Core Insights - The North American premiere of "Gabby's Dollhouse Live!" will launch on September 19, 2025, in Long Beach, CA, and will tour over 75 cities [1][3][4] - The live production is based on the popular DreamWorks Animation series "Gabby's Dollhouse," which has been a top 10 series in 63 countries on Netflix [4][10] - The show features an original story with unique puppets, dynamic staging, and songs designed to engage audiences [5][10] Company Collaborations - DreamWorks Animation is partnering with TEG Life Like Touring and Terrapin Station Entertainment to bring the live show to North America [4][10] - Walmart is the presenting sponsor for "Gabby's Dollhouse Live!" [5][14] - TEG Life Like Touring has a history of producing successful shows for popular entertainment brands, enhancing the live entertainment landscape [15][16] Tour Details - The tour will include major venues such as the Grand Ole Opry in Nashville, TN, and the Chicago Theatre in Chicago, IL [1][4] - The initial tour dates span from September 19, 2025, to December 20, 2025, covering various cities across the United States [6][7][8] - The production aims to capture the magic of the "Gabby's Dollhouse" franchise and engage families through live entertainment [4][10]

Financial Performance - The company reported net losses of RMB203.0 million, RMB101.1 million, and net income of RMB83.7 million (US$11.5 million) for the years ended December 31, 2022, 2023, and 2024, respectively [468]. - The company’s accumulated deficit was RMB8,050 million (US$1,103 million) as of December 31, 2024 [468]. - The market capitalization of the company dropped to US$83.1 million by the end of 2023, which was 47% lower than its net assets of RMB1,112 million [500]. - A full impairment charge of RMB114.7 million for the remaining goodwill was recorded in Q4 2023, reducing the carrying value of goodwill to nil [500]. - The company has not paid dividends to shareholders as its PRC subsidiaries have incurred losses and have not generated accumulated profits [485]. Cash Flow and Liquidity - Net cash provided by operating activities was RMB96.3 million (US$13.2 million) in 2024, primarily from cash inflows of RMB3,721.7 million (US$509.9 million) from travel product sales [470]. - Cash and cash equivalents, restricted cash, and short-term investments were RMB923.9 million (US$126.6 million) as of December 31, 2024 [466]. - The company had net cash used in financing activities of RMB74.0 million (US$10.1 million) in 2024, primarily due to repayments of borrowings [476]. - The company intends to fund its material cash requirements for at least the next twelve months using its existing cash balance [482]. Customer Advances and Borrowings - Advances from customers increased from RMB98.9 million as of December 31, 2022 to RMB270.2 million as of December 31, 2023, and further increased to RMB247.2 million (US$33.9 million) as of December 31, 2024 [465]. - The company had outstanding short-term borrowings of RMB7.3 million and RMB0.04 million (US$0.01 million) as of December 31, 2023 and 2024, respectively [467]. Expenses and Investments - The company’s sales and marketing expenses increased from RMB103.6 million in 2022 to RMB180.3 million (US$24.7 million) in 2024, primarily due to increased promotion and marketing personnel expenses [465]. - Research and product development expenses decreased from RMB57.0 million in 2023 to RMB52.7 million (US$7.2 million) in 2024, primarily due to a reduction in personnel-related expenses [487]. - The carrying value of the land use right and construction in progress was RMB99.5 million as of December 31, 2024, with impairment charges of RMB15.6 million recorded for the year [502]. Technology and Infrastructure - The company’s technology infrastructure is built on proprietary and licensed technologies, focusing on website operations and data analytics [486]. - No impairment of non-financial assets for the core business was recognized during the year ended December 31, 2024, as the undiscounted cash flow exceeded the carrying value [503]. Regulatory and Accounting Matters - The company’s PRC subsidiaries are required to set aside at least 10% of their accumulated profits for statutory reserve funds, which they have not started contributing to due to losses [485]. - The company adopted ASC Topic 326 for credit loss measurement, recording a net decrease to retained earnings of RMB19.4 million upon adoption [505]. Foreign Currency Translation - For the year ended December 31, 2024, the company recorded a net foreign currency translation gain of RMB8.0 million (US$1.1 million) in accumulated other comprehensive income [461]. Share Price and Market Sentiment - The company’s share price fluctuated, reaching US$0.67 per ADS as of December 31, 2023, reflecting negative market sentiment [500].

