Core Insights - Tuniu has launched its AI assistant "Xiao Niu" on its app and mini-program, providing a transparent and efficient travel booking experience with a focus on "zero bundling" services [1][5]. Group 1: AI Assistant Features - "Xiao Niu" offers intelligent search, automatic price comparison, personalized recommendations, and bundled booking for flights, hotels, and train tickets, creating a one-stop service [3][5]. - The AI assistant can analyze user needs from vague information, considering factors like price, departure/arrival times, flight duration, airline, and aircraft type, completing the search and recommendation process in under 10 seconds [3][5]. Group 2: User Experience and Transparency - The assistant conducts feasibility analyses on selected products and itineraries to prevent issues like insufficient transfer time, enhancing user experience [5]. - Tuniu emphasizes a "zero bundling" approach, allowing users to book their chosen flights directly without intrusive upsell pop-ups, ensuring a transparent and efficient booking process [5][6]. Group 3: Technological Integration - The AI assistant utilizes an end-to-end design architecture, combining Tuniu's supply chain capabilities with AI models to autonomously select tools and analyze data for recommendations [6]. - The system features multiple sub-agents (e.g., flight assistant, hotel assistant) that work collaboratively to fulfill user requests, improving computational efficiency and reducing operational costs while ensuring accuracy [6].

Financial Data and Key Metrics Changes - In 2024, the company achieved its first GAAP profit for the full year since its listing, with non-GAAP net income growing over 70% year-over-year, reaching a record high since the IPO [6][7] - For Q4 2024, net revenues were RMB102.7 million, a 3% year-over-year increase, while full-year net revenues were RMB513.6 million, representing a 16% year-over-year increase [27][33] - Gross profit for Q4 2024 was RMB69.8 million, down 6% year-over-year, while full-year gross profit was RMB358 million, up 22% year-over-year [29][34] - Net loss attributable to ordinary shareholders in Q4 2024 was RMB24.2 million, while full-year net income was RMB77.2 million [31][35] Business Line Data and Key Metrics Changes - Revenues from packaged tours in Q4 2024 were RMB75.4 million, up 3% year-over-year, and accounted for 73% of total net revenues [27] - For the full year, revenues from packaged tours increased by 22% year-over-year to RMB407.5 million, accounting for 79% of total net revenues [33] - Other revenues in Q4 2024 were RMB27.3 million, also up 3% year-over-year, primarily due to increased advertising service fees [28] Market Data and Key Metrics Changes - The transaction volume for Niu Tour products grew by over 30% year-over-year in 2024, with a repurchase rate twice that of regular products [15][16] - In 2024, transaction volume from cities outside Tier 1 cities contributed more than 50% of Tuniu's total transaction volume [16] - The live streaming channels saw transactions and verification volume increase by over 100% year-over-year [20] Company Strategy and Development Direction - The company plans to focus on product and service upgrades, channel expansion, and technological advancement in 2025 [24][25] - Tuniu aims to leverage AI technology to enhance user experience and operational efficiency [23][43] - The company will continue to expand its offline store presence, potentially doubling the number of stores nationwide [42] Management Comments on Operating Environment and Future Outlook - Management noted that the total travel market will continue to grow, but competition will intensify in terms of quality and price [40] - The company aims for a profitable year in 2025, despite expected impacts on gross profit margins due to competitive pricing strategies [41][46] - Seasonal variations in quarterly performance are anticipated, with the third quarter expected to contribute the majority of annual profit [46] Other Important Information - The Board of Directors approved a special cash dividend of approximately $4.2 million in March 2025 [7] - The company has spent over $6.2 million on share buybacks throughout 2024, returning approximately $10 million to shareholders [8] Q&A Session Summary Question: Can you share your projections for 2025 revenue and profit? What are the key drivers for revenue growth? - Management indicated that the total travel market will grow, and they will adopt a high-quality business development strategy to exceed industry average growth rates [40] - They plan to invest in product upgrades and innovation, particularly for Niu Tour products, while maintaining competitive pricing [41] Question: Will you maintain quarterly or yearly profitability? - Management expressed confidence in achieving profitability in 2025, although quarterly performance may vary due to seasonality [46]

