Tuniu Corp. Q4 FY2025 earnings call

• Business continued to maintain solid growth momentum in the fourth quarter with net revenues increasing 20% year over year and core packaged tour products revenues rising 35% year over year, and achieved profitability for both the quarter and the year, marking the third consecutive year of full year non-GAAP profitability post-pandemic. • Announced a long-term shareholder return plan totaling up to $50 million to be carried out from March 2026 via cash dividends and share repurchases. • Travel market grew healthily in the past year with national holiday extensions and favorable policies stimulating domestic travel demand and increasing visa-free destinations making it easier for Chinese travelers to explore overseas. • In 2025, adopted a more proactive product strategy, differentiating products and product lines to target distinct customer segments and offering a richer tailored portfolio based on customer needs, leveraging supply chain growth to enhance price competitiveness. • Continued to pursue an open and collaborative approach, attracting high-quality partners to expand new channels and enhance service quality, with contributions from channels like live streaming, offline stores, and corporate clients increasing as a share of transaction volume. • Actively embraced new technologies, launched self-developed travel AI agent AI Assistant Xiao Niu in April 2025, integrating vertical travel application scenarios with large language models to provide one-stop services and improving operational efficiency by integrating technological tools into daily operations.

For the fourth quarter of 2025, net revenues were RMB123.5 million, representing a year-over-year increase of 20%. Revenues from packaged tours were up 35% year over year to RMB102.1 million and accounted for 83% of total net revenues for the quarter. For full year 2025, net revenues were RMB578 million, a 13% year-over-year increase. Revenues from packaged tours were up 21% year over year to RMB493.5 million and accounted for 85% of total net revenues in 2025.

• For 2026, the company expects to generate RMB100 million to RMB131.6 million of net revenues, which represents a 7% to 12% increase year over year. This forecast reflects current and preliminary views on the industry and operations, subject to change.

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