Tuniu Corp. Sponsored ADR Class A Stock price
Is Tuniu Corp. Sponsored ADR Class A a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $49.52m | Revenue (TTM) = $89.41m
Market Cap = $49.52m | Estimated Revenue = $92.69m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $-96.85m | Revenue (TTM) = $89.41m
Enterprise Value = $-96.85m | Forward Revenue = $92.69m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
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Tuniu Corp. Sponsored ADR Class A Stock Analysis
Analyst Opinions
7 Analysts have issued a Tuniu Corp. Sponsored ADR Class A forecast:
Analyst Opinions
7 Analysts have issued a Tuniu Corp. Sponsored ADR Class A forecast:
Tuniu Corp. Sponsored ADR Class A Events
Past Events
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AUG
25
Q2 2026 Earnings Call
about 2 months ago
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JUN
5
Q1 2026 Earnings Call
5 months ago
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MAR
5
Q4 2025 Earnings Call
8 months ago
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DEC
5
Q3 2025 Earnings Call
11 months ago
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StocksGuide Free
Tuniu Corp. Sponsored ADR Class A — Q2 2026 Earnings Call
1. Management Discussion
Hello, and thank you for standing by for Tuniu's 2026 Second Quarter Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary.
Thank you, and welcome to our 2026 quarter earnings conference call. Joining me on the call today are Donald Yu Tuniu's Founder, Chairman and Chief Executive Officer; and Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operational highlights and financial performance for the second quarter of 2026.
Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu.
Thank you, Mary. Good day, everyone. Welcome to our second quarter 2026 earnings conference call. Supported by favorable policies such as the introduction of spring breaks, the domestic travel market maintained steady growth in the second quarter. Meanwhile, the overall travel market faced some uncertainties with certain outbound destinations experiencing headwinds. Despite these challenges, we maintained revenue growth in the second quarter and achieved non-GAAP profitability for the sixth consecutive quarter.
During the quarter, we continued to execute our diversified product and sales channel strategy. Guided by customer needs, we further enriched our product offerings across categories, destinations and price tiers. For our sales channels, we continued to work with a broad range of partners to better reach different customer segments. Let me walk you through some of our key initiatives in more detail. On the product side, as customers increasingly seek more personalized [ travel ] and flexible travel options, we have continued to expand and refine our product portfolio. First, we further expanded our product offerings to include more small group tours, private tours, customized tours, self-driving tours and other travel-related products.
For growth tours have been well received by younger travelers for their flexibility and strong value proposition, while private tours have gained popularity among family travelers for their more personalized and private travel experience. Better serve the needs of self-guided travelers, we also expanded our hotel-centric self-guided tour products and broadened our portfolio of other travel-related products, including hotels, car rentals and the destination experiences.
Second, in addition to enhancing our Niu tour products for the mass market and our value-oriented Niu Select series, we introduced a number of premium private tour products during the quarter to meet demand from customers seeking higher quality travel experiences.
These products feature premium accommodations, dedicated car services and other upgraded travel experiences. For example, our premium private tour package to Singapore for the summer season launched in late June has been well received by family travelers with sales volume exceeded RMB 10 million to date. We also continue to expand our product offerings for different customer segments. For family-oriented customers, we launched a range of travel products during the spring break season centered on East China. For senior travelers, we introduced a longer duration organized tours of more than 15 days as well as off-peak travel products scheduled outside major holiday period. By better aligning our products with the preferences of different customer segments.
This offerings have delivered higher conversion and redemption rates. On the sales side, we adopted more targeted marketing initiatives. We launched a series of online seminars, inviting customers interested in specific products or destinations to learn more through detailed presentations and interactive activities, helping deepen customer engagement and interest. Also introduced dedicated live streaming shows focused on specific products and destinations, providing viewers with more in-depth and specialized content.
These targeted live streaming shows have generally delivered higher redemption rates. In addition to more targeted product offerings and marketing initiatives, we continued to expand our partnerships across sales channels. In live streaming, we further extended our presence to multiple major platforms while also deepening cooperation with MCN agencies. Leveraging our comprehensive portfolio of high-quality leisure travel products and well-established fulfillment capabilities, together with the extensive viewer reach of our MCN partners, we are able to increase sales scale and expand our customer base. In the second quarter, both payment and verification volume generated through our live streaming channels continued to record double-digit year-over-year growth. In the second quarter, transaction volume from our off-line stores have also continued to record double-digit year-over-year growth.
As of today, we operate approximately 500 offline stores. Our offline store network has contributed to sales growth and expanded the reach of our service network. While we continue to provide stores with tailored products that help them better serve and attract local customers. During the second quarter, demand for customized travel solutions from corporate clients increased. Leveraging our industry experience and high-quality products and services, we worked with a number of well-known enterprise to plan and deliver corporate travel tours, including team building activities and incentive travel.
From a technology perspective, we have integrated AI into a broader range of workflows such as building knowledge bases, creating promotional materials and assisting with order processing. AI tools have become valuable assistants to many employees, helping them work more efficiently while reducing operating costs. On the customer side, we upgraded our travel AI agent, AI assistant Xiao Niu with integrated booking and order processing capabilities. Customers can now complete the entire booking process for stand-alone travel products, including flights, hotels and [ attraction ] tickets through AI from initial inquiry to final booking. In addition, Xiao Niu can search, plan and compare itineraries based on different travel scenarios such as business trips or vacations as well as customers' individual preferences.
