Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results and Shareholder Return Plan

Rhea-AI Summary

Tuniu (NASDAQ: TOUR) reported unaudited fourth quarter and full-year 2025 results on March 5, 2026. Q4 net revenues rose 20.3% YoY to RMB123.5 million and Q4 net income was RMB1.5 million versus a loss a year earlier. Full-year 2025 net revenues were RMB578.0 million, up 12.5% YoY.

Material items include strong packaged-tour growth, a sizeable increase in cost of revenues, RMB1.1 billion in cash and equivalents, and a new three-year shareholder return plan authorizing up to US$30 million in dividends and US$20 million in repurchases.

Positive

• Q4 net revenues +20.3% YoY to RMB123.5 million
• Packaged tours revenue +35.3% YoY in Q4 to RMB102.1 million
• Full-year 2025 net revenues +12.5% YoY to RMB578.0 million
• Return to profitability: Q4 net income RMB1.5 million versus prior-year loss
• Cash and equivalents of RMB1.1 billion as of December 31, 2025
• Three-year shareholder return plan up to US$50 million (US$30M dividends, US$20M repurchases)

Negative

• Cost of revenues +62.5% YoY in Q4 (RMB53.5 million) and +56.2% YoY for 2025 (RMB243.0 million)
• Gross profit down 6.4% YoY for 2025 to RMB335.0 million
• Income from operations fell to RMB11.2 million in 2025 from RMB63.3 million in 2024
• Other revenues decreased ~20% YoY (RMB84.5 million in 2025)

News Market Reaction – TOUR

+8.88%

5 alerts

+8.88% Session close to close

+12.5% Peak in 41 min

$92.67M Market Cap

0.9x Rel. Volume

In the Mar 5 session, TOUR gained 8.88%, reflecting a notable positive market reaction. Argus tracked a peak move of +12.5% during that session. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +8.9% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +8.9% in the session following this news. A strong positive reaction aligns with the combination of Q4 profitability, full-year 2025 net revenues of RMB578.0M, and a new three-year shareholder return plan allowing up to US$30M in dividends and US$20M in buybacks. Historically, earnings headlines averaged about -3.51%, so any sizable upside would have contrasted with prior caution and might have tested how sustainable buyback-driven support and earnings momentum could be.

Key Figures

Q4 2025 net revenues: RMB123.5M (US$17.7M), +20.3% YoY Q4 2025 net income: RMB1.5M (US$0.2M) FY 2025 net revenues: RMB578.0M (US$82.6M), +12.5% YoY +5 more

8 metrics

Q4 2025 net revenues RMB123.5M (US$17.7M), +20.3% YoY Fourth quarter 2025

Q4 2025 net income RMB1.5M (US$0.2M) Fourth quarter 2025; vs net loss RMB25.1M in Q4 2024

FY 2025 net revenues RMB578.0M (US$82.6M), +12.5% YoY Fiscal year 2025

FY 2025 net income RMB29.7M (US$4.2M) Fiscal year 2025; vs RMB83.7M in 2024

Cash & investments RMB1.1B (US$162.9M) As of December 31, 2025

2025 buyback authorization US$10M Share repurchase program authorized August 2025

Shares repurchased ≈4.5M ADSs for ≈US$3.8M Under August 2025 buyback, as of Feb 28, 2026

Shareholder return plan US$30M dividends & US$20M buybacks max Three-year plan approved March 2026

Previous Earnings Reports

5 past events · Latest: Dec 05 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 05	Q3 2025 earnings	Positive	-3.2%	Q3 2025 revenue and profit growth with ongoing buyback program.
Aug 15	Q2 2025 earnings	Positive	-1.2%	Strong Q2 2025 revenue growth and return to profitability.
Jun 12	Q1 2025 earnings	Negative	-4.9%	Q1 2025 revenue growth but swing to net loss and higher costs.
Dec 05	Q3 2024 earnings	Positive	-10.6%	Record Q3 2024 profit and revenue growth in packaged tours.
Aug 06	Q2 2024 earnings	Positive	+2.5%	Q2 2024 surge in package tour revenue and net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have often been followed by negative price reactions despite generally improving operations and buybacks.

