Tuniu Corp (TOUR) 2024 Q4 法說會逐字稿

Hello, and thank you for standing by for Tuniu’s 2024, fourth quarter and full year earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded.

您好，感謝您參加途牛 2024 年第四季及全年財報電話會議。此時，所有參與者都處於只聽模式。在管理階層發表準備好的發言後，將有一個問答環節。今天的會議正在錄製。

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.

如果您有任何異議，此時您可以斷開連接。現在，我想將會議交給今天電話會議的主持人、投資者關係總監瑪麗。

Thank you, and welcome to our 2024 fourth quarter and the full year earnings conference call.

謝謝，歡迎參加我們 2024 年第四季和全年財報電話會議。

Joining me on the call today are Dunde Yu, Tuniu 's founder, Chairman and Chief Executive Officer; and Anqiang Chen, Tuniu 's Financial Controller.

今天與我一起參加電話會議的還有途牛創辦人、董事長兼執行長於敦德；以及途牛財務總監陳安強。

For today's agenda, management will discuss business updates, operation highlights, and financial performance for the fourth quarter and the fiscal year 2024. Before we continue, I refer you to our Safe Harbor statement in earnings press release which applies to this call, as we will make forward-looking statements.

今天的議程是，管理層將討論第四季度和 2024 財年的業務更新、營運亮點和財務業績。在我們繼續之前，我請您參閱適用於本次電話會議的收益新聞稿中的安全港聲明，因為我們將做出前瞻性陳述。

Also, this call includes of certain non-GAAP financial measures. Please refer to our earnings relief, which contains a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

此外，本次電話會議還包括某些非公認會計準則財務指標。請參閱我們的收益減免，其中包含非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。

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, Dunde Yu.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均為人民幣。現在，我想將電話轉給我們的創辦人、董事長兼執行長 Dunde Yu。

Thank you, Mary. Good day everyone. Welcome to our fourth quarter and the full-year year 2024 earnings conference call. 2024 has been a year filled with achievements and milestones for Tuniu. With the recovery of the tourism market, our business is making steady progress. And our profitability continues to grow. On the financial side in 2024, we achieved our first GAAP profit for the full year since our listing.

謝謝你，瑪麗。大家好。歡迎參加我們的 2024 年第四季和全年財報電話會議。 2024年對途牛來說，是充滿成就與里程碑的一年。隨著旅遊市場的復甦，我們的業務正在穩步發展。我們的獲利能力持續成長。2024年財務方面，我們實現了上市以來首次GAAP全年獲利。

On a non-GAAP basis, net income grow by over 70% year over year, reaching a record high in our IPO. While domesticating the company's profitability, we are also mean to share our interim achievements with our shareholders. Therefore, the Board of Directors approved a special cash dividend.

以非美國通用會計準則計算，淨收入年增超過70%，創下IPO以來的新高。在提升公司獲利能力的同時，我們也願意與股東分享公司中期的成績。因此，董事會批准派發特別現金股利。

In March 2025, with approximately USD4.2 million. Allocated for distribution. Additionally, in March 2024, we announced a share repurchase program. And have spent over USD6.2 million on buyback throughout the year.

2025年3月，約420萬美元。已分配以供分發。此外，2024 年 3 月，我們宣布了一項股票回購計畫。全年已花費超過620萬美元回購。

In total, we returned approximately USD10 million to our shareholders in 2024. For our products, we remain committed to innovation and adopt to involving customer needs.

整體而言，我們在 2024 年向股東返還了約 1,000 萬美元。對於我們的產品，我們始終致力於創新並適應客戶需求。

In addition to continuously upgrading our existing products, we launched new products and the product line such as the new select products to better sell a wider range of customers.

除了不斷升級現有產品外，我們還推出了新產品和新精選產品等產品線，以便更好地銷售給更廣泛的客戶。

Our commitment to serve remains strong. As we focus on customers' needs and the strive to deliver high-quality experiences. We implemented initiatives to improve customer satisfaction rates such as new tools, their shopping policy for all of its itinerary.

