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Atour Lifestyle Holdings Ltd (ATAT) stock

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NASDAQ: ATAT Nasdaq Hotels, Resorts & Cruise Lines Next results ~November 10, 2026

B Fundamentals grade

Atour Lifestyle Holdings Ltd is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($78.20) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($78.20) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Atour Lifestyle Holdings Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds100 adding, 94 cuttingOf 43 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Atour Lifestyle Holdings files

Where Atour Lifestyle stands after its latest Filing

Revenue for the twelve months was $1.36bn, up 35.2% on a year earlier, slower than the 52.8% growth a quarter earlier. That growth ranks 1 of 25 among the hotels, resorts & cruise lines companies we cover. Free-cash-flow margin rose to 19.5% from 16.5% a year earlier. Operating margin widened to 23.6% from 9.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 6 of our 6 financial-health checks.

Our model value for Atour Lifestyle Holdings is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Atour Lifestyle Holdings Ltd's trailing-twelve-month revenue grew 35.2% year on year, with a free-cash-flow margin of 19.5%. Where it stands out: revenue growth of 35.2% ranks 1 of 25 hotels, resorts & cruise lines companies we cover. Where it lags: change in growth rate of -17.5pp ranks 23 of 25 hotels, resorts & cruise lines companies we cover.

Our discounted-cash-flow model values the business at ~$78 per share in the base case (~$61–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 35.2% (-17.5pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 35.2% over the last 12 months, against a median of 9.7% for hotels, resorts & cruise lines companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Growth slowing. The growth rate is 17.5 points lower than a quarter earlier.
  • Below peers: change in share count. Change in share count of 0.5% ranks 20 of 23 hotels, resorts & cruise lines companies we cover (median -3.5%).

Latest results

Earnings per share
$4.08 against an average estimate of $3.87: beat by 5.5%
Next report
November 10, 2026

Atour Lifestyle Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.9%
  • 1 week+2.3%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
23.6%
Net margin
16.6%
EPS (TTM, diluted)
$1.61

Growth

Revenue growth
+35.2%
Change in growth rate
−17.5 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$265M
FCF margin
19.5%
Stock pay % of revenue
1.3%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ATAT from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Atour Lifestyle Holdings Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($78.20) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Atour Lifestyle Holdings Ltd's free cash flow after stock-based pay ( $327M, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Atour Lifestyle Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$78 ~$61–$100 Left out: far from the other models (more than 3x away from their median)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$22 ~$20–$49 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$18 ~$14–$25 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$17 ~$15–$20 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Atour Lifestyle Holdings Ltd with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, before the open.

Analysts' consensus

No analyst estimates are published for Atour Lifestyle Holdings Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.87 $4.08 +5.5%
Mar 2026 $2.71 $3.53 +30.2%
Dec 2025 $3.22 $3.55 +10.1%
Sept 2025 $3.41 $1.16 −66.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

21 analysts, Nov 2026
Buy21100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202641721
  2. Oct 202641620
  3. Sep 202641519

Counts of recommendations published by analysts covering Atour Lifestyle Holdings Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
2.64
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
6.3%
of shares
Employees
6,356
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Atour Lifestyle Holdings Ltd in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Atour Lifestyle Holdings Ltd
$0 $500M $1B $1.5B FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $227.1M Revenue (TTM), FY21 Q4: $332.9M Revenue (TTM), FY22 Q4: $337M Revenue (TTM), FY23 Q4: $659.4M Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q4: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY20 Q4 $227.1M
FY21 Q4 $332.9M
FY22 Q4 $337M
FY23 Q4 $659.4M
FY24 Q4 $1B
FY25 Q4 $1.4B
Revenue growth, TTM YoY Atour Lifestyle Holdings Ltd
0% 50% 100% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 46.6% Revenue growth, TTM YoY, FY22 Q4: 1.2% Revenue growth, TTM YoY, FY23 Q4: 95.7% Revenue growth, TTM YoY, FY24 Q4: 52.8% Revenue growth, TTM YoY, FY25 Q4: 35.2% 35.2%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 46.6%
FY22 Q4 1.2%
FY23 Q4 95.7%
FY24 Q4 52.8%
FY25 Q4 35.2%
Operating margin (TTM) Atour Lifestyle Holdings Ltd
0% 10% 20% 30% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: 4.0% Operating margin (TTM), FY21 Q4: 9.1% Operating margin (TTM), FY22 Q4: 7.3% Operating margin (TTM), FY23 Q4: 19.8% Operating margin (TTM), FY24 Q4: 22.4% Operating margin (TTM), FY25 Q4: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY20 Q4 4.0%
FY21 Q4 9.1%
FY22 Q4 7.3%
FY23 Q4 19.8%
FY24 Q4 22.4%
FY25 Q4 23.6%
FCF margin (TTM) Atour Lifestyle Holdings Ltd
0% 20% 40% 60% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: 0.4% FCF margin (TTM), FY21 Q4: 16.5% FCF margin (TTM), FY22 Q4: 10.9% FCF margin (TTM), FY23 Q4: 41.7% FCF margin (TTM), FY24 Q4: 23.0% FCF margin (TTM), FY25 Q4: 19.5% 19.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q4 0.4%
FY21 Q4 16.5%
FY22 Q4 10.9%
FY23 Q4 41.7%
FY24 Q4 23.0%
FY25 Q4 19.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Atour Lifestyle Holdings took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.4B
  2. Other income $7.8M · 0.6%
  3. Research and development $24.8M · 1.8%
  4. Selling, general and admin $279M · 20.5%
  5. Other operating costs $737M · 54.1%
  6. Operating income $321M · 23.6%
  7. Income tax $103M · 7.6%
  8. Net income $226M · 16.6%

