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Name | Symbol | Market | Type |
---|---|---|---|
Atour Lifestyle Holdings Ltd | NASDAQ:ATAT | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.195 | 1.17% | 16.805 | 16.80 | 16.81 | 16.93 | 16.56 | 16.56 | 356,471 | 20:56:21 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2024
Commission File Number: 001-40540
(Exact name of registrant as specified in its charter)
1st floor, Wuzhong Building,
618 Wuzhong Road, Minhang District,
Shanghai, 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 | |
101.INS | Inline XBRL Instance Document |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 | ||
Date: June 10, 2024 | By: | /s/ HAIJUN WANG |
Name: Haijun Wang | ||
Title: Chairman of the Board of Director and Chief Executive Officer |
Exhibit 99.1
ATOUR LIFESTYLE HOLDINGS LIMITED
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
| Page | |
Unaudited Condensed Consolidated Financial Statements | ||
Unaudited Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2024 | F-2 | |
F-5 | ||
F-6 | ||
Notes to the Unaudited Condensed Consolidated Financial Statements | F-7 |
F-1
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 December 31, | As of March 31, | |||||||
Note | 2023 | 2024 | ||||||
|
| RMB |
| RMB |
| USD | ||
(Note 2(b)) | ||||||||
Assets |
| |||||||
Current assets |
| |||||||
Cash and cash equivalents |
|
|
| |
| |
| |
Short-term investments | | | | |||||
Accounts receivable, net of allowance of RMB |
| 12(b) |
| |
| |
| |
Prepayments and other current assets |
| 3 |
| |
| |
| |
| 15(b) |
| |
| |
| | |
Inventories |
|
| |
| |
| | |
Total current assets |
|
| |
| |
| | |
Non-current assets |
|
| ||||||
Restricted cash |
|
| |
| |
| | |
Contract costs |
| 12(d) |
| |
| |
| |
Property and equipment, net |
| 4 |
| |
| |
| |
Operating lease right-of-use assets | 6 | | | | ||||
Intangible assets, net |
| 5 |
| |
| |
| |
Goodwill |
|
| |
| |
| | |
Other assets |
| 7 |
| |
| |
| |
Deferred tax assets |
|
| |
| |
| | |
Total non-current assets |
|
| |
| |
| | |
Total assets |
|
| |
| |
| |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-2
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 December 31, | As of March 31, | |||||||
Note | 2023 | 2024 | ||||||
|
| RMB |
| RMB |
| USD | ||
(Note 2(b)) | ||||||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities |
|
|
| |||||
Operating lease liabilities, current | 6 | | | | ||||
Accounts payable |
|
| | | | |||
Deferred revenue, current |
| 12(b) |
| | | | ||
Salary and welfare payable |
|
| | | | |||
Accrued expenses and other payables |
| 9 |
| | | | ||
Income taxes payable |
|
| | | | |||
Short-term borrowings |
| 10 |
| | | | ||
| 15(b) |
| | | | |||
Total current liabilities |
|
| | | | |||
Non-current liabilities |
|
| ||||||
Operating lease liabilities, non-current | 6 | | | | ||||
Deferred revenue, non-current |
| 12(b) |
| | | | ||
Long-term borrowings, non-current portion |
| 10 |
| | | | ||
Other non-current liabilities |
| 11 |
| | | | ||
Total non-current liabilities |
|
| | | | |||
Total liabilities |
|
| | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
F-3
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 December 31, | As of March 31, | |||||||
Note | 2023 | 2024 | ||||||
|
| RMB |
| RMB |
| USD | ||
(Note 2(b)) | ||||||||
Shareholders’ equity |
|
|
|
| ||||
Class A ordinary shares (USD |
|
| | | | |||
Class B ordinary shares (USD |
|
| | | | |||
Additional paid in capital |
|
| | | | |||
Retained earnings |
|
| | | | |||
Accumulated other comprehensive income |
|
| | | | |||
Total equity attributable to shareholders of the Company |
|
| | | | |||
Non-controlling interests |
|
| ( | ( | ( | |||
Total shareholders’ equity |
|
| | | | |||
Commitments and contingencies |
| 16 |
| |||||
Total liabilities and shareholders’ equity |
|
| | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-4
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)
| For the three months ended March 31, | |||||||
Note |
| 2023 |
| 2024 | ||||
RMB | RMB | USD | ||||||
(Note 2(b)) | ||||||||
Revenues: |
| 12 |
|
|
|
|
|
|
Manachised hotels |
|
| |
| |
| | |
Leased hotels |
|
| |
| |
| | |
Retail |
|
| |
| |
| | |
Others | | | | |||||
Net revenues |
|
| |
| |
| | |
Operating costs and expenses: |
|
|
|
| ||||
Hotel operating costs |
|
| ( |
| ( |
| ( | |
Retail costs | ( | ( | ( | |||||
Other operating costs |
|
| ( |
| ( |
| ( | |
Selling and marketing expenses |
|
| ( |
| ( |
| ( | |
General and administrative expenses |
|
| ( |
| ( |
| ( | |
Technology and development expenses |
|
| ( |
| ( |
| ( | |
Total operating costs and expenses |
|
| ( |
| ( |
| ( | |
Other operating income, net |
| |
| |
| | ||
Income from operations |
| |
| |
| | ||
Interest income |
| |
| |
| | ||
Gain from short-term investments |
| |
| |
| | ||
Interest expense |
| ( |
| ( |
| ( | ||
Other (expenses) income, net |
| |
| ( |
| ( | ||
Income before income tax |
| |
| |
| | ||
Income tax expense |
| 8 | ( |
| ( |
| ( | |
Net income |
| |
| |
| | ||
Less: net income attributable to non-controlling interests |
| |
| |
| | ||
Net income attributable to the Company |
|
|
| |
| |
| |
Net income |
| |
| |
| | ||
Other comprehensive income (loss) |
|
|
| |||||
Foreign currency translation adjustments, net of |
| ( |
| |
| | ||
Other comprehensive income (loss), net of income taxes | ( | | | |||||
Total comprehensive income |
| |
| |
| | ||
Comprehensive income attributable to non-controlling interests |
| |
| |
| | ||
Comprehensive income attributable to the Company |
| |
| |
| | ||
Net income per ordinary share |
| 13 |
|
| ||||
—Basic |
| |
| |
| | ||
—Diluted | | | | |||||
Weighted average ordinary shares used in calculating net income per ordinary share |
| 13 |
|
| ||||
—Basic | | | | |||||
—Diluted |
| |
| |
| |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-5
ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data and per share data, or otherwise noted)
| For the three months ended March 31, | |||||
2023 | 2024 | |||||
RMB | RMB | USD | ||||
(Note 2(b)) | ||||||
Cash flows from operating activities: | ||||||
Net cash generated from operating activities | | | | |||
Cash flows from investing activities: | ||||||
Payment for purchases of property and equipment | ( | ( | ( | |||
Payment for purchases of intangible assets | — | ( | ( | |||
Payment for purchases of short-term investments | ( | ( | ( | |||
Proceeds from maturities of short-term investments | | | | |||
Net cash generated from (used in) investing activities | ( | | | |||
Cash flows from financing activities: | ||||||
Proceeds from borrowings | | | | |||
Repayment of borrowings | ( | — | — | |||
Net cash generated from financing activities | | | | |||
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
| ( |
| |
| |
Net increase in cash and cash equivalents and restricted cash |
| |
| |
| |
Cash and cash equivalents and restricted cash at the beginning of the period |
| |
| |
| |
Cash and cash equivalents and restricted cash at the end of the period |
| |
| |
| |
Supplemental disclosure of cash flow information: |
|
|
| |||
Income tax paid |
| |
| |
| |
Interest paid |
| |
| |
| |
Supplemental disclosure of non-cash investing and financing activities: |
|
|
| |||
Payable for purchase of property and equipment |
| |
| |
| |
Interest payable |
| |
| |
| |
Supplemental disclosure of cash and cash equivalents and restricted cash: |
|
|
|
|
|
|
Cash and cash equivalents |
| | | | ||
Restricted cash |
| | | | ||
Total cash and cash equivalents and restricted cash |
| | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-6
ATOUR LIFESTYLE HOLDINGS LIMITED
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All amounts in thousands, except share data and per share data, or otherwise noted)
1. | Description of the business and organization |
Description of the business
Atour Lifestyle Holdings Limited (“Atour” or the “Company”), is a holding company incorporated in the Cayman Islands. The Company conducts its business through its subsidiaries (“together referred to as the “Group”). The principal business activities of the Group are to develop lifestyle brands around hotel offerings in the People’s Republic of China (the “PRC”). On November 11, 2022, the Company completed its IPO on NASDAQ in the United States under the stock code “ATAT”.
