Q4 2025 Tuniu Corp Earnings Call

March 5, 2026

Operator: We've reconnected with our speakers. Please proceed, Mary.

Mary: Thank you, Betsy. Welcome to our 2025 Q4 and full year Earnings Conference Call. Joining me on the call today are Donald Yu, Tuniu's Founder, Chairman, and Chief Executive Officer, Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights, and financial information, performance for the Q4 and fiscal year 2025. Before we continue, I refer you to our safe harbor statement and earnings press release, which applies to this call as we will make forward-looking statements. This call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our Founder, Chairman, and Chief Executive Officer, Donald Yu.

Mary Chen: Thank you, Betsy. Welcome to our 2025 Q4 and full year Earnings Conference Call. Joining me on the call today are Donald Yu, Tuniu's Founder, Chairman, and Chief Executive Officer, Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights, and financial information, performance for the Q4 and fiscal year 2025. Before we continue, I refer you to our safe harbor statement and earnings press release, which applies to this call as we will make forward-looking statements. This call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our Founder, Chairman, and Chief Executive Officer, Donald Yu.

Speaker #2: For today's agenda, management will discuss business updates, operation highlights, and financial information performance for the fourth quarter and fiscal year 2025. Before we continue, I refer you to our safe harbor statement and earnings press release which applies to this call, as we will make forward-looking statements.

Speaker #2: Also, this call includes discussions of certain non-GAAP financial measures; please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

Speaker #2: Finally, we note that, unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our founder, chairman, and chief executive officer, Donald Oo.

Speaker #3: Thank you, Mary. Good day, everyone. Welcome to the full-year 2025 earnings conference call. In the fourth quarter, our business continued to maintain solid growth momentum.

Donald Dunde Yu: Thank you, Mary. Good day, everyone. Welcome to our Q4 and full year 2025 Earnings Conference Call. In the Q4, our business continued to maintain solid growth momentum. Net revenues increased by 20% year-over-year, exceeding our previous guidance, while revenues from our core package tour products grew at an even faster pace, rising 35% year-over-year. At the same time, we achieved profitability for both the quarter and the year. This also marks the third consecutive year following the pandemic in which we have delivered a full year non-GAAP profitability. We have announced a long-term shareholder return plan totaling up to $50 million to be carried out during the three-year period from March 2026, via cash dividends and share repurchases.

Donald Yu: Thank you, Mary. Good day, everyone. Welcome to our Q4 and full year 2025 Earnings Conference Call. In the Q4, our business continued to maintain solid growth momentum. Net revenues increased by 20% year-over-year, exceeding our previous guidance, while revenues from our core package tour products grew at an even faster pace, rising 35% year-over-year. At the same time, we achieved profitability for both the quarter and the year. This also marks the third consecutive year following the pandemic in which we have delivered a full year non-GAAP profitability. We have announced a long-term shareholder return plan totaling up to $50 million to be carried out during the three-year period from March 2026, via cash dividends and share repurchases.

Speaker #3: Net revenues increased by 20% year over year, exceeding our previous guidance. Revenues from our core packaged tour products grew at an even faster pace, rising 35% year over year.

Speaker #3: At the same time, we achieved profitability for both the quarter and the year. This also marks the third consecutive year following the pandemic in which we have delivered full-year non-gap profitability.

Speaker #3: We have announced a long-term shareholder return plan totaling up to $50 million to be carried out during the three-year period from March 2026. We are considering cash dividends and share repurchases.

Speaker #3: This plan reflects both our commitment to provide shareholders with sustainable returns and our confidence in the long-term outlook of the travel industry. The travel market continued to grow in a healthy manner in the past year.

Donald Dunde Yu: This plan reflects both our commitment to provide shareholders with sustainable returns and our confidence in the long-term outlook of the travel industry. The travel market continued to grow in a healthy manner in the past year. The extension of national holidays and other favorable policies further stimulated domestic travel demand, while the increasing number of visa-free destinations made it easier for Chinese travelers to explore more destinations overseas. In 2025, we adopted a more proactive product strategy by differentiating our products and product lines. We targeted distinct customer segments and offered a richer, more tailored portfolio based on customer needs. Meanwhile, we leveraged our supply chain strength to enhance price competitiveness and attract more customers. During the year, we continued to pursue an open and collaborative approach, attracting high-quality partners to expand new channels and enhance service quality for our customers.

