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 shareholdersof 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 shareholdersof 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 (24,207) 19,751 1,546 219
Tuniu Corporation
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 (0.07) 0.06 0.00
shareholders - basic and diluted
Net (loss)/income per ADS - basic and diluted* (0.21) 0.18 0.00
Weighted average number of ordinary shares used in computing 354,106,851 339,255,345 331,409,074 331,409,074
basic (loss)/income per share
Weighted average number of ordinary shares used in computing 354,106,851 341,395,417 333,434,286 333,434,286
diluted (loss)/income per share
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 77,174 31,125 4,452
Corporation
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 0.21 0.09 0.01
shareholders - basic and diluted
Net income per ADS - basic and diluted* 0.63 0.27 0.03
Weighted average number of ordinary shares used in computing 361,482,355 340,747,065 340,747,065
basic income per share
Weighted average number of ordinary shares used in computing 363,718,947 342,960,072 342,960,072
diluted income per share
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 of property and equipment,
subsidiaries 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 of property and equipment,
subsidiaries 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
For investor and media inquiries, please contact: China, Mary Chen, Investor Relations Director, Tuniu Corporation, Phone: +86-25-6960-9988, E-mail: ir@tuniu.com