# EDGAR Filing Document

**Accession Number:** 0001853717
**File Stem:** 0001104659-25-115604
**Filing Date:** 2025-11
**Character Count:** 43249
**Document Hash:** bdd79747d6b7bac0cb9de3b98e583621
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-115604.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001104659-25-115604

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251125

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Atour Lifestyle Holdings Ltd
- **CENTRAL INDEX KEY:** 0001853717
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40540
- **FILM NUMBER:** 251514981

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1ST FLOOR, WUZHONG BUILDING
- **STREET 2:** 618 WUZHONG ROAD, MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** (86) 021-64059928

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1ST FLOOR, WUZHONG BUILDING
- **STREET 2:** 618 WUZHONG ROAD, MINHANG DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

For the month of November 2025

**Commission File Number: 001-40540**

**Atour Lifestyle Holdings Limited**

**(Exact name of registrant as specified in its charter)**

**1st floor, Wuzhong Building, 618 Wuzhong Road, Minhang District, Shanghai, 201103, People's Republic of China**

**(+86) 021-64059928**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ⌧ Form 40-F ◻

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2531836d1_ex99-1.htm) | [Press Release -- Atour Lifestyle Holdings Limited Reports Third Quarter of 2025 Unaudited Financial Results](tm2531836d1_ex99-1.htm) |
| [99.2](tm2531836d1_ex99-2.htm) | [Press Release -- Atour Lifestyle Holdings Limited Announces Cash Dividend](tm2531836d1_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **Atour Lifestyle Holdings Limited** | **Atour Lifestyle Holdings Limited** | **Atour Lifestyle Holdings Limited** |
| By: | /s/ HAIJUN WANG | /s/ HAIJUN WANG |
|  | Name: | Haijun Wang |
|  | Title: | Chairman of the Board of Director and Chief Executive Officer |
| Date: November 25, 2025 | Date: November 25, 2025 | Date: November 25, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**

**Atour Lifestyle Holdings Limited Reports** **Third Quarter of 2025 Unaudited Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;· *A total of 1,948 hotels, or 219,359 hotel rooms, in operation as of September 30, 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Net revenues for the third quarter of 2025 increased by 38.4% year-over-year to RMB2,628 million (US$369 million).* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Net income for the third quarter of 2025 increased by 24.6% year-over-year to RMB474 million (US$67 million).* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Adjusted net income (non-GAAP) <sup>1</sup> for the third quarter of 2025 increased by 27.0% year-over-year to RMB488 million (US$69 million).* 

&nbsp;&nbsp;&nbsp;&nbsp;· *EBITDA (non-GAAP) <sup>2</sup> for the third quarter of 2025 increased by 27.0% year-over-year to RMB672 million (US$94 million).* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Adjusted EBITDA (non-GAAP) <sup>3</sup> for the third quarter of 2025 increased by 28.7% year-over-year to RMB685 million (US$96 million).* 

SHANGHAI, China, November 25, 2025 -- 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 third quarter ended September 30, 2025.

**Third** **Quarter of 2025 Operational Highlights**

As of September 30, 2025, there were 1,948 hotels with a total of 219,359 hotel rooms in operation across Atour's hotel network, representing rapid increases of 27.1% and 25.2% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2025, there were 754 manachised hotels under development in our pipeline.

The average daily room rate<sup>4</sup> ("ADR") was RMB447 for the third quarter of 2025, compared with RMB456 for the same period of 2024 and RMB433 for the previous quarter.

The occupancy rate<sup>4</sup> was 80.2% for the third quarter of 2025, compared with 80.3% for the same period of 2024 and 76.4% for the previous quarter.

The revenue per available room<sup>4</sup> ("RevPAR") was RMB371 for the third quarter of 2025, compared with RMB380 for the same period of 2024 and RMB343 for the previous quarter.

<sup>1</sup> *Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.*

 

<sup>2</sup> *EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.*

 

<sup>3</sup> *Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.*

 

<sup>4</sup> *Excludes hotel rooms that 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 of our hotels during the same period.*

The GMV<sup>5</sup> generated from our retail business was RMB994 million for the third quarter of 2025, representing an increase of 75.5% year-over-year.