Recent Company History

Over the last few earnings cycles, Tuniu reported consistent net revenue growth and periods of solid profitability, especially in packaged tours. However, shares often fell after results, with an average move of about -3.51% across 5 earnings headlines. Management repeatedly highlighted share repurchase authorizations and maintained a cash balance around RMB1.1 billion. Today’s full-year 2025 report and shareholder return plan extend this pattern of operational progress paired with capital return initiatives.

Key Terms

non-gaap, american depositary shares, ads

3 terms

non-gaap financial

"marking the third consecutive year of full-year non-GAAP profitability."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

american depositary shares financial

"may repurchase up to US$10 million worth of its ordinary shares or American depositary shares ("ADSs")"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ads financial

"approximately 4.5 million ADSs for approximately US$3.8 million from the open market"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NANJING, China, March 5, 2026 /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 fourth quarter and fiscal year ended December 31, 2025.

Highlights for the Fourth Quarter of 2025

• Net revenues in the fourth quarter of 2025 increased by 20.3% year-over-year to RMB123.5 million (US$17.7 million^[1]).
  
  
• Revenues from package tours in the fourth quarter of 2025 increased by 35.3% year-over-year to RMB102.1 million (US$14.6 million).
  
  
• Net income in the fourth quarter of 2025 was RMB1.5 million (US$0.2 million), compared to a net loss of RMB25.1 million in the fourth quarter of 2024.

"We are pleased to report strong performance for the fourth quarter of 2025," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "Net revenues increased by 20.3% year-over-year, while revenues from packaged tours grew by 35.3% year-over-year. We achieved a year-over-year return to profitability in the fourth quarter and once again delivered full-year profitability, marking the third consecutive year of full-year non-GAAP profitability. In 2025, we adopted a proactive product strategy and an open sales channel approach, driving sustained business growth. In addition, supported by new technologies, we continuously optimized our internal operations and management, achieving ongoing cost reductions and efficiency improvements. Looking ahead to 2026, we will continue to enhance our performance and profitability, striving to create greater value for both our customers and shareholders."

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.9931 on December 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.

Fourth Quarter 2025 Results

Net revenues were RMB123.5 million (US$17.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 20.3% from the corresponding period in 2024.

• Revenues from packaged tours were RMB102.1 million (US$14.6 million) in the fourth quarter of 2025, representing a year-over-year increase of 35.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
  
  
• Other revenues were RMB21.5 million (US$3.1 million) in the fourth quarter of 2025, representing a year-over-year decrease of 21.4% from the corresponding period in 2024. The decrease was primarily due to the decrease of merchandise sales.

Cost of revenues was RMB53.5 million (US$7.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 62.5% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 43.3% in the fourth quarter of 2025, compared to 32.1% in the corresponding period in 2024.

Gross profit was RMB70.0 million (US$10.0 million) in the fourth quarter of 2025, which was almost in line with gross profit in the fourth quarter of 2024.

Operating expenses were RMB69.0 million (US$9.9 million) in the fourth quarter of 2025, representing a year-over-year decrease of 16.4% from the corresponding period in 2024.

• Research and product development expenses were RMB12.3 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 7.6%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.0% in the fourth quarter of 2025.
  
  
• Sales and marketing expenses were RMB44.1 million (US$6.3 million) in the fourth quarter of 2025, representing a year-over-year increase of 3.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.7% in the fourth quarter of 2025.
  
  
• General and administrative expenses were RMB12.8 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 52.2%. The decrease was primarily due to the impairment of property and equipment, net recorded in the fourth quarter of 2024. General and administrative expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2025.

Income from operations was RMB1.1 million (US$0.2 million) in the fourth quarter of 2025, compared to a loss from operations of RMB12.7 million in the fourth quarter of 2024. Non-GAAP^[2] income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.1 million (US$0.4 million) in the fourth quarter of 2025.

Net income was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss of RMB25.1 million in the fourth quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025. 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB24.2 million in the fourth 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 RMB3.5 million (US$0.5 million) in the fourth quarter of 2025.

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.1 billion (US$162.9 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.

Fiscal Year 2025 Results

Net revenues were RMB578.0 million (US$82.6 million) in 2025, representing a year-over-year increase of 12.5% from 2024.

• Revenues from packaged tours were RMB493.5 million (US$70.6 million) in 2025, representing a year-over-year increase of 21.1% from 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
  
  
• Other revenues were RMB84.5 million (US$12.1 million) in 2025, representing a year-over-year decrease of 20.4% from 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products.

