Tuniu Announces Unaudited Second Quarter 2025 Financial Results

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NANJING, China, Aug. 15, 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 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 tours were 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.

Cost of revenues was 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 expenses were 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 expenses were 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 expenses were 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 expenses were 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 operations was 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.

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:

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:

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.

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)