"In the third quarter of 2025, amid a volatile market environment, Atour remained fully dedicated to users' core needs while continuously advancing product innovation and enhancing customer experience," said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. "For the hotel business, by the end of the third quarter, we had 1,948 hotels in operation, representing solid progress toward our strategic goal of '2,000 Premier Hotels.' At the same time, we have consistently strengthened the competitive differentiation of our hotel brands, enhanced operational efficiency, and refined experiential details. Our retail business also maintained robust growth momentum, with GMV increasing 75.5% year over year to RMB994 million in the third quarter. Beyond ongoing innovation in our core offerings, we took a significant step forward with the launch of the 'Atour Planet Deep Sleep Standard,' actively expanding our deep sleep ecosystem and driving continuous evolution and transformation across the industry."

"Looking ahead, we will remain guided by our original aspirations, dedicate ourselves to creating user value, and foster deeper emotional connections with our users. Simultaneously, we will further enhance organizational vitality and strengthen our fundamental capabilities, driving high-quality and sustainable growth," concluded Mr. Wang.

**Third Quarter of 2025 Unaudited Financial Results**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (RMB in thousands) | **Q3 2024** | **Q3 2024** | **Q3 2025** | **Q3 2025** |
| **Revenues:** | | | | |
| Manachised hotels |  | 1179211 |  | 1560266 |
| Leased hotels |  | 189531 |  | 164158 |
| Retail |  | 479704 |  | 846337 |
| Others |  | 50136 |  | 57209 |
| **Net revenues** |  | **1,898,582** |  | **2,627,970** |

---

**Net revenues.** Our net revenues for the third quarter of 2025 increased by 38.4% to RMB2,628 million (US$369 million) from RMB1,899 million for the same period of 2024. The increase was mainly driven by growth in the manachised hotel and retail businesses.

&nbsp;&nbsp;&nbsp;&nbsp;· *Manachised hotels.* Revenues from our manachised hotels for the third quarter of 2025 increased by
 32.3% to RMB1,560 million (US$219 million) from RMB1,179 million for the same period of 2024.
 The increase was primarily driven by our ongoing hotel network expansion. The total number
 of our manachised hotels increased from 1,504 as of September 30, 2024 to 1,924 as of September
 30, 2025.

<sup>5</sup>*"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.*

&nbsp;&nbsp;&nbsp;&nbsp;· *Leased hotels.* Revenues from our leased hotels for the third quarter of 2025 decreased by 13.4%
 to RMB164 million (US$23 million) from RMB190 million for the same period of 2024. The decrease
 was primarily due to the decrease in the number of leased hotels as a result of our product
 mix optimization. The total number of our leased hotels decreased from 29 as of September
 30, 2024 to 24 as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· *Retail.* Revenues from retail for the third quarter of 2025 increased by 76.4% to RMB846 million (US$119
 million) from RMB480 million for the same period of 2024. The increase was driven by growing
 recognition of our retail brands and effective product innovation and development as we successfully
 broadened our product offerings.

&nbsp;&nbsp;&nbsp;&nbsp;· *Others.* Revenues from others for the third quarter of 2025 increased by 14.1% to RMB57 million
 (US$8 million) from RMB50 million for the same period of 2024.

---

| | | |
|:---|:---|:---|
| (RMB in thousands) | **Q3 2024** | **Q3 2025** |
| **Operating costs and expenses:** |  |  |
| Hotel operating costs | (876197) | (1081694) |
| Retail costs | (227027) | (400144) |
| Other operating costs | (7814) | (7726) |
| Selling and marketing expenses | (218433) | (354722) |
| General and administrative expenses | (81977) | (100451) |
| Technology and development expenses | (30240) | (44447) |
| **Total operating costs and expenses** | **(1441688)** | **(1989184)** |

---

**Operating costs and expenses** for the third quarter of 2025 were RMB1,989 million (US$279 million), including RMB13 million share-based compensation expenses, compared with RMB1,442 million, including RMB3 million share-based compensation expenses for the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· *Hotel operating costs* for the third quarter of 2025 were RMB1,082 million (US$152 million),
 compared with RMB876 million for the same period of 2024. The increase was mainly due to
 the increase in variable costs, such as supply chain costs and hotel manager costs, associated
 with our ongoing hotel network expansion. Hotel operating costs accounted for 62.7% of manachised
 and leased hotels' revenues for the third quarter of 2025, compared with 64.0% for
 the same period of 2024. The decrease was primarily due to a lower proportion of leased hotels
 as a result of our product mix optimization.

