EX-99.1 2 tm2531836d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

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

	·	A total of 1,948 hotels, or 219,359 hotel rooms, in operation as of September 30, 2025.

	·	Net revenues for the third quarter of 2025 increased by 38.4% year-over-year to RMB2,628 million (US$369 million).

	·	Net income for the third quarter of 2025 increased by 24.6% year-over-year to RMB474 million (US$67 million).

	·	Adjusted net income (non-GAAP)¹ for the third quarter of 2025 increased by 27.0% year-over-year to RMB488 million (US$69 million).

	·	EBITDA (non-GAAP)² for the third quarter of 2025 increased by 27.0% year-over-year to RMB672 million (US$94 million).

Adjusted EBITDA (non-GAAP)³ for the third quarter of 2025 increased by 28.7% year-over-year to RMB685 million (US$96 million).

SHANGHAI, China, November 25, 2025 -- 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 third quarter ended September 30, 2025.

Third Quarter of 2025 Operational Highlights

As of September 30, 2025, there were 1,948 hotels with a total of 219,359 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 27.1% and 25.2% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2025, there were 754 manachised hotels under development in our pipeline.

The average daily room rate⁴(“ADR”) was RMB447 for the third quarter of 2025, compared with RMB456 for the same period of 2024 and RMB433 for the previous quarter.

The occupancy rate⁴ was 80.2% for the third quarter of 2025, compared with 80.3% for the same period of 2024 and 76.4% for the previous quarter.

The revenue per available room⁴ (“RevPAR”) was RMB371 for the third quarter of 2025, compared with RMB380 for the same period of 2024 and RMB343 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 GMV⁵ generated from our retail business was RMB994 million for the third quarter of 2025, representing an increase of 75.5% year-over-year.

“In the third quarter of 2025, amid a volatile market environment, Atour remained fully dedicated to users’ core needs while continuously advancing product innovation and enhancing customer experience,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For the hotel business, by the end of the third quarter, we had 1,948 hotels in operation, representing solid progress toward our strategic goal of ‘2,000 Premier Hotels.’ At the same time, we have consistently strengthened the competitive differentiation of our hotel brands, enhanced operational efficiency, and refined experiential details. Our retail business also maintained robust growth momentum, with GMV increasing 75.5% year over year to RMB994 million in the third quarter. Beyond ongoing innovation in our core offerings, we took a significant step forward with the launch of the ‘Atour Planet Deep Sleep Standard,’ actively expanding our deep sleep ecosystem and driving continuous evolution and transformation across the industry.”

“Looking ahead, we will remain guided by our original aspirations, dedicate ourselves to creating user value, and foster deeper emotional connections with our users. Simultaneously, we will further enhance organizational vitality and strengthen our fundamental capabilities, driving high-quality and sustainable growth,” concluded Mr. Wang.

Third Quarter of 2025 Unaudited Financial Results

(RMB in thousands)	Q3 2024		Q3 2025
Revenues:
Manachised hotels		1,179,211		1,560,266
Leased hotels		189,531		164,158
Retail		479,704		846,337
Others		50,136		57,209
Net revenues		1,898,582		2,627,970

Net revenues. Our net revenues for the third quarter of 2025 increased by 38.4% to RMB2,628 million (US$369 million) from RMB1,899 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 third quarter of 2025 increased by 32.3% to RMB1,560 million (US$219 million) from RMB1,179 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 1,504 as of September 30, 2024 to 1,924 as of September 30, 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 third quarter of 2025 decreased by 13.4% to RMB164 million (US$23 million) from RMB190 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 29 as of September 30, 2024 to 24 as of September 30, 2025.

Retail. Revenues from retail for the third quarter of 2025 increased by 76.4% to RMB846 million (US$119 million) from RMB480 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 third quarter of 2025 increased by 14.1% to RMB57 million (US$8 million) from RMB50 million for the same period of 2024.

(RMB in thousands)	Q3 2024			Q3 2025
Operating costs and expenses:
Hotel operating costs		(876,197	)		(1,081,694	)
Retail costs		(227,027	)		(400,144	)
Other operating costs		(7,814	)		(7,726	)
Selling and marketing expenses		(218,433	)		(354,722	)
General and administrative expenses		(81,977	)		(100,451	)
Technology and development expenses		(30,240	)		(44,447	)
Total operating costs and expenses		(1,441,688	)		(1,989,184	)

Operating costs and expenses for the third quarter of 2025 were RMB1,989 million (US$279 million), including RMB13 million share-based compensation expenses, compared with RMB1,442 million, including RMB3 million share-based compensation expenses for the same period of 2024.

