Tuniu Announces Unaudited First Quarter 2025 Financial Results

, /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 first quarter ended March 31, 2025. "We are pleased to kick off the year with steady growth momentum," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "In the first quarter, revenues from our core packaged tour products business increased by 19.3% year-over-year. We continued to leverage our core advantages in product development and supply chain to enhance both quality and cost-effectiveness. In addition, we continued to optimize both online and offline sales channels to ensure that our high-quality products and services reach more customers. Looking ahead, we remain committed to innovation through combining technology with industry insights to deliver more convenient, efficient, and transparent travel solutions for our customers." First Quarter 2025 Results Net revenues were RMB117.5 million (US$16.2 million[1]) in the first quarter of 2025, representing a year-over-year increase of 8.9% from the corresponding period in 2024. Revenues from packaged tours were RMB99.0 million (US$13.6 million) in the first quarter of 2025, representing a year-over-year increase of 19.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours. Other revenues were RMB18.5 million (US$2.6 million) in the first quarter of 2025, representing a year-over-year decrease of 25.8% from the corresponding period in 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products. [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2567 on March 31, 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. Cost of revenues was RMB48.2 million (US$6.6 million) in the first quarter of 2025, representing a year-over-year increase of 85.9% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 41.0% in the first quarter of 2025, compared to 24.0% in the corresponding period in 2024. Gross profit was RMB69.3 million (US$9.6 million) in the first quarter of 2025, representing a year-over-year decrease of 15.5% from the corresponding period in 2024. Operating expenses were RMB80.1 million (US$11.0 million) in the first quarter of 2025, representing a year-over-year increase of 14.9% from the corresponding period in 2024. Research and product development expenses were RMB14.5 million (US$2.0 million) in the first quarter of 2025, representing a year-over-year increase of 11.5%. 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 12.4% in the first quarter of 2025. Sales and marketing expenses were RMB43.2 million (US$6.0 million) in the first quarter of 2025, representing a year-over-year increase of 17.3%. The increase was primarily due to the increase in sales and marketing personnel related expenses and promotion expenses. Sales and marketing expenses as a percentage of net revenues were 36.8% in the first quarter of 2025. General and administrative expenses were RMB22.8 million (US$3.1 million) in the first quarter of 2025, representing a year-over-year increase of 11.1%. The increase was primarily due to the impairment of property and equipment, net recorded in the first quarter of 2025. General and administrative expenses as a percentage of net revenues were 19.4% in the first quarter of 2025. Loss from operations was RMB10.8 million (US$1.5 million) in the first quarter of 2025, compared to an income from operations of RMB12.3 million in the first quarter of 2024. Non-GAAP[2] loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB5.3 million (US$0.7 million) in the first quarter of 2025. [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. Net loss was RMB5.4 million (US$0.7 million) in the first quarter of 2025, compared to a net income of RMB21.9 million in the first quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB0.1 million (US$16.4 thousand) in the first quarter of 2025. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB4.7 million (US$0.6 million) in the first quarter of 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB13.9 million in the first quarter of 2024. 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 RMB0.8 million (US$0.1 million) in the first quarter of 2025. As of March 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.2 billion (US$167.2 million). Business Outlook For the second quarter of 2025, Tuniu expects to generate RMB131.0 million to RMB136.8 million of net revenues, which represents a 12% to 17% increase year-over-year compared with net revenues in the corresponding period in 2024. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Share Repurchase Update In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$ 10 million worth of its ordinary shares or American depositary shares ("ADSs") representing ordinary shares. As of May 31, 2025, the Company had repurchased an aggregate of approximately 9.5 million ADSs for approximately US$9.0 million from the open market under the share repurchase program. Conference Call Information Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on June 12, 2025, (8:00 pm, Beijing/Hong Kong Time, on June 12, 2025) to discuss the first 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 1Q 2025 Earnings Conference Call A telephone replay will be available one hour after the end of the conference call through June 19, 2025. The dial-in details are as follows: United States 1-877-344-7529 International 1-412-317-0088 Replay Access Code: 4581400 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/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net. 