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6-K 1 tm2623265d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2026

 

Commission File Number: 001-40540

 

 

 

Atour Lifestyle Holdings Limited

(Exact name of registrant as specified in its charter)

 

 

 

1st floor, Wuzhong Building,

618 Wuzhong Road, Minhang District,

Shanghai, 201103, People’s Republic of China

(+86) 021-64059928

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

  Form 20-F x   Form 40-F ¨

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
   
99.1 Press Release — Atour Lifestyle Holdings Limited Reports Second Quarter 2026 Unaudited Financial Results

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Atour Lifestyle Holdings Limited
   
  By: /s/ HAIJUN WANG
    Name: Haijun Wang
    Title: Chairman of the Board of Director and Chief Executive Officer
   
Date: August 20, 2026

 

 

EX-99.1 2 tm2623265d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Atour Lifestyle Holdings Limited Reports Second Quarter 2026 Unaudited Financial Results

 

· A total of 2,175 hotels, or 242,526 hotel rooms, in operation as of June 30, 2026.

 

· Net revenues for the second quarter of 2026 increased by 41.4% year-over-year to RMB3,490 million (US$514 million).

 

· Net income for the second quarter of 2026 increased by 29.0% year-over-year to RMB548 million (US$81 million).

 

· Adjusted net income (non-GAAP)1 for the second quarter of 2026 increased by 30.8% year-over-year to RMB558 million (US$82 million).

 

· EBITDA (non-GAAP)2 for the second quarter of 2026 increased by 33.3% year-over-year to RMB810 million (US$119 million).

 

· Adjusted EBITDA (non-GAAP)3 for the second quarter of 2026 increased by 34.6% year-over-year to RMB821 million (US$121 million).

 

SHANGHAI, China, August 20, 2026 -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

 

Second Quarter of 2026 Highlights

 

As of June 30, 2026, there were 2,175 hotels with a total of 242,526 hotel rooms in operation across Atour’s hotel network, representing increases of 19.2% and 18.4% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of June 30, 2026, there were 811 manachised hotels under development in our pipeline.

 

The average daily room rate4 (“ADR”) was RMB438 for the second quarter of 2026, compared with RMB433 for the same period of 2025 and RMB427 for the previous quarter.

 

The occupancy rate4 was 76.2% for the second quarter of 2026, compared with 76.4% for the same period of 2025 and 70.6% for the previous quarter.

 

The revenue per available room4 (“RevPAR”) was RMB345 for the second quarter of 2026, compared with RMB343 for the same period of 2025 and RMB312 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 expense, interest income, 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 revenue generated from our retail business was RMB1,575 million for the second quarter of 2026, representing an increase of 63.2% year-over-year.

 

“In the second quarter of 2026, we steadily advanced our new three-year ‘Chinese Experience, Brand-Led Excellence’ strategy, achieving sustained breakthroughs in both our hotel and retail businesses,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For our hotel business, we adhered to the ‘quality-first’ principle and strictly controlled project quality. By the end of the second quarter, our total number of hotels in operation reached 2,175. We continued to refine our products and experiences around each brand’s distinct positioning, and our differentiated brand strengths gained broad market recognition. Meanwhile, our retail business sustained its strong growth momentum. Retail revenue was RMB1.57 billion in the second quarter, up 63% year-over-year. Atour Planet further consolidated its advantages in core categories and continued to expand its product portfolio.”

 

“Looking ahead, we remain committed to a long-term approach, continuously improving product quality around user needs, strengthening brand and organizational capabilities, further consolidating the competitiveness of both our hotel and retail businesses, and achieving higher-quality sustainable development,” concluded Mr. Wang.

 

Second Quarter of 2026 Unaudited Financial Results

 

(RMB in thousands)   Q2 2025     Q2 2026  
Revenues:                
Manachised hotels     1,299,194       1,725,369  
Leased hotels     149,597       131,915  
Retail     964,849       1,574,522  
Others     54,909       58,541  
Net revenues     2,468,549       3,490,347  

 

Net revenues. Our net revenues for the second quarter of 2026 increased by 41.4% to RMB3,490 million (US$514 million) from RMB2,469 million for the same period of 2025. The increase was mainly driven by growth in the manachised hotel and retail businesses.

 

· Manachised hotels. Revenues from our manachised hotels for the second quarter of 2026 increased by 32.8% to RMB1,725 million (US$254 million) from RMB1,299 million for the same period of 2025. The increase was primarily driven by our ongoing hotel network expansion and supply chain business development. The total number of our manachised hotels increased from 1,800 as of June 30, 2025 to 2,156 as of June 30, 2026.

 

 

 

 

· Leased hotels. Revenues from our leased hotels for the second quarter of 2026 decreased by 11.8% to RMB132 million (US$19 million) from RMB150 million for the same period of 2025. 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 24 as of June 30, 2025 to 19 as of June 30, 2026.

 

· Retail. Revenues from retail for the second quarter of 2026 increased by 63.2% to RMB1,575 million (US$232 million) from RMB965 million for the same period of 2025. 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 second quarter of 2026 increased by 6.6% to RMB59 million (US$9 million) from RMB55 million for the same period of 2025.

 

(RMB in thousands)   Q2 2025     Q2 2026  
Operating costs and expenses:                
Hotel operating costs     (893,231 )     (1,198,048 )
Retail costs     (450,542 )     (765,135 )
Other operating costs     (6,593 )     (5,198 )
Selling and marketing expenses     (392,847 )     (605,945 )
General and administrative expenses     (89,546 )     (129,917 )
Technology and development expenses     (42,574 )     (56,838 )
Total operating costs and expenses     (1,875,333 )     (2,761,081 )

 

Operating costs and expenses for the second quarter of 2026 were RMB2,761 million (US$407 million), including RMB10 million share-based compensation expenses, compared with RMB1,875 million, including RMB2 million share-based compensation expenses for the same period of 2025.

 

· Hotel operating costs for the second quarter of 2026 were RMB1,198 million (US$177 million), compared with RMB893 million for the same period of 2025. The increase was mainly due to the increase in variable costs, such as supply chain costs and hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 64.5% of manachised and leased hotels’ revenues for the second quarter of 2026, compared with 61.7% for the same period of 2025.

 

· Retail costs for the second quarter of 2026 were RMB765 million (US$113 million), compared with RMB451 million for the same period of 2025. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 48.6% of retail revenues for the second quarter of 2026, compared with 46.7% for the same period of 2025.

 

· Other operating costs for the second quarter of 2026 were RMB5 million (US$0.8 million), compared with RMB7 million for the same period of 2025.

 

 

 

 

· Selling and marketing expenses for the second quarter of 2026 were RMB606 million (US$89 million), compared with RMB393 million for the same period of 2025. The increase was mainly due to our enhanced investment in branding and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 17.4% of net revenues for the second quarter of 2026, compared with 15.9% for the same period of 2025.

 

· General and administrative expenses for the second quarter of 2026 were RMB130 million (US$19 million), including RMB9 million share-based compensation expenses, compared with RMB90 million, including RMB2 million share-based compensation expenses for the same period of 2025. Excluding the share-based compensation expenses, the increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 3.5% of net revenues for the second quarter of 2026, compared with 3.6% for the same period of 2025.

 

· Technology and development expenses for the second quarter of 2026 were RMB57 million (US$8 million), compared with RMB43 million for the same period of 2025. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business, and to improve customer experience. Technology and development expenses accounted for 1.6% of net revenues for the second quarter of 2026, compared with 1.7% for the same period of 2025.

 

Other operating income, net for the second quarter of 2026 was RMB44 million (US$6 million), compared with RMB3 million for the same period of 2025. The increase was mainly due to an increase in income from government subsidies.

 

Income from operations for the second quarter of 2026 was RMB773 million (US$114 million), compared with RMB596 million for the same period of 2025.

 

Income tax expense for the second quarter of 2026 was RMB255 million (US$38 million), compared with RMB192 million for the same period of 2025.

 

Net income for the second quarter of 2026 was RMB548 million (US$81 million), representing an increase of 29.0% compared with RMB425 million for the same period of 2025.

