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].

Core Insights - China has introduced a trial visa-free policy for Russian citizens, allowing them to stay in China for up to 30 days without a visa from September 15, 2025, to September 14, 2026, marking a significant shift in travel and cooperation between the two countries [2][10][14] Travel and Tourism Impact - The announcement of the visa waiver led to a dramatic increase in flight searches from Moscow to China, with searches nearly doubling and peaking at four times the usual volume shortly after the announcement [4][11] - Russian tourists are expected to significantly increase, with estimates suggesting a boost in tourist flows from Russia by 30 to 40 percent due to the new policy [10][12] - In the first half of 2025, 836,600 Russians visited China for tourism and private purposes, reflecting a 38.5 percent increase from the previous year [12] Cultural and Economic Relations - The visa-free policy is seen as a testament to the deepening partnership between China and Russia, facilitating more frequent interactions among citizens and business leaders [14][15] - Cultural exchanges are also being promoted, with numerous events planned as part of the 2024-25 China-Russia Years of Culture, including film and opera collaborations [16][18][19] - The policy aligns with China's broader strategy to enhance its accessibility as a travel destination and strengthen bilateral ties through people-to-people exchanges [13][20]