Cost of revenues was RMB243.0 million (US$34.7 million) in 2025, representing a year-over-year increase of 56.2% from 2024. As a percentage of net revenues, cost of revenues was 42.0% in 2025, compared to 30.3% in 2024.

Gross profit was RMB335.0 million (US$47.9 million) in 2025, representing a year-over-year decrease of 6.4% from 2024.

Operating expenses were RMB323.7 million (US$46.3 million) in 2025, representing a year-over-year increase of 9.8% from 2024.

• Research and product development expenses were RMB59.0 million (US$8.4 million) in 2025, representing a year-over-year increase of 12.0%. 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 10.2% in 2025.
  
  
• Sales and marketing expenses were RMB193.9 million (US$27.7 million) in 2025, representing a year-over-year increase of 7.5%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.5% in 2025.
  
  
• General and administrative expenses were RMB71.8 million (US$10.3 million) in 2025, representing a year-over-year decrease of 18.0%. The decrease was primarily due to the decrease in general and administrative personnel related expenses and impairment of property and equipment, net. General and administrative expenses as a percentage of net revenues were 12.4% in 2025.

Income from operations was RMB11.2 million (US$1.6 million) in 2025, compared to an income from operations of RMB63.3 million in 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB22.7 million (US$3.2 million) in 2025.

Net income was RMB29.7 million (US$4.2 million) in 2025, compared to a net income of RMB83.7 million in 2024. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB41.1 million (US$5.9 million) in 2025.

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB31.1 million (US$4.5 million) in 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB77.2 million in 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 RMB42.6 million (US$6.1 million) in 2025.

Business Outlook

For the first quarter of 2026, Tuniu expects to generate RMB125.7 million to RMB131.6 million of net revenues, which represents a 7% to 12% increase year-over-year compared with net revenues in the corresponding period in 2025. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

Share Repurchase Update

In August 2025, 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 February 28, 2026 the Company had repurchased an aggregate of approximately 4.5 million ADSs for approximately US$3.8 million from the open market under the share repurchase program.

Shareholder Return Plan

In March 2026, the Company's Board of Director approved a three-year shareholder return plan, under which the Company may, during the three-year period from the date of approval, (i) declare and distribute cash dividends of no more than US$30 million and (ii) repurchase of its Class A Ordinary Shares and/or ADSs of no more than US$20 million. The shareholder return plan will run in addition to the Company's existing share repurchase program adopted in August 2025. Under the shareholder return plan, the Board of Directors reserves the discretion to determine the form, timing, and amount of the capital return measures based on the Company's financial condition, results of operations, capital requirements and other relevant factors.

Conference Call Information

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 5, 2026, (9:00 pm, Beijing/Hong Kong Time, on March 5, 2026) to discuss the fourth quarter and fiscal year 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
Chinese mainland	4001-201203
International	1-412-902-4272

Conference ID: Tuniu 4Q 2025 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 12, 2026. The dial-in details are as follows:

United States	1-855-669-9658
International	1-412-317-0088

Replay Access Code: 8431671

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, amortization of acquired intangible assets, net gain on disposals of subsidiaries 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		December 31, 2025		December 31, 2025
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents	465,004		207,228		29,633
Restricted cash	26,061		10,222		1,462
Short-term investments	432,823		853,704		122,078
Accounts receivable, net	43,313		66,834		9,557
Amounts due from related parties	752		1,293		185
Prepayments and other current assets	235,443		157,558		22,530
Total current assets	1,203,396		1,296,839		185,445
Non-current assets
Long-term investments	534,041		227,012		32,462
Property and equipment, net	32,849		18,860		2,697
Intangible assets, net	22,210		19,645		2,809
Land use right, net	88,467		-		-
Operating lease right-of-use assets, net	9,266		6,873		983
Other non-current assets	19,208		30,754		4,398
Total non-current assets	706,041		303,144		43,349
Total assets	1,909,437		1,599,983		228,794
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	36		35		5
Accounts and notes payable	290,112		219,440		31,380
Amounts due to related parties	3,121		980		140
Salary and welfare payable	23,148		19,594		2,802
Taxes payable	5,060		4,077		583
Advances from customers	247,151		184,461		26,378
Operating lease liabilities, current	2,994		3,340		478
Accrued expenses and other current liabilities	322,034		204,388		29,226
Total current liabilities	893,656		636,315		90,992
Non-current liabilities
Operating lease liabilities, non-current	1,680		1,023		146
Deferred tax liabilities	5,151		4,534		648
Total non-current liabilities	6,831		5,557		794
Total liabilities	900,487		641,872		91,786
Equity
Ordinary shares	249		249		36
Less: Treasury stock	(329,668)		(380,260)		(54,376)
Additional paid-in capital	9,146,928		9,122,119		1,304,446
Accumulated other comprehensive income	313,460		307,446		43,964
Accumulated deficit	(8,050,378)		(8,019,253)		(1,146,739)
Total Tuniu Corporation shareholders' equity	1,080,591		1,030,301		147,331
Noncontrolling interests	(71,641)		(72,190)		(10,323)
Total equity	1,008,950		958,111		137,008
Total liabilities and equity	1,909,437		1,599,983		228,794

