Atour Lifestyle Holdings Limited ATAT 2026年第二季度财报电话会议纪要

00:00:00 A public welcome program for hotel housekeeping professionals nationwide, improving thework environment for frontline service staff and expressing respect and gratitude to themthrough initiatives such as service staff appreciation day. We firmly believe that whenservice staff are seen, respected and treated with care, their kindness and warmth willreach guests naturally. 00:00:26 This creates lasting trust between our brands and our users. With that in mind, we hope tocontinue advocating for service excellence and leading the industry toward a higher standard of experience.这些行动的背后，是亚朵对于长期主义的坚持。无论是住宿还是零售业务，我们始终相信品质是企业长期发展的基础。 00:00:51 只有持续提升产品品质，优化体验，同时强化组织能力，才能不断创造用户价值，形成穿越周期的竞争力。 00:01:02 未来，我们会继续坚持做正确而有温度的事情，以用户体验为核心，以组织能力为支撑，让温暖在每一次真实体验中延续。成为亚朵穿越周期、走向长远的最深底色。 00:01:18 These actions are grounded in a tour's longterm commitment across both our hotel and theretail businesses. We have always believed that quality is the foundation of sustainable longterm growth. By improving product quality, refining the user experience, and strengtheningorganizational capabilities, we can keep creating value for users and build competitivestrengths that endures and through the industry cycles. Looking ahead, we will continue todo the right things with warmth. With user experience at the center and organizationalcapabilities as the foundation, we will carry that warmth through every experience wedeliver. This enduring warmth will define a tour as we navigate industry cycles and buildfor the long term. 00:02:09 下面请我们的联席CFO吴建峰为大家介绍公司的财务情况，I will now turn the call over toour Co CFO Mr Wu Jianfeng, who will discuss our financial results. 00:02:22 Thank you hyejin. Hello everyone. Um, I would like to present the company's financialperformance for the second quarter of 2026, our net revenues for the second quarter of2026 grew by 41.4% year over year to RM D3419 million. 00:02:40 Revenues from our manageatized hotels for the second quarter of 2026 grew by 32.8% yearover year to RMB 1725 million. The increase was primarily fueled by the ongoing expansionof our hotel networks as well as supply chain business development. 00:03:00 Revenues contributed by our lease to hotels for the second quarter of 2026 decreased by 11.8. %，yearo overear to RMB 132 million. 00:03:11The decline was primarily due to a decrease in the number of leased hotels. 00:03:19The total number of our leased hotels decreased from 24 as of June 3020 and 25 to 19 as ofJune thirty twenty twenty six. 00:03:30 Revenues from our retail revenues from our retail business for the second quarter of 2026increased by 63.2% year over year to RD 1575 million. 00:03:45 The growth was driven by increasing brand recognition, successful product innovation anda broadened range of product offerings. 00:03:54 Gross profit of our hotel businesses for the second quarter of 2026 and.Increased by 18.7%yearoveryear to RMB 659 million. The decline in the gross margin primarily reflected a shiftin the revenue mix, as our lower margin supply chain business grew faster and accountedfor a larger share of hotel revenue. 00:04:22 Gross profit of our retail business for the second quarter of 2026 increased by 57.4%yearoveryear to RMB 809 million. The decrease in gross margin primarily reflected a shiftin the product mix. 00:04:39 Selling and marketing expenses accounted for 17.4% of net revenues for the second quarterof 2026 compared with 15.9% for the same period of 2025. 00:04:51 The increase was p was mainly due to the investment in brand recognition and the effectivedevelopment of online channels in line with the growth of our retail business. 00:05:06 AG and a expenses excluding share based compensation expenses accounted for 3.5% of netrevenue for the second quarter of 2026, compared with 3.6% for the pen period of 2025. 00:05:21 Technology and development expenses accounted for 1.6% of net revenues for the secondquarter of 2026 compared with 1.74% periods of 2025. 00:05:32 Adjusted net profit margin for the second quarter of2026was16.0,%，representing adecrease of1.3percentage points yearover year.Adjusted ebitda margin for the second quarter of2026was23.5,%，decreased by1.2percentage points yearover year. 00:05:52 We maintained a healthy cash position as of June thirty twenty twenty six cash and cashequivalents totaled RMB 3.9 billion with net cash of RMB 3.7 billion. That concludes ourfinancial highlights for the second quarter of 20,026 and for the full year of 2026, wecurrently expect total net revenues to increase by 30% compared with the full year of 25. 00:06:19 Now let's open the floor for q and a.Thank you.As a reminder to ask a question,please pressstar one one on your telephone and wait for your name to be announced.To withdraw yourquestion,please press star one one again. 00:06:39For the benefit of all participants on today's call. 00:06:42If you raise your question in Chinese, please immediately repeat your question In Englis