On November 19th, Yaduo Group announced its latest quarterly financial report, with a revenue of 1.899 billion yuan in the third quarter of 2024, a year-on-year increase of 46.7%; The adjusted net profit was 384 million yuan, a year-on-year increase of 41.2%; Adjusted EBITDA was 532 million yuan, a year-on-year increase of 40.0%.
Driven by both accommodation and retail businesses, the hotel network expansion accelerated further this quarter, once again breaking the record for the number of openings in a single quarter. The GMV of retail business increased significantly by 107.7% year-on-year. According to the financial report, Yaduo Group expects its annual revenue to increase by 48% to 52% year-on-year in 2024.
According to data from the Ministry of Culture and Tourism, domestic tourism consumption has further recovered, with 1.512 billion domestic tourists in the third quarter, a year-on-year increase of 17.2%; The cumulative total expenditure of domestic tourists on travel in the first three quarters was 4.35 trillion yuan, a year-on-year increase of 17.9%.
In the context of dynamic recovery, Yaduo Group achieved RevPAR (average rentable room revenue) of 380 yuan, ADR (average daily room rate) of 456 yuan, and OCC (occupancy rate) of 80.3% in this quarter, with steady and positive operating performance. At the same time, the expansion of hotel networks has further accelerated, with a total of 140 new hotels opening this quarter, a year-on-year increase of 72.8%, once again breaking the record for single quarter store expansion. As of September 30th, Yaduo Group has 1533 hotels in operation and 732 projects to be developed within its pipeline.
In order to meet the diverse needs of users, Yaduo continues to improve its product layout. In the high-end market, this quarter's newly launched high-end brand Sa He Hotel is inspired by the "life force of breathing" and combines the advantages of Eastern aesthetics, high-end experience, and high ping effect product models.
In the mid to high end market, since its first store in June this year, Ato 4.0 has opened 6 hotels and currently has over 60 projects in its pipeline.
In the mid-range market, Qingju 3.0 further consolidated its competitive advantage and signed 38 new projects in the third quarter. Through innovative operational methods such as brand co branding and optimizing experiential touchpoints, we continuously cultivate our target user group. As of the end of September, the number of hotels in Yingqingju 3.0 has reached 76.