&nbsp;&nbsp;&nbsp;&nbsp;· *Retail costs* for the third quarter of 2025 were RMB400 million (US$56 million), compared with
 RMB227 million for the same period of 2024. The increase was associated with the rapid growth
 of our retail business. Retail costs accounted for 47.3% of retail revenues for the third
 quarter of 2025, remaining stable compared to the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· *Other operating costs* for the third quarter of 2025 were RMB8 million (US$1 million), consistent
 with the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· *Selling and marketing expenses* for the third quarter of 2025 were RMB355 million (US$50 million),
 compared with RMB218 million for the same period of 2024. The increase was mainly due to
 our enhanced investment in brand recognition and the effective development of online channels,
 aligned with the growth of our retail business. Selling and marketing expenses accounted
 for 13.5% of net revenues for the third quarter of 2025, compared with 11.5% for the same
 period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· *General and administrative expenses* for the third quarter of 2025 were RMB100 million (US$14
 million), including RMB10 million share-based compensation expenses, compared with RMB82
 million, including RMB3 million share-based compensation expenses for the same period of
 2024. Excluding the share-based compensation expenses, this increase was primarily due to
 an increase in labor costs. General and administrative expenses, excluding share-based compensation
 expenses, accounted for 3.4% of net revenues for the third quarter of 2025, compared with
 4.2% for the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;· *Technology and development expenses* for the third quarter of 2025 were RMB44 million (US$6 million),
 compared with RMB30 million for the same period of 2024. The increase was mainly attributable
 to our increased investments in technology systems and infrastructure to support our expanding
 hotel network, retail business and improve customer experience. Technology and development
 expenses accounted for 1.7% of net revenues for the third quarter of 2025, compared with
 1.6% for the same period of 2024.

**Other operating income** **, net** for the third quarter of 2025 was RMB13 million (US$2 million), compared with RMB35 million for the same period of 2024.

**Income from operations** for the third quarter of 2025 was RMB651 million (US$92 million), compared with RMB492 million for the same period of 2024.

**Income tax expense** for the third quarter of 2025 was RMB201 million (US$28 million), compared with RMB143 million for the same period of 2024. The increase was primarily due to higher income from operations as well as withholding tax arising from dividend distributions.

**Net income** for the third quarter of 2025 was RMB474 million (US$67 million), representing an increase of 24.6% compared with RMB381 million for the same period of 2024.

**Adjusted net income (non-GAAP)** for the third quarter of 2025 was RMB488 million (US$69 million), representing an increase of 27.0% compared with RMB384 million for the same period of 2024.

**Basic and diluted income** **per share/American depositary share (ADS).** For the third quarter of 2025, basic income per share was RMB1.14 (US$0.16), and diluted income per share was RMB1.13 (US$0.16). For the third quarter of 2025, basic income per ADS was RMB3.42 (US$0.48), and diluted income per ADS was RMB3.39 (US$0.48).

**EBITDA (non-GAAP)** for the third quarter of 2025 was RMB672 million (US$94 million), representing an increase of 27.0% compared with RMB529 million for the same period of 2024.

**Adjusted EBITDA (non-GAAP)** for the third quarter of 2025 was RMB685 million (US$96 million), representing an increase of 28.7% compared with RMB532 million for the same period of 2024.

**Cash flows.** Operating cash inflow for the third quarter of 2025 was RMB631 million (US$89 million). Investing cash outflow for the third quarter of 2025 was RMB590 million (US$83 million). Financing cash outflow for the third quarter of 2025 was RMB80 million (US$11 million).

