Atour Lifestyle Holdings Limited American Depositary Shares 2026 Q2 Earnings Call

Good morning and good evening, everyone. Welcome to our second quarter 2026 earnings conference call. Today, you will hear from our founder, chairman, and CEO, Mr. Wang Haijun, and our EVP Co-CFO, Mr. Jianfeng Wu. Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and the actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purpose. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today.

Furthermore, a webcast replay of this conference call will be accessible on our website at ir.yaduo.com, where a copy of the results presentation is also available. Now, I will turn the call over to Mr. Wang, our CEO.

Thank you, Luke. Hello, everyone. Thank you for joining Atour's second quarter 2026 earnings call today. Thank you, Luke. Hello, everyone. Thank you for joining Atour's second quarter 2026 earnings call today. Please turn to our results presentation. In the first half of 2026, China's consumer market continued to show divergent performance. In both the hotel and retail sectors, we saw a clear split. Homogeneous products and services remained under pressure, while companies that deliver differentiated experiences and have strong brand equity showed greater resilience. More specifically, the hotel industry is shifting from scale-driven expansion to high-quality growth. Competition is increasingly centered on product innovation, service capabilities, and operational efficiency rather than supply growth. In retail, consumers are not only pursuing product quality, but are also placing increasing importance on whether products align with their lifestyles, and a demand for personalization is also growing.

This means that under these new consumer trends, brands that consistently invest in quality and build differentiated experiences are better positioned to earn consumer recognition. In the first half, we firmly advanced our new three-year strategy, Chinese Experience, Brand-Led Excellence, making continuous breakthroughs across hotel and the retail businesses. We also consolidated our experience advantage and enhanced the brand momentum, driving long-term, healthy, and sustainable growth. Now, I would like to provide more details on our business performance for the second quarter of 2026. Let's begin with our hotel business. In the second quarter, our RevPAR was RMB 345.4, representing 100.7% of the level in the same period of 2025.

ADR maintained steady growth, reaching 101.2% of its level in the same period of 2025, while OCC stood at 99.7%. RevPAR for our mature hotels in operation for more than 18 months was RMB 336.8, representing 97% of the level in the same period of 2025. ADR and OCC were 98.3% and 99% of their respective levels in the same period of 2025.

酒店网络方面，我们坚持品质优先的原则，严格把控项目筛选和开业标准。二季度，集团共计新开业101家酒店，产品力和区位优势叠加释放，推动了核心区域的布点质量持续提升。截止二季度末，集团在营酒店数量达到2,175家，同期管道数量是811家，项目储备保持在健康水平。 As for our hotel network, we continued to follow a quality-first principle and maintained strict standards for project selection and new hotel openings.

In the second quarter, we opened 101 new hotels. Product strength and prime locations together enhanced the quality of our hotel presence in core markets. By the end of the second quarter, our total number of hotels in operation reached 2,175, and our pipeline of hotels under development remained at a healthy level of 811.

渠道方面，二季度我们的中央预定渠道延续稳健的表现，CRS渠道销售间夜占比是61.5%，其中企业协议销售间夜占比为20.4%。 On the hotel channel front, our CRS channel continued its steady performance in the second quarter, accounting for 61.5% of total room nights sold.

The contribution of room nights sold to corporate members was 20.4%.

下面我将展开介绍集团各住宿品牌的最新进展。 Next, I would like to share the latest developments across our hotel brands.

中高端市场是亚朵长期深耕的主阵地。经过多年积累，我们已经建立了明确的领先地位。回溯发展历程，亚朵酒店早期给用户的印象是一个聚焦中高端商旅需求的生活方式酒店品牌。而随着消费趋势和用户需求的演变，我们持续推动产品迭代升级。最新一代的亚朵3.6版本，在合理投入下，实现了产品体验与投资回报的平衡。在保持商旅核心体验优势的同时，也融入了更鲜明的松弛感。二季度，亚朵3.6经营表现持续亮眼，在营酒店RevPAR超过370元，进一步验证了产品升级带来的市场认可。 The upper midscale segment has long been Atour's core focus.

Over the years, we have established a clear leadership position. Looking back at our development, Atour Hotel was initially perceived by users as a lifestyle brand, catering to the needs of upper midscale business travelers. As consumer trends and user needs evolved, we continued to upgrade our products. With disciplined investment, the latest Atour 3.6 strikes a balance between the experience it delivers and investment returns. It preserves its strength in business travel while introducing a greater sense of ease. Atour 3.6 again delivered outstanding performance in the second quarter, with RevPAR of hotels in operation exceeding RMB 370, further validating market recognition of the product upgrade.

在中高端品牌矩阵中，亚朵鉴野与亚朵酒店协同发展，持续拓展中高端酒店市场的增长空间。截至目前，亚朵鉴野在营酒店数量超过60家，管道内储备项目超过90家。亚朵鉴野在提供更具辨识度体验的同时，也具备更强的议价能力。在二季度，亚朵鉴野在营酒店的RevPAR超过450元，体现出极强的差异化的竞争力。 Within our upper midscale brand portfolio, Atour Origin and Atour Hotel are developing in parallel, further expanding our growth potential in the segment.