ATAT on Nasdaq

Atour Lifestyle Holdings Ltd

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Last updated Oct 16, 2026.

Overview

$1.4BRevenue, fiscal 2025²

$231.8MNet income, fiscal 2025²

Compare with Wyndham Hotels & Resorts, Choice Hotels or Xenia Hotels and Resorts, or pick any stock.

TickerATAT on Nasdaq
IndustryHotels & Motels
HeadquartersE9
Incorporated inCayman Islands³
Business address1St Floor, Wuzhong Building, 618 Wuzhong Road, Minhang District, Shanghai³
Filer categoryLarge accelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.6%Operating margin²

16.6%Net margin²

41.0%Revenue growth, 2025²

45.1%Return on equity²

0.00×Debt to equity²

$272.7MFree cash flow²

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Manachised Hotels brought in 54% of the revenue Atour Lifestyle Holdings Ltd broke down this way in fiscal 2025.

Manachised Hotels5.3B CNY²54%up 28% from 2024
Retail Revenues3.7B CNY²37%up 67% from 2024
Room Revenues550.5M CNY²6%down 16% from 2024
Other Revenues220.0M CNY²2%up 11% from 2024
Food And Beverage Revenues35.2M CNY²0%down 20% from 2024
Other Leased Hotel Revenues4.7M CNY²0%down 11% from 2024

Products and services by year

Products and services	2023	2024	2025
Manachised Hotels	2.7B CNY	4.1B CNY	5.3B CNY
Retail Revenues	971.9M CNY	2.2B CNY	3.7B CNY
Room Revenues	782.6M CNY	652.9M CNY	550.5M CNY
Other Revenues	148.4M CNY	199.0M CNY	220.0M CNY
Food And Beverage Revenues	51.6M CNY	43.8M CNY	35.2M CNY
Other Leased Hotel Revenues	5.8M CNY	5.3M CNY	4.7M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Research and development2¢$25.4M
Other costs74¢$1.0B
Income tax8¢$106.1M
Profit17¢$231.8M

Out of $1.4B in revenue.²

Where each dollar of operating cash went, fiscal 2025

Dividends paidShare buybacksKept or used elsewhere

Capital spending4¢$12.3M
Dividends paid39¢$110.4M
Share buybacks17¢$47.2M
Kept or used elsewhere40¢$115.1M

Out of $285.0M of cash from operations.²

Financial statements

Revenue⁴⁵⁶²$1.4B in 2025−11% since 2020

Operating income⁴⁵⁶²$329.9M in 2025+1279% since 2022

Net income⁴⁵⁶²$231.8M in 2025+1530% since 2022

Every line of the income statement in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net revenues	9.8B CNY	7.2B CNY	4.7B CNY
Selling and marketing expenses	-1.5B CNY	-972.9M CNY	-469.6M CNY
General and administrative expenses	-516.7M CNY	-352.6M CNY	-451.5M CNY
Technology and development expenses	-177.9M CNY	-134.0M CNY	-77.3M CNY
Total operating costs and expenses	-7.7B CNY	-5.7B CNY	-3.8B CNY
Other operating income, net	184.1M CNY	70.2M CNY	83.2M CNY
Income from operations	2.3B CNY	1.6B CNY	924.0M CNY
Interest income	72.2M CNY	48.4M CNY	29.6M CNY
Gain from short-term investments	44.9M CNY	48.9M CNY	34.5M CNY
Interest expense	-4.2M CNY	-3.1M CNY	-5.0M CNY
Other (expenses) income, net	-56.6M CNY	2.5M CNY	-1.0M CNY
Income before income tax	2.4B CNY	1.7B CNY	982.1M CNY
Income tax expense	-741.6M CNY	-446.0M CNY	-243.0M CNY
Net income	1.6B CNY	1.3B CNY	739.1M CNY
Less: net income (loss) attributable to non-controlling interests	270.0K CNY	-2.4M CNY	1.9M CNY
Net income attributable to the Company	1.6B CNY	1.3B CNY	737.1M CNY
Foreign currency translation adjustments, net of nil income taxes	-35.7M CNY	-3.4M CNY	15.6M CNY
Other comprehensive income (loss), net of income taxes	-35.7M CNY	-3.4M CNY	15.6M CNY
Total comprehensive income	1.6B CNY	1.3B CNY	754.7M CNY
Comprehensive income (loss) attributable to non-controlling interests	270.0K CNY	-2.4M CNY	1.9M CNY
Comprehensive income attributable to the Company	1.6B CNY	1.3B CNY	752.8M CNY
Net income per ordinary share - Basic (in RMB or USD per share)	3.90 CNY	3.08 CNY	1.82 CNY
Net income per ordinary share - Diluted (in RMB or USD per share)	3.87 CNY	3.06 CNY	1.78 CNY
Weighted average ordinary shares used in calculating net income per ordinary share - Basic (in shares)	415.6M shares	413.7M shares	405.6M shares
Weighted average ordinary shares used in calculating net income per ordinary share - Diluted (in shares)	419.3M shares	417.2M shares	414.8M shares
Foreign currency translation adjustments, income taxes	0 CNY	0 CNY	0 CNY

