Tuniu's Q3 2025: Contradictions Emerge on Domestic/Outbound Revenue, Profitability Outlook, and Strategic Shifts

Date of Call: December 5, 2025

Financials Results

• Revenue: CNY 202.1M, up 9% YOY

Guidance:

• Net revenues for Q4 2025 expected to be CNY 111M to CNY 116.1M, representing an 8% to 13% YoY increase.
• Packaged tours expected to grow faster than overall revenues.
• Management will try to achieve non-GAAP breakeven/profitability in Q4 2025.

Business Commentary:

* Revenue Growth and Product Mix: - Tuniu Corporation reported net revenues of CNY 202.1 million in Q3 2025, representing a 9% year-over-year increase, with revenues from core packaged tour products growing by 12%. - The growth was driven by strong demand for both domestic and outbound travel, with domestic tours accounting for about 2/3 of total GMV and overseas tours making up 1/3.

• Product and Market Expansion:
• Tuniu introduced new tour series spanning all major regions across Asia, Europe, Africa, the Americas, and Oceania, with transaction volume for long-haul island products growing significantly.

• The expansion was driven by the company's strength in outbound tourism and its ability to meet the evolving customer needs, particularly for experienced travelers seeking more niche destinations.

• Operational Efficiency and Technology Utilization:

• Tuniu achieved quarterly profitability on both a GAAP and non-GAAP basis, with a focus on leveraging technology tools to improve operational efficiency.

• The use of dynamic packaging technology and AI applications enhanced the company's product development, marketing, supply chain management, and financial management processes.

• National Day Holiday Performance:

• During the National Day holiday, Tuniu observed healthy increases in both domestic and outbound travel, with GMV and the number of trips recording double-digit growth.
• The growth was attributed to the extended holiday period, favorable industry factors, and the company's ability to cater to the increasing self-guided travel market with products like self-drive tours.
  

  Sentiment Analysis:

  Overall Tone: Positive

  • Net revenues increased 9% YOY and packaged tours rose 12% YOY; management said they "continued to deliver quarterly profitability on both a GAAP and a non-GAAP basis" and guided Q4 net revenues +8–13% YoY while aiming for non-GAAP breakeven.

Q&A:

• Question from Emma Li (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.
  Response: Domestic tours ~2/3 of GMV and outbound ~1/3; National Day GMV and trips grew double-digits (self-drive +5x); Q4 net revenues expected +8–13% YoY and management aims for non-GAAP breakeven.

Contradiction Point 1

Domestic and Outbound Tours Revenue Proportions

It involves changes in the company's revenue distribution between domestic and outbound tours, which could impact investor perceptions of Tuniu's market strategy and profitability.

What were the revenue proportions for domestic and outbound tours in Q3? - Emma Li(Private Investor)

2025Q3: Domestic tours dominate, comprising about 2/3 of total GMV, with overseas tours at 1/3. - Dunde Yu(CEO)

Can management provide the revenue breakdown by destination for this quarter? - Lisa Lu(Investor)

2025Q2: Domestic tours contribute 2/3, outbound 1/3. - Dunde Yu(CEO)

Contradiction Point 2

Profitability Outlook

It highlights differing expectations regarding the company's path to profitability, which is crucial for investor confidence and strategic planning.

Can management share the revenue breakdown between domestic and outbound tours for Q3? What was travel performance during this year's National Day holiday? Will the company remain profitable in Q4? - Emma Li (Private Investor)

2025Q3: For the fourth quarter, net revenues are expected to increase by 8% to 13%, with packaged tours potentially growing faster. The goal is to achieve non-GAAP breakeven or profitability for the quarter. - Dunde Yu(CEO)

Will you be profitable in Q2? - Unidentified Analyst (Private Investor)

2025Q1: Dunde Yu stated that the company aims to achieve profitability in the second quarter by adopting measures to control internal costs and improve efficiency. - Dunde Yu(CEO)

Contradiction Point 3

Impact of Competitive Pricing Strategy on Revenues and Profits

It involves the company's strategic pricing approach and the expected impact on financial performance, which is critical for understanding the company's business model.

Can you share the Q3 revenue split between domestic and outbound tours? Can you detail travel performance during this year's National Day holiday? Will the company remain profitable in Q4? - Emma Li (Private Investor)

2025Q3: The goal is to achieve non-GAAP breakeven or profitability for the quarter. - Dunde Yu(CEO)

What steps did the company take in Q1 to introduce more competitively priced products? What impact did the pricing strategy have on Q1 revenue and profit? Will the company be profitable in Q2? - Unidentified Analyst (Private Investor)

2025Q1: The company recognizes that this may temporarily lower gross profit ratio, but they're focusing on internal cost control to achieve profitability in the second quarter. - Dunde Yu(CEO)

Contradiction Point 4

Profitability Expectations

It involves changes in financial forecasts, specifically regarding the company's profitability expectations, which are critical indicators for investors.