Delivering a more personalized travel planning experience. As we enter the summer travel season, we are well positioned to support the increased demand during the peak travel period. While there may still be some uncertainties in the second half of the year, we are confident in the growth of travel demand and the resiliency of both the travel industry and our business. We remain committed to providing customers with high-quality products and services.
I'll now turn the call over to Anqiang, our Financial Controller, for the financial highlights.
Thank you, Donald. Hello, everyone. Now I will walk you through our second quarter of 2026 financial results in greater detail. Please note that all monetary amounts are in RMB, unless otherwise stated. You can find the U.S. dollar equivalent of the numbers in our earnings release. For the second quarter of 2026, net revenues were CNY 138.9 million, representing a year-over-year increase of 3% from the corresponding period in 2025.
Revenues from packaged tours were up 7% year-over-year to CNY 121.1 million and accounted for 87% of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours. Other revenues were down 17% year-over-year to CNY 17.8 million and accounted for 13% of our total net revenues. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus. Gross profit for the second quarter of 2026 were CNY 76.4 million, down 11% year-over-year. Operating expenses for the second quarter of 2026 were CNY 82.5 million, up 5% year-over-year. Research and product development expenses for the second quarter of 2026 were CNY 13.8 million, down 16% year-over-year.
The decrease was primarily due to the decrease in research and product development personnel-related expenses. Sales and marketing expenses for the second quarter of 2026 were CNY 54.7 million, up 22% year-over-year. The increase was primarily due to the increase in promotion expenses. General and administrative expenses for the second quarter of 2026 were CNY 14.1 million, down 20% year-over-year. The decrease was primarily due to the decrease in general and administrative personnel-related expenses.
Net income attributable to ordinary shareholders of Tuniu Corporation was CNY 0.7 million in the second quarter of 2026. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets was CNY 2.2 million in the second quarter of 2026. As of June 30, 2026, the company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of CNY 1 billion.
Cash flow generated from operations for the second quarter of 2026 was CNY 46.9 million. Capital expenditures for the second quarter of 2026 were CNY 1.4 million. For the third quarter of 2026, the company expects to generate CNY 202.1 million to CNY 212.2 million of net revenues, which represents a 0% to 5% increase year-over-year. Please note that this forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.
Thank you for listening. We are now ready for your questions. Operator?
[Operator Instructions] Our first question comes from [ Sarah Zhao ] a Private Investor.
2. Question Answer
Two questions here. First, could you please share the reasons for the decrease in net profit in the second quarter? Second, could you provide more details about travel bookings in the summer and also the outlook for the profitability of the quarter?
Thank you for the questions. In the second quarter, the domestic travel market continued to grow steadily, whereas the outbound travel market met some headwinds at certain destinations. The headwinds directly impacted leisure travel to certain destinations. For example, the Middle East and Africa recorded over 20% year-over-year decrease of transaction volume during the quarter. As a result, outbound tours accounted for about 30% of our total GMV for the second quarter compared to over 1/3 in the same period last year.
Moreover, the promotional activities from certain destinations were suspended. In the second quarter, our other revenues decreased about 70% year-over-year, mainly due to reduction in fees for advertising services we provided. In the domestic market, we see more rapid growth in self-guided tour products, such as our Hotel + X products. These products are usually less profitable than organized tours. For the summer vacation, domestic travel market maintained steady growth momentum, high-quality organized tour products such as small group tours and private tours are welcomed by customers. Some of our [ MCN ] partners select only small group tour products to recommend to their viewers.
Outbound market continues to face some uncertainties, which dragged down the growth of outbound travel. Destinations such as Middle East still recorded negative growth in July, but other destinations such as Singapore, Malaysia and the Americas grew healthily during the summer. As many people took off-peak travels this year with more holidays introduced, we are seeing transaction volume become more evenly spread across the months. For example, -- since the coming Mid-Autumn Festival and the National Day holiday are very close to each other.
Many people plan to take a longer vacation connecting [ two ] holidays. Therefore, we are seeing bookings in the last week of September surging. Notably, as of today, travels to long-haul outbound destinations such as Americas and Oceania during the week, we have already surpassed the same period last year. Lastly, although we don't give specific profit outlook, we will try to achieve the profitability for another quarter. Thank you.
Thank you did that answer your questions, [ Sarah ]?
Yes.
[Operator Instructions]
We are now approaching the end of the conference call. I will now turn the call over to Tuniu's Director of Investor Relations, Mary, for closing remarks.
Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.
Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.
Tuniu Corp. Sponsored ADR Class A — Q1 2026 Earnings Call
1. Management Discussion
Hello, and thank you for standing by for Tuniu's 2026 First Quarter Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary.
Thank you, Drew, and welcome to our 2026 first quarter earnings conference call. Joining me on the call today are Donald Yu, Tuniu's Founder, Chairman and Chief Executive Officer; and Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights and financial performance for the first quarter of 2026.
Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu.
Thank you, Mary. Good day, everyone. Welcome to our first quarter 2026 earnings conference call. The travel industry maintained solid growth momentum in the first quarter of 2026, supported in part by the longest Chinese New Year holiday on record with both domestic and outbound travel market seeing stable growth.
