Tuniu Corporation

For the first quarter of 2026, net revenues were CNY 132.6 million, up 13% year over year. Gross profit was CNY 73.6 million, up 6% year over year. Operating expenses were CNY 77.3 million, down 4% year over year, and net income attributable to ordinary shareholders was CNY 0.7 million; non-GAAP net income attributable to ordinary shareholders was CNY 2.6 million. As of March 31, 2026, cash and cash equivalents, restricted cash, short-term investments and long-term deposits totaled CNY 1 billion, with capital expenditures of CNY 0.5 million. For the second quarter of 2026, Tuniu expects net revenues of CNY 134.9 million to CNY 141.6 million, implying 0% to 5% year-over-year growth.

Donald Yu emphasized that the travel industry kept solid momentum in Q1, helped by the longest Chinese New Year holiday on record, and said Tuniu continued to strengthen supply-chain capabilities, sales channels, and technology use. He highlighted expansion in connecting flight solutions, more premium and long-haul Niu Tour products, stronger Hotel + X offerings for self-guided travel, and broader use of AI and dynamic packaging. His tone was constructive but cautious, noting that the summer season brings both opportunities and challenges.

Anqiang Chen said Q1 net revenues reached CNY 132.6 million, with packaged tours contributing CNY 109.7 million and other revenues CNY 22.9 million. Gross profit was CNY 73.6 million, operating expenses were CNY 77.3 million, and the company remained profitable on both GAAP and non-GAAP bases. He also pointed to a strong balance sheet with CNY 1 billion in cash, restricted cash, short-term investments and long-term deposits, and minimal Q1 capex of CNY 0.5 million. Guidance for Q2 calls for CNY 134.9 million to CNY 141.6 million in net revenues.

An analyst asked about spring break policy, rising airfares, and summer booking trends. Management said spring break helped domestic leisure travel, citing over 50% year-over-year trip growth from April 1 to 6 and tripling family-tour trips during April 1 to 3. They said airfare inflation has limited impact on long-haul packaged tours because other travel components can offset it, but it is more of a headwind for short-haul travel and air-ticketing alone; for summer, visibility is still limited, though bookings for America packaged tours in July and August are already ahead of last year.