 

Adjusted net income (non-GAAP) for the second quarter of 2026 was RMB558 million (US$82 million), representing an increase of 30.8% compared with RMB427 million for the same period of 2025.

 

Basic and diluted income per share/American depositary share (ADS). For the second quarter of 2026, basic income per share was RMB1.35 (US$0.20), and diluted income per share was RMB1.33 (US$0.20). For the second quarter of 2026, basic income per ADS was RMB4.05 (US$0.60), and diluted income per ADS was RMB3.99 (US$0.60).

 

EBITDA (non-GAAP) for the second quarter of 2026 was RMB810 million (US$119 million), representing an increase of 33.3% compared with RMB608 million for the same period of 2025.

 

Adjusted EBITDA (non-GAAP) for the second quarter of 2026 was RMB821 million (US$121 million), representing an increase of 34.6% compared with RMB610 million for the same period of 2025.

 

 

 

 

Cash flows. Operating cash inflow for the second quarter of 2026 was RMB835 million (US$123 million). Investing cash inflow for the second quarter of 2026 was RMB282 million (US$42 million). Financing cash outflow for the second quarter of 2026 was RMB861 million (US$127 million).

 

Cash and cash equivalents and restricted cash. As of June 30, 2026, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.9 billion (US$582 million).

 

Debt financing. As of June 30, 2026, the Company had total outstanding borrowings of RMB237 million (US$35 million).

 

Outlook

 

For the full year of 2026, the Company currently expects total net revenues to increase by 30% compared with the full year of 2025.

 

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, August 20, 2026 (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 Second Quarter of 2026 Earnings Conference Call Pre-registration Link: https://register-conf.media-server.com/register/BIe8138a580f784759b9c45dda51c9d597

 

 

 

 

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 lifestyle group in China that operates both hospitality and retail businesses. As a leader in quality living, Atour is dedicated to creating an intimate ambiance where people can warmly connect. Guided by its people-serving philosophy, Atour continuously refines its products and services to curate exceptional experiences for every user.

 

For more information, please visit https://ir.yaduo.com.

 

Investor Relations Contact

 

Atour Lifestyle Holdings Limited

Email: ir@yaduo.com

 

Christensen Advisory

Email: atour@christensencomms.com

Tel: +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,     June 30,  
    2025     2026  
    RMB     RMB     USD1  
Assets                        
Current assets                        
Cash and cash equivalents     3,303,949       3,924,845       578,451  
Short-term investments     2,562,745       1,797,192       264,873  
Accounts receivable     341,446       421,368       62,102  
Prepayments and other current assets     675,974       601,404       88,636  
Amounts due from related parties     192,289       191,781       28,265  
Inventories     278,802       173,927       25,633  
Total current assets     7,355,205       7,110,517       1,047,960  
Non-current assets                        
Restricted cash     16,223       22,720       3,349  
Contract costs     134,268       139,108       20,502  
Property and equipment, net     225,603       205,596       30,301  
Operating lease right-of-use assets     1,108,548       889,953       131,163  
Intangible assets, net     4,712       3,744       552  
Goodwill     17,446       17,446       2,571  
Other assets     51,905       48,906       7,208  
Deferred tax assets     253,596       244,540       36,041  
Total non-current assets     1,812,301       1,572,013       231,687  
Total assets     9,167,506       8,682,530       1,279,647  
                         
Liabilities and shareholders’ equity                        
Current liabilities                        
Operating lease liabilities, current     230,201       260,815       38,439  
Accounts payable     821,997       1,030,026       151,807  
Deferred revenue, current     701,147       490,881       72,347  
Salary and welfare payable     316,562       292,837       43,159  
Accrued expenses and other payables     1,090,394       1,097,564       161,761  
Income taxes payable     312,302       268,517       39,575  
Short-term borrowings     250,000       235,000       34,635  
Amounts due to related parties     2,886       2,628       387  
Total current liabilities     3,725,489       3,678,268       542,110  
Non-current liabilities                        
Operating lease liabilities, non-current     1,042,719       797,006       117,464  
Deferred revenue, non-current     526,439       541,913       79,868  
Long-term borrowings, non-current portion     2,000       2,000       295  
Other non-current liabilities     290,058       303,075       44,668  
Total non-current liabilities     1,861,216       1,643,994       242,295  
Total liabilities     5,586,705       5,322,262       784,405  

 

 

1 Translations of balances in the consolidated financial statements from RMB into US$ for the second quarter of 2026 and as of June 30, 2026 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 6.7851, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2026.

 

 

 

 

ATOUR LIFESTYLE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share data and per share data, or otherwise noted)

 

    As of     As of  
    December 31,     June 30,  
    2025     2026  
    RMB     RMB     USD1  
Shareholders’ equity                        
Class A ordinary shares     246       238       35  
Class B ordinary shares     56       56       8  
Treasury shares     (326,400 )     (40,834 )     (6,018 )
Additional paid in capital     1,758,365       758,401       111,774  
Retained earnings     2,195,519       2,714,562       400,077  
Accumulated other comprehensive loss     (34,307 )     (59,817 )     (8,816 )
Total equity attributable to shareholders of the Company     3,593,479       3,372,606       497,060  
Non-controlling interests     (12,678 )     (12,338 )     (1,818 )
Total shareholders’ equity     3,580,801       3,360,268       495,242  
Commitments and contingencies     -       -       -  
Total liabilities and shareholders’ equity     9,167,506       8,682,530       1,279,647  

 

 

 

 

ATOUR LIFESTYLE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(All amounts in thousands, except share data and per share data, or otherwise noted)

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2025     2026     2025     2026  
    RMB     RMB     USD1     RMB     RMB     USD1  
Revenues:                                                
Manachised hotels     1,299,194       1,725,369       254,288       2,331,377       3,293,417       485,390  
Leased hotels     149,597       131,915       19,442       278,160       250,207       36,876  
Retail     964,849       1,574,522       232,056       1,658,628       2,645,721       389,931  
Others     54,909       58,541       8,627       106,198       112,243       16,543  
Net revenues     2,468,549       3,490,347       514,413       4,374,363       6,301,588       928,740  
Operating costs and expenses:                                                
Hotel operating costs     (893,231 )     (1,198,048 )     (176,570 )     (1,629,376 )     (2,334,416 )     (344,050 )
Retail costs     (450,542 )     (765,135 )     (112,767 )     (787,968 )     (1,272,395 )     (187,528 )
Other operating costs     (6,593 )     (5,198 )     (767 )     (14,221 )     (9,656 )     (1,423 )
Selling and marketing expenses     (392,847 )     (605,945 )     (89,305 )     (675,744 )     (1,007,109 )     (148,429 )
General and administrative expenses     (89,546 )     (129,917 )     (19,147 )     (251,359 )     (269,801 )     (39,764 )
Technology and development expenses     (42,574 )     (56,838 )     (8,377 )     (81,955 )     (107,249 )     (15,807 )
Total operating costs and expenses     (1,875,333 )     (2,761,081 )     (406,933 )     (3,440,623 )     (5,000,626 )     (737,001 )
Other operating income, net     2,966       43,981       6,482       17,723       135,246       19,932  
Income from operations     596,182       773,247       113,962       951,463       1,436,208       211,671  
Interest income     22,437       8,758       1,291       41,717       17,885       2,636  
Gain from short-term investments     8,674       11,708       1,726       18,525       23,503       3,464  
Interest expense     (781 )     (1,539 )     (227 )     (1,395 )     (3,260 )     (480 )
Other (expenses) income, net     (9,791 )     10,867       1,601       (15,900 )     10,892       1,605  
Income before income tax     616,721       803,041       118,353       994,410       1,485,228       218,896  
Income tax expense     (191,871 )     (255,114 )     (37,599 )     (325,982 )     (473,817 )     (69,832 )
Net income     424,850       547,927       80,754       668,428       1,011,411       149,064  
Less: net income attributable to non-controlling interests     619       210       31       1,494       340       50  
Net income attributable to the Company     424,231       547,717       80,723       666,934       1,011,071       149,014  
                                                 
