• Atour Lifestyle Holdings Limited Reports First Quarter of 2024 Unaudited Financial Results

    ソース: Nasdaq GlobeNewswire / 23 5 2024 06:10:56   America/New_York

    • A total of 1,302 hotels, or 148,149 hotel rooms, in operation as of March 31, 2024.
    • Net revenues for the first quarter of 2024 increased by 89.7% year-over-year to RMB1,468 million (US$203 million), compared with RMB774 million for the same period of 2023.
    • Net income for the first quarter of 2024 increased by 1326.0% year-over-year to RMB258 million (US$36 million), compared with RMB18 million for the same period of 2023.
    • Adjusted net income (non-GAAP)1 for the first quarter of 2024 increased by 63.4% year-over-year to RMB261 million (US$36 million), compared with RMB160 million for the same period of 2023.
    • EBITDA (non-GAAP)2 for the first quarter of 2024 increased by 291.3% year-over-year to RMB351 million (US$49 million), compared with RMB90 million for the same period of 2023.
    • Adjusted EBITDA (non-GAAP)3 for the first quarter of 2024 increased by 53.1% year-over-year to RMB354 million (US$49 million), compared with RMB231 million for the same period of 2023.

    SHANGHAI, China, May 23, 2024 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the first quarter ended March 31, 2024.

    First Quarter of 2024 Operational Highlights

    As of March 31, 2024, there were 1,302 hotels with a total of 148,149 hotel rooms in operation across Atour’s hotel network, representing a rapid increase of 34.5% and 31.6% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of March 31, 2024, there were 674 manachised hotels under development in our pipeline.

    The average daily room rate4 (“ADR”) was RMB430 for the first quarter of 2024, compared with RMB443 for the same period of 2023 and RMB438 for the previous quarter.

    The occupancy rate4 was 73.3% for the first quarter of 2024, compared with 72.5% for the same period of 2023 and 78.4% for the previous quarter.

    The revenue per available room4 (“RevPAR”) was RMB328 for the first quarter of 2024, compared with RMB337 for the same period of 2023 and RMB358 for the previous quarter.

    The GMV5 generated from our retail business was RMB495 million for the first quarter of 2024, representing an increase of 277.4% year-over-year.

    “We delivered a solid performance in the first quarter of 2024,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “We maintained our rapid pace in hotel openings to close the quarter with a total of 1,302 hotels in operation, a year-over-year increase of 34.5%. We also maintained a healthy RevPAR during the quarter. Furthermore, our retail business continued to thrive, with quarterly GMV soaring by 277.4% year-over-year to RMB495 million. We will remain dedicated to deepening our insights into customers’ needs and crafting distinctive products and services, thus elevating the ‘Chinese experience’ while creating a virtuous cycle and achieving greater synergies between the accommodation and retail businesses. Meanwhile, we have proudly published our 2023 Environmental, Social and Governance report in May. Looking ahead, we will holistically strengthen our commitment to ESG, augmenting our contributions to society and the industry’s sustainable development,” concluded Mr. Wang.

    First Quarter of 2024 Unaudited Financial Results




    (RMB in thousands)    		  Q1 2023 Q1 2024
       
    Revenues:   
    Manachised hotels 446,798836,111
    Leased hotels 187,310168,049
    Retail 112,933416,591
    Others 26,89547,542
    Net revenues 773,9361,468,293
        

    Net revenues. Our net revenues for the first quarter of 2024 increased by 89.7% to RMB1,468 million (US$203 million) from RMB774 million for the same period of 2023, mainly driven by the growth in manachised hotel and retail businesses.

    • Manachised hotels. Revenues from our manachised hotels for the first quarter of 2024 increased by 87.1% to RMB836 million (US$116 million) from RMB447 million for the same period of 2023. This increase was primarily driven by the ongoing expansion of our hotel network and rapid growth of the supply chain business. The total number of our manachised hotels increased from 935 as of March 31, 2023, to 1,271 as of March 31, 2024.
       
