由于春节假期为9天，假期旅游深度化、碎片化的消费趋势愈发显著。《报告》数据显示，途牛用户春 节假期人均出游天数自2023年以来持续稳步增长，今年春节假期途牛用户人均出游天数达到了5.9天， 较去年春节假期增加1.1天。其中，境内周边游及长线游人均出游人次分别为2.9天和5.6天。 海南、广东、云南以及广西等南方目的地成为北方游客避寒游的优选，海岛休闲、温泉度假、旅居康养 等玩法热度高涨。其中，广州、三亚、昆明、西双版纳、大理、丽江、珠海、深圳、海口、北海等目的 地的避寒游产品预订热度排名靠前。南下避寒游用户中，来自东三省及京津冀地区的用户占比超五成， 江浙沪地区的用户占比接近30%。 北京商报讯（记者 吴其芸）1月30日，中国旅行社协会联合途牛旅游网发布《2026春节旅游消费趋势报 告》（以下简称《报告》）。《报告》显示，年俗、冰雪、避寒三大出游主题领潮境内游，从传统文化 游方面来看，北京、广州、成都、西安、长沙、南京、杭州、泉州、太原、苏州等历史文化名城更吸 睛。逛庙会、赶大集、赏灯会等年俗活动，以及亲手制作非遗手工或文创等深度体验备受游客青睐，在 年味中感受国潮风尚成为旅行的重要环节。 冰雪游方面，东北方 ...

Market Overview - On January 7, U.S. stock markets experienced significant volatility, with the Dow Jones Industrial Average dropping 466 points, a decline of 0.94%, closing at 48,996.08 points [4] - The market initially showed optimism with a high opening but faced a sharp decline towards the end of the trading session, reflecting a shift in investor sentiment from anticipation of interest rate cuts to concerns over tightening policies [4] Federal Reserve Commentary - Recent statements from Federal Reserve officials have dampened expectations for interest rate cuts in 2026, with officials indicating that the current policy is close to "neutral" and that the space for rate cuts is limited [4] - Key economic indicators, including a slower pace of inflation decline and a strong labor market, have contributed to the Fed's cautious stance, reducing the likelihood of a rate cut in March [4] Chinese Assets Performance - In contrast to the U.S. market, Chinese assets showed strong performance on January 7, with several Chinese concept stocks experiencing significant gains, including a 70.83% increase in Zhongchi Chefu and a 28.53% rise in 3ENetwork Technology [5] - The Hong Kong ADR index also saw a positive trend, closing at 23,246 points, up 174.04 points, with major stocks like Tencent and HSBC contributing to the upward movement [5]

Group 1 - The core viewpoint is that the tourism market is expected to thrive in 2025 due to increasing consumer demand, personalized travel experiences, and the rapid recovery of inbound and outbound tourism [2] - The company has reported continuous quarterly profitability, indicating strong business growth amidst evolving travel demands [2] - The company is focusing on channel diversification and product supply diversity to meet the growing travel needs [2] Group 2 - The company is expanding its channels through a combination of "online live streaming + offline stores," actively targeting lower-tier markets and establishing a dedicated live streaming team [4] - The product supply is being enhanced with high-quality group travel brands and an increase in private and small group tours, alongside the development of customized products [4] - Technological innovation is being prioritized, with a focus on data-driven operations and the development of AI tools to improve customer experience and operational efficiency [4] Group 3 - In the new year, the company will continue to prioritize customer-centric approaches, enhancing its dynamic packaging system and expanding high-quality travel product offerings [5] - The aim is to better meet the deep and personalized consumption needs of users, thereby improving travel experiences and satisfaction [5]

Group 1 - The winter vacation for Jiangsu primary and secondary schools for the 2025-2026 academic year has been officially announced, leading to a significant increase in search and browsing volume for family travel products, which has more than doubled compared to the previous period [1][2] - Popular domestic destinations for family winter vacations among Jiangsu parents include Harbin, Sanya, Xi'an, Beijing, Shanghai, Guangzhou, Chengdu, Chongqing, Changsha, and Xishuangbanna, while international destinations include Singapore, South Korea, Malaysia, Indonesia, Vietnam, Iceland, Italy, France, New Zealand, and Spain [2] - The demand for mid-to-high-end customized travel products is relatively high, with domestic itineraries typically lasting 5 to 7 days and international trips ranging from 5 to 10 days [2] Group 2 - The upcoming New Year's holiday has seen a rapid increase in search and consultation heat for "internet celebrity cities" and county destinations, with places like Quanzhou experiencing over a 5-fold increase in interest due to its cultural attractions [3] - Other destinations such as Libo, Tengchong, and Shangrao have also seen their search and consultation heat increase by over 3 times in the past 10 days [3] - Guangde has gained popularity due to its unique local offerings, becoming a "dark horse" in the winter tourism market, attracting many visitors during the New Year period [3]