Core Viewpoint - Tuniu Corporation reported significant financial improvements in 2024, achieving its first full-year GAAP profit since its Nasdaq listing, with a focus on innovation and high-quality development for the future [3][11][18]. Financial Highlights for Fiscal Year 2024 - Net revenues increased by 16.4% year-over-year to RMB513.6 million (US$70.4 million) [11]. - Gross profit rose by 21.9% year-over-year to RMB358.0 million (US$49.1 million) [12]. - Operating expenses decreased by 25.5% year-over-year to RMB294.8 million (US$40.4 million) [13]. - Net income was RMB83.7 million (US$11.5 million), compared to a net loss of RMB101.1 million in 2023 [18]. Fourth Quarter 2024 Results - Net revenues for Q4 2024 were RMB102.7 million (US$14.1 million), a 2.8% increase from Q4 2023 [4]. - Cost of revenues increased by 30.1% year-over-year to RMB32.9 million (US$4.5 million), representing 32.1% of net revenues [5]. - Gross profit for Q4 2024 was RMB69.8 million (US$9.6 million), a decrease of 6.5% year-over-year [5]. - Operating expenses decreased by 58.3% year-over-year to RMB82.5 million (US$11.3 million) [6]. - Net loss narrowed to RMB25.1 million (US$3.4 million) from RMB132.9 million in Q4 2023 [8]. Revenue Breakdown - Revenues from packaged tours in 2024 increased by 22.2% year-over-year to RMB407.5 million (US$55.8 million) [14]. - Other revenues in 2024 were RMB106.2 million (US$14.5 million), a decrease of 1.6% from 2023 [16]. Business Outlook - For Q1 2025, Tuniu expects net revenues between RMB116.6 million and RMB122.0 million, reflecting an 8% to 13% year-over-year increase [20]. Shareholder Actions - The Board of Directors approved a cash dividend of US$0.012 per ordinary share, totaling approximately US$4.2 million, payable in April 2025 [22]. - As of February 28, 2025, Tuniu repurchased approximately 7.9 million ADSs for about US$7.3 million under its share repurchase program [21].

Core Viewpoint - Tuniu Corporation plans to release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024, on March 14, 2025, before market opens [1]. Group 1: Financial Results Announcement - The earnings conference call will take place at 8:00 am U.S. Eastern Time on March 14, 2025 [1]. - The call will be accessible via multiple dialing options for listeners in the US, Hong Kong, Mainland China, and internationally [2]. - A telephone replay of the conference call will be available for one hour after the call ends, lasting until March 21, 2025 [2]. Group 2: Company Overview - Tuniu Corporation is a leading online leisure travel company in China, offering a wide range of integrated travel services, including packaged tours and travel-related services [3]. - The company provides a one-stop leisure travel solution through its online platform and offline service network, which includes customer service representatives and retail stores [3].

Financial Data and Key Metrics Changes - In Q3 2024, Tuniu Corporation reported a GAAP net income of RMB 43.9 million, marking a record high since its listing, with net income for the first three quarters exceeding RMB 100 million [7] - Non-GAAP profitability has been achieved for six consecutive quarters, indicating a strong financial performance [7] - Net revenues for Q3 2024 were RMB 186 million, representing a year-over-year increase of 4% [26] - Gross profit for the quarter was RMB 121.8 million, up 6% year-over-year, while operating expenses increased by 11% to RMB 92.6 million [28] Business Line Data and Key Metrics Changes - Revenues from packaged tours increased by 6% year-over-year to RMB 159.3 million, accounting for 86% of total net revenue [26] - Other revenues decreased by 5% year-over-year to RMB 26.7 million, primarily due to a decline in advertising service fees [27] - The transaction volume of outbound travel products achieved double-digit year-over-year growth, reflecting robust demand [8] Market Data and Key Metrics Changes - The company noted a growing diversification in customer demand, particularly for outbound travel, with an increase in destination choices and product offerings [8] - The total payment volume from live streaming shows increased by nearly 100% year-over-year, indicating a successful engagement strategy [15] Company Strategy and Development Direction - Tuniu aims to create differentiated products and services to meet rising customer demand, focusing on in-house product development and collaboration with third-party suppliers [9] - The company is expanding its product offerings to include niche products and destinations, enhancing its competitive edge [9][20] - Tuniu is committed to high-quality development while optimizing sales channels and maintaining cost control to support long-term growth [24] Management's Comments on Operating Environment and Future Outlook - Management anticipates a slowdown in revenue growth for Q4 due to seasonality, with low single-digit growth expected year-over-year [35] - The introduction of new holiday policies is seen as a positive signal for the tourism industry, particularly for leisure travel [22] - The company expects steady growth in the tourism industry next year, driven by increased travel demand and the emergence of new transportation hubs [38][41] Other Important Information - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 1.3 billion as of September 30, 2024 [31] - The company expects Q4 2024 net revenues to be between RMB 100 million and RMB 105 million, reflecting a 0% to 5% increase year-over-year [31] Q&A Session Summary Question: Outlook for the fourth quarter and reasons for revenue growth slowdown - Management indicated that Q4 is typically an off-season for tourism, leading to expected revenue drops compared to Q3, with low single-digit growth anticipated year-over-year [35] Question: Insights on next year's market for domestic and outbound tours - Management highlighted that the tourism industry is expected to maintain steady growth, with increased product offerings for popular destinations and favorable visa policies enhancing outbound travel convenience [36][38]

