6-K

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 March 2024

Commission File Number:001-40540

Atour Lifestyle HoldingsLimited

(Exact name of registrantas specified in its charter)

18th floor, Wuzhong Building,

618 Wuzhong Road, MinhangDistrict,

Shanghai, 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

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: March 28, 2024

Exhibit 99.1

Atour Lifestyle Holdings Limited Reports FourthQuarter and Full Year 2023 Unaudited Financial Results

·	A total of 1,210 hotels or 137,921 hotel rooms in operation as of December 31, 2023.
·	Net revenues for the fourth quarter of 2023 increased by 140.4 % year-over-year to RMB1,505 million(US$212 million), compared with RMB626 million for the same period of 2022.Net revenues for full year 2023 increased by 106.2% year-over-year to RMB4,666 million (US$657 million), compared with RMB2,263 millionfor full year 2022.
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·	Net income for the fourth quarter of 2023 was RMB220 million (US$31 million), compared with net loss of RMB83 million for the sameperiod of 2022. Net income for full year 2023 increased by 669.2% year-over-year to RMB739 million (US$104 million), compared with RMB96million for full year 2022.
---	---
·	*Adjusted net income (non-GAAP)^1^*for the fourth quarter of 2023 increased by 175.8% year-over-year to RMB222 million (US$31 million), compared with RMB81 million for thesame period of 2022. Adjusted net income for full year 2023 increased by 248.3% year-over-year to RMB903 million (US$127 million), comparedwith RMB259 million for full year 2022.
	---	---
	·	*EBITDA (non-GAAP)^2^*for the fourth quarter of 2023 was RMB248 million (US$35 million), compared with negative RMB47 million for the same period of 2022. EBITDA(non-GAAP) for full year 2023 increased by 299.2% year-over-year to RMB1,043 million (US$147 million), compared with RMB261 million forfull year 2022.
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·	*Adjusted EBITDA (non-GAAP)**^3^*for the fourth quarter of 2023 increased by 116.1% year-over-year to RMB251 million (US$35 million), compared with RMB116 million forthe same period of 2022. Adjusted EBITDA (non-GAAP) for full year 2023 increased by 184.3% year-over-year to RMB1,207 million (US$170million), compared with RMB424 million for full year 2022.
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SHANGHAI, China, March 28, 2024-- 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 fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Operational Highlights

As of December 31, 2023, there were 1,210 hotels with a total of 137,921 hotel rooms in operation across Atour’s hotel network, representing rapid increases of 29.8% and 27.7% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2023, there were 617 manachised hotels under development in our pipeline.

The average daily room rate^4^ (“ADR”) was RMB438 for the fourth quarter of 2023, compared with RMB388 for the fourth quarter of 2022 and RMB495 for the previous quarter. The ADR for the fourth quarter of 2023 recovered to 103.6% of 2019’s level for the same period. The ADR for full year 2023 was RMB464, compared with RMB391 for the previous year. The ADR for full year 2023 recovered to 107.9% of 2019’s level.

The occupancy rate^4^ was 78.4% for the fourth quarter of 2023, compared with 63.1% for the fourth quarter of 2022 and 82.4% for the previous quarter. The occupancy rate for the fourth quarter of 2023 recovered to 105.9% of 2019’s level for the same period. The occupancy rate for full year 2023 was 77.8%, compared with 63.0% for the previous year. The occupancy rate for full year 2023 recovered to 106.0% of 2019’s level.

^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 were previously requisitionedby the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotelclosures. 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 per available room^4^ (“RevPAR”) was RMB358 for the fourth quarter of 2023, compared with RMB259 for the fourth quarter of 2022 and RMB424 for the previous quarter. The RevPAR for the fourth quarter of 2023 recovered to 108.8% of 2019’s level for the same period. The RevPAR for full year 2023 was RMB377, compared with RMB261 for the previous year. The RevPAR for full year 2023 recovered to 114.4% of 2019’s level.

The GMV^5^ generated from our retail business was RMB1,139 million for full year 2023, representing an increase of 298.3% year-over-year.

“We are pleased to deliver strong full-year results for 2023, as well as significant progress towards our goal to operate a nationwide network of 2,000 premier hotels by 2025 and establish the ‘Chinese Experience’ as the industry benchmark,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “In 2023, we exceeded our expansion target with 289 newly launched hotels and an expanded network of 1,210 hotels as of year-end. We also achieved high-quality, resilient RevPAR growth in the fourth quarter, with both ADR and OCC surpassing 2019’s levels for the fourth consecutive quarter. Our midscale product, Atour Light 3.0, continued to capture consumer mindshare with its ‘Life at Ease’ concept. Since its launch, this offering has delivered excellent operational performance and customer experience within key business districts, laying a solid foundation as we advance Atour Light 3.0 toward its 1,000-hotel milestone. Meanwhile, Atour 4.0, our upper midscale offering, is progressing smoothly and is poised for an exceptional grand opening soon. On the retail side, our ‘Deep Sleep’ products emerged as a market powerhouse and our enhanced brand influence led to a year-over-year increase of approximately 300% in our retail business’s GMV for 2023. In 2024, we remain committed to further enhancing Atour's product offerings and unlocking synergies between retail and accommodation while enriching our brand value to elevate the ‘Chinese experience’ to new heights,” concluded Mr. Wang.

Fourth Quarter and Full Year of 2023 Unaudited Financial Results
(RMB in thousands)	Q4 2022		Q4 2023		FY2022		FY2023
---	---	---	---	---	---	---	---	---
Revenues:
Manachised hotels		364,866		851,216		1,360,843		2,705,609
Leased hotels		138,909		195,020		552,929		840,044
Retail		99,195		412,226		253,607		971,931
Others		23,203		46,756		95,604		148,383
Net revenues		626,173		1,505,218		2,262,983		4,665,967

Netrevenues. Our net revenues for the fourth quarter of 2023 increased by 140.4% year-over-year to RMB1,505 million (US$212 million) from RMB626 million for the same period of 2022, mainly driven by the robust growth in both hotel and retail businesses. For full year 2023, net revenues increased by 106.2% year-over-year to RMB4,666 million (US$657 million) from RMB2,263 million for full year 2022.

·	Manachised hotels. Revenues<br>from our manachised hotels for the fourth quarter of 2023 increased by 133.3% year-over-year to RMB851 million (US$120 million) from RMB365<br>million for the same period of 2022. For full year 2023, revenues from our manachised hotels increased by 98.8% year-over-year to RMB2,706<br>million (US$381 million) from RMB1,361 million for full year 2022. The increases were primarily driven by the ongoing expansion of our<br>hotel network and the growth of our manachised hotels’ RevPAR. The total number of our manachised hotels increased from 899 as of<br>December 31, 2022, to 1,178 as of December 31, 2023. RevPAR of our manachised hotels surpassed 2019’s level and<br>increased to RMB353 and RMB371 for the fourth quarter and full year of 2023, respectively, compared with RMB254 and RMB256 for the same<br>periods of 2022, respectively.
·	Leased hotels. Revenues from our leased hotels for the fourth quarter of 2023 increased by 40.4%<br>year-over-year to RMB195 million (US$27 million) from RMB139 million for the same period of 2022. For full year 2023, revenues from our<br>leased hotels increased by 51.9% year-over-year to RMB840 million (US$118 million) from RMB553 million for full year 2022. The increases<br>were primarily due to the growth of our leased hotels’ RevPAR, which surpassed 2019’s level and increased to RMB495 and RMB517<br>for the fourth quarter and full year of 2023, respectively, compared with RMB342 and RMB331 for the same periods of 2022, respectively.
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^5^ “GMV” refers to grossmerchandise 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 and not returned, calculatedbased on the prices of the ordered products net of any discounts offered to our end customers.

