Tuniu Corp. Q3 FY2025 earnings call

• In the third quarter, with the peak travel season approaching, demand for travel accelerated and Tuniu recorded year-over-year growth in transaction volume and number of trips booked for both domestic and outbound travel. Net revenues increased by 9% year-over-year, with core packaged tour products' revenues growing by 12%. • Tapped into core capabilities across products, supply chain, and sales channels to tailor portfolio to market demand and enhanced operational efficiency via technology tools. • For products, focused on customer needs, introduced niche destination products, expanded long-haul island offerings, and had self-drive tour products covering all provinces in Chinese Mainland. Live streaming saw double-digit growth in payments and verification volume, with offline stores expanding and transaction volume from them increasing nearly 20% year-over-year. Corporate customer transaction volume also had double-digit year-over-year growth. • Leveraged supply chain advantages, expanded destination coverage for new select products, and used on-site live streaming for domestic destinations.

In the third quarter, net revenues increased by 9% year-over-year. Revenues from core packaged tour products grew by 12%. Packaged tour revenues were CNY 179 million, accounting for 89% of the total net revenues of CNY 202.1 million. Other revenues were CNY 23 million, accounting for 11% of the total net revenues.

• For the fourth quarter of 2025, the company expects to generate CNY 111 million to CNY 116.1 million of net revenues, representing an 8% to 13% increase year-over-year. • Forecast reflects current and preliminary view on the industry and operations, subject to change.

Q: Can management share the revenue proportions by domestic and outbound tours in the third quarter? Well second, can you please elaborate on travel performance during this year's National Day holiday. Will our company still remain profitable in the fourth quarter?

A: For the first question, currently domestic tour still dominate. In the third quarter, domestic tours consisted of about 2/3 of total GMV and overseas tours consisted of 1/3. For the National Day holiday, both domestic and outbound travel market saw healthy increase, with both GMV and number of trips having double-digit growth compared with the same period last year. For the fourth quarter, expects 8% to 13% year-over-year increase in net revenues and aims to achieve non-GAAP breakeven or profitability.