In the first quarter, our net revenues increased by 13% year-over-year. At the same time, we achieved non-GAAP profitability for the fifth consecutive quarter. This year, we will continue to strengthen both our supply chain capabilities and the sales channel development. Supported by the company's strength in products and industry insights, we aim to further enhance our travel resource base and business partnerships. We will also continue to leverage technology tools to improve operational efficiency and deliver high-quality products and services to a broader customer base.
Next, I will go through our core strategic initiatives in more detail. On the supply side, we will continue to expand our supplier network across areas such as car rentals, overseas hotels and the destination experiences with the aim of further broadening our product offering. Also, we will integrate demand for both Tuniu and our partners to further strengthen the advantages of our centralized procurement while maintaining product quality and price competitiveness.
Last year, we added connecting flight solutions to our outbound travel products, expanding departure coverage and serving more travelers from lower-tier cities. This year, we are extending our connecting flight solutions to domestic travel products, offering customers more flexible travel arrangements. For certain Niu Tour products, we provide travelers departing from different cities across China with integrated flight solutions.
In the event of delays to connecting flights, we will assist customers in completing the remaining segments of their journeys at no additional cost. High-quality products continue to play an important role in attracting our customers and partners. In line with this, Niu Tour has been one of our core high-quality organized tour products, supported by a relatively loyal customer base.
To meet evolving customer demand, Niu Tour products have expanded into long-haul and more complex destinations, including Africa and South America. This year, we continued to introduce new premium outbound Niu Tour products for experienced travelers, such as North America multi-destination itinerary covering the U.S., Canada and Mexico as well as South America and Caucasus tours, which have been well received with many repeat customers.
In terms of the domestic travel market, we see that customer demand is gradually shifting from traditional sightseeing towards more culture and experience-oriented travel. In response, we have upgraded our organized tour products through introducing more in-depth itineraries, focused on single destinations. These products reduce the number of stops within an itinerary, focus on core destinations and selected sightseeing attractions and provide travelers with more time for exploration and local experiences.
To further enhance the travel experience, many of these in-depth products are offered in small group and private group tour format. Certain Niu Tour products also feature experienced senior tour guides to provide in-depth commentary for travelers. We have seen that the number of self-guided travelers has continued to increase. To address the changing needs of this segment, we expanded our Hotel + X offerings with hotels at the core component.
To support this, we have strengthened direct sourcing of resort hotels and increased procurement of other travel-related products to broaden our offering. In addition, supported by AI and dynamic packaging technologies, many self-guided travel products are now content-driven for potential bookings. After customers input relevant information, the system can automatically generate destination recommendations and the travel itineraries.
Customers can then select their preferred elements to customize their self-guided travel packages, which offers greater flexibility and personalization in the booking process. We have continued to expand our channel presence. Also, together with our partners, we work to better identify customer needs across different channels and have accordingly adopted our products and services to support product sales.
In the first quarter, live streaming contribution to our total transaction volume further increased to over 20%. Both payments and the verification volume continued to record double-digit year-over-year growth. As we continue to gain experience in live streaming and better understand the customer preferences, we have introduced more targeted products for different customer segments. For example, for senior travelers, we introduced European tour products with itineraries longer than 15 days. While for family-oriented customers, we promoted customized Singapore tours and the private group products. These targeted initiatives improve customer acquisition efficiency and contribute to higher verification rates.
In addition, we continue to expand live streaming to destination-based scenarios. For example, we conducted onboard live stream sessions from cruise ships, providing customers with a more direct understanding of destinations and helping drive both bookings and verifications. In the first quarter, our offline store business continued to grow with transaction volume increasing by nearly 30% year-over-year. Offline stores continued to play an important role in the sales of offline tour products and the promotion of Tuniu brands.
We fully opened our systems and the product offerings to offline stores, enabling them to expand our reach into lower-tier markets and provide customers in lower-tier cities with access to a broader range of travel products, particularly outbound travel products. This year, we plan to continue expanding our offline store network.
In addition, we are further broadening our channel partnerships, backed by our solid supply chain, quality products and advanced technology tools. Our S2B2C model enables us to efficiently provide business partners with a broad range of products and services to meet the needs of their end customers. This collaborative approach creates value for both sides.
Tuniu is able to connect the supply and demand more efficiently, lower customer acquisition costs and expand sales scale, while partners can offer high-quality travel products and services to better sell and retain their customers. Going forward, we will continue to expand our partner network and jointly serve a broader customer base.
In terms of technology, we will continue to explore the application of AI technologies across various business scenarios this year, further integrating automation tools into more operational processes. Through ongoing tool upgrades and improvements to our regular operations, AI tools can assist employees in handling more repetitive tasks, allowing them to focus on more contacts and innovative work.
On the customer side, technology tools such as itinerary recommendations, stand-alone product booking and dynamic packaging provide customers with more intelligent, convenient and efficient booking experience. In particular, self-guided travelers can leverage AI-assisted tools to customize travel products based on their own preferences and needs.
This year, the travel market has seen a growing number of peak travel periods. Following the spring break and the recent holidays in the second quarter, the summer travel season is approaching. This presents both opportunities and challenges. We will continue to strengthen the supply, sales and service capabilities of our seasonal travel products and work closely with sales channel partners to provide more customers with simple, convenient and high-quality travel experiences.
