Tuniu (TOUR) Q1 2026 earnings summary

Executive summary

• Net revenues increased by 13% year-over-year in Q1 2026, driven by growth in both domestic and outbound travel markets, as well as packaged and self-guided tours, supported by the longest Chinese New Year holiday on record.

• Achieved non-GAAP profitability for the fifth consecutive quarter, with non-GAAP net income of RMB 2.6 million, reflecting operational improvements and cost control.

• Net income attributable to ordinary shareholders was RMB 0.7 million, reversing a net loss in Q1 2025.

• Continued expansion of supply chain and sales channels, leveraging technology, partnerships, and live streaming to enhance product offerings and customer reach.

• Live streaming and offline store channels contributed significantly to transaction growth and customer acquisition.

Financial highlights

• Q1 2026 net revenues were RMB 132.6 million, up 13% year-over-year.

• Revenues from package tours rose 11% year-over-year to RMB 109.7 million, accounting for 83% of total net revenues.

• Other revenues increased 24% year-over-year to RMB 22.9 million, mainly from advertising services.

• Gross profit was RMB 73.6 million, up 6% year-over-year; operating expenses were RMB 77.3 million, down 4% year-over-year.

• Cash, cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB 1 billion as of March 31, 2026.

Outlook and guidance

• Q2 2026 net revenues expected to be RMB 134.9–141.6 million, representing a 0%–5% year-over-year increase.

• Spring break policies and longer holidays are expected to stimulate travel demand, while rising airfares pose a headwind, especially for short-haul and air ticketing.

• Summer vacation bookings show strong demand for long-haul outbound tours and destinations with cooler weather.