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]

Financial Data and Key Metrics Changes - In Q2 2024, net revenues were CNY 116.9 million, a year-over-year increase of 17% from Q2 2023 [15] - Net income reached a quarterly record high of CNY 43 million, marking significant profitability improvement [6][18] - Gross profit for the quarter was CNY 84.4 million, up 29% year-over-year [16] Business Line Data and Key Metrics Changes - Revenue from packaged tours increased by 29% year-over-year to CNY 89.8 million, accounting for 77% of total net revenues [15] - Other revenues decreased by 10% year-over-year to CNY 27.2 million, representing 23% of total net revenues, primarily due to reduced commission fees from other travel-related products [15] Market Data and Key Metrics Changes - Domestic tourism accounted for approximately 70% of total GMV in Q2 2024, while outbound tourism comprised a bit more than 30%, up from less than 30% in the previous quarter [21] - Japan emerged as a top outbound destination due to pent-up demand and favorable exchange rates, while Europe became the leading long-distance outbound destination [22] Company Strategy and Development Direction - The company focuses on enhancing product offerings and customer experience, particularly through new tour products aimed at middle-to-upper class customers [7][8] - Tuniu is adapting to changing consumer behavior by expanding live streaming channels and new media marketing strategies [11][12] Management Comments on Operating Environment and Future Outlook - Management noted that the domestic travel market remains strong, with high enthusiasm for travel, while outbound travel is expected to grow steadily despite a lower growth rate compared to the previous year [21][24] - For Q3 2024, the company anticipates net revenues between CNY 183.5 million and CNY 192.4 million, reflecting a 3% to 8% year-over-year increase [18] Other Important Information - The company reported cash and cash equivalents of CNY 1.3 billion as of June 30, 2024, with cash flow from operations at CNY 105.3 million for the quarter [18] Q&A Session Summary Question: What are the proportions of domestic and outbound tourism in revenues, and what are the trends for the summer market? - Domestic tourism comprised about 70% of total GMV, while outbound tourism was slightly over 30%, with steady growth in domestic travel and high year-over-year growth in outbound travel [21] - Trends indicate a shift towards more self-guided tours and flexible products in the domestic market, with outbound travel expected to see a gradual increase [23][24]