Donald Yu: This plan reflects both our commitment to provide shareholders with sustainable returns and our confidence in the long-term outlook of the travel industry. The travel market continued to grow in a healthy manner in the past year. The extension of national holidays and other favorable policies further stimulated domestic travel demand, while the increasing number of visa-free destinations made it easier for Chinese travelers to explore more destinations overseas. In 2025, we adopted a more proactive product strategy by differentiating our products and product lines. We targeted distinct customer segments and offered a richer, more tailored portfolio based on customer needs. Meanwhile, we leveraged our supply chain strength to enhance price competitiveness and attract more customers. During the year, we continued to pursue an open and collaborative approach, attracting high-quality partners to expand new channels and enhance service quality for our customers.

Speaker #3: The extension of national holidays and other favorable policies further stimulated domestic travel demand, while the increasing number of visa-free destinations made it easier for Chinese travelers to explore more destinations overseas.

Speaker #3: In 2025, we adopted a more proactive product strategy. By differentiating our products and the product line, we targeted distinct customer segments and offered a richer, more tailored portfolio based on customer needs.

Speaker #3: Meanwhile, we leveraged our supply chain strength to enhance price competitiveness and attract more customers. During the year, we continued to pursue an open and collaborative approach.

Speaker #3: Attracting high-quality partners to expand new channels and enhance service quality for our customers. Contributions from channels such as live streaming, offline stores, and corporate clients continue to increase as a share of Tuniu's transaction volume.

Donald Dunde Yu: Contributions from channels such as live streaming, offline stores, and corporate clients continued to increase as a share of Tuniu's transaction volume. In addition, we actively embraced new technologies, leveraging innovation tools to further enhance our product and service and improve operational efficiency. Now I will walk you through our key achievements in more detail. First, our strong supply chain remains the foundation for delivering high quality and price competitive products. In 2025, we further enhanced our direct and centralized procurement strategies in order to lower purchasing costs. Moreover, based on customer needs and pain points, we consolidated flight resources and introduced several connecting flights for select long-haul travel products to niche destinations. This approach further expanded our departure city coverage, making it more convenient for travelers from lower tier cities to travel abroad.

Donald Yu: Contributions from channels such as live streaming, offline stores, and corporate clients continued to increase as a share of Tuniu's transaction volume. In addition, we actively embraced new technologies, leveraging innovation tools to further enhance our product and service and improve operational efficiency. Now I will walk you through our key achievements in more detail. First, our strong supply chain remains the foundation for delivering high quality and price competitive products. In 2025, we further enhanced our direct and centralized procurement strategies in order to lower purchasing costs. Moreover, based on customer needs and pain points, we consolidated flight resources and introduced several connecting flights for select long-haul travel products to niche destinations. This approach further expanded our departure city coverage, making it more convenient for travelers from lower tier cities to travel abroad.

Speaker #3: In addition, we actively embraced new technologies leveraging innovation towards to further enhance our product and service. And improve operational efficiency. Now I will walk you through our key achievements in more detail.

Speaker #3: First, our strong supply chain remains the foundation for delivering high-quality and price-competitive products in 2025. We further enhanced our direct and centralized procurement strategies in order to lower purchasing costs.

Speaker #3: Moreover, based on customer needs and pain points, we consolidated flight resources and introduced several connecting flights for select long-haul travel products to niche destinations.

Speaker #3: This approach further expanded our departure city coverage, making it more convenient for travelers from lower-tier cities to travel abroad. It also enabled us to take advantage of airline discounts available in those hubs.

