Atour Lifestyle is rated BUY with a $50 price target, offering ~43% upside due to compelling valuation and robust growth outlook. ATAT's differentiated manachised/franchised hotel model and fast-growing retail business drive superior margins and brand loyalty, supporting long-term ADR and OCC growth. Retail now accounts for nearly a third of revenue and half of gross profit, with full-year segment guidance raised to 30–35% y/y growth.