Tuniu Corp (TOUR) 2025 Q1 法說會逐字稿

Hello, and thank you for standing by for Tuniu's 2025 first-quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. 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, the Director of Investor Relations, Mary.

您好，感謝您參加途牛2025年第一季財報電話會議。（操作員指示）今天的會議正在錄製。如果您有任何異議，您可以立即斷開連接。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 2025 first-quarter earnings conference call. Joining me on the call today are Dunde 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 first quarter of 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.

謝謝。歡迎參加我們 2025 年第一季財報電話會議。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和途牛財務總監陳安強。今天的議程是，管理層將討論 2025 年第一季的業務更新、營運亮點和財務表現。在我們繼續之前，請參閱收益新聞稿中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性陳述。

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.

此外，本次電話會議也討論了某些非公認會計準則財務指標。請參閱我們的收益報告，其中包含非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。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以人民幣為單位。現在，我想將電話轉給我們的創辦人、董事長兼執行長唐納德·餘 (Donald Yu)。

Thank you, Mary. Good day, everyone. Welcome to our first-quarter 2025 earnings conference call. In the first quarter, our core business maintained steady growth with revenues from packaged tours growing by 19% year-over-year. The domestic travel market demonstrated consistent growth momentum with a notable surge during this year's spring festival.

謝謝你，瑪麗。大家好。歡迎參加我們的 2025 年第一季財報電話會議。一季度，核心業務維持穩定成長，旅遊度假收入較去年同期成長19%。今年春節期間，國內旅遊市場呈現持續成長動能，漲幅明顯。

For outbound tours, despite headwinds faced by some Southeast Asian destinations, long-haul destinations continued to perform well. Thanks to the diversity of our products and destinations. Customers had the flexibility to choose between domestic offerings and nearby international options. As a result, our outbound tour transaction volume achieved double-digit year-over-year growth in the first quarter. This year, we have adopted more proactive strategies to respond to changing market demands.

出境旅遊方面，儘管部分東南亞目的地遭遇阻力，但長途目的地依然表現良好。這得歸功於我們產品和目的地的多樣性。客戶可以靈活地選擇國內服務和附近的國際服務。因此，第一季我們的出境游交易量實現了兩位數的年成長。今年，我們採取了更積極主動的策略來應對不斷變化的市場需求。

First, by leveraging our differentiated products and high-quality services, Tuniu is able to attract premium customers and increase the repurchase rate risk. Also by capitalizing on our supply chain advantages, we have further reduced procurement costs, allowing us to return value to customers and offer more competitively priced products to attract a broader customer base.

首先，途牛憑藉著差異化的產品和優質的服務，吸引優質客戶，提升復購率風險。同時，透過利用我們的供應鏈優勢，我們進一步降低了採購成本，使我們能夠為客戶帶來價值回報，並提供更具價格競爭力的產品來吸引更廣泛的客戶群。

We remain committed to open collaboration, introducing mutually beneficial policies to attract partners, explore new sales channels, and work closely with the upstream and downstream segments across the industry chain to better serve our customers. Moreover, we are embracing new AI technologies to enhance the customer experience and our internal operation, operational efficiency through innovation. Now, I'd like to walk you through our strategies in more detail.

我們堅持開放合作，推出互利政策吸引合作夥伴，拓展新的銷售管道，並與產業鏈上下游緊密合作，更好地服務客戶。此外，我們正在擁抱新的人工智慧技術，透過創新來提升客戶體驗和我們的內部營運、營運效率。現在，我想更詳細地向你們介紹我們的策略。

First, differentiate [8K] and high-quality products have always been one of Tuniu's core competitive advantages. Our in-house developed new tool product offers a unique position in the market as a premium organized tour product. Since its launch over a decade ago, many of new tours loyal customers have involved from first-time travelers to experienced travelers.

