Ladies and gentlemen, thank you for standing by, and welcome to Atour Lifestyle Holdings Fourth Quarter and Full Year 2025 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be question and answer session. Today's conference is being recorded. I would now like to turn the conference over to Mr. Luke Hu, Senior IR Manager. Please go ahead, sir. Thank you, operator. Good morning and good evening, everyone. Welcome to our fourth quarter and full year 2025 earnings conference call. Today you will hear from our Founder, Chairman, and CEO, Mr. Wang Haijun, and our EVP, Co-CFO, Mr. Jianfeng Wu. Before we continue, please be aware that today's discussion will include forward-looking statements under Federal Securities Law. These statements are subject to various risks and uncertainties, and actual results may differ significantly from what is stated or implied in our comments today. The company is not obligated to update any forward-looking statements except as required by applicable laws. Additionally, during this call, our management will discuss certain non-GAAP financial measures solely for comparison purpose. For a clear understanding of these measures and a reconciliation of GAAP to non-GAAP financial results, please refer to the earnings release issued earlier today. Furthermore, a webcast replay of this conference call will be accessible on our website at ir@yaduo.com, where a copy of the results presentation is also available. Now I will turn the call over to Mr. Wang, our CEO. Thank you, Luke. Hello, everyone. Thank you for joining Atour's fourth quarter and full year 2025 earnings call today. Please turn to our results presentation. Looking back at 2025, sustained global competition, structural shifts in consumption, and accelerating technological transformation collectively shaped the overarching theme of the year. Amid a volatile recovery, China's travel and consumer markets have become increasingly mature, rational, and resilient. In this environment, we are more convinced than ever that only by staying true to our user first philosophy, relentlessly enhancing user experience, and building enduring brand value can we navigate industry cycles in an increasingly competitive, maturing market. 2025 marked the successful completion of our Chinese Experience, 2,000 Premier Hotels strategic initiative. In terms of the hotel business, we achieved our scale target of 2,000 Premier Hotels and further strengthened our brand through differentiated product positioning and customer experiences that resonate. Meanwhile, our retail business sustained strong growth momentum, accounting for nearly 40% of the group's total revenue. Atour Planet further reinforced its leading position in China's sleep market, establishing itself as the preferred choice for consumers. We continue to see growing synergy between our hotel and retail businesses, with each strengthening the other to further enrich the value proposition of our Chinese Experience. As we enter 2026, we continue to see considerable market uncertainty. However, our strategic direction has never been clearer. We will Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Presenters, please continue. Yes, thank you. As we enter 2026, we continue to see considerable market uncertainty. However, our strategic direction has never been clearer. We will embrace change while maintaining a long-term focus. We consistently create value-added experiences with a personal touch through high-quality products and services. Building on this foundation, we have officially launched a new three-year strategic plan, Chinese Experience, Brand-Led Excellence. Experience remains the cornerstone of our development and a core driver of growth. We will further reinforce our differentiated experience mode, amplify our strength, pioneer new frontiers, and strengthening our leadership within the industry. Brand serves as the anchor of our long-term development and the guiding force behind our strategy. We will firmly follow the course of a lifestyle group, actively exploring and expanding growth path. By using scenarios as a bridge, we will deepen the synergy between our hotel and our retail businesses, leveraging our brand to connect across scenarios and deepening our emotional connection and a resonance with users. Now, I would like to provide more details on our hotel and our retail performance for the fourth quarter and the full year of 2025. Let's begin with our hotel business. In the fourth quarter, our RevPAR was RMB 335.7, representing 99.6% of the level in the same period of 2024, with the recovery showing sequential improvement trend. Specifically, OCC reached the 98.8% and ADR stood at 101.5% of their levels in the same period of 2024. In the fourth quarter, RevPAR for our mature hotels in operation for more than 18 months was 96% of the level in the same period of 2024, while OCC and ADR stood at 97% and a 99.6% of 2024's levels for the same period, respectively. In 2025, we opened 488 new hotels. By the end of the fourth quarter, the number of hotels in operation reached 2,015, representing a 24.5% year-over-year increase. As of the same date, our pipeline of hotels under development stood at 779, providing a solid foundation for the continued expansion of our hotel network. On the hotel channel front, our core CRS channel remained stable, accounting for 62.9% of total room nights sold in the fourth quarter. The contribution of room nights sold to corporate members was 20.8% during the quarter. Next, I would like to share the latest developments across our hotel brands. The upper mid-scale segment has long been our core focus, where we have built a deep presence. For the longer term view, at the beginning of this year, we officially upgraded Atour 4.0 to an independent brand, Atour Origin. While retaining efficient business travel functionality, Atour Origin introduces an immersive vacation ambience, creating a serene urban retreat where customers can find peace of body and mind. Its differentiated brand positioning has been validated by the market. For full year 2025, RevPAR for Atour Origin hotels in operation exceeded RMB 430. To- date, 55 Atour Origin hotels are in operation, with over 50 projects in the pipeline. 亚朵酒店与亚朵见野共同构建起我们在中高端赛道更具竞争力的品牌矩阵。亚朵酒店的整体风格更贴合主流商旅场景，为用户提供兼具功能与情感的可靠选择。最新产品亚朵3.6，从硬件配置到服务细节，持续收获市场认可。四季度，在营酒店RevPAR超过380元。亚朵见野则以独特的氛围塑造，延伸用户的体验边界与精神空间。两个品牌协同发展，为加盟商创造了更灵活的投资选择，也更加精准地满足了用户在不同出行场景下的多元需求，进一步放大了我们在场景与体验层面的差异化优势，持续巩固我们在中高端市场的绝对领先地位。 Together, Atour Hotel and Atour Origin form a more competitive brand portfolio in the upper mid-scale market. Atour Hotel's style is tailored to mainstream business travel, offering customers dependable options that balance functionality with emotional appeal. The latest product, Atour 3.6, continues to gain market recognition for its meticulous hardware configuration and outstanding service details. In the fourth quarter, the RevPAR of Atour 3.6 hotels in operation surpassed RMB 380. Atour Origin expands customers' experience and enriches their sense of wellbeing through its unique atmosphere. The synergistic development of the two brands has created more flexible investment opportunities for our franchisees, while better addressing the diverse needs of our customers across various travel scenarios. The advantages have further strengthened our competitive edge through innovative scenario designs and enhanced customer experiences, helping us maintain our absolute leading position in the upper mid-scale market. 高端市场方面，萨和是我们品牌矩阵向上突破的重要一步。凭借高效的投资模型、创新的体验设计，以及深层次的文化表达，萨和在原有的市场格局中走出了一条截然不同的路，成为高端市场的破局者。目前，萨和已完成在上海、深圳、广州三城三店的布局。通过独特的审美体系、场景营造与极致体验，萨和正逐步成为所在城市的文化入口，并重新定义高端酒店的价值边界。四季度，萨和在营酒店经营表现十分亮眼，RevPAR突破950元。 SAVHE Hotel marks a substantial breakthrough in advancing our brand portfolio in the upscale market. Leveraging an efficient investment model, innovative experience design, and a profound cultural expression, SAVHE Hotel has forged a distinct path within the existing market framework and become a game changer in the upscale segment. Currently, SAVHE has established its presence with three hotels in Shanghai, Shenzhen, and Guangzhou. With its unique aesthetic system, carefully crafted ambience, and exceptional experiences, SAVHE is gradually becoming a cultural gateway in each city it enters, redefining the value of upscale hotels. In the fourth quarter, SAVHE delivered exceptional operating results, with RevPAR exceeding RMB 950. 