Core Viewpoint - Tuniu Corporation plans to change the ratio of its American depositary shares (ADSs) from one ADS representing three Class A ordinary shares to one ADS representing thirty Class A ordinary shares, effective around April 22, 2026, and has declared a cash dividend of approximately US$13 million [1][2][6]. ADS Ratio Change - The ADS Ratio Change will effectively act as a one-for-ten reverse ADS split for existing ADS holders [2]. - Upon the Effective Date, ADS holders will exchange every ten existing ADSs for one new ADS, with JPMorgan Chase Bank, N.A. managing the exchange [3]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [4]. - The trading price of the Company's ADSs is expected to increase proportionately after the ADS Ratio Change, although no assurance can be given regarding the exact price increase [5]. Cash Dividend Declaration - The board of directors has approved a cash dividend of approximately US$13 million, payable to holders of ordinary shares and ADSs of record as of May 4, 2026 [6]. - The dividend for ordinary shares will be US$0.0399 per share, with payments expected around May 14, 2026, while the per ADS dividend will be disclosed after the ADS Ratio Change [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $1.70 [6][4]. Core Insights - The company reported a strong growth in packaged travel revenue, with a net income of 124 million yuan for Q4 2025, representing a year-over-year increase of 20.3%. The total revenue for 2025 reached 580 million yuan, exceeding expectations due to robust travel demand [1][2]. - The company's packaged travel product revenue was 102.1 million yuan in Q4 2025, up 35.3% year-over-year, driven primarily by growth in group tours and self-guided tours. The company is actively expanding its product strategy and diversifying its channels, including live streaming and offline stores [1][2][3]. - The company announced a $50 million shareholder return plan and aims to leverage user demand, product and channel expansion, and AI technology to drive long-term revenue growth and profit improvement [1][2]. Revenue and Profitability - In Q4 2025, the company's gross profit was 70 million yuan, remaining stable compared to the same period in 2023. Operating expenses decreased by 16% year-over-year to 69 million yuan, with significant reductions in administrative expenses [3][4]. - The company forecasts revenues of 660 million yuan, 760 million yuan, and 860 million yuan for 2026, 2027, and 2028 respectively, reflecting growth rates of 12.54%, 15%, and 14% [4][10]. Market Position and Competitive Landscape - The company is focusing on enhancing its competitive advantage through supply chain integration and expanding its product offerings to niche markets, such as the Caucasus and South America [2][3]. - The report notes that the company’s valuation is slightly lower than its peers, with a projected price-to-sales ratio of 2.1 for 2026, compared to an industry average of 3.4 [4][11].

PresentationI would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary.Hello, and thank you for standing by for Tuniu's 2025 Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.Mary ChenInvestor Relations Director Thank you, Betsy, and welcome to our 2025 Fourth Quarter and Full Year Earnings Conference Call. Joining me on ...

Financial Data and Key Metrics Changes - In Q4 2025, net revenues increased by 20% year-over-year to RMB 123.5 million, exceeding previous guidance [3][16] - Revenues from package tours grew by 35% year-over-year to RMB 102.1 million, accounting for 83% of total net revenues [16] - For the full year 2025, net revenues reached RMB 578 million, a 13% year-over-year increase, with package tour revenues up 21% to RMB 493.5 million [19][20] - Gross profit for Q4 2025 was RMB 17 million, nearly unchanged from Q4 2024, while full year gross profit was RMB 335 million, down 6% year-over-year [17][20] - Net income attributable to ordinary shareholders was RMB 1.5 million in Q4 2025 and RMB 31.1 million for the full year [18][20] Business Line Data and Key Metrics Changes - Revenues from organized tours and self-guided tours were the primary drivers of growth in both Q4 and full year results [16][19] - Other revenues decreased by 21% year-over-year in Q4 to RMB 21.5 million, primarily due to a decline in merchandise sales [16] - The company reported a 20% year-over-year increase in transaction volume from corporate clients in Q4 2025 [12][13] Market Data and Key Metrics Changes - The travel market showed healthy growth, supported by national holiday extensions and favorable policies that stimulated domestic travel demand [4] - The live streaming channel contributed over 15% to total transaction volume in 2025, up from approximately 10% in 2024 [10] Company Strategy and Development Direction - The company adopted a proactive product strategy in 2025, targeting distinct customer segments and offering a tailored portfolio [4] - A long-term shareholder return plan of up to $50 million was announced, reflecting confidence in the travel industry's long-term outlook [3][4] - The company plans to continue expanding self-guided tour products and enhancing service quality through partnerships and technology [10][15] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the travel industry, citing increased demand for both domestic and international travel [4] - The company aims to refine products and services while diversifying channels to support stable growth [15] - For Q1 2026, the company expects net revenues to be between $125.7 million and $131.6 million, representing a 7%-12% year-over-year increase [21] Other Important Information - The company has over 400 offline stores nationwide, with transaction volume from these stores increasing by nearly 20% year-over-year [12] - The company is exploring AI applications to enhance operational efficiency and customer service [13][15] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [21]

Financial Data and Key Metrics Changes - In Q4 2025, net revenues increased by 20% year-over-year to RMB 123.5 million, exceeding previous guidance [3][16] - Revenues from package tours grew by 35% year-over-year to RMB 102.1 million, accounting for 83% of total net revenues [16] - For the full year 2025, net revenues reached RMB 578 million, a 13% year-over-year increase [19] - Net income attributable to ordinary shareholders was RMB 31.1 million for 2025, with non-GAAP net income at RMB 42.6 million [20] Business Line Data and Key Metrics Changes - Package tour revenues accounted for 85% of total net revenues in 2025, with a 21% year-over-year increase [19] - Other revenues decreased by 20% year-over-year to RMB 84.5 million, primarily due to a decline in commission fees from other travel-related products [19] - Transaction volume from corporate clients increased by over 20% year-over-year in Q4 2025 [13] Market Data and Key Metrics Changes - The travel market showed healthy growth, supported by national holiday extensions and favorable policies stimulating domestic travel demand [4] - Live streaming contributed over 15% to total transaction volume in 2025, up from approximately 10% in 2024 [10] Company Strategy and Development Direction - The company adopted a proactive product strategy in 2025, targeting distinct customer segments and offering a tailored portfolio [4] - A long-term shareholder return plan of up to $50 million was announced, reflecting confidence in the travel industry's long-term outlook [3] - The company plans to continue expanding self-guided tour products and enhancing service quality through technology and partnerships [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook of the travel industry, citing healthy market growth and increased demand for travel [4] - The company aims to refine products and services while diversifying channels to support stable and sustainable growth [15] Other Important Information - The company achieved profitability for both Q4 and the full year 2025, marking the third consecutive year of non-GAAP profitability post-pandemic [3] - Cash and cash equivalents, along with short-term investments, totaled RMB 1.1 billion as of December 31, 2025 [18] Q&A Session Summary - There were no questions during the Q&A session [21]

Financial Data and Key Metrics Changes - In Q4 2025, net revenues increased by 20% year-over-year to RMB 123.5 million, exceeding previous guidance [3][16] - Revenues from package tours grew by 35% year-over-year to RMB 102.1 million, accounting for 83% of total net revenues [16] - For the full year 2025, net revenues reached RMB 578 million, a 13% year-over-year increase, with package tour revenues up 21% to RMB 493.5 million [19][20] - Gross profit for Q4 2025 was RMB 17 million, nearly unchanged from Q4 2024, while full year gross profit was RMB 335 million, down 6% year-over-year [17][20] - Net income attributable to ordinary shareholders was RMB 1.5 million in Q4 2025 and RMB 31.1 million for the full year [18][20] Business Line Data and Key Metrics Changes - Package tours and self-guided tours were the primary growth drivers, with organized tours contributing significantly to revenue increases [19] - Other revenues decreased by 21% year-over-year in Q4 2025, primarily due to a decline in merchandise sales [16] - Transaction volume from corporate clients increased by over 20% year-over-year in Q4 2025, indicating strong demand in that segment [12][13] Market Data and Key Metrics Changes - The travel market showed healthy growth, supported by extended national holidays and favorable policies that stimulated domestic travel demand [4] - Live streaming channels contributed over 15% to total transaction volume in 2025, up from approximately 10% in 2024, reflecting a growing trend in customer engagement [10] Company Strategy and Development Direction - The company adopted a proactive product strategy in 2025, targeting distinct customer segments and offering a tailored portfolio [4] - A long-term shareholder return plan of up to $50 million was announced, reflecting confidence in the travel industry's long-term outlook [3] - The company plans to continue expanding self-guided tour products and enhancing service quality through technology and partnerships [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the travel industry, citing increased demand for both domestic and international travel [4] - The company aims to refine products and services while diversifying channels to support stable growth in the coming years [15] Other Important Information - The company has over 400 offline stores nationwide, with transaction volume from these stores increasing by nearly 20% year-over-year [12] - Cash and cash equivalents as of December 31, 2025, totaled RMB 1.1 billion, indicating a strong liquidity position [18] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [22]

Core Viewpoint - Tuniu Corporation reported strong financial performance for the fourth quarter and fiscal year 2025, achieving profitability and significant revenue growth, particularly in packaged tours, while also announcing a shareholder return plan [1][2]. Financial Highlights for Fourth Quarter 2025 - Net income was RMB1.5 million (US$0.2 million), a turnaround from a net loss of RMB25.1 million in Q4 2024 [1]. - Revenues from package tours increased by 35.3% year-over-year to RMB102.1 million (US$14.6 million) [1]. - Total net revenues rose by 20.3% year-over-year to RMB123.5 million (US$17.7 million) [1]. - Cost of revenues increased by 62.5% year-over-year to RMB53.5 million (US$7.7 million), representing 43.3% of net revenues [1]. - Operating expenses decreased by 16.4% year-over-year to RMB69.0 million (US$9.9 million) [1]. Financial Highlights for Fiscal Year 2025 - Total net revenues were RMB578.0 million (US$82.6 million), a 12.5% increase from 2024 [2]. - Revenues from packaged tours reached RMB493.5 million (US$70.6 million), up 21.1% year-over-year [2]. - Cost of revenues for the year was RMB243.0 million (US$34.7 million), a 56.2% increase from 2024 [2]. - Net income for the year was RMB29.7 million (US$4.2 million), down from RMB83.7 million in 2024 [2]. Business Outlook - For Q1 2026, Tuniu expects net revenues between RMB125.7 million and RMB131.6 million, reflecting a 7% to 12% year-over-year increase [2]. Shareholder Return Plan - In March 2026, Tuniu's Board approved a three-year shareholder return plan, allowing for cash dividends up to US$30 million and share repurchases up to US$20 million [2].

Group 1: Core Insights - The 2026 Spring Festival holiday saw a significant increase in domestic travel, with AI technology playing a crucial role in the booking process, leading to an order volume surge of over 800% [2][3] - Traditional cultural experiences, referred to as "year flavor tours," emerged as the strongest attraction for tourists, with popular destinations including Shantou, Fuzhou, and Beijing [6][7] - The inbound tourism market experienced a remarkable growth, with inbound flight ticket orders increasing nearly tenfold, highlighting a growing interest from foreign tourists in exploring multiple cities in China [8][9] Group 2: Domestic Travel Trends - Small airports saw a dramatic rise in passenger numbers, with cities like Wuyishan and Xingtai experiencing over 100% growth in traveler volume, driven by new flight routes and local cultural attractions [4][5] - The average booking price for flights exceeded 700 RMB, while hotel prices averaged around 300 RMB, indicating a trend towards higher-value travel experiences [3] - The overall domestic travel order volume reached new highs, with ticket orders up over 80% and hotel night bookings increasing by 75% compared to the previous year [3] Group 3: Inbound and Outbound Travel Dynamics - The outbound travel market also saw robust growth, with flight, hotel, and local activity orders increasing by over 30%, particularly to destinations like Oman and Kazakhstan [9] - The upcoming Winter Olympics in Milan significantly boosted interest in travel to Italy, with flight bookings to the country increasing by 64% during the event period [9]