Manachised hotels
Manachised hotels refers to franchised-and-managed hotels. Typically, the Group enters into certain franchise and management arrangements with franchisees for which the Group is responsible for providing branding, appointing and training of the hotel managers, and various other management services. Under typical franchise and management agreements, the franchisees are required to pay upfront franchise fees and continuing franchise fees, the majority of which are determined based on a certain percentage of the revenues of the hotel. The franchisees are responsible for hotel construction, renovation and maintenance. The term of the franchise and management agreements are typically
Leased hotels
Leased hotels refer to the hotels that the Group operates and manages and where the properties are leased from third party lessors. The Group is responsible for hotel development and customization to conform to the Group’s standards, as well as for repairs and maintenance and operating costs and expenses of properties over the term of the lease. The Group is also responsible for all aspects of hotel operations and management, including hiring, training and supervising the hotel managers and employees required to operate the hotels and purchasing supplies.
As of March 31, 2024, the principal subsidiaries of the Group are as follows:
|
| Date of |
|
| ||||
Incorporation, | ||||||||
Percentage of | Merger or | Place of | Major | |||||
Subsidiaries | Ownership | Acquisition | Incorporation | Operation | ||||
Atour (Tianjin) Hotel Management Co., Ltd. |
| August 30, 2012 |
| PRC |
| Hotel management | ||
Shanghai Atour Business Management (Group) Co., Ltd. | February 17,2013 | PRC | Hotel management | |||||
Xi'an Jiaduo Hotel Management Co., Ltd. | August 30, 2013 | PRC | Hotel management | |||||
Gongyu (Shanghai) Culture Communication Co., Ltd. |
| December 02, 2014 |
| PRC |
| Retail management | ||
Shanghai Qingju Investment Management Co., Ltd. | July 15, 2015 | PRC | Investment management | |||||
Fuzhou Hailian Atour Hotel Management Co., Ltd. | September 21, 2015 | PRC | Hotel management | |||||
Chengdu Zhongchengyaduo Hotel Management Co., Ltd. | November 26, 2015 | PRC | Hotel management | |||||
Shanghai Hongwang Financial Information Service Co., Ltd. |
| January 27, 2016 |
| PRC |
| Financial information service management |
F-7
|
| Date of |
|
|
|
| ||
Incorporation, | ||||||||
Percentage of | Merger or | Place of | Major | |||||
Subsidiaries | Ownership | Acquisition | Incorporation | Operation | ||||
Shanghai Shankuai Information Technology Co.,Ltd. | February 01,2016 | PRC | Retail management | |||||
Hangzhou Anduo Hotel Management Co., Ltd. | April 20, 2017 | PRC | Hotel management | |||||
Shanghai Leiduo Information Technology Co., Ltd. | March 21, 2017 | PRC | Retail management | |||||
Yueduo (Shanghai) Apartment Management Service Co., Ltd. | March 23, 2017 | PRC | Property Management | |||||
Shanghai Naiduo Hotel Management Co., Ltd. | July 25, 2017 | PRC | Hotel management | |||||
Shanghai Zhouduo Hotel Management Co., Ltd. | August 04, 2017 | PRC | Hotel management | |||||
Shanghai Chengduo Information Technology Co., Ltd. | November 15, 2017 | PRC | Software and Technology services | |||||
Beijing Chengduo Data Technology Co., Ltd. |
| January 22, 2018 |
| PRC |
| Technology services | ||
Shanghai Xiangduo Enterprise Management Co., Ltd. |
| April 13, 2018 |
| PRC |
| Hotel management | ||
Shanghai Guiduo Hotel Management Co., Ltd. |
| May 08,2018 |
| PRC |
| Hotel management | ||
Atour (Shanghai) Travel Agency Co., Ltd. |
| July 05, 2018 |
| PRC |
| Travel agency operation | ||
Guangzhou Zhongduo Hotel Management Co., Ltd. |
| July 19, 2018 |
| PRC |
| Hotel management | ||
Shanghai Banduo Hotel Management Co., Ltd. |
| October 11, 2018 |
| PRC |
| Hotel management | ||
Beijing Yueduo Property Management Co., Ltd. |
| February 13, 2019 |
| PRC |
| Property Management | ||
Shanghai Xingduo Hotel Management Co., Ltd. |
| May 24, 2019 |
| PRC |
| Hotel management | ||
Shanghai Jiangduo Information Technology Co., Ltd. |
| March 07, 2019 |
| PRC |
| Retail management | ||
Shenzhen Jiaoduo Hotel Management Co., Ltd. | March 25, 2019 | PRC | Hotel management | |||||
Shanghai Huiduo Hotel Management Co., Ltd. |
| July 15, 2019 |
| PRC |
| Hotel management | ||
Shanghai Mingduo Business Management Co., Ltd. |
| July 18, 2019 |
| PRC |
| Hotel management | ||
Shanghai Youduo Hotel Management Co., Ltd. | July 26, 2019 | PRC | Hotel management | |||||
Shanghai Yinduo Culture Communication Co., Ltd. |
| August 27, 2020 |
| PRC |
| Retail management | ||
Atour Hotel (HK) Holdings, Ltd. |
| March 05, 2021 |
| Hong Kong |
| Investment holding | ||
Shanghai Rongduo Commercial Management Co., Ltd. | June 13, 2022 | PRC | Hotel management | |||||
Shanghai Yanduo Information Technology Co., Ltd. | February 18, 2024 | PRC | Retail management | |||||
Shanghai Yongduo Information Technology Co., Ltd. | February 18, 2024 | PRC | Retail management | |||||
Shanghai Dongduo Business Management Co., Ltd. | February 22, 2024 | PRC | Hotel management | |||||
Shanghai Qiduo Information Technology Co., Ltd. | February 27, 2024 | PRC | Retail management |
2. | Significant accounting policies |
(a) | Basis of preparation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Group as of and for the year ended December 31, 2023.
In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of March 31, 2024, the results of operations and cash flows for the three months ended March 31, 2023 and 2024, have been made.
F-8
The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. Items subject to such estimates and assumptions include, but are not limited to, estimate of breakage, the fair value of share-based compensation awards, allowance for doubtful accounts, impairment of inventory and the impairment of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.
The consolidated financial statements are presented in Renminbi (“RMB”), rounded to the nearest thousands except share data and per share data, or otherwise noted.
Certain comparative items in the unaudited condensed consolidated financial statements have been reclassified to conform to the current year’s presentation.
