亚朵 (ATAT) 2026年第二季度业绩电话会：营收增长41.4%，上调零售指引

核心要点

• 亚朵集团（ATAT）公布2026财年第二季度净营收为34.90亿元人民币，同比增长41.4%，主要受酒店网络扩张和零售销售强劲增长推动。
• 零售业务收入增长63.2%至15.75亿元人民币。管理层将全年零售业务收入增长预期上调至同比增长40%。
• 酒店运营总体保持稳定。平均可出租客房收入（RevPAR）达到345.4元人民币，为上年同期的100.7%；成熟酒店RevPAR为336.8元人民币，相当于上年同期的97.0%。
• 本季度新开业酒店101家，酒店网络规模扩大至2,175家。筹建中酒店管道为811家。
• 调整后净利润率下降1.3个百分点至16.0%，调整后EBITDA利润率下降1.2个百分点至23.5%。
• 管理层维持全年净营收同比增长30%的预测，并继续预计净利润率将同比小幅下降。

关键财务数据

业务与运营表现

亚朵在第二季度新开业101家酒店，使其在营网络规模达到2,175家。筹建中酒店管道维持在811家。中央预订系统（CRS）渠道占销售间夜量的61.5%，企业会员贡献了20.4%。

全体系RevPAR为345.4元人民币，达到2025财年第二季度水平的100.7%。平均房价达到上年同期的101.2%，入住率达到99.7%。对于开业超过18个月的酒店，RevPAR为336.8元人民币，相当于上年同期的97.0%。

新型号酒店表现出更高的RevPAR。亚朵3.6超过370元，亚朵Origin超过450元，亚朵轻居3.3超过340元。萨和（SAVHE）在营酒店RevPAR突破1,000元。已开业亚朵Origin酒店超过60家，筹建管道项目超过90个。

零售业务仍是主要增长引擎。深睡记忆枕Pro系列自上市以来累计销量已突破1200万件。被芯类目GMV同比增长超80%，床褥与家居服贡献了更大的收入份额。

公司将零售业务增长归因于在品牌建设、产品研发、供应链品质管控以及内容驱动的客户触达方面的投入。新发布的产品包括深睡记忆枕Pro 4.0和深睡控温被Pro 3.0四季被。

截至第二季度末，注册个人会员数量达到1.2亿。管理层表示，会员生态系统同时支撑了酒店和零售需求，并能实现更加精准的分层客户触达。

管理层业绩指引

管理层预计2026财年全年净营收同比增长30%。鉴于上半年销售强劲及新产品推出，公司将全年零售业务收入增长预期上调至40%。

公司维持全年新开店目标及关店指引。管理层提到上半年签约保持平稳，筹建管道环比增长，且自第二季度以来关店数量较上一季度显著放缓。

管理层继续预计全年净利润率将同比小幅下降。由于营收增长超出公司最初预期，现预计行政费用率以及技术与开发费用率将保持相对稳定。

然而，酒店供应链和零售业务的更快增长正在改变集团的营收结构。管理层还预计，随着股东回报计划的持续推进，有效税率将会上升，从而给净利润率带来额外压力。

风险与关注事项

• 成熟酒店RevPAR同比下降3.0%，表明其表现弱于整体酒店网络。
• 低毛利酒店供应链收入加速增长降低了酒店业务的整体毛利率。
• 由于产品结构发生改变，零售业务毛利率有所下降，同时销售及市场推广费用占营收比重上升。
• 受台风和强降雨影响，部分地区7月初的暑期出行需求有所延迟，但管理层表示需求自7月下旬开始趋稳回升。
• 行业酒店供应增长有所放缓。管理层将其描述为行业走向成熟过程中的周期性调整的一部分。
• 预计营收结构的变化和更高的有效税率将拖累全年净利润率。

分析师问答环节要点

关于酒店网络扩张，管理层表示加盟商更加看重品牌实力、客户体验和稳定的投资回报。亚朵将继续优先布局高线城市核心商圈，同时有选择地拓展强三线城市、5A级景区周边区域以及城市更新项目。

关于下半年RevPAR，管理层未给出具体数值预测。管理层表示，7月初的极端天气影响了短期出行，但暑期需求自7月底起显现改善迹象。管理层强调，市场对高质量住宿的长期需求依然具备韧性。

商务出行需求除大型企业客户外日趋多元化。亚朵正在重点开拓本地龙头企业、高校及科研院所。休闲需求方面，管理层观察到消费者越来越注重体验价值，同时也在拓展与海外分销渠道的合作，以把握入境游机遇。

关于股东回报，管理层表示截至第二季度末，股票回购计划下的累计回购金额已超过1.5亿美元。公司还继续执行现行的股息政策。

财报电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Atour Lifestyle Holdings Second Quarter 2026 Earnings Conference Call. [Operator Inructions] Today's conference is being recorded.

