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ATAT

Atour Lifestyle Holdings Limited

ATAT

Atour Lifestyle Holdings Limited • NASDAQ
$38.37 ▲ 1.62% (+0.61)
Market Cap $5.31 B
52w High $42.34
52w Low $21.50
Dividend Yield 0.42%
P/E 25.93
Volume 907.79K
Outstanding Shares 138.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.469B ▲ $528.594M ▲ $424.231M ▲ 17.185% ▲ $3.06 ▲ $617.502M ▲
Q1-2025 $1.906B ▼ $476.962M ▼ $242.703M ▼ 12.735% ▼ $1.74 ▼ $378.303M ▼
Q4-2024 $2.084B ▲ $490.491M ▲ $330.149M ▼ 15.842% ▼ $2.4 ▼ $449.589M ▼
Q3-2024 $1.899B ▲ $303M ▼ $384.389M ▲ 20.246% ▲ $2.77 ▲ $557.318M ▲
Q2-2024 $1.797B $364.908M $303.652M 16.897% $2.19 $437.895M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $5.205B ▲ $8.356B ▲ $5.067B ▲ $3.297B ▲
Q1-2025 $4.885B ▲ $7.917B ▲ $4.634B ▼ $3.293B ▲
Q4-2024 $4.885B ▲ $7.879B ▲ $4.933B ▲ $2.956B ▲
Q3-2024 $4.311B ▼ $7.209B ▼ $4.619B ▼ $2.601B ▼
Q2-2024 $4.331B $7.285B $4.623B $2.669B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $0 $766.503M ▲ $-770.753M ▼ $-411.303M ▼ $-430.417M ▲ $737.38M ▲
Q1-2025 $0 ▼ $1.968M ▼ $-477.639M ▼ $11.446M ▲ $-472.438M ▼ $-17.407M ▼
Q4-2024 $330.149M ▼ $573.148M ▲ $320.466M ▲ $-25.491M ▲ $877.521M ▲ $572.789M ▲
Q3-2024 $384.389M ▲ $432.923M ▼ $-571.747M ▼ $-421.104M ▼ $-581.876M ▼ $409.795M ▼
Q2-2024 $303.652M $576.641M $-306.237M $0 $274.631M $556.505M

Five-Year Company Overview

Income Statement

Income Statement Atour’s income statement shows a fast‑growing, increasingly profitable business. Revenue has climbed strongly year after year, not just recovering from the pandemic but moving well beyond prior levels. Profitability has improved even faster than sales: gross margins have widened, operating profits have scaled up meaningfully, and net income has grown from almost break‑even to clearly profitable territory. This suggests good cost control, successful use of its asset‑light franchise model, and strong pricing power in its chosen hotel segments. The main risk is that results are still closely tied to China’s travel and consumer cycle, so a slowdown in domestic travel or pricing pressure could quickly show up in earnings.

Balance Sheet

Balance Sheet The balance sheet looks stronger over time, with total assets and shareholders’ equity steadily building as the business grows. Cash holdings are sizeable relative to the company’s scale, providing a financial cushion for expansion and downturns. Debt rose as the company grew but has started to edge down, which points to a gradual de‑risking of the capital structure. Equity has moved from negative to comfortably positive, reflecting accumulated profits. Overall, it resembles a growth company that has already passed the most fragile early stage, though it still depends on maintaining healthy cash generation to keep leverage in check.

Cash Flow

Cash Flow Cash flow is a key strength. Operating cash flow has consistently been positive and has risen strongly alongside earnings, which means reported profits are backed by real cash. After modest capital spending needs, free cash flow remains solidly positive, leaving room to reinvest in growth, repay debt, or build cash reserves. The business does not appear to be consuming large amounts of capital to expand, which fits the franchise‑heavy, asset‑light model. The main watchpoint is that cash flow remains dependent on continued high occupancy and room rates in its core markets.

Competitive Edge

Competitive Edge Atour appears to have built a strong niche in China’s upper‑midscale hotel segment, where it has become one of the leading brands by room count. Its asset‑light “manachise” model lets it expand quickly without owning most of the real estate, helping it scale faster than many traditional competitors. The A‑CARD loyalty program, with a very large member base, creates stickiness and repeat business, which can be especially valuable in a crowded lodging market. In addition, the blend of hotels and in‑room retail gives it a differentiated offering that’s harder for standard chains to copy. Key risks are heavy concentration in the Chinese market, sensitivity to domestic travel trends, and potential imitation of its concepts by other players over time.

Innovation and R&D

Innovation and R&D Innovation is central to Atour’s story. It is not just a hotel chain; it has turned rooms into lifestyle showrooms, selling its own branded pillows, quilts, and other products tied to a “deep sleep” and modern Chinese lifestyle theme. This scenario‑based retail model, supported by its app and data systems, creates additional revenue streams from each guest and deepens engagement with the brand. The company also continues to iterate its hotel formats and design upgrades, and it invests in digital tools for personalization and efficiency. The opportunity is to keep scaling this hotel‑retail ecosystem; the risk is that new concepts may not always resonate, and continued experimentation is required to stay ahead.

Summary

Overall, Atour combines rapid growth, rising profitability, and strong cash generation with a differentiated business model in China’s lodging market. Its balance sheet is progressively stronger, and its asset‑light approach supports efficient scaling. The company’s competitive edge lies in its upper‑midscale positioning, powerful loyalty program, and unique integration of hotels with lifestyle retail products. At the same time, its fortunes remain closely tied to the health of China’s travel and consumer environment, and to its ability to keep innovating and executing its expansion plans without overextending. For observers, it stands out as a high‑growth, innovation‑driven hospitality platform with both clear strengths and the usual cyclical and execution risks of its sector.

NEWS

November 25, 2025 · 6:00 AM UTC

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

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November 10, 2025 · 5:00 AM UTC

Atour Lifestyle Holdings Limited Announces Board Member Changes

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