(b) | Convenience translation |
Translations of balances in the unaudited condensed consolidated financial statements from RMB into United States dollars (“USD”) as of and for the three months ended March 31, 2024 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB
(c) | Risks and concentration |
(1) | Foreign exchange risk |
As the Group’s principal activities are carried out in the PRC, the Group’s transactions are mainly denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions involving RMB must take place through the People’s Bank of China or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the People’s Bank of China that are determined largely by supply and demand.
The management does not expect that there will be any significant currency risk for the Group during the reporting periods.
(2) | Credit risk |
The Group’s credit risk primarily arises from cash and cash equivalents, short-term investments, accounts receivable and amounts due from related parties. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk.
The Group expects that there is no significant credit risk associated with the cash and cash equivalents, restricted cash and short-term investments which are held by reputable financial institutions. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.
Accounts receivable is unsecured and are primarily derived from revenue earned from manachised hotels. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them.
Amounts due from related parties are unsecured and are derived from the hotel reservation payment collected by the related parties on behalf of the Group. The Group believes that it is not exposed to unusual risks as the related parties are reputable travel agencies.
(3) | Concentration |
The Group’s hotel operating costs and retail costs include the costs of hotel supplies and retail products purchased from third party vendors. The following table summarizes vendors with greater than 10% of Group’s purchase of products.
F-9
| As of |
| As of |
| |
December 31, | March 31, |
| |||
2023 | 2024 |
| |||
Vendor A |
| | % | | % |
3. | Prepayments and other current assets |
Prepayments and other current assets consist of the following:
As of December 31, | As of March 31, | |||||
| Note |
| 2023 |
| 2024 | |
RMB | RMB | |||||
Receivables on behalf of manachised hotels(1) | | | ||||
Prepaid advertising fees | | | ||||
Prepaid property management fees | | | ||||
Deposits |
| | | |||
VAT recoverable | | | ||||
Prepayment for purchase of goods and service | | | ||||
Contract assets | 12(b) | | | |||
Others |
| | | |||
Subtotal |
| | | |||
Less: allowance for doubtful accounts |
| ( | — | |||
Total |
| | |
(1) | The amount represents fees to be collected from corporate customers and travel agencies on behalf of franchisees. |
Changes in the allowance for doubtful accounts are as follows:
As of December 31, | As of March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
At the beginning of the year/period |
| |
| |
Write-off |
| |
| ( |
At the end of the year/period |
| |
| — |
4. | Property and equipment, net |
Property and equipment, net consists of the following:
As of | As of | |||
December 31, | March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
Cost: |
|
|
|
|
Leasehold improvements |
| | | |
Equipment, fixture and furniture, and other fixed assets |
| | | |
Total cost |
| | | |
Less: accumulated depreciation |
| ( | ( | |
Property and equipment, net |
| | |
Depreciation expense recognized for the three months ended March 31, 2023 and 2024 was RMB
F-10
5. | Intangible assets, net |
Intangible assets, net, consist of the following:
As of | As of | |||
December 31, | March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
Purchased software |
| | | |
Total cost |
| | | |
Less: accumulated amortization |
| ( | ( | |
Intangible assets, net |
| | |
Amortization expense recognized for the three months ended March 31, 2023 and 2024 was RMB
Estimated amortization expense of the existing intangible assets is as follows:
RMB | ||
Nine months ending December 31, 2024 |
| |
2025 |
| |
2026 |
| |
2027 |
| |
2028 |
| |
Thereafter | | |
Total |
| |
6. | Lease |
As of March 31,2024, the Group operated
Right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases. Variable lease payments that do not depend on a rate or index are expensed as incurred. The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Group recognizes lease expense for these leases on a straight-line basis over the lease term. In addition, the Group has elected not to separate non-lease components (e.g., common area maintenance fees) from the lease components.
In limited cases, the Group sublease certain hotels areas to third parties. Income from sublease agreements with third parties are included in retail revenues and others, within the unaudited condensed consolidated statements of comprehensive income.
F-11
Supplemental Balance Sheet
As of | As of | |||
December 31, | March 31, | |||
2023 | 2024 | |||
| RMB | RMB | ||
Assets |
|
| ||
Operating lease right-of-use assets |
| | | |
Liabilities |
| |||
Current |
| |||
Operating lease liabilities |
| | | |
Non-current |
| |||
Operating lease liabilities |
| | | |
Total lease liabilities |
| | |
Summary of Lease Cost
| For the three months ended March 31, |
| ||||
| 2023 | 2024 |
| Account Classification | ||
| RMB | RMB | ||||
Operating lease cost |
| | |
| Hotel operating costs, Retail costs, Other operating costs, General and administrative expenses | |
Variable lease cost |
| ( | — |
| Hotel operating costs, Retail costs | |
Sublease income |
| ( | ( |
| Net revenues-Others | |
Total lease cost |
| | |
|
|
Supplemental Cash Flow Information
For the three months ended March 31, | ||||
2023 | 2024 | |||
| RMB | RMB | ||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | | | ||
Right-of-use assets obtained in exchange for lease liabilities |
| — | |
| As of December 31, | As of March 31, | |||
2023 | 2024 | ||||
Lease term and Discount Rate | |||||
Weighted-average remaining lease term (years) | |||||
Operating leases |
| ||||
Weighted-average discount rate | |||||
Operating leases |
| % | % |
F-12
Summary of Future Lease Payments and Lease Liabilities
Maturities of operating lease liabilities as of March 31, 2024 were as follows:
| Total | |
RMB | ||
Nine months ending December 31, 2024 |
| |
2025 |
| |
2026 |
| |
2027 |
| |
2028 | | |
Thereafter |
| |
Total undiscounted lease payment |
| |
Less: imputed interest |
| ( |
Present value of lease liabilities |
| |
7. | Other assets |
Other assets consist of the following:
As of December 31, | As of March 31, | |||||
| Note |
| 2023 |
| 2024 | |
RMB | RMB | |||||
Long-term rental deposits |
| |
| | ||
Contract assets |
| 12(b) | |
| | |
Prepayments for purchase of property and equipment |
| |
| — | ||
Subtotal | | | ||||
Less: allowance for doubtful accounts | ( | ( | ||||
Total |
| |
| |
Changes in the allowance for doubtful accounts is as follows:
| As of |
| As of | |
December | March | |||
31, 2023 | 31, 2024 | |||
RMB | RMB | |||
At the beginning of the year/period |
| — |
| |
Additional provisions |
| |
| — |
At the end of the year/period |
| |
| |
8. | Income tax |
The income tax expense for the three months ended March 31, 2023 and 2024 was RMB
The income tax expense for the three months ended March 31, 2023 reported in the unaudited condensed consolidated statement of comprehensive income materially differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes, which is primarily due to non-deductible share-based compensation expenses.