Financial Data and Key Metrics - Net revenues increased by 71% year-over-year to RMB108 million in Q1 2024, driven by the recovery of the travel market [6][16] - Revenues from packaged tours grew by 107% year-over-year to RMB83 million, accounting for 77% of total net revenues [16] - Gross profit increased by 111% year-over-year to RMB82 million, marking the first GAAP profitability in Q1 since listing [7][17] - Net income attributable to ordinary shareholders was RMB13.9 million, with non-GAAP net income at RMB19.7 million [18] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB1.2 billion as of March 30, 2024 [19] Business Line Performance - GMV of new tour products grew by over 60% compared to the previous quarter, driven by high-quality in-house products [8] - Loyal customers contributed over 65% to total transaction volume in Q1, reflecting strong brand loyalty [8] - Live streaming channels achieved a 200% year-over-year increase in total payment volume, with verification volume growing by 400% [11] - Offline stores saw transaction volume increase by over 200% year-over-year, with approximately 200 stores operational [13] Market Performance - Outbound travel products transaction volume increased by over 200% year-over-year during the Labor Day holiday [6] - Domestic tours accounted for 70% of GMV, while outbound tours increased to 30% of GMV in Q1 [24] - APAC countries were popular destinations due to short distances, warm weather, and visa-free policies [23] Strategic Direction and Industry Competition - The company focused on enhancing in-house products, aiming to increase their proportion in packaged tours [7] - Centralized procurement strategy lowered resource costs, improving product competitiveness [10] - The company strengthened its live streaming network with over 60 in-house accounts and collaborated with 1,000 influencers [13] - Automation technology was leveraged to refine management processes and improve operational efficiency [14] Management Commentary on Operating Environment and Future Outlook - The travel industry in China continued its healthy development trend, with robust growth in the outbound travel market [6] - The company expects net revenues for Q2 2024 to be between RMB114.9 million and RMB119.9 million, representing a 15% to 20% year-over-year increase [19] - The summer vacation is expected to drive significant growth, particularly in outbound travel, with strong demand for packaged tours to Japan [24] Other Important Information - Operating expenses as a percentage of net revenues dropped by 20 percentage points year-over-year [14] - Sales and marketing expenses increased by 84% year-over-year due to higher promotion and personnel-related costs [17] - General and administrative expenses decreased by 8% year-over-year, primarily due to the reversal of allowance for doubtful accounts [18] Q&A Session Question: Performance in outbound and domestic tourism, and outlook for the summer vacation - Domestic tours experienced double-digit growth year-over-year, while outbound travel increased multi-fold due to improved supply and more destination options [23] - Domestic tours accounted for 70% of GMV, and outbound tours increased to 30% of GMV in Q1 [24] - The summer vacation is expected to see significant growth in outbound travel, with strong demand for packaged tours to Japan [24] Question: Profitability outlook for Q2 2024 - The company expects net revenue growth to slow in Q2 due to a higher base in the previous year, but packaged tours will grow faster than total revenues [25] - Gross margin improved to over 70%, driven by a focus on profitable products and cost control measures [25] - The company aims to achieve continuous profitability through strict expense control [25]

Table of Contents * Not for trading, but only in connection with the listing on The Nasdaq Global Market of American depositary shares. Securities registered or to be registered pursuant to Section 12(g) of the Act. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal y ...

Financial Data and Key Metrics Changes - In Q4 2023, net revenues increased by 266% year-over-year to RMB99.9 million, driven by a 1377% increase in package tour revenues [5][18] - Gross profit for Q4 2023 was RMB74.6 million, up 512% year-over-year [5][18] - For the full year 2023, net revenues reached RMB441.3 million, a 140% increase year-over-year, with package tour revenues up 374% to RMB333.4 million [7][21] - Non-GAAP net income for 2023 was RMB52.6 million, marking the first full-year profitability since the pandemic [7][23] Business Line Data and Key Metrics Changes - Package tours accounted for 73% of total net revenues in Q4 2023, while other revenues increased by 19% year-over-year [18] - In 2023, package tours represented 76% of total net revenues, with a significant increase in organized tours [21][22] - The average customer satisfaction rate for new tour products increased from slightly over 90% to over 98% during summer 2023 [9] Market Data and Key Metrics Changes - The number of newly opened outbound travel destination countries increased from 20 to 138 by the end of Q4 2023 [5] - The GMV from corporate clients increased by over 40% in Q4 2023 compared to the previous quarter [12] - Total payment volume from live streaming channels exceeded RMB1 billion in 2023, with profitability achieved for the full year [13] Company Strategy and Development Direction - The company aims to focus on developing high-quality in-house products, particularly new tours, which provide pricing power and steady revenue contributions [27] - Expansion of sales channels through live streaming and offline stores is a priority, targeting both young consumers and senior citizens [28] - The company plans to enhance customer service for travel-related products, including air tickets and hotels, to improve the overall customer experience [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the travel market's recovery, citing the positive growth momentum continuing into 2024 [15] - The company anticipates a 60% to 70% year-over-year increase in net revenues for Q1 2024, aiming to maintain a higher than industry average growth rate [24][28] - Management highlighted the importance of strict cost control measures to enhance profitability [16] Other Important Information - The company recorded a goodwill impairment of RMB114.7 million in Q4 2023, impacting GAAP net loss [19][20] - Cash and cash equivalents as of December 31, 2023, totaled RMB1.2 billion [21] Q&A Session Summary Question: What are the core causes of the GAAP net loss in Q4 despite good financial performance? - Management explained that the GAAP net loss was primarily due to over RMB100 million of goodwill impairment, despite achieving non-GAAP profitability for the third consecutive quarter [27] Question: What are the strategic plans for this year in both business and finance? - Management outlined plans to focus on in-house product development, expand sales channels, and improve services for travel-related products, with an expectation of significant revenue growth in 2024 [27][28]

