Core Viewpoint - Tuniu Corporation, a leading online leisure travel company in China, is set to release its unaudited financial results for the fourth quarter and fiscal year 2025 on March 5, 2026, before market opening [1] Financial Results Announcement - Tuniu will announce its financial results for the fourth quarter and fiscal year ended December 31, 2025, on March 5, 2026 [1] - An earnings conference call will be held at 8:00 am U.S. Eastern Time on the same day [1] - The call can be accessed through various dial-in numbers provided for different regions [1] Company Overview - Tuniu Corporation operates as a leading online leisure travel company in China, offering a wide range of travel services including packaged tours and travel-related services [1] - The company provides a one-stop leisure travel solution through its website and mobile platform, supported by a dedicated customer service team and an extensive offline retail network [1]

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].

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 [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, 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]

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Core Viewpoint - Tuniu Corporation has received approval from Nasdaq to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market, effective November 24, 2025 [1] Company Summary - Tuniu Corporation is a leading online leisure travel company in China [1] - The transfer of the listing involves the Company's American Depositary Shares (ADSs), with each ADS representing three Class A ordinary shares [1]

Core Viewpoint - Tuniu Corporation, a leading online leisure travel company in China, is set to release its unaudited financial results for the third quarter of 2025 on December 5, 2025, before market opening [1]. Company Overview - Tuniu Corporation (NASDAQ:TOUR) specializes in providing integrated travel services, including a wide range of packaged tours and travel-related services for leisure travelers through its online platform tuniu.com and mobile applications [3]. - The company offers one-stop leisure travel solutions, enhanced customer experience through its online platform, and offline service network, which includes professional customer service representatives, 24/7 call centers, and a network of offline retail stores and local tour operators [3]. Earnings Conference Call - Tuniu's management will conduct an earnings conference call on December 5, 2025, at 8:00 am U.S. Eastern Time, with access available via multiple dialing options for different regions [2]. - A telephone replay of the conference call will be accessible one hour after the call concludes, lasting until December 12, 2025 [2]. - A live and archived webcast of the conference call will also be available on Tuniu's investor relations website [2].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a focus on fundamental analysis [1] Group 2 - The company expresses a beneficial long position in the shares of TOUR, indicating confidence in its performance [2] - The article reflects the author's personal opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship with any company whose stock is discussed, ensuring an unbiased perspective [2]

Group 1 - The article emphasizes a long-only investment strategy that evaluates companies from an operational and buy-and-hold perspective, focusing on long-term earnings power and competitive dynamics rather than market-driven price actions [1] - Quipus Capital's approach suggests that most recommendations will be holds, indicating a cautious stance in a bullish market, with only a small fraction of companies deemed suitable for buying at any given time [1] - The hold articles are intended to provide valuable information for future investors and introduce a healthy skepticism towards the prevailing market optimism [1] Group 2 - The analyst has disclosed a beneficial long position in the shares of TOUR, indicating personal investment interest in the company [2] - The article reflects the author's personal opinions and is not influenced by compensation from any company mentioned, ensuring an independent viewpoint [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole, highlighting the diversity of opinions among its analysts [3]