Atour Lifestyle Holdings turned in a first quarter 2026 that read as two different businesses moving in opposite directions on a single page. Reported net revenues climbed 47.5% to US$408 million (RMB2,811 million) on a 21% increase in the manachised hotel footprint and a 54% surge in retail sales, and operating income roughly doubled to US$96 million (RMB663 million) on a 494-basis-point operating margin expansion to 23.6% (US$/RMB at the H.10 March 31, 2026 rate of 6.8980; the 20-F filed April 17, 2026 used the December 31, 2025 H.10 rate of 6.9931 for FY2025 figures). Underneath the headline, same-hotel RevPAR fell 1.7% to RMB304 (US$44) from RMB310 (US$45) a year earlier, and the consolidated occupancy rate of 70.6% sat 5.5 percentage points below the 76.1% posted in the seasonally stronger fourth quarter of 2025. The thesis this report frames is that Atour's asset-light manachise engine and the higher-margin retail business are doing the load-bearing work, while the core 18-month-tenured hotel estate is still working through softer consumer travel demand in China.