Donald Dunde Yu: It also enabled us to take advantage of airline discounts available in those hubs, allowing us to often offer even more competitive pricing to our customers, and further boosted demand for related destinations. Many hub cities, such as Chengdu and Urumqi, are popular tourist destinations themselves, allowing travelers to combine stopovers with zero visits. As a result, these products gained strong traction upon launch. For example, our Caucasus tour using connecting flights recorded over 500% year-over-year growth in transaction volume in 2025. We will continue to expand these offerings by adding more departure points and destinations. In terms of products, we continued to adopt a differentiated strategy to better serve distinct customer segments. As the core customers of our Niu Tour products, experienced travelers and repeat customers tend to prioritize the travel experience and typically have greater flexibility in both time and budget.

Donald Yu: It also enabled us to take advantage of airline discounts available in those hubs, allowing us to often offer even more competitive pricing to our customers, and further boosted demand for related destinations. Many hub cities, such as Chengdu and Urumqi, are popular tourist destinations themselves, allowing travelers to combine stopovers with zero visits. As a result, these products gained strong traction upon launch. For example, our Caucasus tour using connecting flights recorded over 500% year-over-year growth in transaction volume in 2025. We will continue to expand these offerings by adding more departure points and destinations. In terms of products, we continued to adopt a differentiated strategy to better serve distinct customer segments. As the core customers of our Niu Tour products, experienced travelers and repeat customers tend to prioritize the travel experience and typically have greater flexibility in both time and budget.

Speaker #3: Allowing us to offer even more competitive pricing to our customers. And further boosted demand for related destinations. Many hub cities such as Chengdu and Urumqi are popular tourist destinations themselves.

Speaker #3: Allowing travelers to combine stopovers with nearer visits. As a result, these products gained strong traction upon launch. For example, our Caucasus series using connecting flights recorded over 500% year-over-year growth in transaction volume in 2025.

Speaker #3: We will continue to expand these offerings by adding more departure points and products, we continued to adopt a differentiated strategy to better sell distinct customers' segments.

Speaker #3: As the core customers of our new tool products, experienced travelers and repeat customers tend to prioritize the travel experience and typically have greater flexibility in both time and budget.

Speaker #3: In 2025, the new tool introduced a wider range of niche destination products, including organized tour products to the Caucasus region in April and to South America in October.

Donald Dunde Yu: In 2025, Niu Tour introduced a wider range of niche destination products, including the organized tours products to the Caucasus region in April and to South America in October. At the same time, we further enhanced the travel experience of Niu Tour products by implementing a zero shopping policy throughout the trip, and some including curated experiences such as Michelin star dining and helicopter tours. In the second half of 2024, we launched our Niu Select series, offering a wider range of cost-effective products and further expanding to new price tiers. In 2025, we expanded our Niu Select offerings to cover a broader array of international destinations. With more competitive pricing, the Niu Select products have attracted a wider customer base, enabling travelers to either reduce their travel budgets or explore additional destinations within the same budget.

Donald Yu: In 2025, Niu Tour introduced a wider range of niche destination products, including the organized tours products to the Caucasus region in April and to South America in October. At the same time, we further enhanced the travel experience of Niu Tour products by implementing a zero shopping policy throughout the trip, and some including curated experiences such as Michelin star dining and helicopter tours. In the second half of 2024, we launched our Niu Select series, offering a wider range of cost-effective products and further expanding to new price tiers. In 2025, we expanded our Niu Select offerings to cover a broader array of international destinations. With more competitive pricing, the Niu Select products have attracted a wider customer base, enabling travelers to either reduce their travel budgets or explore additional destinations within the same budget.

Speaker #3: At the same time, we further enhanced the travel experience of new tool products by implementing a zero-shopping policy throughout the trip, and some, including curated experiences such as Michelin-starred dining and helicopter tours.

Speaker #3: In the second half of 2024, we launched our new select series. Offering a wider range of cost-effective products and further expanding to new supply tiers.

Speaker #3: In 2025, we expanded our new select offerings to cover a broader array of international destinations. With more competitive pricing, the new select products have attracted a wider customer base.