I would now like to turn the conference over to Mr. Luke Hu, IR Director. Please go ahead, sir.

Luke Hu

Thank you, operator. Good morning, and good evening, everyone. Welcome to our second quarter 2026 earnings conference call. Today, you will hear from our Founder, Chairman and CEO, Mr. Wang Haijun; and our EVP, CFO, Mr. Wu Jianfeng.

Before we continue, please be aware that today's discussion will include forward-looking statements and the federal securities laws. These statements are subject to various risks and uncertainties, and the 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 acceptable 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.

Haijun Wang

[Interpreted]

Thank you Luke. Hello, everyone. Thank you for joining Atour's Second Quarter 2026 earnings call today. Please turn to our results presentation. In the first half of 2026, China's consumer market continued to show divergent performance in both the Hotel and Retail sectors, we saw a clear split, homogeneous products and services remained under pressure, while companies that deliver differentiated experiences and have strong brand equity showed greater resilience.

More specifically, the hotel industry is shifting from scale-driven expansion to high-quality growth. Competition is increasingly centered on product innovation, service capabilities and operational efficiency rather than supply growth. In Retail, consumers are not only pursuing product quality, but are also placing increasing importance on whether products aligned with their lifestyles and the demand for personalization is also growing. This means that under these new consumer trends, brands that consistently invest in quality and differentiated experiences are better positioned to earn consumer recognition.

In the first half, we firmly advanced our new 3-year strategy, Chinese experience, brand-led excellence, making continuous breakthroughs across Hotel and Retail businesses. We also consolidated our experience advantage and enhanced brand momentum driving long-term healthy and sustainable growth.

Now I would like to provide more details on our business performance for the second quarter of 2026. Let's begin with our Hotel business. In the second quarter, our RevPAR was [ RMB 345.4 ] representing 100.7% of the level in the same period of 2025. ABR maintained steady growth reaching 101.2% of this level in the same period of 2025, while OCC stood at 99.7%. RevPAR for our mature hotels in operation for more than 18 months was RMB 336.8, representing 97% of the level in the same period of 2025. ADR and OCC were 98.3% and 99% of their respective levels in the same period of 2025.

As for our Hotel network, we continued to follow a quality-first principle and maintain strict standards for project selection and new hotel openings. In the second quarter, we opened 101 new hotels. Product strengths and prime locations together enhanced the quality of our hotel presence in core markets. By the end of the second quarter, our total number of hotels in operation reached 2,175 and our pipeline of hotels under development remained at a healthy level of 811.

On the hotel channel front, our CRS channel continued its steady performance in the second quarter, accounting for 61.5% of total room nights sold. The contribution of room nights sold to corporate members was 20.4%. Next, I would like to share the latest developments across our Hotel brands. The upper midscale segment has long been a towards core focus. Over the years, we have established a clear leadership position. Looking back at our development Atour Hotel was initially perceived by users as a lifestyle brand catering to the needs of upper mid-scale business travelers. As consumer trends and user needs evolved, we continued to upgrade our products. With disciplined investments, the latest Atour 3.6 strikes a balance between the experience it delivers and investment returns. It preserves its strength in business travel, while introducing a greater sense of ease. Atour 3.6 again delivered outstanding performance in the second quarter, with RevPAR of hotels in operation exceeding RMB 370, further validating market recognition of the product upgrade.

Within our upper midscale brand portfolio, Atour Origin and Atour Hotel are developing in parallel, further expanding our growth potential in the segment. To date, more than 60 Atour Origin hotels are in operation, with over 90 projects in the pipeline. Atour Origin offers a more distinctive experience and command stronger pricing power. In the second quarter, RevPAR of Atour Origin hotels in operation exceeded RMB 450, highlighting its strong differentiated competitive edge.

