Tuniu(US:TOUR)2022-03-17 17:25Financial Data and Key Metrics Changes - In Q4 2021, net revenues were RMB 73.4 million, a year-over-year decrease of 38% from Q4 2020, primarily due to COVID-19 impacts [16] - Revenues from packaged tours decreased by 49% year-over-year to RMB 42.8 million, accounting for 58% of total net revenues for the quarter [16] - Gross margin improved to 47% in Q4 2021 from 40% in Q4 2020 [17] - For the full year 2021, net revenues were RMB 426.3 million, a 5% year-over-year decrease [19] - Packaged tour revenues increased by 1% year-over-year to RMB 305.3 million, accounting for 72% of total net revenues [20] - Net loss attributable to ordinary shareholders was RMB 121.5 million in 2021 [21] Business Line Data and Key Metrics Changes - Revenues from packaged tours were significantly impacted by COVID-19, but self-operated local tour operators achieved over 15% growth year-over-year [11] - Customized tours saw a record single-day booking volume of 30% of total bookings during member days sales [10] - Research and product development expenses increased by 5% year-over-year to RMB 13.5 million in Q4 2021 [18] Market Data and Key Metrics Changes - The resurgence of COVID-19 in certain regions of China negatively impacted travel demand and revenues [16] - Bookings of luxury and theme park hotels increased by over 50% year-over-year during the spring festival [10] Company Strategy and Development Direction - The company focuses on creating a vertically integrated supply chain to enhance operational efficiency and customer experience [7] - Tuniu aims to leverage digitalization across the entire industry chain to improve service quality and reduce costs [8] - The company plans to introduce more high-quality products and services in response to changing customer expectations in the post-COVID-19 era [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the recovery of the travel industry in 2022 is limited due to ongoing COVID-19 challenges [26] - The company will continue to prioritize product innovation and service improvement while maintaining strict cost control measures [27] - Future financial guidance remains uncertain due to the dynamic external environment, but the company is optimistic about improving profit margins [27] Other Important Information - Tuniu's customer service team has adapted to provide 24/7 support, especially during emergencies, reflecting a commitment to customer-first principles [12] - The company has embraced live streaming as a key sales channel, enhancing customer engagement and product promotion [13] Q&A Session Summary Question: What is the view on the recovery of the travel industry in 2022 compared to the previous year? - Management indicated that the travel market experienced both rebounds and disruptions, with a significant increase in packaged tour revenues during the second quarter of 2021, but ongoing COVID-19 challenges have limited recovery in 2022 [25] Question: What are the company's strategies and priorities for this year? - The company will focus on product innovation, service improvement, and digitalization to enhance customer experience and operational efficiency [26][27] Question: Is there any guidance on the financial components of 2022? - Management stated that it is difficult to provide specific top-line guidance due to the changing external environment, but they expect to improve profit margins through integration and digitalization strategies [27]