    • Leased hotels. Revenues from our leased hotels for the first quarter of 2024 decreased by 10.3% to RMB168 million (US$23 million) from RMB187 million for the same period of 2023. This decrease was primarily due to the decrease in RevPAR, as well as the impact from the renovation of one leased hotel. RevPAR of our leased hotels was RMB455 for the first quarter of 2024, compared with RMB464 for the same period of 2023.
       
    • Retail. Revenues from retail for the first quarter of 2024 increased by 268.9% to RMB417 million (US$58 million) from RMB113 million for the same period of 2023. This increase was driven by widespread recognition of our retail brands and compelling product offerings, as well as improved product development and distribution capabilities.
       
    • Others. Revenues from others for the first quarter of 2024 increased by 76.8% to RMB48 million (US$7 million) from RMB27 million for the same period of 2023. This increase was driven by the fast-growing membership business.
       Q1 2023 Q1 2024
    (RMB in thousands)   
    Operating costs and expenses:   
    Hotel operating costs (381,632)(662,169)
    Retail costs (61,517)(206,103)
    Other operating costs (10,137)(9,826)
    Selling and marketing expenses (56,009)(174,711)
    General and administrative expenses (193,204)(76,655)
    Technology and development expenses (16,790)(24,181)
    Total operating costs and expenses (719,289)(1,153,645)
          

    Operating costs and expenses for the first quarter of 2024 were RMB1,154 million (US$160 million), including RMB3 million share-based compensation expenses, compared with RMB719 million, including RMB142 million share-based compensation expenses for the same period of 2023.

    • Hotel operating costs for the first quarter of 2024 were RMB662 million (US$92 million), compared with RMB382 million for the same period of 2023. The increase was mainly due to the increase in variable costs, such as supply chain costs, associated with the continued growth of our hotel business. Hotel operating costs accounted for 65.9% of manachised and leased hotels’ revenues for the first quarter of 2024, compared with 60.2% for the same period of 2023. The increase was attributable to a decreased RevPAR and an increased share of revenue generated by the lower-margin supply chain business.
       
    • Retail costs for the first quarter of 2024 were RMB206 million (US$29 million), compared with RMB62 million for the same period of 2023. The increase was associated with the rapid growth of our retail business. Retail costs accounted for 49.5% of retail revenues for the first quarter of 2024, compared with 54.5% for the same period of 2023. The decrease was attributable to an increasing contribution from higher-margin online sales.
       
    • Other operating costs for the first quarter of 2024 were RMB10 million (US$1.4 million), approximately flat compared to the same period of 2023.
       
    • Selling and marketing expenses for the first quarter of 2024 were RMB175 million (US$24 million), compared with RMB56 million for the same period of 2023. This increase was mainly due to the enhanced investment in brand recognition and effective online channel development along with the growth of retail business. Selling and marketing expenses accounted for 11.9% of net revenues for the first quarter of 2024, compared with 7.2% for the same period of 2023.
       
    • General and administrative expenses for the first quarter of 2024 were RMB77 million (US$11 million), including RMB3 million share-based compensation expenses, compared with RMB193 million, including RMB141 million share-based compensation expenses for the same period of 2023. Excluding the share-based compensation expenses, the increase was primarily due to the increase in labor costs. General and administrative expenses, excluding the share-based compensation expenses, accounted for 5.0% of net revenues for the first quarter of 2024, compared with 6.7% for the same period of 2023.
       
    • Technology and development expenses for the first quarter of 2024 were RMB24 million (US$3 million), compared with RMB17 million for the same period of 2023. The increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business as well as improve the customer experience. Technology and development expenses accounted for 1.6% of net revenues for the first quarter of 2024, compared with 2.2% for the same period of 2023.

    Other operating income, net for the first quarter of 2024, was RMB10 million (US$1.4 million), compared with RMB7 million for the same period of 2023.

    Income from operations for the first quarter of 2024 was RMB325 million (US$45 million), compared with RMB62 million for the same period of 2023.

    Income tax expense for the first quarter of 2024 was RMB89 million (US$12 million), compared with RMB53 million for the same period of 2023.

    Net income for the first quarter of 2024 was RMB258 million (US$36 million), representing an increase of 1326.0% year-over-year compared with RMB18 million for the same period of 2023.

