289　Net revenues1,468,2931,905,814 Net revenues. Our net revenues for the first quarter of 2025 increased by 29.8% to RMB1,906 million (US$263 million) from RMB1,468 million for the same period of 2024. The increase was mainly driven by growth in the manachised hotel and retail businesses. Manachised hotels. Revenues from our manachised hotels for the first quarter of 2025 increased by 23.5% to RMB1,032 million (US$142 million) from RMB836 million for the same period of 2024. The increase was primarily driven by our ongoing hotel network expansion. The total number of our manachised hotels increased from 1,271 as of March 31, 2024 to 1,702 as of March 31, 2025. __________________________5 “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers. Leased hotels. Revenues from our leased hotels for the first quarter of 2025 decreased by 23.5% to RMB129 million (US$18 million) from RMB168 million for the same period of 2024. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization. The total number of our leased hotels decreased from 31 as of March 31, 2024 to 25 as of March 31, 2025. Retail. Revenues from retail for the first quarter of 2025 increased by 66.5% to RMB694 million (US$96 million) from RMB417 million for the same period of 2024. The increase was driven by growing recognition of our retail brands and effective product innovation and development as we successfully broadened our product offerings. Others. Revenues from others for the first quarter of 2025 increased by 7.9% to RMB51 million (US$7 million) from RMB48 million for the same period of 2024. Q1 2024 Q1 2025(RMB in thousands) Operating costs and expenses:　　Hotel operating costs(662,169)(736,145)Retail costs(206,103)(337,426　)Other operating costs(9,826)(7,628)Selling and marketing expenses(174,711)(282,897　)General and administrative expenses(76,655)(161,813)Technology and development expenses(24,181)(39,381　)Total operating costs and expenses(1,153,645)(1,565,290) Operating costs and expenses for the first quarter of 2025 were RMB1,565 million (US$216 million), including RMB102 million share-based compensation expenses, compared with RMB1,154 million, including RMB3 million share-based compensation expenses for the same period of 2024. Hotel operating costs for the first quarter of 2025 were RMB736 million (US$101 million), compared with RMB662 million for the same period of 2024. The increase was mainly due to the increase in variable costs, such as hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 63.4% of manachised and leased hotels’ revenues for the first quarter of 2025, compared with 65.9% for the same period of 2024. The decrease was primarily due to the decrease in the number of leased hotels as a result of our product mix optimization. Retail costs for the first quarter of 2025 were RMB337 million (US$46 million), compared with RMB206 million for the same period of 2024. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 48.6% of retail revenues for the first quarter of 2025, compared with 49.5% for the same period of 2024. The decrease was attributable to the increasing contribution from higher-margin products. Other operating costs for the first quarter of 2025 were RMB7.6 million (US$1.1 million), compared with RMB9.8 million for the same period of 2024. Selling and marketing expenses for the first quarter of 2025 were RMB283 million (US$39 million), compared with RMB175 million for the same period of 2024. The increase was mainly due to our enhanced investment in brand recognition and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 14.8% of net revenues for the first quarter of 2025, compared with 11.9% for the same period of 2024. General and administrative expenses for the first quarter of 2025 were RMB162 million (US$22 million), including RMB84 million share-based compensation expenses, compared with RMB77 million, including RMB3 million share-based compensation expenses for the same period of 2024. Excluding the share-based compensation expenses, this increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 4.1% of net revenues for the first quarter of 2025, compared with 5.0% for the same period of 2024. Technology and development expenses for the first quarter of 2025 were RMB39 million (US$5 million), compared with RMB24 million for the same period of 2024. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business and improve customer experience. Technology and development expenses accounted for 2.1% of net revenues for the first quarter of 2025, compared with 1.6% for the same period of 2024. Other operating income, net for the first quarter of 2025 was RMB15 million (US$2 million), compared with RMB10 million income for the same period of 2024. Income from operations for the first quarter of 2025 was RMB355 million (US$49 million), compared with RMB325 million for the same period of 2024. Income tax expense for the first quarter of 2025 was RMB134 million (US$18 million), compared with RMB89 million for the same period of 2024. Net income for the first quarter of 2025 was RMB244 million (US$34 million), representing a decrease of 5.5% compared with RMB258 million for the same period of 2024. Adjusted net income (non-GAAP) for the first quarter of 2025 was RMB345 million (US$48 million), representing an increase of 32.3% compared with RMB261 million for the same period of 2024. Basic and diluted income per share/American depositary share (ADS). For the first quarter of 2025, basic income per share was RMB0.58 (US$0.08), and diluted income per share was RMB0.58 (US$0.08). For the first quarter of 2025, basic income per ADS was RMB1.74 (US$0.24), and diluted income per ADS was RMB1.74 (US$0.24). EBITDA (non-GAAP) for the first quarter of 2025 was RMB372 million (US$51 million), representing an increase of 6.1% compared with RMB351 million for the same period of 2024. Adjusted EBITDA (non-GAAP) for the first quarter of 2025 was RMB474 million (US$65 million), representing an increase of 33.8% compared with RMB354 million for the same period of 2024. Cash flows. Operating cash inflow for the first quarter of 2025 was RMB2 million (US$0.3 million). Investing cash outflow for the first quarter of 2025 was RMB478 million (US$66 million). Financing cash inflow for the first quarter of 2025 was RMB11 million (US$1.6 million). Cash and cash equivalents and restricted cash. As of March 31, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.1 billion (US$434 million). Debt financing. As of March 31, 2025, the Company had total outstanding borrowings of RMB72 million (US$10 million), and the unutilized credit facility available to the Company was RMB470 million. Outlook For the full year of 2025, the Company currently expects total net revenues to increase by 25% to 30% compared with the full year of 2024. This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes. Conference Call The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, May 22, 2025 (or 7:00 PM Beijing/Hong Kong time on the same day). A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session. For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call. Details for the conference call are as follows: Event Title: Atour First Quarter of 2025 Earnings Conference Call Pre-registration Link: https://register-conf.media-server.com/register/BI58a0fdec46524ebc8273483b3c9032d6 Use of Non-GAAP Financial Measures To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; EBITDA, which is defined as earnings before interest income, interest expense, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release. The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income, adjusted net income per ordinary share – Diluted, and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company. In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does. About Atour Lifestyle Holdings Limited Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings. For more information, please visit https://ir.yaduo.com. Investor Relations Contact Atour Lifestyle Holdings LimitedEmail: ir@yaduo.com Christensen AdvisoryEmail: atour@christensencomms.comTel: +86-10-5900-1548 —Financial Tables and Operational Data Follow— ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share data and per share data, or otherwise noted) As of As of December 31, March 31, 2024 2025 RMB RMB USD1Assets Current assets Cash and cash equivalents 3,618,451 3,146,013 433,532Short-term investments 1,266,061 1,738,916 239,629Accounts receivable 186,047 189,943 26,175Prepayments and other current assets 331,632 338,428 46,637Amounts due from related parties 146,120 161,790 22,295Inventories 167,436 157,730 21,736Total