Speaker #3: Enabling travelers to either reduce their travel budgets or explore additional destinations within the same budget—an option that strongly appeals to travel fans, particularly younger ones.

Donald Dunde Yu: An option that strongly appeals to travel fans, particularly younger ones. The Niu Select Singapore-Malaysia tour series, launched in June last year, recorded over 10,000 paid bookings during the summer holiday period. We also observed a continued rise in demand for self-guided tours, particularly in the domestic travel market. Last year, we expanded the supply of our Hotel + X products with hotels as the core and supported by dynamic packaging technology. We broadened the coverage to all provinces in China, Chinese mainland, and further penetrated lower-tier markets. During the 2025 Labor Day and National Day holidays, transaction volume for our self-drive tour products recorded a triple-digit year-over-year growth. Going forward, we will continue this strategy by expanding the supply and destination coverage of our self-guided tour products. In addition, in 2025, we continued to explore and expand diversified channels.

Donald Yu: An option that strongly appeals to travel fans, particularly younger ones. The Niu Select Singapore-Malaysia tour series, launched in June last year, recorded over 10,000 paid bookings during the summer holiday period. We also observed a continued rise in demand for self-guided tours, particularly in the domestic travel market. Last year, we expanded the supply of our Hotel + X products with hotels as the core and supported by dynamic packaging technology. We broadened the coverage to all provinces in China, Chinese mainland, and further penetrated lower-tier markets. During the 2025 Labor Day and National Day holidays, transaction volume for our self-drive tour products recorded a triple-digit year-over-year growth. Going forward, we will continue this strategy by expanding the supply and destination coverage of our self-guided tour products. In addition, in 2025, we continued to explore and expand diversified channels.

Speaker #3: The new select Singapore-Malaysia tour series launched in June last year recorded over 10,000 paid bookings during the summer holiday period. We also observed a continued rise in demand for self-guided tours.

Speaker #3: Particularly in the domestic travel market. Last year, we expanded the supply of our hotel plus X products with hotels as the core and supported by dynamic packaging technology.

Speaker #3: We broadened the coverage to all provinces in China Chinese mainland, and further penetrated lower tiers markets. During the 2025 Labor Day and National Day holidays, transaction volume for our self-drive tour products recorded a triple digit year over year growth.

Speaker #3: Going forward, we will continue this strategy by expanding the supply and destination coverage of our self-guided tour products. In addition, in 2025, we will continue to explore and expand diversified channels.

Speaker #3: Live streaming is playing an increasingly important role for our sales. In 2025, both payment and verification volume through our live streaming channel continue to record double digit year over year growth.

Donald Dunde Yu: Live streaming is playing an increasingly important role for ourselves. In 2025, both payment and verification volume through our live streaming channel continued to record double-digit year-over-year growth. While achieving profitability through a single channel. Live streaming channel contributed over 15% to our total transaction volume in 2025, compared to approximately 10% in 2024. On the product side, first, we expanded the range of live streaming offerings. Beyond the traditional Hotel Plus scenic spots packages, we added personalized service products such as travel photography, as well as more high-ticket items, or outbound travel products, enriching customers' choices. Second, we fully leverage our supply chain advantages to ensure competitive pricing. For example, our Niu Select products are highly popular with live stream audiences due to their good value for money.

Donald Yu: Live streaming is playing an increasingly important role for ourselves. In 2025, both payment and verification volume through our live streaming channel continued to record double-digit year-over-year growth. While achieving profitability through a single channel. Live streaming channel contributed over 15% to our total transaction volume in 2025, compared to approximately 10% in 2024. On the product side, first, we expanded the range of live streaming offerings. Beyond the traditional Hotel Plus scenic spots packages, we added personalized service products such as travel photography, as well as more high-ticket items, or outbound travel products, enriching customers' choices. Second, we fully leverage our supply chain advantages to ensure competitive pricing. For example, our Niu Select products are highly popular with live stream audiences due to their good value for money.

Speaker #3: While achieving profitability through a single channel, our live streaming channel contributed over 15% to our total transaction volume in 2025, compared to approximately 10% in 2024.