Shares of revenue. Source: Atour Lifestyle Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 227 333 337 659 1,007 1,362
EBITDA 21 45 38 143 235 328
Operating income 9 30 25 131 225 321
Net income 6 22 15 104 177 226
Diluted EPS — — $0.12 $0.75 $1.28 $1.62
Growth (year on year)
Revenue — +46.6% +1.2% +95.7% +52.8% +35.2%
EBITDA — +109.2% −16.0% +277.7% +64.5% +40.1%
Operating income — +231.4% −19.2% +431.6% +72.7% +42.4%
Net income — +268.9% −35.0% +613.1% +70.2% +27.3%
Diluted EPS — — — +549.7% +69.1% +26.6%
Margins
EBITDA margin 9.5% 13.5% 11.2% 21.6% 23.3% 24.1%
Operating margin 4.0% 9.1% 7.3% 19.8% 22.4% 23.6%
Net margin 2.7% 6.8% 4.3% 15.8% 17.6% 16.6%
Free-cash-flow margin 0.4% 16.5% 10.9% 41.7% 23.0% 19.5%
Cash flow
Cash from operations 17 65 42 281 240 277
Capital spending 16 10 5 6 8 12
Free cash flow 1 55 37 275 232 265
Stock-based pay — — 24 23 5 18
Free cash flow after stock pay — — 13 252 228 247
Balance sheet
Cash 126 163 230 400 496 472
Total debt 0 17 25 10 8 36
Net debt (negative = net cash) −126 −146 −205 −390 −487 −436
Diluted shares 114m 108m 127m 138m 139m 140m
Returned to shareholders
Dividends — 3 — 21 61 107
Buybacks — 17 — — — 46
Total returned — 20 — 21 61 153

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 6 checks passed · December 31, 2025
What it owns · $1.3bn
Short-term assets $1.1bnLonger-term assets $259m
What it owes, and who funded it · $1.3bn
Short-term liabilities $533mLonger-term liabilities $266mShareholders' equity $514m
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $533m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $266m of longer-dated liabilities.
  • More cash than debt $472m of cash against $36m of debt.
  • Debt below 40% of shareholders' equity Debt is 7% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $277m of operating cash flow against $36m of debt.
  • Operating profit covers interest at least five times over Operating income of $321m against $591,236 of interest.

From Atour Lifestyle Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$45.9M
Dividends (TTM)
$107M
Returned to shareholders
58%
of free cash flow
Diluted share count
+0.5%
year over year
Total shareholder yield
3.2%
dividends 2.3% + buybacks 1.0% of market value
Dividend payout ratio
48%
of net income paid out
R&D spending
1.8%
of revenue
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in hotels, resorts & cruise lines
Last 12 months unless stated ATAT WH CHH MMYT LIND CVEO Median
Revenue, last 12 months $1.4bn $1.4bn $1.6bn $1.0bn $831m $707m $5.2bn
Revenue growth, last 12 months 35.2% 0.7% 2.1% 6.7% 18.3% 12.6% 9.7%
Revenue growth, 3-year average — 0.8% 1.7% 26.8% 16.1% 0.7% 8.0%
Revenue growth, latest quarter — 7.3% 2.5% 11.8% 18.6% 13.3% 8.1%
Gross margin — — — 73.8% 46.6% 23.3% 47.7%
Operating margin 23.6% 29.3% 22.8% 14.9% 7.0% 3.0% 16.0%
Operating margin, 3-year average — 34.3% 25.5% −12.2% 4.4% 2.1% 15.3%
Net margin 16.6% 14.0% 12.7% 5.0% −2.1% −1.1% 11.4%
Cash from operations / revenue 20.4% 26.1% 12.7% 17.5% 17.2% 6.7% 20.4%
Free-cash-flow margin 19.5% 22.8% 10.4% 17.1% 13.1% 4.2% 12.1%
Free-cash-flow margin, 3-year average — 20.3% 13.5% −0.4% 9.4% 4.9% 10.3%
Stock pay / revenue 1.3% 2.9% 1.3% 2.2% 1.0% 1.3% 1.3%
Change in share count 0.5% −3.4% −2.6% −4.2% 9.0% −16.9% −3.4%

Median of all 25 companies we cover in hotels, resorts & cruise lines. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 hotels, resorts & cruise lines companies
Measure Company Peer median Rank
Revenue growth Growth 35.2% 9.7% 1 of 25
Change in growth rate Growth -17.5pp -0.5pp 23 of 25
Operating margin Profitability 23.6% 16.0% 7 of 22
Net margin Profitability 16.6% 11.4% 7 of 25
Free-cash-flow margin Cash generation 19.5% 12.7% 8 of 24
Stock pay as % of revenue Cash generation 1.3% 1.4% 12 of 24
Long-term debt as % of assets Balance sheet 0.0% 41.9% 2 of 24
Change in share count Balance sheet 0.5% -3.5% 20 of 23
Days sales outstanding Balance sheet 13 days 52 days 5 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.5B
Institutions reporting
181
Shares held vs prior quarter
▼ 6.3%
Positions opened / closed
24 / 30

Top buyers and sellers, Q2 2026: 100 institutions bought and 94 sold ; the biggest buyer was Capital World Investors (+1.8M shares) and the biggest seller Olp Capital Management Ltd (−8.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Olp Capital Management Ltd $245M 7.7M 9.8% ▼ 52.4%
M&G PLC $146M 4.6M 5.9% ▲ 62.5%
Schroder Investment Management Group $144M 4.5M 5.8% ▲ 28.7%
Jpmorgan Chase & Co $132M 4.1M 5.3% ▼ 2.4%
Norges Bank $128M 4.0M 5.1% —
FMR LLC $120M 3.8M 4.8% ▼ 22.8%
Wfm Asia (BVI) Ltd $99.6M 3.1M 4.0% ▼ 14.9%
Mitsubishi Ufj Trust & Banking Corp $89.6M 2.8M 3.6% ▲ 24.7%
Vanguard Capital Management LLC $73.2M 2.3M 2.9% ▲ 1.3%
Blackrock, Inc. $65.5M 2.1M 2.6% ▲ 4.7%
Renaissance Technologies LLC $59.9M 1.9M 2.4% ▼ 12.6%
Capital World Investors $57.9M 1.8M 2.3% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Atour Lifestyle Holdings Ltd's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Atour Lifestyle Holdings Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Atour Lifestyle Holdings Ltd in brief

What does Atour Lifestyle Holdings Ltd do?
Atour Lifestyle Holdings Ltd is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
What is Atour Lifestyle Holdings Ltd's stock ticker?
Atour Lifestyle Holdings Ltd trades under the ticker ATAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Atour Lifestyle Holdings Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Atour Lifestyle Holdings Ltd reported revenue of $1.4B, 35.2% higher than a year earlier, according to its SEC filings.
What is Atour Lifestyle Holdings Ltd's free cash flow?
Atour Lifestyle Holdings Ltd's free-cash-flow margin is 19.5% of revenue over the trailing twelve months, ranking 8 of the 24 hotels, resorts & cruise lines companies we cover.
Who are Atour Lifestyle Holdings Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Olp Capital Management Ltd, M&G PLC and Schroder Investment Management Group. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Atour Lifestyle Holdings Ltd buying back stock, and does it pay a dividend?
Atour Lifestyle Holdings Ltd spent $45.9M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.5% over the year.
Does Atour Lifestyle Holdings Ltd pay a dividend?
Yes: Atour Lifestyle Holdings Ltd paid $107M in dividends over the trailing twelve months, a dividend yield of 2.27% and a payout ratio of 47.6%.
How much debt does Atour Lifestyle Holdings Ltd have?
Atour Lifestyle Holdings Ltd's debt-to-equity ratio is 7.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Atour Lifestyle Holdings Ltd's competitors?
In our Hotels, Resorts & Cruise Lines peer group, the companies closest to Atour Lifestyle Holdings Ltd are Wyndham Hotels & Resorts, Inc., Choice Hotels International Inc, Makemytrip Ltd, Lindblad Expeditions Holdings, Inc. and Civeo Corp. The side-by-side comparison below sets their revenue, margins and growth against Atour Lifestyle Holdings Ltd's.
When is Atour Lifestyle Holdings Ltd's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Atour Lifestyle Holdings Ltd announces its own schedule.