好的，我现在需要处理用户的问题，他们希望我作为专业的金融文章作者，总结并精简来自美股上市公司财报电话会议的问答环节的问题。用户特别强调要保持原意，使用美式英语，输出简洁的问题，并且只输出简化后的问题，保留问号。首先，我需要仔细阅读用户提供的原始问题。原问题有三个部分：询问第三季度国内和出境游的收入比例，今年国庆节假期的旅游表现，以及第四季度是否会保持盈利。用户希望我缩短这些提问，去掉冗长的表达，同时确保符合美式英语习惯。接下来，我要逐一处理每个问题。第一个问题的原文是“Can management share the revenue proportions by domestic and outbound tours in the third quarter?” 这里“share”可以替换为更直接的“provide”，而“by domestic and outbound tours”可以简化为“domestic and outbound tours”或者更简洁的“domestic vs. outbound tours”，但用户可能希望保持原意，所以可能直接缩短为“domestic and outbound tour revenue breakdown for Q3?”。需要检查是否符合美式英语习惯，比如“Q3”是否合适，通常财报中会用“Q3”表示第三季度，所以没问题。第二个问题：“Also, can you please elaborate on travel performance during this year's National Day holiday?” 这里“elaborate on”可以简化为“provide details on”，而“this year's National Day holiday”可以简化为“the National Day holiday”或者“the recent National Day holiday”，但用户可能希望保持时间上的明确性，所以可能保留“this year's”或者用“the recent”代替。但根据用户要求，要精简，所以可能改为“What were the travel performance highlights during this year's National Day holiday?” 或者更简洁的“Travel performance during this year's National Day holiday?” 但需要确保是问题形式，以问号结尾。可能改为“What were the key travel performance metrics during this year's National Day holiday?” 但可能更简洁的是“Travel performance during this year's National Day holiday?” 但这样可能不够明确，所以可能需要调整。原问题中的“elaborate on”可能需要更准确的动词，比如“provide details on”或者“discuss”，所以最终可能简化为“Can you provide details on travel performance during this year's National Day holiday?” 但用户希望去掉“Can you please”等礼貌用语，所以可能直接是“Travel performance during this year's National Day holiday?” 但这样可能不够正式，或者需要调整结构。可能更好的方式是“What were the travel performance results during this year's National Day holiday?” 但用户可能希望更简洁，所以可能简化为“Travel performance during this year's National Day holiday?” 但需要确保符合美式英语习惯。第三个问题：“Will our company still remain profitable in the fourth quarter?” 这里“Will our company still remain profitable”可以简化为“Will the company remain profitable”，因为“our company”在正式场合可能用“the company”更合适，而“still”可能可以省略，因为问题本身已经隐含了是否持续盈利的意思。所以简化为“Will the company remain profitable in Q4?”现在需要检查是否符合所有要求：简洁、精准、保留原意，使用美式英语，仅输出问题，保留问号。例如：1. Domestic and outbound tour revenue breakdown for Q3?2. Travel performance during this year's National Day holiday?3. Will the company remain profitable in Q4?但需要确认是否每个问题都足够简洁，比如第二个问题是否需要更明确的动词，比如“Can you provide details on...” 但用户要求去掉冗长的装饰词，所以可能直接用“What were...” 或者更直接的提问方式。例如，原问题中的“elaborate on”可能需要转化为更直接的提问，所以可能改为“Travel performance during this year's National Day holiday?” 但这样可能不够明确，所以可能需要调整。或者用户可能接受这样的简洁形式，因为原问题中的“elaborate”被简化了。最终，可能需要将三个问题简化为：1. Domestic and outbound tour revenue breakdown for Q3?2. Travel performance during this year's National Day holiday?3. Will the company remain profitable in Q4?这样既简洁，又保留了原意，符合美式英语习惯，并且每个问题都以问号结尾。需要确保没有使用多余的词，比如“Can management share”变为“Domestic and outbound tour revenue breakdown for Q3?” 这样更直接。同样，第二个问题中的“can you please elaborate on”被简化为“Travel performance during this year's National Day holiday?”，虽然可能缺少动词，但问题本身已经足够明确，符合用户要求。第三个问题已经足够简洁。最后，检查是否符合用户的所有 - Emma Li (Private Investor)

2025Q3: Our net revenues are expected to increase by 8% to 13%, with packaged tours potentially growing faster. The goal is to achieve non-GAAP breakeven or profitability for the quarter. - Dunde Yu(CEO)

Can you share your 2025 revenue and profit projections? What are the key drivers for revenue growth? Will you maintain quarterly or annual profitability? - Stacy Zhao (Private Investor)

2024Q4: In 2025, the market is filled with new opportunities and challenges. So we plan to make some investments as mentioned above: in product innovation, sales channel expansion and R&D to further improve user experiences and internal efficiency. With these improvements, we will refine our competitive advantages and consolidate our market position so as to drive the long-term sustainable growth of Tuniu. Despite our investments, we are still aiming for a profitable year in 2025. Quarterly performance may vary due to the seasonality, and the third quarter is expected to be the season -- the peak season and will contribute the majority of the annual profit. - Dunde Yu(CEO)

Contradiction Point 5

Sales Channel and Product Strategy

It reveals a shift in the company's strategic focus regarding sales channels and product innovation, which could impact market positioning and customer acquisition.

What was the Q3 revenue split between domestic and outbound tours? How did travel performance fare during this year's National Day holiday? Will the company remain profitable in Q4? - Emma Li (Private Investor)

2025Q3: On the product side, we will invest in product upgrading and innovation for our core products. For example, we will introduce more in-depth and single destination tour products for our Niu Tour to better serve and retain our repeat customers. - Dunde Yu(CEO)

What are your 2025 revenue and profit projections? What are the key drivers for revenue growth? Will you sustain quarterly or annual profitability? - Stacy Zhao (Private Investor)

2024Q4: To embrace the changing user habits, we'll expand sales on new media channels. We will leverage our experience and the capabilities in live streaming, expanding to more platforms. - Dunde Yu(CEO)