ATAT 6-K
Atour Lifestyle Holdings Ltd (ATAT)
UNITED STATES
SECURITIES AND EXCHANGECOMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATEISSUER
PURSUANT TO RULE 13a-16OR 15d-16 UNDER
THE SECURITIES EXCHANGEACT OF 1934
For the month of August 2026
Commission File Number:001-40540
Atour Lifestyle HoldingsLimited
(Exact name of registrantas specified in its charter)
1st floor, Wuzhong Building,
618 Wuzhong Road, MinhangDistrict,
Shanghai, 201103, People’sRepublic of China
(+86) 021-64059928
(Address of principalexecutive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F x | Form 40-F ¨ |
|---|
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release — Atour Lifestyle Holdings Limited Reports Second Quarter 2026 Unaudited Financial Results |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Atour Lifestyle Holdings Limited | |||
|---|---|---|---|
| By: | /s/ HAIJUN WANG | ||
| Name: | Haijun Wang | ||
| Title: | Chairman of the Board of Director and Chief Executive Officer | ||
| Date: August 20, 2026 |
Exhibit 99.1
Atour Lifestyle Holdings Limited Reports Second Quarter 2026 UnauditedFinancial Results
| · | A total of 2,175 hotels, or 242,526 hotelrooms, in operation as of June 30, 2026. |
|---|---|
| · | Net revenues for the second quarter of 2026increased by 41.4% year-over-year to RMB3,490 million (US$514 million). |
| --- | --- |
| · | Net income for the second quarter of 2026increased by 29.0% year-over-year to RMB548 million (US$81 million). |
| --- | --- |
| · | Adjusted net income (non-GAAP)^1^for the second quarter of 2026 increased by 30.8% year-over-year to RMB558 million (US$82 million). |
| --- | --- |
| · | EBITDA (non-GAAP)^2^ forthe second quarter of 2026 increased by 33.3% year-over-year to RMB810 million (US$119 million). |
| --- | --- |
| · | Adjusted EBITDA (non-GAAP)^3^for the second quarter of 2026 increased by 34.6% year-over-year to RMB821 million (US$121 million). |
| --- | --- |
SHANGHAI, China, August 20, 2026 -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading lifestyle group in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter of 2026 Highlights
As of June 30, 2026, there were 2,175 hotels with a total of 242,526 hotel rooms in operation across Atour’s hotel network, representing increases of 19.2% and 18.4% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of June 30, 2026, there were 811 manachised hotels under development in our pipeline.
The average daily room rate^4^ (“ADR”) was RMB438 for the second quarter of 2026, compared with RMB433 for the same period of 2025 and RMB427 for the previous quarter.
The occupancy rate^4^ was 76.2% for the second quarter of 2026, compared with 76.4% for the same period of 2025 and 70.6% for the previous quarter.
The revenue per available room^4^ (“RevPAR”) was RMB345 for the second quarter of 2026, compared with RMB343 for the same period of 2025 and RMB312 for the previous quarter.
^1^ Adjusted net income (non-GAAP) is defined as net incomeexcluding share-based compensation expenses.
^2^ EBITDA (non-GAAP) is defined as earnings before interestexpense, interest income, income tax expense and depreciation and amortization.
^3^ Adjusted EBITDA (non-GAAP) is defined as EBITDA excludingshare-based compensation expenses.
^4^ Excludes hotel rooms that became unavailable due totemporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
“ADR” refers to the average daily room rate, whichmeans room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in usedivided by the number of available rooms for a given period;
“RevPAR” refers to revenue per available room, whichis calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
The revenue generated from our retail business was RMB1,575 million for the second quarter of 2026, representing an increase of 63.2% year-over-year.