F-13
9. | Accrued expenses and other payables |
Accrued expenses and other payables consist of the following:
| As of | As of | ||
December 31, | March 31, | |||
2023 | 2024 | |||
| RMB |
| RMB | |
Payments received on behalf of manachised hotels(1) |
| |
| |
Deposits | | | ||
VAT and other taxes payable |
| | | |
Service fee | | | ||
Payable for purchase of property and equipment |
| | | |
Others |
| | | |
Total |
| | |
(1) | The amount represents the payments collected or to be collected from customers or travel agencies on behalf of the franchisees for the reservation of manachised hotels. |
10. | Borrowings |
Borrowings consist of the following:
| As of | As of | ||
December 31, | March 31, | |||
2023 | 2024 | |||
| RMB |
| RMB | |
Short-term borrowings: |
|
|
|
|
Bank loans(1) |
| |
| |
Total |
| |
| |
Long-term borrowings, non-current portion: |
|
|
|
|
Loan from third parties |
| |
| |
Total |
| |
| |
(1) | As of March 31, 2024, the Group had several credit facilities with third party banks under which the Group can borrow up to RMB |
The weighted average interest rates of borrowings as of December 31, 2023 and March 31, 2024 were
11. | Other non-current liabilities |
Other non-current liabilities consist of the following:
As of | As of | |||
December 31, | March 31, | |||
2023 | 2024 | |||
| RMB |
| RMB | |
Deposits received from franchisees |
| |
| |
Asset retirement obligations |
| | | |
Others |
| | | |
Total |
| | |
F-14
12. | Revenue |
(a) | Disaggregation of revenue |
For the three months ended March 31, | ||||
2023 | 2024 | |||
| RMB |
| RMB | |
Upfront franchise fees |
| |
| |
Continuing franchise fees |
| |
| |
Sales of hotel supplies and other products |
| |
| |
Other transactions with the franchisees |
| |
| |
Manachised hotels |
| |
| |
Room |
| |
| |
Food and beverage |
| |
| |
Others |
| |
| |
Leased hotels |
| |
| |
Retail |
| |
| |
Others |
| |
| |
Total |
| |
| |
No geographical information is presented as the operations, customers and long-lived assets of the Group are all located in the PRC.
(b) | Contract balances |
i) | The following table provides information about accounts receivable from contracts with customers: |
| As of December 31, | As of March 31, | ||
2023 |
| 2024 | ||
RMB | RMB | |||
Accounts receivable |
| |
| |
Less: allowance for doubtful accounts |
| ( |
| ( |
Accounts receivable, net |
| |
| |
Changes in the allowance for doubtful accounts is as follows:
As of December 31, | As of March 31, | |||
| 2023 |
| 2024 | |
| RMB |
| RMB | |
At the beginning of the year/period |
| |
| |
Cumulative effect of the adoption of ASU 2016-13 | | — | ||
Allowance made during the year/period |
| |
| |
Write off during the year/period | ( | ( | ||
At the end of the year/period |
| |
| |
F-15
ii) | The following table provides information about contracts assets: |
As of December 31, | As of March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
Current |
| |
| |
Non-current |
| |
| |
Subtotal | | | ||
Less: allowance for doubtful accounts | ( | ( | ||
Total contract assets |
| |
| |
Changes in the allowance for doubtful accounts is as follows:
| As of |
| As of | |
December 31, | March 31, | |||
2023 | 2024 | |||
RMB | RMB | |||
At the beginning of the year/period |
| — |
| |
Allowance made during the year/period |
| |
| — |
At the end of the year/period |
| |
| |
iii) | The following table provides information about deferred revenue from contracts with customers: |
As of December 31, | As of March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
Current |
| |
| |
Non-current |
| |
| |
Contract liabilities |
| |
| |
The deferred revenue balances above as of December 31, 2023 and March 31, 2024 were comprised of the following:
As of December 31, | As of March 31, | |||
| 2023 |
| 2024 | |
RMB | RMB | |||
Upfront franchise fees |
| | | |
Advances from sales of hotel supplies and other products |
| | | |
Loyalty program |
| | | |
Others |
| | | |
Deferred revenue |
| | |
The Company recognized revenues of RMB
(c) | Revenue allocated to remaining performance obligation |
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods.
As of December 3
The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of
F-16
(d) | Contract costs |
Contract costs capitalized as of December 31, 2023 and March 31, 2024 relate to the incremental sales commissions paid to the Group’s sales personnel whose selling activities resulted in customers entering into franchise and management agreements with the Group. Contract costs are recognized as part of selling and marketing expenses in the consolidated statements of comprehensive income in the period in which revenue from the franchise fees is recognized. The amount of capitalized costs recognized in the unaudited condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2024 were RMB
13. | Net income per ordinary share |
Basic and diluted net income per ordinary share for the three months ended March 31, 2023 and 2024 are calculated as follow:
For the three months ended March 31, | ||||
| 2023 |
| 2024 | |
RMB | RMB | |||
Numerator: |
|
|
|
|
Net income attributable to the Company |
| | | |
Denominator: |
|
|
|
|
Weighted average number of ordinary shares (for basic calculation) |
| | | |
Effect of dilutive share-based awards(1) |
| | | |
Weighted average number of ordinary shares and dilutive potential ordinary shares outstanding (for diluted calculation) |
| | | |
Basic net income per ordinary share (in RMB) |
| | | |
Diluted net income per ordinary share (in RMB) |
| | |
(1) | For the three months ended March 31, 2023 and 2024, |
14. | Share based compensation |
In accordance with the share incentive plan adopted in 2017 (“2017 Share Incentive Plan”),
Under the 2017 Share Incentive Plan, share options granted contain a performance condition such that the awards only vest upon the completion of a Qualified IPO. For employees who terminate the employment before the completion of a Qualified IPO, the share options granted are forfeited upon the termination of employment. Options granted under the 2017 Share Incentive Plan are valid and effective for
In March 2021, the Company’s board of directors approved a new share incentive plan (“Public Company Plan”),
Under the Public Company Plan, share options granted prior to the IPO either 1) vest upon the completion of a Qualified IPO or 2) have a graded vesting schedules in
There were
F-17
For the three months ended March 31, 2023 and 2024, the Group recognized RMB
A summary of share-based compensation expenses recognized for the three months ended March 31, 2023 and 2024 are presented below:
| For the three months ended March 31, | |||
2023 |
| 2024 | ||
RMB |
| RMB | ||
Hotel operating costs | |
| | |
Selling and marketing expenses |
| | | |
General and administrative expenses |
| | | |
Total |
| | |
15. | Related party transactions |
In addition to the related party information disclosed elsewhere in the unaudited condensed consolidated financial statements, the Group entered into the following material related party transactions.
Name of party |
| Relationship |
|
Trip.com Group Ltd. and its subsidiaries (collectively referred to as “Trip.com Group”) | Major shareholder of the Company and its affiliated entities |
(a) | Major transactions with related parties |
For the three months ended March 31, | ||||
2023 |
| 2024 | ||
| RMB |
| RMB | |
Hotel reservation payments collected on behalf of the Group(1) |
|
|
| |
Trip.com Group |
| | | |
Hotel reservation service(2) | ||||
Trip.com Group |
| | | |
Corporate travel management service(3) | ||||
Trip.com Group | — | |
(1) | Hotel reservation payments collected on behalf of the Group represent room charges net off travel agency reservation service fees of manachised hotels and room charges of leased hotels. |
(2) | Hotel reservation service represents travel agency reservation service fees of leased hotels. |
(3) | Corporate travel management service represents the fees charged for accommodation and transportation of the Group’s business travels reserved through the management platform, which include the related service fees. |
(b) | Balances with related parties |
| As of | As of | ||
December 31, | March 31, | |||
2023 | 2024 | |||
| RMB |
| RMB | |
|
| |||
| | | ||
| |
| |
F-18
16. | Commitments and contingencies |
(a) | Capital commitments |
As of March 31, 2024, the Group’s commitments related to leasehold improvements and installation of equipment for hotel operations was RMB
(b) | Litigation and contingencies |
The Group and its operations from time to time are, and in the future may be, parties to or targets of lawsuits, claims, investigations, and proceedings, including but not limited to non-compliance respect to licenses and permits, franchise and management agreements and lease contracts, which are handled and defended in the ordinary course of business. The Group believes that the ultimate liability, if any, in excess of amounts already provided for these matters in the unaudited condensed consolidated financial statements, is not likely to have a material adverse effect on the Group's results of operations, financial condition or cash flows.