Group 1 - The core viewpoint of the article highlights Tuniu's recent stock performance, with a 3.72% increase on December 17, reaching $0.723 per share and a total market capitalization of $82.69 million [1] - Tuniu's financial data shows total revenue of 454 million RMB for the period ending September 30, 2025, representing a year-on-year growth of 10.6% [1] - The company's net profit attributable to shareholders is reported at 29.58 million RMB, which reflects a significant year-on-year decrease of 70.82% [1] Group 2 - Tuniu is recognized as a leading online leisure travel service provider in China, offering packaged travel products for both group and independent travelers, along with a variety of individual travel services such as flights, hotels, and visas [1] - The company operates routes covering over 420 departure cities in China and all major global destinations, providing a comprehensive one-stop leisure travel solution [1] - Tuniu enhances customer experience through various online and offline channels, including its website tuniu.com, a dedicated customer service team of over 3,000 representatives, a 24/7 call center, approximately 500 offline retail stores, and 34 self-operated local travel agencies [1]

Core Viewpoint - Tuniu Corporation is facing challenges in capital management, as indicated by its negative Return on Invested Capital (ROIC) compared to its Weighted Average Cost of Capital (WACC), which raises concerns for investors [2][6]. Financial Performance - Tuniu's ROIC is -0.184%, while its WACC is 9.98%, resulting in a ROIC to WACC ratio of -0.018, indicating inefficiency in capital management [2][6]. - Cheetah Mobile Inc. has a ROIC of -12.23% and a WACC of 3.58%, leading to a more significant ROIC to WACC ratio of -3.41, highlighting greater inefficiency than Tuniu [3][6]. - Leju Holdings Limited presents a severe case with a ROIC of -540.32% and a WACC of 366.63%, resulting in a ROIC to WACC ratio of -1.47, making it less attractive to investors [4][6]. - Xunlei Limited has the highest ROIC to WACC ratio among peers at -0.23, despite a negative ROIC of -1.12% and WACC of 4.74%, suggesting relatively better capital management efficiency [5][6].

Core Insights - The online travel market in China is experiencing robust growth, with major players like Ctrip, Tongcheng, and Tuniu reporting strong performance in Q3 2025, driven by increased travel demand and diversified offerings [3][10][21]. Financial Performance - Ctrip reported a net revenue of 183 billion RMB (approximately 26 billion USD) in Q3 2025, marking a 16% year-on-year increase, attributed to strong travel demand and seasonal factors [5][20]. - Tongcheng's revenue for Q3 2025 was 55.09 billion RMB, reflecting a 10.4% year-on-year growth, with transportation and accommodation segments contributing significantly [5][20]. - Tuniu's net revenue reached approximately 2.02 billion RMB, showing an 8.64% year-on-year increase, with packaged travel products growing by 12.39% [7][20]. Market Trends - The domestic tourism market saw 4.85 trillion RMB in total spending in the first three quarters of 2025, a year-on-year increase of 11.5%, indicating a strong recovery and growth in travel consumption [4]. - Urban residents accounted for 37.89 billion trips, a 15.9% increase, while rural residents' trips reached 12.09 billion, with a significant growth rate of 25.0%, highlighting the emerging vitality of rural tourism [4][10]. Competitive Landscape - Ctrip's international business showed remarkable growth, with a 60% increase in total bookings and over 100% growth in inbound tourism bookings, driving its revenue growth [20][22]. - Tongcheng focused on expanding its user base and improving operational efficiency, achieving a healthy profit margin [18][20]. - Tuniu's strategy included a focus on niche destinations and live-streaming sales, although it faced a decline in net profit due to structural adjustments and increased costs [15][20]. Future Outlook - The online travel platforms are expected to continue evolving, with a shift towards high-quality development and a focus on user retention and personalized services [21][22]. - The cross-border travel market is recovering strongly, with significant growth in inbound tourism driven by visa-free policies and improved travel experiences [20][21].