“In the second quarter of 2026, we steadily advanced our new three-year ‘Chinese Experience, Brand-Led Excellence’ strategy, achieving sustained breakthroughs in both our hotel and retail businesses,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For our hotel business, we adhered to the ‘quality-first’ principle and strictly controlled project quality. By the end of the second quarter, our total number of hotels in operation reached 2,175. We continued to refine our products and experiences around each brand’s distinct positioning, and our differentiated brand strengths gained broad market recognition. Meanwhile, our retail business sustained its strong growth momentum. Retail revenue was RMB1.57 billion in the second quarter, up 63% year-over-year. Atour Planet further consolidated its advantages in core categories and continued to expand its product portfolio.”
“Looking ahead, we remain committed to a long-term approach, continuously improving product quality around user needs, strengthening brand and organizational capabilities, further consolidating the competitiveness of both our hotel and retail businesses, and achieving higher-quality sustainable development,” concluded Mr. Wang.
Second Quarter of 2026 Unaudited FinancialResults
| (RMB in thousands) | Q2 2025 | Q2 2026 | ||
|---|---|---|---|---|
| Revenues: | ||||
| Manachised hotels | 1,299,194 | 1,725,369 | ||
| Leased hotels | 149,597 | 131,915 | ||
| Retail | 964,849 | 1,574,522 | ||
| Others | 54,909 | 58,541 | ||
| Net revenues | 2,468,549 | 3,490,347 |
Net revenues. Our net revenues for the second quarter of 2026 increased by 41.4% to RMB3,490 million (US$514 million) from RMB2,469 million for the same period of 2025. The increase was mainly driven by growth in the manachised hotel and retail businesses.
| · | Manachised hotels. Revenues from our manachised hotels for the second quarter of 2026 increased<br>by 32.8% to RMB1,725 million (US$254 million) from RMB1,299 million for the same period of 2025. The increase was primarily driven by<br>our ongoing hotel network expansion and supply chain business development. The total number of our manachised hotels increased from 1,800<br>as of June 30, 2025 to 2,156 as of June 30, 2026. | |||||
|---|---|---|---|---|---|---|
| · | Leased hotels. Revenues from our leased hotels for the second quarter of 2026 decreased by 11.8%<br>to RMB132 million (US$19 million) from RMB150 million for the same period of 2025. The decrease was primarily due to the decrease in the<br>number of leased hotels as a result of our product mix optimization. The total number of our leased hotels decreased from 24 as of June 30,<br>2025 to 19 as of June 30, 2026. | |||||
| --- | --- | |||||
| · | Retail. Revenues from retail for the second quarter of 2026 increased by 63.2% to RMB1,575 million<br>(US$232 million) from RMB965 million for the same period of 2025. The increase was driven by growing recognition of our retail brands<br>and effective product innovation and development as we successfully broadened our product offerings. | |||||
| --- | --- | |||||
| · | Others. Revenues from others for the second quarter of 2026 increased by 6.6% to RMB59 million<br>(US$9 million) from RMB55 million for the same period of 2025. | |||||
| --- | --- | |||||
| (RMB in thousands) | Q2 2025 | Q2 2026 | ||||
| --- | --- | --- | --- | --- | --- | --- |
| Operating costs and expenses: | ||||||
| Hotel operating costs | (893,231 | ) | (1,198,048 | ) | ||
| Retail costs | (450,542 | ) | (765,135 | ) | ||
| Other operating costs | (6,593 | ) | (5,198 | ) | ||
| Selling and marketing expenses | (392,847 | ) | (605,945 | ) | ||
| General and administrative expenses | (89,546 | ) | (129,917 | ) | ||
| Technology and development expenses | (42,574 | ) | (56,838 | ) | ||
| Total operating costs and expenses | (1,875,333 | ) | (2,761,081 | ) |
Operating costs and expensesfor the second quarter of 2026 were RMB2,761 million (US$407 million), including RMB10 million share-based compensation expenses, compared with RMB1,875 million, including RMB2 million share-based compensation expenses for the same period of 2025.
| · | Hotel operating costs for the second quarter of 2026 were RMB1,198 million (US$177 million), compared<br>with RMB893 million for the same period of 2025. The increase was mainly due to the increase in variable costs, such as supply chain costs<br>and hotel manager costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for 64.5% of manachised<br>and leased hotels’ revenues for the second quarter of 2026, compared with 61.7% for the same period of 2025. |
|---|---|
| · | Retail costs for the second quarter of 2026 were RMB765 million (US$113 million), compared with<br>RMB451 million for the same period of 2025. The increase was associated with the rapid growth of our retail business. Retail costs accounted<br>for 48.6% of retail revenues for the second quarter of 2026, compared with 46.7% for the same period of 2025. |
| --- | --- |
| · | Other operating costs for the second quarter of 2026 were RMB5 million (US$0.8 million), compared<br>with RMB7 million for the same period of 2025. |
| --- | --- |
| · | Selling and marketing expenses for the second quarter of 2026 were RMB606 million (US$89 million),<br>compared with RMB393 million for the same period of 2025. The increase was mainly due to our enhanced investment in branding and the effective<br>development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for 17.4% of<br>net revenues for the second quarter of 2026, compared with 15.9% for the same period of 2025. |
| --- | --- |
| · | General and administrative expenses for the second quarter of 2026 were RMB130 million (US$19 million),<br>including RMB9 million share-based compensation expenses, compared with RMB90 million, including RMB2 million share-based compensation<br>expenses for the same period of 2025. Excluding the share-based compensation expenses, the increase was primarily due to an increase in<br>labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for 3.5% of net revenues for<br>the second quarter of 2026, compared with 3.6% for the same period of 2025. |
| --- | --- |
| · | Technology and development expenses for the second quarter of 2026 were RMB57 million (US$8 million),<br>compared with RMB43 million for the same period of 2025. The increase was mainly attributable to our increased investments in technology<br>systems and infrastructure to support our expanding hotel network and retail business, and to improve customer experience. Technology<br>and development expenses accounted for 1.6% of net revenues for the second quarter of 2026, compared with 1.7% for the same period of<br>2025. |
| --- | --- |
Other operating income, net for the second quarter of 2026 was RMB44 million (US$6 million), compared with RMB3 million for the same period of 2025. The increase was mainly due to an increase in income from government subsidies.
Income fromoperations for the second quarter of 2026 was RMB773 million (US$114 million), compared with RMB596 million for the same period of 2025.
Income tax expense for the second quarter of 2026 was RMB255 million (US$38 million), compared with RMB192 million for the same period of 2025.
Net income for the second quarter of 2026 was RMB548 million (US$81 million), representing an increase of 29.0% compared with RMB425 million for the same period of 2025.
Adjusted net income (non-GAAP) for the second quarter of 2026 was RMB558 million (US$82 million), representing an increase of 30.8% compared with RMB427 million for the same period of 2025.
Basic and diluted income per share/Americandepositary share (ADS). For the second quarter of 2026, basic income per share was RMB1.35 (US$0.20), and diluted income per share was RMB1.33 (US$0.20). For the second quarter of 2026, basic income per ADS was RMB4.05 (US$0.60), and diluted income per ADS was RMB3.99 (US$0.60).
EBITDA (non-GAAP) for the second quarter of 2026 was RMB810 million (US$119 million), representing an increase of 33.3% compared with RMB608 million for the same period of 2025.
Adjusted EBITDA (non-GAAP) for the second quarter of 2026 was RMB821 million (US$121 million), representing an increase of 34.6% compared with RMB610 million for the same period of 2025.
Cash flows. Operating cash inflow for the second quarter of 2026 was RMB835 million (US$123 million). Investing cash inflow for the second quarter of 2026 was RMB282 million (US$42 million). Financing cash outflow for the second quarter of 2026 was RMB861 million (US$127 million).
**Cash and cash equivalents and restricted cash.**As of June 30, 2026, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.9 billion (US$582 million).
Debt financing. As of June 30, 2026, the Company had total outstanding borrowings of RMB237 million (US$35 million).
Outlook
For the full year of 2026, the Company currently expects total net revenues to increase by 30% compared with the full year of 2025.
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 Thursday, August 20, 2026 (or 7:00 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 Second Quarter of 2026 Earnings Conference Call Pre-registration Link: https://register-conf.media-server.com/register/BIe8138a580f784759b9c45dda51c9d597
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 lifestyle group in China that operates both hospitality and retail businesses. As a leader in quality living, Atour is dedicated to creating an intimate ambiance where people can warmly connect. Guided by its people-serving philosophy, Atour continuously refines its products and services to curate exceptional experiences for every user.
For more information, please visit https://ir.yaduo.com.
Investor Relations Contact
Atour Lifestyle Holdings Limited
Email: [email protected]
Christensen Advisory
Email: [email protected]
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, | June 30, | |||||
| 2025 | 2026 | |||||
| RMB | RMB | USD^1^ | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 3,303,949 | 3,924,845 | 578,451 | |||
| Short-term investments | 2,562,745 | 1,797,192 | 264,873 | |||
| Accounts receivable | 341,446 | 421,368 | 62,102 | |||
| Prepayments and other current assets | 675,974 | 601,404 | 88,636 | |||
| Amounts due from related parties | 192,289 | 191,781 | 28,265 | |||
| Inventories | 278,802 | 173,927 | 25,633 | |||
| Total current assets | 7,355,205 | 7,110,517 | 1,047,960 | |||
| Non-current assets | ||||||
| Restricted cash | 16,223 | 22,720 | 3,349 | |||
| Contract costs | 134,268 | 139,108 | 20,502 | |||
| Property and equipment, net | 225,603 | 205,596 | 30,301 | |||
| Operating lease right-of-use assets | 1,108,548 | 889,953 | 131,163 | |||
| Intangible assets, net | 4,712 | 3,744 | 552 | |||
| Goodwill | 17,446 | 17,446 | 2,571 | |||
| Other assets | 51,905 | 48,906 | 7,208 | |||
| Deferred tax assets | 253,596 | 244,540 | 36,041 | |||
| Total non-current assets | 1,812,301 | 1,572,013 | 231,687 | |||
| Total assets | 9,167,506 | 8,682,530 | 1,279,647 | |||
| Liabilities and shareholders’ equity | ||||||
| Current liabilities | ||||||
| Operating lease liabilities, current | 230,201 | 260,815 | 38,439 | |||
| Accounts payable | 821,997 | 1,030,026 | 151,807 | |||
| Deferred revenue, current | 701,147 | 490,881 | 72,347 | |||
| Salary and welfare payable | 316,562 | 292,837 | 43,159 | |||
| Accrued expenses and other payables | 1,090,394 | 1,097,564 | 161,761 | |||
| Income taxes payable | 312,302 | 268,517 | 39,575 | |||
| Short-term borrowings | 250,000 | 235,000 | 34,635 | |||
| Amounts due to related parties | 2,886 | 2,628 | 387 | |||
| Total current liabilities | 3,725,489 | 3,678,268 | 542,110 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | 1,042,719 | 797,006 | 117,464 | |||
| Deferred revenue, non-current | 526,439 | 541,913 | 79,868 | |||
| Long-term borrowings, non-current portion | 2,000 | 2,000 | 295 | |||
| Other non-current liabilities | 290,058 | 303,075 | 44,668 | |||
| Total non-current liabilities | 1,861,216 | 1,643,994 | 242,295 | |||
| Total liabilities | 5,586,705 | 5,322,262 | 784,405 |
^1^ Translations of balances in the consolidated financialstatements from RMB into US$ for the second quarter of 2026 and as of June 30, 2026 are solely for readers’ convenience and werecalculated at the rate of US$1.00=RMB 6.7851, representing the exchange rate set forth in the H.10 statistical release of the FederalReserve Board on June 30, 2026.
