Tuniu Announces Unaudited Second Quarter 2024 Financial Results

Core Viewpoint - Tuniu Corporation reported strong financial results for the second quarter of 2024, highlighting significant growth in revenues and profitability, particularly in its core packaged tours business, which increased by 28.6% year-over-year [2][3][4]. Financial Performance - Net revenues for the second quarter of 2024 reached RMB116.9 million (US$16.1 million), marking a 17.0$12.4 million), reflecting a year-over-year growth of 28.6% primarily driven by organized tours [4][5]. - Gross profit increased by 29.1% year-over-year to RMB84.4 million (US$11.6 million) [2][5]. - Income from operations was RMB34.5 million (US$4.7 million), a significant rise from RMB6.8 million in the second quarter of 2023 [7][8]. - Net income reached RMB43.0 million (US$5.9 million), compared to a mere RMB0.2 million in the same quarter of the previous year [7][8]. Cost Management - Cost of revenues decreased by 5.8$4.5 million), resulting in a cost of revenues as a percentage of net revenues of 27.8%, down from 34.6% in the prior year [5]. - Operating expenses were reduced by 14.9% year-over-year to RMB49.9 million (US$6.9 million) [5][6]. Investment and Shareholder Value - The company has authorized a share repurchase program of up to US$10 million, with approximately US$4.1 million worth of shares repurchased as of July 31, 2024 [10]. - Tuniu expects to generate net revenues of RMB183.5 million to RMB192.4 million in the third quarter of 2024, indicating a year-over-year increase of 3% to 8% [10]. Strategic Focus - Tuniu continues to enhance product quality and offerings while adapting to changes in user shopping habits through strengthened new media operations [3]. - The company aims to provide better services and travel experiences to attract new customers and drive business growth [3].