Hotel operating costs for the third quarter of 2025 were RMB1,082 million (US$152 million), compared with RMB876 million for the same period of 2024. 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 62.7% of manachised and leased hotels’ revenues for the third quarter of 2025, compared with 64.0% for the same period of 2024. The decrease was primarily due to a lower proportion of leased hotels as a result of our product mix optimization.

Retail costs for the third quarter of 2025 were RMB400 million (US$56 million), compared with RMB227 million for the same period of 2024. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 47.3% of retail revenues for the third quarter of 2025, remaining stable compared to the same period of 2024.

Other operating costs for the third quarter of 2025 were RMB8 million (US$1 million), consistent with the same period of 2024.

Selling and marketing expenses for the third quarter of 2025 were RMB355 million (US$50 million), compared with RMB218 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 13.5% of net revenues for the third quarter of 2025, compared with 11.5% for the same period of 2024.

General and administrative expenses for the third quarter of 2025 were RMB100 million (US$14 million), including RMB10 million share-based compensation expenses, compared with RMB82 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 3.4% of net revenues for the third quarter of 2025, compared with 4.2% for the same period of 2024.

Technology and development expenses for the third quarter of 2025 were RMB44 million (US$6 million), compared with RMB30 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, retail business and improve customer experience. Technology and development expenses accounted for 1.7% of net revenues for the third quarter of 2025, compared with 1.6% for the same period of 2024.

Other operating income, net for the third quarter of 2025 was RMB13 million (US$2 million), compared with RMB35 million for the same period of 2024.

Income from operations for the third quarter of 2025 was RMB651 million (US$92 million), compared with RMB492 million for the same period of 2024.

Income tax expense for the third quarter of 2025 was RMB201 million (US$28 million), compared with RMB143 million for the same period of 2024. The increase was primarily due to higher income from operations as well as withholding tax arising from dividend distributions.

Net income for the third quarter of 2025 was RMB474 million (US$67 million), representing an increase of 24.6% compared with RMB381 million for the same period of 2024.

Adjusted net income (non-GAAP) for the third quarter of 2025 was RMB488 million (US$69 million), representing an increase of 27.0% compared with RMB384 million for the same period of 2024.

Basic and diluted income per share/American depositary share (ADS). For the third quarter of 2025, basic income per share was RMB1.14 (US$0.16), and diluted income per share was RMB1.13 (US$0.16). For the third quarter of 2025, basic income per ADS was RMB3.42 (US$0.48), and diluted income per ADS was RMB3.39 (US$0.48).

EBITDA (non-GAAP) for the third quarter of 2025 was RMB672 million (US$94 million), representing an increase of 27.0% compared with RMB529 million for the same period of 2024.

Adjusted EBITDA (non-GAAP) for the third quarter of 2025 was RMB685 million (US$96 million), representing an increase of 28.7% compared with RMB532 million for the same period of 2024.

Cash flows. Operating cash inflow for the third quarter of 2025 was RMB631 million (US$89 million). Investing cash outflow for the third quarter of 2025 was RMB590 million (US$83 million). Financing cash outflow for the third quarter of 2025 was RMB80 million (US$11 million).

Cash and cash equivalents and restricted cash. As of September 30, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.7 billion (US$375 million).

Debt financing. As of September 30, 2025, the Company had total outstanding borrowings of RMB67 million (US$9 million).