2026年，我们也将持续深化东方养生体验，构建萨和式疗愈体验系统，以更精细化的运营和更完整的体系建设，推动品牌的升级与突破。立足于更长远的规划，萨和在第四季度与EHL酒店管理商学院达成合作，共同打造一套兼具全球表达与东方价值的高端住宿服务体系，更好地助力品牌长期发展。我们希望萨和可以成为全球视野与东方故事的载体，将其所蕴含的体验哲学沉淀为全球高端酒店行业的新价值坐标，让中国体验走上世界舞台。 In 2026, we will further develop our Eastern wellness experience and build a holistic SAVHE healing experience system. Through more refined operations and a more comprehensive framework, we will drive further brand upgrades and breakthroughs. Based on a longer term vision, SAVHE partnered with EHL Hospitality Business School in the fourth quarter to jointly develop an upscale accommodation service system that combines global expression with Eastern values, supporting the brand's long term development. We aim to establish SAVHE as a showcase of global vision and Eastern stories, translate its core experiential philosophy into new value benchmark for the global upscale hotel industry, and bring Chinese experiences to the world stage. 终端市场空间广阔，但产品与服务的同质化问题始终是行业痛点。我们认为，破局的关键在于形成一套平衡体验与效率、兼具长期可持续性的运营模型，从而形成独特的差异化的竞争优势。截止2025年末，轻居三系在营酒店数量已超过160家。我们聚焦高线城市拓展，持续打磨产品，深化品牌建设，提升运营效率，品牌资产质量稳步提升。轻居也展现了出色的经营韧性。四季度，轻居三系在营酒店RevPAR恢复度同比超过110%，全年RevPAR恢复度同比超过100%。 The midscale hotel market has significant potential, yet product and service homogenization has long been a major pain point for the industry. We believe the key to breaking through is to develop an operating model that balances experience and efficiency while also incorporates sustainability, thereby creating a unique and differentiated competitive advantage. By the end of 2025, over 160 Atour Light series three hotels were in operation. We have focused on higher-tier cities, continuously refined our products, deepened brand building, and improved operational efficiency, thereby steadily elevating brand asset quality. Atour Light has also demonstrated strong operational resilience. In the fourth quarter, the RevPAR of the Atour Light series three hotels in operation recovered by more than 110% year-over-year, and full-year RevPAR recovered by over 100% year-on-year. 2026年，我们将全面推动轻居精细化成本模型的落地，深化特色运营和管理，系统性地提升经营效率与产品竞争力，同时持续聚焦用户的核心需求，强化品牌认知与影响力，沉淀轻居专属的品牌心智。在组织层面，我们也在着力打造轻居独特的人才培养体系，全面提升团队的综合能力。轻居的目标始终明确，我们将以产品力与品牌力为驱动，重塑中端市场格局，成为中端酒店品牌的新标杆。 In 2026, we will fully roll out Atour Light's refined cost model, deepen its distinctive operations and management, and systematically improve operational efficiency and product competitiveness. At the same time, we will continue to focus on core customer needs, enhance brand recognition and influence, and build unique Atour Light mindshare. At the organizational level, we are working to establish Atour Light's distinctive talent development system to comprehensively enhance the team's overall capabilities. Atour Light's goal has always been clear: driven by product and brand strength, we will reshape the midscale market landscape and establish a new benchmark among midscale hotel brands. 接下来是我们的零售业务。 Moving on to our retail business. 去年，传统消费市场深陷同质化竞争与增长乏力的困境，而真正能够定义新需求、创造新价值的品牌，才有机会打破行业的结构性限制，开辟出差异化的增长新路径。亚朵星球走的正是这样一条路。我们不是与传统赛道上的品牌内卷，而是主动选择并坚定地站在了一条全新的赛道之上。我们坚持以用户需求为导向，凭借对睡眠痛点的深度洞察以及产品的不断突破，不仅重塑了市场竞争格局，也引领着整个行业的进步和升级。 Over the past few years, the traditional consumer market has been mired in homogeneous competition and sluggish growth. Only brands that truly define new demand and create new value have a chance to break through the industry's structural constraints and chart a differentiated growth path. This is precisely the path Atour Planet has taken. Rather than engaging in involution with brands taking a traditional path, we have proactively chosen and firmly committed to an entirely new trajectory. Guided by user needs, we have forged this path of differentiated growth through deep insights into users' sleep pain points and a continuous product innovation. This has not only reshaped the market landscape, but also helped drive progress and upgrade across the industry. 