Aug 20, 2026 earnings call — Retail surge and quality-first hotel expansion
Net revenues grew 41.4% to RMB 3,490 million in Q2.
Revenue $0.5B (est $0.5B) · EPS $0.59 (est $0.57)
Key quotes
"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."
"In the second quarter, Atour Planet sustained its strong growth momentum with retail revenue reaching RMB 1.575 billion, up 63% year-over-year."
"By the end of the second quarter, Atour had 120 million registered individual members."
Analyst Q&A 5
hotel openings and closures
Q (Dan Chee · Morgan Stanley): Will the slower industry supply hurt the company's signing interest? Any change to full-year opening and closure guidance?
A: Management said they focus on high-quality supply and brand strength rather than scale. They reported steady signing momentum and a larger pipeline, and kept the full-year opening target unchanged. They also said closures will be about 80 hotels and that guidance is unchanged.
"Thus, we maintain our full year opening target unchanged." — Haijun Wang (CEO·CHAIR)
RevPAR outlook for second half
Q (Ronald Leung · BofA): How do you see RevPAR performance in the second half after the volatile trend in Q2?
A: Management said long-term demand for quality hotels remains strong. They noted short-term weather disruptions delayed summer travel but demand stabilized since late July and is picking up for peak season.
"Over the longer term, demand resilience remains intact, and the industry's trend towards higher quality development is clear." — Haijun Wang (CEO·CHAIR)
demand: business vs leisure travel
Q (Citi): How do you view current demand structure? Any new changes or opportunities in business and leisure travel?
A: Management said business demand is more diversified now, with new sources like local enterprises, universities and research institutions. For leisure, guests want experiential stays, so the company's multi-brand approach aims to match different customer needs and capture inbound tourism recovery.
"Through differentiated positioning, our brand portfolio is able to more precisely match the needs of different customer segments and the consumption scenarios." — Jianfeng Wu (CFO)
retail growth and full-year guide
Q (Lydia Ling · Citi): Why did the retail business grow strongly in Q2? Any update to full-year retail guidance?
A: Management said retail growth reflects stronger capabilities in brand, product, supply chain and content, not discounts. They emphasized product innovation and added categories beyond pillows. They raised full-year retail revenue growth guidance to 40% year-over-year.
"we are raising our full year retail revenue growth guidance to 40% year-over-year." — Haijun Wang (CEO·CHAIR)
profit margin and shareholder returns
Q (Xin Chen · UBS): Any change to full-year profit margin guidance? Any update on shareholder return policy?
A: Management said they still expect a slight year-over-year decline in full-year net profit margin. They explained revenue growth exceeded expectations which kept G&A and R&D ratios stable, but a higher effective tax rate and revenue mix shift will modestly reduce net margin. They also said share repurchases exceeded USD 150 million by quarter end and dividends continue per policy.
"Considering both the revenue mix shift and the higher tax rate, we anticipate a modest year-over-year decline in the group's full year net profit margin." — Haijun Wang (CEO·CHAIR)