Financial Data and Key Metrics Changes - Tuniu reported net revenues of RMB 178.2 million for Q3 2023, a year-over-year increase of 129% [11] - Gross profit for the quarter was RMB 114.8 million, up 155% year-over-year [11] - Net income attributable to ordinary shareholders was RMB 39.4 million, marking the highest quarterly GAAP net income since the company's listing [4][12] - Operating expenses were RMB 83.1 million, up 40% year-over-year, but as a percentage of net revenue, they decreased to 47% from 17.6% in the same period last year [10][12] Business Line Data and Key Metrics Changes - Revenue from packaged tours increased by 262% year-over-year to RMB 150.1 million, accounting for 84% of total net revenues [11] - Other revenues decreased by 23% year-over-year to RMB 28.1 million, accounting for 16% of total net revenues [11] Market Data and Key Metrics Changes - Domestic tours contributed approximately 80% of total GMV, while outbound tours contributed 20%, up from over 10% in the previous quarter [14] - Popular domestic destinations included Yunnan and Guangdong provinces, while Europe was the top outbound destination, followed by the Maldives and Southeast Asia [14] Company Strategy and Development Direction - Tuniu is focused on leveraging centralized procurement to enhance price competitiveness and product offerings [5] - The company aims to maintain high service quality and customer satisfaction, achieving a 98% satisfaction rate for new tour products [6] - Tuniu plans to extend automation capabilities into supply chain management to improve efficiency [10] Management's Comments on Operating Environment and Future Outlook - Management noted a rapid recovery in the travel market, particularly in domestic tourism, and expressed confidence in achieving long-term profitability goals [4] - The company anticipates generating net revenues of RMB 87.4 million to RMB 92.9 million in Q4 2023, representing a 220% to 240% increase year-over-year [11][12] - Management acknowledged potential headwinds in certain outbound destinations due to environmental and security issues [15] Other Important Information - Tuniu's cash and cash equivalents, restricted cash, and short-term investments totaled RMB 1.2 billion as of September 30, 2023 [12] - The company has successfully incubated over 100 emerging influencers to enhance its live streaming capabilities [10] Q&A Session Summary Question: What are the proportions of domestic and outbound tourism in revenues, and what are the top tourist destinations? - Domestic tours contributed around 80% of total GMV, while outbound tours contributed 20%, with Yunnan and Guangdong being popular domestic destinations and Europe leading outbound travel [14] Question: What is the outlook for the fourth quarter and the full year 2023 regarding profitability? - The GMV generated during the National Day holiday has more than tripled compared to last year, and the company aims to achieve profitable yearly results for 2023 despite the off-season challenges [15]

Tuniu Corporation (NASDAQ:TOUR) Q2 2023 Earnings Conference Call August 17, 2023 8:00 AM ET Company Participants Mary Chen - Investor Relations Director Donald Dunde Yu - Founder, Chairman and Chief Executive Officer Anqiang Chen - Financial Controller Conference Call Participants Rachel Lee - Private Investor Operator Good day, and welcome to the Tuniu ‘23 Q2 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to as ...

Tuniu Corporation (NASDAQ:TOUR) Q1 2023 Earnings Conference Call June 9, 2023 8:00 AM ET Company Participants Mary Chen - Director of Investor Relations Donald Dunde Yu - Founder, Chairman and Chief Executive Officer Anqiang Chen - Financial Controller Conference Call Participants Operator Hello and thank you for standing by for Tuniu's 2023 First Quarter Earnings Conference Call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer ...