Atour Lifestyle Holdings Limited (NASDAQ: ATAT) released its financial results for the first quarter of 2026 on May 13, Beijing time. Guided by its new "China Experience, Brand Leadership" strategy, the company achieved a strong start to the year through continuous product innovation and experience enhancement.
For the first quarter, Atour generated revenue of 28.11 billion yuan, representing a year-over-year increase of 47.5%. Adjusted net profit reached 490 million yuan, up 42.0% year-over-year. Adjusted EBITDA was 716 million yuan, a 51.1% increase compared to the same period last year. The company also raised its full-year 2026 revenue guidance, now expecting annual revenue growth between 24% and 28%.
Hotel operating metrics showed sequential improvement, with a pipeline of 751 projects supporting healthy growth. The performance of Atour's accommodation business continued its trend of quarter-over-quarter improvement in Q1. The group's overall RevPAR (Revenue Per Available Room) was 312 yuan, recovering to 102.4% of the level from the first quarter of 2025. Occupancy (OCC) and Average Daily Rate (ADR) recovered to 100.6% and 102.1% of last year's figures, respectively. Adhering to a "quality-first" principle for scale expansion, Atour opened 110 new hotels in the quarter. By the end of Q1, the total number of hotels in operation reached 2,088, with a pipeline of 751 reserve projects, storing ample momentum for future healthy expansion.
In terms of distribution channels, the Central Reservation System (CRS) maintained steady performance, accounting for 63.7% of room nights sold in Q1, with corporate agreement sales comprising 19.3% of that. Additionally, policies like "price drop refunds" and "overpayment compensation" strengthened the experience guarantee on official channels, effectively boosting user trust and brand reputation, especially during peak periods like the Spring Festival holiday. As business scale continues to expand, the company's supply chain capabilities have also been systematically enhanced. The inclusion of more high-quality suppliers and an increasingly rich platform assortment not only empowers franchisees and ensures consistent user experience but also builds a competitive advantage for long-term development.
In a fully competitive market environment, the synergistic effects of Atour's multi-brand portfolio have become more pronounced. In the upper-midscale segment, as a pioneer and leader, Atour is advancing product iteration and brand innovation in parallel. The 3.6 version of the Atour Hotel brand, developed through a deep deconstruction of the user's entire stay experience, has established a verifiable and replicable product model and operational standard. It has continued to gain market recognition since its launch over a year ago. The latest upgraded brand, Atour Jianye, represents an extension of the boundaries within the upper-midscale segment and a solid implementation of the "Brand Leadership" strategy. Its in-operation hotels achieved a RevPAR exceeding 400 yuan this quarter. Atour Jianye will continue to integrate local cultural elements from Yunnan and promote the deployment of whole-hotel deep sleep systems, continuously advancing refined management and quality upgrades.
In the luxury segment, the Sava brand continues to build brand awareness and expand its development boundaries. This quarter, Sava's in-operation hotels achieved a RevPAR exceeding 910 yuan, with an average room rate surpassing 1,000 yuan. Its unique Eastern aesthetics and luxury lifestyle positioning are gradually establishing a differentiated brand appeal rooted in Chinese cultural heritage, with a growing proportion of international users.
In the midscale segment, the Zleep brand continues to accumulate momentum through product upgrades. Its latest version, Zleep 3.3, with superior product experience and a more efficient operational model, achieved a RevPAR over 10% higher than the Zleep 3.0 product this quarter. The company stated that in 2026, it will continue to comprehensively enhance Zleep's operational efficiency and product competitiveness, focusing on expansion in tier-2 and above cities to achieve quality scale growth.
Retail business shows strong growth momentum, with continuous product innovation solidifying its leading position. Atour's retail business continued its high-growth trajectory in the first quarter, generating revenue of 1.071 billion yuan, a 54.4% year-over-year increase. The "Atour Planet" brand maintained a top position in the bedding category on major e-commerce platforms, with its brand power and product strength continuously solidifying its market leadership.
Specifically, core categories performed exceptionally well. The pillow category extended its significant lead, consistently ranking first in sales within its category on major third-party platforms. During the Spring Festival, Atour Planet innovatively launched the Deep Sleep Pillow Pro 3.0 New Year edition, successfully tapping into emotional consumption scenarios. The duvet category showed strong growth, with market share steadily increasing. Since its launch, cumulative sales of the Deep Sleep Temperature-Control Duvet series have exceeded 3 million units. The upgraded new product "Deep Sleep Temperature-Control Duvet · Summer Pro 3.0," launched in late March, achieved a GMV exceeding 100 million yuan within 45 days of launch, demonstrating Atour's precise user demand insights and efficient product conversion capabilities.
With the continuous enhancement of product strength, Atour Planet is entering a new phase of "technological innovation" and "standard definition." Each generation of product development is based on scientific experiments and test verification, transforming latent user needs into systematic product solutions. Through technological depth, Atour continues to solidify its category leadership, accurately capturing subtle pain points in the user experience to create consistently differentiated products and continuously expand the boundaries of the sleep ecosystem. Recently, Atour seasonally launched the Deep Sleep Pajamas Summer edition and new color options for the Deep Sleep Fitted Sheet, with strong sales momentum. As the sleep ecosystem layout deepens, user perception and brand trust in Atour Planet continue to strengthen. The company will persist in driving product innovation and technological breakthroughs to meet evolving user needs and maintain long-term market competitiveness.
Membership base exceeds 116 million, deepening business synergy around the "Deep Sleep" scenario. By the end of the first quarter, the number of registered Atour members reached 116 million, a 20% year-over-year increase. This vast user base provides a solid foundation for business innovation and synergy. Atour stated it will continue to focus on the core "Deep Sleep" scenario to promote deep synergy between its accommodation and retail businesses, further strengthening the perceived value and benefits of membership. The company aims to build its membership system into a lifestyle brand that warmly accompanies users, allowing every member to experience physical and mental tranquility.
In the realm of social responsibility, Atour also practices its values through innovative public welfare projects. Recently, the Atour Foundation innovatively launched a dedicated public welfare project for frontline housekeeping staff across the national service industry, conveying the philosophy that "everyone deserves to be treated well" through concrete actions.
Currently, China's service consumption is accelerating its upgrade towards quality and experience, and the hotel and retail markets are entering a new development stage centered on refinement and experience-driven growth. Atour stated it will continue to uphold the "User First" principle, making innovation the driving force for long-term sustainable corporate growth, firmly seizing opportunities amid market transformation, and committed to achieving long-term, sustainable, high-quality development.
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