Speaker #3: On the product side, first we expanded the range of live streaming offerings beyond the traditional hotel plus scenic spots packages. We added personalized service products such as travel photography, as well as more high-ticket items like long-haul outbound travel products.

Speaker #3: Enriching customers' choices. Second, we fully leveraged our supply chain advantages to ensure competitive pricing. For example, our new select products are highly popular with live-stream audiences.

Speaker #3: Due to their good value for money, in terms of format, we increased the number of our outdoor live streaming shows, including inviting live streamers to broadcast live from destination sites.

Donald Dunde Yu: In terms of format, we increased the number of our outdoor live streaming shows, including inviting live streamers to broadcast live from destination sites. In March this last year, Tuniu partnered with multiple live streamers to conduct a 21-day on-site live streaming campaign across 10 islands in the Maldives, generating cumulative sales of over RMB 100 million. On the service side, with more than a decade of experience in the travel industry, we provide professional tour guidance and comprehensive travel-related services. In addition, we have a dedicated verification team and a specialized system support in place to deliver a smoother redemption experience for customers. Offline stores remain an essential part of our overall sales and service network. As of the end of 2025, we operated more than 400 stores nationwide.

Donald Yu: In terms of format, we increased the number of our outdoor live streaming shows, including inviting live streamers to broadcast live from destination sites. In March this last year, Tuniu partnered with multiple live streamers to conduct a 21-day on-site live streaming campaign across 10 islands in the Maldives, generating cumulative sales of over RMB 100 million. On the service side, with more than a decade of experience in the travel industry, we provide professional tour guidance and comprehensive travel-related services. In addition, we have a dedicated verification team and a specialized system support in place to deliver a smoother redemption experience for customers. Offline stores remain an essential part of our overall sales and service network. As of the end of 2025, we operated more than 400 stores nationwide.

Speaker #3: In March this last year, Tuniu partnered with multiple live streamers to conduct a 21-day onsite live streaming campaign across 10 islands. In the Maldives.

Speaker #3: Generating cumulative sales of over RMB 100 million. On the sales side, with more than a decade of experience in the travel industry, we provide professional tour guidance and comprehensive travel-related services.

Speaker #3: In addition, we have a dedicated verification team and specialized system support in place to deliver a smoother redemption experience for customers. Offline stores remain an essential part of our overall sales and service network.

Speaker #3: Although by the end of 2025, we operated more than 400 stores nationwide. We expanded our store presence in key cities, including major popular tourist destinations and transportation hubs such as Chengdu and Xi'an.

Donald Dunde Yu: We expanded our store presence in key cities, including major popular tourist destinations and transportation hubs such as Chengdu and Xi'an, building scale in local markets to enhance operational efficiency and reduce costs. In 2025, transaction volume from offline stores increased by nearly 20% year-over-year. We also continued to develop channels such as traffic platforms and corporate clients, tailoring our product offerings to the specific needs of each channel. On traffic platforms, sales of standalone products such as air tickets and hotel bookings grew rapidly. For corporate clients, in addition to providing business travel booking service, we leveraged our extensive experience in the leisure segment to offer customized group travel solutions as well as personal and family vacation products for employees. In Q4 2025, transaction value from corporate clients increased by more than 20% year-over-year.

Donald Yu: We expanded our store presence in key cities, including major popular tourist destinations and transportation hubs such as Chengdu and Xi'an, building scale in local markets to enhance operational efficiency and reduce costs. In 2025, transaction volume from offline stores increased by nearly 20% year-over-year. We also continued to develop channels such as traffic platforms and corporate clients, tailoring our product offerings to the specific needs of each channel. On traffic platforms, sales of standalone products such as air tickets and hotel bookings grew rapidly. For corporate clients, in addition to providing business travel booking service, we leveraged our extensive experience in the leisure segment to offer customized group travel solutions as well as personal and family vacation products for employees. In Q4 2025, transaction value from corporate clients increased by more than 20% year-over-year.