Core Viewpoint - Tuniu Corporation reported profitable growth in Q3 2024, achieving its highest quarterly profit since its listing, driven by steady growth in its core packaged tours business and an expansion of product offerings to meet diverse consumer demands [2][3]. Financial Performance - Net revenues for Q3 2024 were RMB 186.0 million (US$ 26.5 million), a year-over-year increase of 4.4% compared to Q3 2023 [3]. - Revenues from packaged tours reached RMB 159.3 million (US$ 22.7 million), marking a 6.2% increase year-over-year, primarily due to growth in organized tours [4]. - Other revenues decreased to RMB 26.7 million (US$ 3.8 million), a decline of 5.1% year-over-year, attributed to reduced advertising service fees [4]. Cost and Profitability - Cost of revenues was RMB 64.2 million (US$ 9.2 million), up 1.2% year-over-year, with the cost as a percentage of net revenues decreasing to 34.5% from 35.6% [5]. - Gross profit for the quarter was RMB 121.8 million (US$ 17.4 million), reflecting a 6.1% increase year-over-year [5]. Operating Expenses - Operating expenses totaled RMB 92.6 million (US$ 13.2 million), an increase of 11.5% year-over-year [6]. - Research and product development expenses decreased by 25.9% to RMB 13.6 million (US$ 1.9 million), while sales and marketing expenses surged by 53.0% to RMB 60.6 million (US$ 8.6 million) [7]. - General and administrative expenses fell by 31.3% to RMB 18.6 million (US$ 2.7 million) [7]. Income and Earnings - Income from operations was RMB 29.2 million (US$ 4.2 million), down from RMB 31.7 million in Q3 2023 [8]. - Net income increased to RMB 43.9 million (US$ 6.3 million) from RMB 39.1 million in the same quarter last year [9]. - Net income attributable to ordinary shareholders was RMB 44.4 million (US$ 6.3 million), compared to RMB 39.4 million in Q3 2023 [10]. Cash Position - As of September 30, 2024, Tuniu had cash and cash equivalents, restricted cash, and short-term investments totaling RMB 1.3 billion (US$ 185.8 million) [11]. Business Outlook - For Q4 2024, Tuniu expects net revenues between RMB 100.0 million and RMB 105.0 million, indicating a 0% to 5% year-over-year increase [12]. Share Repurchase Program - The Board of Directors authorized a share repurchase program of up to US$ 10 million, with approximately 6.2 million ADSs repurchased for about US$ 5.6 million as of November 30, 2024 [13].

Group 1 - Tuniu Corporation plans to release its unaudited financial results for the third quarter ended September 30, 2024, before the market opens on December 5, 2024 [1] - An earnings conference call will be held at 8:00 am U.S. Eastern Time on December 5, 2024 [1] - The company provides a range of travel services, including packaged tours and travel-related services, through its online platform and offline service network [3] Group 2 - Tuniu offers a one-stop leisure travel solution with a dedicated team of customer service representatives and 24/7 call centers [3] - The company operates extensive networks of offline retail stores and self-operated local tour operators [3] - A live and archived webcast of the conference call will be available on Tuniu's investor relations website [2]

Group 1 - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1] - The service emphasizes investment opportunities in the Hong Kong market, identifying deep value balance sheet bargains and high-quality businesses with strong earnings potential [1] - Monthly updates and watch lists are provided to members, enhancing their ability to identify potential investment opportunities [1]

Core Insights - Crown Royal hosted an exclusive celebration honoring military veterans, featuring Kane Brown's performance, emphasizing the brand's commitment to the military community [1][2] - The partnership with Kane Brown highlights Crown Royal's dedication to supporting veteran-focused charities like CreatiVets, which has aided over 1 million servicemen and women [2] Company Overview - Crown Royal is the number-one selling Canadian whisky brand globally, known for its smooth and elegant flavor, and has a rich history dating back to 1939 [3] - The brand is part of Diageo, a global leader in beverage alcohol with a diverse portfolio of brands sold in over 180 countries [4] Charity Initiatives - CreatiVets, a non-profit organization, uses art and creative writing to help wounded veterans heal from post-traumatic stress and traumatic brain injury [5] - Crown Royal's initiatives reflect a broader commitment to living generously and supporting organizations that empower veterans [2][5]

Core Insights - Tuniu Corporation has signed a Letter of Intent with the Tourism Authority of Thailand to enhance collaboration in promoting travel experiences for Chinese tourists [1][2][3] - The number of Tuniu's packaged tours to Thailand has increased by over 160% year-over-year from January to July 2024, indicating a strong demand for travel to Thailand among Chinese tourists [2] - The partnership aims to provide more diversified products and services to boost the development of Thai tourism and support Thailand's digital economy [2][3] Company Overview - Tuniu is a leading online leisure travel company in China, offering a wide range of travel services including organized and self-guided tours through its online platform [4] - The company focuses on providing a compelling customer experience with a dedicated team of customer service representatives and a network of offline retail stores [4]