Tuniu (TOUR) Q4 2025 earnings summary

Executive summary

• Net revenues for Q4 2025 grew 20.3% year-over-year to RMB 123.5 million, with package tours up 35.3% to RMB 102.1 million, surpassing guidance.

• Achieved profitability for both Q4 and full year 2025, marking the third consecutive year of non-GAAP profitability post-pandemic; Q4 net income was RMB 1.5 million, reversing a prior year loss.

• Announced a long-term shareholder return plan of up to $50 million (US$30 million in dividends and US$20 million in share repurchases) over three years starting March 2026.

• Continued to expand product offerings, channels, and technology adoption, including AI integration and live streaming sales.

• Fiscal year 2025 net revenues increased 12.5% year-over-year to RMB 578 million, with package tours up 21.1%.

Financial highlights

• Q4 2025 net revenues: RMB 123.5 million, up 20.3% year-over-year; package tours: RMB 102.1 million, up 35.3% year-over-year.

• Q4 2025 gross profit: RMB 70 million, flat year-over-year; operating expenses: RMB 69 million, down 16.4% year-over-year.

• Q4 2025 net income attributable to shareholders: RMB 1.5 million; non-GAAP net income: RMB 3.5 million.

• Full year 2025 net income attributable to shareholders: RMB 29.7 million; non-GAAP net income: RMB 41.1 million.

• FY 2025 gross profit was RMB 335 million, down 6.4% year-over-year.

Outlook and guidance

• Q1 2026 net revenues expected to be RMB 125.7 million–RMB 131.6 million, representing 7%–12% year-over-year growth.