第一，差異化[8K]和高品質產品一直是途牛的核心競爭優勢之一。我們內部開發的新工具產品作為優質有組織的旅遊產品在市場上佔有獨特的地位。自十多年前推出以來，許多新旅遊忠實客戶都參與其中，從初次旅客到經驗豐富的旅客。

To meet the evolving demands of our customers, we continue to enhance the travel experience by implementing a door shopping policy throughout the trip, and some even including ultra-luxury hotels and the Michelin star dining. Meanwhile, we are expanding the variety of destinations and product offering. In April this year, new tour launched its first tour to the three countries of the Caucasus region, which received a 100% satisfaction rate.

為了滿足客戶不斷變化的需求，我們不斷提升旅行體驗，在整個旅程中實施上門購物政策，有些甚至包括超豪華酒店和米其林星級餐廳。同時，我們正在擴大目的地和產品種類。今年4月，新旅行社首次推出高加索地區三國遊，遊客滿意率達100%。

Secondly, it responds to increasingly diverse customer needs, we have introduced a wider range of products, offering good value for money to attract more price-sensitive travelers. For example, our new select products have expanded the outbound tour offerings to cover a broader array of international destinations, providing better options for customers, valuing cost effectiveness.

其次，為了滿足日益多樣化的顧客需求，我們推出了更廣泛的產品，提供物有所值的產品，以吸引更多對價格敏感的旅客。例如，我們新推出的精選產品擴大了出境旅遊的範圍，涵蓋了更廣泛的國際目的地，為客戶提供了更好的選擇，並專注於成本效益。

With more competitive pricing, customers can now explore additional destinations within the same budget, an option that strongly appeals to travel [fans], particularly younger fans. In the first quarter, transaction volume for our new select products increased by over 80% compared to the previous quarter.

有了更具競爭力的價格，顧客現在可以在相同的預算內探索更多的目的地，這一選擇對旅行愛好者，尤其是年輕愛好者有著強烈的吸引力。一季度，我們精選新品交易量較上季成長80%以上。

In terms of our sales, we continue to explore and expand into a diverse range of channels. In the first quarter, our live streaming channels maintained strong growth with both transactions and the verification volume achieving double-digit year-over-year growth. The contribution of live streaming to the company's total transaction volume increased from 10% in the first quarter last year to over 15% this year.

在銷售方面，我們不斷探索和拓展多元化的管道。第一季度，我們的直播管道保持強勁成長，交易量和驗證量均實現兩位數的年增長。直播對公司總交易額的貢獻由去年一季的10%提升至今年的15%以上。

In 2025, we expanded our live streaming product offerings beyond the traditional hotel plus scenic sports packages to include the personalized services such as photography and private tour guide, catering to more niche customer needs. In terms of packaged tour sales, we continue to promote destination-based live streaming.

2025年，我們將直播產品從傳統的飯店加景區運動套餐擴展到攝影、私人導遊等個人化服務，滿足更多小眾客戶的需求。在打包旅遊銷售方面，我們繼續推廣基於目的地的直播。

In March, our in-house live streaming shows partnered with several travel influencers to launch a 21-day on-site live streaming campaign across 10 islands in the Maldives. This campaign generated over RMB100 million in total payment volume, helping Maldives-related products reach Chinese customers more effectively and the boosting overall increase in travel to the Maldives.

3月份，我們的自營直播節目與多位旅遊達人合作，在馬爾地夫10個島嶼開展了為期21天的現場直播活動。這次活動累計支付金額超過1億元人民幣，幫助馬爾地夫相關產品更有效觸達中國消費者，拉動馬爾地夫旅遊整體成長。

Regarding offline store expansion, as of the end of the first quarter, Tuniu has opened nearly 300 off-line stores, primarily located in high demand source markets, popular tourist destinations and the major transportation hub cities. For example, in March of this year, we launched 10 new stores in a single day in Chengdu. Our offline stores feature travel products tailored for in-person promotion, helping to create a seamless integration between online and offline services.

