# Atour's Q3 2026 results: a Chinese hotel group now earns almost two-fifths of its revenue from sleep products - Published: 2026-11-10 - Author: [CFO Drive](https://cfodrive.com/author/cfodrive-com.md) - Topics: [News](https://cfodrive.com/news.md) - About: [Atour Lifestyle Holdings Limited](https://ir.yaduo.com) - Based on: [Atour Lifestyle Holdings Limited Reports Third Quarter 2026 Unaudited Financial Results](https://www.globenewswire.com/news-release/2026/11/10/3399271/0/en/atour-lifestyle-holdings-limited-reports-third-quarter-2026-unaudited-financial-results.html), GlobeNewswire, 2026-11-10 - Based on: [Total Retail Sales of Consumer Goods from January to September 2026](https://www.stats.gov.cn/english/PressRelease/202610/t20261020_1965662.html), National Bureau of Statistics of China, 2026-10-20 - Based on: [Atour Lifestyle Holdings Limited annual report on Form 20-F for 2025](https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm), U.S. Securities and Exchange Commission (EDGAR) - Source: https://cfodrive.com/news/atour-q3-2026-results-retail-sleep-products/ - Publication: CFO Drive - Publisher: Connectively (Terkel, Inc.) - Editorial policy: https://cfodrive.com/editorial-policy/ - AI use: Connectively's automated system wrote this article with AI from a press release issued by Atour Lifestyle Holdings on November 10, 2026, linked under Sources. Statements about the company and its products are the company's. The illustration was generated with AI. The article was assembled and published automatically, without an editor's review. Report errors to corrections@connectively.us. Atour Q3 2026 results, reported November 10 by the Shanghai-based, Nasdaq-listed hotel group, show net revenues up 30.5% to RMB3,429 million (US$511 million). Retail, mostly its Atour Planet sleep products, grew 61.0% and now brings in almost two-fifths of group revenue. ## Key points - Atour Lifestyle Holdings says net revenues for the quarter to September 30, 2026 were RMB3,429 million, against RMB2,628 million a year earlier. - Retail revenues rose 61.0% to RMB1,362 million (US$203 million), from RMB846 million. - Net income was RMB448 million, down 5.5%, while adjusted net income, which excludes share-based compensation, rose 26.2% to RMB615 million. - The network reached 2,288 hotels with 254,800 rooms, and 2,271 of those hotels run under the company's manachise model. - Atour expects full-year 2026 net revenues to rise 33% to 35% on 2025. ## How did retail change the shape of Atour's Q3 2026 results? Retail grew about twice as fast as the group and now accounts for almost two-fifths of revenue, up from under a third in the same quarter of 2025. That growth came while China's overall consumer spending grew slowly: the [National Bureau of Statistics](https://www.stats.gov.cn/english/PressRelease/202610/t20261020_1965662.html) reports total retail sales of consumer goods of 37,000.1 billion yuan from January to September 2026, up 1.1% year on year. Atour Planet is the company's sleep brand. Its [2025 annual report](https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm) describes a range built around pillows, comforters and mattresses, with pillows and comforters as the main categories. | Atour, RMB million | Q3 2025 | Q3 2026 | | --- | --- | --- | | Net revenues | 2,628 | 3,429 | | Manachised hotels revenue | 1,560 | 1,878 | | Leased hotels revenue | 164 | 134 | | Retail revenue | 846 | 1,362 | | Net income | 474 | 448 | | Adjusted net income (non-GAAP) | 488 | 615 | | Adjusted EBITDA (non-GAAP) | 685 | 883 | The company credits the retail gain to wider recognition of its retail brands and to new products. Selling and marketing spending rose to RMB529 million from RMB355 million, which Atour ties to brand investment and online channels as retail grew; it equalled 15.4% of net revenues, against 13.5% a year earlier. > For the retail business, Atour Planet maintained rapid growth, generating approximately RMB1.36 billion in retail revenue in the quarter, up more than 60% year-over-year. — Haijun Wang, Founder, Chairman and CEO, Atour Lifestyle Holdings Limited ## Why did net income fall while adjusted profit rose? Share-based compensation explains the gap. Operating costs and expenses included RMB167 million of it in the quarter, against RMB13 million in Q3 2025, and RMB138 million of that sat in general and administrative expenses. Atour's adjusted net income and adjusted EBITDA add it back, so those measures rose 26.2% and 28.8% while net income eased to RMB448 million. Atour also notes that these expenses are recorded at its entities in the PRC, where they are not deductible, so the adjustment carries no tax effect. Income tax expense was RMB264 million, against RMB201 million a year earlier. ## How does the manachise model keep the hotel side light on assets? Under what Atour calls manachise, franchisees bear the cost of developing and running each hotel while Atour appoints its on-site managers, according to its annual report. Manachised hotels rose to 2,271 from 1,924 a year earlier, while leased hotels fell to 17 from 24 as the company trims them for its product mix. Another 778 manachised hotels were in the development pipeline at quarter end. Across all hotels, the average daily room rate was RMB453 and occupancy 79.7%, giving revenue per available room of RMB373, against RMB371 a year earlier. ## What does Atour's quarter mean for CFOs? Our analysis: Atour shows a service brand turning guest experience into a product line with its own revenue, marketing budget and cost of sales; retail costs were 47.9% of retail revenues. Finance teams with a second business growing inside the first may want to report it the way Atour does, as a separate revenue line with its own cost ratio, so its pace is visible in every quarter. The results also show how share-based compensation can move reported earnings in one quarter. Teams preparing results commentary can read [how finance leaders design guidance for Q4 earnings calls](https://cfodrive.com/qa/designing-guidance-for-q4-earnings-calls/), and compare another company building a second line of business in [Wix's Q3 2026 results](https://cfodrive.com/news/wix-q3-2026-results-base44-cash-flow-target/). ## Frequently asked questions ### What is Atour's stock ticker? Atour Lifestyle Holdings trades on Nasdaq as ATAT. ### What is Atour's revenue outlook for 2026? The company expects full-year 2026 net revenues to grow 33% to 35% compared with 2025, based on current market conditions and preliminary estimates. ### How much cash does Atour hold? At September 30, 2026, cash, cash equivalents and restricted cash totalled RMB2.8 billion (US$413 million), and outstanding borrowings were RMB237 million. ### What exchange rate does Atour use for its US dollar figures? It converts at US$1.00 to RMB 6.7045, the September 30, 2026 rate in the Federal Reserve Board's H.10 statistical release. ## Sources - [Press release from Atour Lifestyle Holdings via GlobeNewswire, November 10, 2026: Third Quarter 2026 Unaudited Financial Results](https://www.globenewswire.com/news-release/2026/11/10/3399271/0/en/atour-lifestyle-holdings-limited-reports-third-quarter-2026-unaudited-financial-results.html) - [National Bureau of Statistics of China, October 20, 2026: Total Retail Sales of Consumer Goods from January to September 2026](https://www.stats.gov.cn/english/PressRelease/202610/t20261020_1965662.html) - [Atour Lifestyle Holdings annual report on Form 20-F for 2025, via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm)