Atour Lifestyle Holdings (ATAT) Q3 2025 earnings call transcript

Thank you, operator. Good morning and good evening, everyone. Welcome to our third quarter 2025 earnings conference call. Today, you will hear from our founder, chairman, and CEO, Mr. Wang Haijun, and our EVP co-CEFO, Mr. Wu Jianfeng. Before we continue, please be aware that this discussion will include forward-looking statements under federal securities laws. These statements are subject to various risks and uncertainties, and the actual results may differ significantly from what it did or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws.

Additionally, during this call, our management will discuss certain non-gap financial measures solely for comparison purpose. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of this conference call will be accessible on our website at ir. yaduo. com, where a copy of the results presentation is also available. Now, I will turn the call over to Mr. Wang, our CEO.

Thank you, Luke. Hello, everyone. Thank you for joining a Tours 3rd quarter 2025 earnings call today. From the hotel industry, three weeks ago, the market is a warm and warm state. The weather needs to continue to be lifted by the same time, and also show the heat and fast-forward and the region. On the market, the market market is focused on the growth and life-saving. The market market is also focused on the development of the market. As the first-time life-form company, the demand change is a very good and effective market. The demand changes in the market and market market.

The demand changes in the market and market market. The demand changes in the market and market market. Amid the ongoing volatility in the macro environment, consumers have shown a clear shift toward prioritizing value and making more rational purchasing decisions. Innovative experiences emerging from new scenarios and business models have become a key force, driving the release of consumption potential.

For the hotel sector, the overall market has shown a moderate recovery since the third quarter. While travel and leisure demand continues to be robust, the industry is also characterized by rapidly shifting hotspots and uneven recovery across regions. In the retail market, consumption is increasingly centered around experiential offerings and quality of life upgrades. Evolving consumer habits coupled with technological advancements are jointly fueling development across various segments.

As a leading lifestyle group, Atura keenly observes the evolution of user needs and captures consumption trends with precision. Through continuous innovation and enhanced experience in both our hotel and retail businesses, we consistently respond to and lead contemporary consumers' pursuit of quality living.

Now I would like to provide more details on our performance for the third quarter of 2025.3D-DU,集团大盘 Roll Paa,为371.3元,为24年同期的97.8% 其中, OCC基本恢复至去年同期水平,为24年同期的99.9% ADR为24年同期的98.1% Let's begin with our hotel business. Please turn to slide 4 of our third quarter 25 results presentation. In the third quarter, our REVPAR was RMB 371.3, representing 97.8% of its level in the same period of 2024.

Specifically, OCC nearly recovered to the prior year level at 99.9% of the same period in 2024, and ADR reached 98.1% of its level in the same period of 2024. Please turn to slide 5. In the third quarter, Rav Park for our mature hotels in operation for more than 18 months was 95% of the level in the same period of 2024, while OCC and ADR stood at 98.5% and 96.6% of their levels in the same period of 2024, respectively. Okay. In the next stage, new technology is a key focus.

in operation, representing a 27.1% year-over-year increase. We have full confidence in achieving our strategic targets of the 2000 premier hotels by year-end, laying a solid foundation for the next phase of our journey.

Through a serious selection and standard management, the production of the hotel network will continue to increase the quality of high-quality growth. As of the end of the third quarter, our pipeline of hotels under development remained steady at 754. Amid our rapid expansion, we remain steadfast in our quality-first principle. By applying rigorous project selection criteria and strict quality standards, We are driving healthy and sustainable high quality growth.

Next, I would like to share the latest developments for our hotel brand. and the environment. The 3.6 will be integrated into the quality and quality and quality of the product and quality of the product. The key to the high-quality and quality of the product is the key to the high-quality and comfortable environment. The main goal of the product is for the product and quality of the product. Please turn to slide 7. Within our upper-mid-scale product portfolio, Atour 3.6 represents a new benchmark for Atour Series 3 hotels. To date, we have opened 19 A Tour 3.6 hotels, which continue to gain market recognition and acclaim. Through meticulous attention to detail and optimize the scenario design, A Tour 3.6 seamlessly integrates functional amenities, premium service, and humane ambience.

It effectively addresses the core needs of guests for efficiency and comfort, offering a new, more refined choice for travel experiences.

and the value of both values and values. Yardot 4.0 is more important to build a deep-duty and community and build a healthy-duty and healthy environment. Please turn to slide 8. Grounded in a forward-looking understanding of consumers' long-term needs, Atour Series 4 has received a strong market recognition, reaffirming its precise product positioning. In the third quarter, the rough part of Atour 4.0 hotels in operation for more than three months surpassed R&B 500.

While delivering both functional utility and emotional value, Atour 4.0 hotels place greater emphasis on fostering a deep resonance with guests, creating a healing experience that promotes holistic well-being. The high-end market is the key to the top-down market. We have a similar partnership with the 3-系 and 4-系 products. will be able to cover the multiple customers' needs. With the Yaduo series of products in the city's main market market, we will continue to increase the market in the market market. The upper-mid-scale segment has long been our core focus and strategic foundation.

By leveraging the synergistic deployment of Atura Series 3 and Series 4, we effectively serve the diverse needs of different customer groups. As a tour product continues to penetrate core business districts across cities, we will further solidify our competitive mode and the leading position in the upper mid-scale market.

and received a massive market return. Using the design and the design and the design and the design, SAHE酒店 is constantly attracting multiple客群, showing a wide variety of development. Please turn to slide 9. SAHE Hotel represents a significant breakthrough for us in the upper-scale lifestyle segment. In the third quarter, the two operating hotels demonstrated robust performance, with RevPAR exceeding RMB 900. On November 18, our third Saha Hotel began its soft opening in Guangzhou and has already received positive market feedback.

With its unique design style and exceptional accommodation experience, Saha Hotel continues to attract a diverse clientele, demonstrating its substantial growth potential. 法河酒店致力于为高端用户打造融合东方文化底蕴与现在审美的身心滋养之旅 目前我们正在与专业机构开展合作 将科学养生的理念融入用户入住的多个触点 从定制化的养生餐食到精心搭配的客房用品 为住客构建全方位的深度体验 展示我们在高端领域对中国体验理念的思考与实践 在布局策略上,我们仍将坚持精准选址 力求每一家萨河酒店都能成为在地高端生活方式的体验典范 萨河 Hotel is dedicated to creating rejuvenating journeys for the discerning clientele masterfully fusing eastern cultural heritage with modern aesthetics We are now collaborating with a professional institution to integrate scientific wellness concepts across the guest experience, from customized healthy diet to carefully curated in-room amenities, building a comprehensive deep experience for guests, and showcase our thoughts and practice of the Chinese experience concept in the upscale segment. For our expansion strategy, we will continue to adhere to precise site selection, striving to make every Saha Hotel a model of local upscale lifestyle.

Please turn to slide 10. For our mid-scale brand, we consolidated our differentiated advantages by continuously refining our products, improving operational efficiency, and enhancing brand building. Atoora Light continued its strong performance in the third quarter, with the RavPower Alpha Atoora Light Series 3 hotels in operation surpassing year-goal levels. As the latest upgraded version, Atul Lite 3.3 has seen its first batch of hotels successively open.

Atul Lite 3 features a more mature model with that incorporates targeted optimizations in practicality and spatial aesthetics earning strong acclaim from both users and franchisees The 同时我们也正系统性的完善运营体系 通过深化服务触点 优化运营标准 完善人才机制 在确保优质体验的基础上 持续提升运营效率 强化我们在终端市场的核心竞争力 为清居品牌的长远发展 助劳根基 在目前期間, 廣州會繼續在高層市場上, 展開了在增加領域的額領域, 我們會有更新的額領域的額領域, 改變成功能,改變成功能, 改變成功能, 這些功能提供了一切的功能, while consistently driving operational efficiency, solidifying our competitive edge in the mid-scale segment and laying a solid foundation for long-term development of Atour Lite brand.

接下来是我们的零售业务,请大家翻到第十一页。 Moving now to our retail business, please turn to slide 11. 三季度零售业务保持强势增长。 亚朵零售 GMV达到9.94亿元, 同比增长75.5% 其中线上渠道占比持续超过90% 在刚刚结束的双十一购物节 亚朵星球不仅在销售层面取得的优异表现 更是进一步强化了在用户心中的深税品牌形象 同时三季度以及双十一期间 在主流第三方平台床上用品品类排名中 亚朵星球已稳居头部地位 during the third quarter our retail business sustained strong growth with GMV reaching RMB 994 million representing a 75.5% year-over-year increase online channels continue to contribute over 90% of total GMV during the recently concluded Double 11 Shopping Festival a tour planet has not only delivered its excellent sales momentum 但也有更加強調了深入品牌的印象在用者中 在於第三個月和雙11期間 Tour Planet也位於最高的品牌 在大陸的三個型號碼上的大陸型型的網絡 請大家翻到第十項 亞洲星球的亮眼表現標示著我們在睡眠領域 提供系統性解決方案的能力 不斷得到市場驗證 在核心品类方面,我们通过与高效、合作研发等方式持续突破创新,以产品力的提升构筑核心的竞争优势,并逐步拓宽市场空间。 同时,基于对用户需求的深入洞察,我们也在积极拓展如深睡床立、深睡睡衣等全新品类,完善并丰富亚朵星球的睡眠生态布局。 接下来我将介绍亚朵星球核心品类的最新进展 请回顾12 The outstanding performance of a tour planet keeps validating our ability to provide comprehensive sleep solutions in the market In our core categories, we pursue breakthrough innovation through initiatives like collaborative R&D with academic institutions consolidating our competitive advantages while gradually expanding market reach.

Meanwhile, based on in-depth insights into user needs, we are also developing new categories such as Deep Sleep Fitted Sheet and Deep Sleep Launchware, refining and enriching the sleep ecosystem of Atoll Planet.

Next, I will now walk you through the latest updates on Atoll Planet's core categories. 请大家翻到第13页 三季度亚洲星球在主流第三方平台稳居枕头品类销售榜首 新品深睡阵Pro3.0出色的支撑性与舒适度也受到了用户的广泛好评 上市后展现了非常好的销售趋势 仅25天销售额继突破1元 较上一代产品刻意时间缩短了19天 截止目前 深睡诊系列自发布以来 累计销量已突破800万只 此外围绕诊头品类 我们也推出了 深睡随形诊与深睡儿童诊等衍生产品 逐步构建起覆盖多场景 服务多人群的产品矩阵 展现了我们在提升用户睡眠体验方面的 持续拓展与落地能力 进一步夯实了我们在品类中的领先优势 Please turn to slide 13. In the third quarter, A tour of planet continued to lead the market in the pillow category across major third-party platforms. Deep Sleep Memory Phone Pillow Pro 3.0 has received glowing reviews for its excellent support and comfort. Since its launch, it has shown strong sales performance, exceeding RMB 100 million GMB in just 25 days, reducing 19 days compared to the previous generation.

Up till now, the cumulative sales volume of the Deep Sleep Pillow Series has exceeded 8 million units since its release. In addition, we've expanded the pillow portfolio with products like Deep Sleep Travel Pillow and Deep Sleep Pillow for Children, gradually building a product portfolio that covers different scenarios and serves various user groups. 这幅度展示了我们的行动功能 在更加睡眠的经验 并且反抗我们的Category leadership position 两款新品升级了双层控温系统,通过动态调节睡眠微环境帮助用户获得更稳定的睡眠状态。 截止目前,深睡控温背系列产品自发布以来,伪计销量已突破200万条。 Please turn to slide 14 A Tour Planet is leading the transformation of the Comforter category driven by the exceptional performance of our Deep Sleep Thermoregulating Comforter series At the seasons change We launched the two upgraded products in the third quarter Deep Sleep Thermoregulating Comforter Pro 2.0 All season and winter season Both feature an upgraded dual-layer temperature control system that dynamically adjusts the sleep microenvironment for more stable rest.

To date, the cumulative sales volume of the Deep Sleep Thermal Regulating Comforter Series has exceeded 2 million units since its launch.

与被子品类的动态控温系数 未来该标准将作为产品迭代的核心准则 确保产品的高品质与一致性 此次标准的建立 推动我们持续提升供应链能力 进一步夯实在睡眠领域的竞争优势与技术壁垒 我们期望以此带动行业标准的升级 让自然深睡成为每一位用户可感知和可实现的体验 Please turn to slide 15. With the launch of new products targeting users' core sensory needs during sleep, we officially released the Atura Planet Deep Sleep Standard, covering the dynamic pressure stabilization factor for the pillow category and the dynamic temperature management factor for the comforter category. In the future, this standard will serve as the core criteria for product iteration, in 高質素和益質素的產品 這個標準也帶我們繼續增加我們的產品 能力,更加強化我們的技術和技術 和技術的技術 我們的目標是提升業標準的標準 讓每個用戶都能感受到的經驗 当前的市场环境中 模仿者与跟随者不断涌现 亚作星球始终坚持出新 专注倾听用户真实需求 深耕产品细节 我们对用户需求的深刻动察与快速响应 也在持续迭代中 沉淀为品牌长期发展的坚实护城河 与此同时 我们仍将持续厚执基础能力 在产品研发供应链管理和品质把控上精益求精 助劳稳健发展的根基 面向未来我们愿携手产业生态伙伴共同进步 引领中国水平产业迈向更高指段发展的新阶段 In the current market where imitators and followers are emerging A Tour Planet remains committed to its founding aspiration dedicated to listen to users' genuine needs and the refining product details 我們的深入理解和應用的需要 成為了一個綠色的模式 在長期的長期的開展 我們在這裏面前 我們繼續建立我們的建立 我們繼續推薦 產品的產品 產品的產品 和化妥協調 能夠保持一個強化的建立 健康的成果 我們在未來的未來 我們準備好 與我們的產品 partners to move forward together and guide China's sleep industry to a new stage of higher quality development.

Please turn to slide 16. Last but not least,I would like to share our progress across our membership business and channel development.

三季度末,注册会员数已经突破1.08亿,同比增长超过30%。 销售渠道方面,我们核心自由渠道保持稳健。 三季度CIS渠道销售监业占比为62.4%,其中企业协议销售监业占比为20%. With our growing brand influence and the continuous enrichment of our membership benefit system, 我們的 membership base maintained robust growth. By the end of the third quarter, the number of registered individual members exceeded 108 million, representing a year-over-year growth of over 30%. In terms of channel development, our core CRS channel remained stable, accounting for 62.4% of the total room nights sold in the third quarter. The contribution of room nights sold to corporate members 请大家翻到第17页 在住宿与零售场景下的消费偏好与习惯 拓展更多元的生活方式体验 推出更具吸引力的权益与活动 进一步加强与会员之间的情感共鸣 请回顾问 请回顾问 第17节目 第17节目 The evolution of the ACARD system and the upgrade of membership benefits stem from our deep understanding of members' genuine needs. By integrating online and offline resources, we've created multi-scenario end-to-end service experiences that continuously explore innovative possibilities in quality living.

Looking ahead, we will sharpen ACARD's brand positioning. With a focus on a complete customer life cycle, we will analyze consumption patterns across accommodation and retail scenarios among different user groups, expanding lifestyle experiences and introducing compelling benefits and activities to deepen emotional connection with our members. 请大家翻到第18页 展望未来 我们将围绕回归用户 回归伙伴 回归基本功 三个方面持续深化 对于用户 我们始终将用户第一的理念 贯穿于酒店与零售业务的所有细节 提升用户体验 强化我们与用户的情感连接 对于内部伙伴 我们关注其职业成长与经验沉淀 通过多元化的机制 颠覆行业传统的进升与发展路径 推动组织持续进化 对于基本功能夯实 我们通过数字化建设 以及精细化的营营管理 推动效率和体验的全面升级 为集团实现长期可持续的高指振发展 提供坚实支撑 请回顾18 移动我们将继续深入三个键区 用户、职业、基本功能和基本功能 As for our users, we will always adhere to the user-first philosophy, embedding it across all touchpoints of our hotel and retail business. We will continuously enhance users' experiences and deepen our emotional connection with them. For our employees, we pay close attention to their growth trajectories and accumulated experience.

Through diversified mechanisms, we redefine traditional industry promotion and the development 向我们的联系CFO吴建峰为大家介绍公司的财务情况 我会现在来到我们的CFO 王健feng 吴健feng 我们会谈计我们的投资 谢谢海君 我会来到公司的投资 第三季的投资 请到2012年20月20日 the result presentation Our net revenues for the third quarter of 2025 grew by 38 year and 6 quarter to RMB 2 million Revenues from our monetized hotels for the third quarter of 2025 were RMB 1,560 million, up 32.3% year-over-year and 20.1% quarter over quarter. The year over year increase was primarily fueled by the ongoing expansion of our hotel network.

The total number of our mammothized hotels increased from 1,504 as of September 30, 2024 to 1,924 as of September 30, 2025.

The quarter over quarter increase was mainly due to the growth in Red Park and our supply chain business. Revenues contributed by our leased hotels for the third quarter of 2025 were R&B 164 million, representing a decrease of 13.4% year-over-year and an increase of 9.7% quarter-over-quarter. The year-over-year decline was primarily driven by a decrease in the number of these hotels as a result of our product mix optimization. The quarter-over-quarter increase was mainly due to an increase in Red Par.

Revenants from our retail business for the third quarter of 2025 were RMB 846 million, reflecting a 76.4% year-over-year increase by a 12.3% quarter-over-quarter decline. The year-over-year growth was driven by increasing brand recognition, successful product innovation, and a broadened range of product offerings. The quarter-over-quarter decline was primarily due to the seasonality of our retail business.

Now let's move to cost and expenses. Please turn to slide 21. Hotel opening costs for the third quarter of 2025 increased by 23.5% year-over-year and 21.1% quarter-over-quarter to RMB $1,082 million. These increases were primarily due to higher variable costs, such as supply chain costs and hotel manager costs associated with our ongoing hotel network expansion. Growth margin of our hotel businesses expanded to 37.3% in the third quarter of 2025 from 36.0% during the same period of 2024, primarily due to a lower proportion of these hotels as the result of our product mix optimization. Retail cost for the third quarter of 2025 went up by 36.3% year over year and down by 11.2% quarter over quarter to RMB 400 million.

The year over year increase was associated with the rapid growth of our retail business. margin of our retail business remained stable compared to the same period of 2024. Now please turn to slide 22. Selling and marketing expenses for the third quarter of 2025 were RMB $355 million compared with RMB $218 million for the same period of 2024. Selling and marketing expenses accounted for 13.5% of net revenues for the third quarter of 2025 compared with 11.5% for the same period of 2024. The increase was mainly due to investment in brand recognition and the effective development of online channels in line with the growth of our retail business. General and administrative expenses for the third quarter of 2025 were RMB 100 million and included RMB 10 million in share-based compensation expenses, compared with RMB 82 million for the same period of 2024, which also included RMB 3 million in share-based compensation expenses.

General and administrative expenses, excluding share-based compensation expenses, accounted for 3.4% of net revenues for the third quarter of 2025, compared with 4.2% for the same period of 2024.

The decrease was primarily due to improved management efficiency and economics of scale. Technology and development expenses for the third quarter of 2025 were R&B $44 million compared with R&B $30 million for the same period of 2024. Technology and development expenses accounted for 1.7% of net revenues for the third quarter of 2025 compared with 1.6% for the same period of 2024.

Please turn to slide 23. Adjusted net income for the third quarter of 2025 was RMB 488 million, representing a 27.0% increase year over year. Adjusted net profit margin for the third quarter of 2025 was 18.6%. Adjusted EBITDA for the third quarter of 2025 was RMB 685 million, up by 28.7% year-over-year. Adjusted EBITDA margin for the third quarter of 2025 was 26.1%. Now please turn to slide 24. We also maintained a healthy cash position as of September 13, 2025. Our cash and cash equivalent totaled RMB 2670 million with net cash of RMB 2603 million. Please turn to slide 25. In line with our commitment to enhancing shareholder value and our annual dividend policy adopted in August 2024.

Today, we declare our second cash dividend for 2025, totaling approximately U. S. dollar 50 million. Through a comprehensive shareholder return initiative in encompassing dividends and share repurchase, we are taking concrete actions to reward shareholders' trust and support, enabling all shareholders to share in the company's growth achievements.

Please turn to slide 26. For full year 2025, given ongoing network expansion and rapid growth of our retail business, we currently expect total net revenues to increase by 35% compared with full year 2024. That concludes our financial highlights for the third quarter of 2025.

Now let's open for Q&A.

Thank you, Dan. Let me address your question. Since the beginning of this year, with the continued recovery in industry supply and the demand dynamics, we sticked to a high-quality development and leveraged a refined strategy of revenue management, demonstrating strong operational resilience. Throughout the first three quarters of this year, our RevPAR has shown a trend of progressive improvement on a year-over-year basis. In the world of假期期, the travel travel needs to be able to keep活躍, but the market's structure of the transformation is more obvious. The trade-off market is also in the world of rapid growth. The market has been over the past, the market has been over the world of the market, and the market has been over the past.

We see that the main market demand has shown a strong impact. Therefore, we also expect that REVPAR has been increasing and increasing. During the national day holiday, leisure travel demand remained robust, but the market exhibited some significant structural divergence, driven by stronger ADR, how REVPAR achieves year-on-year growth. After the holiday, the market returned to a business-dominated environment.

But benefiting from active exhibitions and business travel activities, the demand in core cities demonstrated strong resilience. Therefore, we expect the pressure from the year-on-year decline in RevPAR to further ease in the fourth quarter.

Looking ahead, the market will continue to show divergence, with still some challenges and uncertainties remaining. We will continue to deeply understand user needs, strengthen our foundational capabilities, attract users with high-quality hotel products and differentiated experiences. By forging deeper emotional ties with them, we will secure long-term advantages in a volatile market environment and demonstrate our resilience for development.

Thank you.

Thank you for your question. We do not only believe that we have a increase in the growth of the demand. We believe that only in the strong and strong level of demand, we have a value of the demand.

Thank you, Sijie. Let me answer your question. In recent years, we found that during our scale expansion, a tour has consistently maintained our strategic focus on premier hotels, house, concentrating on core locations for expansion and we strictly controlled quality. At the same time, we have launched several new hotel products that align with market needs. With the successful launch of many high-quality projects, our brand strength and the differentiated competitive advantages have been further solidified. So we do not endorse a growth strategy driven purely by scale. firmly believe that only by advancing scale growth on the foundation of quality can we achieve sustainable value?

Regarding signings, as we mentioned earlier, we maintain a strict selection mechanism, focusing on expansion in core business districts of key cities. With high quality being a prerequisite, the total number of new hotel signings this year is generally in line with last year, maintaining a steady development pace. At the same time, we are also clearing stock projects in the pipeline in an orderly fashion to promote the healthy development of our pipeline.

We can also use the gas-free mode to ensure the service is completely different. We also reduce the quality of the population and quality of the price. In three months, the total total total is 28. We expect the total total total total total total is 80 Thank you and user experience. By strengthening standard implementation and refined management, we can ensure that every hotel can deliver consistently high quality service. To this end, we maintain a certain proactive replacement rate to continuously enhance the quality of our overall hotel network. In the third quarter, we closed 28 hotels and expect approximately 80 closures entirely for this year.

Thank you.

Thank you, Chen Xin. Let me start by sharing the development strategy of ours and the competitive landscape of our retail business. Since Atour Planet entered the sleep industry, our brand and product power have gradually gained market recognition. This has been followed by a rise in imitators and industry participants, leading to an increasingly fierce competition. However, we always believe that the real competition is not about the peers, but is about the ever-evolving user needs. 为此呢我们并非简单的抄袭行业既有的路径 而是呢逐步构建起具备我们自主特色的产品和供应链的体系 例如呢我们近期也正式推出了我们亚朵星球的深水标准 This is a standard of quality and quality and quality of life. To address this, we did not simply follow the existing industry path. Instead, we progressively built our products and supply chain system with our distinctive characteristics. For example, we officially launched the Atura Planet Deep Sleep Standard recently.

This standard differs from traditional industry metrics like fabric weights or thread counts, but it is based on sensory science and the natural rhythms of human sleep, focusing on two core sensory indicators of sleeping users, the fluctuation of pressure and the change of temperature. This standard also places higher demands on our product development and production. We aim to continuously strengthen our product barriers through this forward-looking standard while collaborating with the upstream supplier partners to jointly lead the industry progress.

We continue to build the basic design and the business. I think that our first-time business and business business is a good thing. That is, before the product is set to the規模, in the future, the future of the future will continue to expand the product and the product. The key to the customer is the key to the customer.

The system of the system is the key to the development of the long-term development. The development of the long-term development of the long-term development. As a relatively new player in the industry, we always plan our layout with a longer-term mindset. While developing quite rapidly, we have been constantly building and consolidating our foundational capabilities. I believe our underlying philosophy is consistent between the retail and hotel businesses, which is to always prioritize quality over scale. Moving forward, Atoor Planet will continue to strengthen our product power, remain user-centric, focus on the systematic development of our long-term capabilities, and practice Atoor's group's long-term development path.

Let me answer the question about the revenue of the sales. In the 2021 year, the overall performance of the 2021 year, is also very interesting. The user's newness is also gradually increasing. So, in terms of the performance of the three-week week and the 11-year sales sales yield, we will increase the growth of the total increase in 65% of the year. Also, in terms of the same way, we will increase the total increase in 35% of the year-old company. Well, let me address your question about our retail revenue. During the double-11 period, Atura Planet delivered outstanding performance performance and continuously strengthened our brand presence in the minds of users. Based upon our strong performance in Q3 and the double 11, we're now raising our full-year retail revenue growth outlook to at least 65% year-on-year and accordingly adjust the group's full-year revenue guidance to a growth of 35% year-on-year.

Thank you.

。 Thank you, Ronald. Regarding dividends, as we announced today, our second dividend distribution this year amounts to approximately $50 million, representing about 29% of last year's net income. Consequently, the cumulative dividend total for this year reaches about $108 million, accounting for approximately 62% of the prior fiscal year's net income, exceeding our commitment of no less than 50% of that. Additionally, we formally commenced our share repurchase program in September and will continue to execute them in accordance with our established three-year plan. That's why we will continue to do 分红加回购 The one-hand股东回报 plan Plan is In the past year Gap净利润 As the基準 To achieve 100% of payout ratio The overall pace of the pace of the year The process of the company and the growth of the year And the plan to prepare We hope to create a long-term value For the company to create a long-term value To expand our customers' knowledge And to share the value of the company Looking ahead, we will continue to implement our comprehensive shareholder return program, combining dividends and repurchases, targeting a payout ratio of 100% based upon the previous fiscal year's gap net income, with the specific implementation pace to be dynamically arranged in line with our business development and capital planning.

Through these tangible actions, we are committed to creating long-term value and sharing the success of the company with our shareholders in appreciation of your ongoing support and trust.

Thank you, Ronald.

好,谢谢, Lydia. 确实我们三季度,清居三系, 在营酒店的RAPA已经超过去年同期的水平, 表现还是非常不错的. 那么其实近年以来, 清居在整个品牌的建设, 运营效率还有用户体验方面的话 都取得了不错的成绩. 那经营表现于规模增长的话 也都是符合公司的预期的。 We always think the core of the brand is in the product. So, KG酒店's product is a good fit for the young people's needs and the beauty of the quality of the young people. We also released KG3.3 the brand. Through the continued growth of the investment model, the experience and the effect of the product of KG3.3, we have more balanced and improved. Through the first-person KG3.3, we also have to keep up with different people's feedback. We will continue to improve our product's details. At the same time, we are also in the end of the market. We have to end up with the market of the competition.

We always believe that the core of a brand lies in its products. The Auteur Light Hotel product accurately aligns with the needs and aesthetic preferences of today's young users. The newly launched Atoile Light 3.3 with its constantly optimized investment model achieved a better balance between service experience and operational efficiency. Through the implementation of the first batch of our Atoile Light 3.3 project, we are constantly gathering feedback from various signs, refining product details and strengthening our differentiated competitive advantage in the mid-scale market. We expect the scale of a Tour Light Series 3 hotels in operation will be reaching 170 to 180 by the end of this year.

We are firmly optimistic about the long-term development of Tour Lite. At this current early stage of the brand development, we are particularly focused on solidifying the operational foundation and our systematic capabilities.

As for our next step, we will systematically build a dedicated operational system for Auteur Lite, strengthening its differentiated positioning in all aspects, including from brand concept to service delivery. This will not only distinguish it from our main Auteur hotel brand, but also highlight the unique value in the mid-scale hotel market. On this basis, we will steadily advance towards a longer-term development goal of hitting 1,000 hotels milestone for a tour light brand.

Thank you.

Thank you for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye. This concludes today's conference call. Thank you for participating. You may now discuss the questions.