    Adjusted net income (non-GAAP) for the first quarter of 2024 was RMB261 million (US$36 million), representing an increase of 63.4% year-over-year compared with RMB160 million for the same period of 2023.

    Basic and diluted income per share/American depositary share (ADS). For the first quarter of 2024, basic income per share was RMB0.62 (US$0.09), and diluted income per share was RMB0.62 (US$0.09). Basic income per ADS for the first quarter of 2024 was RMB1.87 (US$0.26), and diluted income per ADS was RMB1.85 (US$0.26).

    EBITDA (non-GAAP) for the first quarter of 2024 was RMB351 million (US$49 million), representing an increase of 291.3% year-over-year compared with RMB90 million for the same period of 2023.

    Adjusted EBITDA (non-GAAP) for the first quarter of 2024 was RMB354 million (US$49 million), representing an increase of 53.1% year-over-year compared with RMB231 million for the same period of 2023.

    Cash flows. Operating cash inflow for the first quarter of 2024 was RMB143 million (US$20 million). Investing cash inflow for the first quarter of 2024 was RMB37 million (US$5 million). Financing cash inflow for the first quarter of 2024 was RMB20 million (US$3 million).

    Cash and cash equivalents and restricted cash. As of March 31, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3 billion (US$422 million).

    Debt financing. As of March 31, 2024, the Company had total outstanding borrowings of RMB92 million (US$13 million), and the unutilized credit facility available to the Company was RMB420 million.

    _________________
    1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
    2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
    3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
    4 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
    “ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
    “Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
    “RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms in our hotels during the same period.
    5 “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.

    Conference Call

    The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, May 23, 2024 (or 7:00 PM Beijing/Hong Kong time on the same day). 

    A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

    For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

    Details for the conference call are as follows: 

    Event Title: Atour First Quarter 2024 Earnings Conference Call
    Pre-registration Link: https://register.vevent.com/register/BI99d7f8d3920a46dca89c706f4c0e575a

    Use of Non-GAAP Financial Measures

    To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

    The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis, excluding share-based compensation expenses, which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

    The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

    In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.

    About Atour Lifestyle Holdings Limited

    Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings.
    For more information, please visit https://ir.yaduo.com.

    Investor Relations Contact

    Atour Lifestyle Holdings Limited
    Email: ir@yaduo.com

    Piacente Financial Communications
    Email: Atour@tpg-ir.com
    Tel: +86-10-6508-0677

    —Financial Tables and Operational Data Follow—

    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except share data and per share data, or otherwise noted)
           
      As of As of
      December 31, March 31,
      2023 2024
      RMB RMB USD1
    Assets      
    Current assets      
    Cash and cash equivalents 2,840,807 3,048,408 422,200
    Short-term investments 751,794 711,525 98,545
    Accounts receivable 162,101 164,553 22,790
    Prepayments and other current assets 251,900 270,544 37,470
    Amounts due from related parties 115,900 135,085 18,709
    Inventories 119,078 105,711 14,641
    Total current assets  4,241,580 4,435,826  614,355
    Non-current assets      
    Restricted cash 946 946 131
    Contract costs 98,220 105,440 14,603
    Property and equipment, net 266,120 280,378 38,832
    Operating lease right-of-use assets 1,712,580 1,662,001 230,184
    Intangible assets, net 4,247 4,240 587
    Goodwill 17,446 17,446 2,416
    Other assets 100,939 93,435 12,942
    Deferred tax assets 144,947 160,832 22,275
    Total non-current assets 2,345,445 2,324,718   321,970
    Total assets 6,587,025 6,760,544  936,325
           
    Liabilities and shareholders’ equity      
    Current liabilities      
    Operating lease liabilities, current 295,721 316,113 43,781
    Accounts payable 594,545 443,512 61,426
    Deferred revenue, current 406,066 381,768 52,874
    Salary and welfare payable 189,823 132,487 18,349
    Accrued expenses and other payables 684,391 759,669 105,213
    Income taxes payable 136,201 169,241 23,440
    Short-term borrowings 70,000 90,000 12,465
    Amounts due to related parties 1,104 1,979 274
    Total current liabilities  2,377,851 2,294,769   317,822
    Non-current liabilities      
    Operating lease liabilities, non-current 1,583,178 1,524,968 211,206
    Deferred revenue, non-current 369,455 400,041 55,405
    Long-term borrowings, non-current portion 2,000 2,000 277
    Other non-current liabilities 194,452 210,318 29,129
    Total non-current liabilities 2,149,085  2,137,327   296,017
    Total liabilities 4,526,936  4,432,096   613,839

