Tuniu: Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results and Cash Dividend

In This Article: NANJING , China , March 14, 2025 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China , today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024 . Highlights for the Fiscal Year 2024 Revenues from package tours in 2024 increased by 22.2% year-over-year to RMB407.5 million ( US$55.8 million [1] ). Gross profit in 2024 increased by 21.9% year-over-year to RMB358.0 million ( US$ 49.1million ). Income from operations was RMB63.3 million ( US$8.7 million ) in 2024, compared to a loss from operations of RMB101.9 million in 2023. Non-GAAP [2] income from operations was RMB66.9 million ( US$9.2 million ) in 2024, compared to a Non-GAAP income from operations of RMB50.0 million in 2023. Net income was RMB83.7 million ( US$11.5 million ) in 2024, compared to a net loss of RMB101.1 million in 2023. Non-GAAP net income was RMB87.3 million ( US$12.0 million ) in 2024, compared to a Non-GAAP net income of RMB50.8 million in 2023. "2024 was a year of significant achievements for Tuniu." said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "On the product side, we strengthened our supply chain and introduced more new products and product lines. In terms of sales, we embraced new media channels and adopted an open approach, collaborating with both online and offline partners to explore new scenarios and opportunities. On the financial side, we achieved our first full-year GAAP profit since our listing on Nasdaq, while non-GAAP net income reached a record high. In 2025, we will continue to focus on innovation and high-quality development." Fourth Quarter 2024 Results Net revenues were RMB102.7 million ( US$14.1 million ) in the fourth quarter of 2024, representing a year-over-year increase of 2.8% from the corresponding period in 2023. Revenues from packaged tours were RMB75.4 million ( US$10.3 million ) in the fourth quarter of 2024, representing a year-over-year increase of 2.8% from the corresponding period in 2023. The increase was primarily due to the growth of organized tours. Other revenues were RMB27.3 million ( US$3.7 million ) in the fourth quarter of 2024, representing a year-over-year increase of 2.7% from the corresponding period in 2023. The increase was primarily due to the increase in the fees for advertising services provided to tourism boards and bureaus. Cost of revenues was RMB32.9 million ( US$4.5 million ) in the fourth quarter of 2024, representing a year-over-year increase of 30.1% from the corresponding period in 2023. As a percentage of net revenues, cost of revenues was 32.1% in the fourth quarter of 2024, compared to 25.3% in the corresponding period in 2023. Gross profit was RMB69.8 million ( US$9.6 million ) in the fourth quarter of 2024, representing a year-over-year decrease of 6.5% from the corresponding period in 2023. Operating expenses were RMB82.5 million ( US$11.3 million ) in the fourth quarter of 2024, representing a year-over-year decrease of 58.3 % from the corresponding period in 2023. The decrease was primarily due to the impairment of goodwill of RMB114.7 million recorded in the corresponding period in 2023. Research and product development expenses were RMB13.3 million ( US$1.8 million ) in the fourth quarter of 2024, representing a year-over-year increase of 27.8%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 13.0% in the fourth quarter of 2024, increasing from 10.4% as a percentage of net revenues in the corresponding period in 2023. Sales and marketing expenses were RMB42.7 million ( US$5.8 million ) in the fourth quarter of 2024, representing a year-over-year increase of 28.5%. The increase was primarily due to the increase in sales and marketing personnel related expenses and promotion expenses. Sales and marketing expenses as a percentage of net revenues were 41.6% in the fourth quarter of 2024, increasing from 33.2% as a percentage of net revenues in the corresponding period in 2023. General and administrative expenses were RMB26.8 million ( US$3.7 million ) in the fourth quarter of 2024, representing a year-over-year decrease of 36.2%. The decrease was primarily due to the decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenues were 26.1% in the fourth quarter of 2024, decreasing from 42.1% as a percentage of net revenues in the corresponding period in 2023. Loss from operations was RMB12.7 million ( US$1.7 million ) in the fourth quarter of 2024, compared to a loss from operations of RMB123.4 million in the fourth quarter of 2023. Non-GAAP income from operations , which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB5.1 million ( US$0.7 million ) in the fourth quarter of 2024. Net loss was RMB25.1 million ( US$3.4 million ) in the fourth quarter of 2024, compared to a net loss of RMB132.9 million in the fourth quarter of 2023. Non-GAAP net loss , which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB7.2 million ( US$1.0 million ) in the fourth quarter of 2024. Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB24.2 million ( US$3.3 million ) in the fourth quarter of 2024, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB132.3 million in the fourth quarter of 2023. Non-GAAP net loss 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 RMB6.4 million ( US$0.9 million ) in the fourth quarter of 2024. As of December 31, 2024 , the Company had cash and cash equivalents, restricted cash, short-term investments and long-term time deposits of RMB1.3 billion ( US$173.6 million ). Fiscal Year 2024 Results Net revenues were RMB513.6 million ( US$70.4 million ) in 2024, representing a year-over-year increase of 16.4% from 2023. Revenues from packaged tours were RMB407.5 million ( US$55.8 million ) in 2024, representing a year-over-year increase of 22.2% from 2023. The increase was primarily due to the growth of organized tours. Other revenues were RMB106.2 million ( US$14.5 million ) in 2024, representing a year-over-year decrease of 1.6% from 2023. The decrease was primarily due to the decrease in revenues generated from financial services. Cost of revenues was RMB155.6 million ( US$21.3 million ) in 2024, representing a year-over-year increase of 5.4% from 2023. As a percentage of net revenues, cost of revenues was 30.3% in 2024 compared to 33.4% in 2023. Gross profit was RMB358.0 million ( US$49.1million ) in 2024, representing a year-over-year increase of 21.9% from 2023. Operating expenses were RMB294.8 million ( US$40.4 million ) in 2024, representing a year-over-year decrease of 25.5% from 2023. The decrease was primarily due to the impairment of goodwill of RMB114.7 million recorded in 2023. Research and product development expenses were RMB52.7 million ( US$7.2 million ) in 2024, representing a year-over-year decrease of 7.5%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.3% in 2024, decreasing from 12.9% as a percentage of net revenues in 2023. Sales and marketing expenses were RMB180.3 million ( US$24.7 million ) in 2024, representing a year-over-year increase of 53.2%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.1% in 2024, increasing from 26.7% as a percentage of net revenues in 2023. General and administrative expenses were RMB87.7 million ( US$12.0 million ) in 2024, representing a year-over-year decrease of 22.6%. The decrease was primarily due to the decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenues were 17.1% in 2024, decreasing from 25.7% as a percentage of net revenues in 2023. Income from operations was RMB63.3 million ( US$8.7 million ) in 2024, compared to a loss from operations of RMB101.9 million in 2023. Non-GAAP income from operations , which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB66.9 million ( US$9.2 million ) in 2024. Net income was RMB83.7 million ( US$11.5 million ) in 2024, compared to a net loss of RMB101.1 million in 2023. Non-GAAP net income , which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB87.3 million ( US$12.0 million ) in 2024. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB77.2 million ( US$10.6 million ) in 2024, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB99.3 million in 2023. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation , which excluded share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net, was RMB80.8 million ( US$11.1 million ) in 2024. Business Outlook For the first quarter of 2025, Tuniu expects to generate RMB116.6 million to RMB122.0 million of net revenues, which represents an 8% to 13% increase year-over-year compared with net revenues in the c