I will now turn the call over to Anqiang, our financial controller, for the financial highlights.
Thank you, Donald. Hello, everyone. Now I'll walk you through our first quarter of 2026 financial results in greater detail. Please note that all monetary amounts are in RMB unless otherwise stated. You can find the U.S. dollar equivalent of the numbers in our earnings release.
For the first quarter of 2026, net revenues were CNY 132.6 million, representing a year-on-year increase of 13% from the corresponding period in 2025. Revenues from packaged tours were 11% up year-over-year to CNY 109.7 million and accounted for 83% of our total net revenues for the quarter. The increase was primarily due to the growth of online tours and self-guided tours.
Other revenues were up 24% year-over-year to CNY 22.9 million and accounted for 17% of our total net revenues. The increase was primarily due to the increase in the fees for advertising services provided to tourism boards and bureaus. Gross profit for the first quarter of 2026 was CNY 73.6 million, up 6% year-over-year. Operating expenses for the first quarter of 2026 were CNY 77.3 million, down 4% year-over-year.
Research and product development expenses for the first quarter of 2026 were CNY 13.6 million, down 7% year-over-year. The decrease was primarily due to the decrease in research and product development personnel-related expenses. Sales and marketing expenses for the first quarter of 2026 were CNY 50.5 million, up 17% year-over-year. The increase was primarily due to the increase in promotion expenses.
General and administrative expenses for the first quarter of 2026 were CNY 13.5 million, down 41% year-over-year. The decrease was primarily due to the impairment of property and equipment, net, recorded in the first quarter of 2025. Net income attributable to ordinary shareholders of Tuniu Corporation was CNY 0.7 million in the first quarter of 2026. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets was CNY 2.6 million in the first quarter of 2026.
As of March 31, 2026, the company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of CNY 1 billion. Capital expenditures for the first quarter of 2026 were CNY 0.5 million. For the second quarter of 2026, the company expects to generate CNY 134.9 million to CNY 141.6 million of net revenues, which represents a 0% to 5% increase year-over-year. Please note that this forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.
Thank you for listening. We are now ready for your questions. Operator?
[Operator Instructions] The first question comes from Kathy Liu, a private investor.
2 questions here. First, we were seeing market conditions for the second quarter look relatively mixed. With the rollout of spring break policy as a positive driver and the surging airfares as a headwind, how will these factors impact our business? And my second one is about the upcoming summer vacation. Could you kindly share some color also on the booking trends? That's all.
Thank you for the questions. Firstly, we are glad to see a lot of cities implemented spring break this year. Many of them arranged the break before timing of Labor Day holidays, forming a longer vacation. It stimulated the growth of travel, especially leisure travel in the domestic market. For example, we recorded over 50% year-over-year growth in the number of trips from April 1 till 6 this year. Moreover, during April 1 to the 3, the number of trips for family tours tripled compared to the same period last year.
Products featuring natural experiences, theme parks and study tours were most favored by families with children. We've launched several spring break-oriented products in East China, which were welcomed by the parents. We plan to expand the destination coverage and autumn break products in the second half of the year.
For the increase of airfare prices, the impact is limited on long-haul packaged tours. Such packaged tours often contain many travel resources other than airfare. So the risk can be mitigated by integrating other resources in the package. Through our coordinating with the suppliers, many long-haul outbound tour products maintain the same price despite the higher airfares.
For domestic tours, we provide alternative travel solutions such as connecting flights, train tickets and car rental. But considering headwinds at certain outbound destinations as well as airfare price impact on short-haul travels and air ticketing alone, we expect the revenues to increase up to 5% year-over-year in the second quarter.
For your second question about the summer vacation, it's still too early to tell. We have limited visibility towards the booking data due to short booking window, especially for domestic tours and the short-haul outbound tours. Based on our insight, destinations with cooler weather, such as [ Guizhou ] and Neimeng will be on the hot list.
Also, as we see the shift from traditional sightseeing to culture experience is undergoing, cities such as Beijing and [indiscernible] will be popular. For long-haul outbound tours, the bookings are on track. For example, so far, we see the booking amount for packaged tours to America in July and August has already exceeded the same period last year. Thank you.
[Operator Instructions] We are now approaching the end of the conference call. I will now turn the call over to Tuniu's Director of Investor Relations, Mary, for closing remarks.
Once again, thank you for joining us today. Please do not hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.
Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.
Tuniu Corp. Sponsored ADR Class A — Q4 2025 Earnings Call
1. Management Discussion
Hello, and thank you for standing by for Tuniu's 2025 Fourth Quarter and Full Year Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary.
Thank you, Betsy, and welcome to our 2025 Fourth Quarter and Full Year Earnings Conference Call. Joining me on the call today are Donald Yu, Tuniu's Founder, Chairman and Chief Executive Officer; and Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights and financial performance for the fourth quarter and fiscal year 2025.
Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu.
Thank you, Mary. Good day, everyone. Welcome to our fourth quarter and full year 2025 earnings conference call. In the fourth quarter, our business continued to maintain solid growth momentum. Net revenues increased by 20% year-over-year, exceeding our previous guidance. While revenues from our core packaged tour products grew at an even faster pace, rising 35% year-over-year.