·	Retail. Revenues from retail for the fourth quarter of 2023 increased by 315.6% year-over-year<br>to RMB412 million (US$58 million) from RMB99 million for the same period of 2022. For full year 2023, revenues from retail increased by<br>283.2% year-over-year to RMB972 million (US$137 million) from RMB254 million for full year 2022. The increases were driven by widespread<br>recognition of our retail brands and compelling product offerings, as well as improved product development and distribution capabilities.
·	Others. Revenues from others for the fourth quarter of 2023 increased by 101.5% year-over-year<br>to RMB47 million (US$7 million) from RMB23 million for the same period of 2022. For full year 2023, revenues from others increased by<br>55.2% year-over-year to RMB148 million (US$21 million) from RMB96 million for full year 2022. The increases were driven by our fast-growing<br>membership business.
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(RMB in thousands)	Q4 2022			Q4 2023			FY 2022			FY 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
Operating costs and expenses:
Hotel operating costs		(355,929	)		(733,208	)		(1,393,312	)		(2,240,890	)
Retail costs		(58,689	)		(232,041	)		(151,815	)		(513,326	)
Other operating costs		(9,446	)		(30,671	)		(34,870	)		(72,543	)
Selling and marketing expenses		(53,992	)		(206,913	)		(139,929	)		(469,595	)
General and administrative expenses		(217,041	)		(105,434	)		(350,009	)		(451,470	)
Technology and development expenses		(15,966	)		(22,300	)		(66,182	)		(77,288	)
Total operating costs and expenses		(711,063	)		(1,330,567	)		(2,136,117	)		(3,825,112	)

Operatingcosts and expenses for the fourth quarter of 2023 were RMB1,331 million (US$187 million), including RMB2 million share-based compensation expenses, compared with RMB711 million, including RMB163 million share-based compensation expenses for the same period of 2022. Operating costs and expenses for full year 2023 were RMB3,825 million (US$539 million), including RMB164 million share-based compensation expenses, compared with RMB2,136 million, including RMB163 million share-based compensation expenses for full year 2022.

·	Hotel operating costs for<br>the fourth quarter of 2023 increased by 106.0% year-over-year to RMB733 million (US$103 million) from RMB356 million for the same period<br>of 2022. For full year 2023, hotel operating costs increased by 60.8% year-over-year to RMB2,241 million (US$316 million) from<br>RMB1,393 million for full year 2022. The increases were mainly due to the increase in variable costs, such as supply chain costs, associated<br>with the continued growth of our hotel business. Hotel operating costs accounted for 70.1% and 63.2% of manachised and leased hotels’<br>revenues for the fourth quarter and full year of 2023, respectively, compared with 70.7% and 72.8% for the same periods of 2022, respectively.
·	Retail costs for the fourth quarter of 2023 increased by 295.4% year-over-year to RMB232 million<br>(US$33 million) from RMB59 million for the same period of 2022. For full year 2023, retail costs increased by 238.1% year-over-year to<br>RMB513 million (US$72 million) from RMB152 million for full year 2022. The increases were associated with the rapid growth of our retail<br>business. Retail costs accounted for 56.3% and 52.8% of retail revenues for the fourth quarter and full year of 2023, respectively, compared<br>with 59.2% and 59.9% for the same periods of 2022, respectively. The decreases were attributable to increasing contribution from higher-margin<br>online sales.
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·	Selling and marketing expenses for the fourth quarter of 2023 were RMB207 million (US$29 million),<br>compared with RMB54 million for the same period of 2022. For full year 2023, selling and marketing expenses were RMB470 million (US$66<br>million), compared with RMB140 million for full year 2022. The increases were mainly due to our increased investment in brand awareness<br>and online channel development associated with retail business.
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·	General and administrativeexpenses for the fourth quarter of 2023 were RMB105 million (US$15 million), including RMB2 million share-based compensation<br>expenses, compared with RMB217 million, including RMB160 million share-based compensation expenses for the same period of 2022. For full<br>year 2023, general and administrative expenses were RMB451 million (US$64 million), including RMB162 million share-based compensation<br>expenses, compared with RMB350 million, including RMB160 million share-based compensation expenses for full year 2022. The increases,<br>excluding the impact from share-based compensation, were primarily due to increased costs related to management personnel and professional<br>service expenses.
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·	Technology and developmentexpenses for the fourth quarter of 2023 were RMB22 million (US$3 million), compared with RMB16 million for the same period<br>of 2022. For full year 2023, technology and development expenses were RMB77 million (US$11 million), compared with RMB66 million for full<br>year 2022. The increases were mainly attributable to our increased investments in technology systems and infrastructure to support our<br>expanding hotel network, retail business and customer experience improvements.
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Otheroperating income primarily consists of income from government subsidies and value-added tax related benefits. Other operating income for the fourth quarter of 2023 was RMB40 million (US$6 million), compared with RMB7 million for the same period of 2022. For full year 2023, other operating income was RMB83 million (US$12 million), compared with RMB38 million for full year 2022.

Incomefrom operations for the fourth quarter of 2023 was RMB214 million (US$30 million), compared with loss from operations of RMB78 million for the same period of 2022. For full year 2023, income from operations was RMB924 million (US$130 million), compared with RMB165 million for full year 2022.

Incometax expense for the fourth quarter of 2023 was RMB17 million (US$2 million), compared with RMB12 million for the same period of 2022. For full year 2023, income tax expense was RMB243 million (US$34 million), compared with RMB84 million for full year 2022.

Netincome for the fourth quarter of 2023 was RMB220 million (US$31 million), compared with net loss of RMB83 million for the same period of 2022. For full year 2023, net income was RMB739 million (US$104 million), an increase of 669.2% year-over-year, compared with RMB96 million for full year 2022.

Adjustednet income (non-GAAP) for the fourth quarter of 2023 was RMB222 million (US$31 million), an increase of 175.8% year-over-year, compared with RMB81 million for the same period of 2022. For full year 2023, adjusted net income (non-GAAP) was RMB903 million (US$127 million), an increase of 248.3% year-over-year, compared with RMB259 million for full year 2022.

Basicand diluted income per share/American depositary share (ADS). For the fourth quarter of 2023, basic income per share was RMB0.53 (US$0.08), and diluted income per share was RMB0.53 (US$0.07). Basic income per ADS for the fourth quarter of 2023 was RMB1.60 (US$0.23), and diluted income per ADS was RMB1.59 (US$0.22). For full year 2023, basic income per share was RMB1.82 (US$0.26), and diluted income per share was RMB1.78 (US$0.25). Basic income per ADS was RMB5.45 (US$0.77), and diluted income per ADS was RMB5.33 (US$0.75).

EBITDA(non-GAAP) for the fourth quarter of 2023 was RMB248 million (US$35 million), compared with negative RMB47 million for the same period of 2022. For full year 2023, EBITDA (non-GAAP) was RMB1,043 million (US$147 million), an increase of 299.2% year-over-year, compared with RMB261 million for full year 2022.

AdjustedEBITDA (non-GAAP) for the fourth quarter of 2023 was RMB251 million (US$35 million), an increase of 116.1% year-over-year, compared with RMB116 million for the same period of 2022. For full year 2023, adjusted EBITDA (non-GAAP) was RMB1,207 million (US$170 million), an increase of 184.3% year-over-year, compared with RMB424 million for full year 2022.

Cashflows. Operating cash inflow for the fourth quarter of 2023 was RMB564 million (US$79 million). Investing cash inflow and financing cash inflow for the fourth quarter of 2023 were RMB43 million (US$6 million) and RMB52 million (US$7 million), respectively. For full year 2023, operating cash inflow was RMB1,989 million (US$280 million), compared with RMB284 million for full year 2022. Investing cash outflow for 2023 was RMB601 million (US$85 million), compared with RMB192 million for full year 2022. Financing cash outflow for 2023 was RMB147 million (US$21 million), compared with financing cash inflow of RMB456 million for full year 2022.

Cashand cash equivalents and restricted cash. As of December 31, 2023, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2,842 million (US$400 million).

Debtfinancing. As of December 31, 2023, the Company had total outstanding borrowings of RMB72 million (US$10 million) and the unutilized credit facility available to the Company was RMB410 million.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, March 28, 2023 (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 registering, 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 Fourth Quarter and Full Year 2023 Earnings Conference Call

Pre-registration Link: https://register.vevent.com/register/BI70f0996472244e0e99374c5c3db7206f

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 (loss), which is defined as net income (loss) excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, 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 financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprise 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 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 excluding share-based compensation expenses which are not expected to result in cash payment. 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 relevant 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 since such other 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 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

Piacente Financial Communications

Email: Atour@tpg-ir.com

Tel: +86-10-6508-0677

—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,		December 31,
	2022		2023
	RMB		RMB		1
Assets
Current assets
Cash and cash equivalents		1,589,161		2,840,807
Short-term investments		157,808		751,794
Accounts receivable		132,699		162,101
Prepayments and other current assets		133,901		251,900
Amounts due from related parties		53,630		115,900
Inventories		57,460		119,078
Total current assets		2,124,659		4,241,580
Non-current assets
Restricted cash		946		946
Contract costs		67,270		98,220
Property and equipment, net		360,300		266,120
Operating lease right-of-use assets		1,932,000		1,712,580
Intangible assets, net		5,537		4,247
Goodwill		17,446		17,446
Other assets		141,335		100,939
Deferred tax assets		112,533		144,947
Total non-current assets		2,637,367		2,345,445
Total assets		4,762,026		6,587,025
Liabilities and shareholders’ equity
Current liabilities
Operating lease liabilities, current		319,598		295,721
Accounts payable		184,901		594,545
Deferred revenue, current		202,996		406,066
Salary and welfare payable		103,539		189,823
Accrued expenses and other payables		330,282		684,391
Income taxes payable		31,336		136,201
Short-term borrowings		142,828		70,000
Current portion of long-term borrowings		29,130		-
Amounts due to related parties		3,004		1,104
Total current liabilities		1,347,614		2,377,851
Non-current liabilities
Operating lease liabilities, non-current		1,805,402		1,583,178
Deferred revenue, non-current		277,841		369,455
Long-term borrowings, non-current portion		2,000		2,000
Other non-current liabilities		141,763		194,452
Total non-current liabilities		2,227,006		2,149,085
Total liabilities		3,574,620		4,526,936

All values are in US Dollars.

^1^ Translations of balances in theconsolidated financial statements from RMB into US$ for the fourth quarter of 2023 and as of December 31, 2023 are solely for readers’convenience and were calculated at the rate of US$1.00=RMB 7.0999, representing the exchange rate set forth in the H.10 statistical releaseof the Federal Reserve Board on December 31, 2023.

ATOUR LIFESTYLE HOLDINGSLIMITED 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,			December 31,
	2022			2023
	RMB			RMB			1
Shareholders’ equity
Class A ordinary shares		229			244
Class B ordinary shares		56			56
Additional paid in capital		1,286,189			1,555,773
Retained earnings (accumulated deficit)		(78,304	)		507,226
Accumulated other comprehensive income (loss)		(10,865	)		4,769
Total shareholders’ equity attributable to shareholders of the Company		1,197,305			2,068,068
Non-controlling interests		(9,899	)		(7,979	)		)
Total shareholders’ equity		1,187,406			2,060,089
Commitments and contingencies		-			-
Total liabilities and shareholders’ equity		4,762,026			6,587,025

All values are in US Dollars.

ATOUR LIFESTYLE HOLDINGSLIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(All amounts in thousands, except share data and per share data, or otherwise noted) ****