current assets 5,715,747 5,732,820 790,004 Non-current assets Restricted cash 1,179 1,179 162Contract costs 119,408 124,278 17,126Property and equipment, net 213,676 229,314 31,600Operating lease right-of-use assets 1,502,891 1,504,529 207,330Intangible assets, net 6,373 5,915 815Goodwill 17,446 17,446 2,404Other assets 71,217 71,293 9,824Deferred tax assets 230,877 229,876 31,679Total non-current assets 2,163,067 2,183,830 300,940Total assets 7,878,814 7,916,650 1,090,944 Liabilities and shareholders’ equity Current liabilities Operating lease liabilities, current 291,002 312,511 43,065Accounts payable 693,783 509,324 70,187Deferred revenue, current 453,986 406,678 56,042Salary and welfare payable 225,687 167,142 23,033Accrued expenses and other payables 882,009 886,617 122,179Income taxes payable 221,649 151,167 20,831Short-term borrowings 60,000 70,000 9,646Amounts due to related parties 2,101 1,778 245Total current liabilities 2,830,217 2,505,217 345,228 Non-current liabilities Operating lease liabilities, non-current 1,379,811 1,374,763 189,447Deferred revenue, non-current 475,331 493,774 68,043Long-term borrowings, non-current portion 2,000 2,000 276Other non-current liabilities 245,568 257,791 35,525Total non-current liabilities 2,102,710 2,128,328 293,291 Total liabilities 4,932,927 4,633,545 638,519 __________________________1 Translations of balances in the consolidated financial statements from RMB into US$ for the first quarter of 2025 and as of March 31, 2025 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.2567, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except share data and per share data, or otherwise noted) As of As of December 31, March 31, 2024 2025 RMB RMB USD1Shareholders’ equity Class A ordinary shares 245 245 34Class B ordinary shares 56 56 8Additional paid in capital 1,608,017 1,711,012 235,784Retained earnings 1,346,526 1,589,229 219,002Accumulated other comprehensive (loss) income1,386 (7,969) (1,098)Total equity attributable to shareholders of the Company 2,956,230 3,292,573 453,730Non-controlling interests (10,343) (9,468) (1,305)Total shareholders’ equity 2,945,887 3,283,105 452,425Commitments and contingencies - - - Total liabilities and shareholders’ equity 7,878,814 7,916,650 1,090,944 ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(All amounts in thousands, except share data and per share data, or otherwise noted) Three Months Ended March 31, March 31, 2024 2025 RMB RMB USD1Revenues:　　　　　Manachised hotels836,111 1,032,183 142,239Leased hotels168,049　 128,563　 17,716Retail416,591 693,779 95,605Others47,542　 51,289　 7,068Net revenues1,468,293 1,905,814 262,628 Operating costs and expenses:　　　　　Hotel operating costs(662,169) (736,145) (101,443)Retail costs(206,103)　 (337,426)　 (46,499)Other operating costs(9,826) (7,628) (1,052)Selling and marketing expenses(174,711)　 (282,897)　 (38,984)General and administrative expenses(76,655) (161,813) (22,298)Technology and development expenses(24,181)　 (39,381)　 (5,427)Total operating costs and expenses (1,153,645) (1,565,290) (215,703)Other operating income, net10,009　 14,757　 2,034Income from operations 324,657 355,281 48,959 Interest income13,519　19,280　 2,657Gain from short-term investments9,592 9,851 1,358Interest expense(673)　(614)　 (85)Other expenses, net(466) (6,109) (842)Income before income tax 346,629　377,689　 52,047 Income tax expense(88,921) (134,111) (18,481)Net income257,708　243,578　33,566 Less: net income attributable to non-controlling interests550 875 121Net income attributable to the Company 257,158　242,703　33,445 Net income 257,708　243,578　33,566Other comprehensive (loss) income Foreign currency translation adjustments, net of nil income taxes7,509　 (9,355)　 (1,289)Other comprehensive (loss) income, net of nil income taxes7,509 (9,355) (1,289)Total comprehensive income265,217　234,223　32,277Comprehensive income attributable to non-controlling interests550 875 121Comprehensive income attributable to the Company 264,667　233,348　32,156Net income per ordinary share —Basic0.62　0.58　0.08—Diluted0.62 0.58 0.08Weighted average ordinary shares used in calculating net income per ordinary share　　　　　—Basic412,841,106 415,701,620 415,701,620—Diluted416,114,169　418,692,991　418,692,991 ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of RMB, except share data