17. | Changes in shareholders’ equity |
|
|
|
|
|
|
|
| Total |
|
| ||||||||||
Accumulated | equity | |||||||||||||||||||
Additional | other | attributable | Non- | |||||||||||||||||
paid-in | Accumulated | comprehensive | to shareholders | controlling | Total | |||||||||||||||
Class A Ordinary shares | Class B Ordinary shares | capital | Deficit | loss | of the Company | interests | shareholders’ equity | |||||||||||||
Number of | Number of | |||||||||||||||||||
Shares | RMB | Shares | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||
Balance at December 31, 2022 |
| |
| |
| |
| |
| |
| ( |
| ( | | ( | | |||
Cumulative effect of the adoption of ASU 2016-13 |
| — |
| — |
| — |
| — |
| — |
| ( |
| — | ( | — | ( | |||
Balance at January 1, 2023 |
| |
| |
| |
| |
| |
| ( |
| ( | | ( | | |||
Profit for the period |
| — |
| — |
| — |
| — |
| — |
| |
| — | | | | |||
Other comprehensive loss |
| — |
| — |
| — |
| — |
| — |
| — |
| ( | ( | — | ( | |||
Total comprehensive income |
| — |
| — |
| — |
| — |
| — |
| |
| ( | | | | |||
Share based compensation |
| — |
| — |
| — |
| — |
| |
| — |
| — | | — | | |||
Balance at March 31, 2023 |
| |
| |
| |
| |
| |
| ( |
| ( |
| |
| ( |
| |
Total | ||||||||||||||||||||
Accumulated | equity | |||||||||||||||||||
|
|
|
| other |
| attributable |
| Non- |
| |||||||||||
Additional | Retained | comprehensive | to shareholders | controlling | Total | |||||||||||||||
Class A Ordinary shares | Class B Ordinary shares | paid-in capital | earnings | income | of the Company | interests | shareholders’ equity | |||||||||||||
| Number of |
| Number of |
| ||||||||||||||||
Shares | RMB | Shares | RMB | RMB | RMB | RMB | RMB | RMB | RMB | |||||||||||
Balance at January 1, 2024 | | | | | | | | | ( | | ||||||||||
Profit for the period | — | — | — | — | — | | — | | | | ||||||||||
Other comprehensive income | — | — | — | — | — | — | | | — | | ||||||||||
Total comprehensive income | — | — | — | — | — | | | | | | ||||||||||
Share based compensation | — | — | — | — | | — | — | | — | | ||||||||||
Balance at March 31, 2024 | | | | | | | | | ( | |
F-19
Document and Entity Information |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2024 |
Entity Registrant Name | Atour Lifestyle Holdings Limited |
Entity Central Index Key | 0001853717 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2024 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands |
Mar. 31, 2024
CNY (¥)
shares
|
Mar. 31, 2024
$ / shares
|
Dec. 31, 2023
CNY (¥)
shares
|
Dec. 31, 2023
$ / shares
|
---|---|---|---|---|
Accounts receivable, allowance | ¥ | ¥ 30,972 | ¥ 32,298 | ||
Class A ordinary shares | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized (in shares) | 2,900,000,000 | 2,900,000,000 | ||
Ordinary shares, shares issued (in shares) | 344,458,568 | 340,316,306 | ||
Ordinary shares, shares outstanding (in shares) | 339,104,792 | 339,104,792 | ||
Class B ordinary shares | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary shares, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Ordinary shares, shares issued (in shares) | 73,680,917 | 73,680,917 | ||
Ordinary shares, shares outstanding (in shares) | 73,680,917 | 73,680,917 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Foreign currency translation adjustments, income taxes | ¥ 0 | ¥ 0 |
Description of the business and organization |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of the business and organization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of the business and organization |
Description of the business Atour Lifestyle Holdings Limited (“Atour” or the “Company”), is a holding company incorporated in the Cayman Islands. The Company conducts its business through its subsidiaries (“together referred to as the “Group”). The principal business activities of the Group are to develop lifestyle brands around hotel offerings in the People’s Republic of China (the “PRC”). On November 11, 2022, the Company completed its IPO on NASDAQ in the United States under the stock code “ATAT”. Manachised hotels Manachised hotels refers to franchised-and-managed hotels. Typically, the Group enters into certain franchise and management arrangements with franchisees for which the Group is responsible for providing branding, appointing and training of the hotel managers, and various other management services. Under typical franchise and management agreements, the franchisees are required to pay upfront franchise fees and continuing franchise fees, the majority of which are determined based on a certain percentage of the revenues of the hotel. The franchisees are responsible for hotel construction, renovation and maintenance. The term of the franchise and management agreements are typically to fifteen years.Leased hotels Leased hotels refer to the hotels that the Group operates and manages and where the properties are leased from third party lessors. The Group is responsible for hotel development and customization to conform to the Group’s standards, as well as for repairs and maintenance and operating costs and expenses of properties over the term of the lease. The Group is also responsible for all aspects of hotel operations and management, including hiring, training and supervising the hotel managers and employees required to operate the hotels and purchasing supplies. As of March 31, 2024, the principal subsidiaries of the Group are as follows:
|
Prepayments and other current assets |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other current assets |
Prepayments and other current assets consist of the following:
Changes in the allowance for doubtful accounts are as follows:
|
Property and equipment, net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net |
Property and equipment, net consists of the following:
Depreciation expense recognized for the three months ended March 31, 2023 and 2024 was RMB21,598 and RMB16,860 respectively. |
Intangible assets, net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net |
Intangible assets, net, consist of the following:
Amortization expense recognized for the three months ended March 31, 2023 and 2024 was RMB299 and RMB289 respectively. Estimated amortization expense of the existing intangible assets is as follows:
|
Lease |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease |
As of March 31,2024, the Group operated 31 leased hotels, leasing the underlying buildings. The Group generally enters into lease agreements with initial terms of 5 to 15 years. Some of the lease agreements contain renewal options. Such options are accounted for only when it is reasonably certain that the Group will exercise the options. The rent under current hotel lease agreements is generally payable in fixed rent. In addition to hotels leases, the Group also leases office spaces and logistics centers. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases. Variable lease payments that do not depend on a rate or index are expensed as incurred. The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Group recognizes lease expense for these leases on a straight-line basis over the lease term. In addition, the Group has elected not to separate non-lease components (e.g., common area maintenance fees) from the lease components. In limited cases, the Group sublease certain hotels areas to third parties. Income from sublease agreements with third parties are included in retail revenues and others, within the unaudited condensed consolidated statements of comprehensive income. Supplemental Balance Sheet
Summary of Lease Cost
Supplemental Cash Flow Information
Summary of Future Lease Payments and Lease Liabilities Maturities of operating lease liabilities as of March 31, 2024 were as follows:
|
Other assets |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets |
Other assets consist of the following:
Changes in the allowance for doubtful accounts is as follows:
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Income tax |
3 Months Ended | ||
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Mar. 31, 2024 | |||
Income tax | |||
Income tax |
The income tax expense for the three months ended March 31, 2023 and 2024 was RMB52,626 and RMB88,921, respectively. The Company’s effective tax rates for the three months ended March 31, 2023 and 2024 was 74.4% and 25.7%, respectively. The income tax expense for the three months ended March 31, 2023 reported in the unaudited condensed consolidated statement of comprehensive income materially differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes, which is primarily due to non-deductible share-based compensation expenses. |
Accrued expenses and other payables |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other payables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other payables |
Accrued expenses and other payables consist of the following:
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Borrowings |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings |
Borrowings consist of the following:
The weighted average interest rates of borrowings as of December 31, 2023 and March 31, 2024 were 3.3% and 3.2% per annum, respectively. |
Other non-current liabilities |
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Other non-current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities |
Other non-current liabilities consist of the following:
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Revenue |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
No geographical information is presented as the operations, customers and long-lived assets of the Group are all located in the PRC.