Atour Origin is designed to reflect the Yaduo Village as it truly is, natural, tranquil, warm and authentic. In April, we rolled out a series of distinctive experience touch points across Atour Origin hotels nationwide. Upon arrival, guests are welcomed by a wilderness-inspired signature scent. In the afternoon, they can enjoy the tea break in a chatting room, at night, they enjoy our deep sleep experience. And in the morning, they are served breakfast featuring local renown flavors. Through this more complete experience, we want guests to feel closer to nature, feel like their own vacation and to rediscover their inner peace.

In the mid-scale market, differentiation ultimately rests on a stay experience that customers can truly feel. This has long been Atour Light's focus, after continued refinement the Atour Light 3.3 cost model has entered a new phase of systematic optimization and scale rollout. We are concentrating resources more precisely on the core experience areas that customers care about, including sleep and breakfast, Atour Light 3.3 not only provides customers with a more comfortable and relaxing state, but also improves franchisees operating efficiencies through a more disciplined investment model.

In the second quarter, RevPAR of Atour Light 3.3 hotels in operation exceeded RMB 340, demonstrating strong operational resilience. Atour Light has established more flagship projects in higher Tier cities, which have received positive feedback from franchisees while the brand foundation continues to strengthen. At this stage, the Atour Light will continue to take a quality-first approach as we strengthen our operating capabilities we will steadily expand Atour light city coverage and continue to drive product and experience innovation in the mid-scale hotel market.

Meanwhile, we are deepening Atour Light's connection with younger customers. In the second quarter, we introduced exclusive benefits for students and launched the distinctive brand collaborations over the summer, further raising brand awareness among younger consumers.

Drawing from the vital essence of breath, SAVHE is devoted to creating serine spaces in the city where guests can breathe freely and feel truly at peace. SAVHE has played a role in driving the upward breakthrough of Atour's brand portfolio since its launch. It has advanced our brand philosophy and continues to broaden the value it delivers, setting a new standard for upscale lifestyle.

In the second quarter, SAVHE's operating performance reached a new high with RevPAR of hotels in operation exceeding RMB 1,000. On the operations side, we continue to enhance SAVHE's refined management capabilities gradually developing a replicable experience methodology with a global perspective that covers brand standards, service systems and talent training. In the second quarter, we also expanded SAVHE's wellness offerings with a broader selection of classes and dining options. Our goal is to provide guests with an even more exceptional experience throughout their stay.

Moving on to our Retail business. In the second quarter, Atour plan has sustained its strong growth momentum with retail revenue reaching RMB 1.575 billion, up 63% year-over-year. In terms of category mix, we are gradually shifting from a single blockbuster product model to a broader product portfolio. By product category, Atour Planet further consolidated its dominant position in the Pillow category with cumulative sales of the Deep Sleep Memory Foam Pillow Pro Series, surpassing 12 million units since launch. The Deep Sleep Thermo-Regulating Comforter Pro 3.0 summer season continued to see strong sales, driving rapid growth in the Comfortable category. GMV of the Comfort of category increased by more than 80% year-over-year. Fitted sheets and Loungewear with two strategic categories we introduced the last year maintained outstanding sales momentum and contributed a larger share of revenue.

Over the long term, the continued breakthroughs in our Retail businesses are backed by systematic capabilities built across our brand, product, supply chain and content creation. Together, they form a strong competitive moat. First, in brand building, Atour Planet has firmly established a natural deep sleep in users' minds over the years, while users' trust in our sleep products continues to grow.

Second, in product development, we have always innovated to address users' genuine sleep needs through continuous iteration we have built R&D capabilities that deliver breakthroughs in individual products and support expansion into new categories. This has enabled us to steadily broaden our sleep product portfolio. Third, in supply chain capabilities, we have reshaped the industry's supply chain system and set new industry standards for position across multiple manufacturing processes. We have also established end-to-end quality control from raw materials to finish the products with industry-leading product consistency and delivery reliability.

Fourth, we have strong capabilities in content creation and user engagement. Our strategy has always been to communicate product value with clarity and position. By creating content around real sleep scenarios and experiences, we make deep sleep more tangible and deepen the emotional connection between our brands and our users.

Building on these capabilities, we recently launched upgraded products in our core categories, including the Deep Sleep Memory Foam Pillow Pro 4.0 and the Deep Sleep Thermo-Regulating Comforter Pro 3.0, all season. Both new products are built on the Atour Planet Deep Sleep standard we introduced last year. Through this standard, we aim to translate users' experience of sleeping well into product standards that are more scientific, verifiable and continuously refinable. Guided by this approach, the Deep Sleep Memory Foam Pillow Pro 4.0 addresses a real pain point of frequent position changes during sleep. With an upgraded dynamic support system it provides better support across every sleeping position.