At the same time, we achieved profitability for both the quarter and the year. This also marks the third consecutive year following the pandemic in which we have delivered full year non-GAAP profitability. We have announced a long-term shareholder return plan totaling up to USD 50 million to be carried out during the 3-year period from March 2026 with cash dividends and share repurchase. This plan reflects both our commitment to provide shareholders with sustainable returns and our confidence in the long-term outlook of the travel industry.
The travel market continued to grow in a healthy manner in the past year. The extension of national holidays and other favorable policies further stimulated domestic travel demand, while the increasing number of visa-free destinations made it easier for Chinese travelers to explore more destinations overseas.
In 2025, we adopted a more proactive product strategy by differentiating our products and products line. We targeted distinct customer segments and offered a richer, more tailored portfolio based on customer needs. Meanwhile, we leveraged our supply chain strength to enhance price competitiveness and attract more customers. During the year, we continued to pursue an open and collaborative approach, attracting high-quality partners to expand new channels and enhance service quality for our customers.
Contributions from channels such as live streaming, offline stores and corporate clients continued to increase as the share of Tuniu's transaction volume. In addition, we actively embraced new technologies, leveraging innovation tools to further enhance our product and service and improve operational efficiency.
Now I will walk you through our key achievements in more detail. First, our strong supply chain remains the foundation for delivering high-quality and price competitive products. In 2025, we further enhanced our direct and centralized procurement strategy in order to lower purchasing costs. Moreover, based on customer needs and pain points, we consolidated flight resources and introduced several connecting flights for Select long-haul travel products to niche destinations.
This approach further expanded our departure city coverage, making it more convenient for travelers from lower-tier cities to travel abroad. It also enabled us to take advantage of airline discounts available in those hubs, allowing us to offer even more competitive pricing to our customers and further boosted demand for related destinations. Many hub cities such as Chengdu and Wuxi are popular tourist destinations themselves, allowing travelers to combine stopovers with their visits. As a result, these products gained strong traction upon launch. For example, our Caucasus series using connecting flights recorded over 500% year-over-year growth in transaction volume in 2025. We will continue to expand these offerings by adding more departure points and destinations.
In terms of products, we continued to adopt a differentiated strategy to better serve distinct customer segments. As the core customers of our new tour products, experienced travelers and repeat customers tend to prioritize the travel experience and typically have greater flexibility in both time and budget. In 2025, Niu Tour introduced a wider range of niche destination products, including the organized tours products to the Caucasus region in April and to South America in October. At the same time, we further enhanced the travel experience of Niu Tour products by implementing a zero shopping policy throughout the trip and some including curated experiences such as Michelin-star dining and helicopter tours.
In the second half of 2024, we launched our Niu Select series, offering a wider range of cost-effective products and further expanding to Tuniu's price tiers. In 2025, we expanded our Niu Select offerings to cover a broader array of international destinations. With more competitive pricing, the Niu Select products have attract a wider customer base, enabling travelers to either reduce their travel budgets or explore additional destinations within the same budget, an option that strongly appeals to travel fans, particularly younger ones.
The Niu Select Singapore-Malaysia tour series launched in June last year, recorded over 10,000 paid bookings during the summer holiday period. We also observed a continued rise in demand for self-guided tours, particularly in the domestic travel market. Last year, we expanded the supply of our Hotel + X products with hotels at the core and supported by dynamic packaging technology. We broadened the coverage to all provinces in China, Chinese Mainland and further penetrated the lower-tier markets. During the 2025 Labor Day and National Day holidays, transaction volume for our self-drive tour products recorded a triple-digit year-over-year growth.
Going forward, we will continue this strategy by expanding the supply and destination coverage of our self-guided tour products. In addition, in 2025, we continued to explore and expand diversified channels. Live streaming is playing an increasingly important role for our sales. In 2025, both payment and verification volume through our live streaming channel continued to record double-digit year-over-year growth while achieving profitability through a single channel. Live streaming channel contributed over 15% to our total transaction volume in 2025 compared to approximately 10% in 2024.
On the product side, first, we expanded the range of live streaming offerings beyond the traditional hotel plus scenic spot packages. We added personalized service products such as travel photography as well as more high-ticket items like long-haul outbound travel products, enriching customers' choices. Second, we fully leveraged our supply chain advantages to ensure competitive pricing. For example, our Niu Select products are highly popular with live stream audiences due to their good value for money.
In terms of format, we increased the number of our outdoor live streaming shows, including inviting live streamers to broadcast live from destination sites. In March last year, Tuniu partnered with multiple live streamers to conduct a 21-day on-site live streaming campaign across 10 islands in the Maldives, generating cumulative sales of over RMB 100 million.
On the service side, with more than a decade of experience in the travel industry, we provide professional tour guidance and comprehensive travel-related services. In addition, we have a dedicated verification team and specialized system support in place to deliver a smoother redemption experience for customers. Off-line stores remain an essential part of our overall sales and service network. As of the end of 2025, we operated more than 400 stores nationwide.
We expanded our store presence in key cities, including major popular tourist destinations and transportation hubs such as Chengdu and Xi'an, building scale in local markets to enhance operational efficiency and reduce costs. In 2025, transaction volume from offline stores increased by nearly 20% year-over-year. We also continued to develop channels such as traffic platforms and corporate clients, tailoring our product offerings to the specific needs of each channel.
On traffic platforms, sales of stand-alone products such as air tickets and hotel bookings grew rapidly. For corporate clients, in addition to providing business travel booking service, we leveraged our extensive experience in the leisure segment to offer customized group travel solutions as well as personal and family vacation products for employees. In the fourth quarter of 2025, transaction value from corporate clients increased by more than 20% year-over-year.
In terms of technology, we are exploring the application of AI agents across various business scenarios. Last April, Tuniu officially launched our self-developed travel agent -- travel AI agent, AI assistant, Xiao Niu. The assistant integrates vertical travel application scenarios with large language models to provide customers with one-stop services, including smart search, automated price comparisons, personalized recommendations and dynamic packaging.
At the same time, we continued to integrate technological tools into our daily operations. These initiatives have improved efficiency and helped control operating costs. We are encouraged by the growing adoption of our AI tools among both customers and employees. In addition, we have adopted an open collaboration approach by gradually providing external AI agents such as OpenClaw with the same comprehensive travel booking capabilities available in our app via MCP interface, enabling them to search and place bookings directly.
We will continue to embrace new technology to support high-quality growth. Over the past year, we made steady progress while managing a range of challenges. Overall, the company continues to move forward on a sustainable development path. In the year ahead, we will remain focused on customer needs, continue refining our products and services and expand our reach through diversified channels to support stable and sustainable growth.
I will now turn the call over to Anqiang, our Financial Controller, for the financial highlights.
Thank you, Donald. Hello, everyone. Now I'll walk you through our fourth quarter and fiscal year 2025 financial results in greater detail. Please note that all monetary amounts are in RMB, unless otherwise stated. You can find the U.S. dollar equivalent of the numbers in our earnings release.
For the fourth quarter of 2025, net revenues were CNY 123.5 million, representing a year-over-year increase of 20% from the corresponding period in 2024. Revenues from packaged tours were up 35% year-over-year to CNY 102.1 million and accounted for 83% of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours and self-guide tours.
Other revenues were down 21% year-over-year to CNY 21.5 million and accounted for 17% of our total net revenues. The decrease was primarily due to the decrease of merchandise sales. Gross profit for the fourth quarter of 2025 was CNY 70 million, which was almost in line with gross profit in the fourth quarter of 2024.
Operating expenses for the fourth quarter of 2025 were CNY 69 million, down 16% year-over-year. Research and product development expenses for the fourth quarter of 2025 were CNY 12.3 million, down 8% year-over-year. The decrease was primarily due to the decrease in research and product development personnel-related expenses.
Sales and marketing expenses for the fourth quarter of 2025 were CNY 44.1 million, up 3% year-over-year. The increase was primarily due to the increase in promotion expenses. General and administrative expenses for the fourth quarter of 2025 were CNY 12.8 million, down 52% year-over-year. The decrease was primarily due to the impairment of property and equipment net recorded in the fourth quarter of 2024.
Net income attributable to ordinary shareholders of Tuniu Corporation was CNY 1.5 million in the fourth quarter of 2025. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets was CNY 3.5 million in the fourth quarter of 2025.
As of December 31, 2025, the company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of CNY 1.1 billion. Cash flow generated from operations for the fourth quarter of 2025 was CNY 68.8 million. Capital expenditures for the fourth quarter of 2025 was CNY 0.5 million.
Now moving to full year 2025 results. In 2025, net revenues were CNY 578 million, representing a 13% year-over-year increase. Revenues from packaged tours were up 21% year-over-year to CNY 493.5 million and accounted for 85% of our total net revenues in 2025. The increase was primarily due to the growth of organized tours and self-guided tours.
Other revenues were down 20% year-over-year to CNY 84.5 million and accounted for 15% of our total net revenues in 2025. The decrease was primarily due to the decrease in the commission fees received from other travel-related products. Gross profit was CNY 335 million in 2025, down 6% year-over-year.
Operating expenses were CNY 323.7 million in 2025, up 10% year-over-year. Research and product development expenses were CNY 59 million in 2025, up 12% year-over-year. The increase was primarily due to the increase in research and product development personnel-related expenses. Sales and marketing expenses were CNY 193.9 million in 2025, up 8% year-over-year. The increase was primarily due to the increase in promotion expenses.
General and administrative expenses were CNY 71.8 million in 2025, down 18% year-over-year. The decrease was primarily due to the decrease in general and administrative personnel-related expenses and impairment of property and equipment net. Net income attributable to ordinary shareholders of Tuniu Corporation was CNY 31.1 million in 2025.
Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment net was CNY 42.6 million in 2025. Capital expenditures were CNY 4.4 million in 2025. For the first quarter of 2026, the company expects to generate CNY 125.7 million to CNY 131.6 million of net revenues, which represents a 7% to 12% increase year-over-year. Please note that this forecast reflects new current and preliminary view on the industry and its operations, which is subject to change.
Thank you for listening. We are now ready for your questions. Operator?
[Operator Instructions] There are no questions at this time. I will now turn the call over to Tuniu's Director of Investor Relations, Mary.
Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.
Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a good day.
Tuniu Corp. Sponsored ADR Class A — Q3 2025 Earnings Call
1. Management Discussion
Hello, and thank you for standing by for Tuniu's 2025 Third Quarter Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary. Please go ahead.
Thank you, and welcome to our 2025 third quarter earnings conference call. Joining me on the call today is Donald Yu, Tuniu's Founder, Chairman and Chief Executive Officer; and Anqiang Chen, Tuniu's Financial Controller.
For today's agenda, management will discuss business updates, operation highlights and financial performance for the third quarter of 2025. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu.
Thank you, Mary. Good day, everyone. Welcome to our third quarter 2025 earnings conference call. In the third quarter, with the peak travel season approaching, demand for travel accelerated and the tourism industry demonstrated thriving growth. Tuniu also recorded year-over-year growth in both transaction volume and the number of trips booked. From a destination perspective, both domestic and outbound travel achieved year-over-year growth in transaction volume and the number of trips booked. In the third quarter, net revenues increased by 9% year-over-year with revenues from our core packaged tour products growing by 12%. Since the beginning of this year, quarterly revenues from our packaged tours have consistently achieved double-digit year-over-year growth.
We also continued to deliver quarterly profitability on both a GAAP and a non-GAAP basis. As customer needs continue to evolve this quarter, we tapped into our core capabilities across products, supply chain and sales channels to better tailor our portfolio to market demand. In addition, we further enhanced our operational efficiency by leveraging technology tools. Next, I will elaborate in detail on some of our key initiatives. In terms of products, we continue to focus on customer needs and enhance our offerings to meet their evolving expectations. For experienced travelers and repeat customers who tend to prioritize the travel experience and usually have more time and budget. We leveraged the company's strength in outbound tourism to introduce a wider range of niche destination products.
For example, in October, our new tour launched its first organized tour to South Africa -- South America. Our new tour series now spans all major regions across Asia, Europe, Africa, the Americas and Oceania. In addition, to meet the surge in leisure travel demand during the summer, we expanded our long-haul island offerings, including destinations such as Seychelles and Mauritius. In the third quarter, transaction volume for these long-haul island products grew by several times year-over-year. We fully leveraged our supply chain advantages to continuously expand destinations for our new select products and attract customers with compelling high-value offerings.
For key domestic destinations such as Guizhou, we adopted on-site live streaming to offer customers a more immersive experience. In the outbound travel market, we expanded our destination coverage and offered more price competitive options, helping value-conscious customers reach their preferred destinations on a smaller budget. In the third quarter, transaction volume for our new select outbound travel products increased by more than 100% year-over-year. In response to the growing number of self-guided travelers in China, we continued to leverage Tuniu's advantages in dynamic packaging technology to expand our Hotel+X product offering. Our self-drive tour products now cover all provinces in Chinese Mainland.
During the National Day holiday this year, transaction volume for our self-drive tour products increased by 5x year-over-year. For our sales channels, live streaming is playing an increasingly important role for our sales. In the third quarter, both payments and verification volume through our live streaming channels continued to record double-digit year-over-year growth while maintaining single quarter profitability. On the product side, we fully leveraged our supply chain strength during the peak season to maintain a wide reliable product range and deliver price competitive offerings. In terms of format, we expanded our outdoor live streaming activities, including inviting live streamers to broadcast live from destination sites.
We formed a professional verification team and specialized system support, which together have improved efficiency across the entire process from product supply verification. In terms of external partnerships, we collaborate with top-tier live streamers to create synergies. And we work closely with mid- and long-tail creators, providing them with support and resources so we can grow together. We are pleased to see that more and more external live streamers are choosing to partner with Tuniu with some even becoming our exclusive live streamers focusing solely on selling our products. Offline stores remain an essential part of our overall sales and service network. Their personalized face-to-face service makes them particularly popular among senior travelers and community-based customers who are also key customer segments for our organized tour products.
In the third quarter, we continued to expand our offline store footprint, adding locations in major cities as popular tourist destinations and key transportation hubs. In September, we opened 2 flagship stores in Xi'an on the same day to better serve customers, preparing for National Day holiday travel. In the third quarter, transaction volume from offline stores increased by nearly 20% year-over-year. The summer season is a peak period for leisure travel. And while serving individual travelers, we also continued to provide high-quality services to corporate clients. In addition to business travel bookings, we leveraged our extensive experience and strength in the leisure travel sector to offer tailored vacation products to corporate clients.
We provide customized trips for some corporate clients and further extended our products and services to offer their employees with a range of personal and family vacation options. In the third quarter, transaction volume from corporate customers also recorded double-digit year-over-year growth. In terms of technology, various technology tools and methodologies have been embedded across all aspects of our operations and management, including product development and marketing, supply chain management and financial management. This has strengthened communication and collaboration between internal and external teams and further improved our operational efficiency. We will continue to explore advanced technologies such as dynamic packaging and AI applications and apply them across more scenarios to further enhance our operational efficiency and profitability.
We were pleased to see the robust travel demand during this year's National Day holiday, supported by favorable factors such as the extended holiday period. Although the industry typically enters a low season in the fourth quarter. We continue to see active demand for off-peak travel, ice and snow trips and other niche segments. We will continue to seize these market opportunities by strengthening product development and adjusting our marketing efforts for seasonal needs. With a richer, more distinctive and more value-for-money product portfolio, we aim to attract both new and existing customers while also preparing fully for the peak travel period during the Chinese New Year holiday. I will now turn the call over to Anqiang, our Financial Controller, for the financial highlights.