**Cash and cash equivalents and restricted cash.** As of September 30, 2025, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.7 billion (US$375 million).

**Debt financing.** As of September 30, 2025, the Company had total outstanding borrowings of RMB67 million (US$9 million).

**Outlook**

For the full year of 2025, the Company currently expects total net revenues to increase by 35% compared with full-year 2024.

This outlook is based on current market conditions and the Company's preliminary estimates, which are subject to changes.

**Conference Call**

The Company will host a conference call at 7:00 AM U.S. Eastern time on Tuesday, November 25, 2025 (or 8:00 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 <u>https://ir.yaduo.com</u>, 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 Third Quarter of 2025 Earnings Conference Call<br> Pre-registration Link: <u>https://register-conf.media-server.com/register/BI16ba7541be5f40f5918d5047fe4d7e47</u>

**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; adjusted net income per ordinary share - Diluted, which is defined as net income attributable to the Company excluding share-based compensation expenses divided by the number of weighted average ordinary shares used in calculating net income per ordinary share - Diluted; EBITDA, which is defined as earnings before interest income, interest expense, 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, adjusted net income per ordinary share – Diluted, 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. 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 <u>https://ir.yaduo.com</u>.

**Investor Relations Contact**

Atour Lifestyle Holdings Limited

Email: <u>ir@yaduo.com</u>

Christensen Advisory

Email: <u>atour@christensencomms.com</u>

Tel: +86-10-5900-1548

—Financial Tables and Operational Data Follow—

**ATOUR LIFESTYLE HOLDINGS LIMITED <br> UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(All amounts in thousands, except share data and per share data, or otherwise noted)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of** | **As of** |
|  | | **September 30,** | **September 30,** |
|  | **As of**<br>**December 31,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 3618451 | 2670445 | 375115 |
| Short-term investments | 1266061 | 3066971 | 430815 |
| Accounts receivable | 186047 | 266940 | 37497 |
| Prepayments and other current assets | 331632 | 475329 | 66769 |
| Amounts due from related parties | 146120 | 191409 | 26887 |
| Inventories | 167436 | 158652 | 22286 |
| **Total current assets** | **5715747** | **6829746** | **959369** |
| **Non-current assets** |  |  |  |
| Restricted cash | 1179 | 1179 | 166 |
| Contract costs | 119408 | 131696 | 18499 |
| Property and equipment, net | 213676 | 238179 | 33457 |
| Operating lease right-of-use assets | 1502891 | 1411216 | 198232 |
| Intangible assets, net | 6373 | 5166 | 726 |
| Goodwill | 17446 | 17446 | 2451 |
| Other assets | 71217 | 73034 | 10259 |
| Deferred tax assets | 230877 | 244936 | 34406 |
| **Total non-current assets** | **2163067** | **2122852** | **298196** |
| **Total assets** | **7878814** | **8952598** | **1257565** |
| **Liabilities and shareholders' equity** |  |  |  |
| **Current liabilities** |  |  |  |
| Operating lease liabilities, current | 291002 | 283020 | 39756 |
| Accounts payable | 693783 | 772548 | 108519 |
| Deferred revenue, current | 453986 | 486351 | 68317 |
| Salary and welfare payable | 225687 | 257904 | 36228 |
| Accrued expenses and other payables | 882009 | 1094131 | 153692 |
| Income taxes payable | 221649 | 205151 | 28817 |
| Short-term borrowings | 60000 | 65000 | 9130 |
| Amounts due to related parties | 2101 | 2539 | 357 |
| **Total current liabilities** | **2830217** | **3166644** | **444816** |
| **Non-current liabilities** |  |  |  |
| Operating lease liabilities, non-current | 1379811 | 1292589 | 181569 |
| Deferred revenue, non-current | 475331 | 519154 | 72925 |
| Long-term borrowings, non-current portion | 2000 | 2000 | 281 |
| Other non-current liabilities | 245568 | 281328 | 39518 |
| **Total non-current liabilities** | **2102710** | **2095071** | **294293** |
| **Total liabilities** | **4932927** | **5261715** | **739109** |