The Deep Sleep Thermo-Regulating Comforter Pro 3.0 all season also addresses the need for sleep comfort under changing temperature and humidity conditions. Its temperature and humidity balancing system improves temperature regulation and moisture management. allowing it to flexibly adapt to seasonal temperature swings and changes in how warm or cool users feel throughout the night.

Looking ahead, we will continue developing our Retail business with a long-term mindset guided by user needs, we will continue to innovate and evolve our product portfolio, further increase our market share in core categories and consolidate our leadership. We will also continue strengthening Atour Planet brand value by translating our strength in product development and technology into a lasting competitive moat for the brand, we will consolidate Atour Planet's position at the Sleep brand that users choose first and consistently trust.

Turning to membership. By the end of the second quarter, Atour had 120 million registered individual members as our membership base has gone the strategic growth of our membership ecosystem has become clearer. It is not only a solid foundation for our Hotel and Retail businesses, but also a platform for retaining long-term users and calculating user value. At the same time, we are building a more refined system for engaging different user groups. By focusing on their core needs, we deliver more relevant benefits and experiences through segmented engagement and targeted outreach. We aim to deepen our connection with users and build longer-lasting relationships with them throughout the user life cycle.

Finally, I would like to share a few thoughts. Recently, we introduced Atour's six commitments to Peace of Mind, which further clarify our service standards and safeguards across key touch points of our guest's journey. We believe peace of mind is not just a slogan. It should be an experience that guests can clearly feel and consistently enjoy during every state. By delivering these experiences more reliably, we aim to make peace of mind an integral part of how people perceive the Atour brand. We also hope to set a new benchmark for service standard across the industry.

Behind every experience that gives guests peace of mind is the dedication of our service staff. We continue to pay close attention to their development and enhance their experience at works including launching a public welcome plan program for hotel housekeeping professionals nationwide, improving the work environment for frontline service staff and expressing respect and gratitude to them through initiatives such as Service Staff Appreciation Day. We firmly believe that when service staff are seen respected and treated with care, their kindness and warmth will reach guests naturally. This creates lasting trust between our brand and our users. With that in mind, we hope to continue advocating for service excellence and leading the industry towards a higher standard of experience.

These actions are grounded Atour's long-term commitment across both our Hotel and the Retail businesses, we have always believed that quality is the foundation of sustainable long-term growth. By improving product quality, refining the user experience and strengthening organizational capabilities, we can keep creating value for users and build competitive strength that endures through the industry cycles.

Looking ahead, we will continue to do the right things with world. With user experience at the center and organizational capabilities as the foundation, we will carry that warmth through every experience we deliver. This enduring warmth will define Atour as we navigate industry cycles and build for the long term.

I will now turn the call over to our Co-CFO, Mr. Wu Jianfeng, who will discuss our financial results.

Jianfeng Wu

Thank you Haijun. Hello everyone. I would like to present the company's financial performance for the second quarter of 2026. Our net revenues for the second quarter grew by 41.4% year-over-year to RMB 3,490 million. Revenues from our monetized hotels for the second quarter of 2026 grew by 32.8% year-over-year to RMB 1,725 million. The increase was primarily fueled by the ongoing expansion of our hotel network as well as supply chain business development.

Revenues contributed by our leased hotels for the second quarter of 2026 decreased by 11.8% year-over-year to RMB 132 million. The decline was primarily due to a decrease in the number of these hotels. The total number of our leased hotels decreased from 24 as of June 30, 2025, to 19 as of June 30, 2026. Revenues for our Retail business for the second quarter of 2026 increased by 63.2% year-over-year to RMB 1,575 million. The growth was driven by increasing brand recognition, successful product innovation and a broadened range of product offerings.

Gross profit of our Hotel business for the second quarter of 2026, increased by 18.7% year-over-year to RMB 659 million. The decline in the gross margin primarily reflected a shift in the revenue mix as our lower-margin supply chain business grew faster and accounted for a larger share of Hotel revenue. Gross profit of our Retail business for the second quarter of 2026 increased by 57.4% year-over-year to RMB 809 million. The decrease in gross margin primarily reflected shift in the product mix. Selling and marketing expenses accounted for 17.4% of net revenues for the second quarter of 2026, compared with 15.9% for the same period of 2025. The increase was mainly due to the investment in brand recognition and the effective development of online channels, in line with the growth of our Retail business.

