据交易所数据显示，12月17日，途牛(TOUR)盘中上涨3.72%，截至22:40，报0.723美元/股，成交6277.0 美元，总市值8269.20万美元。 本文源自：市场资讯 作者：行情君 财务数据显示，截至2025年09月30日，途牛收入总额4.54亿人民币，同比增长10.6%；归母净利润 2957.9万人民币，同比减少70.82%。 资料显示，途牛公司是中国领先的在线休闲旅游服务商,可以为消费者提供的跟团和自助等打包旅游产 品,还有丰富的机票、酒店、签证等单项旅游产品。途牛航线覆盖了中国420多个出发城市和全球所有热 门目的地。途牛通过各种线上和线下渠道(包括tuniu.com网站),提供一站式休闲旅游解决方案和令人瞩目 的客户体验,包括3000多名专业客户服务代表、一星期7天24小时呼叫中心、约500家线下零售店和34家 本地自营旅行社,并提供丰富的后续服务和保障。 ...

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].

近期，携程、同程、途牛这3家在线旅游上市公司相继发布2025年Q3业绩报告。对此，网经社电子商务研究中心给予解读。 出品 | 网经社 | | 2025年Q3携程、同程 | | --- | --- | | 指标 | 1135 | | 市值 NN.100 (截止时间12月8日) | 468.96亿 | | 营收 | 183亿 | | 营收增速 | 0.16% | | 净利润 | 198.9亿 | | 浄利润增速 | 1.94% | | 毛利 | 149.8亿 | | 毛利増速 | 0.15% | | 图表编制：网经社 | | 撰写 | 南烛 一审 | 无痕 二审 | 云马 配图 | 网经社图库 2025年前三季度，国内旅游市场在2024年的基础上延续了稳健的增长态势。根据文化和旅游部发布的数据，2025年前三季度，国内居民出游总人次达到 49.98亿，与2024年同期相比增加了7.61亿人次，同比增长率达到 18.0%。 在旅游消费方面，2025年前三季度同样表现强劲。国内居民出游总花费为 4.85万亿元，比上年同期增加0.5万亿元，同比增长 11.5%。 从城乡结构来看，市场增长呈现出新的特点。2025年前三季 ...

新华财经北京12月10日电（康耕甫）近期，携程、同程、途牛3家在线旅游上市公司相继发布的2025年 第三季度业绩报告显示，今年第三季度携程集团营业收入和净利润领跑三家OTA平台，同程旅行依托下 沉市场用户基础，通过双语客服、海外服务中心提升国际服务能力；途牛则聚焦小众目的地和直播带货 模式激活存量用户价值。 营收净利携程居首 携程集团公布的2025年第三季度未经审计财务业绩报告显示，2025年第三季度，携程集团营业收入为 183亿元，同比上升16%，主要得益于越来越强劲的旅游需求；营业收入环比上升24%，主要得益于季 节性因素。 整体来看，跨境游市场正从流量恢复向质量提升转变。未来，在线旅游平台的竞争将更加侧重于服务体 验与资源整合能力。 2025年第三季度，随着免签政策红利持续释放及跨境供应链加速修复，携程、同程旅行、途牛在跨境游 市场展现出强劲增长动能。旅游行业正从追求规模的"增量开发"阶段转向"增量与存量并重"的高质量发 展阶段。 同程旅行发布的2025年第三季度业绩报告显示，2025年第三季度同程旅行营业收入55.09亿元，同比增 长10.4%。其中交通业务收入22.09亿元，同比增长9%；住宿业务收 ...

线下门店方面，途牛加速重点城市门店规划，积极开拓下沉及低线市场。截至目前，途牛已在全国开设 了350多家线下门店，广州、天津、沈阳、南京等地门店均位列当地旅游门店业态前列。 据途牛截至2025年9月30日未经审计的第三季度业绩报告。2025年三季度，途牛实现净收入2.02亿元， 同比增长8.6%；净利润1940万元。 财报显示，今年以来，途牛主营业务打包旅游产品收入持续保持两位数的同比增长，其中，三季度打包 旅游产品收入同比增长超12%。 线上直播方面，开拓更多私域流量，持续深化达人、头部商家及异业合作；组建规模化直播专属核销团 队，加速推动转化率、核销率的显著增长。2025年三季度，途牛直播渠道支付金额同比增长90%，核销 金额同比增长70%。 途牛指出，今年三季度，伴随着暑期出游旺季的到来，旅游市场呈现出明显增长态势，同时旅游消 费"小众化""碎片化"趋势也更为显著。 面对"小众化""碎片化"的旅游消费趋势，三季度，途牛围绕渠 道、供给、运营等多个维度继续深度探索。 （途牛） ...