---

<sup>1</sup> *Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2025 and as of September 30, 2025 are solely for readers ' convenience and were calculated at the rate of US$1.00=RMB 7.1190, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2025.*

**ATOUR LIFESTYLE HOLDINGS LIMITED <br> UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(All amounts in thousands, except share data and per share data, or otherwise noted)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **As of** | **As of** |
|  | | **September 30,** | **September 30,** |
|  | **As of**<br>**December 31,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Shareholders' equity** |  |  |  |
| Class A ordinary shares | 245 | 246 | 35 |
| Class B ordinary shares | 56 | 56 | 8 |
| Treasury shares |  | (85310) | (11983) |
| Additional paid in capital | 1608017 | 1743464 | 244903 |
| Retained earnings | 1346526 | 2068992 | 290630 |
| Accumulated other comprehensive income (loss) | 1386 | (28386) | (3988) |
| **Total equity attributable to shareholders of the Company** | **2956230** | **3699062** | **519605** |
| Non-controlling interests | (10343) | (8179) | (1149) |
| **Total shareholders' equity** | **2945887** | **3690883** | **518456** |
| Commitments and contingencies |  |  |  |
| **Total liabilities and shareholders' equity** | **7878814** | **8952598** | **1257565** |

---

**ATOUR LIFESTYLE HOLDINGS LIMITED <br> UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(All amounts in thousands, except share data and per share data, or otherwise noted)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |
|  | **September 30,**<br>**2024** | **2025** | **2025** | **September 30,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Revenues:** |  |  |  |  |  |  |
| Manachised hotels | 1179211 | 1560266 | 219169 | 3042301 | 3891643 | 546656 |
| Leased hotels | 189531 | 164158 | 23059 | 537913 | 442318 | 62132 |
| Retail | 479704 | 846337 | 118884 | 1433029 | 2504965 | 351870 |
| Others | 50136 | 57209 | 8036 | 150679 | 163407 | 22954 |
| **Net revenues** | **1898582** | **2627970** | **369148** | **5163922** | **7002333** | **983612** |
| **Operating costs and expenses:** |  |  |  |  |  |  |
| Hotel operating costs | (876197) | (1081694) | (151945) | (2314119) | (2711070) | (380822) |
| Retail costs | (227027) | (400144) | (56208) | (698133) | (1188112) | (166893) |
| Other operating costs | (7814) | (7726) | (1085) | (27558) | (21947) | (3082) |
| Selling and marketing expenses | (218433) | (354722) | (49828) | (617751) | (1030466) | (144749) |
| General and administrative expenses | (81977) | (100451) | (14110) | (250120) | (351810) | (49418) |
| Technology and development expenses | (30240) | (44447) | (6243) | (87373) | (126402) | (17756) |
| **Total operating costs and expenses** | **(1441688)** | **(1989184)** | **(279419)** | **(3995054)** | **(5429807)** | **(762720)** |
| Other operating income, net | 35464 | 12670 | 1780 | 39530 | 30393 | 4269 |
| **Income from operations** | **492358** | **651456** | **91509** | **1208398** | **1602919** | **225161** |
| Interest income | 12995 | 18595 | 2612 | 38910 | 60312 | 8472 |
| Gain from short-term investments | 13807 | 13015 | 1828 | 34344 | 31540 | 4430 |
| Interest expense | (856) | (477) | (67) | (2383) | (1872) | (263) |
| Other income (expenses), net | 5678 | (6900) | (969) | 5127 | (22800) | (3202) |
| **Income before income tax** | **523982** | **675689** | **94913** | **1284396** | **1670099** | **234598** |
| Income tax expense | (143272) | (201299) | (28276) | (342072) | (527281) | (74067) |
| **Net income** | **380710** | **474390** | **66637** | **942324** | **1142818** | **160531** |
| Less: net (loss) income attributable to non-controlling interests | (3679) | 670 | 94 | (2875) | 2164 | 304 |
| **Net income attributable to the Company** | **384389** | **473720** | **66543** | **945199** | **1140654** | **160227** |
| **Net income** | **380710** | **474390** | **66637** | **942324** | **1142818** | **160531** |
| **Other comprehensive loss** |  |  |  |  |  |  |
| Foreign currency translation adjustments, net of nil income taxes | (34245) | (5018) | (705) | (21114) | (29772) | (4182) |
| **Other comprehensive loss, net of nil income taxes** | **(34245)** | **(5018)** | **(705)** | **(21114)** | **(29772)** | **(4182)** |
| **Total comprehensive income** | **346465** | **469372** | **65932** | **921210** | **1113046** | **156349** |
| Less: Comprehensive (loss) income attributable to non-controlling interests | (3679) | 670 | 94 | (2875) | 2164 | 304 |
| **Comprehensive income attributable to the Company** | **350144** | **468702** | **65838** | **924085** | **1110882** | **156045** |
| Net income per ordinary share |  |  |  |  |  |  |
| —Basic | 0.93 | 1.14 | 0.16 | 2.29 | 2.74 | 0.38 |
| —Diluted | 0.92 | 1.13 | 0.16 | 2.27 | 2.72 | 0.38 |
| Weighted average ordinary shares used in calculating<br> net income per ordinary share |  |  |  |  |  |  |
| —Basic | 413928908 | 416249869 | 416249869 | 413340195 | 415735035 | 415735035 |
| —Diluted | 416980577 | 420259104 | 420259104 | 416529151 | 419755975 | 419755975 |