 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
(All amounts in thousands, except per share information)
	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
	December 31, 2024		September 30, 2025		December 31, 2025		December 31, 2025
	RMB		RMB		RMB		US$
Revenues
Packaged tours	75,440		179,018		102,090		14,599
Others	27,292		23,042		21,454		3,068
Net revenues	102,732		202,060		123,544		17,667
Cost of revenues	(32,935)		(92,455)		(53,503)		(7,651)
Gross profit	69,797		109,605		70,041		10,016
Operating expenses
Research and product development	(13,325)		(15,734)		(12,314)		(1,761)
Sales and marketing	(42,697)		(61,533)		(44,144)		(6,313)
General and administrative	(26,841)		(18,497)		(12,836)		(1,836)
Other operating income/(loss)	369		(2)		328		47
Total operating expenses	(82,494)		(95,766)		(68,966)		(9,863)
(Loss)/income from operations	(12,697)		13,839		1,075		153
Other (expenses)/income
Interest and investment (loss)/income, net	(5,609)		8,912		1,749		250
Interest expense	(612)		(576)		(312)		(45)
Foreign exchange losses, net	(6,102)		(858)		(644)		(92)
Other income/(loss), net	49		(480)		247		35
(Loss)/income before income tax expense	(24,971)		20,837		2,115		301
Income tax expense	(283)		(625)		(474)		(68)
Equity in income/(loss) of affiliates	188		(844)		(105)		(15)
Net (loss)/income	(25,066)		19,368		1,536		218
Net loss attributable to noncontrolling interests	(859)		(383)		(10)		(1)
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation	(24,207)		19,751		1,546		219
Net (loss)/income	(25,066)		19,368		1,536		218
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of nil tax	8,568		(1,314)		(2,213)		(316)
Comprehensive (loss)/income	(16,498)		18,054		(677)		(98)
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted	(0.07)		0.06		0.00		-
Net (loss)/income per ADS - basic and diluted*	(0.21)		0.18		0.00		-
Weighted average number of ordinary shares used in computing basic (loss)/income per share	354,106,851		339,255,345		331,409,074		331,409,074
Weighted average number of ordinary shares used in computing diluted (loss)/income per share	354,106,851		341,395,417		333,434,286		333,434,286
Share-based compensation expenses included are as follows:
Cost of revenues	66		65		65		9
Research and product development	66		65		65		9
Sales and marketing	32		32		32		5
General and administrative	1,253		1,247		1,237		177
Total	1,417		1,409		1,399		200
*Each ADS represents three of the Company's ordinary shares.

