Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results and Shareholder Return Plan

NANJING, China, March 5, 2026 /PRNewswire/ — Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Highlights for the Fourth Quarter of 2025

• Net revenues in the fourth quarter of 2025 increased by 20.3% year-over-year to RMB123.5 million (US$17.7 million^[1]).
• Revenues from package tours in the fourth quarter of 2025 increased by 35.3% year-over-year to RMB102.1 million (US$14.6 million).
• Net income in the fourth quarter of 2025 was RMB1.5 million (US$0.2 million), compared to a net loss of RMB25.1 million in the fourth quarter of 2024.

"We are pleased to report strong performance for the fourth quarter of 2025," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "Net revenues increased by 20.3% year-over-year, while revenues from packaged tours grew by 35.3% year-over-year. We achieved a year-over-year return to profitability in the fourth quarter and once again delivered full-year profitability, marking the third consecutive year of full-year non-GAAP profitability. In 2025, we adopted a proactive product strategy and an open sales channel approach, driving sustained business growth. In addition, supported by new technologies, we continuously optimized our internal operations and management, achieving ongoing cost reductions and efficiency improvements. Looking ahead to 2026, we will continue to enhance our performance and profitability, striving to create greater value for both our customers and shareholders."

Fourth Quarter 2025 Results

Net revenues were RMB123.5 million (US$17.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 20.3% from the corresponding period in 2024.

• Revenues from packaged tours were RMB102.1 million (US$14.6 million) in the fourth quarter of 2025, representing a year-over-year increase of 35.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
• Other revenues were RMB21.5 million (US$3.1 million) in the fourth quarter of 2025, representing a year-over-year decrease of 21.4% from the corresponding period in 2024. The decrease was primarily due to the decrease of merchandise sales.

Cost of revenues was RMB53.5 million (US$7.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 62.5% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 43.3% in the fourth quarter of 2025, compared to 32.1% in the corresponding period in 2024.

Gross profit was RMB70.0 million (US$10.0 million) in the fourth quarter of 2025, which was almost in line with gross profit in the fourth quarter of 2024.

Operating expenses were RMB69.0 million (US$9.9 million) in the fourth quarter of 2025, representing a year-over-year decrease of 16.4% from the corresponding period in 2024.

• Research and product development expenses were RMB12.3 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 7.6%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.0% in the fourth quarter of 2025.
• Sales and marketing expenses were RMB44.1 million (US$6.3 million) in the fourth quarter of 2025, representing a year-over-year increase of 3.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.7% in the fourth quarter of 2025.
• General and administrative expenses were RMB12.8 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 52.2%. The decrease was primarily due to the impairment of property and equipment, net recorded in the fourth quarter of 2024. General and administrative expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2025.

Income from operations was RMB1.1 million (US$0.2 million) in the fourth quarter of 2025, compared to a loss from operations of RMB12.7 million in the fourth quarter of 2024. Non-GAAP^[2] income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.1 million (US$0.4 million) in the fourth quarter of 2025.

Net income was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss of RMB25.1 million in the fourth quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025. 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB24.2 million in the fourth quarter of 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025.

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.1 billion (US$162.9 million). 

Fiscal Year 2025 Results

Net revenues were RMB578.0 million (US$82.6 million) in 2025, representing a year-over-year increase of 12.5% from 2024.

• Revenues from packaged tours were RMB493.5 million (US$70.6 million) in 2025, representing a year-over-year increase of 21.1% from 2024. The increase was primarily due to the growth of organized tours and self-guided tours.
• Other revenues were RMB84.5 million (US$12.1 million) in 2025, representing a year-over-year decrease of 20.4% from 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products.

Cost of revenues was RMB243.0 million (US$34.7 million) in 2025, representing a year-over-year increase of 56.2% from 2024. As a percentage of net revenues, cost of revenues was 42.0% in 2025, compared to 30.3% in 2024.

Gross profit was RMB335.0 million (US$47.9 million) in 2025, representing a year-over-year decrease of 6.4% from 2024.

Operating expenses were RMB323.7 million (US$46.3 million) in 2025, representing a year-over-year increase of 9.8% from 2024.

• Research and product development expenses were RMB59.0 million (US$8.4 million) in 2025, representing a year-over-year increase of 12.0%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.2% in 2025.
• Sales and marketing expenses were RMB193.9 million (US$27.7 million) in 2025, representing a year-over-year increase of 7.5%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.5% in 2025.
• General and administrative expenses were RMB71.8 million (US$10.3 million) in 2025, representing a year-over-year decrease of 18.0%. The decrease was primarily due to the decrease in general and administrative personnel related expenses and impairment of property and equipment, net. General and administrative expenses as a percentage of net revenues were 12.4% in 2025.

Income from operations was RMB11.2 million (US$1.6 million) in 2025, compared to an income from operations of RMB63.3 million in 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB22.7 million (US$3.2 million) in 2025.

Net income was RMB29.7 million (US$4.2 million) in 2025, compared to a net income of RMB83.7 million in 2024. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB41.1 million (US$5.9 million) in 2025.

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB31.1 million (US$4.5 million) in 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB77.2 million in 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB42.6 million (US$6.1 million) in 2025.

Business Outlook

For the first quarter of 2026, Tuniu expects to generate RMB125.7 million to RMB131.6 million of net revenues, which represents a 7% to 12% increase year-over-year compared with net revenues in the corresponding period in 2025. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Share Repurchase Update

In August 2025, the Company’s Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares ("ADSs") representing ordinary shares. As of February 28, 2026 the Company had repurchased an aggregate of approximately 4.5 million ADSs for approximately US$3.8 million from the open market under the share repurchase program.

Shareholder Return Plan

In March 2026, the Company’s Board of Director approved a three-year shareholder return plan, under which the Company may, during the three-year period from the date of approval, (i) declare and distribute cash dividends of no more than US$30 million and (ii) repurchase of its Class A Ordinary Shares and/or ADSs of no more than US$20 million. The shareholder return plan will run in addition to the Company’s existing share repurchase program adopted in August 2025. Under the shareholder return plan, the Board of Directors reserves the discretion to determine the form, timing, and amount of the capital return measures based on the Company’s financial condition, results of operations, capital requirements and other relevant factors.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 5, 2026, (9:00 pm, Beijing/Hong Kong Time, on March 5, 2026) to discuss the fourth quarter and fiscal year 2025 financial results.

To participate in the conference call, please dial the following numbers:

Conference ID: Tuniu 4Q 2025 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 12, 2026. The dial-in details are as follows:

Replay Access Code: 8431671

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com. 

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income from operations, net income, net income attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

(Financial Tables Follow)