---

**ATOUR LIFESTYLE HOLDINGS LIMITED <br> UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands of RMB, except share data and per share data, or otherwise noted)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |
|  | **September 30,**<br>**2024** | **2025** | **2025** | **September 30,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Cash flows from operating activities:** |  |  |  |  |  |  |
| **Net cash generated from operating activities** | **432923** | **630839** | **88613** | **1152800** | **1399310** | **196560** |
| **Cash flows from investing activities:** |  |  |  |  |  |  |
| Payment for purchases of property and equipment | (23128) | (25828) | (3628) | (55879) | (74099) | (10409) |
| Proceeds from disposal of property and equipment |  | 255 | 36 |  | 4995 | 702 |
| Payment for purchases of intangible assets | (1147) | (27) | (4) | (1429) | (254) | (36) |
| Payment for purchases of short-term investments | (6342920) | (4088000) | (574238) | (13584920) | (10905000) | (1531816) |
| Proceeds from maturities of short-term investments | 5795448 | 3523264 | 494910 | 12801208 | 9135630 | 1283274 |
| **Net cash used in investing activities** | **(571747)** | **(590336)** | **(82924)** | **(841020)** | **(1838728)** | **(258285)** |
| **Cash flows from financing activities:** |  |  |  |  |  |  |
| Proceeds from borrowings |  |  |  | 20000 | 35000 | 4916 |
| Repayment of borrowings |  |  |  |  | (30000) | (4214) |
| Proceeds from stock option exercises | 14944 | 5416 | 761 | 14944 | 18747 | 2633 |
| Payment for dividends | (436048) |  |  | (436048) | (418188) | (58743) |
| Payment of share repurchases |  | (85310) | (11983) |  | (85310) | (11983) |
| **Net cash used in financing activities** | **(421104)** | **(79894)** | **(11222)** | **(401104)** | **(479751)** | **(67391)** |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (21948) | (5760) | (809) | (10320) | (28837) | (4049) |
| **Net decrease in cash and cash equivalents and restricted cash** | **(581876)** | **(45151)** | **(6342)** | **(99644)** | **(948006)** | **(133165)** |
| Cash and cash equivalents and restricted cash at the beginning of the period | 3323985 | 2716775 | 381623 | 2841753 | 3619630 | 508446 |
| **Cash and cash equivalents and restricted cash at the end of the period** | **2742109** | **2671624** | **375281** | **2742109** | **2671624** | **375281** |

