Tuniu (TOUR) Q3 2025 earnings summary

Executive summary

• Net revenues for Q3 2025 reached RMB 202.1 million (US$28.4 million), up 9% year-over-year, driven by strong packaged tour sales and travel demand.

• Packaged tour revenues grew 12.4% year-over-year, maintaining double-digit growth for consecutive quarters, while other revenues declined 13.7% due to lower commission fees.

• Quarterly profitability was achieved on both GAAP and non-GAAP bases, with net income attributable to shareholders of RMB 19.8 million and non-GAAP net income of RMB 21.8 million.

• Management highlighted ongoing technology and product innovation, including AI applications to enhance efficiency and customer experience.

Financial highlights

• Net revenues reached RMB 202.1 million, up 9% year-over-year.

• Packaged tours contributed RMB 179 million (89% of total), up 12.4% year-over-year.

• Gross profit was RMB 109.6 million, down 10% year-over-year, with gross margin at 54.2%.

• Operating expenses were RMB 95.8 million, up 3.4% year-over-year.

• Non-GAAP net income attributable to ordinary shareholders was RMB 21.8 million (US$3.1 million).

Outlook and guidance

• Q4 2025 net revenues are expected to be RMB 111.0–116.1 million, representing 8–13% year-over-year growth.

• Management aims for non-GAAP break-even profitability in Q4.

• Packaged tours are expected to outpace overall revenue growth.