    _______________________
    1 Translations of balances in the consolidated financial statements from RMB into US$ for the first quarter of 2024 and as of March 31, 2024 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB7.2203, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 29, 2024.



    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except share data and per share data, or otherwise noted)
           
      As of As of
      December 31, March 31,
      2023 2024
      RMB RMB USD1
    Shareholders’ equity      
    Class A ordinary shares 244  244  34 
    Class B ordinary shares 56  56  8 
    Additional paid in capital 1,555,773  1,558,915  215,907 
    Retained earnings 507,226  764,384  105,866 
    Accumulated other comprehensive income 4,769  12,278  1,700 
    Total equity attributable to shareholders of the Company  2,068,068  2,335,877   323,515  
    Non-controlling interests (7,979) (7,429) (1,029)
    Total shareholders’ equity 2,068,089  2,328,448  322,486  
    Commitments and contingencies —  —  — 
    Total liabilities and shareholders’ equity 6,587,025  6,760,544  936,325 




    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (All amounts in thousands, except share data and per share data, or otherwise noted)
           
      Three Months Ended
      March 31, March 31,
      2023  2024 
      RMB RMB USD1
    Revenues:      
    Manachised hotels 446,798  836,111  115,800 
    Leased hotels 187,310  168,049  23,275 
    Retail 112,933  416,591  57,697 
    Others 26,895  47,542  6,584 
    Net revenues 773,936  1,468,293    203,356  
    Operating costs and expenses:      
    Hotel operating costs (381,632) (662,169) (91,709)
    Retail costs (61,517) (206,103) (28,545)
    Other operating costs (10,137) (9,826) (1,361)
    Selling and marketing expenses (56,009) (174,711) (24,197)
    General and administrative expenses (193,204) (76,655) (10,617)
    Technology and development expenses (16,790) (24,181) (3,349)
    Total operating costs and expenses  (719,289)  (1,153,645)  (159,778)
    Other operating income, net 7,230  10,009  1,386 
    Income from operations  61,877   324,657    44,964  
    Interest income 4,843  13,519  1,872 
    Gain from short-term investments 5,354  9,592  1,328 
    Interest expense (1,927) (673) (93)
    Other (expenses) income, net 551  (466) (65)
    Income before income tax  70,698  346,629  48,006 
    Income tax expense (52,626) (88,921) (12,315)
    Net income 18,072  257,708   35,691 
    Less: net income attributable to non-controlling interests 197  550  76 
    Net income attributable to the Company  17,875   257,158   35,615  
           
    Net income  18,072  257,708  35,691 
    Other comprehensive income (loss)      
    Foreign currency translation adjustments, net of nil income taxes (2,080) 7,509  1,040 
    Other comprehensive income (loss), net of income taxes (2,080)  7,509    1,040  
    Total comprehensive income 15,992   265,217    36,731  
    Comprehensive income attributable to non-controlling interests 197  550  76 
    Comprehensive income attributable to the Company  15,795  264,667   36,655 
    Net income per ordinary share      
    —Basic 0.05  0.62  0.09 
    —Diluted 0.04  0.62  0.09 
    Weighted average ordinary shares used in calculating net income per ordinary share      
    —Basic 393,958,225  412,841,106  412,841,106 
    —Diluted 412,310,616  416,114,169  416,114,169 



    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
           
      Three Months Ended
      March 31, March 31,
      2023  2024 
      RMB RMB USD1
           