---

**ATOUR LIFESTYLE HOLDINGS LIMITED <br> 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** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |
|  | **September 30,**<br>**2024** | **2025** | **2025** | **September 30,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Net income (GAAP)** | **380710** | **474390** | **66637** | **942324** | **1142818** | **160531** |
| Share-based compensation expenses, net of tax effect of nil<sup>2</sup> | 3282 | 13314 | 1870 | 30309 | 116701 | 16393 |
| **Adjusted net income (non-GAAP)** | **383992** | **487704** | **68507** | **972633** | **1259519** | **176924** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |
|  | **September 30,**<br>**2024** | **2025** | **2025** | **September 30,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Net income per ordinary share - Diluted (GAAP)** | **0.92** | **1.13** | **0.16** | **2.27** | **2.72** | **0.38** |
| Share-based compensation expenses, net of tax effect of nil per ordinary share<sup>2</sup> | 0.01 | 0.03 | 0.00 | 0.07 | 0.28 | 0.04 |
| **Adjusted net income per ordinary share - Diluted (non-GAAP)** | **0.93** | **1.16** | **0.16** | **2.34** | **3.00** | **0.42** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | | **September 30,** | **September 30,** | | **September 30,** | **September 30,** |
|  | **September 30,**<br>**2024** | **2025** | **2025** | **September 30,**<br>**2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **USD<sup>1</sup>** | **RMB** | **RMB** | **USD<sup>1</sup>** |
| **Net income (GAAP)** | **380710** | **474390** | **66637** | **942324** | **1142818** | **160531** |
| Interest income | (12995) | (18595) | (2612) | (38910) | (60312) | (8472) |
| Interest expense | 856 | 477 | 67 | 2383 | 1872 | 263 |
| Income tax expense | 143272 | 201299 | 28276 | 342072 | 527281 | 74067 |
| Depreciation and amortization | 17150 | 14321 | 2012 | 50989 | 40317 | 5663 |
| **EBITDA (non-GAAP)** | **528993** | **671892** | **94380** | **1298858** | **1651976** | **232052** |
| Share-based compensation expenses | 3282 | 13314 | 1870 | 30309 | 116701 | 16393 |
| **Adjusted EBITDA (non-GAAP)** | **532275** | **685206** | **96250** | **1329167** | **1768677** | **248445** |

---

*<sup>2</sup> 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 Hotels** | **Number of Hotels** | **Number of Rooms** |
|  | **Opened in Q3 2025** | **Closed in Q3 2025** | **As of**<br> **September 30, 2025** | **As of**<br> **September 30, 2025** |
| Manachised hotels | 152 | 28 | 1924 | 215631 |
| Leased hotels |  |  | 24 | 3728 |
| **Total** | **152** | **28** | **1948** | **219359** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| | | **Properties** | **Properties** | |
| <br>**Hotel Brand** | <br>**Positioning** | **Manachised** | **Leased** |<br>**Rooms** |
| A.T. House | Luxury |  | 1 | 214 |
| SAVHE | Upscale | 1 | 1 | 348 |
| Atour S | Upscale | 88 | 2 | 12540 |
| Atour | Upper midscale | 1468 | 17 | 169404 |
| Atour X | Upper midscale | 180 | 3 | 19541 |
| Atour Light | Midscale | 187 |  | 17312 |
| **Total** |  | **1924** | **24** | **219359** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **All Hotels in Operation** | **All Hotels in Operation** | **All Hotels in Operation** |
|  | **Three Months<br> Ended<br> September 30, 2024** | **Three Months<br> Ended<br> June 30, 2025** | **Three Months<br> Ended<br> September 30, 2025** |
| **Occupancy rate<sup>3</sup> (in percentage)** |  |  |  |
| Manachised hotels | 80.2% | 76.2% | 80.1% |
| Leased hotels | 85.6% | 82.4% | 85.0% |
| **All hotels** | **80.3%** | **76.4%** | **80.2%** |
| **ADR<sup>3</sup> (in RMB)** |  |  |  |
| Manachised hotels | 452.1 | 429.6 | 444.2 |
| Leased hotels | 586.6 | 590.7 | 602.3 |
| **All hotels** | **455.8** | **432.8** | **447.2** |
| **RevPAR<sup>3</sup> (in RMB)** |  |  |  |
| Manachised hotels | 375.6 | 339.9 | 368.2 |
| Leased hotels | 527.4 | 513.0 | 541.9 |
| **All hotels** | **379.5** | **343.1** | **371.3** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** | **Hotels in Operation for More Than 18 Months in Q3 2025<sup>4</sup>** |
|  | **Number of hotels** | **Number of hotels** | **Same-hotel** **Occupancy<sup>3</sup>**<br> **(in percentage)** | **Same-hotel** **Occupancy<sup>3</sup>**<br> **(in percentage)** | **Same-hotel** **ADR<sup>3</sup>**<br> **(in RMB)** | **Same-hotel** **ADR<sup>3</sup>**<br> **(in RMB)** | **Same-hotel** **RevPAR<sup>3</sup>**<br> **(in RMB)** | **Same-hotel** **RevPAR<sup>3</sup>**<br> **(in RMB)** |
|  | **Q3 2024** | **Q3 2025** | **Q3 2024** | **Q3 2025** | **Q3 2024** | **Q3 2025** | **Q3 2024** | **Q3 2025** |
| Manachised hotels | 1161 | 1161 | 82.0% | 80.8% | 457.7 | 441.9 | 389.0 | 369.4 |
| Leased hotels | 21 | 21 | 85.6% | 85.0% | 602.1 | 579.7 | 541.9 | 520.6 |
| **All hotels** | **1182** | **1182** | **82.1%** | **80.9%** | **461.3** | **445.4** | **392.6** | **373.0** |