and per share data, or otherwise noted) Three Months Ended March 31, March 31, 2024 2025 RMB RMB USD1Cash flows from operating activities:　　　　　Net cash generated from operating activities 143,236 1,968 272Cash flows from investing activities:　　　　　Payment for purchases of property and equipment(12,615) (19,300) (2,660)Proceeds from disposal of property and equipment- 4,740 653Payment for purchases of intangible assets(282)　(75)　 (10)Payment for purchases of short-term investments(2,664,000) (3,593,000) (495,129)Proceeds from maturities of short-term investments2,713,861　3,129,996　 431,325Net cash (used in) generated from investing activities36,964 (477,639) (65,821)Cash flows from financing activities:　　　　　Proceeds from borrowings20,000 30,000 4,134Repayment of borrowings-　(20,000)　　 (2,756)Proceeds from stock option exercises- 1,446 199Net cash generated from financing activities20,000 11,446 1,577 Effect of exchange rate changes on cash and cash equivalents and restricted cash7,401　(8,213)　(1,132)Net (decrease) increase in cash and cash equivalents and restricted cash207,601 (472,438) (65,104)Cash and cash equivalents and restricted cash at the beginning of the period2,841,753　3,619,630　 498,798Cash and cash equivalents and restricted cash at the end of the period3,049,354 3,147,192 433,694 ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS(In thousands of RMB, except share data and per share data, or otherwise noted) Three Months Ended March 31, March 31, 2024 2025 RMB RMB USD1 Net income (GAAP)257,708 243,578 33,566 Share-based compensation expenses, net of tax effect of nil23,142 101,549 13,994Adjusted net income (non-GAAP)260,850 345,127 47,560 Three Months Ended March 31, March 31, 2024 2025 RMB RMB USD1 Net income per ordinary share - Diluted (GAAP)0.62 0.58 0.08Share-based compensation expenses, net of tax effect of nil per ordinary share20.01 0.24 0.03Adjusted net income per ordinary share - Diluted (non-GAAP)0.63 0.82 0.11 Three Months Ended March 31, March 31, 2024 2025 RMB RMB USD1 Net income (GAAP)257,708 243,578 33,566Interest income(13,519) (19,280) (2,657)Interest expense673 614 85Income tax expense88,921 134,111 18,481Depreciation and amortization17,149 13,210 1,820EBITDA (non-GAAP)350,932 372,233 51,295Share-based compensation expenses3,142 101,549 13,994Adjusted EBITDA (non-GAAP)354,074 473,782 65,289 __________________________2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures. Key Operating Data Number of Hotels Number of Rooms Opened in Q1 2025Closed in Q1 2025As ofMarch 31, 2025 As ofMarch 31, 2025Manachised hotels121121,702 191,067Leased hotels-125 3,492Total 121131,727 194,559 Hotel BrandPositioning As of March 31, 2025PropertiesRoomsManachisedLeased A.T. HouseLuxury-1214SAVHEUpscale1-156Atour SUpscale80311,671AtourUpper midscale1,27418147,748Atour XUpper midscale178319,067Atour LightMidscale169-15,703Total 1,70225194,559 All Hotels in Operation Three Months Ended March 31, 2024 Three Months Ended December 31, 2024 Three Months Ended March 31, 2025 Occupancy rate3 (in percentage) Manachised hotels73.1% 76.9% 70.1%Leased hotels79.3% 84.7% 77.5%All hotels73.3% 77.0% 70.2% ADR3 (in RMB) Manachised hotels426.0 416.8 415.1Leased hotels541.6 551.1 551.9All hotels430.0 420.2 417.9 RevPAR3 (in RMB) Manachised hotels323.7 333.2 301.5Leased hotels455.2 495.1 453.1All hotels327.9 336.9 304.4 Hotels in Operation for More Than 18 Months in Q1 20254 Number of hotels Same-hotel Occupancy3(in percentage) Same-hotel ADR3(in RMB) Same-hotel RevPAR3(in RMB) Q1 2024Q1 2025 Q1 2024Q1 2025 Q1 2024Q1 2025 Q1 2024Q1 2025 Manachised hotels987987 74.7%71.3% 430.2419.2 334.1310.1Leased hotels2323 79.8%77.1% 552.4546.4 467.0447.9All hotels1,0101,010 74.8%71.5% 434.2423.0 338.1313.9 __________________________ 3 Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates. 4 For any given period, we define “same-hotel” to be a hotel that has operated for a minimum of 18 calendar months as of the 15th day (inclusive) of any month within that period. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the given period, compared to the corresponding metrics generated by these “same hotels” during the same period in 2024.

Atour Lifestyle Holdings Limited Reports First Quarter of 2025 Unaudited Financial Results

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