
Atour Lifestyle delivered Q2 2026 revenue and earnings above consensus, driven by robust retail growth and strong managed/franchised hotel expansion. We reiterate a bullish view and $50/share valuation for ATAT, citing its differentiated value-for-money positioning and successful retail brand extension. ATAT's retail segment, up 63.2% y/y, is expanding beyond pillows into comforters and loungewear, deepening brand engagement and member conversion.