我們對服務的決心始終堅定不移。因為我們專注於客戶的需求並致力於提供高品質的體驗。我們實施了多項措施來提高顧客滿意度，例如新工具、所有行程的購物政策等。

And now a new bundling policy for flight tickets. In terms of channels, we proactively embrace new media and continue to strengthen our live-streaming freedom. At the same time, we collaborated with more online and offline partners to sell our customers and strengthen our capabilities in supply chain products and services.

現在又有新的機票捆綁政策。通路方面，我們積極擁抱新媒體，不斷加強直播自由度。同時，我們與更多線上線下合作夥伴合作，向客戶銷售，並加強我們在供應鏈產品和服務方面的能力。

Next, I will provide a more detailed overview of the company's business achievements in 2024. For domestic tours, we saw an increase in demand for private and small group tours as well as more self-guided tools.

接下來，我將更詳細概述公司2024年的經營成果。對於國內旅遊，我們發現私人旅遊、小團體旅遊以及自助遊工具的需求增加。

In response to this trend, we increased our supply of private and small groups. Package tours have become a standalone category on the homepage of Tuniu app. And our in-house new tool products now feature a significantly larger selection of private and small group tours. For self-guided tours, leveraging the company accumulated from. In supply chain management, we have further increased the site of fragmented resources in order to offer more flexible arrangement options for customers.

為了因應這一趨勢，我們增加了私人和小團體的供應。旅遊套裝已成為途牛APP首頁的獨立分類。現在，我們內部的新工具產品提供更多私人和小團體旅遊的選擇。對於自助遊來說，利用公司累積的。在供應鏈管理上，我們進一步增加了碎片化資源的佈局，為客戶提供更靈活的安排選擇。

In addition to increasing the supply of standalone resources such as flights, hotels, and attraction tickets, we have also launched a variety of day tour products to attract more self-guided travelers who have already arrived at the destination.

除了增加機票、飯店、景點門票等單品資源供應外，我們還推出了豐富多彩的一日遊產品，以吸引更多已經抵達目的地的自由行遊客。

At the same time, we will continue to leverage Tuniu’s advantages in dynamic packaging technology to better sell self-guided travelers. For outbound tours, customers remain focused on destination coverage and the product variety. Many new -- our new tour customers are experienced travelers who are not taking their first trip abroad. To better solve this segment, we have introduced more in depth single definition to products.

同時，我們將繼續發揮途牛在動態打包技術方面的優勢，並更好地向自助遊客推銷產品。對於出境遊來說，消費者仍然關注目的地覆蓋範圍和產品多樣性。許多新人－我們的新旅遊客戶都是經驗豐富的旅行者，他們並不是第一次出國旅行。為了更好的解決這個問題，我們對產品引入了更深入的單一定義。

Additionally, we have expanded our offerings to include new destinations such as South Africa and the Polar Regions. For our in-house products, new tools have built a large loyal customer base. With a repurchase rate twice that of regular product. In 2024, transaction volume for new tour products grew by over 30% year on year. New tours has earned customers favor and trust by delivering exceptional experience. And we are committed to provide even higher quality products to the customers.

此外，我們也擴大了服務範圍，涵蓋了南非和極地地區等新目的地。對於我們的內部產品，新工具已經建立了龐大的忠實客戶群。其回購率是常規產品的兩倍。2024年，新遊產品交易金額較去年同期成長30%以上。新旅遊透過提供卓越的體驗贏得了顧客的青睞和信任。我們致力於為客戶提供更高品質的產品。

Last year, new tour fully implemented a shopping policy, significantly enhancing the travel experience. Each year we will introduce more premium products including customized the travel itinerary tailored to customer preferences. In addition, With the growing popularity of travel from lower tier cities. And the rise of checklist the style travel among younger generations. We launched the in-house new select products in the third quarter last year.

去年，新遊全面推行購物政策，大幅提升了旅遊體驗。每年我們都會推出更多優質產品，包括根據客戶喜好客製化的旅行行程。此外，隨著低線城市出遊的日益普及。而清單式旅行在年輕一代也日益興起。我們去年第三季推出了內部新的精選產品。

In 2024, transaction volume from cities outside the tier-one cities contributed more than 50% of Tuniu’s total transaction volume. New select products have gained significant popularity. Especially among first-time travelers to new destinations due to their highly competitive product pricing.

