Atour Lifestyle Holdings Limited
- Open
- 35.54
- Day high
- 36.70
- Day low
- 34.92
- Prev close
- 35.50
- Volume
- 1.6M
- Mkt cap
- $4.8B
- P/E (TTM)
- 16.5
- EPS (TTM)
- $2.11
- P/B
- 9.5
- P/S
- 2.7
- Yield
- 2.49%
- Per share
- $0.87
Atour Lifestyle Holdings Limited (ATAT) is a Consumer Cyclical company listed on NASDAQ. The stock is down 9% over the past year. Drillr has 1 published research article covering ATAT.
Atour Lifestyle Holdings Limited (ATAT) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATAT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 20, 2026 | $0.57 | $0.59 | +3.5% | $514M | +6.0% |
| May 13, 2026 | $0.37 | $0.48 | +29.4% | $407M | +7.6% |
| Mar 17, 2026 | $0.46 | $0.48 | +5.3% | $393M | -3.0% |
| Nov 25, 2025 | $0.45 | $0.48 | +6.7% | $370M | -6.9% |
| Aug 26, 2025 | $0.41 | $0.42 | +2.4% | $344M | +2.5% |
| May 22, 2025 | $0.32 | $0.33 | +3.1% | $262M | -18.0% |
| Mar 25, 2025 | $0.30 | $0.33 | +10.0% | $285M | +8.7% |
| Nov 19, 2024 | $0.33 | $0.39 | +18.2% | $271M | -3.3% |
| Aug 29, 2024 | $0.32 | $0.32 | +0.0% | $247M | +7.7% |
| May 23, 2024 | $0.24 | $0.26 | +8.3% | $203M | +12.8% |
| Nov 16, 2023 | $0.23 | $0.27 | +17.4% | $177M | +17.1% |
| Aug 17, 2023 | $0.22 | $0.25 | +13.6% | $151M | +9.5% |
ATAT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 16, 2026 | Gao Lijundirector, officer: Chief compliance officer | Grant | 5,840 | $0.01 |
| Jul 16, 2026 | Gao Lijundirector, officer: Chief compliance officer | Grant | 3,504 | $0.01 |
| Jul 16, 2026 | Gao Lijundirector, officer: Chief compliance officer | Grant | 2,337 | $0.01 |
| Jul 16, 2026 | Wang Shoudongofficer: Co-chief financial officer | Grant | 5,299 | $0.01 |
| Jul 16, 2026 | Wang Shoudongofficer: Co-chief financial officer | Grant | 3,179 | $0.01 |
| Jul 16, 2026 | Wang Shoudongofficer: Co-chief financial officer | Grant | 2,120 | $0.01 |
| Jul 16, 2026 | Wu Jianfengdirector, officer: Co-chief financial officer | Grant | 360,000 | $5.13 |
| Jul 16, 2026 | Wang Haijundirector, officer: Chief Executive Officer | Grant | 418,250 | $0.01 |
| Jul 16, 2026 | Wang Haijundirector, officer: Chief Executive Officer | Grant | 250,950 | $0.01 |
| Jul 16, 2026 | Wang Haijundirector, officer: Chief Executive Officer | Grant | 167,300 | $0.01 |
Source: ATAT SEC Form 4 filings, latest Jul 16, 2026. For informational purposes only — not investment advice.
See the full ATAT insider & 13F page →Atour Lifestyle Holdings Limited company profile
Overview
Atour Lifestyle Holdings Limited (NASDAQ:ATAT) is a Chinese hotel chain operator that went public in November 2022. Founded in 2012 and headquartered in Shanghai, the company has emerged as a leading lifestyle-focused hotel brand in China's hospitality sector. Atour operates a network of themed hotels catering to diverse customer preferences, including music hotels, basketball hotels, and literary hotels. The company has grown rapidly from 608 hotels in 2021 to over 1,600 hotels by 2024, establishing itself as a significant player in China's mid-scale and upper mid-scale hotel segments while also developing a substantial retail business focused on sleep-related products.
Business
Atour operates in China's hospitality industry, specifically focusing on the mid-scale and upper mid-scale hotel segments. The hospitality industry in China has been recovering from COVID-19 impacts and represents one of the world's largest domestic travel markets, driven by rising disposable incomes and increasing domestic tourism. The company's core business consists of three main segments: Hotel Operations (Primary Business) - Approximately 60-65% of revenue: Atour operates a franchised hotel network under multiple brand tiers. The flagship Atour brand targets lifestyle-conscious travelers with themed accommodations, while Atour Light 3.0 serves the mid-scale segment with more affordable options. The newer Atour 4.0 and SAVHE Hotel brands target the upper mid-scale and upscale segments respectively. Most hotels operate under a manachised model (managed franchise), where Atour provides management services while franchisees own the properties. Retail Business - Approximately 30-35% of revenue: Atour has developed a significant retail operation focused on sleep-related products, particularly through its "Deep Sleep" product line. This includes memory foam pillows, temperature-regulating comforters, and other bedroom accessories. The retail business leverages the hotel guest experience to drive product sales, with over 90% of sales occurring through online channels including Douyin (TikTok's Chinese version) and JD.com. Hotel Management Services - Small portion of revenue: The company provides day-to-day management services to franchisees, including operations support, brand standards maintenance, and system integration services.
