Tuniu (TOUR) Q4 2024 earnings summary

Executive summary

• Achieved first full-year GAAP profit since listing, with non-GAAP net income up over 70% year-over-year to a record high since IPO.

• Net income reached RMB83.7 million in 2024, reversing a net loss of RMB101.1 million in 2023.

• Revenues from package tours grew 22.2% year-over-year to RMB407.5 million in 2024.

• Returned approximately $10 million to shareholders via a special cash dividend and share repurchase program.

• Focused on product innovation, customer experience, and expansion of both online and offline sales channels.

Financial highlights

• FY 2024 net revenues: RMB 513.6 million, up 16.4% year-over-year; package tours accounted for 73% of total net revenues.

• Gross profit for 2024 rose 21.9% to RMB358.0 million; gross margin improved as cost of revenues as a percentage of net revenues fell to 30.3%.

• Operating expenses dropped 25.5% year-over-year, mainly due to the absence of a prior-year goodwill impairment.

• Non-GAAP net income for 2024 was RMB87.3 million, up from RMB50.8 million in 2023.

• Cash and equivalents, restricted cash, short-term investments, and long-term time deposits totaled RMB1.3 billion as of December 31, 2024.

Outlook and guidance

• Q1 2025 net revenues expected to be RMB 116.6–122 million, representing 8–13% year-over-year growth.

• Plans to double offline stores, expand live streaming, and invest in AI and product innovation.

• Aims for full-year profitability in 2025, with seasonality expected to impact quarterly results.

• Management remains focused on innovation and high-quality development for 2025.