Q4 2025 Tuniu Corp Earnings Call Transcript
Key Points
- Net revenues increased by 20% year-over-year in the fourth quarter, exceeding previous guidance.
- Revenues from core packaged tour products grew by 35% year-over-year.
- Achieved profitability for both the quarter and the year, marking the third consecutive year of non-GAAP profitability.
- Announced a long-term shareholder return plan totaling up to USD50 million, reflecting confidence in the travel industry's long-term outlook.
- Expanded product offerings and departure city coverage, leading to significant growth in transaction volumes for niche destinations.
- Other revenues decreased by 21% year-over-year, primarily due to a decline in merchandise sales.
- Gross profit for the fourth quarter remained almost flat compared to the previous year.
- Operating expenses for the full year 2025 increased by 10% year-over-year.
- Research and product development expenses increased by 12% year-over-year, impacting overall profitability.
- Gross profit for the full year 2025 decreased by 6% year-over-year.
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.
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