NASDAQ$ATAT
Atour Lifestyle Holdings Limited · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Atour Q1 2025: revenue up 29.8% to RMB1.91B while GAAP net income slips 5.5%
Atour Lifestyle Holdings reported first quarter 2025 results on May 22 with net revenues of RMB1.91 billion (US$263 million), up 29.8% year over year, driven by manachised hotel and retail growth. Net income fell 5.5% to RMB244 million while adjusted net income rose 32.3% to RMB345 million and adjusted EBITDA increased 33.8% to RMB474 million. The company operated 1,727 hotels with 194,559 rooms, up 32.6% and 31.3% year over year, and retail GMV grew 70.9% to RMB845 million. Hotel metrics softened with ADR at RMB418, occupancy at 70.2%, and RevPAR at RMB304. Management guided full-year 2025 total net revenues to increase 25% to 30% compared with 2024.
- Net revenues rose 29.8% to RMB1.91 billion; manachised hotel revenue grew 23.5% and retail revenue grew 66.5%.
- Net income was RMB244 million (-5.5% YoY) while adjusted net income was RMB345 million (+32.3% YoY).
- Hotel network expanded to 1,727 properties and 194,559 rooms; retail GMV increased 70.9% to RMB845 million.
- ADR fell to RMB418 from RMB430 and occupancy declined to 70.2% from 73.3% year over year.
- Full-year 2025 revenue guidance calls for 25% to 30% growth versus 2024.
Headline financials
Revenue & EPS history
Atour · Revenue · Quarterly
¥1.91B
Revenue by segment
Atour · ¥1.91B total across 4 segments · Q1 2025
- Manachised hotels¥1.03B—54.2%
- Retail¥694M—36.4%
- Leased hotels¥129M—6.7%
- Other revenues¥51.3M—2.7%
Forward guidance
For full year 2025, Atour expects total net revenues to increase by 25% to 30% compared with 2024.
Tailwinds
- Adjusted EBITDA grew 33.8% to RMB474 million with retail and manachised hotel expansion.
- 121 new hotel openings in the quarter and 755 manachised hotels under development in the pipeline.
Headwinds
- GAAP net income declined 5.5% as selling, marketing, and share-based compensation expenses rose.
- Occupancy, ADR, and RevPAR all declined year over year despite network expansion.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 15 quarterly earnings reports · overlaid with Q1 2025
+0.0%
Avg return
Earnings day
-1.1%
Avg return
5 days after
-2.0%
Avg return
30 days after
44%
7 / 16 earnings
Positive
+15.1%
Q2 2024
Best reaction
-11.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.8% | -3.6% | -11.8% | |
| Q3 2025 | -1.8% | +1.4% | +11.6% | |
| Q2 2025 | +6.1% | +10.9% | +8.8% | |
| Q1 2025 | +9.0% | +2.8% | +1.6% | |
| Q4 2024 | -4.2% | -5.9% | -21.4% | |
| Q3 2024 | -4.7% | -6.7% | +0.8% | |
| Q2 2024 | +15.1% | +14.7% | +53.6% | |
| Q1 2024 | +0.2% | +1.7% | +6.3% | |
| Q4 2023 | -2.3% | -0.1% | -1.8% | |
| Q3 2022 | -11.7% | -6.6% | -5.9% | |
| Q3 2023 | -5.0% | -5.5% | -12.7% | |
| Q2 2023 | -2.9% | -1.3% | -6.1% | |
| Q1 2023 | -3.3% | -9.3% | -10.7% | |
| Q4 2021 | +0.3% | -4.9% | -16.0% | |
| Q4 2020 | +0.3% | -4.9% | -16.0% | |
| Q4 2022 | +6.4% | +0.3% | -13.0% | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — | |
| Q3 2021 | — | — | — | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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