Total assets⁴⁵⁶²$1.3B in 2025+90% since 2022

Total liabilities⁴⁵⁶²$798.9M in 2025+54% since 2022

Shareholders’ equity⁴⁵⁶²$513.9M in 2025+196% since 2022

Cash⁴⁵⁶²$472.5M in 2025+213% since 2021

Long-term debt⁴⁵⁶²$286.0K in 2025−1% since 2022

Every line of the balance sheet in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	3.3B CNY	3.6B CNY	2.8B CNY
Short-term investments	2.6B CNY	1.3B CNY
Accounts receivable, net of allowance of RMB15,559 and RMB19,307 as of December 31, 2024 and 2025, respectively	341.4M CNY	186.0M CNY
Prepayments and other current assets	676.0M CNY	331.6M CNY
Amounts due from related parties	192.3M CNY	146.1M CNY
Inventories	278.8M CNY	167.4M CNY
Total current assets	7.4B CNY	5.7B CNY
Restricted cash	16.2M CNY	1.2M CNY	946.0K CNY
Contract costs	134.3M CNY	119.4M CNY
Property and equipment, net	225.6M CNY	213.7M CNY
Operating lease right-of-use assets	1.1B CNY	1.5B CNY
Intangible assets, net	4.7M CNY	6.4M CNY
Goodwill	17.4M CNY	17.4M CNY
Other assets	51.9M CNY	71.2M CNY
Deferred tax assets	253.6M CNY	230.9M CNY
Total non-current assets	1.8B CNY	2.2B CNY
Total assets	9.2B CNY	7.9B CNY
Operating lease liabilities, current	230.2M CNY	291.0M CNY
Accounts payable	822.0M CNY	693.8M CNY
Deferred revenue, current	701.1M CNY	454.0M CNY
Salary and welfare payable	316.6M CNY	225.7M CNY
Accrued expenses and other payables	1.1B CNY	882.0M CNY
Income taxes payable	312.3M CNY	221.6M CNY
Short-term borrowings	250.0M CNY	60.0M CNY
Amounts due to related parties	2.9M CNY	2.1M CNY
Total current liabilities	3.7B CNY	2.8B CNY
Operating lease liabilities, non-current	1.0B CNY	1.4B CNY
Deferred revenue, non-current	526.4M CNY	475.3M CNY
Long-term borrowings, non-current portion	2.0M CNY	2.0M CNY
Other non-current liabilities	290.1M CNY	245.6M CNY
Total non-current liabilities	1.9B CNY	2.1B CNY
Total liabilities	5.6B CNY	4.9B CNY
Treasury shares	-326.4M CNY
Additional paid in capital	1.8B CNY	1.6B CNY
Retained earnings	2.2B CNY	1.3B CNY
Accumulated other comprehensive income (loss)	-34.3M CNY	1.4M CNY
Total equity attributable to shareholders of the Company	3.6B CNY	3.0B CNY
Non-controlling interests	-12.7M CNY	-10.3M CNY
Total shareholders' equity	3.6B CNY	2.9B CNY	2.1B CNY
Total liabilities and shareholders' equity	9.2B CNY	7.9B CNY
Accounts receivable, allowance	19.3M CNY	15.6M CNY	32.3M CNY