Outlook

For the full year of 2025, the Company currently expects total net revenues to increase by 35% compared with full-year 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 Tuesday, November 25, 2025 (or 8:00 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 Third Quarter of 2025 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI16ba7541be5f40f5918d5047fe4d7e47

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 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,		September 30,
	2024		2025
	RMB		RMB		USD¹
Assets
Current assets
Cash and cash equivalents		3,618,451		2,670,445		375,115
Short-term investments		1,266,061		3,066,971		430,815
Accounts receivable		186,047		266,940		37,497
Prepayments and other current assets		331,632		475,329		66,769
Amounts due from related parties		146,120		191,409		26,887
Inventories		167,436		158,652		22,286
Total current assets		5,715,747		6,829,746		959,369
Non-current assets
Restricted cash		1,179		1,179		166
Contract costs		119,408		131,696		18,499
Property and equipment, net		213,676		238,179		33,457
Operating lease right-of-use assets		1,502,891		1,411,216		198,232
Intangible assets, net		6,373		5,166		726
Goodwill		17,446		17,446		2,451
Other assets		71,217		73,034		10,259
Deferred tax assets		230,877		244,936		34,406
Total non-current assets		2,163,067		2,122,852		298,196
Total assets		7,878,814		8,952,598		1,257,565

Liabilities and shareholders’ equity
Current liabilities
Operating lease liabilities, current		291,002		283,020		39,756
Accounts payable		693,783		772,548		108,519
Deferred revenue, current		453,986		486,351		68,317
Salary and welfare payable		225,687		257,904		36,228
Accrued expenses and other payables		882,009		1,094,131		153,692
Income taxes payable		221,649		205,151		28,817
Short-term borrowings		60,000		65,000		9,130
Amounts due to related parties		2,101		2,539		357
Total current liabilities		2,830,217		3,166,644		444,816
Non-current liabilities
Operating lease liabilities, non-current		1,379,811		1,292,589		181,569
Deferred revenue, non-current		475,331		519,154		72,925
Long-term borrowings, non-current portion		2,000		2,000		281
Other non-current liabilities		245,568		281,328		39,518
Total non-current liabilities		2,102,710		2,095,071		294,293
Total liabilities		4,932,927		5,261,715		739,109

¹ Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2025 and as of September 30, 2025 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.1190, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 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,			September 30,
	2024			2025
	RMB			RMB			USD¹
Shareholders’ equity
Class A ordinary shares		245			246			35
Class B ordinary shares		56			56			8
Treasury shares		-			(85,310	)		(11,983	)
Additional paid in capital		1,608,017			1,743,464			244,903
Retained earnings		1,346,526			2,068,992			290,630
Accumulated other comprehensive income (loss)		1,386			(28,386	)		(3,988	)
Total equity attributable to shareholders of the Company		2,956,230			3,699,062			519,605
Non-controlling interests		(10,343	)		(8,179	)		(1,149	)
Total shareholders’ equity		2,945,887			3,690,883			518,456
Commitments and contingencies		-			-			-
Total liabilities and shareholders’ equity		7,878,814			8,952,598			1,257,565

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									Nine Months Ended
	September 30,			September 30,						September 30,			September 30,
	2024			2025						2024			2025
	RMB			RMB			USD¹			RMB			RMB			USD¹
Revenues:
Manachised hotels		1,179,211			1,560,266			219,169			3,042,301			3,891,643			546,656
Leased hotels		189,531			164,158			23,059			537,913			442,318			62,132
Retail		479,704			846,337			118,884			1,433,029			2,504,965			351,870
Others		50,136			57,209			8,036			150,679			163,407			22,954
Net revenues		1,898,582			2,627,970			369,148			5,163,922			7,002,333			983,612
Operating costs and expenses:
Hotel operating costs		(876,197	)		(1,081,694	)		(151,945	)		(2,314,119	)		(2,711,070	)		(380,822	)
Retail costs		(227,027	)		(400,144	)		(56,208	)		(698,133	)		(1,188,112	)		(166,893	)
Other operating costs		(7,814	)		(7,726	)		(1,085	)		(27,558	)		(21,947	)		(3,082	)
Selling and marketing expenses		(218,433	)		(354,722	)		(49,828	)		(617,751	)		(1,030,466	)		(144,749	)
General and administrative expenses		(81,977	)		(100,451	)		(14,110	)		(250,120	)		(351,810	)		(49,418	)
Technology and development expenses		(30,240	)		(44,447	)		(6,243	)		(87,373	)		(126,402	)		(17,756	)
Total operating costs and expenses		(1,441,688	)		(1,989,184	)		(279,419	)		(3,995,054	)		(5,429,807	)		(762,720	)
Other operating income, net		35,464			12,670			1,780			39,530			30,393			4,269
Income from operations		492,358			651,456			91,509			1,208,398			1,602,919			225,161
Interest income		12,995			18,595			2,612			38,910			60,312			8,472
Gain from short-term investments		13,807			13,015			1,828			34,344			31,540			4,430
Interest expense		(856	)		(477	)		(67	)		(2,383	)		(1,872	)		(263	)
Other income (expenses), net		5,678			(6,900	)		(969	)		5,127			(22,800	)		(3,202	)
Income before income tax		523,982			675,689			94,913			1,284,396			1,670,099			234,598
Income tax expense		(143,272	)		(201,299	)		(28,276	)		(342,072	)		(527,281	)		(74,067	)
Net income		380,710			474,390			66,637			942,324			1,142,818			160,531
Less: net (loss) income attributable to non-controlling interests		(3,679	)		670			94			(2,875	)		2,164			304
Net income attributable to the Company		384,389			473,720			66,543			945,199			1,140,654			160,227