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 March 31, 2025 March 31, 2025 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 465,004 489,896 67,509 Restricted cash 26,061 10,648 1,467 Short-term investments 432,823 554,199 76,371 Accounts receivable, net 43,313 37,155 5,120 Amounts due from related parties 752 1,311 181 Prepayments and other current assets 235,443 192,290 26,498 Total current assets 1,203,396 1,285,499 177,146 Non-current assets Long-term investments 534,041 349,290 48,133 Property and equipment, net 32,849 28,847 3,975 Intangible assets, net 22,210 21,381 2,946 Land use right, net 88,467 87,952 12,120 Operating lease right-of-use assets, net 9,266 8,679 1,196 Other non-current assets 19,208 19,086 2,630 Total non-current assets 706,041 515,235 71,000 Total assets 1,909,437 1,800,734 248,146 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities Short-term borrowings 36 36 5 Accounts and notes payable 290,112 305,416 42,087 Amounts due to related parties 3,121 4,592 633 Salary and welfare payable 23,148 16,971 2,339 Taxes payable 5,060 2,559 353 Advances from customers 247,151 159,385 21,964 Operating lease liabilities, current 2,994 3,070 423 Accrued expenses and other current liabilities 322,034 339,807 46,824 Total current liabilities 893,656 831,836 114,628 Non-current liabilities Operating lease liabilities, non-current 1,680 1,574 217 Deferred tax liabilities 5,151 4,964 684 Total non-current liabilities 6,831 6,538 901 Total liabilities 900,487 838,374 115,529 Equity Ordinary shares 249 249 34 Less: Treasury stock (329,668) (342,050) (47,136) Additional paid-in capital 9,146,928 9,118,363 1,256,544 Accumulated other comprehensive income 313,460 312,599 43,077 Accumulated deficit (8,050,378) (8,055,076) (1,110,018) Total Tuniu Corporation shareholders' equity 1,080,591 1,034,085 142,501 Noncontrolling interests (71,641) (71,725) (9,884) Total equity 1,008,950 962,360 132,617 Total liabilities and equity 1,909,437 1,800,734 248,146 Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended March 31, 2024 December 31, 2024 March 31, 2025 March 31, 2025 RMB RMB RMB US$ Revenues Packaged tours 82,951 75,440 98,969 13,638 Others 25,007 27,292 18,547 2,556 Net revenues 107,958 102,732 117,516 16,194 Cost of revenues (25,913) (32,935) (48,169) (6,638) Gross profit 82,045 69,797 69,347 9,556 Operating expenses Research and product development (13,024) (13,325) (14,528) (2,002) Sales and marketing (36,824) (42,697) (43,188) (5,951) General and administrative (20,479) (26,841) (22,755) (3,136) Other operating income 582 369 326 45 Total operating expenses (69,745) (82,494) (80,145) (11,044) Income/(loss) from operations 12,300 (12,697) (10,798) (1,488) Other income/(expenses) Interest and investment income/(loss), net 10,041 (5,609) 7,829 1,079 Interest expense (613) (612) (551) (76) Foreign exchange losses, net (568) (6,102) (1,521) (210) Other income/(loss), net 1,279 49 (364) (50) Income/(loss) before income tax expense 22,439 (24,971) (5,405) (745) Income tax benefit/(expense) 64 (283) (52) (7) Equity in (loss)/income of affiliates (604) 188 105 14 Net income/(loss) 21,899 (25,066) (5,352) (738) Net income/(loss) attributable to noncontrolling interests 7,988 (859) (654) (90) Net income/(loss) attributable to ordinary shareholders of Tuniu Corporation 13,911 (24,207) (4,698) (648) Net income/(loss) 21,899 (25,066) (5,352) (738) Other comprehensive income/(loss): Foreign currency translation adjustment, net of nil tax 2,034 8,568 (861) (119) Comprehensive income/(loss) 23,933 (16,498) (6,213) (857) Net income/(loss) per ordinary share attributable to ordinary shareholders - basic and diluted 0.04 (0.07) (0.01) (0.001) Net income/(loss) per ADS - basic and diluted* 0.12 (0.21) (0.03) (0.004) Weighted average number of ordinary shares used in computing basic income/(loss) per share 371,516,251 354,106,851 348,847,377 348,847,377 Weighted average number of ordinary shares used in computing diluted income/(loss) per share 373,365,967 354,106,851 348,847,377 348,847,377 Share-based compensation expenses included are as follows: Cost of revenues 65 66 65 9 Research and product development 65 66 65 9 Sales and marketing 31 32 31 4 General and administrative 4,830 1,253 1,230 169 Total 4,991 1,417 1,391 191 *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 March 31, 2025 GAAP Result Share-based Amortization of acquired Impairment Non-GAAP Compensation intangible assets of property and equipment, net Result Loss from operations (10,798) 1,391 764 3,316 (5,327) Net (loss)/income (5,352) 1,391 764 3,316 119 Net (loss)/income attributable to ordinary shareholders (4,698) 1,391 764 3,316 773 Quarter Ended December 31, 2024 GAAP Result Share-based Amortization of acquired Impairment Non-GAAP Compensation intangible assets of property and equipment, net Result (Loss)/income from operations (12,697) 1,417 764 15,641 5,125 Net loss (25,066) 1,417 764 15,641 (7,244) Net loss attributable to ordinary shareholders (24,207) 1,417 764 15,641 (6,385) Quarter Ended March 31, 2024 GAAP Result Share-based Amortization of acquired Impairment Non-GAAP Compensation intangible assets of property and equipment, net Result Income from operations 12,300 4,991 828 - 18,119 Net income 21,899 4,991 828 - 27,718 Net income attributable to ordinary shareholders 13,911 4,991 828 - 19,730 SOURCE Tuniu Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Tuniu Announces Unaudited First Quarter 2025 Financial Results

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