在線下門店拓展方面，截至第一季末，途牛已開設近300家線下門市，主要分佈在客源市場、熱門旅遊目的地以及主要交通樞紐城市。例如今年3月我們在成都一天就開了10家新店。我們的線下門市提供專為線下推廣而客製化的旅遊產品，幫助實現線上和線下服務的無縫整合。

We also organized in-store events and other marketing activities to strengthen customer engagement and loyalty. Additionally, these off-line stores supports our localized procurement efforts and allow us to share resources and grow with our supplier partners, contributing to the coordinated development of the local tourism industry. In addition, we are actively developing sales channels such as traffic platforms and corporate clients, offering tailored products to meet their specific needs.

我們也舉辦店內活動和其他行銷活動，以加強客戶參與度和忠誠度。此外，這些線下門市也支持了我們在地化的採購，讓我們能夠與供應商夥伴共享資源、共同成長，為當地旅遊業的協同發展做出貢獻。此外，我們積極拓展流量平台、企業客戶等銷售管道，提供滿足其特定需求的客製化產品。

For example, sales of single items such as flight ticket and hotel bookings have grown rapidly on traffic platforms. For corporate clients, we provide customized growth tours as well as individual and family location packages to complement traditional business travel, addressing both corporate needs, including business trips and the team building as well as personal location demand.

例如，流量平台上機票、飯店預訂等單品的銷售額成長迅速。對於企業客戶，我們提供客製化的成長遊以及個人和家庭定位套餐，作為傳統商務旅行的補充，既滿足企業商務旅行、團隊建立等需求，也滿足個人定位需求。

In terms of technology, in early April, Tuniu launched our self-developed travel AI agent, AI assistant Xiao Niu. The assistant integrated vertical travel application scenarios with open-source large language models to provide customers with one-stop solve services, including smart search, automated price comparisons, personalized recommendations and dynamic packaging. Once customers find a product they like, they can book it directly, eliminating pop-up bundling offers and ensuring a transparent and efficient booking experience.

技術方面，4月初，途牛推出了自主研發的旅行AI助理－AI助理小牛。該助理融合垂直旅遊應用場景與開源大型語言模型，為客戶提供智慧搜尋、自動比價、個人化推薦、動態打包等一站式解決服務。一旦客戶找到他們喜歡的產品，他們就可以直接預訂，從而消除彈出式捆綁優惠並確保透明且高效的預訂體驗。

During this year's Labor Day holiday, we observed a noticeable increase in user engagement with our AI assistant, particularly in searches for flights, train tickets, and hotel bookings. Tuniu has assembled a team of professionals with deep expertise in both technology and the travel industry, enabling our R&D efforts to more effectively address key customer pain points.

今年勞動節假期期間，我們觀察到用戶對人工智慧助理的參與度明顯增加，特別是在航班、火車票和飯店預訂的搜尋方面。途牛組建了一支在科技和旅遊業中都擁有深厚專業知識的專業團隊，使我們的研發工作能夠更有效地解決客戶的關鍵痛點。

Looking ahead, customers will be able to leverage AI to plan personalized itineraries with greater ease, making customized travel more convenient, efficient, and accessible. In conclusion, Tuniu remains firmly committed to our mission of making travel easier by staying closely aligned with the evolving customer needs and continuously expanding our product offerings and sales channel options.

展望未來，消費者將能夠利用人工智慧更輕鬆地規劃個人化行程，讓客製化旅行更加便利、有效率、便利。總而言之，途牛始終堅定地致力於實現讓旅行更輕鬆的使命，密切關注不斷變化的客戶需求，並不斷擴展我們的產品種類和銷售管道選擇。

With the support of AI technology, our service is becoming more intelligent, efficient, and transparent. We will continue to drive innovation in both products and technology to enhance the customer experience and satisfaction, unlock the company's growth potential and pursue long-term sustainable development.

在AI技術的支援下，我們的服務變得更有智慧、更有效率、更透明。我們將持續推動產品和技術創新，提升客戶體驗和滿意度，釋放公司成長潛力，追求長期永續發展。

I will now turn the call over to Anqiang, our Financial Controller, for the financial highlights.

現在，我將把電話轉給我們的財務總監安強，以介紹財務要點。

Thank you, Donald. Hello, everyone. Now, I'll walk you through our first quarter of 2025 financial results in greater detail. Please note that all the monetary amounts are in RMB unless otherwise stated. You can find the US dollar equivalents of the numbers in our earnings release.

謝謝你，唐納德。大家好。現在，我將向您更詳細地介紹我們 2025 年第一季的財務表現。請注意，除非另有說明，所有金額均以人民幣計算。您可以在我們的收益報告中找到這些數字的美元等值金額。

For the first quarter of 2025, net revenues were RMB117.5 million representing a year-over-year increase of 9% from the corresponding period in 2024. Revenues from packaged tours were up 19% year over year to RMB99 million and accounted for 84% of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours. Other revenues were down 26% year over year to RMB18.5 million and accounted for 16% of our total net revenues.

2025年第一季，淨收入為人民幣1.175億元，較2024年同期年增9%。度假旅遊收入年增 19% 至 9,900 萬元，佔本季總淨收入的 84%。這一增長主要歸因於有組織的旅遊的增長。其他收入較去年同期下降26%至人民幣1,850萬元，占我們總淨收入的16%。

The decrease was primarily due to the decrease in the commission fees received from other travel-related products. Gross profit for the first quarter of 2025 was RMB69.3 million, down 15% year over year. Operating expenses for the first quarter of 2025 were RMB80.1 million, up 15% year over year. Research and product development expenses for the first quarter of 2025 were RMB14.5 million, up 12% year over year. The increase was primarily due to the increase in research and product development personnel-related expenses.

減少的主要原因是其他旅遊相關產品收取的佣金減少。2025年第一季毛利為人民幣6,930萬元，較去年同期下降15%。2025年第一季營業費用為人民幣8,010萬元，較去年同期成長15%。2025年第一季研究與產品開發費用為1,450萬元人民幣，較去年同期成長12%。成長的主要原因是研究和產品開發人員相關費用的增加。

Sales and marketing expenses for the first quarter of 2025 were RMB43.2 million, up 17% year over year. The increase was primarily due to the increase in sales and marketing personnel-related expenses and promotion expenses. General and administrative expenses for the first quarter of 2025 were RMB22.8 million, up 11% year over year. The increase was primarily due to the impairment of property and equipment that recorded in the first quarter of 2025.

2025年第一季銷售及行銷費用為4,320萬元人民幣，較去年同期成長17%。成長的主要原因是銷售及行銷人員相關費用以及促銷費用的增加。2025年第一季一般及行政費用為人民幣2,280萬元，較去年同期成長11%。增加的主要原因是 2025 年第一季記錄的財產和設備減損。

Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB4.7 million in the first quarter of 2025. Non-GAAP net income 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 RMB0.8 million in the first quarter of 2025.

2025年第一季度，途牛集團歸屬於普通股股東的淨虧損為470萬元。2025年第一季度，不計入股權激勵費用、收購無形資產攤銷以及物業及設備減值，非美國通用會計準則歸屬於途牛集團普通股股東的淨利為80萬元。

As of March 31, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and long-term deposits of RMB1.2 billion. Capital expenditures for the first quarter of 2025 was RMB0.8 million. For the second quarter of 2025, the company expects to generate RMB131 million to RMB136.8 million of net revenues, which represents a 12% to 17% increase year over year. Please note that this forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

截至2025年3月31日，本公司擁有現金及現金等價物、受限現金、短期投資及長期存款為人民幣12億元。2025年第一季資本支出為80萬元人民幣。2025年第二季度，公司預計淨收入為1.31億元至1.368億元人民幣，年增12%至17%。請注意，此預測反映了途牛對產業及其營運的當前和初步看法，可能會發生變化。

Thank you for listening. We are now ready for your questions. Operator?

謝謝您的聆聽。我們現在已準備好回答您的問題。操作員？

(Operator Instructions) [Li Donyu], Private Investor.

(操作員指示)[李東宇]，私人投資者。

Thank you for taking my question. Well, my first question is about your product strategy. Would you please give me more color on why and how the company offers more competitively priced products in the first quarter? And how does the price strategy impact to your revenues and profits? Moreover, my second question is about the outlook for the second quarter. Will you be profitable in the second quarter? That's all.

感謝您回答我的問題。嗯，我的第一個問題是關於你們的產品策略。您能否詳細說明一下公司為何以及如何在第一季提供價格更具競爭力的產品？價格策略對您的收入和利潤有何影響？另外，我的第二個問題是關於第二季的前景。第二季會獲利嗎？就這樣。

Thank you for the questions. First of all, I shall see quality takes priority in our strategy. High-quality products are our core (inaudible) and help us build a large loyal customer base. We see different needs from customers, some prefer enjoyable experience, while others like favorable price. We need to diversity of -- diversify our price range to attract different customer growth, competitively priced products attractive among new customers and the customers from lower-tier cities.

謝謝您的提問。首先，我認為品質在我們的策略中佔據優先地位。高品質的產品是我們的核心（聽不清楚），並幫助我們建立龐大的忠實客戶群。我們看到客戶有不同的需求，有些客戶喜歡愉快的體驗，有些客戶則喜歡優惠的價格。我們需要多樣化—多樣化我們的價格範圍來吸引不同的客戶成長，具有競爭力的價格產品對新客戶和來自低線城市的客戶具有吸引力。

We also observed that competitive pricing helps enhance repurchase. With favorable prices, customers can now plan more trips within the same budget. This year, the market competition is getting more intense. Apart from through OTA, travel products are accessible to customers via many channels, such as live streaming, social media, and community, as well as offline stores. So this year, we provided more competitively priced products to compete with other channels and consolidate our market share to implement our strategy.

我們也發現，有競爭力的定價有助於提高回購率。有了優惠的價格，顧客現在可以在相同的預算內規劃更多的旅行。今年以來，市場競爭愈發激烈。除了透過OTA，消費者還可以透過直播、社群媒體、社群以及線下門市等多種管道購買旅遊產品。所以今年我們提供了更有價格競爭力的產品來與其他通路競爭，鞏固我們的市場份額，並實施我們的策略。

Firstly, we consolidate the supply chain, through centralized and direct procurement, we are able to get more favorable resources and lower the purchasing cost. Secondly, we use technical methods, including AI technology to assist product pricing, ensuring the competitiveness of our price. On product side, this year, we increased the supply of new select products, which is an affordable product line, we launched last year. On sales side, we will launch various promotions and the discounts to our customers.

一是鞏固供應鏈，透過集中採購、直採，取得更優惠的資源，降低採購成本。其次，我們利用技術手段，包括AI技術來輔助產品定價，確保價格的競爭力。在產品方面，今年我們增加了精選新產品的供應，這是我們去年推出的價格實惠的產品系列。在銷售方面，我們將向客戶推出各種促銷和折扣。

For example, our membership cardholder can enjoy discounts while booking at Tuniu. Competitively priced products help us attract more customers contributing to the increase of our GMV. In the first quarter, transaction volume for our new select products increased by over 80%, compared to the previous quarter.

例如，我們的會員卡持有者在途牛訂票時可以享受折扣。具有價格競爭力的產品幫助我們吸引更多客戶，從而促進我們的 GMV 成長。一季度，我們精選新品交易量較上季成長80%以上。

As we return value to our customers, this year, our gross profit ratio will be lower compared to the previous year. We will adopt measures to further control internal costs and try to achieve profitability for the second quarter.

由於我們向客戶回報價值，今年我們的毛利率會比去年下降。我們將採取措施進一步控制內部成本，力爭第二季獲利。

(Operator Instructions) We have no further questions at this time. I will now turn the call over to Tuniu's Director of Investor Relations, Mary, for closing remarks.

（操作員指示）我們目前沒有其他問題。現在，我將把電話轉給途牛投資者關係總監瑪麗，請她做最後發言。

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.

再次感謝您今天加入我們。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，我們期待在未來幾個月與您交談。

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

謝謝。感謝大家參加今天的會議。演講到此結束。您現在可以斷開連線。再會。