2024年，來自一線城市以外城市的交易量佔途牛總交易量的50%以上。新品精選受到廣泛好評。尤其是對於首次前往新目的地的旅客來說，由於其產品價格極具競爭力。

This year, we will continue to expand the supply of new selected products, particularly outbound for tour options to meet the growing demand for first time, international travel from customers in lower tier cities.

今年，我們將繼續擴大新精選產品的供應，特別是出境遊產品，以滿足低線城市客戶首次出國旅遊日益增長的需求。

In terms of sales, we have been continuously expanding the diversity of our sales channels. As information is increasingly consumed via video content as opposed to text and images. User habits are also changing. Posting large streams and the short videos has become an essential part of daily life.

在銷售方面，我們不斷拓展銷售管道的多樣性。與文字和圖像相比，資訊越來越多地透過視訊內容來消費。使用者的習慣也在改變。發布大螢幕、短影片已經成為了日常生活必不可少的一部分。

In 2024, we made a significant progress in this area. We expanded the variety of live streaming products and the definition coverage, introducing more organizing tools and outbound travel products. We also adjusted the product structure seasonally to meet the diverse needs of customers.

2024年，我們在這方面取得了重大進展。擴大直播產品種類和清晰度覆蓋範圍，推出更多組團工具和出境旅遊產品。我們也會根據季節變化調整產品結構，滿足客戶多樣化的需求。

In addition, we explore new approaches in our core organizer to business by experimenting with live streaming directly from travel destinations, which received positive feedback.

此外，我們也在核心組織者中探索新的業務方式，嘗試直接從旅遊目的地進行直播，並獲得了正面的回饋。

In 2024, our live-streaming channels performed exceptionally well. With both transaction and the verification volume increasing by over 100% year on year. While the verification rate continued to improve. This year, we will continue to leverage our experience and the capabilities in live streaming to further explore new media channels.

2024年，我們的直播頻道表現非常出色。交易量和驗證量年增均超過100％。同時驗證率也不斷提升。今年我們將繼續利用我們在直播方面的經驗和能力，進一步探索新媒體管道。

We also made significant progress in expanding our offline and external channels in 2024. The transaction volume of our offline stores grew by over 50% year on year. These sources have attracted partners with their diverse product offerings, advanced system and the promotion policies. At the same time, our offline stores have also helped increase the sales of our in-house brand and contributed to brand promotion.

2024年，我們在擴展線下和外部通路方面也取得了重大進展。我們線下門市交易額較去年同期成長50%以上。這些來源以其多樣化的產品、先進的系統和促銷政策吸引了合作夥伴。同時，線下門市也幫助提升了自有品牌的銷售量，促進了品牌的推廣。

This year, we will continue to open more offline stores. Working closely with partners to provide customers with more personalized premium services. In our collaborations with traffic platforms, we attracted customers to a streamlined booking process and the high quality service experience.

今年我們還會繼續開設更多線下門市。與合作夥伴緊密合作，為客戶提供更個人化的優質服務。我們與流量平台合作，以簡化的預訂流程和優質的服務體驗吸引顧客。

By collaborating with external partners. We are able to provide our resources and high quality services to a broader customer base. For external channels, we will continue to embrace an open and a collaborative approach, striving for win-win outcomes with all partners.

透過與外部合作夥伴合作。我們能夠向更廣泛的客戶群提供我們的資源和高品質的服務。對外，我們將持續秉持開放、協作的理念，與合作夥伴共同共贏。

Finally, regarding technology, we see great potential and opportunities in the combination of large language model agents with tourism.

最後，在技術方面，我們看到大型語言模型代理與旅遊業的結合具有巨大的潛力和機會。

We will catch the opportunities and invest in R&D to improve our internal efficiency as well as the user experience. Enhancing our conversion rate and repurchase rate. Our goal It's to provide customers with better solutions and prepare proactively for the evolving market landscape. In summary, 2025 will bring more opportunities and challenges in travel market.

我們將抓住機遇，投入研發，以提高內部效率和使用者體驗。提高我們的轉換率和回購率。我們的目標是為客戶提供更好的解決方案，並為不斷變化的市場格局做好積極準備。綜上所述，2025年的旅遊市場將面臨更多的機會與挑戰。

Each year, we will focus on products and service upgrade, channel expansion, and the technological advancement. We will remain silent amidst change, seizing op opportunities and achieving high-quality business development. In addition, we will leverage new technologies to further improve internal operational efficiency, reduce costs, and achieve sustainable development and a profitability goals. I will now turn the call over to Anqiang, our Financial Controller for the financial highlight.

我們每年都會注重產品和服務的升級、通路的拓展、技術的進步。我們將在變革中靜觀其變，把握機遇，實現業務高品質發展。此外，我們將利用新技術進一步提高內部營運效率，降低成本，實現永續發展和獲利目標。現在，我將把電話轉給我們的財務總監安強，聽取財務方面的重點介紹。

Thank you, Dunde. Hello, everyone. Now, I'll walk you through our fourth quarter and the fiscal year 2024 financial results in greater detail. Please note that all the amounts are in RMB, unless otherwise stated. You can find the US dollar equivalent of the numbers in our earnings.

謝謝你，鄧德。大家好。現在，我將向您更詳細地介紹我們第四季和 2024 財年的財務表現。請注意，除非另有說明，所有金額均以人民幣計算。您可以在我們的收入中找到與這些數字等值的美元。

For the fourth quarter of 2024, net revenues were RMB102.7 million, representing a year-over-year increase of 3% from the corresponding period in 2023. Revenues from package tours were up 3% year over year for RMB75.4 million and accounted for 73% of our total net revenues for the quarter.

2024年第四季，淨收入為人民幣1.027億元，較2023年同期成長3%。旅遊團營收年增3%至7,540萬元人民幣，佔本季總淨收入的73%。

The increase was primarily due to the growth of overnight tours. Other revenues were up 3% year over year to RMB27.3 million and accounted for 27% 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 fourth quarter of 2024 was RMB69.8 million, down 6% year over year.

成長的主要原因是過夜旅遊的成長。其他收入年增3%至人民幣2,730萬元，占我們總淨收入的27%。成長的主要原因是向旅遊局提供的廣告服務費用增加。2024年第四季毛利為人民幣6,980萬元，較去年同期下降6%。

Operating expenses for the fourth quarter of 2024 for RMB82.5 million down 58% year over year. Research and product development for the fourth quarter of 2024 for RMB13.3 million, up 28% year over year.

2024年第四季營業費用為8,250萬元人民幣，年減58%。2024年第四季研究與產品開發費用為1,330萬元人民幣，較去年同期成長28%。

The increase was primarily due to the increase in research and product development of now related expenses. There's a marketing expenses for the fourth quarter of 2024 for RMB42.7 million, up 28% year over year. The increase was primarily due to the increase in sales and marketing personnel expenses and promotion expenses.

成長的主要原因是研究和產品開發相關費用的增加。2024年第四季行銷費用為4,270萬元人民幣，較去年同期成長28%。成長的主要原因是銷售及行銷人員費用以及促銷費用的增加。

General and administrative expenses for the fourth quarter of 2024 were RMB26.8 million, up down 36% year over year. The decrease was provided due to the decrease in general and administrative, now related expenses. Net loss attributable to ordinary shareholders of two new corporations was RMB24.2 million in the fourth quarter of 2024.

2024年第四季一般及行政費用為人民幣2,680萬元，較去年同期下降36%。減少的原因是一般及行政開支（現為相關開支）減少。2024年第四季歸屬於兩家新創公司普通股股東的淨虧損為人民幣2,420萬元。

Non-GAAP net loss attributable to ordinary shareholders of two new corporations. Which included the shell-based competition expenses, amortization of acquired to assets, and employments of property and the equipment that was RMB6.4 million in the fourth quarter of 2024.

