Atour Lifestyle Holdings Limited reported its fourth‑quarter and full‑year 2025 results, posting net revenues of RMB9,790 million (US$1,400 million) for the year, a 35.1% increase from the previous year. The growth was driven by a 28.0% rise in manachised hotel revenue and a 67.0% jump in retail segment sales, which together offset a 15.9% decline in leased‑hotel revenue that the company attributes to strategic reductions in hotel count and product‑mix optimization.
Net income for 2025 reached RMB1,621 million (US$232 million), up 27.4% from RMB1,273 million in 2024. Adjusted net income climbed 34.2% to RMB1,753 million (US$251 million). The company’s GAAP earnings per share were US$0.48, beating the consensus estimate of US$0.44 by US$0.04. Revenue for the quarter, however, fell short of expectations, with US$399 million reported versus an estimate of US$406.83 million, a miss of US$7.83 million.
Quarter‑over‑quarter comparisons show that Q4 2025 net revenue of RMB2,788 million was 33% higher than the RMB2,084 million reported in Q4 2024, while Q4 2025 net income of RMB478 million surpassed the RMB331 million of the prior year by 44%. The company’s adjusted net profit margin for the year was 17.9% and the adjusted EBITDA margin was 25.3%, reflecting disciplined cost management amid a shift toward higher‑margin retail and manachised hotel operations.
Management highlighted the completion of its “Chinese Experience, 2,000 Premier Hotels” initiative and announced a new three‑year strategic plan, “Chinese Experience, Brand‑Led Excellence.” CEO Haijun Wang said, “2025 marked the completion of our ‘Chinese Experience, 2,000 Premier Hotels’ strategic initiative.” He added, “As we enter 2026, we have officially launched a new three‑year strategic plan for Atour: ‘Chinese Experience, Brand‑Led Excellence.’ Our focus remains on delivering meaningful, human‑centered experiences through high‑quality products and services. Guided by our long‑term vision of ‘A Timeless Atour, Warmth Along Every Journey,’ we will deepen our emotional connections with users, letting warmth empower us through industry cycles and lead us toward a future of healthy and sustainable growth.”
For 2026, Atour reiterated its revenue guidance, projecting total net revenues to grow 20% to 24% versus 2025. The company also confirmed its commitment to a robust shareholder return program, having distributed over US$150 million in 2025 through dividends and share repurchases. The results and forward outlook suggest a continued focus on scaling the retail and manachised hotel businesses while tightening the leased‑hotel portfolio, positioning the company for sustainable growth in a competitive Chinese hospitality market.
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