Thank you, Donald. Hello, everyone. Now I'll walk you through our third quarter of 2025 financial results in greater detail. Please note that all monetary amounts are in RMB, unless otherwise stated. You can find the U.S. dollar equivalents of the numbers in our earnings release. For the third quarter of 2025, net revenues were CNY 202.1 million, representing a year-over-year increase of 9% from the corresponding period in 2024. Revenues from packaged tours were up 12% year-over-year to CNY 179 million and accounted for 89% of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours and self-drive tours. Other revenues were down 14% year-over-year to CNY 23 million and accounted for 11% of our total net revenues. The decrease was primarily due to the decrease in the commission fees received from other travel-related products. Gross profit for the third quarter of 2025 was CNY 109.6 million, down 10% year-over-year.
Operating expenses for the third quarter of 2025 were CNY 95.8 million, up 3% year-over-year. Research and product development expenses for the third quarter of 2025 were CNY 15.7 million, up 15% year-over-year. The increase was primarily due to the increase in research and product development personnel-related expenses. Sales and marketing expenses for the third quarter of 2025 were CNY 61.5 million, up 2% year-over-year. The increase was primarily due to the increase in sales and marketing personnel-related expenses. General and administrative expenses for the third quarter of 2025 were CNY 18.5 million, which was almost in line with general and administrative expenses in the third quarter of 2024. Net income attributable to ordinary shareholders of Tuniu Corporation was CNY 19.8 million in the third quarter of 2025.
Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets was CNY 21.8 million in the third quarter of 2025. As of September 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of CNY 1.1 billion. Capital expenditures for the third quarter of 2025 were CNY 2.1 million. For the fourth quarter of 2025, the company expects to generate CNY 111 million to CNY [ 116.1 ] million of net revenues, which represents an 8% to 13% increase year-over-year. Please note that this forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change. Thank you for listening. We are now ready for your questions.
Operator?
[Operator Instructions] And today's first question comes from [ Emma Li, ] a private investor.
Congratulations on a solid quarter. I've got 2 questions. First, can management share the revenue proportions by domestic and outbound tours in the third quarter? Well second, can you please elaborate on travel performance during this year's National Day holiday. Will our company still remain profitable in the fourth quarter? That's all.
Thanks for your questions. For your first question, currently, domestic tour still dominate. In the third quarter, domestic tours consisted of about 2/3 of our total GMV and overseas tours consisted of 1/3, which is almost the same as the previous quarter. For second question, we observed healthy increase in both domestic and outbound travel market during the National Day holiday. Both our GMV and the number of trips recorded during the holiday had double-digit growth compared with the same period last year. This reinforced our confidence in the sustained growth of China's travel market. For domestic market, we saw growing numbers of self-guided tours. In particular, our self-drive tours increased over 5x during the holiday. As self-guided tour is prevailing in the domestic market, we leveraged our dynamic packaging technology to enrich the supply of Hotel+X products.
We used to focus our self-guided tour products on popular regions such as Yangtze River Delta and hot scenic spots such as [indiscernible] Park. This year, we extended our product offerings to all provinces throughout Chinese Mainland, partnership penetrating to lower-tier cities. We will continue to adopt this strategy as we see great potential in lower-tier cities. For outbound travel market, we recorded double-digit growth during the holiday. We saw nearly 50% increase in GMV from APAC regions. Popular destinations included Singapore, Malaysia and certain islands such as Maldives and Bali.
For long-haul destinations, the Americas ranked #1 in terms of growth rate. Niche destinations are gaining appeal, especially for sophisticated travelers by their natural beauty and unique local experiences. For the fourth quarter, we expect an 8% to 13% year-over-year increase in our net revenues and the packaged tours may grow faster. We will also try our best to achieve non-GAAP breakeven or profitability for the quarter. Thank you.
Thank you. We are now approaching the end of the conference call. I will now turn the call over to Tuniu's Director of Investor Relations, Mary, for closing remarks.
Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months.
Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect your lines.
Financial data from Tuniu Corp. Sponsored ADR Class A
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 89 89 |
10%
10%
100%
|
|
| - Direct Costs | 40 40 |
38%
38%
45%
|
|
| Gross Profit | 49 49 |
112%
112%
55%
|
|
| - Selling and Administrative Expenses | 38 38 |
4%
4%
42%
|
|
| - Research and Development Expense | 8.30 8.30 |
79%
79%
9%
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | -1.27 -1.27 |
82%
82%
-1%
|
|
| Net Profit | 3.39 3.39 |
24%
24%
4%
|
|
In millions USD.
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Tuniu Corp. Sponsored ADR Class A Stock News
Company Profile
Tuniu Corp. is an online leisure travel company, which engages in the provision of travel-related services in China. The company offers packaged tours, including organized tours and self guided tours, and also travel-related services for leisure travelers. Its product portfolio consists of organized tours, self-guided tours, and tickets for various domestic and overseas tourist attractions. Tuniu was founded by Dunde Yu and Hai Feng Yan in June 2008 and is headquartered in Nanjing, China.
StocksGuide Premium
| Head office | Cayman Islands |
| CEO | Mr. Yu |
| Employees | 856 |
| Founded | 2006 |
| Website | ir.tuniu.com |