Core Insights - The online travel market in China is experiencing robust growth, driven by diverse travel demands and enhanced operational strategies among major players [2][4][5] Group 1: Company Performance - Trip.com Group reported a revenue of 18.3 billion yuan for Q3 2025, a year-on-year increase of 16% and a quarter-on-quarter increase of 24% [2] - Tongcheng Travel achieved a revenue of 5.509 billion yuan in Q3 2025, reflecting a year-on-year growth of 10.4% [2] - Tuniu's net revenue for Q3 2025 was approximately 202 million yuan, marking an 8.64% year-on-year increase [2] - Trip.com Group's net profit for Q3 2025 was 19.9 billion yuan, a significant increase of 192.65% compared to 6.8 billion yuan in the same period of 2024 [3] - Tongcheng Travel's adjusted EBITDA for Q3 2025 was 1.51 billion yuan, up 14.5% year-on-year [3] - Tuniu reported a net profit of approximately 19.75 million yuan, a decline of 55.56% year-on-year [3] Group 2: Market Trends - The cross-border travel market in China is showing strong recovery, with a total of 178 million inbound and outbound travelers, a year-on-year increase of 12.9% [4] - The implementation of visa-free policies has significantly boosted inbound tourism, with 7.246 million visa-free foreign visitors, representing 72.2% of total inbound visitors, and a year-on-year growth of 48.3% [4] - The online travel platforms are focusing on different market segments, with Trip.com excelling in international bookings, Tongcheng targeting the mass market, and Tuniu concentrating on niche destinations and live-streaming sales [4][6] Group 3: Strategic Adjustments - Trip.com is enhancing its international supply chain and inbound travel services to improve cross-border experiences [6] - Tongcheng is leveraging its user base in lower-tier cities and enhancing international service capabilities through bilingual customer service and overseas service centers [6] - Tuniu is focusing on niche destinations and utilizing live-streaming to activate existing user value [6] - The competitive edge in this phase is shifting towards refined operations for existing users, including improving repurchase rates and optimizing service experiences through AI technology [6]

Core Viewpoint - Tuniu reported a net revenue of 202 million yuan for Q3 2025, reflecting an 8.6% year-on-year growth, with a net profit of 19.4 million yuan [1] Group 1: Financial Performance - In Q3 2025, Tuniu's packaged travel product revenue continued to show double-digit year-on-year growth, exceeding 12% [1] - The company achieved a significant increase in its live streaming channel, with payment amounts growing by 90% year-on-year and redemption amounts increasing by 70% [1] Group 2: Business Strategy - Tuniu is expanding its offline store presence, having opened over 350 stores nationwide, with key locations in Guangzhou, Tianjin, Shenyang, and Nanjing ranking among the top in local tourism retail [1] - The company is actively exploring the trends of "niche" and "fragmented" travel consumption, focusing on multiple dimensions including channels, supply, and operations [1]

Financial Data and Key Metrics Changes - In Q3 2025, net revenues increased by 9% year-over-year to RMB 202.1 million, with revenues from core packaged tour products growing by 12% to RMB 179 million, accounting for 89% of total net revenues [12][3] - Gross profit for Q3 2025 was RMB 109.6 million, down 10% year-over-year, while operating expenses rose by 3% to RMB 95.8 million [14] - Net income attributable to ordinary shareholders was RMB 19.8 million, with non-GAAP net income at RMB 21.8 million [15] Business Line Data and Key Metrics Changes - Revenues from packaged tours increased by 12% year-over-year, driven by growth in Niu tours and self-drive tours [12] - Other revenues decreased by 14% year-over-year to RMB 23 million, primarily due to lower commission fees from other travel-related products [13] - Transaction volume for long-haul island products grew several times year-over-year, and self-drive tour products saw a fivefold increase during the National Day holiday [6][7] Market Data and Key Metrics Changes - Domestic tours accounted for about two-thirds of total GMV in Q3, while outbound tours made up one-third, consistent with the previous quarter [18] - During the National Day holiday, both domestic and outbound travel markets experienced double-digit growth, with self-drive tours increasing over five times [19] - Popular outbound destinations included Singapore, Malaysia, and the Americas, with a nearly 50% increase in GMV from APAC regions [19] Company Strategy and Development Direction - The company is focusing on enhancing product offerings to meet evolving customer needs, including niche destination products and long-haul island offerings [4][5] - Tuniu is leveraging technology to improve operational efficiency and expand its product range, including dynamic packaging and AI applications [10] - The company aims to attract new and existing customers with a richer product portfolio while preparing for peak travel periods [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained growth of China's travel market, despite the typical low season in Q4 [19][20] - The company expects an 8%-13% year-over-year increase in net revenues for Q4, with packaged tours anticipated to grow faster [20] - Management aims for non-GAAP break-even profitability in Q4 [20] Other Important Information - The company continues to expand its offline store footprint, with transaction volume from offline stores increasing by nearly 20% year-over-year [9] - Live streaming has become an important sales channel, with both payment and verification volume through these channels recording double-digit year-over-year growth [7][8] Q&A Session Summary Question: Revenue proportions by domestic and outbound tours in Q3 and travel performance during National Day holiday - Domestic tours made up about two-thirds of total GMV, while outbound tours accounted for one-third, similar to the previous quarter [18] - There was a healthy increase in both domestic and outbound travel markets during the National Day holiday, with double-digit growth in GMV and trips [19] Question: Will the company remain profitable in Q4? - The company expects an 8%-13% year-over-year increase in net revenues for Q4 and aims for non-GAAP break-even profitability [20]