Financial Data and Key Metrics Changes - In Q4 2025, net revenues increased by 20% year-over-year to RMB 123.5 million, exceeding previous guidance [3][16] - Revenues from package tours grew by 35% year-over-year to RMB 102.1 million, accounting for 83% of total net revenues [16] - For the full year 2025, net revenues reached RMB 578 million, a 13% year-over-year increase [19] - Net income attributable to ordinary shareholders was RMB 31.1 million for 2025, with non-GAAP net income at RMB 42.6 million [20] Business Line Data and Key Metrics Changes - Package tour revenues accounted for 85% of total net revenues in 2025, with a 21% year-over-year increase [19] - Other revenues decreased by 20% year-over-year to RMB 84.5 million, primarily due to a decline in commission fees from other travel-related products [19] - Transaction volume from corporate clients increased by over 20% year-over-year in Q4 2025 [13] Market Data and Key Metrics Changes - The travel market showed healthy growth, supported by national holiday extensions and favorable policies stimulating domestic travel demand [4] - Live streaming contributed over 15% to total transaction volume in 2025, up from approximately 10% in 2024 [10] Company Strategy and Development Direction - The company adopted a proactive product strategy in 2025, targeting distinct customer segments and offering a tailored portfolio [4] - A long-term shareholder return plan of up to $50 million was announced, reflecting confidence in the travel industry's long-term outlook [3] - The company plans to continue expanding self-guided tour products and enhancing service quality through technology and partnerships [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook of the travel industry, citing healthy market growth and increased demand for travel [4] - The company aims to refine products and services while diversifying channels to support stable and sustainable growth [15] Other Important Information - The company achieved profitability for both Q4 and the full year 2025, marking the third consecutive year of non-GAAP profitability post-pandemic [3] - Cash and cash equivalents, along with short-term investments, totaled RMB 1.1 billion as of December 31, 2025 [18] Q&A Session Summary - There were no questions during the Q&A session [21]

Financial Data and Key Metrics Changes - In Q4 2025, net revenues increased by 20% year-over-year to RMB 123.5 million, exceeding previous guidance [3][16] - Revenues from package tours grew by 35% year-over-year to RMB 102.1 million, accounting for 83% of total net revenues [16] - For the full year 2025, net revenues reached RMB 578 million, a 13% year-over-year increase, with package tour revenues up 21% to RMB 493.5 million [19][20] - Gross profit for Q4 2025 was RMB 17 million, nearly unchanged from Q4 2024, while full year gross profit was RMB 335 million, down 6% year-over-year [17][20] - Net income attributable to ordinary shareholders was RMB 1.5 million in Q4 2025 and RMB 31.1 million for the full year [18][20] Business Line Data and Key Metrics Changes - Package tours and self-guided tours were the primary growth drivers, with organized tours contributing significantly to revenue increases [19] - Other revenues decreased by 21% year-over-year in Q4 2025, primarily due to a decline in merchandise sales [16] - Transaction volume from corporate clients increased by over 20% year-over-year in Q4 2025, indicating strong demand in that segment [12][13] Market Data and Key Metrics Changes - The travel market showed healthy growth, supported by extended national holidays and favorable policies that stimulated domestic travel demand [4] - Live streaming channels contributed over 15% to total transaction volume in 2025, up from approximately 10% in 2024, reflecting a growing trend in customer engagement [10] Company Strategy and Development Direction - The company adopted a proactive product strategy in 2025, targeting distinct customer segments and offering a tailored portfolio [4] - A long-term shareholder return plan of up to $50 million was announced, reflecting confidence in the travel industry's long-term outlook [3] - The company plans to continue expanding self-guided tour products and enhancing service quality through technology and partnerships [10][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the travel industry, citing increased demand for both domestic and international travel [4] - The company aims to refine products and services while diversifying channels to support stable growth in the coming years [15] Other Important Information - The company has over 400 offline stores nationwide, with transaction volume from these stores increasing by nearly 20% year-over-year [12] - Cash and cash equivalents as of December 31, 2025, totaled RMB 1.1 billion, indicating a strong liquidity position [18] Q&A Session Summary - There were no questions during the Q&A session, indicating a lack of immediate inquiries from analysts or investors [22]