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]

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 [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] - Transaction volume for long-haul island products grew several times year-over-year, while transaction volume for new select outbound travel products increased by over 100% year-over-year [5][6] - Transaction volume for self-drive tour products increased five times year-over-year during the National Day holiday [7] Market Data and Key Metrics Changes - Domestic tours accounted for about two-thirds of total GMV, while outbound tours made up one-third, consistent with the previous quarter [18] - During the National Day holiday, both domestic and outbound travel markets saw double-digit growth, 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 expanding niche destination products and long-haul island offerings [4][5] - Tuniu aims to leverage technology tools to improve operational efficiency and explore advanced technologies like dynamic packaging and AI applications [10] - The company plans to strengthen product development and marketing efforts to attract new and existing customers, particularly in lower-tier cities [19] 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] - For Q4 2025, the company expects net revenues to increase by 8% to 13% year-over-year, with a focus on achieving non-GAAP break-even profitability [15][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] - The company is collaborating with top-tier live streamers to enhance sales through live streaming channels, which recorded double-digit year-over-year growth [8] Q&A Session Summary Question: What are the revenue proportions by domestic and outbound tours in Q3? - Domestic tours accounted for about two-thirds of total GMV, while outbound tours made up one-third, consistent with the previous quarter [18] Question: How did travel perform during the National Day holiday, and will the company remain profitable in Q4? - 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. The company expects an 8%-13% year-over-year increase in net revenues for Q4 and aims for non-GAAP break-even profitability [19][20]

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 [13][12] - Net income attributable to ordinary shareholders was RMB 19.8 million, with non-GAAP net income at RMB 21.8 million [14][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 [12] - 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 [5][6] Market Data and Key Metrics Changes - Domestic tours accounted for about two-thirds of total GMV, 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 a nearly 50% increase in GMV from APAC regions [19][18] - The Americas ranked first in growth rate for long-haul destinations, indicating a rising interest in niche travel experiences [19] Company Strategy and Development Direction - The company is focusing on enhancing product offerings to meet evolving customer needs, including expanding niche destination products and long-haul island offerings [4][5] - Tuniu is leveraging technology to improve operational efficiency and is exploring advanced technologies like dynamic packaging and AI applications [10] - The company aims to attract new and existing customers with a richer and more value-for-money product portfolio, 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, supported by favorable factors such as the extended holiday period [10][19] - For Q4 2025, the company expects net revenues to increase by 8% to 13% year-over-year, with a focus on achieving non-GAAP break-even profitability [15][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 [6][7] Q&A Session Summary Question: Revenue proportions by domestic and outbound tours and travel performance during National Day holiday - Domestic tours comprised about two-thirds of total GMV, while outbound tours made up 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: Future profitability 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]

北京商报讯（记者 吴其芸）12月5日，途牛旅游网公布了截至2025年9月30日未经审计的第三季度业绩 报告。2025年三季度，途牛实现净收入2.02亿元，同比增长8.6%；净利润1940万元。 财报显示，今年以来，途牛主营业务打包旅游产品收入持续保持两位数的同比增长，其中，三季度打包 旅游产品收入同比增长超12%。 线上直播方面，途牛聚焦多元化新媒体平台拓展，积极开拓更多私域流量，持续深化达人、头部商家及 异业合作；组建规模化直播专属核销团队，加速推动转化率、核销率的显著增长。2025年三季度，途牛 直播渠道支付金额同比增长90%，核销金额同比增长70%。2025年前三季度，途牛直播渠道累计核销金 额已超2024年全年。 线下门店方面，途牛加速重点城市门店规划，积极开拓下沉及低线市场。截至目前，途牛已在全国开设 了350多家线下门店，广州、天津、沈阳、南京等地门店均位列当地旅游门店业态前列。 ...

新华财经北京12月5日电（记者丁雅雯）5日，途牛旅游网公布了截至2025年9月30日未经审计的第三季 度业绩报告。三季度，途牛业务继续保持增长，持续实现季度盈利。今年以来，公司主营业务打包旅游 产品收入持续保持两位数的同比增长，三季度打包旅游产品收入同比增长超12%。 渠道多元化方面，途牛继续推进"线上直播+线下门店"协同发力，加速构建更为丰富的渠道体系。线上 直播方面，途牛聚焦多元化新媒体平台拓展，积极开拓更多私域流量，持续深化达人、头部商家及异业 合作；组建规模化直播专属核销团队，加速推动转化率、核销率的显著增长。今年第三季度，途牛直播 渠道支付金额同比增长90%，核销金额同比增长70%。今年前三季度，途牛直播渠道累计核销金额已超 2024年全年。 （文章来源：新华财经） 途牛旅游网CEO于敦德先生表示："面对不断增长和演进的出游需求，我们持续提升产品与需求的匹 配，同时将AI应用到更多场景中，进一步提升客户体验和运营效率。" ...