Net income     424,850       547,927       80,754       668,428       1,011,411       149,064  
Other comprehensive loss                                                
Foreign currency translation adjustments, net of nil income taxes     (15,399 )     (17,089 )     (2,519 )     (24,754 )     (25,510 )     (3,760 )
Other comprehensive loss, net of nil income taxes     (15,399 )     (17,089 )     (2,519 )     (24,754 )     (25,510 )     (3,760 )
Total comprehensive income     409,451       530,838       78,235       643,674       985,901       145,304  
Comprehensive income attributable to non-controlling interests     619       210       31       1,494       340       50  
Comprehensive income attributable to the Company     408,832       530,628       78,204       642,180       985,561       145,254  
Net income per ordinary share                                                
—Basic     1.02       1.35       0.20       1.61       2.47       0.36  
—Diluted     1.01       1.33       0.20       1.59       2.45       0.36  
Weighted average ordinary shares used in calculating net income per ordinary share                                                
—Basic     416,249,651       406,464,388       406,464,388       415,473,352       409,057,566       409,057,566  
—Diluted     419,793,860       410,476,026       410,476,026       419,500,241       413,112,175       413,112,175  

 

 

 

 

ATOUR LIFESTYLE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except share data and per share data, or otherwise noted)

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2025     2026     2025     2026  
    RMB     RMB     USD1     RMB     RMB     USD1  
Cash flows from operating activities:                                                
Net cash generated from operating activities     766,503       835,227       123,097       768,471       1,127,552       166,181  
Cash flows from investing activities:                                                
Payment for purchases of property and equipment     (28,971 )     (6,475 )     (954 )     (48,271 )     (10,307 )     (1,519 )
Proceeds from disposal of property and equipment     -       -       -       4,740       -       -  
Payment for purchases of intangible assets     (152 )     (62 )     (9 )     (227 )     (1,790 )     (264 )
Payment for purchases of short-term investments     (3,224,000 )     (5,547,000 )     (817,527 )     (6,817,000 )     (9,739,460 )     (1,435,419 )
Proceeds from maturities of short-term investments     2,482,370       5,835,180       859,999       5,612,366       10,528,516       1,551,711  
Net cash (used in) generated from investing activities     (770,753 )     281,643       41,509       (1,248,392 )     776,959       114,509  
Cash flows from financing activities:                                                
Proceeds from borrowings     5,000       -       -       35,000       15,000       2,211  
Repayment of borrowings     (10,000 )     (5,000 )     (737 )     (30,000 )     (30,000 )     (4,421 )
Proceeds from stock option exercises     11,885       1,874       276       13,331       5,365       791  
Payment for dividends     (418,188 )     (492,028 )     (72,516 )     (418,188 )     (492,028 )     (72,516 )
Payment for share repurchases     -       (360,235 )     (53,092 )     -       (753,059 )     (110,987 )
Others     -       (5,383 )     (793 )     -       (5,383 )     (793 )
Net cash used in financing activities     (411,303 )     (860,772 )     (126,862 )     (399,857 )     (1,260,105 )     (185,715 )
Effect of exchange rate changes on cash and cash equivalents and restricted cash     (14,864 )     (8,002 )     (1,178 )     (23,077 )     (17,013 )     (2,508 )
Net (decrease) increase in cash and cash equivalents and restricted cash     (430,417 )     248,096       36,566       (902,855 )     627,393       92,467  
Cash and cash equivalents and restricted cash at the beginning of the period     3,147,192       3,699,469       545,234       3,619,630       3,320,172       489,333  
Cash and cash equivalents and restricted cash at the end of the period     2,716,775       3,947,565       581,800       2,716,775       3,947,565       581,800  

 

 

 

 

ATOUR LIFESTYLE HOLDINGS LIMITED

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share data and per share data, or otherwise noted)

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2025     2026     2025     2026  
    RMB     RMB     USD1     RMB     RMB     USD1  
Net income (GAAP)     424,850       547,927       80,754       668,428       1,011,411       149,064  
Share-based compensation expenses, net of tax effect of nil2     1,838       10,302       1,518       103,387       36,785       5,421  
Adjusted net income (non-GAAP)     426,688       558,229       82,272       771,815       1,048,196       154,485  