---

<sup>3</sup> *Excludes hotel rooms that became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax-inclusive room rates.*

<sup>4</sup> *For any given period, 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 period. The OCC, ADR and RevPAR presented above represent such metrics generated by "same hotels" in the given period, compared to the corresponding metrics generated by these "same hotels" during the same period in 2024.*

## Exhibit 99.2

**Exhibit 99.2**

**Atour Lifestyle Holdings Limited Announces Cash Dividend**

SHANGHAI, November 25, 2025 /GlobeNewswire/ -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced that as part of its commitment to enhancing shareholder value, the Board of Directors (the "Board") has declared a dividend under its three-year annual dividend policy (the "Annual Dividend Policy") adopted in August 2024.

In accordance with the Annual Dividend Policy, as the second dividend payment in 2025, the Board today declared a cash dividend of US$0.12 per ordinary share, or US$0.36 per American depositary share ("ADS"). Each ADS represents three Class A ordinary shares. The aggregate amount of the cash dividend to be distributed will be approximately US$50 million. In May 2025, as the first dividend payment in 2025, the Board declared a cash dividend with an aggregate amount of approximately US$58 million. The aggregate amount of the two dividend payments in 2025 will be approximately US$108 million.

The second cash dividend will be payable in U.S. dollars on or around December 22, 2025 to the holders of record of the Company's ordinary shares (excluding certain Class A ordinary shares previously held by The Bank of New York Mellon, as the depositary bank, for bulk issuance of ADSs reserved under the Company's share incentive plan) and ADSs as of the close of trading on December 5, 2025 (U.S. Eastern Time). Dividends to be paid to the Company's ADS holders through the depositary will be subject to the terms of the deposit agreement by and among the Company, the depositary, and the holders and beneficial owners of ADS issued thereunder, including the fees and expenses payable thereunder.

The Board adopted the Annual Dividend Policy in August 2024, under which the Company plans to declare and distribute dividends with an aggregate amount of no less than 50% of its net income for the preceding financial year in each of the three financial years commencing in 2024. Under the Annual Dividend Policy, the exact dividend amount will be determined at the Board's discretion based on its assessment of the Company's actual and projected results of operations, financial and cash position, capital requirements and other relevant factors.

As of September 30, 2025, the Company had approximately RMB2.7 billion (US$375 million) in cash, cash equivalents and restricted cash.

**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 <u>https://ir.yaduo.com</u>.

**Investor Relations Contact**

Atour Lifestyle Holdings Limited

Email: <u>ir@yaduo.com</u>

Christensen Advisory

Email: <u>atour@christensencomms.com</u>

Tel: +86-10-5900-1548