--- title: "ATAT (Trans): 2026 retail revenue expected to grow 25%-30% YoY---" type: "Topics" locale: "zh-CN" url: "https://longbridge.com/zh-CN/topics/39312716.md" description: "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?'" datetime: "2026-03-17T14:15:21.000Z" locales: - [en](https://longbridge.com/en/topics/39312716.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39312716.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39312716.md) author: "[Dolphin Research](https://longbridge.com/zh-CN/news/dolphin.md)" --- > 支持的语言: [English](https://longbridge.com/en/topics/39312716.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39312716.md) # ATAT (Trans): 2026 retail revenue expected to grow 25%-30% YoY--- **Below is Dolphin Research's transcript of Atour's FY2025 earnings call. For the earnings breakdown, see '**[**Atour: Retail on a tear — is the hotel industry's 'Haidilao' smiling again?**](https://longbridge.cn/en/topics/39311865?channel=SH000001&invite-code=7XHHT4&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=d0b71a97-7ae4-4c67-816d-fcd779a4b2f3)**'**$Atour(ATAT.US) **I. Key takeaways** 1\. **Shareholder returns**: Total cash dividends for FY2025 were approx. $108mn. Since launching the buyback in Q3, the company repurchased approx. $46mn in the open market. 2\. **Outlook**: FY2026 total revenue is guided to grow 20%–24% YoY. Retail revenue is expected to grow 25%–30% YoY. FY2026 net margin is guided to edge down YoY, as G&A and R&D ratios rise. 3\. **Key financials**: FY2025 revenue was RMB 9.79bn (+~20% YoY). Franchise hotel revenue reached RMB 5.3bn (+28.0% YoY), while retail revenue was RMB 3.67bn (+67.0% YoY). Retail GPM was 52.6% (up YoY). FY2025 Adj. net margin was 17.9% (-10bps YoY), and Adj. EBITDA margin was 25.3% (+90bps YoY). 4\. **Liquidity**: As of end-2025, cash & equivalents stood at RMB 3.3bn. Net cash was RMB 3.1bn. **II. Details from the call** **2.1 Management remarks** 1\. **Overall strategy** a. In 2025, the company achieved its '2,000 curated hotels for the China experience' goal and kicked off a new three-year plan: 'China Experience · Brand-led Excellence'. b. Experience remains the foundation and key growth driver, while brand serves as the long-term anchor and strategic compass. c. Retail contributed nearly 40% of group revenue, and hotel-retail synergies continued to strengthen. 2\. **Hotel ops** a. Q4 RevPAR was RMB 335.7, at 99.6% of Q4 2024, with OCC at 98.8% and ADR at 101.5%. The recovery trend improved sequentially. b. For mature hotels (in operation \>18 months), Q4 RevPAR recovered to 96% of the same period in 2024. c. In 2025, 488 new hotels opened, bringing operating hotels to 2,015 (+24.5% YoY). The pipeline reached 779 projects. d. The core CRS channel accounted for 62.9% of room nights, and corporate members contributed 20.8% of room nights. 3\. **Brand portfolio** a. **Atour Origin**: Upgraded from Atour 4.0 into a standalone brand positioned as an immersive, vacation-like urban retreat. FY2025 RevPAR exceeded RMB 430. It has 55 operating hotels and 50+ in the pipeline. b. **Atour 3.6**: Targeting mainstream biz travel, with Q4 RevPAR above RMB 380. Its hardware and service details are well recognized by the market. c. **SAVHE**: A breakthrough in the premium segment, with three hotels opened in Shanghai, Shenzhen, and Guangzhou. Q4 RevPAR exceeded RMB 950. In Q4, the brand partnered with EHL Hospitality Business School to co-develop a premium service system blending global expression with Eastern values. d. **Atour Light**: Positioned for the midscale segment, with over 160 Series 3 hotels operating. Q4 RevPAR recovered to over 110% YoY, and surpassed 100% for the full year. In 2026, a refined cost model will be rolled out across the board. 4\. **Retail (Atour Planet)** a. FY2025 retail revenue was RMB 3.67bn (+67% YoY), maintaining category leadership in bedding across major third-party platforms. b. The Deep Sleep Memory Pillow Pro series exceeded 10mn units in cumulative sales. c. The comforter category posted \>90% YoY GMV growth, with rising market share. d. New categories such as fitted sheets and loungewear saw positive market feedback, further completing the Deep Sleep ecosystem. e. The company launched the industry's first 'Deep Sleep Standard' to ensure product consistency and high quality. 5\. **Memberships** a. Registered individual members reached 112mn (+25% YoY). b. In early 2026, the company launched a joint membership program with Starbucks China, building a multi-scene lifestyle ecosystem across travel, dining, and leisure. **2.2 Q&A** **Q: Industry supply growth has slowed. How is franchisee signing appetite, and what is the 2026 opening guidance?** A: We have also seen fluctuations in overall industry supply growth. At a deeper level, this reflects a structural upgrade after years of rapid expansion, as the industry moves into a higher-quality growth phase. Franchisees are indeed more rational and prudent, which we see as positive for the sector's long-term health. Greater caution in rent negotiations, site selection, and brand choice effectively reinforces market selection, where mature brands and high-quality franchisees choose each other, laying a stronger foundation for cooperation. For Atour, high-quality supply in the market remains scarce. We have never pursued growth purely for scale; we focus on high-quality, differentiated expansion. We remain upbeat on 2026 signings and will ensure each new project is more competitive in its market. On openings, thanks to the curated-hotel strategy, 2025 vintages improved notably in location and asset quality. In 2026, we will maintain strict quality standards and focus on core cities and key business districts. On this higher-quality base, we aim to deliver an opening pace roughly in line with last year. **Q: What is your 2026 industry outlook? Can you share RevPAR trends for Q1 to date and your view for the full year?** A: In 2025, the industry saw a modest recovery with improving supply-demand dynamics, and RevPAR recovery strengthened each quarter. In 2026, overall supply growth may slow further, while leisure demand remains solid. For example, during this year's Spring Festival holiday, both ADR and occupancy exceeded last year's levels. Based on this, we expect Q1 RevPAR to continue improving with positive momentum. We will not provide a specific FY2026 RevPAR guide, as the full-year environment remains fluid. However, supportive policies and the continued recovery in biz travel offer tailwinds. Our goal is unchanged: maintain strategic discipline, deepen Atour's differentiated experience advantage, and manage ADR and OCC with a more balanced, precise approach to sustain and enhance RevPAR recovery, reinforcing long-term brand value. **Q: Retail grew strongly last year. Could you share the retail roadmap, new product plans, and revenue targets for this year?** A: Over recent years, Atour Planet has adhered to an innovation- and product-led strategy. We launched the industry's first Deep Sleep Standard and drove step-change growth in retail, helping upgrade China's sleep industry. Looking ahead, Atour Planet will deepen core capabilities and shore up its competitive moat across the board. We aim to carve out a unique path and avoid homogenous competition with followers. On category planning, we will stay focused on the Deep Sleep track. First, we will further strengthen core categories; in pillows, the goal is to maintain absolute leadership and build a decisive edge. Second, comforters are expected to grow faster than pillows, lifting market share. Third, new categories like fitted sheets and loungewear will scale via hero-product iteration and matrix expansion. In addition, mattresses and other sleep accessories will extend the portfolio and complete Atour Planet's Deep Sleep ecosystem. On revenue, 2025 set new highs in both retail scale and brand reputation. **For 2026, we expect retail revenue to grow 25%–30% YoY.** While pursuing healthy scale growth, we will focus more on reinforcing core competitiveness, continually enhancing product and brand strength to drive more sustainable, long-term retail development. **Q: FY2025 net margin beat the initial outlook. How should we think about FY2026 net margin?** A: Indeed, FY2025 group Adj. net margin was ~17.9%. Early in the year, we expected some drag from revenue mix shifts and a higher effective tax rate. However, through refined operations, margins improved across segments, and policy subsidies concentrated in Q4. As a result, FY2025 net margin was roughly flat vs. 2024. Looking to 2026, revenue mix across franchise hotels, supply chain, and retail will continue to evolve as the business scales. Under the new three-year strategy 'China Experience · Brand-led Excellence', we will allocate resources with a longer-term view. We plan to add talent in key roles and upgrade digital ops capabilities to support long-term growth, which implies higher G&A and R&D ratios this year. Based on this, we preliminarily expect the 2026 group net margin to decline slightly YoY. **Q: You closed 92 hotels in 2025, slightly above the initial plan. Any closure plan for 2026?** A: As we have communicated, closures center on experience consistency, with the goal of continuously improving operating quality and experience standards across the network. In 2025, we tightened quality control and closed 92 hotels in total. In 2026, to ensure overall network quality, we will keep a certain level of proactive pruning and terminate cooperation with hotels that fail to meet Atour's experience standards, reinforcing long-term brand value. That said, after the optimization completed in 2025, the current portfolio is on a stronger footing, so we expect fewer closures in 2026, with a current plan of around 80 for the year. ### 相关股票 - [Atour (ATAT.US)](https://longbridge.com/zh-CN/quote/ATAT.US.md)