Changes in the allowance for doubtful accounts is as follows:
Changes in the allowance for doubtful accounts is as follows:
The deferred revenue balances above as of December 31, 2023 and March 31, 2024 were comprised of the following:
The Company recognized revenues of RMB64,502 and RMB181,955 during the three months ended March 31, 2023 and 2024, which were included in deferred revenue balance at the beginning of each period.
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2023 and March 31, 2024, the Group had RMB420,421 and RMB453,555 of deferred revenues related to upfront franchise fees which are expected to be recognized as revenues over the remaining contract periods over 1 to 20 years. The Group has elected, as a practical expedient, not to disclose the transaction price allocated to unsatisfied or partially unsatisfied performance obligations that are part of a contract that has an original expected duration of one year or less.
Contract costs capitalized as of December 31, 2023 and March 31, 2024 relate to the incremental sales commissions paid to the Group’s sales personnel whose selling activities resulted in customers entering into franchise and management agreements with the Group. Contract costs are recognized as part of selling and marketing expenses in the consolidated statements of comprehensive income in the period in which revenue from the franchise fees is recognized. The amount of capitalized costs recognized in the unaudited condensed consolidated statements of comprehensive income for the three months ended March 31, 2023 and 2024 were RMB2,322 and RMB3,125, respectively. |
Net income per ordinary share |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per ordinary share |
Basic and diluted net income per ordinary share for the three months ended March 31, 2023 and 2024 are calculated as follow:
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Share based compensation |
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Share based compensation | |||||||||||||||||||||||||||||||||||||||||||
Share based compensation |
In accordance with the share incentive plan adopted in 2017 (“2017 Share Incentive Plan”), 51,200,000 ordinary shares were reserved to for issuance to selected persons including its directors, employees and consultants. Under the 2017 Share Incentive Plan, share options granted contain a performance condition such that the awards only vest upon the completion of a Qualified IPO. For employees who terminate the employment before the completion of a Qualified IPO, the share options granted are forfeited upon the termination of employment. Options granted under the 2017 Share Incentive Plan are valid and effective for 10 years from the grant date. In March 2021, the Company’s board of directors approved a new share incentive plan (“Public Company Plan”), 51,029,546 ordinary shares were reserved for issuance to selected persons including its directors, employees and consultants. The unvested portion of share options, representing 14,196,882 share options granted under the 2017 Share Incentive Plan (“Original Awards”) were replaced by the options granted under Public Company Plan (“Modified Awards”) in April 2021, with the terms of the Modified Awards substantially the same as those of the Original Awards. Under the Public Company Plan, share options granted prior to the IPO either 1) vest upon the completion of a Qualified IPO or 2) have a graded vesting schedules in to four years and vest upon completion of a Qualified IPO. Share options granted post IPO either vest upon grant or vest by a graded vesting schedule in to four years. Options granted are valid and effective for 10 years from the grant date.There were no grants or exercises of share options during the three months ended March 31, 2024. For the three months ended March 31, 2023 and 2024, the Group recognized RMB141,580 and RMB3,142 share-based compensation expenses. The share-based compensation expenses have been categorized as either hotel operating costs, general and administrative expenses or selling and marketing expenses, depending on the job functions of the grantees. A summary of share-based compensation expenses recognized for the three months ended March 31, 2023 and 2024 are presented below:
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Related party transactions |
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Related party transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions |
In addition to the related party information disclosed elsewhere in the unaudited condensed consolidated financial statements, the Group entered into the following material related party transactions.
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Commitments and contingencies |
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Mar. 31, 2024 | |||||||
Commitments and contingencies | |||||||
Commitments and contingencies |
As of March 31, 2024, the Group’s commitments related to leasehold improvements and installation of equipment for hotel operations was RMB7,560, which is expected to be incurred within a year.
The Group and its operations from time to time are, and in the future may be, parties to or targets of lawsuits, claims, investigations, and proceedings, including but not limited to non-compliance respect to licenses and permits, franchise and management agreements and lease contracts, which are handled and defended in the ordinary course of business. The Group believes that the ultimate liability, if any, in excess of amounts already provided for these matters in the unaudited condensed consolidated financial statements, is not likely to have a material adverse effect on the Group's results of operations, financial condition or cash flows. |
Changes in shareholders' equity |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity |
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Significant accounting policies (Policies) |
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Significant accounting policies | |||||||||||||||||||||||||||||||||||||||
Basis of preparation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements of the Group. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Group as of and for the year ended December 31, 2023. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of March 31, 2024, the results of operations and cash flows for the three months ended March 31, 2023 and 2024, have been made. The preparation of the unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods. Items subject to such estimates and assumptions include, but are not limited to, estimate of breakage, the fair value of share-based compensation awards, allowance for doubtful accounts, impairment of inventory and the impairment of long-lived assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements. The consolidated financial statements are presented in Renminbi (“RMB”), rounded to the nearest thousands except share data and per share data, or otherwise noted. Certain comparative items in the unaudited condensed consolidated financial statements have been reclassified to conform to the current year’s presentation. |
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Convenience translation |
Translations of balances in the unaudited condensed consolidated financial statements from RMB into United States dollars (“USD”) as of and for the three months ended March 31, 2024 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB7.2203 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 29, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on March 31, 2024, or at any other rate. |
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Risks and concentration |
As the Group’s principal activities are carried out in the PRC, the Group’s transactions are mainly denominated in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions involving RMB must take place through the People’s Bank of China or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the People’s Bank of China that are determined largely by supply and demand. The management does not expect that there will be any significant currency risk for the Group during the reporting periods.
The Group’s credit risk primarily arises from cash and cash equivalents, short-term investments, accounts receivable and amounts due from related parties. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk. The Group expects that there is no significant credit risk associated with the cash and cash equivalents, restricted cash and short-term investments which are held by reputable financial institutions. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. Accounts receivable is unsecured and are primarily derived from revenue earned from manachised hotels. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them. Amounts due from related parties are unsecured and are derived from the hotel reservation payment collected by the related parties on behalf of the Group. The Group believes that it is not exposed to unusual risks as the related parties are reputable travel agencies.
The Group’s hotel operating costs and retail costs include the costs of hotel supplies and retail products purchased from third party vendors. The following table summarizes vendors with greater than 10% of Group’s purchase of products.
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Description of the business and organization (Tables) |
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Description of the business and organization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the principal subsidiaries | As of March 31, 2024, the principal subsidiaries of the Group are as follows:
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Significant accounting policies (Tables) |
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Significant accounting policies | |||||||||||||||||||||||||||||||
Summary of customers of prepayment, other current assets and vendors of total retail costs |
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Prepayments and other assets (Tables) |
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Prepayments and other current assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of prepayments and other current assets |
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in allowance for doubtful accounts |
|
Property and equipment, net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment, net |
|
Intangible assets, net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets, net |
|
|||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated amortization expense of existing intangible assets |
|
Lease (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental balance sheet |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of lease cost |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental cash flow information |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of lease term and discount rate |
|
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Summary of future lease payments and lease liabilities |
|
Other assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for doubtful accounts |
|
Accrued expenses and other payables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other payables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of accrued expenses and other payables |
|
Borrowings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of borrowings |
|
Other non-current liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other non current liabilities |
|
Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of contract balances |
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Schedule of changes in the allowance for doubtful accounts |
|
Net income per ordinary share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of basic and diluted net income per ordinary share |
|
Share based compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
Share based compensation | |||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation expenses recognized |
|
Related party transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related party transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of material related party transactions |
|
Changes in shareholders' equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in shareholders' equity |
|
Significant accounting policies - Convenience translation (Details) |
Mar. 31, 2024
$ / ¥
|
---|---|
Significant accounting policies | |
Convenience translation | 7.2203 |
Significant accounting policies - Risks and concentration (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Accounts Receivable | Credit concentration | Vendor A | ||
Significant accounting policies | ||
Concentration risk percentage | 17.00% | 14.00% |
Prepayments and other assets - Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
Dec. 31, 2022
CNY (¥)
|
---|---|---|---|---|
Prepayments and other current assets | ||||
Receivables on behalf of manachised hotels | ¥ 204,425 | ¥ 187,806 | ||
Prepaid advertising fees | 20,854 | 15,363 | ||
Prepaid property management fees | 8,808 | 9,333 | ||
Deposits | 7,885 | 2,331 | ||
VAT recoverable | 7,110 | 17,522 | ||
Prepayment for purchase of goods and service | 5,306 | 4,264 | ||
Contract assets | 5,267 | 5,184 | ||
Others | 10,889 | 13,221 | ||
Subtotal | 270,544 | 255,024 | ||
Less: allowance for doubtful accounts | (3,124) | ¥ (3,124) | ||
Total | ¥ 270,544 | $ 37,470 | ¥ 251,900 |
Prepayments and other assets - Changes in the allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Prepayments and other current assets | ||
At the beginning of the year/period | ¥ 3,124 | ¥ 3,124 |
Write-off | ¥ (3,124) | 0 |
At the end of the year/period | ¥ 3,124 |
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2023
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
|
Property and equipment, net | ||||
Total cost | ¥ 836,448 | ¥ 833,616 | ||
Less: accumulated depreciation | (556,070) | (567,496) | ||
Property and equipment, net | 280,378 | $ 38,832 | 266,120 | |
Depreciation expenses | 16,860 | ¥ 21,598 | ||
Leasehold improvements | ||||
Property and equipment, net | ||||
Total cost | 443,089 | 412,409 | ||
Equipment, fixture and furniture, and other fixed assets | ||||
Property and equipment, net | ||||
Total cost | ¥ 393,359 | ¥ 421,207 |
Intangible assets, net (Details) - CNY (¥) ¥ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Intangible assets, net | ||
Total cost | ¥ 11,337 | ¥ 11,055 |
Less: accumulated amortization | (7,097) | (6,808) |
Total | 4,240 | 4,247 |
Purchased software | ||
Intangible assets, net | ||
Total cost | ¥ 11,337 | ¥ 11,055 |
Intangible assets, net - Additional Information (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Intangible assets, net | ||
Amortization expense recognized | ¥ 289 | ¥ 299 |
Intangible assets, net - Estimated amortization expense of existing intangible assets (Details) - CNY (¥) ¥ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Estimated amortization expense of existing intangible assets | ||
Nine months ending December 31, 2024 | ¥ 803 | |
2025 | 1,093 | |
2026 | 864 | |
2027 | 621 | |
2028 | 269 | |
Thereafter | 590 | |
Total | ¥ 4,240 | ¥ 4,247 |
Lease - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
item
| |
Lease | |
Number of operated leased hotels | 31 |
Minimum | |
Lease | |
Initial terms | 5 years |
Maximum | |
Lease | |
Initial terms | 15 years |
Lease - Supplemental Balance Sheet (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Assets | |||
Operating lease right-of-use assets | ¥ 1,662,001 | $ 230,184 | ¥ 1,712,580 |
Liabilities | |||
Operating lease liabilities, current | 316,113 | 43,781 | 295,721 |
Operating lease liabilities, non-current | 1,524,968 | $ 211,206 | 1,583,178 |
Total lease liabilities | ¥ 1,841,081 | ¥ 1,878,899 |
Lease - Summary of lease cost (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Lease | ||
Operating lease cost | ¥ 90,573 | ¥ 91,599 |
Variable lease cost | (4,743) | |
Sublease income | (3,890) | (3,188) |
Total lease cost | ¥ 86,683 | ¥ 83,668 |
Lease - Supplemental cash flow information (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Lease | ||
Operating cash flows from operating leases | ¥ 87,595 | ¥ 86,435 |
Right-of-use assets obtained in exchange for lease liabilities | ¥ 16,654 |
Lease - Lease term and discount rate (Details) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Lease | ||
Weighted-average remaining lease term (years) Operating leases | 7 years 2 months 23 days | 7 years 5 months 1 day |
Weighted-average discount rate Operating leases | 4.36% | 4.36% |
Lease - Future lease payments and lease liabilities (Details) - CNY (¥) ¥ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Maturities of operating lease liabilities | ||
Nine months ending December 31, 2024 | ¥ 302,281 | |
2025 | 319,304 | |
2026 | 283,055 | |
2027 | 273,731 | |
2028 | 271,791 | |
Thereafter | 695,348 | |
Total undiscounted lease payment | 2,145,510 | |
Less: imputed interest | (304,429) | |
Present value of lease liabilities | ¥ 1,841,081 | ¥ 1,878,899 |
Other assets (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Other assets | |||
Long-term rental deposits | ¥ 69,305 | ¥ 74,497 | |
Contract assets | 52,949 | 54,446 | |
Prepayments for purchase of property and equipment | 815 | ||
Subtotal | 122,254 | 129,758 | |
Less: allowance for doubtful accounts | (28,819) | (28,819) | |
Total | ¥ 93,435 | $ 12,942 | ¥ 100,939 |
Other assets - Changes in the allowance for doubtful accounts (Details) ¥ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2023
CNY (¥)
| |
Other assets | |
Additional provisions | ¥ 28,819 |
At the end of the year/period | ¥ 28,819 |
Income tax (Details) ¥ in Thousands, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
CNY (¥)
|
|
Income tax expense | |||
Income tax expense | ¥ 88,921 | $ 12,315 | ¥ 52,626 |
Effective tax | 25.70% | 25.70% | 74.40% |
Accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Accrued expenses and other payables | |||
Payments received on behalf of manachised hotels | ¥ 516,107 | ¥ 441,174 | |
