China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

[Atour Lifestyle (ATAT US, BUY, TP US$37) Review]: Higher-Quality Growth Extending into 2025

[Atour (ATAT US, BUY, TP US$37) TP Change]: Strong 11.11 Sales Recalibrate E-Commerce Potential

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul>
<li>Atour (ATAT) delivered a steady C1Q25 with revenue (3.9%)/1.6% vs. our est./cons., and non-GAAP operating profit (5.0%)/5.5% vs. our est./cons.;</li>
<li>We see catalysts from the “low-before-high” RevPAR trend, legacy hotel renewals and retail profitability improvement.</li>
<li>We keep the TP at US$37/ADS and reiterate as travel sector TOP BUY</li>
</ul>


Atour (ATAT) delivered a steady C1Q25 with revenue (3.9%)/1.6% vs. our est./cons., and non-GAAP operating profit (5.0%)/5.5% vs. our est./cons.;
We see catalysts from the “low-before-high” RevPAR trend, legacy hotel renewals and retail profitability improvement.
We keep the TP at US$37/ADS and reiterate as travel sector TOP BUY


[Atour Lifestyle (ATAT US,BUY,TP US$37) Review]: Peer-Beating Performance Now W/ Shareholder Returns