Atour Lifestyle Holdings is a China-based lifestyle group operating two interconnected businesses: an upper midscale hotel chain and a sleep-products retail brand called Atour Planet. Atour is the largest upper midscale hotel chain in China by room count, with over 2,000 hotels and 224,000+ rooms as of end-2025. The flagship Atour Hotel brand targets quality-conscious business travelers in commercial districts of major Chinese cities. Atour differentiates itself through an "experience-driven" model, mapping 21 guest touchpoints from booking to checkout and training staff to deliver consistent, personalized service at each. Atour uses a "manachise" model for ~99% of its hotels: franchisees own and fund properties, while Atour appoints on-site managers, maintains brand standards, and runs technology and reservation systems. About 63% of room nights are booked through Atour's own channels, reducing reliance on OTA platforms and their associated commissions. Atour Planet, the retail brand, sells sleep-related products — primarily pillows, comforters, and mattresses — targeting consumers' home sleep experience. The brand grew organically from hotel operations: guests try Atour Planet products during stays, driving online repurchases across Tmall, JD.com, and Douyin (~93% of GMV). This hotel-retail flywheel is central to Atour's positioning, and is reinforced by the ACARD loyalty program with 112M members that links hotel and retail rewards. Retail has grown from ~21% of revenue in FY23 to ~38% in FY25, making it an increasingly important driver of group financials.