Deposits | 67,991 | 64,672 | |
VAT and other taxes payable | 61,950 | 68,719 | |
Service fee | 54,971 | 64,211 | |
Payable for purchase of property and equipment | 34,872 | 16,079 | |
Others | 23,778 | 29,536 | |
Total | ¥ 759,669 | $ 105,213 | ¥ 684,391 |
Borrowings (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Borrowings | |||
Short-term borrowings | ¥ 90,000 | $ 12,465 | ¥ 70,000 |
Long-term borrowings, non-current portion | 2,000 | $ 277 | 2,000 |
Bank loans | |||
Borrowings | |||
Short-term borrowings | 90,000 | 70,000 | |
Loan from third parties | |||
Borrowings | |||
Long-term borrowings, non-current portion | ¥ 2,000 | ¥ 2,000 |
Borrowings - Schedule of debt (Details) ¥ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
CNY (¥)
| |
Schedule of debt | |
Credit facilities of revenues | ¥ 420,000 |
Credit facilities | Third party banks | |
Schedule of debt | |
Maximum borrowing capacity | ¥ 510,000 |
Borrowings - Weighted average interest rates (Details) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Borrowings | ||
Weighted average interest rates of short-term borrowings | 3.20% | 3.30% |
Other non-current liabilities (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Other non-current liabilities | |||
Deposits received from franchisees | ¥ 197,826 | ¥ 181,926 | |
Asset retirement obligations | 4,007 | 3,958 | |
Others | 8,485 | 8,568 | |
Total | ¥ 210,318 | $ 29,129 | ¥ 194,452 |
Revenue -Disaggregation of revenue (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue | ||
Disaggregation of revenue | ¥ 1,468,293 | ¥ 773,936 |
Manachised hotels | ||
Revenue | ||
Disaggregation of revenue | 836,111 | 446,798 |
Room | ||
Revenue | ||
Disaggregation of revenue | 154,762 | 173,754 |
Food and beverage | ||
Revenue | ||
Disaggregation of revenue | 11,996 | 12,263 |
Others | ||
Revenue | ||
Disaggregation of revenue | 1,291 | 1,293 |
Leased hotels | ||
Revenue | ||
Disaggregation of revenue | 168,049 | 187,310 |
Retail | ||
Revenue | ||
Disaggregation of revenue | 416,591 | 112,933 |
Others | ||
Revenue | ||
Disaggregation of revenue | 47,542 | 26,895 |
Upfront franchise fees | ||
Revenue | ||
Disaggregation of revenue | 14,901 | 10,693 |
Continuing franchise fees | ||
Revenue | ||
Disaggregation of revenue | 388,987 | 278,429 |
Sales of hotel supplies and other products | ||
Revenue | ||
Disaggregation of revenue | 396,543 | 140,679 |
Other transactions with the franchisees | ||
Revenue | ||
Disaggregation of revenue | ¥ 35,680 | ¥ 16,997 |
Revenue - Change in accounts receivable from contracts with customers (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
Dec. 31, 2022
CNY (¥)
|
---|---|---|---|---|
Revenue | ||||
Accounts receivable | ¥ 195,525 | ¥ 194,399 | ||
Less: allowance for doubtful accounts | (30,972) | (32,298) | ¥ (19,468) | |
Accounts receivable, net | ¥ 164,553 | $ 22,790 | ¥ 162,101 |
Revenue - Changes in allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Revenue | ||
At the beginning of the year/period | ¥ 32,298 | ¥ 19,468 |
Allowance made during the year/period | 667 | 11,935 |
Write off during the year/period | (1,993) | (476) |
At the end of the year/period | 30,972 | 32,298 |
ASU 2016-13 | Cumulative effect of the adoption | ||
Revenue | ||
At the beginning of the year/period | ¥ 1,371 | |
At the end of the year/period | ¥ 1,371 |
Revenue - Contract assets (Details) - CNY (¥) ¥ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Contract assets | ||
Current | ¥ 5,267 | ¥ 5,184 |
Non-current | 52,949 | 54,446 |
Subtotal | 58,216 | 59,630 |
Less: allowance for doubtful accounts | (28,819) | (28,819) |
Total contract assets | ¥ 29,397 | ¥ 30,811 |
Revenue - Doubtful accounts (Details) ¥ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2023
CNY (¥)
| |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |
Allowance made during the year/period | ¥ 28,819 |
At the end of the year/period | ¥ 28,819 |
Revenue - Deferred revenue from contracts with customers (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Deferred revenue from contracts with customers | |||
Current | ¥ 381,768 | $ 52,874 | ¥ 406,066 |
Non-current | 400,041 | $ 55,405 | 369,455 |
Contract liabilities | ¥ 781,809 | ¥ 775,521 |
Revenue - Deferred revenue balances (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Deferred revenue from contracts with customers | |||
Upfront franchise fees | ¥ 453,555 | ¥ 420,421 | |
Advances from sales of hotel supplies and other products | 213,682 | 238,739 | |
Loyalty program | 44,155 | 44,787 | |
Others | 70,417 | 71,574 | |
Contract liabilities | 781,809 | ¥ 775,521 | |
Recognized revenues which were included in deferred revenue | ¥ 181,955 | ¥ 64,502 |
Revenue - Contract costs (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue | ||
Amount of capitalized costs recognized in the consolidated statements of comprehensive income | ¥ 3,125 | ¥ 2,322 |
Net income per ordinary share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
CNY (¥)
¥ / shares
shares
|
Mar. 31, 2024
USD ($)
$ / shares
shares
|
Mar. 31, 2023
CNY (¥)
¥ / shares
shares
|
|
Numerator: | |||
Net income attributable to the Company | ¥ 257,158 | $ 35,615 | ¥ 17,875 |
Denominator: | |||
Weighted average number of ordinary shares (for basic calculation) | 412,841,106 | 412,841,106 | 393,958,225 |
Effect of dilutive share-based awards(1) | 3,273,063 | 3,273,063 | 18,352,391 |
Weighted average number of ordinary shares and dilutive potential ordinary shares outstanding (for diluted calculation) | 416,114,169 | 416,114,169 | 412,310,616 |
Basic net income per ordinary share (in RMB) | (per share) | ¥ 0.62 | $ 0.09 | ¥ 0.05 |
Diluted net income per ordinary share (in RMB) | (per share) | ¥ 0.62 | $ 0.09 | ¥ 0.04 |
Net income per ordinary share - Additional Information (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the calculation of diluted net income per ordinary share | 400,000 | 16,637 |
Share based compensation - Additional Information (Details) - shares |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Apr. 30, 2021 |
Mar. 31, 2021 |
Mar. 31, 2024 |
Dec. 31, 2017 |
|
Share based compensation | ||||
Share options granted | 0 | |||
2017 Share Incentive Plan | ||||
Share based compensation | ||||
Ordinary shares reserved for issuance | 51,200,000 | |||
Share options granted | 14,196,882 | |||
Term of the options | 10 years | |||
Public Company Plan | ||||
Share based compensation | ||||
Ordinary shares reserved for issuance | 51,029,546 | |||
Term of the options | 10 years | |||
Public Company Plan | Share options granted prior to the IPO | Minimum | ||||
Share based compensation | ||||
Vesting period | 1 year | |||
Public Company Plan | Share options granted prior to the IPO | Maximum | ||||
Share based compensation | ||||
Vesting period | 4 years | |||
Public Company Plan | Share options granted post IPO | Minimum | ||||
Share based compensation | ||||
Vesting period | 1 year | |||
Public Company Plan | Share options granted post IPO | Maximum | ||||
Share based compensation | ||||
Vesting period | 4 years |
Share based compensation - summary of share-based compensation expenses recognized (Details) - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share based compensation | ||
Total | ¥ 3,142 | ¥ 141,580 |
Hotel operating costs | ||
Share based compensation | ||
Total | 57 | 124 |
Selling and marketing expenses | ||
Share based compensation | ||
Total | 112 | 38 |
General and administrative expenses | ||
Share based compensation | ||
Total | ¥ 2,973 | ¥ 141,418 |
Related party transactions - Major transactions with related parties (Details) - Trip.com Group - CNY (¥) ¥ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Hotel reservation payments collected on behalf of the Group | ||
Related party transactions | ||
Amounts of transaction | ¥ 364,949 | ¥ 290,397 |
Hotel reservation service fees | ||
Related party transactions | ||
Amounts of transaction | 4,381 | ¥ 6,159 |
Corporate Travel Management Service | ||
Related party transactions | ||
Amounts of transaction | ¥ 4,518 |
Commitments and contingencies - Capital commitments (Details) ¥ in Thousands |
Mar. 31, 2024
CNY (¥)
|
---|---|
Capital commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Commitments related to leasehold improvements and installation of equipment for hotel operations | ¥ 7,560 |
Borrowings - Aggregate maturities of the above long-term borrowings (Details) ¥ in Thousands, $ in Thousands |
Mar. 31, 2024
CNY (¥)
|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
CNY (¥)
|
---|---|---|---|
Aggregate maturities of the above long-term borrowings | |||
Three months ending December 31, 2023 | ¥ 90,000 | $ 12,465 | ¥ 70,000 |
1 Year Atour Lifestyle Chart |
1 Month Atour Lifestyle Chart |
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