2025年，零售业务延续了强劲的增长态势，全年收入达到了36.7亿元，同比增长67%。在主流第三方平台床上用品品类排名中，亚朵星球已稳居头部行列。这一年，我们持续推进产品创新与品类扩充，深睡生态日益成熟。深睡标准的发布，为产品的高品质与一致性确立了基准。在扎实的产品力之上，亚朵星球的品牌影响力稳步提升，为零售业务的长期发展奠定坚实的基础。 In 2025, our retail business sustained strong growth momentum with full year revenue reaching RMB 3.67 billion, representing 67% year-over-year growth. Atour Planet has also consistently ranked among the top brands in the bedding category on major third party platforms. Throughout the year, we continued to drive product innovation and expand categories, and our deep sleep ecosystem grew increasingly mature. The release of the Atour Planet Deep Sleep Standard set a benchmark for the high quality and consistency of our products. Building on our solid product performance, Atour Planet brand influence continued to strengthen, laying a solid foundation for the long-term development of our retail business. 2025年，枕头品类的领先优势持续夯实，在主要第三方平台品类排名中持续领跑，产品新质不断提升。深睡枕Pro系列自发布以来，累计销量已突破一千万只，达成了阶段性的规模里程碑。被子品类也展现出强劲的增长势头，全年GMV同比增幅超过90%，市场份额稳步提升。新品类床笠和睡衣在2025年也获得了积极的市场反馈，推动了睡眠生态的持续完善。 In 2025, our pillow category further strengthened its leadership, consistently topping category rankings on major third-party platforms and gaining product mindshare among users. Cumulative sales volume of the Atour Planet Deep Sleep Memory Foam Pillow Pro has exceeded 10 million units since launch, marking a significant sales milestone. Our comforter category also delivered a robust growth momentum, with full year GMV increasing by over 90% year-over-year and market share continuing to rise. Our new categories, fitted sheets and loungewear, received positive market feedback in 2025, collectively driving the continuous evolution of our deep sleep ecosystem. 面向未来，行业将整体步入以创新驱动为发展的新周期，竞争的核心正持续向提升产品价值与用户体验的方向转移。2026年，我们将更加系统地推进核心能力的构建。产品力上进一步扩大差异化的体验优势，让亚朵星球的深睡体验成为不可复制的坚实壁垒。供应链端深入各环节精细化管理，保障产品的一致性和可靠交付。品牌层面，坚持长期价值的塑造，与用户建立更深层的情感连接。在这一进程中，我们将以深刻的用户洞察与产品创新为驱动，持续引领行业发展。 Ladies and gentlemen, please remain on the line. Your conference will resume shortly. Please remain on the line. Your conference will resume shortly. Remain on the line. Your conference will resume shortly. Presenters, please continue. 面向未来，行业将整体步入以创新驱动发展的新周期，竞争的核心正持续向提升产品价值与用户体验的方向转移。2026年，我们将更加系统性地推进核心能力的构建，产品力上进一步扩大差异化的体验优势，让亚朵星球的深睡体验成为不可复制的坚实壁垒。供应链端深入各环节精细化管理，保障产品的一致性与可靠交付。品牌层面，坚持长期价值的塑造，与用户建立更深层的情感连接。在这一进程中，我们将以深刻的用户洞察与产品创新为根基，持续巩固并扩大领先优势，以此开拓自身发展的新格局，携手行业共同迈向更具创新、更高质量发展的新阶段。 Looking ahead, the industry is entering a new cycle driven by innovation, with competition increasingly centered on product value and user experience. In 2026, we will systematically enhance our core capabilities. On product excellence, we will further expand our differentiated experience advantage, making an Atour Planet Deep Sleep experience a competitive moat that is difficult to replicate. On the supply chain front, we will deepen rigorous management at every stage to ensure product consistency and reliable delivery. At the brand level, we remain committed to creating long-term value, building deeper emotional connections with our users. Built on deep user insights and product innovation, we are positioned to consolidate and strengthen our competitive lead. We will open a new chapter for our development while collaborating with industry partners to elevate quality and innovation across the sector. 我们始终秉持经营人群的理念，持续深化体验价值，这也深刻反映在我们的会员运营中。与行业中普遍存在的权益同质化、品牌认知度低的会员体系不同，我们持续挖掘新场景，为用户创造真正可感知的差异化体验。2026年初，我们携手星巴克中国推出联合会员计划。此次合作不仅在会员体系的互通和权益叠加，更是希望构建覆盖出行、餐饮、休闲等多场景的生活服务业态，实现在不同场景下的价值延伸。截止2025年末，我们的注册会员数达到1.12亿，同比增长超25%。 