Tuniu Announces Unaudited Second Quarter 2025 Financial Results

Tuniu Corporation (NASDAQ: TOUR) (“Tuniu” or the “Company”), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

“We were pleased to see that the company maintained steady growth in the second quarter,” said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer.”Net revenues increased by 15.3% year-over-year, with revenues from packaged tours rising by 26.3%, and the company returned to profitability for the period. During the quarter we continued to strengthen the integration of our supply chain, products, and sales channels. In response to an increasingly diversified channel landscape, we leveraged our industry value chain advantages to develop differentiated products tailored to various customer segments. We also expanded the application of digital technologies across more business scenarios to enhance operational efficiency and customer experience. We will continue to build on Tuniu's core strengths to drive growth during the peak travel season.”

Second Quarter 2025 Results

Net revenues were RMB134.9 million (US$18.8 million[1]) in the second quarter of 2025, representing a year-over-year increase of 15.3% from the corresponding period in 2024.

— Revenues from packaged tourswere RMB113.4 million (US$15.8 million) in the second quarter of 2025, representing a year-over-year increase of 26.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-drive tours.

— Other revenues were RMB21.5 million (US$3.0 million) in the second quarter of 2025, representing a year-over-year decrease of 21.0% from the corresponding period in 2024. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB 7.1636 on June 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.

Cost of revenueswas RMB48.9 million (US$6.8 million) in the second quarter of 2025, representing a year-over-year increase of 50.2% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 36.2% in the second quarter of 2025, compared to 27.8% in the corresponding period in 2024.

Gross profit was RMB86.0 million (US$12.0 million) in the second quarter of 2025, representing a year-over-year increase of 1.9% from the corresponding period in 2024.

Operating expenseswere RMB78.9 million (US$11.0 million) in the second quarter of 2025, representing a year-over-year increase of 58.0% from the corresponding period in 2024. The increase was primarily due to the net gain on disposals of subsidiaries of RMB24.6 million recorded in the corresponding period in 2024.

— Research and product development expenseswere RMB16.4 million (US$2.3 million) in the second quarter of 2025, representing a year-over-year increase of 29.2%. 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 12.2% in the second quarter of 2025.

— Sales and marketing expenseswere RMB45.0 million (US$6.3 million) in the second quarter of 2025, representing a year-over-year increase of 11.9%. 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 33.4% in the second quarter of 2025.

— General and administrative expenseswere RMB17.8 million (US$2.5 million) in the second quarter of 2025, representing a year-over-year decrease of 18.3%.The decrease was primarily due to the reversal of current expected credit losses allowance. General and administrative expenses as a percentage of net revenues were 13.2% in the second quarter of 2025.

Income from operationswas RMB7.1 million (US$1.0 million) in the second quarter of 2025, compared to an income from operations of RMB34.5 million in the second quarter of 2024. Non-GAAP[2]income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB9.1 million (US$1.3 million) in the second 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 income was RMB14.1 million (US$2.0 million) in the second quarter of 2025, compared to a net income of RMB43.0 million in the second quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB16.1 million (US$2.2 million) in the second quarter of 2025.

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB14.5 million (US$2.0 million) in the second quarter of 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB43.0 million in the second 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 RMB16.5 million (US$2.3 million) in the second quarter of 2025.

As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.2 billion (US$172.0 million).

Business Outlook

For the third quarter of 2025, Tuniu expects to generate RMB199.0 million to RMB208.3 million of net revenues, which represents a 7% to 12% 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. As of July 31, 2025, the Company had repurchased an aggregate of approximately 10.6 million ADSs for approximately US$9.9 million from the open market under the 2024 Share Repurchase Program.

In August 2025, the Company's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or ADSs representing ordinary shares, effective immediately upon the termination of the 2024 Share Repurchase Program.

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance.

Conference Call Information

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on August 15, 2025, (8:00 pm, Beijing/Hong Kong Time, on August 15, 2025) to discuss the second quarter 2025 financial results.

To participate in the conference call, please dial the following numbers:

United States 1-888-346-8982Hong Kong 852-301-84992Mainland China 4001-201203International 1-412-902-4272

Conference ID:Tuniu 2Q 2025 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through August 22, 2025. The dial-in details are as follows:

United States 1-877-344-7529International 1-412-317-0088

Replay Access Code: 8828112

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.

