0001104659-24-052246 | 20-F | XBRL Viewer | Atour Lifestyle Holdings LTD

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CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥)	Feb. 28, 2021 $ / shares shares	Jan. 31, 2021 shares
Accounts receivable, allowance \| ¥	¥ 32,298		¥ 19,468		¥ 14,731
Ordinary shares, par value (in dollars per share) \| $ / shares						$ 0.0001
Ordinary shares, shares authorized (in shares)						3,000,000,000	500,000,000
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			2,900,000,000
Ordinary shares, shares issued (in shares)	340,316,306		319,677,037
Ordinary shares, shares outstanding (in shares)	339,104,792		319,677,037
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			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

Other assets

12 Months Ended

Dec. 31, 2023

Other assets

Other assets

7.Other assets

Other assets consist of the following:


		As of December 31,
	Note	2022	2023
		RMB	RMB
Long-term rental deposits		75,954	74,497
Contract assets	14(b)	58,288	54,446
Prepayments for purchase of property and equipment		349	815
VAT recoverable		6,744	—
Subtotal		141,335	129,758
Less: allowance for doubtful accounts	14(b)	—	(28,819)
Total		141,335	100,939

Changes in the allowance for doubtful accounts is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	—	—
Allowance made during the year	—	28,819
At the end of the year	—	28,819

Significant accounting policies - Contract assets and deferred revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies
Amount of impairment losses of contract assets	¥ 28,819	¥ 0	¥ 0

Equity - Distribution to shareholders (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 28, 2023 CNY (¥)	Aug. 31, 2023 $ / shares	May 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 CNY (¥)
Equity
Distribution to shareholders \| ¥			¥ (20,645)
Cash dividend per share		$ 0.05
Payment for dividends	¥ 150,579			¥ 150,579	$ 21,209	¥ 20,645
ADS
Equity
Cash dividend per share		$ 0.15
Class A ordinary shares
Equity
Number of underlying shares represented by each ADS		3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Other non-current liabilities

12 Months Ended

Dec. 31, 2023

Other non-current liabilities

Other non-current liabilities

12.	Other non-current liabilities

Other non-current liabilities consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Deposits received from franchisees	129,101	181,926
Asset retirement obligations	3,773	3,958
Others	8,889	8,568
Total	141,763	194,452

Prepayments and other assets - Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Prepayments and other current assets
Receivables on behalf of manachised hotels	¥ 187,806		¥ 81,473
VAT recoverable	17,522		23,183
Contract assets	5,184		8,741
Prepaid advertising fees	15,363		3,979
Prepaid property management fees	9,333		5,467
Deposits	2,331		2,165
Prepayment for purchase of goods and service	4,264		5,990
Others	13,221		6,027
Subtotal	255,024		137,025
Less: allowance for doubtful accounts	(3,124)		(3,124)	¥ (3,124)
Total	¥ 251,900	$ 35,480	¥ 133,901

Significant accounting policies - Value-added-tax ("VAT") (Details) - CNY (¥) ¥ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended			48 Months Ended
	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Significant accounting policies
Input VAT credit (in percent)	10.00%	10.00%				10.00%
Amount of input VAT additional deduction benefit			¥ 12,650	¥ 12,035	¥ 12,864

Significant accounting policies - Government grant (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies
Amount of financial subsidies received	¥ 70,529	¥ 26,059	¥ 9,507

Share based compensation - summary of share-based compensation expenses recognized (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Share based compensation
Total	¥ 96,605	¥ 163,978	¥ 163,193
Hotel operating costs
Share based compensation
Total		1,286	2,111
Selling and marketing expenses
Share based compensation
Total		391	618
General and administrative expenses
Share based compensation
Total		¥ 162,301	¥ 160,464

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Property and equipment, net
Total cost	¥ 833,616	¥ 863,699
Less: accumulated depreciation	(567,496)	(503,399)
Property and equipment, net	266,120	360,300		$ 37,482
Impairment losses	¥ 55,403	¥ 0	¥ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Depreciation expenses	¥ 83,731	¥ 87,473	¥ 92,609
Leasehold improvements
Property and equipment, net
Total cost	412,409	443,695
Equipment, fixture and furniture, and other fixed assets
Property and equipment, net
Total cost	¥ 421,207	¥ 420,004

Description of the business and organization (Tables)

12 Months Ended

Dec. 31, 2023

Description of the business and organization

Schedule of the principal subsidiaries

As of December 31, 2023, 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.	100%	August 30, 2012	PRC	Hotel management
Shanghai Atour Business Management (Group) Co., Ltd.	100%	February 17,2013	PRC	Hotel management
Xi’an Jiaduo Hotel Management Co., Ltd.	100%	August 30, 2013	PRC	Hotel management
Gongyu (Shanghai) Culture Communication Co., Ltd.	100%	December 02, 2014	PRC	Retail management
Shanghai Qingju Investment Management Co., Ltd.	100%	July 15, 2015	PRC	Investment management
Fuzhou Hailian Atour Hotel Management Co., Ltd.	51%	September 21, 2015	PRC	Hotel management
Chengdu Zhongchengyaduo Hotel Management Co., Ltd.	100%	November 26, 2015	PRC	Hotel management
Shanghai Hongwang Financial Information Service Co., Ltd.	100%	January 27, 2016	PRC	Financial information service management


		Date of
		Incorporation,
	Percentage of	Merger or	Place of	Major
Subsidiaries	Ownership	Acquisition	Incorporation	Operation
Shanghai Shankuai Information Technology Co., Ltd.	100%	February 01,2016	PRC	Retail management
Hangzhou Anduo Hotel Management Co., Ltd.	100%	April 20, 2017	PRC	Hotel management
Shanghai Leiduo Information Technology Co., Ltd.	100%	March 21, 2017	PRC	Retail management
Yueduo (Shanghai) Apartment Management Service Co., Ltd.	80%	March 23, 2017	PRC	Property Management
Shanghai Naiduo Hotel Management Co., Ltd.	100%	July 25, 2017	PRC	Hotel management
Shanghai Zhouduo Hotel Management Co., Ltd.	100%	August 04, 2017	PRC	Hotel management
Shanghai Chengduo Information Technology Co., Ltd.	100%	November 15, 2017	PRC	Software and Technology services
Beijing Chengduo Data Technology Co., Ltd.	100%	January 22, 2018	PRC	Technology services
Shanghai Xiangduo Enterprise Management Co., Ltd.	100%	April 13, 2018	PRC	Hotel management
Shanghai Guiduo Hotel Management Co., Ltd.	100%	May 08,2018	PRC	Hotel management
Atour (Shanghai) Travel Agency Co., Ltd.	100%	July 05, 2018	PRC	Travel agency operation
Guangzhou Zhongduo Hotel Management Co., Ltd.	100%	July 19, 2018	PRC	Hotel management
Shanghai Banduo Hotel Management Co., Ltd.	100%	October 11, 2018	PRC	Hotel management
Beijing Yueduo Property Management Co., Ltd.	80%	February 13, 2019	PRC	Property Management
Shanghai Xingduo Hotel Management Co., Ltd.	100%	May 24, 2019	PRC	Hotel management
Shanghai Jiangduo Information Technology Co., Ltd.	100%	March 07, 2019	PRC	Retail management
Shenzhen Jiaoduo Hotel Management Co., Ltd.	100%	March 25, 2019	PRC	Hotel management
Shanghai Huiduo Hotel Management Co., Ltd.	90%	July 15, 2019	PRC	Hotel management
Shanghai Mingduo Business Management Co., Ltd.	100%	July 18, 2019	PRC	Hotel management
Shanghai Youduo Hotel Management Co., Ltd.	100%	July 26, 2019	PRC	Hotel management
Shanghai Yinduo Culture Communication Co., Ltd.	100%	August 27, 2020	PRC	Retail management
Atour Hotel (HK) Holdings, Ltd.	100%	March 05, 2021	Hong Kong	Investment holding
Shanghai Rongduo Commercial Management Co., Ltd.	100%	June 13, 2022	PRC	Hotel management

Significant accounting policies - Advertising and promotion expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies
Advertising related expenses	¥ 302,459	¥ 74,963	¥ 64,226

Other assets (Tables)

12 Months Ended

Dec. 31, 2023

Other assets

Schedule of other assets


		As of December 31,
	Note	2022	2023
		RMB	RMB
Long-term rental deposits		75,954	74,497
Contract assets	14(b)	58,288	54,446
Prepayments for purchase of property and equipment		349	815
VAT recoverable		6,744	—
Subtotal		141,335	129,758
Less: allowance for doubtful accounts	14(b)	—	(28,819)
Total		141,335	100,939

Schedule of changes in the allowance for doubtful accounts


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	—	—
Allowance made during the year	—	28,819
At the end of the year	—	28,819

Net income per ordinary share (Details)
¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Numerator:

Net income attributable to the Company

¥ 737,137

$ 103,824

¥ 98,099

¥ 145,054

Accretion to the redemption value of redeemable Class A ordinary shares | ¥

^[1]

15,115

Net income available to shareholders of the Company

¥ 737,137

$ 103,824

¥ 98,099

¥ 129,939

Denominator:

Weighted average number of ordinary shares (for basic calculation)

405,628,647

379,321,522

323,163,367

Effect of dilutive share-based awards

9,194,655

2,277,167

Weighted average number of ordinary shares and dilutive potential ordinary shares outstanding (for diluted calculation)

414,823,302

381,598,689

323,163,367

Basic net income per ordinary share (in RMB) | (per share)

¥ 1.82

$ 0.26

¥ 0.26

¥ 0.40

Diluted net income per ordinary share (in RMB) | (per share)

¥ 1.78

$ 0.25

¥ 0.26

¥ 0.40

[1]	Represent Series C shares of Atour Shanghai prior to Restructuring (see Note 13)

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Schedule of intangible assets, net


	As of December 31,
	2022	2023
	RMB	RMB
Purchased software	11,055	11,055
Total cost	11,055	11,055
Less: accumulated amortization	(5,518)	(6,808)
Intangible assets, net	5,537	4,247

Schedule of estimated amortization expense of existing intangible assets


		RMB
For the year ending December 31, 2024		1,015
2025		1,012
2026		753
2027		603
2028		263
Thereafter		601
Total		4,247

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue

Schedule of disaggregation of revenue


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Upfront franchise fees	32,356	38,066	46,831
Continuing franchise fees	554,227	757,158	1,362,654
Sales of hotel supplies and other products	514,557	516,865	1,179,686
Other transactions with the franchisees	119,161	48,754	116,438
Manachised hotels	1,220,301	1,360,843	2,705,609
Room	579,946	505,557	782,646
Food and beverage	43,641	43,313	51,583
Others	6,651	4,059	5,815
Leased hotels	630,238	552,929	840,044
Retail	191,596	253,607	971,931
Others	105,442	95,604	148,383
Total	2,147,577	2,262,983	4,665,967

Schedule of contract balances


	As of December 31,
	2022	2023
	RMB	RMB
Accounts receivable	152,167	194,399
Less: allowance for doubtful accounts	(19,468)	(32,298)
Accounts receivable, net	132,699	162,101


	As of December 31,
	2022	2023
	RMB	RMB
Current	8,741	5,184
Non-current	58,288	54,446
Subtotal	67,029	59,630
Less: allowance for doubtful accounts	—	(28,819)
Total contract assets	67,029	30,811


	As of December 31,
	2022	2023
	RMB	RMB
Current	202,996	406,066
Non-current	277,841	369,455
Deferred revenue	480,837	775,521


	As of December 31,
	2022	2023
	RMB	RMB
Upfront franchise fees	319,537	420,421
Advances from sales of hotel supplies and other products	92,144	238,739
Loyalty program	36,877	44,787
Others	32,279	71,574
Deferred revenue	480,837	775,521

Schedule of changes in the allowance for doubtful accounts


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	14,731	19,468
Cumulative effect of the adoption of ASU 2016-13	—	1,371
Allowance made during the year	4,737	11,935
Write off during the year	—	(476)
At the end of the year	19,468	32,298


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	—	—
Allowance made during the year	—	28,819
At the end of the year	—	28,819

Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings

Borrowings

11.

Borrowings

Borrowings consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Short-term borrowings:
Bank loans⁽ⁱ⁾	141,000	70,000
Loan from a third party	1,828	—
Total	142,828	70,000
Current portion of long-term borrowings:
Bank loans	29,130	—
Total	29,130	—
Long-term borrowings, non-current portion:
Loan from a third party	2,000	2,000
Total	2,000	2,000

(i)As of December 31, 2023, the Group had several credit facilities with third party banks under which the Group can borrow up to RMB480,000 during the term of the facilities mature from August 2024 to December 2024. The drawdown of the credit facilities is subject to the terms and conditions of each agreement. As of December 31, 2023, the unutilized credit facilities amounted to RMB410,000.

The weighted average interest rates of borrowings as of December 31, 2023 were 3.3% (December 31, 2022: 3.7%) per annum, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Intangible assets, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, net
Total cost	¥ 11,055	¥ 11,055
Less: accumulated amortization	(6,808)	(5,518)
Total	4,247	5,537
Purchased software
Intangible assets, net
Total cost	¥ 11,055	¥ 11,055

Income tax (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Income tax (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income tax
Tax rate	25.00%	25.00%	25.00%
Foreign withholding tax rate	10.00%
Hong Kong
Income tax
Tax rate	16.50%
Assessable profits to determine tax rate	¥ 2,000
Hong Kong \| First HK$2,000 of assessable profits earned
Income tax
Tax rate	8.25%
Hong Kong \| After first HK$2,000 of assessable profits earned
Income tax
Tax rate	16.50%
PRC
Income tax
Tax rate	25.00%
Foreign withholding tax rate	10.00%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Revenues:

Net revenues

¥ 4,665,967

$ 657,188

¥ 2,262,983

¥ 2,147,577

Operating costs and expenses:

Selling and marketing expenses

(469,595)

(66,141)

(139,929)

(124,210)

General and administrative expenses

(451,470)

(63,588)

(350,009)

(197,064)

Technology and development expenses

(77,288)

(10,886)

(66,182)

(52,121)

Pre-opening expenses | ¥

(17,595)

Total operating costs and expenses

(3,825,112)

(538,756)

(2,136,117)

(1,973,892)

Other operating income

83,179

11,716

38,094

22,371

Income from operations

924,034

130,148

164,960

196,056

Interest income

29,569

4,165

14,456

6,722

Gain from short-term investments

34,519

4,862

8,455

8,745

Interest expense

(5,005)

(705)

(6,501)

(7,937)

Other (expenses) income, net

(1,024)

(145)

(814)

301

Income before income tax

982,093

138,325

180,556

203,887

Income tax expense

(243,036)

(34,231)

(84,474)

(64,217)

Net income

739,057

104,094

96,082

139,670

Less: net income (loss) attributable to non-controlling interests

1,920

270

(2,017)

(5,384)

Net income attributable to the Company

737,137

103,824

98,099

145,054

Less: accretion of redeemable Class A ordinary shares | ¥

^[1]

(15,115)

Net income available to shareholders of the Company

737,137

103,824

98,099

129,939

Net income

739,057

104,094

96,082

139,670

Other comprehensive income (loss)

Foreign currency translation adjustments, net of nil income taxes

15,634

2,202

(1,918)

(8,947)

Other comprehensive income (loss), net of income taxes

15,634

2,202

(1,918)

(8,947)

Total comprehensive income

754,691

106,296

94,164

130,723

Comprehensive income (loss) attributable to non-controlling interests

1,920

270

(2,017)

(5,384)

Comprehensive income attributable to the Company

¥ 752,771

$ 106,026

¥ 96,181

¥ 136,107

Net income per ordinary share - Basic (in RMB or USD per share) | (per share)

¥ 1.82

$ 0.26

¥ 0.26

¥ 0.40

Net income per ordinary share - Diluted (in RMB or USD per share) | (per share)

¥ 1.78

$ 0.25

¥ 0.26

¥ 0.40

Weighted average ordinary shares used in calculating net income per ordinary share - Basic (in shares) | shares

405,628,647

379,321,522

323,163,367

Weighted average ordinary shares used in calculating net income per ordinary share - Diluted (in shares) | shares

414,823,302

381,598,689

323,163,367

Hotel

Operating costs and expenses:

Operating costs

¥ (2,240,890)

$ (315,623)

¥ (1,393,312)

¥ (1,419,578)

Manachised hotels

Revenues:

Net revenues

2,705,609

381,077

1,360,843

1,220,301

Leased hotels

Revenues:

Net revenues

840,044

118,318

552,929

630,238

Retail

Revenues:

Net revenues

971,931

136,894

253,607

191,596

Operating costs and expenses:

Operating costs

(513,326)

(72,300)

(151,815)

(121,365)

Others

Revenues:

Net revenues

148,383

20,899

95,604

105,442

Operating costs and expenses:

Operating costs

¥ (72,543)

$ (10,218)

¥ (34,870)

¥ (41,959)

[1]	Represent Series C shares of Atour Shanghai prior to Restructuring (see Note 13)

Related party transactions - Balances with related parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related party transactions
Amounts due from related parties	¥ 115,900	$ 16,324	¥ 53,630
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Amounts due to related parties	¥ 1,104	$ 155	¥ 3,004
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Trip.com Group
Related party transactions
Amounts due from related parties	¥ 115,900		¥ 53,630
Other Receivable, after Allowance for Credit Loss, Related Party, Name [Extensible Enumeration]	Trip.com Group	Trip.com Group	Trip.com Group
Amounts due to related parties	¥ 1,104		¥ 3,004
Other Liability, Current, Related Party, Name [Extensible Enumeration]	Trip.com Group	Trip.com Group	Trip.com Group

Net (loss) income per ordinary share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Weighted average ordinary shares used in calculating net income per ordinary share - Basic (in shares)	405,628,647	379,321,522	323,163,367
Shares excluded from the calculation of diluted net income per ordinary share	401,405	660,000	17,740,297
Class A ordinary shares
Class of Stock [Line Items]
Weighted average ordinary shares used in calculating net income per ordinary share - Basic (in shares)			214,203,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net income per ordinary share (Tables)

12 Months Ended

Dec. 31, 2023

Net income per ordinary share

Summary of basic and diluted net income per ordinary share


	Years ended December 31,
	2021		2022	2023
	RMB		RMB	RMB
Numerator:
Net income attributable to the Company	145,054		98,099	737,137
Accretion to the redemption value of redeemable Class A ordinary shares⁽ⁱ⁾	(15,115)		—	—
Net income available to ordinary shares	129,939		98,099	737,137
Denominator:
Weighted average number of ordinary shares (for basic calculation)	323,163,367	⁽ⁱⁱ⁾	379,321,522	405,628,647
Effect of dilutive share-based awards⁽ⁱⁱⁱ⁾	—		2,277,167	9,194,655
Weighted average number of ordinary shares and dilutive potential ordinary shares outstanding (for diluted calculation)	323,163,367		381,598,689	414,823,302
Basic net income per ordinary share (in RMB)	0.40		0.26	1.82
Diluted net income per ordinary share (in RMB)	0.40		0.26	1.78

(i)Represent the accretion to the redemption value of Series C shares of Atour Shanghai prior to the termination of the preference rights of certain shareholders on April 8, 2021 (See Note 13).

(ii)For the years ended December 31, 2021, 214,203,200 ordinary shares were included in the denominator in the calculation of basic income per ordinary share to give the effect of the termination of preference rights on April 8, 2021.

(iii)For the years ended December 31, 2021, 17,740,297 share options were excluded from the calculation of diluted net income per ordinary share, respectively, as their vesting is contingent upon the satisfaction of a performance condition (i.e. completion of a Qualified IPO), which is not considered probable until the event occurs. For the year ended December 31, 2022 and 2023, 660,000 and 401,405 share options were excluded from the calculation of diluted per ordinary share as their effects would have been anti-dilutive.

Revenue - Doubtful accounts (Details) ¥ in Thousands	12 Months Ended
Revenue - Doubtful accounts (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
At the beginning of the year	¥ 28,819
Allowance made during the year	28,819
At the end of the year	¥ 28,819

Significant accounting policies - Impairment of long-lived assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Significant accounting policies
Impairment losses of leased hotels	¥ 60,517	$ 8,524	¥ 0	¥ 0
Impairment of property and equipment	55,403		¥ 0	¥ 0
Impairment losses operating lease right of use asset	¥ 5,114

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired in the acquisition. Goodwill is not deductible for tax purposes and is assigned to the only reporting unit of the Group, which is the Atour Group.

The Group did not incur any impairment loss on goodwill for the years ended December 31, 2021, 2022 and 2023.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2023

Borrowings

Summary of borrowings


	As of December 31,
	2022	2023
	RMB	RMB
Short-term borrowings:
Bank loans⁽ⁱ⁾	141,000	70,000
Loan from a third party	1,828	—
Total	142,828	70,000
Current portion of long-term borrowings:
Bank loans	29,130	—
Total	29,130	—
Long-term borrowings, non-current portion:
Loan from a third party	2,000	2,000
Total	2,000	2,000

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income	¥ 739,057	$ 104,094	¥ 96,082	¥ 139,670
Adjustments to reconcile net income to net cash generated from operating activities:
Depreciation and amortization	85,021	11,975	88,561	93,911
Impairment loss of long-lived assets	60,517	8,524	0	0
Impairment of inventory	23,857	3,360	5,296	1,926
Reduction in the carrying amount of ROU assets	214,306	30,184	268,280
Gain from short-term investments	(34,519)	(4,862)	(8,455)	(8,745)
Net loss on disposal of property and equipment	578	81	2,022	2,015
Net loss on disposal of intangible asset				199
Allowance for doubtful accounts	40,754	5,740	4,737	2,889
Deferred income tax (benefit) expense	(32,071)	(4,517)	10,174	(9,396)
Share-based compensation	163,978	23,096	163,193
Changes in operating assets and liabilities:
Accounts receivable	(42,708)	(6,015)	(37,475)	40,416
Prepayments and other current assets	(117,272)	(16,517)	33,260	(43,466)
Amounts due from related parties	(62,270)	(8,771)	(1,693)	(18,345)
Inventories	(85,475)	(12,039)	(4,181)	(30,158)
Contract costs	(30,950)	(4,359)	(4,855)	(9,805)
Other assets	12,043	1,696	6,033	(8,923)
Accounts payable	409,644	57,697	23,624	75,514
Salary and welfare payable	86,284	12,153	8,301	9,624
Accrued expenses and other payables	353,663	49,812	(88,963)	64,935
Income taxes payable	104,865	14,770	(14,840)	(15,333)
Amounts due to related parties	(1,900)	(268)	1,232	(8,225)
Deferred revenue	294,684	41,505	(20,807)	85,779
Operating lease liabilities	(246,101)	(34,663)	(274,061)
Other non-current liabilities	52,689	7,421	28,212	53,397
Net cash generated from operating activities	1,988,674	280,097	283,677	417,879
Cash flows from investing activities:
Payment for purchases of property and equipment	(41,724)	(5,877)	(36,425)	(63,973)
Proceeds from disposal of property and equipment	670	94
Payment for purchases of intangible assets			(2,805)	(1,997)
Payment for purchases of short-term investments	(9,427,210)	(1,327,795)	(2,931,000)	(4,303,920)
Proceeds from maturities of short-term investments	8,867,743	1,248,995	2,778,005	4,312,665
Repayment of loans from third parties				15,000
Net cash used in investing activities	(600,521)	(84,583)	(192,225)	(42,225)
Cash flows from financing activities:
Proceeds from borrowings	40,000	5,634	199,000	218,434
Repayment of borrowings	(141,958)	(19,994)	(134,480)	(230,430)
Repurchase of ordinary shares				(111,260)
Proceeds from employee stock option exercises	105,621	14,876
Payment for dividends	(150,579)	(21,209)		(20,645)
Acquisition of non-controlling interest			(350)
Proceeds from initial public offering			400,068
Payment for initial public offering costs			(7,928)	(17,179)
Net cash (used in) generated from financing activities	(146,916)	(20,693)	456,310	(161,080)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	10,409	1,470	2,816	(8,181)
Net increase in cash and cash equivalents and restricted cash	1,251,646	176,291	550,578	206,393
Cash and cash equivalents and restricted cash at the beginning of the year	1,590,107	223,961	1,039,529	833,136
Cash and cash equivalents and restricted cash at the end of the year	2,841,753	400,252	1,590,107	1,039,529
Supplemental disclosure of cash flow information:
Income tax paid	170,242	23,978	82,784	88,946
Interest paid	6,029	849	4,647	5,701
Supplemental disclosure of non-cash investing and financing activities:
Payable for purchase of property and equipment	16,079	2,265	12,617	38,357
Interest payable	2,106	$ 297	3,130	1,276
Payable for initial public offering costs			9,177	6,181
Accretion to the redemption value of redeemable Series A shares				15,115
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	2,840,807		1,589,161	1,038,583
Restricted cash	946		946	946
Total cash and cash equivalents and restricted cash	¥ 2,841,753		¥ 1,590,107	¥ 1,039,529

Significant accounting policies - Cash and cash equivalents (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	¥ 2,840,807	$ 400,119	¥ 1,589,161	¥ 1,038,583
PRC
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	2,417,783		1,293,949
PRC \| Denominated in RMB
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	2,414,169		1,290,408
PRC \| Denominated in USD
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	3,614		3,541
Hong Kong
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	204,049		15,874
Hong Kong \| Denominated in RMB
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	9,904		9,884
Hong Kong \| Denominated in USD
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	194,145		5,990
Cayman Islands
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	218,975		279,338
Cayman Islands \| Denominated in RMB
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	272		273
Cayman Islands \| Denominated in USD
Summary of Group's cash and cash equivalents are deposited in financial institutions locations
Total cash and cash equivalents balances held at financial institutions	¥ 218,703		¥ 279,065

Net income per ordinary share

12 Months Ended

Dec. 31, 2023

Net income per ordinary share

Net income per ordinary share

15.	Net income per ordinary share

Basic and diluted net income per ordinary share for the years ended December 31, 2021, 2022 and 2023 are calculated as follow:


	Years ended December 31,
	2021		2022	2023
	RMB		RMB	RMB
Numerator:
Net income attributable to the Company	145,054		98,099	737,137
Accretion to the redemption value of redeemable Class A ordinary shares⁽ⁱ⁾	(15,115)		—	—
Net income available to ordinary shares	129,939		98,099	737,137
Denominator:
Weighted average number of ordinary shares (for basic calculation)	323,163,367	⁽ⁱⁱ⁾	379,321,522	405,628,647
Effect of dilutive share-based awards⁽ⁱⁱⁱ⁾	—		2,277,167	9,194,655
Weighted average number of ordinary shares and dilutive potential ordinary shares outstanding (for diluted calculation)	323,163,367		381,598,689	414,823,302
Basic net income per ordinary share (in RMB)	0.40		0.26	1.82
Diluted net income per ordinary share (in RMB)	0.40		0.26	1.78

(i)Represent the accretion to the redemption value of Series C shares of Atour Shanghai prior to the termination of the preference rights of certain shareholders on April 8, 2021 (See Note 13).

Prepayments and other assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Schedule of prepayments and other current assets


		As of December 31,
	Note	2022	2023
		RMB	RMB
Receivables on behalf of manachised hotels⁽ⁱ⁾		81,473	187,806
VAT recoverable		23,183	17,522
Prepaid advertising fees		3,979	15,363
Prepaid property management fees		5,467	9,333
Contract assets	13(b)	8,741	5,184
Prepayment for purchase of goods and service		5,990	4,264
Deposits		2,165	2,331
Others		6,027	13,221
Subtotal		137,025	255,024
Less: allowance for doubtful accounts		(3,124)	(3,124)
Total		133,901	251,900

(i)The amount represents fees to be collected from corporate customers and travel agencies on behalf of franchisees

Schedule of changes in allowance for doubtful accounts


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	3,124	3,124
Allowance made during the year	—	—
At the end of the year	3,124	3,124

Share based compensation - Summary of activities of the share options (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of share options
Outstanding at the beginning	21,444,931
Grant	4,657,083
Forfeiture	(1,000)
Exercise	(19,427,760)
Outstanding at the end	6,673,254	21,444,931
Exercisable	5,211,516
Weighted average exercise price
Outstanding at the beginning	¥ 0.85
Grant	2.88
Forfeiture	0.01
Exercise	0.75
Outstanding at the end	2.57	¥ 0.85
Exercisable	¥ 2.68
Weighted remaining contractual years and aggregate intrinsic value
Weighted remaining contractual years - Outstanding	8 years 11 months 4 days	8 years 4 months 6 days
Weighted remaining contractual years - Exercisable	9 years 14 days
Aggregate intrinsic value - Outstanding	¥ 21,475	¥ 110,535
Aggregate intrinsic value - Exercisable	¥ 16,216
Weighted average grant date fair value	¥ 34.78	¥ 22.32	¥ 11.93

Lease - Supplemental Balance Sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Assets
Operating lease right-of-use assets	¥ 1,712,580	$ 241,212	¥ 1,932,000
Liabilities
Operating lease liabilities, current	295,721	41,651	319,598
Operating lease liabilities, non-current	1,583,178	$ 222,986	1,805,402
Total lease liabilities	¥ 1,878,899		¥ 2,125,000

Accrued expenses and other payables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accrued expenses and other payables
Payments received on behalf of manachised hotels	¥ 441,174		¥ 199,395
VAT and other taxes payable	68,719		19,871
Deposits	64,672		53,203
Service fee	64,211		15,648
Payable for purchase of property and equipment	16,079		12,617
Others	29,536		29,548
Total	¥ 684,391	$ 96,394	¥ 330,282

Ordinary shares with preference rights

12 Months Ended

Dec. 31, 2023

Ordinary shares with preference rights

Ordinary shares with preference rights

13.	Ordinary shares with preference rights

Prior to the Restructuring, as described further in Note 1, Atour Shanghai had issued ordinary shares with preferences rights to certain shareholders, including Series A Shares, Series B Shares and Series C Shares. In connection with the Restructuring, the affiliates of these shareholders acquired Class A ordinary shares of the Company with the same rights, preferences and privileges for the surrender of their respective equity interests in Atour Shanghai. The rights, preferences and privileges of Series A Shares, Series B Shares and Series C Shares of Atour Shanghai are described below.

Redemption rights

For Series C Shares, at any time of the occurrence of the following events, the holders of Series C Shares are entitled to request the Company to redeem all of the outstanding Series C Shares at the redemption price equal to one hundred percent (100%) of the Series C Shares issue price (RMB552,330), plus interest at a compound rate of eight percent (8%) per annum from the applicable issue date to the redemption payment date. (i) failure to complete a Qualified initial public offering (“IPO”) or a Whole Sale transaction as acknowledged by the Series C shareholders within the fifth anniversary of the Series C Shares issue dates (being July 25, 2017 and October 25, 2017). Whole Sale transaction is defined as either a sale of more than 50% equity interests of the Company, or a disposal of all or substantially all of the assets of the Company or an exclusive license of all or substantially all of the Company’s intellectual properties to a third party; (ii) any material change of the Company’s principal business, the founder and the other senior executives, which would result in substantial obstacle of completing a Qualified IPO, without the Series C shareholders’ approval; iii) any material breach of representations, commitments and undertakings made by the Company and/or the founder in connection with the Series C Share investment; (iv) any material breach of the fiduciary duty by the founder and/or other senior executives, which would result in substantial obstacle of completing a Qualified IPO.

For Series B Shares, upon the redemption of Series C Shares, and the occurrence of the following events: i) sale of over 50% equity interests of the Company, substantial assets sale or exclusive license of the substantial intellectual properties of the Company; 2) any material breach of representations, commitments and undertakings made by the Company and/or the founder in connection with the Series B Share investment, the holders of Series B Shares is entitled to request the Company to redeem all of the outstanding Series B Shares at the redemption price equal to one hundred percent (100%) of the Series B Shares issue price (RMB167,500), plus interest at a compound rate of ten percent (10%) per annum from the applicable issue date (January 8, 2015) to the redemption payment date.

For Series A Shares, they are only redeemable upon the liquidation events.

Liquidation preference

Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the holders of Series C Shares, Series B Shares and Series A Shares have the top, secondary and third priority, respectively, to be distributed or paid in preference to the other ordinary shareholders: (i) Each holder of Series C Shares, shall be entitled to receive an amount equal to one hundred percent (100%) of the applicable issue price plus interest at a compound rate of eight percent (8%) per annum from the applicable issue date to the payment date; ii) each holder of Series B Shares and Series A Shares shall be entitled to receive an amount equal to one hundred percent (100%) of the applicable issue price plus interest at a simple rate of six percent (6%) per annum from the applicable issue date to the payment date. For Series A Shares, the applicable issue price is RMB49,000 and the issue date is December 23, 2012.

Accounting for the ordinary shares with preference rights

The Company had classified the ordinary share with redemption rights, representing Series B and Series C Shares of Atour Shanghai prior to the Restructuring, in the mezzanine equity in the consolidated balance sheets as they are contingently redeemable upon the occurrence of certain events outside of the Company’s control. The Company concluded the embedded redemption option of the Series B and Series C Shares did not need to be bifurcated pursuant to ASC 815 because these terms do not permit net settlement, nor they can be readily settled net by a means outside the contract, nor they can provide for delivery of an asset that puts the holders in a position not substantially different from net settlement. The Series B and Series C Shares were presented as redeemable Class A ordinary shares in the Company’s consolidated balance sheets.

The Company had classified the ordinary shares with liquidation preference, representing Series A Shares of Atour Shanghai prior to the Restructuring in permanent equity as they are only redeemable upon the liquidation events. The Series A Shares were presented as Class A ordinary shares with liquidation preference in the Company’s consolidated balance sheets.

For Series B Shares, no subsequent adjustment was made on the carrying amount as they were not probable to be redeemed.

For Series C Shares, the Company concluded that it was probable that they would become redeemable and elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the redeemable shares to equal the redemption value at the end of each reporting period. The accretions, if any, are recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit.

In connection with the submission of the draft registration statement for the Company’s proposed IPO, and pursuant to the reorganization framework agreement entered into by Atour Shanghai and its shareholders in February 2021, the preference rights (including liquidation preference and redemption rights, where applicable) of Series A, B and C Shares were terminated on April 8, 2021. The redeemable Series B and C Shares were reclassified from mezzanine equity to permanent equity and Series A Shares with liquidation preference were reclassified to Class A ordinary shares within permanent equity on April 8, 2021 as a result of the termination of the preference rights.

The Company’s Series C Shares activities for the year ended December 31, 2021 consist of the following:


		As of December 31,
		2021
		RMB
Balance at the beginning of the year		713,893
Accretion to the redemption value of redeemable Class A ordinary Shares		15,115
Reclassification of redeemable Class A ordinary shares to Class A ordinary shares		(729,008)
Balance at the end of the year		—

Significant accounting policies

12 Months Ended

Dec. 31, 2023

Significant accounting policies

Significant accounting policies

2.	Significant accounting policies

(a)

Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

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 consolidated financial statements have been reclassified to conform to the current year’s presentation.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance replaces the incurred loss impairment methodology with an expected credit loss model for which a company recognizes an allowance based on the estimate of expected credit loss. ASU 2016-13 was further amended in November 2019 by ASU 2019-10. The Group adopted the guidance on January 1, 2023, using the modified retrospective approach through a cumulative-effect adjustment to accumulated deficit as of the effective date to align the Group’s current processes for establishing an allowance for credit losses with the new guidance. Upon adoption, the Group recorded an adjustment of RMB1,028 (net of related impact on deferred taxes) to opening accumulated deficit related to the credit allowance for accounts receivable and prepayments and other current assets. The adoption of ASU 2016-13 did not have a material impact on the consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08 Business Combinations (Topic 805) — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). It requires issuers to apply ASC 606 Revenue from Contracts with Customers to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The Group adopted the new standard on January 1, 2023, and the adoption did not have a material impact on the consolidated financial statements.

(b)

Principles of consolidation

The Company’s consolidated financial statements include the financial statements of the Company and its subsidiaries.

All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

(c)

Use of estimates

The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the balance sheet date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 consolidated financial statements.

(d)

Convenience translation

Translations of balances in the consolidated financial statements from RMB into United States dollars (“USD”) as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of USD1.00=RMB7.0999 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on December 31, 2023, or at any other rate. The USD convenience translation is not required under U.S. GAAP and all USD convenience translation amounts in the accompanying consolidated financial statements are unaudited.

(e)

Functional currency and foreign currency translation

The Group’s reporting currency is RMB. RMB is the currency of the primary economic environment in which the Group operates. The functional currency of the Company and Hong Kong subsidiary is the United States dollars (“USD”). The functional currency of the Company’s PRC subsidiaries is the RMB. The Group determined its functional currency to be RMB based on the criteria of Accounting Standards Codification (“ASC”) 830, Foreign Currency Matters.

Transactions denominated in currencies other than the functional currency are remeasured into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are remeasured into the functional currency using the applicable exchange rate at the balance sheet date. The resulted exchange differences are recorded in the other (expenses) income, net in the consolidated statements of comprehensive income.

The results of foreign operations are translated into RMB at the exchange rates as of the balance sheet date for assets and liabilities, the average daily exchange rate for each month for income and expense items and the historical exchange rates for equity accounts. Translation gains and losses are recorded in other comprehensive income (loss) and accumulated in the translation adjustment component of equity until the sale or liquidation of the foreign entity.

(f)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, and highly liquid investments. The Group considers highly liquid investments that are readily convertible into known amounts of cash and with a maturity of three months or less when purchased to be cash equivalents. The Group’s cash and cash equivalents are deposited in financial institutions at the following locations:


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland PRC
—Denominated in Chinese Renminbi (“RMB”)	1,290,408	2,414,169
—Denominated in USD	3,541	3,614
Total cash balances held at mainland PRC financial institutions	1,293,949	2,417,783
Hong Kong
—Denominated in RMB	9,884	9,904
—Denominated in USD	5,990	194,145
Total cash balances held at the Hong Kong financial institutions	15,874	204,049
Cayman Islands
—Denominated in RMB	273	272
—Denominated in USD	279,065	218,703
Total cash balances held at the Cayman Islands financial institutions	279,338	218,975
Total cash and cash equivalents balances held at financial institutions	1,589,161	2,840,807

(g)

Restricted cash

Restricted cash mainly consists of security deposits as requested by local government agencies and landlords. Restricted cash is classified as either current or non-current based on when the funds will be released in accordance with the terms of the respective agreement for the establishment.

(h)

Short-term investments

Short-term investments include wealth management products with original maturities less than one year when purchased, which are with variable return and principal amounts are not guaranteed. These investments are placed with financial institutions and measured at fair value. The fair value change of the short-term investments was recorded in gain from short-term investments in the consolidated statements of comprehensive income.

(i)

Accounts receivable, net

Accounts receivable primarily consists of receivables from franchisees, corporate customers, travel agencies and hotel guests, which are recognized and carried at the original invoice amount less an allowance for doubtful accounts. The Group establishes an allowance for doubtful accounts based upon the current expected credit losses (“CECL”) model. The CECL model requires an estimate of the credit losses expected over the life of accounts receivable since initial recognition, and accounts receivable with similar risk characteristics are grouped together when estimating CECL. In assessing the CECL, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical credit loss experience, adjusted for relevant factors impacting collectability and forward-looking information indicative of external market conditions. Accounts receivable balances are charged off against the allowance after all means of collection have been exhausted. As of December 31, 2022 and 2023, the Group does not have any off-balance-sheet credit exposure relate to its franchisees and other customers.

(j)

Contract costs

Contract costs are the incremental costs of obtaining a contract with a customer. Incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (e.g. an incremental sales commission). Incremental costs of obtaining a contract are capitalized when incurred if the costs relate to revenue which will be recognized in a future reporting period and the costs are expected to be recovered. Other costs of obtaining a contract are expensed when incurred. Capitalized contract costs are amortized on straight-line basis over the fixed franchise and management agreement term considering the expected beneficial period from the contract cost asset is the fixed contract term. Capitalized contract costs are stated at cost less accumulated amortization and impairment losses.

Contract costs capitalized as of December 31, 2022 and 2023 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 consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 were RMB7,870, RMB9,832 and RMB12,318, respectively.

(k)

Inventories

Inventories mainly consists of lifestyle products, small appliances and daily consumables, which are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Valuation of inventories is based on currently available information about net realizable value. The estimate is dependent upon factors such as historical trends of similar merchandise, inventory aging, historical and forecasted consumer demand and promotional environment. When evidence exists that the net realizable value of inventory is lower than its cost, a write-down is recognized in operating costs in the consolidated statements of comprehensive income in the period when it occurs.

(l)

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and any impairment.

The estimated useful lives are presented below.


Leasehold improvements		Shorter of the lease term and the estimated useful lives of the assets
Equipment, fixtures and furniture, and other fixed assets		5 - 10 years

Depreciation commences when the asset is ready for its intended use. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Expenditures for repairs and maintenance are expensed as incurred. Gains or losses arising from the disposal of an item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of disposal.

(m)

Capitalized interest

Interest costs that are directly attributable to the construction of an asset which necessarily takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of that asset. The capitalization of interest costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, interest costs are being incurred and activities that are necessary to prepare the asset for its intended use are in progress. Capitalization of interest costs is ceased when the asset is substantially complete and ready for its intended use.

A reconciliation of total interest costs to interest expense as reported in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 is as follows:


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Total interest expense	9,469	6,501	5,005
Less: interest expense capitalized	(1,532)	—	—
Interest expense	7,937	6,501	5,005

(n)

Intangible assets, net

Intangible assets consist primarily of software.

Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives. The amortization period is as follows:

Purchased software

3 - 10 years

(o)

Leases

The Group adopted ASC 842 on January 1, 2022, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2022, and has not recast the comparative periods presented in the consolidated financial statements.

Prior to the adoption of ASC 842, operating leases were not recognized on the balance sheet, but rent expenses with fixed escalating payments and/or rent holidays were recognized on a straight-line basis over the lease term.

Upon the adoption of ASC 842, right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases.

For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. The lease liability is subsequently measured at amortized cost using the effective-interest method. As the rate implicit in the lease cannot be readily determined, the Group uses the incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest that the Group would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term.

The lease term for all of the Group’s leases includes the noncancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Group is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.

For operating leases, the right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received.

For operating leases, lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on a rate or index are expensed as incurred.

Right-of-use assets for operating leases are occasionally reduced by impairment losses. See Note 2(p).

The Group monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding right-of-use asset unless doing so would reduce the carrying amount of the right-of-use asset to an amount less than zero. In that case, the right-of-use asset is reduced to zero and the remainder of the adjustment is recorded in profit or loss.

The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Group recognizes the lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

The Group’s leases generally include non-lease maintenance services (i.e. common area maintenance). The Group has elected the practical expedient to account for the lease and non-lease maintenance components as a single lease component. Therefore, the lease payments used to measure the lease liability include all the fixed consideration in the contract.

As of December 31, 2022 and 2023, the Group does not have any material finance leases.

(p)

Impairment of long-lived assets

Long-lived assets, such as property and equipment and operating lease right of use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purposes of impairment testing of long-lived assets of leased hotel, the Group has concluded that an individual hotel is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. When there are circumstances that require the long-lived assets of a hotel be tested for possible impairment, the Group first compares undiscounted cash flows generated by the assets to the carrying amount Key assumptions used in undiscounted cash flows include the average daily rates and occupancy rates. If the carrying amount of the long-lived assets is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

The Group recognized RMB60,517 of impairment losses of leased hotels, which included RMB55,403 for property and equipment and RMB5,114 for operating lease right of use assets, in hotel operating costs in the consolidated statements of comprehensive income for the year ended December 31, 2023. The impairment losses recognized were due to the carrying amounts of these long-lived assets were not recoverable by the undiscounted cash flows. The fair values of these long-lived assets were primarily represented by the price market participant would pay to sub-lease the operating lease right of use assets and acquire remaining property and equipment assets, which reflected the highest and best use of these assets. Significant unobservable inputs used in the fair value measurement include future market rental prices, which were determined with the assistance of an independent valuation specialist.

No impairment losses were recognized for long-lived assets for the years ended December 31, 2021 and 2022.

(q)

Business combination

Business combination is recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interests of the acquiree at the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquiree and fair value of previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Consideration transferred in a business acquisition is measured at the fair value as of the date of acquisition.

(r)

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination.

Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. Goodwill is tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Group performs its annual impairment review of goodwill at December 31 of each year.

The Group has determined that it has one reporting unit, which is also its only reportable segment.

The Group has the option to perform a qualitative assessment to determine whether it is more-likely-than not that the fair value of a reporting unit is less than its carrying value prior to performing the goodwill impairment test. If it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, the goodwill impairment test is not required. If the goodwill impairment test is required, the fair value of the reporting unit is compared with its carrying amount (including goodwill). If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess.

Application of the goodwill impairment test requires judgment, including the determination of the fair value of reporting unit. Estimating fair value is performed by utilizing various valuation techniques, with a primary technique being a discounted cash flow which requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group’s business, estimation of the useful life over which cash flows will occur, and determination of the Group’s weighted average cost of capital.

No impairment losses were recorded for goodwill for the years ended December 31, 2021, 2022 and 2023.

(s)

Value-added-tax (“VAT”)

Entities that are VAT general taxpayers are permitted to offset qualified input VAT paid to suppliers against their output VAT upon receipt of appropriate supplier VAT invoices on an entity-by-entity basis. When the output VAT exceeds the input VAT, the difference is remitted to tax authorities, usually on a monthly basis; whereas when the input VAT exceeds the output VAT, the difference is treated as VAT recoverable which can be carried forward indefinitely to offset future net VAT payables. VAT related to purchases and sales which have not been settled at the balance sheet date is disclosed separately as an asset and liability, respectively, in the consolidated balance sheet.

For entities engaged in hospitality industry, the input VAT credit is entitled to additional 10% deduction from April 1, 2019 to December 31, 2023. For the years ended December 31, 2021, 2022 and 2023, the Group recognized RMB12,864, RMB12,035 and RMB12,650 of input VAT additional deduction benefit, respectively, and included in other operating income in the consolidated statements of comprehensive income.

(t)

Asset retirement costs

The Group’s asset retirement obligations are primarily related to its leased hotels, of which the majority are leased under long-term arrangements, and, in certain cases, are required to be returned to the landlords in their original condition. The fair value of a liability for an asset retirement obligation is recognized in the period in which it is incurred. The corresponding asset retirement costs are capitalized as part of the cost of leasehold improvements and are depreciated over the shorter of the asset’s useful life or the term of the lease subsequent to the initial measurement. The Group accretes the liability in relation to the asset retirement obligations over time and the accretion expense is recorded in hotel operating costs in the consolidated statements of comprehensive income.

Asset retirement obligations are recorded in other non-current liabilities. The following table summarizes the activities of the asset retirement obligation liability:


	As of December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	3,597	3,773
Accretion expense	176	185
Balance at the end of the year	3,773	3,958

(u)

Revenue recognition

Revenue is primarily derived from contracts of manachised hotels with third party franchisees, products and services in leased hotels, as well as sales of lifestyle products via the e-commence platforms and hotel shops.

Manachised hotel revenues

The franchise and management agreements primarily contain the following promised goods or services:

●

Intellectual Property (“IP”) license grants the right to access the Group’s hotel system IP, including brand names.

●

Pre-opening services (e.g. central reservation system installation service, and services related to the assistance on employees training and other hotel opening preparation activities).

●

Hotel management services include providing day-to-day management services of the hotels for the franchisees and central reservation system maintenance services.

●

Sales of hotel supplies and other products.

The promises to provide pre-opening services (e.g. information system installation service, and services related to the assistance on employees training and other hotel opening preparation activities) are not considered distinct performance obligation because they are highly interrelated with the IP license. Therefore, the promises to provide these pre-opening services have been combined with the related IP license as a single performance obligation.

Manachised hotel revenues are derived from franchise and management agreements where the franchisees are primarily required to pay (i) upfront franchise fees, (ii) continuing franchise fees, which primarily consist of on-going franchise and management fees, hotel managers fees and central reservation system usage and maintenance fees; and iii) fees for purchase of hotel supplies and other products.

The transaction prices are allocated to the performance obligations based on the standalone selling prices of each component.

Upfront franchise fees are typically fixed and collected upfront and recognized as revenue on a straight- line basis over the term of the franchise contract. The Group does not consider that the upfront franchise fees give rise to a significant financing component, since the primary purpose of the upfront franchise fee is to protect the Group from failure by franchisees to comply with the terms in the contract.

On-going franchise and management fees are generally calculated as a certain percentage of the revenues of the manachised hotel, which are due and payable on a monthly basis and revenue is recognized over time as services are rendered. Hotel managers fees are also billed and collected monthly and revenue is recognized over time as services are rendered. Central reservation system usage and maintenance fees are recognized as a certain percentage of the revenues generated from central reservation system channel.

Revenue from sales of hotel supplies and other products is recognized at a point of time when the control of the goods is transferred to the customers, generally when the goods are delivered to the customer and the customer has obtained the physical possession and legal title of the goods.

The Group also in certain cases provides hotel renovation services to franchisees to convert their buildings suitable for hotel use. When the renovation revenue can be reasonably measured, such revenue is recognized progressively over time using the output method, based on the surveys of performance by the Group’s experts who review the work performed to date under each contract. When the renovation revenue cannot be reasonably measured, such revenue is recognized only to the extent of contract costs incurred that are expected to be recovered. The hotel renovation service revenue is included in manachised hotels revenues in the consolidated statements of comprehensive income.

Leased hotel revenues

Leased hotel revenues are primarily derived from the rental of rooms, food and beverage sales and other ancillary services, including but not limited to laundry, parking and conference reservation. Each of these products and services represents a distinct performance obligation and, in exchange for these products and services, the Group receives fixed amounts based on published or negotiated prices. Payment is due in full at the time when the services are rendered or the goods are provided. Room rental revenue is recognized on a daily basis when rooms are occupied. Food and beverage revenue and other services revenue are recognized when they have been delivered or rendered to the guests as the respective performance obligations are satisfied.

Retail revenues

Revenues from sales from lifestyle products through the e-commence platforms and hotel shops are recognized when the control of the goods is transferred to the customers, generally when the goods are delivered to the customer and the customer has obtained the physical possession and the legal title of the goods.

Customer loyalty program

The Group invites its customers to participate in a membership program with different tiers of membership. Members could pay a membership fee for a higher membership tier.

Under the membership program, members earn loyalty points, which generally expire two years after being earned and can be redeemed for future products and services. Points earned by loyalty program members represent a material right to free or discounted goods or services in the future. The Group is responsible for providing or arranging for the provision of those free or discounted goods or services in exchange. The Group is acting as a principal if the members redeem the points for the room nights in leased hotels or other lifestyle products. The Group is acting as an agent if the members redeem the points for room nights in manachised hotels.

For points earned in leased hotels, a portion of the leased hotel revenues is deferred until the members redeem points. For points earned in manachised hotels, the Group collects a loyalty program management fee from manachised hotels at a fixed rate per point. Such loyalty program management fee is recognized on a net basis by netting off refunds to manachised hotels when members redeem the points for room nights in manachised hotels, and is included in manachised hotels revenues in the consolidated statements of comprehensive income.

The Group estimates breakage for loyalty points that members will never redeem based on the Group’s historical experience and expectations of future member behavior and re-assess the estimate at the end of each reporting period. The estimated breakage for points earned in manachised hotels are also recognized as manachised hotels revenues in the consolidated statements of comprehensive income.

Membership fee from the Group’s customer loyalty program is recognized on a straight-line basis over the membership period, which is included in other revenues in the consolidated statements of comprehensive income.

(v)

Contract assets and deferred revenue

Contract assets primarily represent revenue earned that is not yet billable based on the terms of the contracts. The amount of impairment losses of contract assets recognized in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 were nil, nil and RMB28,819.

Cash proceeds received from customers are recorded as deferred revenue before the Group performs under the contracts.

Contract assets and deferred revenue are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the consolidated balance sheet when the Group expects to realize within one year from the balance sheet date. Deferred revenue is classified as current in the consolidated balance sheet when the Group expects to settle within one year from the balance sheet date.

(w)

Government grant

Government subsidies are received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. Such subsidies allow the Group full discretion to utilize the funds and are used by the Group for general corporate purposes. During the years ended December 31, 2021, 2022 and 2023, the Group received financial subsidies of RMB9,507, RMB26,059 and RMB70,529 from various local PRC government authorities, respectively, which primarily consist of government subsidies for headquarter office. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. Such amounts are recorded as other operating income in the consolidated statements of comprehensive income, when received as the amount of the subsidies and the timing of payment are determined solely at the discretion of the relevant government authorities and there is no assurance that the Group will continue to receive any or similar subsidies in the future.

There were no significant commitment or contingencies for the government subsidies received for the years ended December 31, 2021, 2022 and 2023.

(x)

Advertising and promotion expenses

Advertising and promotion related expenses primarily consist of advertising costs including production costs of marketing materials and the promotion related service fees of e-commerce platforms for retail business, which are charged to the consolidated statements of comprehensive income as incurred and amounted to RMB64,226 and RMB74,963 and RMB302,459 for the years ended December 31, 2021, 2022 and 2023, respectively.

(y)

Technology and development expenses

Technology and development expenses are expensed as incurred, mainly consist of (i) staff costs incurred for the self-developed hotel operation, reservation systems and other systems related to sales of hotel supplies and retail business, (ii) servers and cloud infrastructure costs, (iii) retail products development costs, (iv)other expenses related to technology and development functions.

(z)

Pre-opening expenses

For leased hotels, the Group expenses all costs incurred in connection with start-up activities. Pre- opening expenses primarily include rental expenses and staff costs incurred during the hotel pre-opening period.

(aa) Employee benefits

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Chinese labor regulations require that the Company’s PRC subsidiaries make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions made.

Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB110,194, RMB129,254 and RMB160,825 and for the years ended December 31, 2021, 2022 and 2023.

(ab) Income taxes

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws are recognized in the consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted.

The Group reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is “more-likely-than-not” that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a “more-likely-than-not” realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, and the Group’s experience with operating loss and tax credit carryforwards, if any, not expiring.

The Group recognizes in its financial statements the impact of a tax position if that position is “more likely-than-not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more-likely-than-not” recognition threshold is measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Changes in recognition or measurement is reflected in the period in which the change in judgment occurs. Interest and penalties recognized related to unrecognized tax benefits are classified as income tax expense in the consolidated statements of comprehensive income.

(ac) Share based compensation

The Group accounts for the compensation cost from share-based payment transactions with employees based on the grant-date fair value of the equity instrument issued.

For graded-vesting awards with service conditions only, the grant-date fair value of the award is recognized as compensation expense on a straight-line basis, over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. The cumulative amount of compensation cost recognized at any point in time is at least equal the portion of the grant-date fair value of the award that is vested at that date. For graded vesting awards with service conditions and performance conditions, the compensation expense is recognized on a tranche-by-tranche basis when the performance goal becomes probable to achieve.

When no future services are required to be performed by the employee in exchange for an award of equity instruments, and if such award does not contain a performance or market condition, the cost of the award is expensed on the grant date.

(ad) Statutory reserve

In accordance with the Company Laws of the PRC, the PRC Entities registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non- distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits as determined in accordance with the legal requirements in the PRC. Appropriation is not required if the surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is made at the discretion of the respective company.

The use of the statutory reserves is restricted to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation.

As of December 31, 2022 and 2023, the PRC statutory reserve funds amounted to RMB83,858 and RMB126,297, respectively.

(ae) Segment reporting

The Group uses the management approach in determining its operating segments. The Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. For the purpose of internal reporting and management’s operation review, the Group’s Chief Executive Officer does not segregate the Group’s business by product or service lines. Management has determined that the Group has one operating segment, which is the Atour Group.

(af) Contingencies

In the normal course of business, the Group is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, 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. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed.

(ag) Fair value measurements

The Group applies ASC 820, Fair Value measurements and Disclosures, for fair value measurements financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring and non-recurring basis.

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.

ASC 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes three levels of inputs that may be used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

●

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date.

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 inputs are unobservable inputs for the asset or liability.

The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances.

The Group classifies its short-term investments within Level 2 in the fair value hierarchy because it uses alternative pricing sources and models utilizing market observable inputs to determine their fair value.

The Group’s other financial instruments primarily include cash and cash equivalent, restricted cash, accounts receivable, prepayments and other current assets, amounts due from related parties, accounts payable, amounts due to related parties, accrued expenses and other payables, and short-term borrowings. The carrying amounts of these short-term financial instruments approximate their fair value due to their short-term nature.

(ah) Net income per ordinary share

Basic income per ordinary share is computed by dividing net income available to the Company’s ordinary shareholders by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on participating rights in undistributed earnings. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings per share as of the date that all necessary conditions have been satisfied.

Diluted income per ordinary share is calculated by dividing net income available to the Company’s ordinary shareholders as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary and dilutive ordinary share equivalents outstanding during the year. Potential dilutive securities are not included in the calculation of diluted income per ordinary share if the impact is anti-dilutive.

(ai) Recently issued accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”), requiring public business entities to provide disclosures of significant expenses and other segment items. The guidance also requires public entities to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. For the Group, ASU 2023-07 is effective for annual periods from January 1, 2024, and for interim periods from January 1, 2025, with early adoption permitted. We don’t expect significant impact the adoption of this standard may have on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (“ASU 2023-09”), requiring public business entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. ASU 2023-09 is effective for the Group from January 1, 2025, with early adoption permitted. We don’t expect significant impact the adoption of this standard may have on the consolidated financial statements.

(aj) Risks and concentration

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.

Credit risk

The Group’s credit risk primarily arises from cash and cash equivalents, short-term investments, accounts receivable and amount 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.

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.


	As of December 31,
	2021	2022	2023
Vendor A	*	*	14	%

Less than 10%

Related party transactions - Major transactions with related parties (Details) - Trip.com Group - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Hotel reservation payments collected on behalf of the Group
Related party transactions
Amounts of transaction	¥ 1,441,229	¥ 692,771	¥ 588,238
Hotel reservation service fees
Related party transactions
Amounts of transaction	¥ 28,686	¥ 11,334	¥ 21,276

Borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Borrowings
Short-term borrowings	¥ 70,000	$ 9,859	¥ 142,828
Current portion of long-term borrowings			29,130
Long-term borrowings, non-current portion	2,000	$ 282	2,000
Bank loans
Borrowings
Short-term borrowings	70,000		141,000
Current portion of long-term borrowings			29,130
Loan from third parties
Borrowings
Short-term borrowings			1,828
Long-term borrowings, non-current portion	¥ 2,000		¥ 2,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings - Weighted average interest rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Weighted average interest rates of short-term borrowings	3.30%	3.70%

Revenue - Contract assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Current	¥ 5,184	¥ 8,741
Non-current	54,446	58,288
Subtotal	59,630	67,029
Less: allowance for doubtful accounts	(28,819)
Total contract assets	¥ 30,811	¥ 67,029

Income tax

12 Months Ended

Dec. 31, 2023

Income tax

Income tax

9.	Income tax

(a)

Income tax

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.

Hong Kong

Under the current Hong Kong Inland Revenue Ordinance, the Company’s Hong Kong subsidiary is subject to Hong Kong profits tax at the rate of 16.5% on its taxable income generated from operations in Hong Kong. A two-tiered Profits Tax rates regime was introduced since year 2018 where the first HK$2,000 of assessable profits earned by a company will be taxed at 8.25% and the remaining profits will be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates.

PRC

Under the Law of the PRC on Enterprise Income Tax (“EIT Law”), which was effective from January 1, 2008, the Company’s PRC subsidiaries are subject to a uniform tax rate of 25%, and the industries and projects that are encouraged and supported by the State may enjoy tax preferential treatment.

Shanghai Chengduo Information Technology Co., Ltd. has been accredited as a software enterprise company since 2022. It qualifies for the tax holiday during which it is entitled to an exemption from EIT for two years commencing from its first profit-making year of operation and the 50% reduction of EIT for the following three years. The software enterprise qualification is subject to an annual assessment.

Under the EIT Law and its implementation rules, an enterprise established outside China with a “place of effective management” within China is considered a China resident enterprise for Chinese enterprise income tax purposes. A China resident enterprise is generally subject to certain Chinese tax reporting obligations and a uniform 25% enterprise income tax rate on its worldwide income. The implementation rules to the EIT Law provide that non-resident legal entities are considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc., occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC are deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income tax at a rate of 25%.

Dividends paid to non-PRC-resident corporate investor from profits earned by the PRC subsidiaries after January 1, 2008 would be subject to a withholding tax. The EIT Law and its relevant regulations impose a withholding tax at 10%, unless reduced by a tax treaty or agreement, for dividends distributed by a PRC-resident enterprise to its non-PRC-resident corporate investor for earnings generated beginning on January 1, 2008.

Income tax expense consists of the following:


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax expense	73,613	74,300	275,107
Deferred income tax (benefit) expense	(9,396)	10,174	(32,071)
Total	64,217	84,474	243,036

The actual income tax expenses reported in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 differ from the amount computed by applying the PRC statutory income tax rate of 25% to income before income taxes due to the following:


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Income before income taxes	203,887	180,556	982,093
Computed expected tax expense	50,972	45,139	245,523
Increase (decrease) in income taxes resulting from:
Non-deductible expenses	2,721	1,619	8,080
Additional deduction for research and development expenses	(9,922)	(8,714)	(5,249)
Share-based compensation	—	40,798	40,995
Tax loss expiration	—	2,800	30
Change in valuation allowance	19,066	1,085	(68)
Tax rate difference due to different jurisdiction	—	—	(1,354)
PRC preferential tax rate	—	—	(44,557)
Others	1,380	1,747	(364)
Total	64,217	84,474	243,036

(b)

Deferred taxes

The tax effects of temporary differences that give rise to the deferred tax assets (liabilities) balances as of December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets (liabilities)
Tax losses carried forward	77,103	53,219
Allowance for doubtful accounts	6,523	16,944
Accrued payroll and other expenses	8,783	14,383
Inventory impairment	1,099	968
Deferred revenue	74,816	94,427
Contract costs	(16,818)	(24,556)
Operating lease liabilities	486,083	430,732
Operating lease right-of-use assets	(483,000)	(428,145)
Property and equipment	33,280	44,508
Excessive advertising and promotional expenses	262	18,056
Others	1,842	1,783
Total gross deferred tax assets	189,973	222,319
Valuation allowance on deferred tax assets	(77,440)	(77,372)
Deferred tax assets, net of valuation allowance	112,533	144,947

Reported in consolidated balance sheets as:


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets	112,533	144,947
Deferred tax liabilities	—	—
Net deferred tax assets	112,533	144,947

The Company has not recognized any deferred tax liability for the undistributed earnings of the PRC-resident enterprise as of December 31, 2022 and 2023, as the Company plans to permanently reinvest these earnings in the PRC. The Company intends to retain any future earnings for use in the operation and expansion of its business in the PRC. As of December 31,2023, the total amount of undistributed earnings from the PRC subsidiaries for which no withholding tax has been accrued was RMB1,684,402. The unrecognized deferred tax liability would be RMB168,440 subject to the foreign withholding tax rate of 10%.

The movement of the valuation allowance is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	76,355	77,440
(Reversal) addition during the year	3,885	(38)
Reduction as a result of expiry of net operating loss carried forward	(2,800)	(30)
Balance at the end of the year	77,440	77,372

The valuation allowance as of December 31, 2022 and 2023 was primarily provided for the deferred tax assets of certain PRC subsidiaries, which were in cumulative loss positions. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment.

The net operating losses carry forward of the Company’s PRC subsidiaries amounted to RMB212,876 as of December 31, 2023, of which RMB12,624, RMB41,545, RMB87,997 and RMB56,223, RMB14,487 will expire if unused by December 31, 2024, 2025, 2026, 2027 and 2028, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Revenue - Deferred revenue balances (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred revenue from contracts with customers
Upfront franchise fees	¥ 420,421	¥ 319,537
Advances from sales of hotel supplies and other products	238,739	92,144
Loyalty program	44,787	36,877
Others	71,574	32,279
Deferred revenue	775,521	480,837
Recognized revenues which were included in deferred revenue	¥ 170,085	¥ 170,768	¥ 160,633

Share based compensation

12 Months Ended

Dec. 31, 2023

Share based compensation

Share based compensation

16.	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 one 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 one to four years. Options granted are valid and effective for 10 years from the grant date.

A summary of activities of the share options for the years ended December 31, 2023 is presented below:


		Weighted		Aggregate
	Number of	average	Weighted remaining	intrinsic
	share options	exercise price per share	contractual years	value
		USD		USD
Outstanding at January 1, 2023	21,444,931	0.85	8.35	110,535
Grant	4,657,083	2.88
Forfeiture	(1,000)	0.01
Exercise	(19,427,760)	0.75
Outstanding at December 31, 2023	6,673,254	2.57	8.93	21,475
Exercisable as of December 31, 2023	5,211,516	2.68	9.04	16,216

The weight average grant fate fair value of the share options grated during the years ended December 2021, 2022 and 2023 was RMB11.93, RMB22.32 and RMB34.78, respectively.

As of December 31, 2023, RMB27,705 of unrecognized compensation expense related to unvested share options is expected to be recognized over a remaining weighted-average vesting period of approximately 2.85 years. The total fair value at grant date of share options held by the Group’s employees that vested during 2023 was RMB159,957.

The fair value of the share options granted is estimated on the date of grant using the binomial option pricing model with the following assumptions used.


	2021		2022		2023
Risk-free rate of return⁽¹⁾	1.7%-3.2	%	3.1%-4.0	%	3.4%-3.8	%
Volatility⁽²⁾	34.6%-37.6	%	39.0%-40.4	%	40.2%-46.5	%
Expected dividend yield⁽³⁾	0	%	0	%	0	%
Fair value of ordinary share (in RMB)⁽⁴⁾	11.9-31.7		28.8-43.6		42.0-62.9
Exercise Multiple⁽⁵⁾	2.2		2.2		2.2-2.8
Expected term⁽⁶⁾	10		10		10

(1)Risk-free rate was estimated based on the yield of USD Treasury Strips for share options granted under the Public Company Plan as of the valuation date for a term consistent with the option life.

(2)Expected volatility was assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected term of each grant.

(3)The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the share options.

(4)Prior to IPO, the estimated fair value of the ordinary shares at the grant dates was estimated by management with the assistance of an independent valuation firm. The Company first determined its enterprise value by using income approach, which required the estimation of future cash flows, and the application of an appropriate discount rate with reference to comparable listed companies engaged in the similar industry to convert such future cash flows to a single present value. After the Company’s IPO, the fair value of the underlying ordinary share is the closing price of the Company’s ordinary shares traded in the open market as of the grant date.

(5)The expected exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it was estimated by referencing to a widely accepted academic research publication.

(6)The expected term is the contract life of the option from grant date.

For the years ended December 31, 2021, the Group did not recognize any share-based compensation expenses for the share options granted as all awards contain a performance condition which is contingent upon the completion of a Qualified IPO and is not considered probable until the event happens.

Upon the completion of IPO in November 2022, the Group immediately recognized share-based compensation expenses of RMB96,605 of share options vested cumulatively. For the year ended December 31, 2022, the Group recognized RMB163,193 share-based compensation expenses.

For the years ended December 31, 2023, the Group recognized RMB163,978 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 years ended December 31, 2022 and 2023 is presented below:


	Years ended December 31,
	2022	2023
	RMB	RMB
Hotel operating costs	2,111	1,286
Selling and marketing expenses	618	391
General and administrative expenses	160,464	162,301
Total	163,193	163,978

Significant accounting policies - Asset retirement costs (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant accounting policies
Balance at the beginning of the year	¥ 3,773	¥ 3,597
Accretion expense	185	176
Balance at the end of the year	¥ 3,958	¥ 3,773

Intangible assets, net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible assets, net
Amortization expense recognized	¥ 1,290	¥ 1,088	¥ 1,302

Income tax - Actual income tax expenses differ from the amount computed by applying the PRC statutory income tax rate (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income tax
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Actual income tax expenses differ from the amount computed by applying the PRC statutory income tax rate
Income before income taxes	¥ 982,093	$ 138,325	¥ 180,556	¥ 203,887
Computed expected tax expense	245,523		45,139	50,972
Increase (decrease) in income taxes resulting from:
Non-deductible expenses	8,080		1,619	2,721
Additional deduction for research and development expenses	(5,249)		(8,714)	(9,922)
Share-based compensation	40,995		40,798
Tax loss expiration	30		2,800
Change in valuation allowance	(68)		1,085	19,066
Tax rate difference due to different jurisdiction	(1,354)
PRC preferential tax rate	(44,557)
Others	(364)		1,747	1,380
Total	¥ 243,036	$ 34,231	¥ 84,474	¥ 64,217

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

5.	Intangible assets, net

Intangible assets, net, consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Purchased software	11,055	11,055
Total cost	11,055	11,055
Less: accumulated amortization	(5,518)	(6,808)
Intangible assets, net	5,537	4,247

Amortization expense recognized for the years ended December 31, 2021, 2022 and 2023 was RMB1,302, RMB1,088 and RMB1,290 respectively.

Estimated amortization expense of the existing intangible assets is as follows:


		RMB
For the year ending December 31, 2024		1,015
2025		1,012
2026		753
2027		603
2028		263
Thereafter		601
Total		4,247

Description of the business and organization (Details)	12 Months Ended
Description of the business and organization (Details)	Dec. 31, 2023
Minimum
Description of the business and organization
Term of franchise and management agreements (in years)	8 years
Maximum
Description of the business and organization
Term of franchise and management agreements (in years)	15 years
Atour (Tianjin) Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Atour Business Management (Group) Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Xi'an Jiaduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Gongyu (Shanghai) Culture Communication Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Qingju Investment Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Fuzhou Hailian Atour Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	51.00%
Chengdu Zhongchengyaduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Hongwang Financial Information Service Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Shankuai Information Technology Co.,Ltd
Description of the business and organization
% of Ownership	100.00%
Hangzhou Anduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Leiduo Information Technology Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Yueduo (Shanghai) Apartment Management Service Co., Ltd
Description of the business and organization
% of Ownership	80.00%
Shanghai Naiduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Zhouduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Chengduo Information Technology Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Beijing Chengduo Data Technology Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Xiangduo Enterprise Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Guiduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Atour (Shanghai) Travel Agency Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Guangzhou Zhongduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Banduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Beijing Yueduo Property Management Co., Ltd
Description of the business and organization
% of Ownership	80.00%
Shanghai Xingduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Jiangduo Information Technology Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shenzhen Jiaoduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Huiduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	90.00%
Shanghai Mingduo Business Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Youduo Hotel Management Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Yinduo Culture Communication Co., Ltd
Description of the business and organization
% of Ownership	100.00%
Atour Hotel (HK) Holdings, Ltd
Description of the business and organization
% of Ownership	100.00%
Shanghai Rongduo Commercial Management Co., Ltd.
Description of the business and organization
% of Ownership	100.00%

Significant accounting policies - Revenue recognition (Details)	12 Months Ended
	Dec. 31, 2023
Significant accounting policies
Expiration period for loyalty points under membership program (in years)	2 years

Intangible assets, net - Estimated amortization expense of existing intangible assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Estimated amortization expense of existing intangible assets
For the year ending December 31, 2024	¥ 1,015
2025	1,012
2026	753
2027	603
2028	263
Thereafter	601
Total	¥ 4,247	¥ 5,537

Income tax - Net operating losses carry forward (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Income tax
Net operating losses carry forward	¥ 212,876
Net operating losses carry forward, expiration on December 31, 2024	12,624
Net operating losses carry forward, expiration on December 31, 2025	41,545
Net operating losses carry forward, expiration on December 31, 2026	87,997
Net operating losses carry forward, expiration on December 31, 2027	56,223
Net operating losses carry forward, expiration on December 31, 2028	¥ 14,487

Equity - Ordinary shares (Details) ¥ in Thousands		1 Months Ended
Equity - Ordinary shares (Details) ¥ in Thousands	Jan. 31, 2021 CNY (¥) shares	Nov. 30, 2022 $ / shares shares	Feb. 28, 2021 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Equity
Ordinary shares, Shares authorized	500,000,000		3,000,000,000
Ordinary shares, Par value per share \| $ / shares			$ 0.0001
Class A ordinary shares
Equity
Ordinary shares, Shares issued				340,316,306	319,677,037
Ordinary shares, Shares outstanding				339,104,792	319,677,037
Ordinary shares, Shares authorized			2,900,000,000	2,900,000,000	2,900,000,000
Ordinary shares, Par value per share \| $ / shares				$ 0.0001	$ 0.0001
Ordinary shares, Number of votes per share \| Vote			1
Class B ordinary shares
Equity
Ordinary shares, Shares issued				73,680,917	73,680,917
Ordinary shares, Shares outstanding				73,680,917	73,680,917
Ordinary shares, Shares authorized			100,000,000	100,000,000	100,000,000
Ordinary shares, Par value per share \| $ / shares				$ 0.0001	$ 0.0001
Ordinary shares, Number of votes per share \| Vote			10
Initial public offering
Equity
Number of shares issued		16,387,500
Price per share \| $ / shares		$ 3.67
Proceeds from issuance of common stock \| ¥	¥ 365,784
Initial public offering \| ADS
Equity
Number of shares issued		5,462,500
Price per share \| $ / shares		$ 11

Other non-current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other non-current liabilities

Schedule of other non current liabilities


	As of December 31,
	2022	2023
	RMB	RMB
Deposits received from franchisees	129,101	181,926
Asset retirement obligations	3,773	3,958
Others	8,889	8,568
Total	141,763	194,452

Significant accounting policies - Convenience translation (Details)	Dec. 29, 2023
Significant accounting policies
Convenience translation	7.0999

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant accounting policies

Summary of Group's cash and cash equivalents deposited in financial institutions locations


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland PRC
—Denominated in Chinese Renminbi (“RMB”)	1,290,408	2,414,169
—Denominated in USD	3,541	3,614
Total cash balances held at mainland PRC financial institutions	1,293,949	2,417,783
Hong Kong
—Denominated in RMB	9,884	9,904
—Denominated in USD	5,990	194,145
Total cash balances held at the Hong Kong financial institutions	15,874	204,049
Cayman Islands
—Denominated in RMB	273	272
—Denominated in USD	279,065	218,703
Total cash balances held at the Cayman Islands financial institutions	279,338	218,975
Total cash and cash equivalents balances held at financial institutions	1,589,161	2,840,807

Schedule of estimated useful lives property and equipment


Leasehold improvements		Shorter of the lease term and the estimated useful lives of the assets
Equipment, fixtures and furniture, and other fixed assets		5 - 10 years

Schedule of reconciliation of total interest costs to interest expense as reported in the consolidated statements of comprehensive income


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Total interest expense	9,469	6,501	5,005
Less: interest expense capitalized	(1,532)	—	—
Interest expense	7,937	6,501	5,005

Schedule of amortization period of intangible assets

Purchased software

3 - 10 years

Summary of activities of the asset retirement obligation liability


	As of December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	3,597	3,773
Accretion expense	176	185
Balance at the end of the year	3,773	3,958

Summary of customers of prepayment, other current assets and vendors of total retail costs


	As of December 31,
	2021	2022	2023
Vendor A	*	*	14	%

Less than 10%

Revenue -Disaggregation of revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Disaggregation of revenue	¥ 4,665,967	¥ 2,262,983	¥ 2,147,577
Manachised hotels
Revenue
Disaggregation of revenue	2,705,609	1,360,843	1,220,301
Room revenues
Revenue
Disaggregation of revenue	782,646	505,557	579,946
Food and beverage revenues
Revenue
Disaggregation of revenue	51,583	43,313	43,641
Others
Revenue
Disaggregation of revenue	5,815	4,059	6,651
Leased hotels
Revenue
Disaggregation of revenue	840,044	552,929	630,238
Retail
Revenue
Disaggregation of revenue	971,931	253,607	191,596
Others
Revenue
Disaggregation of revenue	148,383	95,604	105,442
Upfront franchise fees
Revenue
Disaggregation of revenue	46,831	38,066	32,356
Continuing franchise fees
Revenue
Disaggregation of revenue	1,362,654	757,158	554,227
Sales of hotel supplies and other products
Revenue
Disaggregation of revenue	1,179,686	516,865	514,557
Other transactions with the franchisees
Revenue
Disaggregation of revenue	¥ 116,438	¥ 48,754	¥ 119,161

Equity

12 Months Ended

Dec. 31, 2023

Equity

Equity

17.

Equity

(a)

Ordinary shares

In February 2021, the Company passed a board resolution to increase its authorized shares from 500,000,000 shares to 3,000,000,000 shares of par value USD0.0001 each, including 2,900,000,000 Class A ordinary shares (entitled to one vote per share) and 100,000,000 Class B ordinary shares (entitled to ten votes per share), which are subject to restrictions on the voting rights until the consummation of the Company’s IPO.

In connection with the Company’s IPO in November 2022, the Company issued 5,462,500 American depositary shares (“ADSs”) or 16,387,500 Class A ordinary shares at the price of USD11 per ADS or USD3.67 per ordinary share, with net proceeds of RMB365,784.

(b)

Termination of preference rights of certain shareholders

As set out in Note 13, the preference rights (including liquidation preference and redemption rights, where applicable) of Series A, B and C shares were terminated on April 8, 2021. The redeemable Series B and C Shares were reclassified from mezzanine equity to permanent equity and Series A Shares with liquidation preference were reclassified to ordinary shares within permanent equity on April 8, 2021 as a result of the termination of the preference rights.

(c)

Shares repurchase

A subsidiary of the Company agreed to pay a cash consideration of RMB111,260 in May 2021 to acquire 8,822,664 ordinary shares held by a shareholder of Atour Shanghai, who agreed not to participate in the Restructuring. The transaction is accounted for as share repurchase by the Company for the year ended December 31, 2021.

(d)

Distribution to shareholders

The Company agreed with certain shareholders to distribute of RMB20,645 in cash to these shareholders in May 2021.

In August 2023, the Company declared a cash dividend of USD$0.05 per ordinary share, or USD$0.15 per American Depositary Share (“ADS”), with each ADS representing three Class A ordinary shares. The total amount of RMB150,579 was distributed on September 28, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Revenue

12 Months Ended

Dec. 31, 2023

Revenue

Revenue

14.

Revenues

(a)Disaggregation of revenues


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Upfront franchise fees	32,356	38,066	46,831
Continuing franchise fees	554,227	757,158	1,362,654
Sales of hotel supplies and other products	514,557	516,865	1,179,686
Other transactions with the franchisees	119,161	48,754	116,438
Manachised hotels	1,220,301	1,360,843	2,705,609
Room	579,946	505,557	782,646
Food and beverage	43,641	43,313	51,583
Others	6,651	4,059	5,815
Leased hotels	630,238	552,929	840,044
Retail	191,596	253,607	971,931
Others	105,442	95,604	148,383
Total	2,147,577	2,262,983	4,665,967

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,
	2022	2023
	RMB	RMB
Accounts receivable	152,167	194,399
Less: allowance for doubtful accounts	(19,468)	(32,298)
Accounts receivable, net	132,699	162,101

Changes in the allowance for doubtful accounts is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	14,731	19,468
Cumulative effect of the adoption of ASU 2016-13	—	1,371
Allowance made during the year	4,737	11,935
Write off during the year	—	(476)
At the end of the year	19,468	32,298

ii)

The following table provides information about contract assets:


	As of December 31,
	2022	2023
	RMB	RMB
Current	8,741	5,184
Non-current	58,288	54,446
Subtotal	67,029	59,630
Less: allowance for doubtful accounts	—	(28,819)
Total contract assets	67,029	30,811

Changes in the allowance for doubtful accounts is as follows:


	As of December 31,
	2022	2023
	RMB	RMB
At the beginning of the year	—	—
Allowance made during the year	—	28,819
At the end of the year	—	28,819

The Group recognized RMB28,819 of credit loss allowance during the year ended December 31, 2023, which was primarily related to one franchisee after reassessment of the franchisee’s business forecast.

iii)The following table provides information about deferred revenue from contracts with customers:


	As of December 31,
	2022	2023
	RMB	RMB
Current	202,996	406,066
Non-current	277,841	369,455
Deferred revenue	480,837	775,521

The deferred revenue balances above as of December 31, 2022 and 2023 were comprised of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Upfront franchise fees	319,537	420,421
Advances from sales of hotel supplies and other products	92,144	238,739
Loyalty program	36,877	44,787
Others	32,279	71,574
Deferred revenue	480,837	775,521

The Group recognized revenues of RMB160,633, RMB170,768 and RMB170,085 during the years ended December 31, 2021, 2022 and 2023, which were included in deferred revenue balance at the beginning of each year.

(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 31, 2022 and 2023, the Group had RMB319,537 and RMB420,421 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Prepayments and other assets - Changes in the allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Prepayments and other current assets
At the beginning of the year	¥ 3,124	¥ 3,124
Allowance made during the year	0	0
At the end of the year	¥ 3,124	¥ 3,124

Lease

12 Months Ended

Dec. 31, 2023

Lease

Lease

Lease

As of December 31, 2023, the Group operated 32 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 other revenues, within the consolidated statements of comprehensive income.

Supplemental Balance Sheet


	As of December 31,
	2022	2023
	RMB	RMB
Assets
Operating lease right-of-use assets	1,932,000	1,712,580
Liabilities
Current
Operating lease liabilities	319,598	295,721
Non-current
Operating lease liabilities	1,805,402	1,583,178
Total lease liabilities	2,125,000	1,878,899

Summary of Lease Cost


	Years ended December 31,
	2022	2023
	RMB	RMB	Account Classification
Operating lease cost	362,689	362,462	Hotel operating costs, Other operating costs, General and administrative expenses
Variable lease cost⁽¹⁾	(20,684)	6,332	Hotel operating costs, Other operating costs
Sublease income	(9,019)	(13,742)	Net revenues-Others
Total lease cost	332,986	355,052

(1)The Group was granted RMB27,122 and RMB6,722 in lease concessions from landlords related to the effects of the COVID-19 pandemic during the years ended December 31, 2022 and 2023, respectively. The lease concessions were primarily in the form of rent reduction over the period during which the Group’s hotel business was adversely impacted. The Group applied the interpretive guidance in a FASB staff Q&A document issued in April 2020 and elected: (1) not to evaluate whether a concession received in response to the COVID-19 pandemic is a lease modification and (2) to assume such concession was contemplated as part of the existing lease contract with no contract modification. Such concessions were recognized as negative adjustments to variable lease cost in the period the concession was granted.

Supplemental Cash Flow Information


	Years ended December 31,
	2022	2023
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	341,348	402,308
Right-of-use assets obtained in exchange for lease liabilities	—	51,559


	As of December		As of December
	31, 2022		31, 2023
Lease term and discount rate
Weighted-average remaining lease term (years)
Operating leases	7.82		7.42
Weighted-average discount rate
Operating leases	4.39	%	4.36	%

Summary of Future Lease Payments and Lease Liabilities

Maturities of operating lease liabilities as of December 31, 2023 were as follows:


		Total
		RMB
For the year ending December 31, 2024		369,780
2025		311,439
2026		281,321
2027		272,654
2028		271,791
Thereafter		695,348
Total undiscounted lease payment		2,202,333
Less: imputed interest^(a)		(323,434)
Present value of lease liabilities		1,878,899

(a)As the Group’s leases do not provide an implicit rate, the Group uses its incremental borrowing rate based on the information available at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate on January 1, 2022, the date of initial adoption of ASC 842, was used for operating leases that commenced prior to that date.

Other assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Other assets
Long-term rental deposits	¥ 74,497		¥ 75,954
Contract assets	54,446		58,288
Prepayments for purchase of property and equipment	815		349
VAT recoverable			6,744
Subtotal	129,758		141,335
Less: allowance for doubtful accounts	(28,819)		0	¥ 0
Total	¥ 100,939	$ 14,218	¥ 141,335

Lease - Additional Information (Details)	12 Months Ended
Lease - Additional Information (Details)	Dec. 31, 2023 item
Lease
Number of operated leased hotels	32
Minimum
Lease
Initial terms	5 years
Maximum
Lease
Initial terms	15 years

Lease - Supplemental cash flow information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease
Operating cash flows from operating leases	¥ 402,308	¥ 341,348
Right-of-use assets obtained in exchange for lease liabilities	¥ 51,559

Share based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share based compensation

Schedule of activities of the share options


		Weighted		Aggregate
	Number of	average	Weighted remaining	intrinsic
	share options	exercise price per share	contractual years	value
		USD		USD
Outstanding at January 1, 2023	21,444,931	0.85	8.35	110,535
Grant	4,657,083	2.88
Forfeiture	(1,000)	0.01
Exercise	(19,427,760)	0.75
Outstanding at December 31, 2023	6,673,254	2.57	8.93	21,475
Exercisable as of December 31, 2023	5,211,516	2.68	9.04	16,216

Schedule of assumptions used in estimating the fair value of the share options on the date of grant using the binomial option pricing model


	2021		2022		2023
Risk-free rate of return⁽¹⁾	1.7%-3.2	%	3.1%-4.0	%	3.4%-3.8	%
Volatility⁽²⁾	34.6%-37.6	%	39.0%-40.4	%	40.2%-46.5	%
Expected dividend yield⁽³⁾	0	%	0	%	0	%
Fair value of ordinary share (in RMB)⁽⁴⁾	11.9-31.7		28.8-43.6		42.0-62.9
Exercise Multiple⁽⁵⁾	2.2		2.2		2.2-2.8
Expected term⁽⁶⁾	10		10		10

(1)Risk-free rate was estimated based on the yield of USD Treasury Strips for share options granted under the Public Company Plan as of the valuation date for a term consistent with the option life.

(2)Expected volatility was assumed based on the historical volatility of the Company’s comparable companies in the period equal to the expected term of each grant.

(3)The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the share options.

(6)The expected term is the contract life of the option from grant date.

Schedule of share-based compensation expenses recognized


	Years ended December 31,
	2022	2023
	RMB	RMB
Hotel operating costs	2,111	1,286
Selling and marketing expenses	618	391
General and administrative expenses	160,464	162,301
Total	163,193	163,978

Share based compensation - Additional Information (Details) - shares	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2017
Share based compensation
Share options granted		4,657,083
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

Lease (Tables)

12 Months Ended

Dec. 31, 2023

Lease

Schedule of supplemental balance sheet


	As of December 31,
	2022	2023
	RMB	RMB
Assets
Operating lease right-of-use assets	1,932,000	1,712,580
Liabilities
Current
Operating lease liabilities	319,598	295,721
Non-current
Operating lease liabilities	1,805,402	1,583,178
Total lease liabilities	2,125,000	1,878,899

Summary of lease cost


	Years ended December 31,
	2022	2023
	RMB	RMB	Account Classification
Operating lease cost	362,689	362,462	Hotel operating costs, Other operating costs, General and administrative expenses
Variable lease cost⁽¹⁾	(20,684)	6,332	Hotel operating costs, Other operating costs
Sublease income	(9,019)	(13,742)	Net revenues-Others
Total lease cost	332,986	355,052

Schedule of lease term and discount rate


	Years ended December 31,
	2022	2023
	RMB	RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	341,348	402,308
Right-of-use assets obtained in exchange for lease liabilities	—	51,559


	As of December		As of December
	31, 2022		31, 2023
Lease term and discount rate
Weighted-average remaining lease term (years)
Operating leases	7.82		7.42
Weighted-average discount rate
Operating leases	4.39	%	4.36	%

Summary of future lease payments and lease liabilities


		Total
		RMB
For the year ending December 31, 2024		369,780
2025		311,439
2026		281,321
2027		272,654
2028		271,791
Thereafter		695,348
Total undiscounted lease payment		2,202,333
Less: imputed interest^(a)		(323,434)
Present value of lease liabilities		1,878,899

Income tax - Income tax expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income tax expense
Current income tax expense	¥ 275,107		¥ 74,300	¥ 73,613
Deferred income tax (benefit) expense	(32,071)	$ (4,517)	10,174	(9,396)
Total	¥ 243,036	$ 34,231	¥ 84,474	¥ 64,217

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Description of the business and organization

12 Months Ended

Dec. 31, 2023

Description of the business and organization

Description of the business and organization

1.	Description of the business and organization

(a) 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 eight 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 our hotels and purchasing supplies.

As of December 31, 2023, 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.	100%	August 30, 2012	PRC	Hotel management
Shanghai Atour Business Management (Group) Co., Ltd.	100%	February 17,2013	PRC	Hotel management
Xi’an Jiaduo Hotel Management Co., Ltd.	100%	August 30, 2013	PRC	Hotel management
Gongyu (Shanghai) Culture Communication Co., Ltd.	100%	December 02, 2014	PRC	Retail management
Shanghai Qingju Investment Management Co., Ltd.	100%	July 15, 2015	PRC	Investment management
Fuzhou Hailian Atour Hotel Management Co., Ltd.	51%	September 21, 2015	PRC	Hotel management
Chengdu Zhongchengyaduo Hotel Management Co., Ltd.	100%	November 26, 2015	PRC	Hotel management
Shanghai Hongwang Financial Information Service Co., Ltd.	100%	January 27, 2016	PRC	Financial information service management


		Date of
		Incorporation,
	Percentage of	Merger or	Place of	Major
Subsidiaries	Ownership	Acquisition	Incorporation	Operation
Shanghai Shankuai Information Technology Co., Ltd.	100%	February 01,2016	PRC	Retail management
Hangzhou Anduo Hotel Management Co., Ltd.	100%	April 20, 2017	PRC	Hotel management
Shanghai Leiduo Information Technology Co., Ltd.	100%	March 21, 2017	PRC	Retail management
Yueduo (Shanghai) Apartment Management Service Co., Ltd.	80%	March 23, 2017	PRC	Property Management
Shanghai Naiduo Hotel Management Co., Ltd.	100%	July 25, 2017	PRC	Hotel management
Shanghai Zhouduo Hotel Management Co., Ltd.	100%	August 04, 2017	PRC	Hotel management
Shanghai Chengduo Information Technology Co., Ltd.	100%	November 15, 2017	PRC	Software and Technology services
Beijing Chengduo Data Technology Co., Ltd.	100%	January 22, 2018	PRC	Technology services
Shanghai Xiangduo Enterprise Management Co., Ltd.	100%	April 13, 2018	PRC	Hotel management
Shanghai Guiduo Hotel Management Co., Ltd.	100%	May 08,2018	PRC	Hotel management
Atour (Shanghai) Travel Agency Co., Ltd.	100%	July 05, 2018	PRC	Travel agency operation
Guangzhou Zhongduo Hotel Management Co., Ltd.	100%	July 19, 2018	PRC	Hotel management
Shanghai Banduo Hotel Management Co., Ltd.	100%	October 11, 2018	PRC	Hotel management
Beijing Yueduo Property Management Co., Ltd.	80%	February 13, 2019	PRC	Property Management
Shanghai Xingduo Hotel Management Co., Ltd.	100%	May 24, 2019	PRC	Hotel management
Shanghai Jiangduo Information Technology Co., Ltd.	100%	March 07, 2019	PRC	Retail management
Shenzhen Jiaoduo Hotel Management Co., Ltd.	100%	March 25, 2019	PRC	Hotel management
Shanghai Huiduo Hotel Management Co., Ltd.	90%	July 15, 2019	PRC	Hotel management
Shanghai Mingduo Business Management Co., Ltd.	100%	July 18, 2019	PRC	Hotel management
Shanghai Youduo Hotel Management Co., Ltd.	100%	July 26, 2019	PRC	Hotel management
Shanghai Yinduo Culture Communication Co., Ltd.	100%	August 27, 2020	PRC	Retail management
Atour Hotel (HK) Holdings, Ltd.	100%	March 05, 2021	Hong Kong	Investment holding
Shanghai Rongduo Commercial Management Co., Ltd.	100%	June 13, 2022	PRC	Hotel management

(b) Restructuring

In connection with the initial public offering of the Company’s shares, the Group undertook certain corporate restructuring activities in 2021 (“Restructuring”) to establish an offshore structure to hold the entire equity interest in Shanghai Atour Business Management (Group) Co., Ltd. (“Atour Shanghai”). The Restructuring was approved by the shareholders and board of directors of Atour Shanghai in December 2020 and a reorganization framework agreement was entered into between Atour Shanghai and the shareholders of Atour Shanghai in February 2021. As part of the Restructuring, the Company established an intermediate holding company of the Group in Hong Kong, Atour Hong Kong, to hold the entire equity interests in Atour Shanghai.

Pursuant to the Restructuring, the affiliates of the existing equity holders of Atour Shanghai would acquire the equity interests in the Company substantially in proportion to their respective effective equity interests in Atour Shanghai prior to the Restructuring. The Restructuring was fully completed in May 2021 upon the completion of issuance of the shares of the Company to the affiliates of the former equity holders of Atour Shanghai. The Restructuring did not change any rights or economic interests of the equity holders of Atour Shanghai, including the preference rights where applicable.

Atour Lifestyle and Atour Hong Kong had no operations with only nominal amount of net assets prior to the consummation of the Restructuring. All of the Group’s business continues to be conducted through PRC subsidiaries after the Restructuring.

The Restructuring was accounted for as a reverse recapitalization of Atour Shanghai rather than a business combination. Accordingly, the Company’s consolidated financial statements represent a continuation of the financial statements of Atour Shanghai, and the assets and liabilities were recorded at their historical carrying values upon completion of the Restructuring.