We have always upheld our core value of serving people, continuously deepening our experiential value. This is also clearly reflected in our membership operations. Unlike the membership systems prevalent in the industry, which suffer from homogenized benefits and a low brand recognition, we continue to explore new scenarios to deliver truly tangible, differentiated experiences for our users. In early 2026, we partnered with Starbucks China to launch a joint membership program. Beyond linking membership systems and offering reciprocal benefits, this collaboration aims to build a multi-scenario lifestyle ecosystem, spanning travel, dining, and leisure, creating a bridge to extend value across different scenarios. By the end of 2025, our registered individual members reached 112 million, representing a year-over-year growth of over 25%. Moving forward, we will continue to deepen our membership operations with a brand building mindset, focusing on the full user life cycle to create a membership ecosystem that stays closely connected with the users. Building on our hotel and retail business, we will continue to introduce new benefits tailored to the deep sleep scenario. At the same time, we will actively explore more diverse scenarios and expand our reach to a wider audience, further deepening emotional connections with users. In addition, we will further enhance our digital capabilities and build a more granular operational framework for user segmentation, providing strong support for the long term development of our membership business. Last but not least, as we embark on our new three-year strategy, we are more resolute than ever. Guided by the belief that everyone deserves kindness, we will remain user-centric and ensure that every user feels our sincerity and care. Guided by our long-term vision of a timeless Atour warmth along every journey, we will uphold our quality standards while striving to break through the ceiling of experience. At the same time, we will further strengthen our organizational capabilities and refine our digital framework, laying a solid foundation to support the group's long-term development. We are committed to accompanying our users on this long-term journey, moving forward together every step of the way. Dedicated to providing lasting companionship, we aim to curate experiences where body and mind return to inner peace through every genuine connection, fulfilling our warm and steadfast commitment to every user. I will now turn the call over to our Co-CFO, Mr. Jianfeng Wu, who will discuss our financial results. Thank you, Haijun. Now, I would like to present the company's financial performance for the first quarter and full year of 2025. Revenues from our managed hotels for the first quarter and full year of 2025 grew by 28.1% and 28.0% year-over-year to RMB 1.4 billion and RMB 5.3 billion respectively. The increases were primarily fueled by the ongoing expansion of our hotel network. Revenues contributed by our leased hotels for the first quarter and full year of 2025 decreased by 9.8% and 15.9% year-over-year to RMB 148 million and RMB 590 million respectively. The declines were primarily due to a decrease in the number of these hotels as a result of our product mix optimization. Revenues from our retail businesses for the fourth quarter and full year of 2025 increased by 52.4% and 67.0% year-over-year to RMB 1.2 billion and RMB 3.7 billion respectively. The increases were driven by growing brand recognition, successful product innovation, and a broadened range of product offerings. The gross margin of our hotel business was 35.8% for the fourth quarter and 37.0% for the full year of 2025. The gross margin of our retail business improved year-over-year to 52.6% for both the fourth quarter and the full year of 2025, reflecting the growing contribution from higher margin products. Selling and marketing expenses accounted for 16.5% and 15.2% of net revenues for the fourth quarter and full year of 2025, respectively. The year-over-year increase for the full year was mainly due to investment in brand recognition and the effective development of online channels, in line with the growth of our retail business. General and administrative expenses excluding share-based compensation expenses accounted for 5.5% and 4.2% of net revenues for the fourth quarter and full year of 2025, respectively. The year-over-year decrease for the full year was primarily driven by improved management efficiency and economies of scale. Adjusted net profit margin for the first quarter