Before the U.S. market open on Aug 20, 2026 (Beijing time), ATAT reported Q2 2026 results. Revenue beat estimates, and management raised full-year revenue guidance from +24%-28% to +30%. However, profit came in below expectations as the retail business dragged.

$Atour(ATAT.US) Key takeaways:

1) RevPAR declined QoQ. Q2 revenue per available room (RevPAR) was RMB 345.4 per night (+0.7% YoY)...

Retail revenue reached RMB 1.575bn (+63.2% YoY). Full-year retail revenue growth guidance was raised to 40%.

However, Q2 RevPAR was only 100.7% of last year, with mature stores slipping to 97%. Full-year net margin is still expected to edge down YoY, pressured by a shift in revenue mix and a higher effective tax rate.

Below is Dolphin Research's FY26 Q1 earnings call Trans for Atour; for our earnings take, please see 'Atour: Hotels Rebound, Retail Surges — Has the Sector's 'Indie' Player Broken Out?' $Atour(ATAT.US)

I. Recap of Key Financials

1) Shareholder returns: declared its first 2026 cash dividend of approx $72 mn (31% of prior FY net income); cumulative buybacks since launch last year exceed $100 mn...

RevPAR turns positive for the first time in two years

Below is Dolphin Research's transcript of Atour's FY2025 earnings call.

For our take on the results, please see 'Atour: Retail is surging — is the Haidilao of hotels smiling again?'

Operating leverage kicked in, driving a sharp profit jump

In our previous piece, we examined how ATAT has carved out a differentiated position in the mid-to-upscale segment, winning on service in its core hotel business. We also highlighted a fast-rising 'second growth curve' in recent years — the retail business built on its hotel footprint.

In China's cutthroat hotel market, ATAT stands out as a brand competitors both envy and fail to decode. It lacks the sheer scale of H World or Jin Jiang, and it does not play in the luxury league of Marriott or Hilton.