Atour Lifestyle: 1Q26 adj. net profit of RMB490mn beat by 3%; FY26 rev guidance raised to +24-28%

研报英文原文证据摘录

Atour Lifestyle: 1Q26 adj. net profit of RMB490mn beat by 3%; FY26 rev guidance raised to +24-28%

Accessible version

Atour Lifestyle

1Q26 adj. net profit of RMB490mn beat by

3%; FY26 rev guidance raised to +24-28%

Maintain Rating: BUY | PO: 50.00 USD | Price: 36.66 USD

1Q26 adj. Net profit of RMB490mn beat on revenue 13 May 2026

Atour (ATAT)'s 1Q26 adj. net income was RMB490mn (+40% YoY), which beat our Equity

estimate of RMB475mn by 3% on better-than-expected revenue. 1Q26 revenue was

Ronald Leung, CFA >>

RMB2,811mn (+48% YoY), which beat our estimates of RMB2,690mn by 4%. 1Q26 Research Analyst

blended RevPAR was up 2% YoY to RMB312, and same-hotel RevPAR was down 2% YoY Merrill Lynch (Hong Kong) +852 3508 3728

to RMB304. 1Q26 retail revenue was up 54% YoY to RMB1,071mn. 1Q26 adj. NPM was ronald.leung@bofa.com

down 0.7pp YoY to 17.4%. It had 110 gross openings and 37 closures in 1Q26, resulting Yoyo Pang >>

in 73 net openings. Atour declared a dividend of US$54/ADS or YS$72mn. Research Analyst Merrill Lynch (Hong Kong)

+852 3508 7607

Guidance: Raise FY26 rev guidance to +24-28% yoyo.pang@bofa.com

Key takeaways from the conference call: i) Revenue: It raised FY26 revenue guidance

from 20-24% to 24-28% to reflect better supply chain and retail revenue growth YTD. It

raised retail revenue guidance from 25-30% to 30-35%. ii) RevPAR: It has seen strong Stock Data

leisure travel demand during holidays. However, there could still be some volatilities for

Price 36.66 USD

RevPAR going forward. Atour could also expand hotels in leading tier 3 cities or cities

Price Objective 50.00 USD

with popular 5A tourist destinations which has decent visitations traffic. iii)

Date Established 4-May-2026

Openings/Closures: The higher closures in 1Q26 were due to some delay of closures