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share data and per share data, or otherwise noted)
| As of | As of | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 31, | June 30, | ||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | USD^1^ | |||||||
| Shareholders’ equity | |||||||||
| Class A ordinary shares | 246 | 238 | 35 | ||||||
| Class B ordinary shares | 56 | 56 | 8 | ||||||
| Treasury shares | (326,400 | ) | (40,834 | ) | (6,018 | ) | |||
| Additional paid in capital | 1,758,365 | 758,401 | 111,774 | ||||||
| Retained earnings | 2,195,519 | 2,714,562 | 400,077 | ||||||
| Accumulated other comprehensive loss | (34,307 | ) | (59,817 | ) | (8,816 | ) | |||
| Total equity attributable to shareholders of the Company | 3,593,479 | 3,372,606 | 497,060 | ||||||
| Non-controlling interests | (12,678 | ) | (12,338 | ) | (1,818 | ) | |||
| Total shareholders’ equity | 3,580,801 | 3,360,268 | 495,242 | ||||||
| Commitments and contingencies | - | - | - | ||||||
| Total liabilities and shareholders’ equity | 9,167,506 | 8,682,530 | 1,279,647 |
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Allamounts in thousands, except share data and per share data, or otherwise noted)
| Three Months Ended | Six Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | USD^1^ | RMB | RMB | USD^1^ | |||||||||||||
| Revenues: | ||||||||||||||||||
| Manachised hotels | 1,299,194 | 1,725,369 | 254,288 | 2,331,377 | 3,293,417 | 485,390 | ||||||||||||
| Leased hotels | 149,597 | 131,915 | 19,442 | 278,160 | 250,207 | 36,876 | ||||||||||||
| Retail | 964,849 | 1,574,522 | 232,056 | 1,658,628 | 2,645,721 | 389,931 | ||||||||||||
| Others | 54,909 | 58,541 | 8,627 | 106,198 | 112,243 | 16,543 | ||||||||||||
| Net revenues | 2,468,549 | 3,490,347 | 514,413 | 4,374,363 | 6,301,588 | 928,740 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||||
| Hotel operating costs | (893,231 | ) | (1,198,048 | ) | (176,570 | ) | (1,629,376 | ) | (2,334,416 | ) | (344,050 | ) | ||||||
| Retail costs | (450,542 | ) | (765,135 | ) | (112,767 | ) | (787,968 | ) | (1,272,395 | ) | (187,528 | ) | ||||||
| Other operating costs | (6,593 | ) | (5,198 | ) | (767 | ) | (14,221 | ) | (9,656 | ) | (1,423 | ) | ||||||
| Selling and marketing expenses | (392,847 | ) | (605,945 | ) | (89,305 | ) | (675,744 | ) | (1,007,109 | ) | (148,429 | ) | ||||||
| General and administrative expenses | (89,546 | ) | (129,917 | ) | (19,147 | ) | (251,359 | ) | (269,801 | ) | (39,764 | ) | ||||||
| Technology and development expenses | (42,574 | ) | (56,838 | ) | (8,377 | ) | (81,955 | ) | (107,249 | ) | (15,807 | ) | ||||||
| Total operating costs and expenses | (1,875,333 | ) | (2,761,081 | ) | (406,933 | ) | (3,440,623 | ) | (5,000,626 | ) | (737,001 | ) | ||||||
| Other operating income, net | 2,966 | 43,981 | 6,482 | 17,723 | 135,246 | 19,932 | ||||||||||||
| Income from operations | 596,182 | 773,247 | 113,962 | 951,463 | 1,436,208 | 211,671 | ||||||||||||
| Interest income | 22,437 | 8,758 | 1,291 | 41,717 | 17,885 | 2,636 | ||||||||||||
| Gain from short-term investments | 8,674 | 11,708 | 1,726 | 18,525 | 23,503 | 3,464 | ||||||||||||
| Interest expense | (781 | ) | (1,539 | ) | (227 | ) | (1,395 | ) | (3,260 | ) | (480 | ) | ||||||
