Tuniu (TOUR) Q2 2025 earnings summary

Executive summary

• Net revenues rose 15.3% year-over-year to RMB134.9 million in Q2 2025, driven by a 26.3% increase in packaged tours revenue, which accounted for 84% of total net revenues.

• Quarterly profitability achieved on both GAAP and non-GAAP basis, with net income at RMB14.1 million (GAAP) and non-GAAP net income at RMB16.1 million.

• Growth driven by strong holiday demand, expanded product offerings, and diversified sales channels including live streaming and offline stores.

• Continued integration of supply chain, product, and sales channels, and expanded digital technology applications.

Financial highlights

• Gross profit increased 1.9% year-over-year to RMB86.0 million, with gross margin at 63.8%.

• Operating expenses rose 58% year-over-year to RMB78.9 million, mainly due to higher R&D, sales/marketing costs, and a prior-year gain on subsidiary disposals.

• Cash, cash equivalents, restricted cash, short-term investments, and long-term deposits totaled RMB1.2 billion as of June 30, 2025.

• Cash flow from operations was RMB46 million; capital expenditures were RMB1 million.

Outlook and guidance

• Q3 2025 net revenues expected between RMB199.0 million and RMB208.3 million, a 7%–12% year-over-year increase.

• Continued focus on profitability and adapting to evolving customer preferences during peak travel season.

• Guidance reflects current industry and operational outlook, subject to change.