Speaker #3: Building skill in local markets to enhance operational efficiency and reduce costs. In 2025, transaction volume from offline stores increased by nearly 20% year over year.

Speaker #3: We also continue to develop channels such as traffic platforms and corporate clients, tailoring our product offerings to the specific needs of each channel. On traffic platforms, sales of standalone products such as air tickets and hotel bookings grow rapidly.

Speaker #3: For corporate clients, in addition to providing business travel booking service, we leveraged our extensive experience in the legal segment to offer customized group travel solutions, as well as personal and family vacation products for employees.

Speaker #3: In the fourth quarter of 2025, transaction value from corporate clients increased by more than 20% year over year. In terms of technology, we are exploring the application of AI agents across various business scenarios.

Donald Dunde Yu: In terms of technology, we are exploring the application of AI agents across various business scenarios. Last April, Tuniu officially launched our self-developed travel AI assistant Xiao Niu. The assistant integrates vertical travel application scenarios with large language models to provide customers with one-stop services, including smart search, automated price comparisons, personalized recommendations, and dynamic packaging. At the same time, we continued to integrate technological tools into our daily operations. These initiatives have improved efficiency and helped control operating costs. We are encouraged by the growing adoption of our AI tools among both customers and employees. In addition, we have adopted an open collaboration approach by gradually providing external AI agents, such as OpenClaw, with the same comprehensive travel booking capabilities available in our app via MCP interface, enabling them to search and place bookings directly.

Donald Yu: In terms of technology, we are exploring the application of AI agents across various business scenarios. Last April, Tuniu officially launched our self-developed travel AI assistant Xiao Niu. The assistant integrates vertical travel application scenarios with large language models to provide customers with one-stop services, including smart search, automated price comparisons, personalized recommendations, and dynamic packaging. At the same time, we continued to integrate technological tools into our daily operations. These initiatives have improved efficiency and helped control operating costs. We are encouraged by the growing adoption of our AI tools among both customers and employees. In addition, we have adopted an open collaboration approach by gradually providing external AI agents, such as OpenClaw, with the same comprehensive travel booking capabilities available in our app via MCP interface, enabling them to search and place bookings directly.

Speaker #3: Last April, Tuniu officially launched our self-developed travel agent travel AI agent. AI assistant Xiaoniu The assistant integrates vertical travel application scenarios with large language models to provide services.

Speaker #3: Including smart search, automated price comparisons, personalized recommendations, and dynamic packaging. At the same time, we continue to integrate technological tools into our daily operations.

Speaker #3: This initiative has improved efficiency and helped control operating costs. We are encouraged by the growing adoption of our AI tools among both customers and employees.

Speaker #3: In addition, we have adopted an open collaboration approach by gradually providing external AI agents such as OpenClaude with the same comprehensive travel booking capabilities available in our app via MCP them to search and place bookings directly.

Speaker #3: We will continue to embrace new technology to support high-quality growth. Over the past year, we made steady progress while managing a range of challenges.

Donald Dunde Yu: We will continue to embrace new technology to support high quality growth. Over the past year, we've made steady progress while managing a range of challenges. Overall, the company continues to move forward on a sustainable development path. In the year ahead, I'll remain focused on customer need, continue refining our products and services, and e-expand our reach through diversified channels to support stable and sustainable growth. I'll now turn the call over to Anqiang, our Financial Controller, for the financial highlights.

Donald Yu: We will continue to embrace new technology to support high quality growth. Over the past year, we've made steady progress while managing a range of challenges. Overall, the company continues to move forward on a sustainable development path. In the year ahead, I'll remain focused on customer need, continue refining our products and services, and e-expand our reach through diversified channels to support stable and sustainable growth. I'll now turn the call over to Anqiang, our Financial Controller, for the financial highlights.

Speaker #3: Overall, the company continues to move forward on a sustainable development path. In the year ahead, we will remain focused on customer needs, continue refining our products and services, and expand our reach through diversified channels to support stable and sustainable growth.

Speaker #3: I'll now turn the call over to Anqiang. Our financial controller for the financial highlights.

Speaker #2: Thank you, Donald. Hello, everyone. Now I will go through our fourth quarter and fiscal year 2025 financial results in greater detail. Please note that our numbers are in RMB, unless otherwise stated.

Anqiang Chen: Thank you, Donald. Hello, everyone. I'll walk you through our Q4 and the fiscal year 2025 financial results in greater detail. Please note that all monetary amounts are in RMB, unless otherwise stated. You can find the US dollar equivalents of the numbers in our earnings release. For the Q4 of 2025, net revenues were RMB 123.5 million, representing a year-over-year increase of 20% from the corresponding period in 2024. Revenues from package tours were up 35% year-over-year to RMB 102.1 million, and accounted for 83% of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours and self-guided tours. Other revenues were down 21% year-over-year to RMB 21.5 million, and accounted for 17% of our total net revenues.

Speaker #2: You can find the U.S. dollar equivalents of the numbers in our earnings release. For the fourth quarter of 2025, net revenues were $123.5 million, representing a year-over-year increase of 20% from the corresponding period in 2024.

Speaker #2: Revenues from package tools were up 35% year over year, to 102.1 million. And accounted for 83% of our total net revenue the fourth quarter.

Speaker #2: The increase was primarily due to the growth of organized tools and self-guided tools. Other revenues were down 21% year over year, to 21.5 million, and accounted for 17% of our total net revenues.

Speaker #2: The decrease was primarily due to the decrease in merchandise sales. Gross profit for the fourth quarter of 2025 was $17 million, which was almost in line with gross profit in the fourth quarter of 2024.

Anqiang Chen: The decrease was primarily due to the decrease of merchandise sales. Gross profit for Q4 2025 was RMB 17 million, which was almost in line with gross profit in Q4 2024. Operating expenses for Q4 2025 were RMB 69 million, down 16% year-over-year. Research and product development expenses for Q4 2025 were RMB 12.3 million, down 8% year-over-year. The decrease was primarily due to the decrease in research and product development personnel-related expenses. Sales and marketing expenses for Q4 2025 were RMB 44.1 million, up 3% year-over-year. The increase was primarily due to the increase in promotion expenses. General and administrative expenses for Q4 2025 were RMB 12.8 million, down 52% year-over-year.

Speaker #2: Operating expenses for the fourth quarter of 2025 were 69 million. Down 16% year over year. Research and product development expenses for the fourth quarter of 2025 were 12.3 million, down 8% year over year.

Speaker #2: The decrease was primarily due to the decrease in research and product development personnel related expenses. Sales and marketing expenses for the fourth quarter of 2025 were 44.1 million, up 3% year over year.

Speaker #2: The increase was primarily due to the increase in promotion expenses. General and administrative expenses for the fourth quarter of 2025 were $12.8 million, down year-over-year.

Speaker #2: The decrease was primarily due to the employment of property and equipment, net, recorded in the fourth quarter of 2024. Net income attributable to ordinary shareholders of Tuniu Corporation was $1.5 million in the fourth quarter of 2025.

Anqiang Chen: The decrease was primarily due to the impairment of property and equipment net recorded in Q4 2024. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB 1.5 million in Q4 2025. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB 3.5 million in Q4 2025. As of 31 December 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and long-term deposits of RMB 1.1 billion. Cash flow generated from operations for Q4 2025 was RMB 68.8 million. Capital expenditures for Q4 2025 was RMB 0.5 million. Now, moving to full year 2025 results.

Speaker #2: Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was $3.5 million in the fourth quarter of 2025.

Speaker #2: As of December 31, 2025, the company had cash and cash equivalents, restricted cash, certain investments, and long-term deposits of $1.1 billion. Cash flow generated from operations for the fourth quarter of 2025 was $68.8 million.

Speaker #2: Capital expenditure for the fourth quarter of 2025 was $0.5 million. Now, moving to full year 2025 results. In 2025, net revenues were $578 million.

