Atour Lifestyle Holdings Limited (NASDAQ:ATAT) Q3 2023 Earnings Conference Call November 16, 2023 8:00 AM ET

Company Participants

Alison Zhang - Director of Investor Relations

Haijun Wang - Founder, Chairman & Chief Executive Officer

Shoudong Wang - Co-Chief Financial Officer

Jianfeng Wu - Co-Chief Financial Officer

Conference Call Participants

Lydia Ling - Citi

Sijie Lin - CICC

Ronald Leung - Bank of America

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Atour Lifestyle Holdings Third Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Ms. Alison Zhang, Director of Investor Relations. Please go ahead, ma'am.

Alison Zhang

Thank you, operator. Good morning and good evening, everyone. Welcome to our third quarter 2023 earnings call. Joining us today are our Founder, Chairman and CEO, Mr. Wang Haijun; and our Co-Chief Financial Officers, Mr. Wang Shoudong and Mr. Wu Jianfeng. Before we continue, please be aware that today's discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements, except as required by applicable laws.

Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purposes. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of this conference call will be available on our website at ir.yaduo.com.

Now, I will turn the call over to Mr. Wang, our CEO.

Haijun Wang

[Foreign Language] Thank you, Alison. Hello, everyone, and thank you for joining Atour's third quarter 2023 earnings call today. We are delighted to report another robust quarter. Our unremitting pursuit of growing to 2,000 premier hotels nationwide by 2025, while establishing the Chinese experience as the industry benchmark, along with the continuous expansion of our brand influence, enabled us to capture the growth opportunities arising from both business travel and the peak leisure travel season. As such, we achieved tremendous breakthroughs across each of our business lines.

[Foreign Language] Now, I would like to discuss our performance in detail. [Foreign Language] Let's begin with our hotel business. Travel and accommodation demand maintained solid growth momentum in the third quarter, highlighted by a notable uptick during the summer season. Accordingly, our third quarter's RevPAR increased to a record high of RMB424, and recovery rate rose to 118% of 2019's level, with July, August and September reaching 122%, 116%, and 115% respectively.