China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

[Atour (ATAT US, BUY, TP US$36) Review]: Retail Business Bigger and Longer than Market Thinks

[Atour Lifestyle (ATAT US, BUY, TP US$39) TP Change]: Should Retail Profit Be Accorded a Multiple?

[Atour Lifestyle (ATAT US, BUY, TP US$36) Target Price Change]: 618-Commerce Sales Set a New Record

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

Atour Lifestyle Holdings / Equity Bottom-Up

<ul>
<li>Based on Atour (ATAT)'s strong pillow sales in 11.11, we raised C4Q24/2025 revenue estimate by 6.9%/7.1%. Our number is now 7.9%/15% higher than consensus;</li>
<li>The outstanding performance of the retail business may draw more consumer attention to the brand, thus bring contribute to Atour's hotel expansion.</li>
<li>We raise the TP by US$1 to US$37/ADS and maintain the BUY rating.</li>
</ul>


Based on Atour (ATAT)'s strong pillow sales in 11.11, we raised C4Q24/2025 revenue estimate by 6.9%/7.1%. Our number is now 7.9%/15% higher than consensus;
The outstanding performance of the retail business may draw more consumer attention to the brand, thus bring contribute to Atour's hotel expansion.
We raise the TP by US$1 to US$37/ADS and maintain the BUY rating.


[Atour (ATAT US, BUY, TP US$37) TP Change]: Strong 11.11 Sales Recalibrate E-Commerce Potential