AboutTuniu

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 CorporationUnaudited Condensed Consolidated Balance Sheets(All amounts in thousands, except per share information) December 31, 2024 June 30, 2025 June 30, 2025 RMB RMB US$ASSETSCurrent assetsCash and cash equivalents 465,004 438,084 61,154Restricted cash 26,061 10,715 1,496Short-term investments 432,823 626,588 87,468Accounts receivable, net 43,313 63,580 8,875Amounts due from related parties 752 548 76Prepayments and other current assets 235,443 294,007 41,042Total current assets 1,203,396 1,433,522 200,111Non-current assetsLong-term investments 534,041 349,130 48,737Property and equipment, net 32,849 19,839 2,769Intangible assets, net 22,210 20,520 2,864Land use right, net 88,467 – -Operating lease right-of-use assets, net 9,266 8,085 1,129Other non-current assets 19,208 19,292 2,693Total non-current assets 706,041 416,866 58,192Total assets 1,909,437 1,850,388 258,303LIABILITIES AND EQUITYCurrent liabilitiesShort-term borrowings 36 36 5Accounts and notes payable 290,112 348,323 48,624Amounts due to related parties 3,121 4,257 594Salary and welfare payable 23,148 20,470 2,858Taxes payable 5,060 1,176 164Advances from customers 247,151 193,413 26,999Operating lease liabilities, current 2,994 3,163 442Accrued expenses and other current liabilities 322,034 307,272 42,891Total current liabilities 893,656 878,110 122,577Non-current liabilitiesOperating lease liabilities, non-current 1,680 1,373 192Deferred tax liabilities 5,151 4,821 673Total non-current liabilities 6,831 6,194 865Total liabilities 900,487 884,304 123,442EquityOrdinary shares 249 249 35Less: Treasury stock (329,668) (352,079) (49,148)Additional paid-in capital 9,146,928 9,119,636 1,273,052Accumulated other comprehensive income 313,460 310,974 43,410Accumulated deficit (8,050,378) (8,040,550) (1,122,417)Total Tuniu Corporation shareholders' equity 1,080,591 1,038,230 144,932Noncontrolling interests (71,641) (72,146) (10,071)Total equity 1,008,950 966,084 134,861Total liabilities and equity 1,909,437 1,850,388 258,303Tuniu CorporationUnaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)(All amounts in thousands, except per share information) QuarterEnded QuarterEnded QuarterEnded QuarterEnded June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2025 RMB RMB RMB US$RevenuesPackaged tours 89,782 98,969 113,404 15,831Others 27,155 18,547 21,450 2,994Net revenues 116,937 117,516 134,854 18,825Cost of revenues (32,530) (48,169) (48,865) (6,821)Gross profit 84,407 69,347 85,989 12,004Operating expensesResearch and product development (12,693) (14,528) (16,403) (2,290)Sales and marketing (40,222) (43,188) (45,019) (6,284)General and administrative (21,737) (22,755) (17,760) (2,479)Other operating income 24,735 326 312 44Total operating expenses (49,917) (80,145) (78,870) (11,009)Income/(Loss) from operations 34,490 (10,798) 7,119 995Other income/(expenses)Interest and investment income, net 8,221 7,829 7,279 1,016Interest expense (1,230) (551) (583) (81)Foreign exchange losses, net (1,282) (1,521) (804) (112)Other income/(loss), net 1,822 (364) (55) (8)Income/(loss) before income tax expense 42,021 (5,405) 12,956 1,810Income tax expense (459) (52) (274) (38)Equity in income of affiliates 1,438 105 1,423 199Net income/(loss) 43,000 (5,352) 14,105 1,971Net loss attributable to noncontrolling interests (22) (654) (421) (59)Net income/(loss) attributable to ordinary shareholders of 43,022 (4,698) 14,526 2,030Tuniu CorporationNet income/(loss) 43,000 (5,352) 14,105 1,971Other comprehensive income/(loss):Foreign currency translation adjustment, net of nil tax 4,301 (861) (1,625) (227)Comprehensive income/(loss) 47,301 (6,213) 12,480 1,744Net income/(loss) per ordinary share attributable to ordinary 0.12 (0.01) 0.04 0.01shareholders – basic and dilutedNet income/(loss) per ADS – basic and diluted* 0.36 (0.03) 0.12 0.03Weighted average number of ordinary shares used in computing 363,061,543 348,847,377 343,694,559 343,694,559basic income/(loss) per shareWeighted average number of ordinary shares used in computing 365,317,172 348,847,377 345,928,965 345,928,965diluted income/(loss) per shareShare-based compensation expenses included are as follows:Cost of revenues 65 65 65 9Research and product development 65 65 65 9Sales and marketing 31 31 32 4General and administrative 1,429 1,230 1,244 174Total 1,590 1,391 1,406 196*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 June 30, 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 ResultIncome from operations 7,119 1,406 591 – – 9,116Net income 14,105 1,406 591 – – 16,102Net income attributable to ordinary shareholders 14,526 1,406 591 – – 16,523 Quarter Ended March 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 ResultLoss from operations (10,798) 1,391 764 – 3,316 (5,327)Net (loss)/income (5,352) 1,391 764 – 3,316 119Net (loss)/income attributable to ordinary shareholders (4,698) 1,391 764 – 3,316 773 Quarter Ended June 30, 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 ResultIncome from operations 34,490 1,590 828 (24,618) – 12,290Net income 43,000 1,590 828 (24,618) – 20,800Net income attributable to ordinary shareholders 43,022 1,590 828 (24,618) – 20,822

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