    Cash flows from operating activities:      
    Net cash generated from operating activities  361,657  143,236  19,838 
    Cash flows from investing activities:      
    Payment for purchases of property and equipment (17,619) (12,615) (1,747)
    Payment for purchases of intangible assets —  (282) (39)
    Payment for purchases of short-term investments (1,328,350) (2,664,000) (368,959)
    Proceeds from maturities of short-term investments 1,332,460  2,713,861  375,865 
    Net cash generated from (used in) investing activities (13,509) 36,964  5,120 
    Cash flows from financing activities:      
    Proceeds from borrowings 40,000  20,000  2,770 
    Repayment of borrowings (980) —  — 
    Net cash generated from financing activities 39,020  20,000  2,770 
    Effect of exchange rate changes on cash and cash equivalents and restricted cash (1,402) 7,401  1,025 
    Net increase in cash and cash equivalents and restricted cash 385,766  207,601  28,753 
    Cash and cash equivalents and restricted cash at the beginning of the period 1,590,107  2,841,753  393,578 
    Cash and cash equivalents and restricted cash at the end of the period 1,975,873  3,049,354  422,331 


     

    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
           
      Three Months Ended
      March 31, March 31,
      2023  2024 
      RMB RMB USD1
           
    Net income (GAAP) 18,072  257,708  35,691 
    Share-based compensation expenses, net of tax effect of nil2 141,580  3,142  436 
    Adjusted net income (non-GAAP) 159,652  260,850  36,127 
     
      Three Months Ended
      March 31, March 31,
      2023  2024 
      RMB RMB USD1
           
    Net income (GAAP) 18,072  257,708  35,691 
    Interest income (4,843) (13,519) (1,872)
    Interest expense 1,927  673  93 
    Income tax expense 52,626  88,921  12,315 
    Depreciation and amortization 21,897  17,149  2,375 
    EBITDA (non-GAAP) 89,679  350,932  48,602 
    Share-based compensation expenses 141,580  3,142  436 
    Adjusted EBITDA (non-GAAP) 231,259  354,074  49,038 


    _______________________
    2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

    Key Operating Data

     Number of Hotels Number of Rooms
     Opened in Q1 2024Closed in Q1 2024As of March 31, 2024 As of March 31, 2024
    Manachised hotels9741,271 143,633
    Leased hotels-131 4,516
    Total 9751,302 148,149


    BrandPositioning                            As of March 31, 2024
    PropertiesRooms
    ManachisedLeased 
    A.T. HouseLuxury-1214
    Atour SUpscale61810,126
    ZHOTELUpscale1-52
    AtourUpper midscale95821112,444
    Atour XUpper midscale130-14,121
    Atour LightMidscale121111,192
    Total 1,27131148,149


     All Hotels in Operation
     Three Months Ended
    March 31, 2023    		 Three Months Ended
    December 31, 2023    		 Three Months Ended
    March 31, 2024
          
    Occupancy rate3 (in percentage)     
    Manachised hotels72.1% 78.2% 73.1%
    Leased hotels80.4% 84.5% 79.3%
    All hotels 72.5% 78.4% 73.3%
          
    ADR3 (in RMB)      
    Manachised hotels437.2 432.8 426.0
    Leased hotels544.8 557.9 541.6
    All hotels 442.9 437.7 430.0
          
    RevPAR3 (in RMB)      
    Manachised hotels330.5 353.1 323.7
    Leased hotels463.7 495.3 455.2
    All hotels 336.8 358.2 327.9


     Hotels in Operation for More Than 18 Months in Q1 20244
     Number of hotels Same-hotel Occupancy3
    (in percentage)    		 Same-hotel ADR3
    (in RMB)    		 Same-hotel RevPAR3
    (in RMB)
     Q1 2023Q1 2024 Q1 2023Q1 2024 Q1 2023Q1 2024 Q1 2023Q1 2024
                
    Manachised hotels813813 73.1%74.7% 438.4431.5 335.8335.3
    Leased hotels3030 80.3%79.3% 543.2541.6 463.1455.2
    All hotels843843 73.4%74.9% 443.8436.9 341.8340.8


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    3 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.
    4 For any given quarter, we define “same-hotel” to be a hotel that has operated for a minimum of 18 calendar months as of the 15th day (inclusive) of any month within that quarter. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the first quarter of 2024, compared to the corresponding metrics generated by these “same hotels” during the same period in 2023.


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