Mention Yaduo’s name，It is still very famous among young people。After all, it is the IP “leader” in the 188bet mobile industry，Calling cross-border collaboration a success、Superb。From NetEase Cloud Music、NetEase Selected，Back to Zhihu、Hupu... Atour 188bet mobile attracts a large number of young people to follow every time it crosses borders，Full marks for marketing effectiveness。

This is such a new 188bet mobile chain，Recently, foreign media reported that it plans to go public in the United States this year，Raised approximately US0 million，Transaction arranged with help from Bank of America and Citigroup。

Aduo aims to be listed on the market，There are twists and turns on this road。2019，188bet mobile has submitted a complete set of counseling filing documents，However, at the end of the year，But the listing guidance work was terminated；January 2020，188bet mobile once again reported plans to be listed on the GEM，However, more than a year later，No further news。

Now it is Atour’s third time preparing for IPO，It focuses on "188bet mobile + IP"，Will it succeed this time？

Building a boutique 188bet mobile in the fourth space

The establishment and rise of Atour 188bet mobile，A miracle in itself。Since its founding in 2012，Less than ten years，Atour quickly dominates the mid-range 188bet mobile market，Currently, 583 hotels have been opened in 174 cities across the country，More than 20 million members，And continues to rank first in the scale of high-end 188bet mobile chain brands，More than many century-old brands。

And Yaduo’s success，188bet mobile cannot be separated from the blessings of the right time, place and people。

The so-called time of day，It is a huge gap in the mid-range 188bet mobile industry。Always，my country’s 188bet mobile industry is in a highly fragmented stage，The ratio of independent hotels to chain hotels is much higher than the global average。Before Atour was established，The mid-range 188bet mobile chain market is mainly dominated by budget hotels，Standardized operations management and expansion are the only goals。

Therefore，With the rise of middle-class consumer groups，Consumption upgrading has led to great changes in customer needs，Can the services provided by the 188bet mobile satisfy the personalization of new consumers、Diversification、Mobile、Experientialization、Social needs，A great challenge to budget hotels，In this case，The emergence of Atour has greatly filled the demand for boutique 188bet mobile chains。

Data display，The proportion of mid-range 188bet mobile chains has been increasing year by year in recent years，From about 8% in 2015 to 15% in 2019，Yadoo also grew rapidly among them。

The favorable location is the favorable and continuous support of capital。At the time when Atour was founded，Received a US million Series A investment from Dehui Capital。Capital has continued to prefer it since then，From 2014 to 2017，Atour 188bet mobile has received 4 rounds of financing in three years，Feelings for Yaduo、The concept of cooperation and ultimate service lays the material foundation。

Rhehe，The most important thing is the successful marketing and positioning of Atour 188bet mobile itself。Ye Luyin, the founder of Atour 188bet mobile, has rich management experience in the 188bet mobile industry。Previously one of the founders of Hanting 188bet mobile，March 2010，"Hanting 188bet mobile Group" was successfully listed on NASDAQ in the United States。Early 2012，Yelüyin retires after success，Left Huazhuji and founded Atour。

With the experience of the founder，Atour has had a clear business model and service positioning since its establishment，Through storytelling、Co-branded IP、Community hotels, etc.，Let Yaduo be filled with strong humanistic sentiments from beginning to end，Become a boutique 188bet mobile that is distinguished from other hotels。

It is said，The name Yaduo comes from，During a trip, the founder accidentally walked into Yaduo Village, a Lisu village in Nujiang, Yunnan，For local nature、Fresh、Touched by simplicity，So "Yado" was founded in 188bet mobile name。

The characteristics of Atour are also positioned as humanistic reading + local photography + ultimate service。Each Atour 188bet mobile has a collection of more than 1,000 books，In the lobby、Room、Corridor、Local photography works are hung in various places such as restaurants，Also，Atour also promises to provide every customer with services that exceed expectations，In case of late check-out、Borrowing books、Tea tasting and other detailed services。

Also，After the opening of the first IP 188bet mobile in 2016 - Atour Wu 188bet mobile co-branded with Wu Xiaobo，Aduo is also outstanding on the road of IP。Based on incomplete statistics，From 2016 to present，Atour already has 22 cross-border projects，Including theme hotels、Pop-up store、Theme Room、Theme activities，This one，Not included in products with some brands、Technical cooperation。

THE DRAMA 188bet mobile previously launched jointly by Atour and the immersive drama "Sleep no more"，A "problematic" 188bet mobile jointly opened with Zhihu，The "Sleep Music" 188bet mobile built in cooperation with NetEase Cloud is "hard to find overnight"。Atour even became the city’s business fashion and humanistic index in 2018，This shows the success of its urban cultural significance attributes。

Is creating 188bet mobile a sentiment or a gimmick?

Although Atour became famous with its IP，Nothing but IP，Bai Ye IP。After becoming the top high-end 188bet mobile chain brand with its unique humanistic culture and IP marketing，Atour’s shortcomings are slowly exposed。

First，The foundation of humanistic care is too superficial。188bet mobile photography and book bar really gives a refreshing feeling to young people who are used to staying in the same hotels，Let the new middle class enjoy the atmosphere of texture and quality，However, just staying in form is not a long-term solution after all。

There is an article on Zhihu specifically comparing hotels with the same photography theme，Leica 188bet mobile in Germany and Atour in my country。

One is the overall integration of photography and room design.

Another one says "a room is a room"，Photo is a photo”，Removing photos will make the design stronger，A better atmosphere to rest and relax。

Such aesthetics and feelings，How to win true feelings，Quality customer choice and loyalty？

The second is the divergence between the positioning of the target group and the price。Atour’s target group is the new middle class，Positioning itself as a mid-to-high-end boutique 188bet mobile。There are certain differences between the two。

Data display，Most consumers of mid-to-high-end 188bet mobile in China are still middle-aged，Mostly over 30 years old，And young people aged 18-24 are still a minority。In this way，The spending power and price of the target customer group are naturally misaligned。

On Meituan, which currently accounts for the largest share of 188bet mobile bookings，Only under the option of high-end chain hotels，The price of Atour in Shenzhen has reached as high as 1,800 per night，And other chains in the selection such as Orange 188bet mobile、All seasons, etc.，The prices are between 300-700 yuan。

Luxury like Hilton、Sheraton，The prices are basically within 1500。188bet mobile situation is not only in Shenzhen，In second-tier cities such as Chengdu，Co-branded models of major IPs are also approaching a thousand yuan，188bet mobile way，In a big wave of marketing、How many loyal users are left after publicity and novelty hunting？No matter how rich you are，Not many people will pay the obvious IQ tax。

can see，According to the classification on the search software，Atour’s positioning and target group are in the high-end category，But the price is higher than the luxury class。In this way，People who want to choose luxury hotels cannot be filtered，If you choose a high-end 188bet mobile, you will be dissuaded by the price。If things continue like this，The misalignment between users and prices will only become more serious。

Also，In recent years, off-site travel has become the main source of orders for mid- to high-end hotels，Inside or near the attraction becomes the main 188bet mobile booking location。Atour does not have an advantage in terms of franchise strength and number of chains in various places，So it is geographically disadvantaged；Also，While traveling，Service and comfort are the foundation，Local characteristics and personalization are demands，In this way，The competition that Atour faces not only comes from the brand and services of luxury five-star hotels in terms of service and management，There are other price advantages of competing hotels，And special single stores、The freshness and sense of integration brought by Airbnb, etc.。In this regard，The atmosphere created by books and photos alone is obviously not competitive enough，IP-themed rooms are a unified national standard，Long term，Atour’s competitiveness and cost-effectiveness are naturally declining。

Last，Back to the basics of business management，That is, the profit model。

Previously，188bet mobile can publicly reveal that the overall non-guest room revenue accounts for about 20%，It seems like an advantage but it is gained at the expense of catering income。

Because of the idea of ​​the fourth space in the community proposed by Atour 188bet mobile，Compare other hotels，Read、Public areas such as drinking tea occupy a relatively large area，Therefore，Atour hotels can only give up catering services。

However, 188bet mobile income system is not healthy.

Ministry of Culture and Tourism data display，In 2019, catering revenue accounted for 42% of the operating revenue of star-rated 188bet mobile49%；Room room revenue accounts for 38% of operating revenue.19%。And the third quarter of 2020，The operating income of star-rated 188bet mobile in my country，Catering income 40.8%，Room revenue 42.5%。Fourth quarter of 2020，F&B revenue even exceeds room revenue。

can see，188bet mobile service center in first-tier cities，Catering has become a core source of profit，In comparison，Fitness、Tea、Retail income from mattresses and other products is not a rigid need of users，The profit level cannot match that of catering，Therefore, the growth of 188bet mobile profitability has become the fatal point of Atour 188bet mobile。

Also，Due to the shackles of elements such as IP hotels and humanistic photography，188bet mobile franchise fee is relatively high compared to its competitors，In this way, neither cost nor profit will be advantageous，188bet mobile future imagination space is also constantly being compressed。

In the past two years，Atour 188bet mobile’s previous advantages and popularity gained through IP have slowly faded，Plus profit and development space are less than expected，Aduo slowly lost the attention of capital，The expansion speed and financing level are far behind those of competitors。

Public data display，188bet mobile has less than 600 hotels in operation，In comparison，Currently, Dongcheng International Group has more than 3,000 hotels (including those under preparation)，Number of rooms exceeds 240,000，Distributed in more than 200 cities around the world；The total number of Shangmei Life stores exceeds 5,500，Covering 333 cities across the country，10 times that of 188bet mobile。

In the leading 188bet mobile chain，Jinjiang 188bet mobile Group, which has the largest domestic market share, opened 1,842 new hotels in 2020，Over 9,000 hotels have been opened in total；2020，1649 newly opened hotels in Huazhu，Rapid growth。

February 2021，Junting 188bet mobile, also a mid-range 188bet mobile, has been listed on the A-share market；Dongcheng 188bet mobile also acquired shares from a company affiliated with Meituan Wang Xing，Even the former vice president of Atour was poached by Shangmei Life Group last year。

Since 2020，Under the special background of the epidemic，The leading 188bet mobile chains have taken the opportunity to increase their concentration，Won the expansion window period，Yado, which was once the best, is no longer what it once was，There is absolutely no capital to compete for the top spot，A good hand was beaten to pieces。

Conclusion

188bet mobile，For the public，First and foremost a place to stay，For quality、Taste、Service and other requirements are the basis，The second is the pursuit of freshness and personalization。

Atour’s business model has indeed brought vitality and innovative direction to my country’s 188bet mobile chain industry，But it ignores the intrinsic value of the product and the original intention of being a 188bet mobile。Atour has successfully made a breakthrough by relying on IP shortcuts，The latest news is that it is the first 188bet mobile in the country to be investigated for infringing Universal Studios IP，Also extremely ironic。

Last，Back to the plan to go public in the United States，At present, 188bet mobile humanistic sentiments and IP’s imagination have obviously lost their appeal to capital。2017 to present，There is no news about 188bet mobile refinancing。Judging from the situation of 188bet mobile three IPOs，The launch of blood transfusion is imminent。

However, listing financing，We still need to tell the story well。Cross-border collaboration can be a start，Feelings can also be labels and traits，But the product must eventually return to its intrinsic value。After all, if you can’t even provide good 188bet mobile service，Then the added value will only become an IQ tax。

No long-term profitability and brand core competitiveness，How can 188bet mobile be saved by going public？

*Source of 188bet mobile article：Gelonghui, original title: "“IP 188bet mobile” has become an IQ tax，Is it possible to save Atour’s listing in the United States?？》.