Atour Lifestyle Holdings rapidly grew its hotel network to over 2,000 properties by the end of 2025, driven mainly by its manachise franchise model balancing expansion with quality control. Its retail operations complement hospitality offerings, diversifying revenue. Financial results show significant operating income and net profit growth in 2025, supported by strong cash flow and liquidity. Key growth drivers include a rising share of mature hotels and a large ACARD loyalty program enhancing customer retention. Competitive intensity and fixed costs remain challenges. Future prospects depend on continued franchising success, retail scaling, and service consistency.