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net

4.	Property and equipment, net

Property and equipment, net consists of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Cost⁽¹⁾:
Leasehold improvements	443,695	412,409
Equipment, fixture and furniture, and other fixed assets	420,004	421,207
Total cost	863,699	833,616
Less: accumulated depreciation	(503,399)	(567,496)
Property and equipment, net	360,300	266,120

(1)During the year ended December 31, 2023, the Group recognized impairment loss of RMB55,403 of hotel properties in hotel operating costs. No impairment loss of property and equipment was recognized for the years ended December 31, 2021 and 2022.

Depreciation expense recognized for the years ended December 31, 2021, 2022 and 2023 was RMB92,609, RMB87,473 and RMB83,731 respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN (DEFICIT) EQUITY
¥ in Thousands, $ in Thousands

Total equity (deficit) attributable to shareholders of the Company

Adjusted balance

CNY (¥)

Total equity (deficit) attributable to shareholders of the Company

CNY (¥)

Ordinary shares

Class A Ordinary shares with liquidation preference

CNY (¥)

Ordinary shares

Class A ordinary shares

Adjusted balance

CNY (¥)

Ordinary shares

Class A ordinary shares

CNY (¥)

Ordinary shares

Class B ordinary shares

Adjusted balance

CNY (¥)

Ordinary shares

Class B ordinary shares

CNY (¥)

Additional paid-in capital

Adjusted balance

CNY (¥)

Additional paid-in capital

CNY (¥)

Retained earnings (Accumulated Deficit)

Cumulative effect of the adoption of ASU 2016-13

CNY (¥)

Retained earnings (Accumulated Deficit)

Adjusted balance

CNY (¥)

Retained earnings (Accumulated Deficit)

CNY (¥)

Accumulated other comprehensive income (loss)

Adjusted balance

CNY (¥)

Accumulated other comprehensive income (loss)

CNY (¥)

Non-controlling interests

Adjusted balance

CNY (¥)

Non-controlling interests

CNY (¥)

Class A ordinary shares

Class B ordinary shares

Adjusted balance

CNY (¥)

USD ($)

Balances at the beginning at Dec. 31, 2020

¥ (306,169)

¥ 43

¥ 74

¥ 56

¥ (306,342)

¥ (9,427)

¥ (315,596)

Balances at the beginning (in shares) at Dec. 31, 2020 | shares

60,912,400

97,909,001

73,680,917

CHANGES IN (DEFICIT) EQUITY

Profit (loss) for the year

145,054

(5,384)

139,670

Other comprehensive income (loss)

(8,947)

¥ (8,947)

(8,947)

Total comprehensive income (loss)

136,107

145,054

(8,947)

(5,384)

130,723

Accretion to the redemption value of redeemable Class A ordinary shares

(15,115)

^[1]

Reclassification of Class A ordinary shares with liquidation preference upon termination of preference rights

^[2]

¥ (43)

¥ 43

Reclassification of Class A ordinary shares with liquidation preference upon termination of preference rights (in shares) | shares

^[2]

(60,912,400)

60,912,400

Reclassification of redeemable Class A ordinary shares upon termination of preference rights

^[3]

896,508

¥ 107

¥ 896,401

896,508

Reclassification of redeemable Class A ordinary shares upon termination of preference rights (in shares) | shares

^[3]

153,290,800

Shares repurchase

(111,260)

¥ (6)

(111,254)

(111,260)

Shares repurchase (in shares) | shares

(8,822,664)

Distribution to shareholders

(20,645)

Balances at the end at Dec. 31, 2021

579,426

¥ 218

¥ 56

764,502

(176,403)

(8,947)

(14,811)

564,615

Balances at the end (in shares) at Dec. 31, 2021 | shares

303,289,537

73,680,917

CHANGES IN (DEFICIT) EQUITY

Profit (loss) for the year

98,099

(2,017)

96,082

Other comprehensive income (loss)

(1,918)

Total comprehensive income (loss)

96,181

98,099

(1,918)

(2,017)

94,164

Acquisition of non-controlling interest

(7,279)

6,929

(350)

Initial public offering ("IPO") proceeds net of listing expenses

365,784

¥ 11

365,773

365,784

Initial public offering ("IPO") proceeds net of listing expenses (in shares) | shares

16,387,500

Share-based compensation

163,193

Balances at the end at Dec. 31, 2022

¥ 1,196,277

1,197,305

¥ 229

¥ 56

¥ 1,286,189

1,286,189

¥ (1,028)

¥ (79,332)

(78,304)

¥ (10,865)

(10,865)

¥ (9,899)

(9,899)

¥ 1,186,378

1,187,406

Balances at the end (in shares) at Dec. 31, 2022 | shares

319,677,037

73,680,917

319,677,037

73,680,917

CHANGES IN (DEFICIT) EQUITY

Profit (loss) for the year

737,137

1,920

739,057

$ 104,094

Other comprehensive income (loss)

15,634

2,202

Total comprehensive income (loss)

752,771

737,137

15,634

1,920

754,691

$ 106,296

Exercise of stock options

105,621

¥ 15

105,606

¥ 105,621

Exercise of stock options (in shares) | shares

19,427,760

Retirement of shares (in shares) | shares

(5)

Distribution to shareholders

(150,579)

¥ (150,579)

Share-based compensation

163,978

Balances at the end at Dec. 31, 2023

¥ 2,068,068

¥ 244

¥ 56

¥ 1,555,773

¥ 507,226

¥ 4,769

¥ (7,979)

¥ 2,060,089

$ 290,157

Balances at the end (in shares) at Dec. 31, 2023 | shares

339,104,792

73,680,917

340,316,306

73,680,917

[1]	Represent Series C shares of Atour Shanghai prior to Restructuring (see Note 13)
[2]	Represent Series A shares of Atour Shanghai prior to Restructuring (see Note 13)
[3]	Represent Series B and C shares of Atour Shanghai prior to Restructuring (see Note 13)

Revenue - Revenue allocated to remaining performance obligation (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue
Deferred revenues related to upfront franchise fees which are expected to be recognized as revenues over the remaining contract periods	¥ 420,421	¥ 319,537
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]	false
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Minimum
Revenue
Remaining contract period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Maximum
Revenue
Remaining contract period	20 years

Revenue - Changes in allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue
At the beginning of the year	¥ 19,468	¥ 14,731
Allowance made during the year	11,935	4,737
Write off	(476)
At the end of the year	32,298	19,468
ASU 2016-13 \| Cumulative effect of the adoption
Revenue
At the beginning of the year	¥ 1,371
At the end of the year		¥ 1,371

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Contingencies

12 Months Ended

Dec. 31, 2023

Contingencies

Contingencies

19.

Contingencies

(a)

Capital commitments

As of December 31, 2023, the Group’s commitments related to leasehold improvements and installation of equipment for hotel operations was RMB3,607, which is expected to be incurred within one year.

(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 consolidated financial statements, is not likely to have a material adverse effect on the Group's results of operations, financial condition or cash flows.

Revenue - Deferred revenue from contracts with customers (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Deferred revenue from contracts with customers
Current	¥ 406,066	$ 57,193	¥ 202,996
Non-current	369,455	$ 52,037	277,841
Deferred revenue	¥ 775,521		¥ 480,837

Significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant accounting policies

Basis of preparation

(a)

Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).

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 consolidated financial statements have been reclassified to conform to the current year’s presentation.

Recently Adopted Accounting Pronouncements

Principles of consolidation

(b)

Principles of consolidation

The Company’s consolidated financial statements include the financial statements of the Company and its subsidiaries.

All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Use of estimates

(c)

Use of estimates

Convenience translation

(d)

Convenience translation

Functional currency and foreign currency translation

(e)

Functional currency and foreign currency translation

Cash and cash equivalents

(f)

Cash and cash equivalents


	As of December 31,
	2022	2023
	RMB	RMB
Financial institutions in the mainland PRC
—Denominated in Chinese Renminbi (“RMB”)	1,290,408	2,414,169
—Denominated in USD	3,541	3,614
Total cash balances held at mainland PRC financial institutions	1,293,949	2,417,783
Hong Kong
—Denominated in RMB	9,884	9,904
—Denominated in USD	5,990	194,145
Total cash balances held at the Hong Kong financial institutions	15,874	204,049
Cayman Islands
—Denominated in RMB	273	272
—Denominated in USD	279,065	218,703
Total cash balances held at the Cayman Islands financial institutions	279,338	218,975
Total cash and cash equivalents balances held at financial institutions	1,589,161	2,840,807

Restricted cash

(g)

Restricted cash

Short-term investments

(h)

Short-term investments

Accounts receivable, net

(i)

Accounts receivable, net

Contract costs

(j)

Contract costs

Inventories

(k)

Inventories

Property and equipment, net

(l)

Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and any impairment.

The estimated useful lives are presented below.


Leasehold improvements		Shorter of the lease term and the estimated useful lives of the assets
Equipment, fixtures and furniture, and other fixed assets		5 - 10 years

Depreciation commences when the asset is ready for its intended use. Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets.

Capitalized interest

(m)

Capitalized interest

A reconciliation of total interest costs to interest expense as reported in the consolidated statements of comprehensive income for the years ended December 31, 2021, 2022 and 2023 is as follows:


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Total interest expense	9,469	6,501	5,005
Less: interest expense capitalized	(1,532)	—	—
Interest expense	7,937	6,501	5,005

Intangible assets, net

(n)

Intangible assets, net

Intangible assets consist primarily of software.

Amortization of finite-lived intangible assets is computed using the straight-line method over the estimated useful lives. The amortization period is as follows:

Purchased software

3 - 10 years

Leases

(o)

Leases

Upon the adoption of ASC 842, right-of-use assets and lease liabilities are recognized upon lease commencement for operating leases.

Right-of-use assets for operating leases are occasionally reduced by impairment losses. See Note 2(p).

As of December 31, 2022 and 2023, the Group does not have any material finance leases.

Impairment of long-lived assets

(p)

Impairment of long-lived assets

No impairment losses were recognized for long-lived assets for the years ended December 31, 2021 and 2022.

Business combination

(q)

Business combination

Goodwill

(r)

Goodwill

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination.

The Group has determined that it has one reporting unit, which is also its only reportable segment.

No impairment losses were recorded for goodwill for the years ended December 31, 2021, 2022 and 2023.

Value-added-tax ("VAT")

(s)

Value-added-tax (“VAT”)

Asset retirement costs

(t)

Asset retirement costs

Asset retirement obligations are recorded in other non-current liabilities. The following table summarizes the activities of the asset retirement obligation liability:


	As of December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	3,597	3,773
Accretion expense	176	185
Balance at the end of the year	3,773	3,958

Revenue recognition

(u)

Revenue recognition

Manachised hotel revenues

The franchise and management agreements primarily contain the following promised goods or services:

●

Intellectual Property (“IP”) license grants the right to access the Group’s hotel system IP, including brand names.

●

Pre-opening services (e.g. central reservation system installation service, and services related to the assistance on employees training and other hotel opening preparation activities).

●

Hotel management services include providing day-to-day management services of the hotels for the franchisees and central reservation system maintenance services.

●

Sales of hotel supplies and other products.

The transaction prices are allocated to the performance obligations based on the standalone selling prices of each component.

Leased hotel revenues

Retail revenues

Customer loyalty program

The Group invites its customers to participate in a membership program with different tiers of membership. Members could pay a membership fee for a higher membership tier.

Contract assets and deferred revenue

(v)

Contract assets and deferred revenue

Cash proceeds received from customers are recorded as deferred revenue before the Group performs under the contracts.

Government grant

(w)

Government grant

There were no significant commitment or contingencies for the government subsidies received for the years ended December 31, 2021, 2022 and 2023.

Advertising and promotion expenses

(x)

Advertising and promotion expenses

Technology and development expenses

(y)

Technology and development expenses

Pre-opening expenses

(z)

Pre-opening expenses

Employee benefits

(aa) Employee benefits

Total amounts of such employee benefit expenses, which were expensed as incurred, were approximately RMB110,194, RMB129,254 and RMB160,825 and for the years ended December 31, 2021, 2022 and 2023.

Income taxes

(ab) Income taxes

Share based compensation

(ac) Share based compensation

The Group accounts for the compensation cost from share-based payment transactions with employees based on the grant-date fair value of the equity instrument issued.

Statutory reserve

(ad) Statutory reserve

As of December 31, 2022 and 2023, the PRC statutory reserve funds amounted to RMB83,858 and RMB126,297, respectively.

Segment reporting

(ae) Segment reporting

Contingencies

(af) Contingencies

Fair value measurements

(ag) Fair value measurements

●

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group has the ability to access at the measurement date.

●

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

●

Level 3 inputs are unobservable inputs for the asset or liability.

Net income (loss) per ordinary share

(ah) Net income per ordinary share

Recently issued accounting pronouncements

(ai) Recently issued accounting pronouncements

Risks and concentration

(aj) Risks and concentration

Foreign exchange risk

The management does not expect that there will be any significant currency risk for the Group during the reporting periods.

Credit risk

Concentration


	As of December 31,
	2021	2022	2023
Vendor A	*	*	14	%

Less than 10%

Revenue - Change in accounts receivable from contracts with customers (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenue
Accounts receivable	¥ 194,399		¥ 152,167
Less: allowance for doubtful accounts	(32,298)		(19,468)	¥ (14,731)
Accounts receivable, net	¥ 162,101	$ 22,831	¥ 132,699

Borrowings - Schedule of debt (Details) ¥ in Thousands	12 Months Ended
Borrowings - Schedule of debt (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Schedule of debt
Credit facilities of revenues	¥ 410,000
Credit facilities \| Third party banks
Schedule of debt
Maximum borrowing capacity	¥ 480,000

Accrued expenses and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Accrued expenses and other payables

Summary of accrued expenses and other payables


	As of December 31,
	2022	2023
	RMB	RMB
Payments received on behalf of manachised hotels⁽ⁱ⁾	199,395	441,174
VAT and other taxes payable	19,871	68,719
Deposits	53,203	64,672
Service fee	15,648	64,211
Payable for purchase of property and equipment	12,617	16,079
Others	29,548	29,536
Total	330,282	684,391

(i)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.

Ordinary shares with preference rights (Tables)

12 Months Ended

Dec. 31, 2023

Ordinary shares with preference rights

Schedule of Company's Series C Shares activities


		As of December 31,
		2021
		RMB
Balance at the beginning of the year		713,893
Accretion to the redemption value of redeemable Class A ordinary Shares		15,115
Reclassification of redeemable Class A ordinary shares to Class A ordinary shares		(729,008)
Balance at the end of the year		—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Foreign currency translation adjustments, income taxes	¥ 0	¥ 0	¥ 0

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Schedule of property and equipment, net

Property and equipment, net consists of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Cost⁽¹⁾:
Leasehold improvements	443,695	412,409
Equipment, fixture and furniture, and other fixed assets	420,004	421,207
Total cost	863,699	833,616
Less: accumulated depreciation	(503,399)	(567,496)
Property and equipment, net	360,300	266,120

Accrued expenses and other payables

12 Months Ended

Dec. 31, 2023

Accrued expenses and other payables

Accrued expenses and other payables

10.	Accrued expenses and other payables

Accrued expenses and other payables consist of the following:


	As of December 31,
	2022	2023
	RMB	RMB
Payments received on behalf of manachised hotels⁽ⁱ⁾	199,395	441,174
VAT and other taxes payable	19,871	68,719
Deposits	53,203	64,672
Service fee	15,648	64,211
Payable for purchase of property and equipment	12,617	16,079
Others	29,548	29,536
Total	330,282	684,391

(i)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.

