Tuniu Announces Unaudited Third Quarter 2025 Financial Results

Rhea-AI Summary

Tuniu (NASDAQ: TOUR) reported unaudited results for Q3 ended September 30, 2025. Net revenues were RMB202.1 million (US$28.4 million), up 8.6% YoY, driven by packaged tours revenue of RMB179.0 million, up 12.4% YoY. Cost of revenues rose 44.0% YoY to RMB92.5 million, trimming gross profit to RMB109.6 million (down 10.0% YoY). Income from operations was RMB13.8 million; net income was RMB19.4 million. Cash and equivalents plus investments totaled RMB1.1 billion. For Q4 2025 the company expects RMB111.0–116.1 million in net revenues (an 8%–13% YoY increase). The board authorized a 2025 buyback (up to US$10M); ~3.0 million ADSs (~US$2.6M) repurchased through Nov 30, 2025.

Positive

• Net revenues RMB202.1 million (+8.6% YoY)
• Packaged tours revenue RMB179.0 million (+12.4% YoY)
• Quarterly GAAP and non-GAAP profitability maintained
• Cash, restricted cash and investments RMB1.1 billion
• 2025 share repurchase underway: ~3.0M ADSs (~US$2.6M)

Negative

• Cost of revenues increased 44.0% YoY to RMB92.5 million
• Gross profit declined 10.0% YoY to RMB109.6 million
• Income from operations fell from RMB29.2M to RMB13.8M
• Other revenues decreased 13.7% YoY to RMB23.0 million

Key Figures

Net revenues RMB202.1M (US$28.4M) Q3 2025, up 8.6% year-over-year

Packaged tours revenue RMB179.0M (US$25.1M) Q3 2025, up 12.4% year-over-year

Other revenues RMB23.0M (US$3.2M) Q3 2025, down 13.7% year-over-year

Cost of revenues RMB92.5M (US$13.0M) Q3 2025, up 44.0% year-over-year

Gross profit RMB109.6M (US$15.4M) Q3 2025, down 10.0% year-over-year

Income from operations RMB13.8M (US$1.9M) Q3 2025, vs RMB29.2M in Q3 2024

Net income RMB19.4M (US$2.7M) Q3 2025, vs RMB43.9M in Q3 2024

Cash & investments RMB1.1B (US$155.6M) Cash, equivalents, restricted cash, short-term investments, long-term deposits as of Sep 30, 2025

Market Reality Check

$0.7516 Last Close

Volume Volume 101,183 is slightly below 20-day average 108,847, suggesting no unusual trading ahead of this earnings release. normal

Technical Shares at 0.7516 are trading below the 200-day MA of 0.89 and about one-third under the 52-week high of 1.17.

Peers on Argus

Peers show mixed moves: YTRA up 1.78%, LIND up 0.25%, while ISPO, NTRP and PRSU are down between 0.38% and 3.95%, pointing to a stock-specific rather than sector-wide driver.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 21	Listing compliance update	Negative	+0.3%	Nasdaq transfer to Capital Market and extension of bid price deadline.
Nov 12	Earnings call schedule	Neutral	-1.9%	Announcement of Q3 2025 results release date and conference call.
Aug 15	Q2 2025 earnings	Positive	-1.2%	Strong Q2 revenue growth, return to profitability, and buyback program.
Jul 31	Q2 2025 call date	Neutral	-2.3%	Scheduling of Q2 2025 earnings release and investor call details.
Jun 12	Q1 2025 earnings	Negative	-4.9%	Revenue growth but swing to net loss and sharply higher costs.

Pattern Detected

Recent earnings-related news often coincided with flat to negative next-day moves, even when results were strong or guidance positive.

Recent Company History

Over the last six months, Tuniu reported mixed-to-strong quarterly results, with Q1 2025 revenue growth but a net loss, and Q2 2025 showing strong growth and a return to profitability. Q3 2024 delivered the company’s highest quarterly profit since listing. Despite these, shares saw modest or negative moves after prior earnings. A recent Nasdaq Capital Market transfer and minimum bid price extension on Nov 21, 2025 highlighted listing-compliance pressures that frame today’s Q3 2025 results and outlook.

Market Pulse Summary

This announcement highlights Q3 2025 net revenues of RMB202.1M, up 8.6% year-over-year, with packaged tours revenue rising 12.4%. However, net income declined to RMB19.4M as cost of revenues rose 44.0%, compressing gross profit. Compared with earlier 2025 quarters and a strong Q3 2024, the company continues to grow its core travel business while facing profitability pressure. Investors may watch future margins, revenue mix, guidance for Q4 2025, and continued execution on share repurchases.

Key Terms

non-GAAP financial

"Non-GAAP income from operations, which excluded share-based compensation expenses"

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.

American depositary shares financial

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

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.

AI-generated analysis. Not financial advice.

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

 

 

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SOURCE Tuniu Corporation

FAQ

What were Tuniu (TOUR) Q3 2025 net revenues and YoY change?

Tuniu reported Q3 2025 net revenues of RMB202.1 million, up 8.6% YoY.

How much did Tuniu (TOUR) earn from packaged tours in Q3 2025?

Packaged tours revenue was RMB179.0 million in Q3 2025, up 12.4% YoY.

What drove Tuniu's higher costs in Q3 2025?

Cost of revenues rose 44.0% YoY to RMB92.5 million, increasing the company’s cost base.

What is Tuniu's Q4 2025 revenue outlook and guidance range?

Tuniu expects Q4 2025 net revenues of RMB111.0 million to RMB116.1 million (an 8%–13% YoY increase).

How much cash and investments did Tuniu (TOUR) report as of Sept 30, 2025?

Tuniu reported RMB1.1 billion in cash, restricted cash, short-term investments and long-term deposits.

What is the status of Tuniu’s 2025 share repurchase program (TOUR)?

The 2025 program authorizes up to US$10 million; as of Nov 30, 2025 about 3.0 million ADSs (~US$2.6 million) were repurchased.