Tuniu (TOUR) Q1 2024 earnings summary

Executive summary

• Net revenues rose 71% year-over-year to CNY 108 million, driven by strong recovery in the travel market and robust growth in package tours.

• Achieved first-ever Q1 GAAP profitability since listing, with net income of CNY 22 million and non-GAAP net income of CNY 27.7 million.

• Gross profit increased by 111% year-over-year to CNY 82 million, reflecting improved margins.

• In-house package tours and Niu Tour products contributed significantly to revenue and profit, with Niu Tour GMV up over 60% sequentially.

• Loyal customers accounted for over 65% of total transaction volume in Q1, reflecting strong brand loyalty.

Financial highlights

• Net revenues: CNY 108 million, up 71% year-over-year.

• Package tour revenues: CNY 83 million, up 107% year-over-year, representing 77% of total net revenues.

• Gross profit: CNY 82 million, up 111% year-over-year.

• Operating expenses: CNY 69.7 million, up 25% year-over-year.

• Cash and equivalents: CNY 1.2 billion as of March 31, 2024.

Outlook and guidance

• Q2 2024 net revenues expected at CNY 114.9–119.9 million, a 15–20% year-over-year increase.

• Outbound travel expected to maintain significant growth momentum in the summer, with bookings for Japan already exceeding last year.

• Gross margin projected to remain above 70% due to focus on profitable in-house products and cost control.