and full year of 2025 was 17.7% and 17.9%, representing an increase of 1.7 percentage points and a decrease of 0.1 percentage points year-over-year. Adjusted EBITDA margin for the fourth quarter and the full year of 2025 was 25.5% and 25.3%, respectively, up 4.3 and 0.9 percentage points year-over-year. We maintained a healthy cash position. As of December 31st, 2025, cash and cash equivalents totaled RMB 3.3 billion, with net cash of RMB 3.1 billion. In line with our commitment to enhancing shareholders value, we declared aggregate cash dividends of approximately $108 million for the full year of 2025. As of December 31st, 2025, we have made open market repurchase of $46 million since the implementation began in the third quarter. Through this comprehensive shareholder return initiative, we are taking concrete actions to reward shareholders trust and support, ensuring that all shareholders benefit from the company's growth. For the full year of 2026, we currently expect total net revenues to increase by 20%-24% compared with the full year of 2025. That concludes our financial highlights for the first quarter and full year of 2025. Now let's open the floor for Q&A. Thank you. We will now begin the question and answer session. To ask a question, please press star one one on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. For the benefit of all participants on today's call, if you raise your questions in Chinese, please immediately repeat your questions in English. Please limit your questions to one at a time. If you wish to have follow-up questions, please rejoin the queue. A moment for first question. We will now take our first question from the line of Sijie Lin from CICC. Please ask your question, Sijie, your line is open. Thank you, management. We've noticed that the overall industry supply growth has slowed slightly. Therefore, we'd like to ask about the recent sentiments among franchisees regarding new signings. Additionally, could you please also provide some guidance on new openings in 2026? Thank you. Okay, let me answer your question. Thank you, Sije. We have also observed fluctuations in the overall industry supply growth rate. However, if we look deeper, what's behind this is that after years of rapid expansion, the industry is now undergoing a profound structural upgrade and gradually moving towards a new stage of high quality development. As for franchisees, we have also observed that they are now becoming more rational and discerning. However, I believe this shift towards rationality for them is actually positive for the long-term healthy development of our industry. 'Cause when franchisees exercise greater caution in negotiating rents, choosing locations, and selecting hotel brands, they are essentially facilitating a market screening process of survival of the fittest. The mutual selection between mature brands and the quality franchisees will lead to a more solid foundation for cooperation. 而是认为要有品质的高质量的增长，这才是我们要长期坚持的方向。我们对2026年的签约态势保持积极乐观，并将确保每一个新签的项目都具有好的市场竞争力。 As regards Atour's own strategic pace, high quality supply in the market remains scarce. We have never advocated for purely scale driven growth. However, high quality distinctive growth is actually the direction of our long term pursuit. We remain positive and optimistic about the signing momentum for 2026, and we will ensure that every newly signed project is more competitive in the market. 在开店方面，得益于我们开好店策略的持续推进，二五年我们新开业的酒店在区位上和物业品质上都有了非常显著的提升。二六年我们仍会坚持对质量的严格的要求，聚焦城市的核心商圈，在保证高品质的基础上，实现与去年一致的开业的规模。 In terms of new openings, well, thanks to the continued implementation of our premier hotel strategy, new hotels opened in 2025 have shown significant improvement in both of their location selection and property quality. In 2026, we will continue to uphold strict quality requirements, focusing on the core cities and key commercial areas. On the basis of ensuring higher quality, we aim to achieve a similar scale of openings as last year. 谢谢。 Thank you. Thank you. Next question please. Thank you. Our next question comes from the line of Simon Cheung from Goldman Sachs. Please ask your question. Simon, your line is now open. 好的，谢谢，谢谢王总吴总，跟Luke刚才的分享。我想追问，就是2026年你们对整个酒店市场的展望，以及，然后你看到第一季度最近的RevPAR的趋势是怎么样的？然后也想听听你们对2026年整个RevPAR的趋势是怎么样的一个看法吧。让我用英语再translate一下吧。Maybe management can share with us what do you think gonna be the outlook for the hotel industry in 2026? Also perhaps can comment about the first quarter RevPAR performance so far quarter to- date, as well as your view on the RevPAR trend for the rest of the year. Thank you. 好，谢谢Simon。二零二五年呢，整个酒店行业是温和复苏，供需的关系也在持续地修复。那我们看到二零二五年全年的RevPAR恢复度呈现一个逐季度改善的趋势。二零二六年呢，行业整体的供给的增速呢，可能会进一步的放缓，那休闲的需求依然是比较旺盛的。例如在今年Spring Festival假期的期间啊，我们就看到房价跟出租率都有不错的表现，都超过了去年同期的水平。那基于此，我们预计一季度的RevPAR也将延续改善和向好的趋势。 Thank you Simon. Let me take your question. In 2025, the hotel industry experienced a moderate recovery with a continued restoration of supply and the demand dynamics. The 2025 full year RevPAR recovery showed a trend of sequential improvement throughout the whole year. In 2026, the overall industry supply growth may slow down. Furthermore, leisure demand remains strong. For example, during the Spring Festival holiday this year, both the ADR and occupancy performed well, exceeding levels from the same period of last year. Based upon this, we expect the RevPAR in Q1 to continue the trend of improvement with a positive momentum. 那我们不会对2026年的RevPAR给出具体的指引。但从全年来看的话，我们认为环境的变化依然是比较快的，但是政策的利好，还有商旅的持续的复苏，也为市场提供了积极的因素。那对我们自己来说，目标也很明确，就是在波动的市场中保持我们的战略定力。因此我们会坚持并且深化亚朵差异化的体验优势，延续ADR跟OCC更加均衡的精细化的收益管理策略，去夯实和提升我们RevPAR的恢复度的表现，去稳固我们品牌的长期价值。谢谢。 We will not provide specific guidance for RevPAR in 2026, but for the full year, the market environment is still changing relatively quickly. However, favorable policies and the continued recovery of business travel also provide positive factors. Our goal, however, still remains clear, that is to adhere to our strategy, strategic focus amidst market volatility. Therefore, we will persist with and deepen the differentiated experience advantages of Atour, maintaining our more balanced and refined revenue management strategy for both ADR and OCC to consolidate and enhance the performance of RevPAR recovery and solidify our long-term value of the brand. Thank you Donald. Next question please. Thank you. We will now take our next question from Lydia Ling from Citi. Please ask your question, Lydia, your line is open. 管理层好，我是Lydia。感谢给我提问的机会。我的问题呢，是关于我们的零售业务，其实去年看到公司有非常快速的一个发展，那也想请公司呢分享一下咱们对于就是零售业务今年的一个规划，是否有新的产品会推出，和包括一些新的品类，以及您对那个2026年的零售收入目标是怎样的。Thanks management, Lydia from Citi. My question is on the retail business, which actually have very strong growth last year. Could you share your plans for the retail business for this year and also any new product plans and also new category launch? What will be your retail revenue target for 2026? Thank you. 好的，谢谢Lydia。我先来分享一下零售整体的业务方向和产品规划。在过去的几年，亚朵星球应该是坚持了创新驱动和产品驱动，我们不仅发布了行业首个深睡标准，推动了零售业务跨越式的增长，也真正引领了中国睡眠行业的进步和升级。接下来呢，亚朵星球我们将进入核心能力的深化期，就是要从各个维度夯实竞争优势，不陷入与模仿者和跟随者的同质化的内卷，走出一条属于我们亚朵星球自己的独特的发展的道路。 Okay, thank you, Lydia. Let me first share the overall direction and product plans for our retail business. Over the past few years, it is fair to say that our planet has adhered to the development philosophy of innovation driven and product driven. We not only released the industry's first deep sleep standard, but also propelled the leapfrog growth in the retail business. Truly leading the progress and upgrade of China's sleep industry. Moving forward, our planet will enter a phase of deepening core capabilities, consolidating our competitive advantages from all dimensions. We aim to avoid marginalized competition with those innovators and followers, and of course, a unique development path for Atour Planet. 那接下来我也来谈一下对于零售收入的展望。2025年呢，零售的业务规模和品牌的口碑也都迈上了新的台阶。那展望2026年呢，我们预计零售收入同比增长能达到25%到30%。在保持规模健康增长的同时，我们也更加关注的是核心竞争力的持续巩固，通过不断提升的产品力和品牌力，去实现我们未来零售业务的长期的可持续发展。 