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2025     2026     2025     2026  
    RMB     RMB     USD1     RMB     RMB     USD1  
Net income per ordinary share - Diluted (GAAP)     1.01       1.33       0.20       1.59       2.45       0.36  
Share-based compensation expenses, net of tax effect of nil per ordinary share2     0.00       0.03       0.00       0.25       0.09       0.01  
Adjusted net income per ordinary share - Diluted (non-GAAP)     1.01       1.36       0.20       1.84       2.54       0.37  

 

    Three Months Ended     Six Months Ended  
    June 30,     June 30,     June 30,     June 30,  
    2025     2026     2025     2026  
    RMB     RMB     USD1     RMB     RMB     USD1  
Net income (GAAP)     424,850       547,927       80,754       668,428       1,011,411       149,064  
Interest income     (22,437 )     (8,758 )     (1,291 )     (41,717 )     (17,885 )     (2,636 )
Interest expense     781       1,539       227       1,395       3,260       480  
Income tax expense     191,871       255,114       37,599       325,982       473,817       69,832  
Depreciation and amortization     12,786       14,464       2,132       25,996       29,092       4,288  
EBITDA (non-GAAP)     607,851       810,286       119,421       980,084       1,499,695       221,028  
Share-based compensation expenses     1,838       10,302       1,518       103,387       36,785       5,421  
Adjusted EBITDA (non-GAAP)     609,689       820,588       120,939       1,083,471       1,536,480       226,449  

 

 

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 measure

 

 

 

 

Key Operating Data

 

    Number of Hotels     Number of Rooms  
    Opened in Q2 2026     Closed in Q2 2026     As of
June 30, 2026
    As of
June 30, 2026
 
Manachised hotels     101       14       2,156       239,389  
Leased hotels     -       -       19       3,137  
Total     101       14       2,175       242,526  

 

        As of June 30, 2026  
Hotel Brand   Positioning   Properties     Rooms  
        Manachised     Leased        
A.T. House   Luxury     -       1       214  
SAVHE   Upscale     2       1       487  
Atour S   Upscale     92       1       12,540  
Atour Origin   Upper midscale     60       1       7,216  
Atour   Upper midscale     1,611       13       183,410  
Atour X   Upper midscale     174       2       18,635  
Atour Light   Midscale     217       -       20,024  
Total         2,156       19       242,526  

 

    All Hotels in Operation  
    Three Months
Ended
    Three Months
Ended
    Three Months
Ended
 
    June 30, 2025     March 31, 2026     June 30, 2026  
Occupancy rate3 (in percentage)                        
Manachised hotels     76.2 %     70.5 %     76.2 %
Leased hotels     82.4 %     77.5 %     82.3 %
All hotels     76.4 %     70.6 %     76.2 %
                         
ADR3 (in RMB)                        
Manachised hotels     429.6       424.5       435.6  
Leased hotels     590.7       574.4       597.4  
All hotels     432.8       426.8       437.9  
                         
RevPAR3 (in RMB)                        
Manachised hotels     339.9       309.4       343.1  
Leased hotels     513.0       472.3       518.1  
All hotels     343.1       311.6       345.4  

 

    Hotels in Operation for More Than 18 Months in Q2 20264  
    Number of hotels     Same-hotel Occupancy3
(in percentage)
    Same-hotel ADR3
(in RMB)
    Same-hotel RevPAR3
(in RMB)
 
    Q2 2025     Q2 2026     Q2 2025     Q2 2026     Q2 2025     Q2 2026     Q2 2025     Q2 2026  
Manachised hotels     1,442       1,442       77.3 %     76.5 %     429.4       421.9       344.5       334.1  
Leased hotels     18       18       83.3 %     82.2 %     576.3       564.1       504.3       486.0  
All hotels     1,460       1,460       77.4 %     76.6 %     432.0       424.6       347.2       336.8  

 

 

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” as a hotel that has operated for more than 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 2025.