G&A expenses, excluding share-based compensation expenses, accounted for 3.5% of net revenue for the second quarter of 2026, compared with 3.6% for the same period of 2025. Technology and Development expenses accounted for 1.6% of net revenues for the second quarter of 2026, compared with 1.7% for the same period of 2025. Adjusted net profit margin for the second quarter of 2026 was 16.0%, representing a decrease of 1.3 percentage points year-over-year. Adjusted EBITDA margin for the second quarter of 2026 was 23.5%, decreased by 1.2 percentage points year-over-year.

We maintained a healthy cash position as of June 30, 2026. Cash and cash equivalents totaled [ RMB 3.9 billion ] with net cash of RMB 3.7 billion. That concludes our financial highlights for the second quarter of 2026. And for the full year of 2026, we currently expect total net revenues to increase by 30% compared with the full year of.

Now let's open the floor for Q&A.

Operator

[Operator Inructions] First question comes from Dan Chee from Morgan Stanley.

分析师问答

Dan Chee

[Interpreted]

Please allow me to translate my question. This is Dan from Morgan Stanley. My question is about hotel opening and signing. So since the beginning of this year, the overall industry supply was seen deceleration. So will this affect the company's upcoming signing interest? And additionally, we would like to ask if the company is keeping or any adjustment to the guidance of full year Hotel growth opening and closure?

Haijun Wang

[Interpreted]

Thank you, Dan. There are multiple factors behind the supply dynamics in the Hotel industry, including macroeconomic environment, supply-demand relationship and property availability they all lead to cyclical fluctuations. So this is a natural adjustment process as the industry matures rather than focusing solely on overall supply volume we place greater emphasis on truly competitive, the high-quality supply that meets consumers' quality expectations.

In the current market environment, franchisees are more focused on a brand's ability to sustain growth and its long-term resilience through market cycles. The leading brands with superior customer experiences strong brand equity and proven product models and stable investment returns remain as their top choice for those franchisees when making their investment decisions. We believe that the industry adjustment period is precisely a critical phase for leading brands to further consolidate their strength and increasing their market share.

We are not pursuing scale expansion alone. Our core goal is to build sustainable brands and strong brand equity across augers. And on the foundation of steadily enhancing brand strength, we are expanding our brand presence. Currently, our brand portfolio already cover a broader range of price points and consumption scenarios capable of accommodating diverse property conditions and meeting more varied market demands.

In terms of project distribution, we center around user needs and long-term brand value. With higher tier city core business districts still remaining as our primary focus. At the same time, we are actively expanding into strong third-tier cities, areas surrounding the 5A rated cynic spots and distinctive product opportunities arising from urban renewal projects as a supplement.

In the first half of the year, our signing momentum remain a steady trend and the pipeline achieved solid increase quarter-over-quarter, providing a high-quality reserve for future hotel openings. Thus, we maintain our full year opening target unchanged. In addition, the overall pace of closures has slowed significantly on a sequential basis since the second quarter. Therefore, we are also keeping our full year guidance of approximately hotel closures unchanged.

Operator

Next, I have Ronald Leung from Bank of America.

Ronald Leung

[Interpreted]

Let me translate my question into English. So we have observed a relatively volatile RevPAR trend since Q2. Could management share your view on RevPAR performance in the second half of the year?

Haijun Wang

[Interpreted]

Thank you, Ronald. And let me address this question. We believe that the long-term demand in the quality accommodation market continues to rise, whether for business travel or leisure tourism, this fundamental logic has not changed.

In the short term, due to weather factors such as typhoons and heavy rainfall in some regions during early July, the travel pace during this summer season was slightly delayed compared to previous years. But since the end of July, with the arrival of peak season, summer travel demand has shown signs of stabilizing and picking up.

Over the longer term, demand resilience remains intact, and the industry's trend towards higher quality development is clear. In this process, companies with strong brand equity and a solid customer base will continue to capture structural opportunities. We, therefore, hope the market can look beyond short-term data points focus more on the positive adjustment trends within the industry and the ability of leading brands to withstand cycles.

Operator

Next question comes from [indiscernible] from Citi.

Unknown Analyst

[Interpreted]

I try to take my question. [indiscernible] . I would like to ask management how you will the current demand structure? Are there any new changes or opportunities in business and leisure travel respectively?

