Ado has three dumb.

In the past three years since the COVID-19 epidemic, the economy has been in turmoil. Many industries have been hit hard, the most typical of which is tourism.

hotels are naturally one of the representatives.

according to Jost Sullivan's report, among the hotel rooms in China in 22, the top five hotel groups in China have a total of 197, middle and high-grade rooms, accounting for 31.8%. Although the concentration of middle and high-end hotel industry is low, Atour has 58, middle and high-end rooms, accounting for 9.5%, and its market share is the first in this sub-industry.

however, even this so-called market leader, Atour, will be dumb by 222.

I've been caught in the whirlpool of right and wrong for many times, and Atour can't tell me how bitter it is?

A video with the title "Nearly 3 people have reported to the police for the rights protection group when the capital plate of Yaduo Hotel crashed" was spread on the Internet on March 26th, 222.

The video content is a screenshot of a netizen's breaking news and chatting record to the video number, saying, "The financial disk of the Atour Hotel crashed tonight, and a friend was squeezed out of more than 1,, and the rights protection group was all hundreds of thousands and hundreds of thousands." In the video, the types of investment are short-term rental, hourly suites, etc., of which the maximum single amount is 52, yuan and the interest rate is 3.2%. Nicknamed "Keep Your Happiness", the netizen voted "54,", and finally there was a screenshot of the chat with the netizen calling the police. The picture was a screenshot of the group "(Atour Hotel) (296)", and the netizen called the police at the police station.

actually, it's not the first time that the rumor of attracting investment to join the company has appeared. In 22, Yaduo will have franchisees to defend their rights. According to media reports, Xu Zhong (pseudonym), an internal employee of Atour, revealed that some franchisees "directly pulled the company's switch, and employees had to take a day off."

in may, 221, a female franchisee from other places dragged her suitcase and sat at the entrance of the headquarters of Wuzhong building in Shanghai, crying loudly, calling Yuan Yaduo to make her "lose all her money". In order to stop franchisees who "defend their rights", in the past, employees at the gate of Yaduo office were free to enter and leave, and in 221, access control was installed.

In August, Atour was caught in the storm of "Ali executives suspected of sexually assaulting female subordinates". The female employee of Ali said in her self-report that the hotel she stayed in was Yaduo Qingju Hotel Jinan West Railway Station. By checking the monitoring, she found that her boss, Wang Mouwen, went to the front desk of the hotel to apply for her room card after she got drunk and went in and out of her room four times. Whether it is compliant for Atour Hotel to increase the room card for Wang Mouwen has become one of the focuses of public opinion for a time.

Three listings, three squibs

Deep in the whirlpool of right and wrong, it is still a bit of a dumb loss. And three times listed, three times stranded, put a squib, Atour is even more bitter.

As early as 217, Zhou Hongbin, chairman of Atour Commercial Management Group, publicly stated that Atour had a clear listing plan and hoped to complete the listing in A shares in about three years. On June 27, 219, Atour Hotel filed the listing counseling and planned to land on the Growth Enterprise Market. The counseling institution was CITIC Jiantou Securities. The whole counseling lasted for 3 months, and I applied for counseling acceptance in September. At this stage, the listing of Atour seems to be progressing steadily. At the beginning of 22, Atour announced that after friendly negotiation with CITIC Jiantou, it agreed to terminate the listing counseling, and later changed to CICC International to continue the counseling, and expected to apply for counseling and acceptance after April 22. < P > Another year passed, and in March 221, it suddenly came out that Atour and CICC also signed a termination agreement for listing counseling, and terminated the listing counseling for the second time. This is equivalent to the A-share defeat. In June 221, Atour Hotel submitted a prospectus to the US Securities and Exchange Commission, and planned to list on NASDAQ with "ATAT" as the stock code. According to public reports, this Atour Hotel plans to issue 19,744,7 American Depositary Shares, raising about $37 million to $352 million, and the listing date is July 1.

On the eve of listing, Atour Hotel also released a positive signal to the outside world, saying that the subscription was very active. On June 29th, Gaoling Capital subscribed for ADS worth $12 million at the initial public offering price.

The third accident still happened. On the evening of June 3, 221, some investors broke the news that they had received the news that Atour Hotel had cancelled the subscription of new shares. The short message sent by the brokerage company reads: "Dear customer, we have received the notice from the company that the listing time of ATAT Group has yet to be determined. You can check your subscription record through APP- Transaction-Subscription of New Shares-Subscription Records of US Stocks. Please know that it is now possible to cancel the subscription."

three listings, three squibs. People can't help asking, why didn't Atour Hotel go public successfully? It is speculated that there may be a low subscription ratio or financial data problems. At the same time, there are market rumors that the cornerstone subscription investors of Atour have withdrawn their corresponding investment commitments, which is said to have raised objections to the identification of Atour's income.

some people in the industry believe that the listing demand of Atour Hotel will be stronger than ever before, because Atour is short of money. According to platforms such as Sky Eye Check and Enterprise Check, in the past eight years, Atour Hotel * * * has received four rounds of financing, totaling 1 billion yuan, but the latest financing was more than four years ago. Judging from the amount and frequency of financing, the cash flow of Atour Hotel is tight, and listing has become a lifeline for Atour Hotel.

and the last window of the listing of Atour may be in 222. However, if Atour's own problems are not solved, the difficulty coefficient of listing will continue to rise. The root of this problem lies in business.

The business is dumb, which may be the common problem of China hotel chains.

Yaduo is Ye Luyin (formerly known as Wang Haijun), the former vice president of China Lodge Hotel, who opened the first Yaduo hotel in Xi 'an in 213. His initial intention is to build a high-end hotel chain brand by taking advantage of the trend of consumption upgrading in China.

in the past nine years, Atour has owned brands such as Atour, Atour S, Atour X, Atour Qingju, Z HOTEL and A.T.House, and the room price covers the whole chain from mid-range to luxury hotels. Unfortunately, there are many problems in the business of Atour, which can be summed up in four aspects: doubtful financial data, weak performance, high debt ratio and weak profitability.

according to atour's prospectus, as of March 31st, 221, atour had 68 hotels, covering 131 cities in China, with 71,121 rooms. From the media "travel industry", I took a list of hotels that had joined the company as of April 221, and conducted telephone verification one by one. I found that 33 of the 68 hotels that have been opened in the prospectus have been suspected of canceling the contract. This creates doubts about financial data. Even according to 68, the number of stores opened by Atour Hotel is far lower than that of its peers. According to public information, Huazhu Hotel Group will increase 1171 hotels by 22, and Jinjiang Hotel Group will open 1842 stores by 22.

Another doubtful data is the scene retail business of Atour. This is the business model that founder Ye Luyin mentioned many times. According to the prospectus, the main fees of Atour Hotel in 22 are divided into three parts, namely, hotel management income (joining hotels), hotel rental (direct operating hotels), retail income and other businesses, with corresponding revenues of 926 million yuan, 496 million yuan and 144 million yuan, accounting for 59.13%, 31.69% and 9.18% respectively. Among them, retail income and other businesses are scene retail, including but not limited to bedding and toiletries, which can be purchased directly in the hotel.

Atour announced that the scene retail model has hatched 1136 SKUs, creating nearly 1% revenue. Is this really the case? This data is questioned by the outside world, and some people think that the data of 1% is not accurate. Some franchisees told the media that a hotel's retail sales are about 3, yuan based on 3 million revenue, which is only about 1%. The actual effect is still quite different from expectations.

it is also an indisputable fact that atour's performance is weak. A hotel includes three core business indicators: occupancy rate, average daily room rate (ADR) and average room income (RevPAR). According to public information, the occupancy rate of Atour dropped from 73.4% in 219 to 67.1% in 22 (excluding hotels requisitioned for epidemic prevention), the average daily house price dropped from 429.5 yuan to 389.8 yuan, and the average room income dropped from 329.5 yuan to 275.1 yuan.

The debt situation of Atour has not improved in recent years. Only from the prospectus can we see the high debt ratio: in 219, 22 and the first half of 221, its total liabilities were 1.12 billion yuan, 1.42 billion yuan and 1.659 billion yuan respectively. In the same period, the debt ratios of Atour were as high as 67.9%, 71.5% and 76.9%. The average debt ratio of A-share listed companies in the hotel industry is about 5%. The debt ratio of Atour is obviously much higher than the average level, and there is a rising trend.