Cash from operations⁴⁵⁶²$285.0M in 2025+593% since 2022

Capital spending⁴⁵⁶²$12.3M in 2025+132% since 2022

Free cash flow⁴⁵⁶²$272.7M in 2025+661% since 2022

Dividends paid⁵⁶²$110.4M in 2025+421% since 2023

Every line of the cash flow in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	1.6B CNY	1.3B CNY	739.1M CNY
Depreciation and amortization	54.1M CNY	65.2M CNY	85.0M CNY
Impairment loss of long-lived assets	55.4M CNY	54.7M CNY	60.5M CNY
Inventory write-down	74.2M CNY	50.8M CNY	23.9M CNY
Reduction in the carrying amount of ROU assets	220.0M CNY	203.5M CNY	214.3M CNY
Gain from short-term investments	-44.9M CNY	-48.9M CNY	-34.5M CNY
Net loss on disposal of property and equipment	3.6M CNY		578.0K CNY
Allowance for doubtful accounts	7.1M CNY	30.8M CNY	40.8M CNY
Deferred income tax benefit	-22.7M CNY	-85.9M CNY	-32.1M CNY
Share-based compensation	131.5M CNY	32.8M CNY	164.0M CNY
Accounts receivable	-159.3M CNY	-29.7M CNY	-42.7M CNY
Prepayments and other current assets	-314.7M CNY	-85.2M CNY	-117.3M CNY
Amounts due from related parties	-46.2M CNY	-30.2M CNY	-62.3M CNY
Inventories	-185.6M CNY	-99.1M CNY	-85.5M CNY
Contract costs	-14.9M CNY	-21.2M CNY	-30.9M CNY
Other assets	22.9M CNY	4.9M CNY	12.0M CNY
Accounts payable	128.2M CNY	99.2M CNY	409.6M CNY
Salary and welfare payable	90.9M CNY	35.9M CNY	86.3M CNY
Accrued expenses and other payables	202.5M CNY	192.1M CNY	353.7M CNY
Income taxes payable	90.7M CNY	85.4M CNY	104.9M CNY
Amounts due to related parties	785.0K CNY	997.0K CNY	-1.9M CNY
Deferred revenue	298.3M CNY	153.8M CNY	294.7M CNY
Operating lease liabilities	-264.9M CNY	-208.1M CNY	-246.1M CNY
Other non-current liabilities	44.5M CNY	51.1M CNY	52.7M CNY
Net cash generated from operating activities	2.0B CNY	1.7B CNY	2.0B CNY
Payment for purchases of property and equipment	-85.8M CNY	-56.2M CNY	-41.7M CNY
Proceeds from disposal of property and equipment	5.0M CNY	2.9M CNY	670.0K CNY
Payment for purchases of intangible assets	-254.0K CNY	-1.9M CNY
Payment for purchases of short-term investments	-15.9B CNY	-20.0B CNY	-9.4B CNY
Proceeds from maturities of short-term investments	14.7B CNY	19.5B CNY	8.9B CNY
Proceeds from disposal of a subsidiary	780.0K CNY
Net cash used in investing activities	-1.3B CNY	-520.6M CNY	-600.5M CNY
Proceeds from borrowings	255.0M CNY	60.0M CNY	40.0M CNY
Repayment of borrowings	-65.0M CNY	-70.0M CNY	-142.0M CNY
Proceeds from stock option exercises	18.9M CNY	19.5M CNY	105.6M CNY
Payment for dividends	-772.0M CNY	-436.0M CNY	-150.6M CNY
Payment for share repurchases	-329.9M CNY
Distribution to non-controlling interests	-1.7M CNY
Others	-30.2M CNY
Net cash used in financing activities	-924.9M CNY	-426.6M CNY	-146.9M CNY
Effect of exchange rate changes on cash and cash equivalents and restricted cash	-35.3M CNY	-922.0K CNY	10.4M CNY
Net increase (decrease) in cash and cash equivalents and restricted cash	-299.5M CNY	777.9M CNY	1.3B CNY
Income tax paid	673.7M CNY	446.5M CNY	170.2M CNY
Payable for purchase of property and equipment	27.2M CNY	22.0M CNY	16.1M CNY

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Recent filings

Sep 4, 20264
Aug 20, 20266-K
Aug 14, 2026SCHEDULE 13G/A
Aug 12, 2026SCHEDULE 13G/A
Aug 6, 20266-K
Jul 16, 20264
Jul 16, 20264
Jul 16, 20264
Jul 16, 20264
May 13, 20266-K
May 13, 2026SCHEDULE 13G/A
May 11, 2026SCHEDULE 13G/A
Apr 30, 20266-K
Apr 29, 20266-K
Apr 17, 202620-F

Every filing from the last three years, summarized. The full record is on SEC EDGAR.¹

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARAtour Lifestyle Holdings Ltd filings on SEC EDGAR
2
SEC EDGARAtour Lifestyle Holdings Ltd 10-K for fiscal 2025
3
SEC EDGARAtour Lifestyle Holdings Ltd filings on SEC EDGAR
4
SEC EDGARAtour Lifestyle Holdings Ltd 10-K for fiscal 2020
5
SEC EDGARAtour Lifestyle Holdings Ltd 10-K for fiscal 2021
6
SEC EDGARAtour Lifestyle Holdings Ltd 10-K for fiscal 2024