Jianfeng Wu

[Interpreted]

Thank you, Trey. First, with business demand, the customer base is becoming more diversified before larger KA enterprise clients were a major source of demand However, as the market landscape evolves, we're now also seeing new opportunities emerge from local core enterprises, universities and research institutions. Therefore, while we continue to serve our core corporate clients well, we are also enhancing our business travel system to tap into new resources of business travelers. Thereby strengthening both our demand coverage and the stability of our customer structure.

In addition, on the leisure travel demand side, more and more consumers are paying greater attention to the experiential value of their stay beyond simply fulfilling functional accommodation needs. This aligns well with Atour's direction of pursuing high-quality and multi-brand development. Through differentiated positioning, our brand portfolio is able to more precisely match the needs of different customer segments and the consumption scenarios.

At the same time, inbound tourism is also a key growth market that we have been focusing on over the long term. With the gradual recovery of the inbound tourism market, we are actively advancing cooperation with overseas distribution channels and brand communications and capture the long-term opportunities brought by the growth of international guests in the future.

Operator

Next, we have Lydia Ling from Citi.

Lydia Ling

[Interpreted]

This is Lydia from Citi. I have questions on the Retail business, and we continue to see very solid momentum for the Retail business in the second quarter. And what would be the core reason behind the distress? And given the strong growth in the first half, what's your latest guidance for your Retail business for the full year?

Haijun Wang

[Interpreted]

Thank you, Lydia. Let me answer the first part of your question. In the first half of this year, Atour Planet has continued to maintain relatively fast growth. However, for us, growth itself is merely an external reflection of the building of our capabilities. What matters more is the continuous accumulation and improvement of our systematic capabilities across brand, product, supply chain, content and other areas.

Atour Planet has never chased the short-term trends or around discount promotions. Instead, we focus on product innovation and brand building around users' real sleep needs. We believe that products that truly create user value and deliver consistent quality will ultimately earn long-term recognition from the users.

On the product side, as the business developed, we have gradually built a more comprehensive sleep product portfolio. While our Pillow category continues to maintain its leading edge, our Comforters also achieved rapid growth. New categories, extending from the sleep scenario such as Fitted Sheet and Loungewear are also becoming important growth drivers.

Regarding the full year revenue guidance for the Retail business, based on the strong performance in the first half of the year and the solid sales momentum following new product launches, we are raising our full year Retail revenue growth guidance to 40% year-over-year.

Operator

Last question comes from Xin Chen from UBS.

Xin Chen

[Interpreted]

Let me translate to English. This is Xin Chen, from UBS. I'd like to ask questions about financial. Previously, the company indicated the full year [indiscernible] Ratio would increase -- could you please elaborate on whether there has been any change to the full year profit margin guidance at this stage? Second question is about shareholder return. Has there been additions to the company's shareholder return policy?

Haijun Wang

[Interpreted]

Thank you Xin Chen. Let me address this question. Currently, we still maintain our initial judgment from the beginning of the year that the full year net profit margin will see a slight year-on-year decline. However, we observed some shifts in the factors affecting our profit margin.

At the beginning of the year, we anticipated that increased investments in talent expansion and the technology R&D aimed at supporting long-term capability building would drive up our G&A and R&D expense ratios and exert some pressure on net margin. But based on our actual first half performance, a positive development has emerged. Revenue growth exceeded our initial expectations. So while we continue to invest in capability building, the expense growth has remained broadly aligned with revenue growth. As a result, we now expect the G&A and R&D expense ratios to stay relatively stable.

As the full year revenue growth for both our Hotel Supply Chain business, and the Retail business is expected to exceed our initial estimates, driving a shift in the group's revenue mix. In addition, as we continue to execute our shareholder return program, the group's effective tax rate is also expected to rise compared to last year, which will have a certain impact on net margin. Considering both the revenue mix shift and the higher tax rate, we anticipate a modest year-over-year decline in the group's full year net profit margin.

And as in terms of shareholder returns, we have consistently executed in accordance with our established strategy and pace. Since the initiation of the share repurchase program up to the end of the second quarter, the cumulative repurchase amount has exceeded USD 150 million. In terms of dividends, we are also continuing to steadily implement our existing dividend policy. Thank you.

Operator

Thank you. That concludes today's Q&A session. I would now like to turn the conference back to Mr. Luke for any additional or closing comments.

Luke Hu

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.

[Portions of this transcript that are marked

[Interpreted] were spoken by an interpreter present on the live call.]