As for profitability, the prospectus shows that the revenue of Atour Hotel in 219 and 22 was 1,567.1 million yuan and 1,566.6 million yuan respectively, which was basically the same; In the first half of 221, its revenue was 99 million yuan, a year-on-year increase of 45.45%. The net profit in 22 was 38 million yuan, down 37.8% year-on-year; The loss in the first half of 22 was 12 million yuan, and the net profit in the first half of 221 was 71 million yuan, up 169.6% year-on-year. Although both revenue and net profit have turned around, it can't change the weak profitability of Atour. Moreover, as can be seen from the latest version of the prospectus, in the first half of 221, Ctrip brought about 255 million yuan in hotel bookings for Atour, up 274% year-on-year, accounting for 25.76% of the total revenue. It can be said that Atour is quite dependent on the OTA platform.

Dismantling the profitability of Atour, we can see a crossroads of bloody listing and anti-epidemic.

The problem of profitability deserves further study. There are two important factors that affect the profitability of chain hotels, especially to achieve large-scale profitability: one is the number of franchise stores, and the other is the standardized replication ability. The problem of the number of franchise stores is very clear. Compared with the industry leader, the number of Atour is not enough to support large-scale profits. Moreover, franchisees have great opinions, with the focus on being "squeezed" seriously by the headquarters of Atour. A franchisee in Chongqing broke the news, paying a monthly fee of 3, yuan to the headquarters of Atour for the stationed store manager, but the store manager himself could only get 11, yuan, and the remaining 19, yuan was deducted by the headquarters in the name of "management fee". With such actual treatment, it is difficult to find good hotel managers and stimulate their business ability, and the risk of poor hotel management and difficulty in making profits for franchisees is obviously increased.

A Shanghai Yaduo franchisee also told the media that the membership reservation has high task requirements in the assessment of the proportion of Yaduo stores. Store managers often take a large number of "low-cost agreement rooms" to the front desk for individual customers. Atour headquarters takes about 35% of the room fee from the overnight sales of each membership card, and the store manager, front desk manager and front desk staff take about 25% of the room fee commission, leaving only less than 4% of the room fee income for franchisees. It's no wonder that franchisees have complained a lot and canceled their contracts.

In terms of standardized replication ability, Atour can be described as IP success and IP failure. It is obviously difficult for IP hotels to complete large-scale replication. IP hotels, like spokespersons, may be exposed to the risk of thunderbolt and out-of-date. For example, Wu Xiaobo's staff once collapsed because of his remarks, and Wu Hotel, a joint name with Atour Hotel, was influenced by public opinion. The construction of IP hotel needs higher cost, and Atour Hotel will pass the cost on to the franchisees, which leads to the further cost is not proportional to the profit.

On the one hand, more and more franchisees quit, on the other hand, the number of new franchisees decreased, which further affected the financing and expansion speed of Atour Hotel. As for the scene retail and other businesses, the investment in capital and manpower has increased, resulting in further high costs and reduced profitability again.

In 222, Atour seems to have reached the crossroads of listing in bloodshed and fighting against epidemic. The epidemic for three years has deeply affected all aspects of social life. The hotel industry has become the hardest hit area, and Atour is among them. On March 28th, Atour Group announced that it would upgrade its anti-epidemic policy for its hotel owners, including-< P > 1. Hotels in medium and high-risk areas: from January to April, hotels in high-risk areas will be exempted from brand use fees and management fees and CRS (Central Reservation System) fees during the period from the date of listing to the end date; In medium-risk areas, the brand use fee and management fee will be postponed for 3-6 months, and the CRS fee will be charged at 2%.

2. government requisitioned hotels nationwide: brand use fees and management fees will be exempted during the requisition period.

3. Purchase credit: Before June 3, 222, you can enjoy a maximum credit line of 1, yuan for the purchase of operating materials for the hotel.

4. business opening reward: in addition, all those who sign contracts from now until June 3, 222 and start business within 222 will be given a business opening reward of 4, yuan.

The upgraded anti-epidemic policy still looks strong. However, under the epidemic situation, the business problems of Atour can't be ignored, although this may be a common problem in the development of chain hotels in China. While barely maintaining the current situation, Atour must face up to itself and find a way to break the business.

to break the game, we must start with solving business problems.