| Other (expenses) income, net | (9,791 | ) | 10,867 | 1,601 | (15,900 | ) | 10,892 | 1,605 | ||||||||||
| Income before income tax | 616,721 | 803,041 | 118,353 | 994,410 | 1,485,228 | 218,896 | ||||||||||||
| Income tax expense | (191,871 | ) | (255,114 | ) | (37,599 | ) | (325,982 | ) | (473,817 | ) | (69,832 | ) | ||||||
| Net income | 424,850 | 547,927 | 80,754 | 668,428 | 1,011,411 | 149,064 | ||||||||||||
| Less: net income attributable to non-controlling interests | 619 | 210 | 31 | 1,494 | 340 | 50 | ||||||||||||
| Net income attributable to the Company | 424,231 | 547,717 | 80,723 | 666,934 | 1,011,071 | 149,014 | ||||||||||||
| Net income | 424,850 | 547,927 | 80,754 | 668,428 | 1,011,411 | 149,064 | ||||||||||||
| Other comprehensive loss | ||||||||||||||||||
| Foreign currency translation adjustments, net of nil income taxes | (15,399 | ) | (17,089 | ) | (2,519 | ) | (24,754 | ) | (25,510 | ) | (3,760 | ) | ||||||
| Other comprehensive loss, net of nil income taxes | (15,399 | ) | (17,089 | ) | (2,519 | ) | (24,754 | ) | (25,510 | ) | (3,760 | ) | ||||||
| Total comprehensive income | 409,451 | 530,838 | 78,235 | 643,674 | 985,901 | 145,304 | ||||||||||||
| Comprehensive income attributable to non-controlling interests | 619 | 210 | 31 | 1,494 | 340 | 50 | ||||||||||||
| Comprehensive income attributable to the Company | 408,832 | 530,628 | 78,204 | 642,180 | 985,561 | 145,254 | ||||||||||||
| Net income per ordinary share | ||||||||||||||||||
| —Basic | 1.02 | 1.35 | 0.20 | 1.61 | 2.47 | 0.36 | ||||||||||||
| —Diluted | 1.01 | 1.33 | 0.20 | 1.59 | 2.45 | 0.36 | ||||||||||||
| Weighted average ordinary shares used in calculating net income per ordinary share | ||||||||||||||||||
| —Basic | 416,249,651 | 406,464,388 | 406,464,388 | 415,473,352 | 409,057,566 | 409,057,566 | ||||||||||||
| —Diluted | 419,793,860 | 410,476,026 | 410,476,026 | 419,500,241 | 413,112,175 | 413,112,175 |
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Allamounts in thousands, except share data and per share data, or otherwise noted)
| Three Months Ended | Six Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | USD^1^ | RMB | RMB | USD^1^ | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||
| Net cash generated from operating activities | 766,503 | 835,227 | 123,097 | 768,471 | 1,127,552 | 166,181 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||
| Payment for purchases of property and equipment | (28,971 | ) | (6,475 | ) | (954 | ) | (48,271 | ) | (10,307 | ) | (1,519 | ) | ||||||
| Proceeds from disposal of property and equipment | - | - | - | 4,740 | - | - | ||||||||||||
| Payment for purchases of intangible assets | (152 | ) | (62 | ) | (9 | ) | (227 | ) | (1,790 | ) | (264 | ) | ||||||
| Payment for purchases of short-term investments | (3,224,000 | ) | (5,547,000 | ) | (817,527 | ) | (6,817,000 | ) | (9,739,460 | ) | (1,435,419 | ) | ||||||
| Proceeds from maturities of short-term investments | 2,482,370 | 5,835,180 | 859,999 | 5,612,366 | 10,528,516 | 1,551,711 | ||||||||||||
| Net cash (used in) generated from investing activities | (770,753 | ) | 281,643 | 41,509 | (1,248,392 | ) | 776,959 | 114,509 | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||