Next, I would like to share our outlook for the retail revenue. In 2025, both scale and brand reputation of our retail business reach the new heights. Looking at 2026, we expect retail revenue to grow by 25%-30% year-on-year. While maintaining the healthy scale growth, we are more focused on the continued consolidation of our core competitiveness by continuously enhancing product strength and brand power. We aim to achieve a longer-term sustainable development for retail business. Thank you, Lydia. Next question please. Thank you. Our next question comes from Ronald Leung of Bank of America. Please ask your question, Ronald. Your line is open. 各位管理层，晚上好，我有一个问题是财务问题的。我想请教一下管理层，我们看到这个2025年最后的实际的净利润率比原本的估计要好一点点。那么可不可以讲一讲2026年，管理层对这个净利润率的变化的走势有一个什么样的预期？Let me ask my question in English. I have a financial question. We noticed that the company's actual net profit margin in 2025 was better than initially expected at the beginning of the year. Could you talk about your expected trend for the net profit margin in 2026? Thank you. Thank you, Ronald. Well, indeed, for the full year of 2025, our group's adjusted net profit margin was approximately 17.9%. At the beginning of the year, we had estimated that there's gonna be changes in revenue structure and a higher effective tax rate, and they would exert some drag on our profit margin. However, through refined operational management, our profit margins of all business units continued to improve. Coupled with the policy subsidies being embodied intensively during quarter four, eventually our 2025 net profit margin roughly leveled with that of 2024. Looking ahead to 2026, as our business continues to evolve, the revenue mix of our monetized business, supply chain business and retail business will continue to change. At the same time, based on the new three-year strategy of Chinese Experience, Brand-Led Excellence, we will allocate resources with a longer term perspective. For instance, to strengthen key positions through workforce expansion and to enhance digital operational capabilities to support the group's long term development. Therefore, we anticipate that both our G&A and R&D expense ratios will increase this year. Therefore, at this starting point of the year, we preliminarily expect the group's net profit margin for 2026 to decline slightly year-on-year. Thank you. Thank you, Ronald. Next question, please. Thank you. We will now take our next question from Dan Qi of Morgan Stanley. Please ask your question, Dan, your line is now open. Please allow me to translate my question. My question is relating to the hotel closures. We saw that company closed 92 hotels in 2025 full year, including seven lease and owned hotels, lease operated hotels. This was slightly higher than the initial estimate at the beginning of last year. Could you share the company's plan on hotel closure for the full year of 2026, providing that our gross opening in 2026 flat year- on- year? Thank you. Thank you, Dan Qi. Regarding closures, just like what we have been consistently communicating with the market, our core consideration for closure decisions is the consistency of experience. The goal is to continuously strengthen the operational quality and experience standards of our hotels in operation. In 2025, we rigorously maintained quality control over our operating hotels and thereby closing a total of 92 hotels. In 2026, to ensure the quality level of our overall hotel network, we will still maintain a certain proactive elimination rate, terminating cooperation with hotels that fail to meet Atour's experiential standards in order to continuously consolidate our brand value in the long term. Nonetheless, based on the optimization and adjustments already made in 2025, now, the foundation of our existing hotel portfolio is more solid. Therefore, we expect the number of closures in 2026 to decrease. Our current planned target is to close around 80 hotels within the year. Thank you. Thank you. That concludes today's question and answer session. I'd like to now turn the conference back to Mr. Luke Hu for any additional or closing comments. Thank you for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you again next quarter. Thank you and goodbye. This concludes today's conference call. Thank you for participating. You may now disconnect.