Net income		380,710			474,390			66,637			942,324			1,142,818			160,531
Other comprehensive loss
Foreign currency translation adjustments, net of nil income taxes		(34,245	)		(5,018	)		(705	)		(21,114	)		(29,772	)		(4,182	)
Other comprehensive loss, net of nil income taxes		(34,245	)		(5,018	)		(705	)		(21,114	)		(29,772	)		(4,182	)
Total comprehensive income		346,465			469,372			65,932			921,210			1,113,046			156,349
Less: Comprehensive (loss) income attributable to non-controlling interests		(3,679	)		670			94			(2,875	)		2,164			304
Comprehensive income attributable to the Company		350,144			468,702			65,838			924,085			1,110,882			156,045
Net income per ordinary share
—Basic		0.93			1.14			0.16			2.29			2.74			0.38
—Diluted		0.92			1.13			0.16			2.27			2.72			0.38
Weighted average ordinary shares used in calculating net income per ordinary share
—Basic		413,928,908			416,249,869			416,249,869			413,340,195			415,735,035			415,735,035
—Diluted		416,980,577			420,259,104			420,259,104			416,529,151			419,755,975			419,755,975

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of RMB, except share data and per share data, or otherwise noted)

	Three Months Ended									Nine Months Ended
	September 30,			September 30,						September 30,			September 30,
	2024			2025						2024			2025
	RMB			RMB			USD¹			RMB			RMB			USD¹
Cash flows from operating activities:
Net cash generated from operating activities		432,923			630,839			88,613			1,152,800			1,399,310			196,560
Cash flows from investing activities:
Payment for purchases of property and equipment		(23,128	)		(25,828	)		(3,628	)		(55,879	)		(74,099	)		(10,409	)
Proceeds from disposal of property and equipment		-			255			36			-			4,995			702
Payment for purchases of intangible assets		(1,147	)		(27	)		(4	)		(1,429	)		(254	)		(36	)
Payment for purchases of short-term investments		(6,342,920	)		(4,088,000	)		(574,238	)		(13,584,920	)		(10,905,000	)		(1,531,816	)
Proceeds from maturities of short-term investments		5,795,448			3,523,264			494,910			12,801,208			9,135,630			1,283,274
Net cash used in investing activities		(571,747	)		(590,336	)		(82,924	)		(841,020	)		(1,838,728	)		(258,285	)
Cash flows from financing activities:
Proceeds from borrowings		-			-			-			20,000			35,000			4,916
Repayment of borrowings		-			-			-			-			(30,000	)		(4,214	)
Proceeds from stock option exercises		14,944			5,416			761			14,944			18,747			2,633
Payment for dividends		(436,048	)		-			-			(436,048	)		(418,188	)		(58,743	)
Payment of share repurchases		-			(85,310	)		(11,983	)		-			(85,310	)		(11,983	)
Net cash used in financing activities		(421,104	)		(79,894	)		(11,222	)		(401,104	)		(479,751	)		(67,391	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(21,948	)		(5,760	)		(809	)		(10,320	)		(28,837	)		(4,049	)
Net decrease in cash and cash equivalents and restricted cash		(581,876	)		(45,151	)		(6,342	)		(99,644	)		(948,006	)		(133,165	)
Cash and cash equivalents and restricted cash at the beginning of the period		3,323,985			2,716,775			381,623			2,841,753			3,619,630			508,446
Cash and cash equivalents and restricted cash at the end of the period		2,742,109			2,671,624			375,281			2,742,109			2,671,624			375,281