歸屬於兩家新公司普通股股東的非公認會計準則淨虧損。其中包括2024年第四季的殼牌競爭費用、收購資產攤提以及物業和設備的使用費用為人民幣640萬元。

As of December 31, 2024, the company had a cash and cash equivalent, restricted cash, certain investments, and long-term time deposits of RMB1.3 billion. Capital expenditure for the fourth quarter of 2024 for RMB1.2 million.

截至2024年12月31日，本公司擁有現金及現金等價物、受限現金、某些投資及長期定期存款為人民幣13億元。2024年第四季資本支出為人民幣120萬元。

Now moving to full-year 2024 results. In 2024, net revenues were RMB513.6 million representing a 16% year-over-year increase. Revenues from package tours are up 22% year over year to RMB407.5 million. And accounted for 79% of our total net revenues in 2024. The increase was primarily due to the growth of organized tours.

現在轉向 2024 年全年業績。2024年淨收入為人民幣5.136億元，較去年成長16%。旅遊團營收年增22%至4.075億元。並占我們2024年總淨收入的79%。成長的主要原因是組團旅遊的成長。

Other revenues were down 2% year over year to RMB106.2 million and accounted for 21% of our total net revenues in 2024. The decrease was primarily due to the decrease in revenues generated from financial services. Gross profit were RMB358 million in 2024, up 22% year over year. Operating expenses was RMB294.8 million in 2024, down 25% year over year.

其他收入年減 2% 至人民幣 1.062 億元，占我們 2024 年總淨收入的 21%。下降主要是由於金融服務收入的減少。2024年毛利為3.58億元，年增22%。2024年營業費用為2.948億元，年減25%。

Research and product development expenses were RMB52.7 million in 2024, from 8% year over year. The decrease was primarily due to the decrease in research and product development personnel related expenses. Sales and marketing expenses were RMB180.3 million in 2024, up 53% year over year.

2024年研究與產品開發費用為5,270萬元人民幣，較去年同期成長8%。減少的主要原因是研究和產品開發人員相關費用的減少。2024年銷售及行銷費用為人民幣1.803億元，較去年同期成長53%。

The increase was primarily due to the increase in promotion expenses. General and administrative expenses for RMB87.7 million in 2024, down 23% year over year. The decrease was primarily due to the decrease in general and administrative but, now related expenses.

成長的主要原因是促銷費用增加。2024年一般及行政開支為人民幣8,770萬元，較去年同期下降23%。下降的主因是一般及行政開支減少，但現在相關開支也減少。

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB77.2 million in 2024. Non-cap net income attributable to ordinary shareholders to new corporation, which excluded she is composition expenses amortization of a private assets, net gain on disposals of subsidies and the requirement of property and equipment. That was RMB80.8 million in 2024. Cash flow generated from operations for 2024 was RMB84million. Capital expenditures were RMB12 million in 2024. For the first quarter of 2025. The company is set to generate RMB116.6 million to RMB122 million of revenues which represents 8% to 13% increase year over year. Please note that this forecast to new current and the preliminary review on the industry and its operations. Which is subject to change. Thank you for listening. We are now ready for your questions. Operator?

2024年歸屬於途牛集團普通股股東的淨利為7,720萬元。歸屬於新公司普通股股東的不封頂淨利潤，其中剔除公司資產的攤銷、處置子公司的淨收益、固定資產的購置費等。到2024年，這數字將達到8,080萬元人民幣。2024年經營活動產生的現金流為人民幣8,400萬元。2024年資本支出為人民幣1,200萬元。2025 年第一季。該公司預計實現營收1.166億至1.22億元人民幣，年增8%至13%。請注意，該預測是對該行業及其運營的新現狀和初步審查。這可能會發生改變。感謝您的聆聽。我們現在已準備好回答您的問題。操作員？

[Stacy Zhao], Private Investor.

[Stacy Zhao]，私人投資者。

Hi, management, congratulations on a profitable year. Can you share with us your projections for the 2025 revenue and profit? What are some key drivers to support revenue growth? Are you going to maintain quarterly or yearly profitability? Thank you.