一批"小而美"的小城、县城凭借特色年俗活动、地道美食、独特文化等强势"出圈"。途牛旅游网数据显 示，保亭、德宏出游人次较去年春节假期增长均超两倍；潮州、延边、汕头、南平、菏泽、宁德、凉 山、唐山、金华、上饶、湛江、景德镇等目的地出游人次较去年同期均增长了一倍以上。 这股"反向过年"的趋势在美食消费领域表现得尤为突出。大众点评数据显示，假期前四天，"必吃榜"整 体流量较去年春节上涨接近40%，其中异地流量涨幅接近50%。大批美食小城"必吃榜"流量大幅增长， 汕头、顺德、泉州、珠海、三亚为总体流量排名前五的宝藏美食城市。 新华财经北京2月23日电（记者丁雅雯、李唐宁）2026年春节假期长达9天，旅游平台数据显示，超长春 节假期催生出游"双高峰"，居民消费呈现"先返乡守岁、再结伴出行"的节奏性变化，以及客流向小城市 和县域下沉的结构性特征。 美团旅行数据显示，大年初二开始掀起一波出行小高峰。广西崇左、江西景德镇、河南开封、安徽宣 城、福建莆田、河北唐山、广西防城港、江西上饶、四川宜宾、云南普洱跻身游客关注热度增速最高的 城市，彰显游客对深度化、在地化旅行体验的旺盛需求。 途牛旅游网数据则显示，第一波出游高峰自2月1 ...

Financial Performance - The company is expected to announce its full-year financial report for 2025 between March and April 2026. The Q3 2025 report showed a net revenue of 202 million yuan, representing an 8.6% year-on-year increase, but net profit declined by 55.56% to 19.75 million yuan, indicating profitability pressure [1] - There is a focus on whether the Q4 performance will meet management guidance, which anticipates net revenue between 106.1 million and 111 million yuan, reflecting a year-on-year growth of 8% to 13%. The ability to achieve breakeven on a non-GAAP basis is also under scrutiny [1] Business Development - The core business, which includes packaged travel products, accounted for 89% of net revenue, with a year-on-year growth of 12% in Q3 2025. However, it remains to be seen if this growth can be sustained amid trends of "niche" and "fragmented" travel consumption [2] - The live streaming channel's payment amount increased by 90% year-on-year in Q3, and the number of offline stores expanded to over 350. The sustainability of conversion efficiency is a point of concern. The company plans to deepen AI technology applications in 2026 to enhance operational efficiency, which may become a key focus for market evaluation [2] Industry Policy and Environment - The tourism market is recovering, with demand growth driven by the summer and "Double Festival" holidays in 2025. However, outbound travel GMV accounts for only about one-third of the total, with domestic travel dominating. Changes in international travel policies or macroeconomic conditions in 2026 could impact the business structure [3] - The online travel industry is highly competitive, and the company needs to consolidate its market share through product differentiation, such as the "Niu Ren Special Line" private tours. Monitoring market share changes and industry dynamics is essential [3] Stock Performance - On January 9, 2026, the stock price rose by 5.51% in a single day, but the trading volume was only 15,000 shares, with a turnover rate of 0.01%, indicating low liquidity that could amplify volatility. If the financial report falls short of expectations or industry data is weak, it may trigger short-term fluctuations [4] Institutional Perspectives - Current institutional ratings are predominantly "buy," but there is a caution regarding potential rating adjustments if profit improvements do not meet expectations [5] Future Development - The decline in net profit year-on-year, coupled with a slowdown in revenue growth (Q3 revenue growth of 8.6% is lower than the same period in 2024), suggests that profitability recovery will take time [6]