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						Nine Months Ended
	September 30,		September 30,				September 30,		September 30,
	2024		2025				2024		2025
	RMB		RMB		USD¹		RMB		RMB		USD¹
Net income (GAAP)		380,710		474,390		66,637		942,324		1,142,818		160,531
Share-based compensation expenses, net of tax effect of nil²		3,282		13,314		1,870		30,309		116,701		16,393
Adjusted net income (non-GAAP)		383,992		487,704		68,507		972,633		1,259,519		176,924

	Three Months Ended						Nine Months Ended
	September 30,		September 30,				September 30,		September 30,
	2024		2025				2024		2025
	RMB		RMB		USD¹		RMB		RMB		USD¹
Net income per ordinary share - Diluted (GAAP)		0.92		1.13		0.16		2.27		2.72		0.38
Share-based compensation expenses, net of tax effect of nil per ordinary share²		0.01		0.03		0.00		0.07		0.28		0.04
Adjusted net income per ordinary share - Diluted (non-GAAP)		0.93		1.16		0.16		2.34		3.00		0.42

	Three Months Ended									Nine Months Ended
	September 30,			September 30,						September 30,			September 30,
	2024			2025						2024			2025
	RMB			RMB			USD¹			RMB			RMB			USD¹
Net income (GAAP)		380,710			474,390			66,637			942,324			1,142,818			160,531
Interest income		(12,995	)		(18,595	)		(2,612	)		(38,910	)		(60,312	)		(8,472	)
Interest expense		856			477			67			2,383			1,872			263
Income tax expense		143,272			201,299			28,276			342,072			527,281			74,067
Depreciation and amortization		17,150			14,321			2,012			50,989			40,317			5,663
EBITDA (non-GAAP)		528,993			671,892			94,380			1,298,858			1,651,976			232,052
Share-based compensation expenses		3,282			13,314			1,870			30,309			116,701			16,393
Adjusted EBITDA (non-GAAP)		532,275			685,206			96,250			1,329,167			1,768,677			248,445

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 Q3 2025		Closed in Q3 2025		As of September 30, 2025		As of September 30, 2025
Manachised hotels		152		28		1,924		215,631
Leased hotels		-		-		24		3,728
Total		152		28		1,948		219,359

		As of September 30, 2025
		Properties
Hotel Brand	Positioning	Manachised		Leased		Rooms
A.T. House	Luxury		-		1		214
SAVHE	Upscale		1		1		348
Atour S	Upscale		88		2		12,540
Atour	Upper midscale		1,468		17		169,404
Atour X	Upper midscale		180		3		19,541
Atour Light	Midscale		187		-		17,312
Total			1,924		24		219,359

	All Hotels in Operation
	Three Months Ended September 30, 2024			Three Months Ended June 30, 2025			Three Months Ended September 30, 2025
Occupancy rate³(in percentage)
Manachised hotels		80.2	%		76.2	%		80.1	%
Leased hotels		85.6	%		82.4	%		85.0	%
All hotels		80.3	%		76.4	%		80.2	%

ADR³ (in RMB)
Manachised hotels		452.1			429.6			444.2
Leased hotels		586.6			590.7			602.3
All hotels		455.8			432.8			447.2

RevPAR³ (in RMB)
Manachised hotels		375.6			339.9			368.2
Leased hotels		527.4			513.0			541.9
All hotels		379.5			343.1			371.3

	Hotels in Operation for More Than 18 Months in Q3 2025⁴
	Number of hotels				Same-hotel Occupancy³ (in percentage)						Same-hotel ADR³ (in RMB)				Same-hotel RevPAR³ (in RMB)
	Q3 2024		Q3 2025		Q3 2024			Q3 2025			Q3 2024		Q3 2025		Q3 2024		Q3 2025
Manachised hotels		1,161		1,161		82.0	%		80.8	%		457.7		441.9		389.0		369.4
Leased hotels		21		21		85.6	%		85.0	%		602.1		579.7		541.9		520.6
All hotels		1,182		1,182		82.1	%		80.9	%		461.3		445.4		392.6		373.0

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.