Tuniu Announces Unaudited Third Quarter 2025 Financial Results
NANJING, China, Dec. 5, 2025 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the third quarter ended September 30, 2025. "In the third quarter, our business maintained steady growth momentum," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "Revenues from Tuniu's core packaged tour products increased by 12.4% year-over-year. At the same time, we continued to deliver quarterly profitability on both a GAAP and non-GAAP basis. During the peak season, in response to customers' evolving needs, we leveraged our core capabilities and worked closely with our partners to better tailor our products, services and channels, further improving customer satisfaction. Looking forward, we will further apply technologies such as AI applications across more scenarios to further enhance Tuniu's operational efficiency and customer experience. Our ongoing commitment to product and technology innovation will continue to drive high-quality development and fuel the company's long-term growth." Third Quarter 2025 Results Net revenues were RMB202.1 million (US$28.4 million[1]) in the third quarter of 2025, representing a year-over-year increase of 8.6% from the corresponding period in 2024. Revenues from packaged tours were RMB179.0 million (US$25.1 million) in the third quarter of 2025, representing a year-over-year increase of 12.4% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-guided tours. Other revenues were RMB23.0 million (US$3.2 million) in the third quarter of 2025, representing a year-over-year decrease of 13.7% from the corresponding period in 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products. Cost of revenues was RMB92.5 million (US$13.0 million) in the third quarter of 2025, representing a year-over-year increase of 44.0% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 45.8% in the third quarter of 2025, compared to 34.5% in the corresponding period in 2024. Gross profit was RMB109.6 million (US$15.4 million) in the third quarter of 2025, representing a year-over-year decrease of 10.0% from the corresponding period in 2024. Operating expenses were RMB95.8 million (US$13.5 million) in the third quarter of 2025, representing a year-over-year increase of 3.4% from the corresponding period in 2024. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB7.1190 on September 30, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm. Research and product development expenses were RMB15.7 million (US$2.2 million) in the third quarter of 2025, representing a year-over-year increase of 15.4%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 7.8% in the third quarter of 2025. Sales and marketing expenses were RMB61.5 million (US$8.6 million) in the third quarter of 2025, representing a year-over-year increase of 1.6%. The increase was primarily due to the increase in sales and marketing personnel related expenses. Sales and marketing expenses as a percentage of net revenues were 30.5% in the third quarter of 2025. General and administrative expenses were RMB18.5 million (US$2.6 million) in the third quarter of 2025, which were almost in line with general and administrative expenses in the third quarter of 2024. General and administrative expenses as a percentage of net revenues were 9.2% in the third quarter of 2025. Income from operations was RMB13.8 million (US$1.9 million) in the third quarter of 2025, compared to an income from operations of RMB29.2 million in the third quarter of 2024. Non-GAAP[2] income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB15.8 million (US$2.2 million) in the third quarter of 2025. Net income was RMB19.4 million (US$2.7 million) in the third quarter of 2025, compared to a net income of RMB43.9 million in the third quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB21.4 million (US$3.0 million) in the third quarter of 2025. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB19.8 million (US$2.8 million) in the third quarter of 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB44.4 million in the third quarter of 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB21.8 million (US$3.1 million) in the third quarter of 2025. As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.1 billion (US$155.6 million). [2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP. Business Outlook For the fourth quarter of 2025, Tuniu expects to generate RMB111.0 million to RMB116.1 million of net revenues, which represents an 8% to 13% increase year-over-year compared with net revenues in the corresponding period in 2024. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Share Repurchase Update In March 2024, the Company's Board of Directors authorized a share repurchase program (the "2024 Share Repurchase Program") under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares ("ADS") representing ordinary shares. By August 2025, the Company had repurchased an aggregate of approximately 10.7 million ADSs for US$10 million from the open market under the 2024 Share Repurchase Program, and accordingly, the 2024 Share Repurchase Program was terminated. In August 2025, the Company's Board of Directors authorized a new share repurchase program (the "2025 Share Repurchase Program") under which the Company may repurchase up to US$10 million worth of its ordinary shares or ADS representing ordinary shares, effective immediately upon the termination of the 2024 Share Repurchase Program. As of November 30, 2025, the Company had repurchased an aggregate of approximately 3.0 million ADSs for approximately US$2.6 million from the open market under the 2025 Share Repurchase Program. Conference Call Information Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on December 5, 2025, (9:00 pm, Beijing/Hong Kong Time, on December 5, 2025) to discuss the third quarter 2025 financial results. To participate in the conference call, please dial the following numbers: United States 1-888-346-8982 Hong Kong 852-301-84992 Mainland China 4001-201203 International 1-412-902-4272 Conference ID: Tuniu 3Q 2025 Earnings Conference Call A telephone replay will be available one hour after the end of the conference call through December 12, 2025. The dial-in details are as follows: United States 1-855-669-9658 International 1-412-317-0088 Replay Access Code: 2651018 Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com. About Tuniu Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com. Safe Harbor Statement This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; Tuniu's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu's structure, business and industry; the impact of health epidemics on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law. About Non-GAAP Financial Measures To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income from operations, net income, net income attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses and amortization of acquired intangible assets. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release. (Financial Tables Follow) Tuniu Corporation Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except per share information) December 31, 2024 September 30, 2025 September 30, 2025 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 465,004 229,141 32,187 Restricted cash 26,061 10,508 1,476 Short-term investments 432,823 724,937 101,831 Accounts receivable, net 43,313 86,023 12,084 Amounts due from related parties 752 1,045 147 Prepayments and other current assets 235,443 251,104 35,272 Total current assets 1,203,396 1,302,758 182,997 Non-current assets Long-term investments 534,041 330,784 46,465 Property and equipment, net 32,849 19,705 2,768 Intangible assets, net 22,210 20,482 2,877 Land use right, net 88,467 - - Operating lease right-of-use assets, net 9,266 7,559 1,062 Other non-current assets 19,208 20,734 2,913 Total non-current assets 706,041 399,264 56,085 Total assets 1,909,437 1,702,022 239,082 LIABILITIES AND EQUITY Current liabilities Short-term borrowings 36 36 5 Accounts and notes payable 290,112 327,405 45,990 Amounts due to related parties 3,121 7,021 986 Salary and welfare payable 23,148 23,035 3,236 Taxes payable 5,060 1,716 241 Advances from customers 247,151 93,847 13,183 Operating lease liabilities, current 2,994 3,294 463 Accrued expenses and other current liabilities 322,034 266,936 37,496 Total current liabilities 893,656 723,290 101,600 Non-current liabilities Operating lease liabilities, non-current 1,680 1,198 168 Deferred tax liabilities 5,151 4,677 657 Total non-current liabilities 6,831 5,875 825 Total liabilities 900,487 729,165 102,425 Equity Ordinary shares 249 249 35 Less: Treasury stock (329,668) (364,956) (51,265) Additional paid-in capital 9,146,928 9,120,883 1,281,203 Accumulated other comprehensive income 313,460 309,660 43,498 Accumulated deficit (8,050,378) (8,020,799) (1,126,675) Total Tuniu Corporation shareholders' equity 1,080,591 1,045,037 146,796 Noncontrolling interests (71,641) (72,180) (10,139) Total equity 1,008,950 972,857 136,657 Total liabilities and equity 1,909,437 1,702,022 239,082 Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive Income (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended September 30, 2024 June 30, 2025 September 30, 2025 September 30, 2025 RMB RMB RMB US$ Revenues Packaged tours 159,289 113,404 179,018 25,147 Others 26,706 21,450 23,042 3,237 Net revenues 185,995 134,854 202,060 28,384 Cost of revenues (64,212) (48,865) (92,455) (12,987) Gross profit 121,783 85,989 109,605 15,397 Operating expenses Research and product development (13,640) (16,403) (15,734) (2,210) Sales and marketing (60,578) (45,019) (61,533) (8,643) General and administrative (18,600) (17,760) (18,497) (2,598) Other operating income/(loss) 202 312 (2) - Total operating expenses (92,616) (78,870) (95,766) (13,451) Income from operations 29,167 7,119 13,839 1,946 Other income/(expenses) Interest and investment income, net 7,213 7,279 8,912 1,252 Interest expense (865) (583) (576) (81) Foreign exchange gains/(losses), net 1,115 (804) (858) (121) Other income/(loss), net 6,931 (55) (480) (67) Income before income tax expense 43,561 12,956 20,837 2,929 Income tax expense (159) (274) (625) (88) Equity in income/(loss) of affiliates 464 1,423 (844) (119) Net income 43,866 14,105 19,368 2,722 Net loss attributable to noncontrolling interests (582) (421) (383) (54) Net income attributable to ordinary shareholders of Tuniu Corporation 44,448 14,526 19,751 2,776 Net income 43,866 14,105 19,368 2,722 Other comprehensive income: Foreign currency translation adjustment, net of nil tax (6,859) (1,625) (1,314) (185) Comprehensive income 37,007 12,480 18,054 2,537 Net income per ordinary share attributable to ordinary shareholders - basic and diluted 0.12 0.04 0.06 0.01 Net income per ADS - basic and diluted* 0.36 0.12 0.18 0.03 Weighted average number of ordinary shares used in computing basic income per share 357,427,106 343,694,559 339,255,345 339,255,345 Weighted average number of ordinary shares used in computing diluted income per share 359,607,726 345,928,965 341,395,417 341,395,417 Share-based compensation expenses included are as follows： Cost of revenues 65 65 65 9 Research and product development 65 65 65 9 Sales and marketing 32 32 32 4 General and administrative 1,246 1,244 1,247 175 Total 1,408 1,406 1,409 197 *Each ADS represents three of the Company's ordinary shares. Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Quarter Ended September 30, 2025 GAAP Result Share-based Amortization of acquired Non-GAAP Compensation intangible assets Result Income from operations 13,839 1,409 591 15,839 Net income 19,368 1,409 591 21,368 Net income attributable to ordinary shareholders 19,751 1,409 591 21,751 Quarter Ended June 30, 2025 GAAP Result Share-based Amortization of acquired Non-GAAP Compensation intangible assets Result Income from operations 7,119 1,406 591 9,116 Net income 14,105 1,406 591 16,102 Net income attributable to ordinary shareholders 14,526 1,406 591 16,523 Quarter Ended September 30, 2024 GAAP Result Share-based Amortization of acquired Non-GAAP Compensation intangible assets Result Income from operations 29,167 1,408 764 31,339 Net income 43,866 1,408 764 46,038 Net income attributable to ordinary shareholders 44,448 1,408 764 46,620
2025-12-05