 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(All amounts in thousands, except per share information)
	Year Ended		Year Ended		Year Ended
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
Revenues
Packaged tours	407,462		493,481		70,567
Others	106,160		84,493		12,082
Net revenues	513,622		577,974		82,649
Cost of revenues	(155,590)		(242,992)		(34,747)
Gross profit	358,032		334,982		47,902
Operating expenses
Research and product development	(52,682)		(58,979)		(8,434)
Sales and marketing	(180,321)		(193,884)		(27,725)
General and administrative	(87,657)		(71,848)		(10,274)
Other operating income	25,888		964		138
Total operating expenses	(294,772)		(323,747)		(46,295)
Income from operations	63,260		11,235		1,607
Other income/(expenses)
Interest and investment income	19,866		25,769		3,685
Interest expense	(3,320)		(2,022)		(289)
Foreign exchange losses, net	(6,837)		(3,827)		(547)
Other income/(loss), net	10,081		(652)		(93)
Income before income tax expense	83,050		30,503		4,363
Income tax expense	(837)		(1,425)		(204)
Equity in income of affiliates	1,486		579		83
Net income	83,699		29,657		4,242
Net income/(loss) attributable to noncontrolling interests	6,525		(1,468)		(210)
Net income attributable to ordinary shareholders of Tuniu Corporation	77,174		31,125		4,452
Net income	83,699		29,657		4,242
Other comprehensive income:
Foreign currency translation adjustment, net of nil tax	8,044		(6,013)		(860)
Comprehensive income	91,743		23,644		3,382
Net income per ordinary share attributable to ordinary shareholders - basic and diluted	0.21		0.09		0.01
Net income per ADS - basic and diluted*	0.63		0.27		0.03
Weighted average number of ordinary shares used in computing basic income per share	361,482,355		340,747,065		340,747,065
Weighted average number of ordinary shares used in computing diluted income per share	363,718,947		342,960,072		342,960,072
Share-based compensation expenses included are as follows:
Cost of revenues	261		260		37
Research and product development	261		260		37
Sales and marketing	126		127		18
General and administrative	8,758		4,958		709
Total	9,406		5,605		801
*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 December 31, 2025
	GAAP Result		Share-based		Amortization of acquired			Impairment		Non-GAAP
			Compensation		intangible assets			of property and equipment, net		Result
Income from operations	1,075		1,399		591			-		3,065
Net income	1,536		1,399		591			-		3,526
Net income attributable to ordinary shareholders	1,546		1,399		591			-		3,536
	Quarter Ended September 30, 2025
	GAAP Result		Share-based		Amortization of acquired			Impairment		Non-GAAP
			Compensation		intangible assets			of property and equipment, net		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 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)

 

Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
	Year Ended December 31, 2025
	GAAP Result		Share-based		Amortization of acquired		Net gain on		Impairment		Non-GAAP
			Compensation		intangible assets		disposals of subsidiaries		of property and equipment, net		Result
Income from operations	11,235		5,605		2,536		-		3,316		22,692
Net income	29,657		5,605		2,536		-		3,316		41,114
Net income attributable to ordinary shareholders	31,125		5,605		2,536		-		3,316		42,582
	Year Ended December 31, 2024
	GAAP Result		Share-based		Amortization of acquired		Net gain on		Impairment		Non-GAAP
			Compensation		intangible assets		disposals of subsidiaries		of property and equipment, net		Result
Income from operations	63,260		9,406		3,184		(24,618)		15,641		66,873
Net income	83,699		9,406		3,184		(24,618)		15,641		87,312
Net income attributable to ordinary shareholders	77,174		9,406		3,184		(24,618)		15,641		80,787

 

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SOURCE Tuniu Corporation

FAQ

What were Tuniu (TOUR) Q4 2025 revenues and net income?

Tuniu reported Q4 2025 net revenues of RMB123.5 million and net income of RMB1.5 million. According to the company, revenues rose 20.3% year-over-year and packaged tours drove the bulk of the growth, while profitability returned after a prior-year loss.

How did packaged tours perform for Tuniu (TOUR) in 2025 and Q4 2025?

Packaged tours grew strongly: RMB493.5 million for 2025 and RMB102.1 million in Q4. According to the company, packaged-tour revenue increased 21.1% year-over-year for 2025 and 35.3% in Q4, led by organized and self-guided tours.

What drove the increase in Tuniu's (TOUR) cost of revenues in 2025?

Cost of revenues rose substantially: to RMB243.0 million in 2025, a 56.2% increase year-over-year. According to the company, higher direct costs associated with expanded tour operations contributed to the increased cost base and lower gross margin.

What is Tuniu's (TOUR) shareholder return plan approved in March 2026?

The board approved a three-year plan allowing up to US$30 million in cash dividends and up to US$20 million in share repurchases. According to the company, the board will decide timing and amounts based on financial condition and capital needs.

How much cash did Tuniu (TOUR) report at year-end 2025 and what is the existing buyback status?

Tuniu reported RMB1.1 billion in cash, restricted cash, short-term investments, and long-term deposits at December 31, 2025. According to the company, it repurchased ~4.5 million ADSs for ~US$3.8 million under the US$10 million program as of February 28, 2026.