Revenue model
Atour generates revenue through multiple complementary business models that create synergies across its ecosystem: Franchise and Management Fees: The primary revenue source comes from manachised hotels, where Atour collects initial franchise fees, ongoing management fees (typically a percentage of hotel revenue), and system fees from franchisees. This asset-light model provides predictable recurring revenue with minimal capital investment. The company also operates some leased hotels directly, though this represents a declining portion of the business. Product Sales: The retail business generates revenue through direct sales of sleep-related products, with gross margins around 51%. This business model benefits from the hotel guest experience, where customers can try products during their stay before purchasing. The integration between hotel and retail creates a unique customer acquisition channel that traditional e-commerce retailers lack. Membership and Loyalty Programs: Atour's membership ecosystem with 89 million registered users drives both hotel bookings and retail sales, with the company's central reservation system (CRS) accounting for 63.5% of room nights sold, reducing dependence on third-party booking platforms and their associated commissions. Several factors influence Atour's margins positively: 1. The asset-light franchise model provides operational leverage as the network scales. 2. Direct booking through the CRS channel reduces third-party commission costs. 3. The retail business benefits from hotel guest traffic, reducing customer acquisition costs. 4. Brand recognition and customer loyalty support pricing power. Margin pressures come from: 1. Intense competition in China's hotel industry affecting RevPAR (Revenue Per Available Room). 2. Rising labor and operational costs in the hospitality sector. 3. Economic slowdowns impacting business and leisure travel demand. 4. The need for continuous investment in technology and brand marketing to maintain competitive positioning.
Competitive moat
Atour possesses a moderate but growing competitive moat built on several interconnected advantages. The company's primary moat stems from its integrated ecosystem approach that combines hospitality and retail in a way that competitors find difficult to replicate. The hotel-to-retail customer journey creates a unique value proposition where guests experience products during their stay, leading to higher conversion rates than traditional e-commerce. The company's brand differentiation through lifestyle positioning provides some protection in China's crowded hotel market. Atour's themed hotels and focus on younger demographics have created customer loyalty, evidenced by strong repeat booking rates and membership growth. The central reservation system capturing 63.5% of bookings reduces dependence on third-party platforms and their associated costs. However, the moat faces significant challenges. The Chinese hotel industry remains highly competitive with both domestic players like Home Inns and international brands expanding aggressively. Barriers to entry are relatively low for hotel franchising, and the retail business, while growing rapidly, operates in highly competitive e-commerce markets dominated by established players. The company's geographic concentration in China creates both opportunity and risk - while it benefits from the large domestic market, it lacks diversification that could provide stability during local economic downturns. Additionally, the asset-light model, while capital efficient, means Atour has limited control over individual hotel operations and guest experiences, potentially affecting brand consistency. The sustainability of Atour's moat depends largely on execution - maintaining brand differentiation, continuing retail innovation, and expanding the network faster than competitors while preserving quality standards.
Risks & safety
Overall Assessment: Moderate to Strong Financial Position • Cash Position: Strong with RMB 493 million in cash and short-term investments, providing substantial liquidity buffer • Debt Level: Manageable debt-to-equity ratio of 0.59, down from much higher levels in 2022, indicating improving capital structure • Solvency: Current ratio of 2.02 and quick ratio of 1.96 indicate strong short-term liquidity; no immediate solvency concerns • Valuation Metrics: - P/E ratio of 20.5x appears reasonable for growth profile - EV/EBITDA of 44.2x seems elevated, suggesting premium valuation - Price-to-book of 9.2x indicates market expects continued strong returns - Graham number of 11.3 versus current price of $23.92 suggests potential overvaluation • Profitability: Strong free cash flow generation of RMB 228 million annually with 43% ROE indicating efficient capital utilization • Growth Sustainability: Revenue growth of 53% in 2024 may not be sustainable long-term, creating valuation risk if growth slows significantly
Recent development
Over the past few years, Atour has executed several strategic initiatives that have transformed it from a pure hotel operator into an integrated lifestyle brand. The most significant development has been the rapid expansion of the retail business, which grew from minimal contribution to representing over 30% of revenue by 2024. The company's "Deep Sleep" product line, particularly memory foam pillows and temperature-regulating comforters, has achieved remarkable success with pillow sales reaching 3.8 million units annually. The company has also pursued aggressive brand portfolio expansion. The launch of Atour Light 3.0 in the mid-scale segment has reached 100 hotels, while the premium Atour 4.0 brand has 67 projects in the pipeline. Most recently, Atour introduced the upscale SAVHE Hotel brand targeting higher RevPAR segments of RMB 550-650, representing a significant move upmarket. Digital transformation and membership integration has been another key focus. The company has grown its registered member base to 89 million users and increased direct bookings through its central reservation system to 63.5% of total room nights. This reduces dependence on third-party platforms and improves margins. The company has also demonstrated commitment to shareholder returns by establishing a three-year dividend policy promising to distribute at least 50% of net income, a relatively generous policy for a growth-stage company. Additionally, Atour has expanded geographically within China, reaching 1,619 hotels across 131 cities by 2024, with plans to reach 2,000 hotels by 2025.
ATAT company profile · for informational purposes only — not investment advice.
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