Share based compensation - Assumptions used in estimative the fair value of share options (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2022 item ¥ / shares	Dec. 31, 2021 item ¥ / shares
Share based compensation
Risk-free rate of return, minimum	3.40%	3.10%	1.70%
Risk-free rate of return, maximum	3.80%	4.00%	3.20%
Volatility, minimum	40.20%	39.00%	34.60%
Volatility, maximum	46.50%	40.40%	37.60%
Expected dividend yield	0.00%	0.00%	0.00%
Exercise multiple \| item		2.2	2.2
Expected term	10 years	10 years	10 years
Total unrecognized compensation expense \| ¥	¥ 27,705
Remaining weighted-average vesting period	2 years 10 months 6 days
Total fair value at grant date of share options held by the company's employees \| ¥	¥ 159,957
Minimum
Share based compensation
Fair value of ordinary share (in RMB) \| ¥ / shares	¥ 42.0	¥ 28.8	¥ 11.9
Maximum
Share based compensation
Fair value of ordinary share (in RMB) \| ¥ / shares	¥ 62.9	¥ 43.6	¥ 31.7

Significant accounting policies - Risks and concentration (Details)	12 Months Ended
	Dec. 31, 2023
Accounts Receivable \| Credit concentration \| Vendor A
Significant accounting policies
Concentration risk percentage	14.00%

Significant accounting policies - Employee benefits, Statutory reserve and Segment reporting (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Significant accounting policies
Defined contribution, employee benefit expenses	¥ 160,825	¥ 129,254	¥ 110,194
Required minimum percentage of annual appropriations	10.00%
Statutory threshold percentage of the reserve fund to the registered capital of the respective company, above which the appropriation is not required	50.00%
PRC statutory reserve funds	¥ 126,297	¥ 83,858
Number of operating segments \| segment	1

Other assets - Changes in the allowance for doubtful accounts (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Other assets
At the beginning of the year	¥ 0
Allowance made during the year	28,819
At the end of the year	¥ (28,819)

Lease - Future lease payments and lease liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Maturities of operating lease liabilities
For the year ending December 31, 2024	¥ 369,780
2025	311,439
2026	281,321
2027	272,654
2028	271,791
Thereafter	695,348
Total undiscounted lease payment	2,202,333
Less: imputed interest	(323,434)
Present value of lease liabilities	¥ 1,878,899	¥ 2,125,000

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related party transactions

Schedule of 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


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Hotel reservation payments collected on behalf of the Group ⁽¹⁾
Trip.com Group	588,238	692,771	1,441,229
Hotel reservation service fees ⁽²⁾
Trip.com Group	21,276	11,334	28,686

(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 fees represent travel agency reservation service fees of leased hotels.


	As of December 31,
	2022	2023
	RMB	RMB
Amounts due from related parties
Trip.com Group	53,630	115,900
Amounts due to related parties
Trip.com Group	3,004	1,104

Prepayments and other current assets

12 Months Ended

Dec. 31, 2023

Prepayments and other current assets

Prepayments and other current assets

3.	Prepayments and other current assets

Prepayments and other current assets consist of the following:


		As of December 31,
	Note	2022	2023
		RMB	RMB
Receivables on behalf of manachised hotels⁽ⁱ⁾		81,473	187,806
VAT recoverable		23,183	17,522
Prepaid advertising fees		3,979	15,363
Prepaid property management fees		5,467	9,333
Contract assets	13(b)	8,741	5,184
Prepayment for purchase of goods and service		5,990	4,264
Deposits		2,165	2,331
Others		6,027	13,221
Subtotal		137,025	255,024
Less: allowance for doubtful accounts		(3,124)	(3,124)
Total		133,901	251,900

(i)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,
	2022	2023
	RMB	RMB
At the beginning of the year	3,124	3,124
Allowance made during the year	—	—
At the end of the year	3,124	3,124

Equity (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
Equity (Details) - CNY (¥) ¥ in Thousands	May 31, 2021	Dec. 31, 2021
Equity
Cash consideration for share repurchase	¥ 111,260	¥ 111,260
Number of shares repurchased	8,822,664

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

Related party transactions

18.	Related party transactions

In addition to the related party information disclosed elsewhere in the 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


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Hotel reservation payments collected on behalf of the Group ⁽¹⁾
Trip.com Group	588,238	692,771	1,441,229
Hotel reservation service fees ⁽²⁾
Trip.com Group	21,276	11,334	28,686

(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 fees represent travel agency reservation service fees of leased hotels.

(b)

Balances with related parties


	As of December 31,
	2022	2023
	RMB	RMB
Amounts due from related parties
Trip.com Group	53,630	115,900
Amounts due to related parties
Trip.com Group	3,004	1,104

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-40540
Entity Registrant Name	Atour Lifestyle Holdings Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	1st Floor, Wuzhong Building,
Entity Address, Adress Line Two	618 Wuzhong Road,
Entity Address, Address Line Three	Minhang District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	201103
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	412,785,709
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1186
Auditor Name	KPMG Huazhen LLP
Auditor Location	Shanghai, China
Entity Central Index Key	0001853717
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each ADS represents three Class A ordinary shares, par value US$0.0001 per share
Trading Symbol	ATAT
Security Exchange Name	NASDAQ
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share*
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Business Contact
Document and Entity Information
Entity Address, Address Line One	20th Floor, Wuzhong Building,
Entity Address, Adress Line Two	618 Wuzhong Road
Entity Address, Address Line Three	Minhang District
Entity Address, City or Town	Shanghai
Entity Address, Postal Zip Code	201103
Entity Address, Country	CN
Contact Personnel Name	Haijun Wang
Country Region	86
City Area Code	021
Local Phone Number	64059928
Contact Personnel Email Address	IR@yaduo.com

Significant accounting policies - Property and equipment, net (Details) - Equipment, fixture and furniture, and other fixed assets	Dec. 31, 2023
Minimum
Property and equipment, net
Estimated useful lives (in years)	5 years
Maximum
Property and equipment, net
Estimated useful lives (in years)	10 years

Ordinary shares with preference rights (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Series C Shares
Ordinary shares with preference rights
Redemption price as a percentage of issue price	100.00%
Temporary equity, Issue price	¥ 552,330
Redemption, compound rate of interest per annum	8.00%
Minimum percentage of equity interest to be sold	50.00%
Liquidation preference of temporary equity as a percentage of issue price	100.00%
Liquidation preference of temporary equity, compound rate of interest per annum	8.00%
Series B Shares
Ordinary shares with preference rights
Redemption price as a percentage of issue price	100.00%
Temporary equity, Issue price	¥ 167,500
Redemption, compound rate of interest per annum	10.00%
Liquidation preference of temporary equity, simple interest rate of interest per annum	6.00%
Liquidation preference of common stock as a percentage of issue price	100.00%
Series A Shares
Ordinary shares with preference rights
Liquidation preference of temporary equity, simple interest rate of interest per annum	6.00%
Liquidation preference of common stock as a percentage of issue price	100.00%
Common stock issue price	¥ 49,000

Income tax - Movement of the valuation allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement of the valuation allowance
Balance at the beginning of the year	¥ 77,440	¥ 76,355
(Reversal) addition during the year	(38)	3,885
Reduction as a result of expiry of net operating loss carried forward	(30)	(2,800)
Balance at the end of the year	¥ 77,372	¥ 77,440

Lease - Lease term and discount rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Lease
Weighted-average remaining lease term (years) Operating leases	7 years 5 months 1 day	7 years 9 months 25 days
Weighted-average discount rate Operating leases	4.36%	4.39%

Income tax - Deferred taxes (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets (liabilities)
Tax losses carried forward	¥ 53,219	¥ 77,103
Allowance for doubtful accounts	16,944	6,523
Accrued payroll and other expenses	14,383	8,783
Inventory impairment	968	1,099
Deferred revenue	94,427	74,816
Contract costs	(24,556)	(16,818)
Operating lease liabilities	430,732	486,083
Operating lease right-of-use assets	(428,145)	(483,000)
Property and equipment	44,508	33,280
Excessive advertising and promotional expenses	18,056	262
Others	1,783	1,842
Total gross deferred tax assets	222,319	189,973
Valuation allowance on deferred tax assets	(77,372)	(77,440)	¥ (76,355)
Deferred tax assets, net of valuation allowance	¥ 144,947	¥ 112,533

Significant accounting policies - Capitalized interest (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Significant accounting policies
Total interest expenses	¥ 5,005		¥ 6,501	¥ 9,469
Less: interest expenses capitalized				(1,532)
Interest expenses	¥ 5,005	$ 705	¥ 6,501	¥ 7,937

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Income tax - Deferred taxes, reported in balance sheets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Income tax
Deferred tax assets	¥ 144,947	$ 20,415	¥ 112,533
Net deferred tax assets	144,947		¥ 112,533
Total amount of undistributed earnings from the PRC subsidiaries for which no withholding tax has been accrued	1,684,402
Unrecognized deferred tax liability	¥ 168,440
Foreign withholding tax rate	10.00%

Other non-current liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other non-current liabilities
Deposits received from franchisees	¥ 181,926		¥ 129,101
Asset retirement obligations	3,958		3,773
Others	8,568		8,889
Total	¥ 194,452	$ 27,388	¥ 141,763

Significant accounting policies - Goodwill (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) segment	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Significant accounting policies
Number of reporting units \| segment	1
Impairment losses recorded for goodwill \| ¥	¥ 0	¥ 0	¥ 0

Significant accounting policies - Contract costs (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant accounting policies
Amount of capitalized costs recognized in the consolidated statements of comprehensive income	¥ 12,318	¥ 9,832	¥ 7,870

Ordinary shares with preference rights - Series C Shares activities (Details)
¥ in Thousands

12 Months Ended

Dec. 31, 2021

CNY (¥)

Series C Shares activities

Accretion to the redemption value of redeemable Class A ordinary Shares

¥ 15,115

Reclassification of redeemable Class A ordinary shares to Class A ordinary shares

(896,508)

^[1]

Series C Shares

Series C Shares activities

Balance at the beginning of the year

713,893

Accretion to the redemption value of redeemable Class A ordinary Shares

15,115

Reclassification of redeemable Class A ordinary shares to Class A ordinary shares

(729,008)

Balance at the end of the year

¥ 0

[1]	Represent Series B and C shares of Atour Shanghai prior to Restructuring (see Note 13)

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Lease - Summary of lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease
Operating lease cost	¥ 362,462	¥ 362,689
Variable lease cost	6,332	(20,684)
Sublease income	(13,742)	(9,019)
Total lease cost	355,052	332,986
Lease concessions from landlords	¥ 6,722	¥ 27,122

Significant accounting policies - Recently adopted accounting pronouncements (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Recently Adopted Accounting Pronouncements
Accumulated deficit	¥ (507,226)	$ (71,441)	¥ 78,304
ASU 2016-13
Recently Adopted Accounting Pronouncements
Accumulated deficit			¥ 1,028

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Income tax (Tables)

12 Months Ended

Dec. 31, 2023

Income tax

Summary of income tax expense


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Current income tax expense	73,613	74,300	275,107
Deferred income tax (benefit) expense	(9,396)	10,174	(32,071)
Total	64,217	84,474	243,036

Summary of actual income tax expenses differ from the amount computed by applying the PRC statutory income tax rate


	Years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB
Income before income taxes	203,887	180,556	982,093
Computed expected tax expense	50,972	45,139	245,523
Increase (decrease) in income taxes resulting from:
Non-deductible expenses	2,721	1,619	8,080
Additional deduction for research and development expenses	(9,922)	(8,714)	(5,249)
Share-based compensation	—	40,798	40,995
Tax loss expiration	—	2,800	30
Change in valuation allowance	19,066	1,085	(68)
Tax rate difference due to different jurisdiction	—	—	(1,354)
PRC preferential tax rate	—	—	(44,557)
Others	1,380	1,747	(364)
Total	64,217	84,474	243,036

Summary of tax effects of temporary differences that give rise to the deferred tax assets (liabilities)


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets (liabilities)
Tax losses carried forward	77,103	53,219
Allowance for doubtful accounts	6,523	16,944
Accrued payroll and other expenses	8,783	14,383
Inventory impairment	1,099	968
Deferred revenue	74,816	94,427
Contract costs	(16,818)	(24,556)
Operating lease liabilities	486,083	430,732
Operating lease right-of-use assets	(483,000)	(428,145)
Property and equipment	33,280	44,508
Excessive advertising and promotional expenses	262	18,056
Others	1,842	1,783
Total gross deferred tax assets	189,973	222,319
Valuation allowance on deferred tax assets	(77,440)	(77,372)
Deferred tax assets, net of valuation allowance	112,533	144,947


	As of December 31,
	2022	2023
	RMB	RMB
Deferred tax assets	112,533	144,947
Deferred tax liabilities	—	—
Net deferred tax assets	112,533	144,947

Summary of movement of the valuation allowance


	As of December 31,
	2022	2023
	RMB	RMB
Balance at the beginning of the year	76,355	77,440
(Reversal) addition during the year	3,885	(38)
Reduction as a result of expiry of net operating loss carried forward	(2,800)	(30)
Balance at the end of the year	77,440	77,372

Significant accounting policies - Intangible assets, net (Details) - Purchased software	Dec. 31, 2023
Minimum
Intangible assets, net
Amortization period (in years)	3 years
Maximum
Intangible assets, net
Amortization period (in years)	10 years

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 2,840,807	$ 400,119	¥ 1,589,161
Short-term investments	751,794	105,888	157,808
Accounts receivable, net of allowance of RMB19,468 and RMB32,298 as of December 31, 2022 and 2023, respectively	162,101	22,831	132,699
Prepayments and other current assets	251,900	35,480	133,901
Amounts due from related parties	¥ 115,900	$ 16,324	¥ 53,630
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Inventories	¥ 119,078	$ 16,772	¥ 57,460
Total current assets	4,241,580	597,414	2,124,659
Non-current assets
Restricted cash	946	133	946
Contract costs	98,220	13,834	67,270
Property and equipment, net	266,120	37,482	360,300
Operating lease right-of-use assets	1,712,580	241,212	1,932,000
Intangible assets, net	4,247	598	5,537
Goodwill	17,446	2,457	17,446
Other assets	100,939	14,218	141,335
Deferred tax assets	144,947	20,415	112,533
Total non-current assets	2,345,445	330,349	2,637,367
Total assets	6,587,025	927,763	4,762,026
Current liabilities
Operating lease liabilities, current	295,721	41,651	319,598
Accounts payable	594,545	83,741	184,901
Deferred revenue, current	406,066	57,193	202,996
Salary and welfare payable	189,823	26,736	103,539
Accrued expenses and other payables	684,391	96,394	330,282
Income taxes payable	136,201	19,184	31,336
Short-term borrowings	70,000	9,859	142,828
Current portion of long-term borrowings			29,130
Amounts due to related parties	¥ 1,104	$ 155	¥ 3,004
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Total current liabilities	¥ 2,377,851	$ 334,913	¥ 1,347,614
Non-current liabilities
Operating lease liabilities, non-current	1,583,178	222,986	1,805,402
Deferred revenue, non-current	369,455	52,037	277,841
Long-term borrowings, non-current portion	2,000	282	2,000
Other non-current liabilities	194,452	27,388	141,763
Total non-current liabilities	2,149,085	302,693	2,227,006
Total liabilities	4,526,936	637,606	3,574,620
Shareholders' equity
Additional paid in capital	1,555,773	219,126	1,286,189
Retained earnings (accumulated deficit)	507,226	71,441	(78,304)
Accumulated other comprehensive income (loss)	4,769	672	(10,865)
Total equity attributable to shareholders of the Company	2,068,068	291,281	1,197,305
Non-controlling interests	(7,979)	(1,124)	(9,899)
Total shareholders' equity	2,060,089	290,157	1,187,406
Commitments and contingencies
Total liabilities and shareholders' equity	6,587,025	927,763	4,762,026
Class A ordinary shares
Shareholders' equity
Ordinary shares	244	34	229
Class B ordinary shares
Shareholders' equity
Ordinary shares	¥ 56	$ 8	¥ 56

Contingencies - Capital commitments (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Contingencies
Commitments related to leasehold improvements and installation of equipment for hotel operations which is expected to be incurred within one year	¥ 3,607