| Proceeds from borrowings | 5,000 | - | - | 35,000 | 15,000 | 2,211 | ||||||||||||
| Repayment of borrowings | (10,000 | ) | (5,000 | ) | (737 | ) | (30,000 | ) | (30,000 | ) | (4,421 | ) | ||||||
| Proceeds from stock option exercises | 11,885 | 1,874 | 276 | 13,331 | 5,365 | 791 | ||||||||||||
| Payment for dividends | (418,188 | ) | (492,028 | ) | (72,516 | ) | (418,188 | ) | (492,028 | ) | (72,516 | ) | ||||||
| Payment for share repurchases | - | (360,235 | ) | (53,092 | ) | - | (753,059 | ) | (110,987 | ) | ||||||||
| Others | - | (5,383 | ) | (793 | ) | - | (5,383 | ) | (793 | ) | ||||||||
| Net cash used in financing activities | (411,303 | ) | (860,772 | ) | (126,862 | ) | (399,857 | ) | (1,260,105 | ) | (185,715 | ) | ||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (14,864 | ) | (8,002 | ) | (1,178 | ) | (23,077 | ) | (17,013 | ) | (2,508 | ) | ||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (430,417 | ) | 248,096 | 36,566 | (902,855 | ) | 627,393 | 92,467 | ||||||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 3,147,192 | 3,699,469 | 545,234 | 3,619,630 | 3,320,172 | 489,333 | ||||||||||||
| Cash and cash equivalents and restricted cash at the end of the period | 2,716,775 | 3,947,565 | 581,800 | 2,716,775 | 3,947,565 | 581,800 |
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(Allamounts in thousands, except share data and per share data, or otherwise noted)
| Three Months Ended | Six Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | USD^1^ | RMB | RMB | USD^1^ | |||||||||||||
| Net income (GAAP) | 424,850 | 547,927 | 80,754 | 668,428 | 1,011,411 | 149,064 | ||||||||||||
| Share-based compensation expenses, net of tax effect of nil^2^ | 1,838 | 10,302 | 1,518 | 103,387 | 36,785 | 5,421 | ||||||||||||
| Adjusted net income (non-GAAP) | 426,688 | 558,229 | 82,272 | 771,815 | 1,048,196 | 154,485 | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | USD^1^ | RMB | RMB | USD^1^ | |||||||||||||
| Net income per ordinary share - Diluted (GAAP) | 1.01 | 1.33 | 0.20 | 1.59 | 2.45 | 0.36 | ||||||||||||
| Share-based compensation expenses, net of tax effect of nil per ordinary share^2^ | 0.00 | 0.03 | 0.00 | 0.25 | 0.09 | 0.01 | ||||||||||||
| Adjusted net income per ordinary share - Diluted (non-GAAP) | 1.01 | 1.36 | 0.20 | 1.84 | 2.54 | 0.37 | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2026 | 2025 | 2026 | |||||||||||||||
| RMB | RMB | USD^1^ | RMB | RMB | USD^1^ | |||||||||||||
| Net income (GAAP) | 424,850 | 547,927 | 80,754 | 668,428 | 1,011,411 | 149,064 | ||||||||||||
| Interest income | (22,437 | ) | (8,758 | ) | (1,291 | ) | (41,717 | ) | (17,885 | ) | (2,636 | ) | ||||||
| Interest expense | 781 | 1,539 | 227 | 1,395 | 3,260 | 480 | ||||||||||||
| Income tax expense | 191,871 | 255,114 | 37,599 | 325,982 | 473,817 | 69,832 | ||||||||||||
| Depreciation and amortization | 12,786 | 14,464 | 2,132 | 25,996 | 29,092 | 4,288 | ||||||||||||
| EBITDA (non-GAAP) | 607,851 | 810,286 | 119,421 | 980,084 | 1,499,695 | 221,028 | ||||||||||||
| Share-based compensation expenses | 1,838 | 10,302 | 1,518 | 103,387 | 36,785 | 5,421 | ||||||||||||
| Adjusted EBITDA (non-GAAP) | 609,689 | 820,588 | 120,939 | 1,083,471 | 1,536,480 | 226,449 |
^2^ The share-based compensation expenses were recordedat entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-basedcompensation expenses adjustment for non-GAAP financial measure
Key Operating Data
| Number of Hotels | Number of Rooms | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opened in Q2 2026 | Closed in Q2 2026 | As of<br> June 30, 2026 | As of<br> June 30, 2026 | |||||||||||||||
| Manachised hotels | 101 | 14 | 2,156 | 239,389 | ||||||||||||||
| Leased hotels | - | - | 19 | 3,137 | ||||||||||||||
| Total | 101 | 14 | 2,175 | 242,526 | ||||||||||||||
| As of June 30, 2026 | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||
| Hotel Brand | Positioning | Properties | Rooms | |||||||||||||||
| Manachised | Leased | |||||||||||||||||
| A.T. House | Luxury | - | 1 | 214 | ||||||||||||||
| SAVHE | Upscale | 2 | 1 | 487 | ||||||||||||||
| Atour S | Upscale | 92 | 1 | 12,540 | ||||||||||||||
| Atour Origin | Upper midscale | 60 | 1 | 7,216 | ||||||||||||||
| Atour | Upper midscale | 1,611 | 13 | 183,410 | ||||||||||||||
| Atour X | Upper midscale | 174 | 2 | 18,635 | ||||||||||||||
| Atour Light | Midscale | 217 | - | 20,024 | ||||||||||||||
| Total | 2,156 | 19 | 242,526 | |||||||||||||||
| All Hotels in Operation | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Three Months<br> Ended | Three Months<br> Ended | Three Months<br> Ended | ||||||||||||||||
| June 30, 2025 | March 31, 2026 | June 30, 2026 | ||||||||||||||||
| Occupancy rate^3^(in percentage) | ||||||||||||||||||
| Manachised hotels | 76.2 | % | 70.5 | % | 76.2 | % | ||||||||||||
| Leased hotels | 82.4 | % | 77.5 | % | 82.3 | % | ||||||||||||
| All hotels | 76.4 | % | 70.6 | % | 76.2 | % | ||||||||||||
| ADR^3^ (in RMB) | ||||||||||||||||||
| Manachised hotels | 429.6 | 424.5 | 435.6 | |||||||||||||||
| Leased hotels | 590.7 | 574.4 | 597.4 | |||||||||||||||
| All hotels | 432.8 | 426.8 | 437.9 | |||||||||||||||
| RevPAR^3^ (in RMB) | ||||||||||||||||||
| Manachised hotels | 339.9 | 309.4 | 343.1 | |||||||||||||||
| Leased hotels | 513.0 | 472.3 | 518.1 | |||||||||||||||
| All hotels | 343.1 | 311.6 | 345.4 | |||||||||||||||
| Hotels in Operation for More Than 18 Months in Q2 2026^4^ | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Number of hotels | Same-hotel Occupancy^3^ (in percentage) | Same-hotel ADR^3^(in RMB) | Same-hotel RevPAR^3^(in RMB) | |||||||||||||||
| Q2 2025 | Q2 2026 | Q2 2025 | Q2 2026 | Q2 2025 | Q2 2026 | Q2 2025 | Q2 2026 | |||||||||||
| Manachised hotels | 1,442 | 1,442 | 77.3 | % | 76.5 | % | 429.4 | 421.9 | 344.5 | 334.1 | ||||||||
| Leased hotels | 18 | 18 | 83.3 | % | 82.2 | % | 576.3 | 564.1 | 504.3 | 486.0 | ||||||||
| All hotels | 1,460 | 1,460 | 77.4 | % | 76.6 | % | 432.0 | 424.6 | 347.2 | 336.8 |
^3^ Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusiveroom rates.
^4^ For any given period, we define “same-hotel” as a hotel that has operated for more than 18 calendar months as of the 15thday (inclusive) of any month within that period. The OCC, ADR and RevPAR presented above represent such metrics generated by “samehotels” in the given period, compared to the corresponding metrics generated by these “same hotels” during the sameperiod in 2025.