	Three Months Ended								Year Ended
	December 31,			December 31,					December 31,			December 31,
	2022			2023					2022			2023
	RMB			RMB			1		RMB			RMB			1
Revenues:
Manachised hotels		364,866			851,216					1,360,843			2,705,609
Leased hotels		138,909			195,020					552,929			840,044
Retail		99,195			412,226					253,607			971,931
Others		23,203			46,756					95,604			148,383
Net revenues		626,173			1,505,218					2,262,983			4,665,967
Operating costs and expenses:
Hotel operating costs		(355,929	)		(733,208	)		)		(1,393,312	)		(2,240,890	)		)
Retail costs		(58,689	)		(232,041	)		)		(151,815	)		(513,326	)		)
Other operating costs		(9,446	)		(30,671	)		)		(34,870	)		(72,543	)		)
Selling and marketing expenses		(53,992	)		(206,913	)		)		(139,929	)		(469,595	)		)
General and administrative expenses		(217,041	)		(105,434	)		)		(350,009	)		(451,470	)		)
Technology and development expenses		(15,966	)		(22,300	)		)		(66,182	)		(77,288	)		)
Total operating costs and expenses		(711,063	)		(1,330,567	)		)		(2,136,117	)		(3,825,112	)		)
Other operating income		6,511			39,526					38,094			83,179
Income from operations		(78,379	)		214,177					164,960			924,034
Interest income		4,971			8,757					14,456			29,569
Gain from short-term investments		1,918			11,322					8,455			34,519
Interest expense		(1,646	)		(679	)		)		(6,501	)		(5,005	)		)
Other (expenses) income, net		2,245			3,418					(814	)		(1,024	)		)
Income (loss) before income tax		(70,891	)		236,995					180,556			982,093
Income tax expense		(11,712	)		(17,232	)		)		(84,474	)		(243,036	)		)
Net income (loss)		(82,603	)		219,763					96,082			739,057
Less: net income (loss) attributable to non-controlling interests		(325	)		(291	)		)		(2,017	)		1,920
Net income (loss) attributable to the Company		(82,278	)		220,054					98,099			737,137
Net income (loss)		(82,603	)		219,763					96,082			739,057
Other comprehensive income
Foreign currency translation adjustments, net of nil income taxes		(11,322	)		(10,372	)		)		(1,918	)		15,634
Other comprehensive income (loss), net of income taxes		(11,322	)		(10,372	)		)		(1,918	)		15,634
Total comprehensive income (loss)		(93,925	)		209,391					94,164			754,691
Comprehensive income (loss) attributable to non-controlling interests		(325	)		(291	)		)		(2,017	)		1,920
Comprehensive income (loss) attributable to the Company		(93,600	)		209,682					96,181			752,771
Net income (loss) per ordinary share
—Basic		(0.21	)		0.53					0.26			1.82
—Diluted		(0.21	)		0.53					0.26			1.78
Weighted average ordinary shares used in calculating net income per ordinary share
—Basic		386,298,063			412,824,955					379,321,522			405,628,647
—Diluted		386,298,063			416,012,830					381,598,689			414,823,302

All values are in US Dollars.

ATOUR LIFESTYLE HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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

	Three Months Ended								Year Ended
	December 31,			December 31,					December 31,			December 31,
	2022			2023					2022			2023
	RMB			RMB			1		RMB			RMB			1
Cash flows from operating activities:
Net cash generated from (used in) operating activities		(35,018	)		564,038					283,677			1,988,674
Cash flows from investing activities:
Payment for purchases of property and equipment		(12,630	)		(9,827	)		)		(36,425	)		(41,724	)		)
Proceeds from disposal of property and equipment		-			-					-			670
Payment for purchases of intangible assets		(1,663	)		-					(2,805	)		-
Payment for purchases of short-term investments		(1,080,450	)		(3,601,000	)		)		(2,931,000	)		(9,427,210	)		)
Proceeds from maturities of short-term investments		920,918			3,654,035					2,778,005			8,867,743
Net cash (used in) generated from investing activities		(173,825	)		43,208					(192,225	)		(600,521	)		)
Cash flows from financing activities:
Proceeds from borrowings		30,000			-					199,000			40,000
Repayment of borrowings		(58,000	)		-					(134,480	)		(141,958	)		)
Proceeds from employee stock option exercises		-			52,461					-			105,621
Payment for dividends		-			-					-			(150,579	)		)
Acquisition of non-controlling interest		-			-					(350	)		-
Proceeds from initial public offering		400,068			-					400,068			-
Payment for initial public offering costs		(7,207	)		-					(7,928	)		-
Net cash (used in) generated from financing activities		364,861			52,461					456,310			(146,916	)		)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(2,250	)		(16,275	)		)		2,816			10,409
Net increase in cash, cash equivalents and restricted cash		153,768			643,432					550,578			1,251,646
Cash and cash equivalents and restricted cash at the beginning of the period		1,436,339			2,198,321					1,039,529			1,590,107
Cash and cash equivalents and restricted cash at the end of the period		1,590,107			2,841,753					1,590,107			2,841,753

All values are in US Dollars.