Anqiang Chen: In 2025, net revenues were RMB 578 million, representing a 13% year-over-year increase. Revenues from package tours were up 21% year-over-year to RMB 493.5 million, and accounted for 85% of our total net revenues in 2025. The increase was primarily due to the growth of organized tours and self-guided tours. Other revenues were down 20% year-over-year to RMB 84.5 million, and accounted for 15% of our total net revenues in 2025. The decrease was primarily due to the decrease in the commission fees received from other travel-related products. Gross profit was RMB 335 million in 2025, down 6% year-over-year. Operating expenses were RMB 323.7 million in 2025, up 10% year-over-year. Research and product development expenses were RMB 59 million in 2025, up 12% year-over-year.

Speaker #2: Representing a 13% year-over-year increase. Revenues from package tours were up 21% year-over-year, to $493.5 million, and accounted for 85% of our total net revenues in 2025.

Speaker #2: The increase was primarily due to the growth of organized tours and self-guided tours. Other revenues were down 20% year over year, to $84.5 million.

Speaker #2: And accounted for 15% of our total net revenues in 2025. The decrease was primarily due to the decrease in the commission fees received from other travel-related products.

Speaker #2: Gross profit was 335 million in 2025. Down 6% year over year. Operating expenses were 323.7 million. In 2025. Up 10% year over year. Research and product development expenses were 59 million.

Speaker #2: In 2025, up 12% year over year. The increase was primarily due to the increase in research and product development personnel-related expenses. Sales and marketing expenses were $193.9 million.

Anqiang Chen: The increase was primarily due to the increase in research and product development personnel-related expenses. Sales and marketing expenses were RMB 193.9 million in 2025, up 8% year-over-year. The increase was primarily due to the increase in promotion expenses. General and administrative expenses were RMB 71.8 million in 2025, down 18% year-over-year. The decrease was primarily due to the decrease in general and administrative personnel-related expenses and impairment of property and equipment net. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB 31.1 million in 2025. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, and impairment of property and equipment net was RMB 42.6 million in 2025. Capital expenditures were RMB 4.4 million in 2025.

Speaker #2: In 2025, up 8% year over year. The increase was primarily due to the increase in promotion expenses. General and administrative expenses were $17.8 million.

Speaker #2: In 2025, down 18% year over year. The decrease was mainly due to general and administrative personnel-related expenses and the employment of property and equipment, net. Net income attributable to ordinary shareholders of Tuniu Corporation was ¥31.1 million.

Speaker #2: In 2025, non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, and impairment of property and equipment, net, was RMB 42.6 million.

Speaker #2: In 2025. Capital expenditures were 4.4 million. In 2025. For the first quarter of 2026, the company expects to generate 125.7 million. To 131.6 million of net revenues.

Anqiang Chen: For Q1 2026, the company expects to generate $125.7 million to 131.6 million of net revenues, which represents a 7% to 12% increase year-over-year. Please note that this forecast reflects Tuniu current and preliminary view on the industry and its operations, which is subject to change. Thank you for listening. We are now ready for your questions. Operator?

Speaker #2: Which represents a 7% to 12% increase year over year. Please note that this forecast reflects Tuniu current and preliminary views on the industry and its operations.

Speaker #2: Which is subject to change. Thank you for listening. We are now ready for your questions. Operator, we will now begin. The question and answer session.

Operator: We will now begin the question-and-answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the key. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Once again, to ask a question, please press star then 1 to enter the question queue. There are no questions at this time. I will now turn the call over to Tuniu's Director of Investor Relations, Mary.

Speaker #2: To ask a question, you may press star and one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys.

Speaker #2: If at any time your question has been addressed, and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster.

Speaker #2: Once again, to ask a question, please press star, then one to enter the question queue. There are no questions at this time. I will now turn the call over to Tuniu's director of investor relations, Mary.

Speaker #3: Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.

Anqiang Chen: Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.

Mary Chen: Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.

Operator: Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a good day.

Q4 2025 Tuniu Corp Earnings Call

Request a DemoDemo

TOUR

Tuniu

Earnings