嗨，管理層，祝賀您今年盈利。您能與我們分享您對2025年營收和利潤的預測嗎？支持收入成長的一些關鍵驅動因素有哪些？您會保持季度或年度的獲利能力嗎？謝謝。

Thank you for the questions. In 2025, the total travel market will continue to grow while the market competition is getting more intense in the form of both quality and the price. We will continue to adopt high quality business development strategy trying to beat the industry average growth rate.

感謝您的提問。2025年，旅遊市場總量將持續成長，市場競爭也將更加激烈，無論是品質或價格。我們將繼續採取高品質的業務發展策略，並努力超越產業平均成長率。

On the product side, we will invest in product upgrading and the innovation for our core products. For example, we will introduce more in-depth and single-definition tour products for our new tours to better sell and retain our repeat customers. Facing factors such as the intense competition, we will keep competitive pricing for certain products and the product lines to attract more new customers.

在產品方面，我們會投入精力進行產品的升級，以及核心產品的創新。例如，我們會在新行程中推出更深層、單一定義的旅遊產品，以便更好地銷售和留住回頭客。面對激烈的競爭等因素，我們將保持某些產品和產品線的有競爭力的定價，以吸引更多的新客戶。

Therefore, our gross profits (inaudible) will be negatively impacted this year. On the sales side, we'll continue to expand the diversity of our sales channels. To embrace the changing user habits, we expand sales on new media channels.

因此，我們今年的毛利（聽不清楚）將受到負面影響。在銷售方面，我們將繼續擴大銷售管道的多樣性。為了適應不斷變化的用戶習慣，我們擴大了新媒體管道的銷售。

We are leverage our experience and the capabilities in live streaming, expanding to more platforms. Last year, live-streaming channel contributed about 10% of our total GMV. For offline channels, currently, we have over 200 stores nationwide. This year we are largely increase the number of offline stores. Maybe double that number.

我們正在利用我們在直播方面的經驗和能力，擴展到更多平台。去年，直播管道貢獻了我們總GMV的10%左右。線上下通路方面，目前我們在全國有200多家門市。今年我們大幅增加了線下門市的數量。或許這個數字可以翻倍。

On the technology side, we focus on AI agent. So combining the power of AI agents with our insights or little car market. We will further enhance our user experience and improve operational efficiency. As for your questions regarding profits, we believe a four-year GAAP net income in 2024 has demonstrated to you the ability to be profitable and so as a meaningful step toward achieving long-term profitability.

在技​​術方面，我們專注於AI代理。因此將人工智慧代理的力量與我們的洞察力或小型汽車市場結合起來。我們將進一步提升用戶體驗並提高營運效率。至於您關於利潤的問題，我們相信 2024 年的四年 GAAP 淨收入已經向您證明了盈利能力，因此是實現長期盈利的重要一步。

In 2025, the market is filled with new opportunities and challenges. So we tend to make some investments as mentioned above.

2025年，市場充滿新的機會與挑戰。所以我們傾向於進行一些如上所述的投資。

In product innovation, sales channels expansion and R&D. To further improve user experiences and the 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 new. 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 profits. Thank you.

在產品創新、銷售通路拓展及研發方面。進一步提高使用者體驗和內部效率。透過這些改進，我們將增強我們的競爭優勢並鞏固我們的市場地位。從而推動新能源的長期永續成長。儘管我們進行了投資，但我們仍以 2025 年實現盈利為目標。季度業績可能因季節性而有所不同。預計第三季將是銷售旺季。並將貢獻大部分年度獲利。謝謝。

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.

我們現在即將結束電話會議。現在，我將電話轉給途牛投資人關係總監瑪麗，請她作最後發言。

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].

再次感謝您今天的參與。如果您還有其他問題，請隨時與我們聯絡。感謝您一直以來的支持，我們期待在未來與您交談[月]。

Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a good day.

感謝您參加今天的會議。本次演講到此結束。您現在可以斷開連線。祝你有美好的一天。