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						Year Ended
	December 31,			December 31,			December 31,		December 31,
	2022			2023			2022		2023
	RMB			RMB		1	RMB		RMB		1
Net income (loss) (GAAP)		(82,603	)		219,763			96,082		739,057
Share-based compensation expenses, net of tax effect of nil^2^		163,193			2,476			163,193		163,978
Adjusted net income (non-GAAP)		80,590			222,239			259,275		903,035

All values are in US Dollars.

	Three Months Ended								Year Ended
	December 31,			December 31,					December 31,			December 31,
	2022			2023					2022			2023
	RMB			RMB			1		RMB			RMB			1
Net income (loss) (GAAP)		(82,603	)		219,763					96,082			739,057
Interest income		(4,971	)		(8,757	)		)		(14,456	)		(29,569	)		)
Interest expense		1,646			679					6,501			5,005
Income tax expense		11,712			17,232					84,474			243,036
Depreciation and amortization		27,112			19,422					88,561			85,021
EBITDA (non-GAAP)		(47,104	)		248,339					261,162			1,042,550
Share-based compensation expenses		163,193			2,476					163,193			163,978
Adjusted EBITDA (non-GAAP)		116,089			250,815					424,355			1,206,528

All values are in US Dollars.

^2^The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductibleexpenses 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 Q4<br><br> 2023		Closed in Q4 <br><br>2023		AsofDecember 31, 2023		AsofDecember 31, 2023
Manachised hotels		100		2		1,178		133,291
Leased hotels		-		-		32		4,630
Total		100		2		1,210		137,921
****	****	As of December 31, 2023
---	---	---	---	---
		Properties
Brand	Positioning	Manachised	Leased	Rooms
A.T. House	Luxury	-	1	214
Atour S	Upscale	57	8	9,628
ZHOTEL	Upscale	1	-	52
Atour	Upper midscale	898	22	105,977
Atour X	Upper midscale	114	-	12,140
Atour Light	Midscale	108	1	9,910
Total		1,178	32	137,921
	Three Months<br><br> Ended<br> December 31,<br><br> 2019			Three Months<br><br> Ended<br> December 31, 2022			Three Months<br><br> Ended<br> September 30,<br><br> 2023			Three Months<br><br> Ended<br> December 31,<br><br> 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
Occupancy rate^3^<br> <br>(in percentage)
Manachised hotels		73.1	%		62.8	%		82.2	%		78.2	%
Leased hotels		83.3	%		67.3	%		86.6	%		84.5	%
All hotels		74.0	%		63.1	%		82.4	%		78.4	%
ADR^3^ (in RMB)
Manachised hotels		410.4			382.6			489.4			432.8
Leased hotels		532.8			468.6			629.9			557.9
All hotels		422.5			387.8			495.4			437.7
RevPAR^3^ (in RMB)
Manachised hotels		315.4			254.4			417.9			353.1
Leased hotels		471.3			341.7			571.4			495.3
All hotels		329.2			259.3			424.1			358.2
	Twelve Months<br><br> Ended<br> December 31, 2019			Twelve Months<br><br> Ended<br> December 31, 2022			Twelve Months<br><br> Ended<br> December 31, 2023
---	---	---	---	---	---	---	---	---	---
Occupancy rate^3^<br> <br>(in percentage)
Manachised hotels		72.3	%		62.9	%		77.6	%
Leased hotels		83.0	%		65.8	%		83.6	%
All hotels		73.4	%		63.0	%		77.8	%
ADR^3^ (in RMB)
Manachised hotels		415.9			386.4			457.8
Leased hotels		530.1			465.0			587.2
All hotels		429.5			391.2			463.6
RevPAR^3^ (in RMB)
Manachised hotels		313.7			256.3			370.8
Leased hotels		463.7			330.6			517.2
All hotels		329.5			260.7			376.8

^3^Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19outbreak or otherwise became unavailable due to temporary hotel closures. By the end of the second quarter of 2023, all of our hotelspreviously requisitioned by the government for quarantine purposes had been restored to our management, and no hotel was subject to requisitionor closure due to COVID-19 restrictions during the fourth quarter of 2023 and as of December 31, 2023. ADR and RevPAR are calculatedbased on tax inclusive room rates.