Tuniu Announces Unaudited First Quarter 2025 Financial Results

Rhea-AI Summary

Tuniu Corporation (NASDAQ: TOUR) reported mixed Q1 2025 financial results. Net revenues increased 8.9% YoY to RMB117.5M (US$16.2M), driven by a 19.3% growth in packaged tours revenue to RMB99.0M. However, the company swung to a net loss of RMB5.4M from a net income of RMB21.9M in Q1 2024. Cost of revenues surged 85.9% YoY, while operating expenses increased 14.9%. The company maintains positive momentum in its core business but faces profitability challenges. For Q2 2025, Tuniu expects revenues between RMB131.0M-136.8M, representing 12-17% YoY growth. The company has also been active in its share repurchase program, buying back 9.5M ADSs for approximately US$9.0M out of a US$10M authorization.

Positive

• Packaged tours revenue grew 19.3% YoY to RMB99.0M (US$16.2M)
• Overall revenue increased 8.9% YoY
• Strong Q2 2025 guidance projecting 12-17% YoY growth
• Substantial share repurchase progress with US$9.0M worth of ADSs bought back
• Healthy cash position with RMB1.2B (US$167.2M) in cash and equivalents

Negative

• Swung to net loss of RMB5.4M from net income of RMB21.9M YoY
• Cost of revenues increased significantly by 85.9% YoY
• Gross profit decreased 15.5% YoY
• Operating expenses increased 14.9% YoY
• Other revenues declined 25.8% YoY

Insights

Financial Analyst

Tuniu reported mixed Q1 results with 8.9% revenue growth but shifted to operating loss amid sharply higher costs and declining margins.

Tuniu Corporation's Q1 2025 results present a concerning shift from profitability to loss despite top-line growth. While total revenue increased by 8.9% year-over-year to RMB117.5 million (US$16.2 million), the company swung from an operating profit to a loss of RMB10.8 million (US$1.5 million).

The revenue growth was driven primarily by the 19.3% increase in packaged tours revenue to RMB99.0 million, specifically from organized tours. However, this positive momentum was overshadowed by a 25.8% decline in other revenues (mainly commission fees) to RMB18.5 million.

What's particularly troubling is the dramatic rise in cost of revenues, which surged 85.9% year-over-year. As a percentage of net revenues, costs jumped from 24.0% to 41.0%, severely compressing margins. This led to a 15.5% decline in gross profit to RMB69.3 million.

Operating expenses increased across all categories: R&D (+11.5%), sales and marketing (+17.3%), and general administrative (+11.1%). Combined with the reduced gross profit, this pushed Tuniu into an operating loss compared to the RMB12.3 million operating income in Q1 2024.

On the balance sheet, Tuniu maintains a healthy liquidity position with RMB1.2 billion (US$167.2 million) in cash and cash equivalents, restricted cash, short-term investments, and long-term deposits.

The company's outlook for Q2 2025 projects revenue between RMB131.0-136.8 million, representing 12-17% year-over-year growth. Meanwhile, Tuniu has been actively repurchasing shares, buying back approximately 9.5 million ADSs for about US$9.0 million under its US$10 million share repurchase program.

NANJING, China, June 12, 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 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

 

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SOURCE Tuniu Corporation

FAQ

What were Tuniu's (TOUR) Q1 2025 revenue and earnings?

Tuniu reported Q1 2025 net revenues of RMB117.5M (US$16.2M), up 8.9% YoY, and a net loss of RMB5.4M (US$0.7M), compared to a net income of RMB21.9M in Q1 2024.

How much did Tuniu's (TOUR) packaged tours revenue grow in Q1 2025?

Tuniu's packaged tours revenue grew 19.3% year-over-year to RMB99.0M (US$13.6M) in Q1 2025.

What is Tuniu's (TOUR) revenue guidance for Q2 2025?

Tuniu expects Q2 2025 net revenues between RMB131.0M to RMB136.8M, representing a 12% to 17% increase year-over-year.

How much has Tuniu (TOUR) spent on share repurchases?

As of May 31, 2025, Tuniu had repurchased approximately 9.5M ADSs for US$9.0M out of a US$10M authorization.

What is Tuniu's (TOUR) cash position as of Q1 2025?

As of March 31, 2025, Tuniu had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.2B (US$167.2M).