Tuniu Corp (TOUR) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by for Tuniu's 2025 second-quarter earnings conference call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

您好，感謝您參加途牛2025年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。如果您有任何異議，您可以立即斷開連接。

I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Ms. Mary Chen. Please go ahead.

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 Mary Chen 女士。請繼續。

Thank you, and welcome to our 2025 second-quarter 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 second quarter of 2025.

謝謝，歡迎參加我們 2025 年第二季財報電話會議。今天和我一起參加電話會議的還有途牛創辦人、董事長兼執行長於唐納德和途牛財務總監陳安強。今天的議程是，管理層將討論 2025 年第二季的業務更新、營運亮點和財務表現。

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. 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 most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.

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。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。請參閱我們的績效報告，其中包含非公認會計準則 (Non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表。最後，請注意，除非另有說明，本次電話會議中提及的所有數字均以人民幣為單位。

I would now like to turn the call over to our Founder, Chairman, and Chief Executive Officer, Donald Yu.

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 second-quarter 2025 earnings conference call. In the second quarter, we saw a robust performance across the travel sector as the three-holiday period helped sustain strong consumer demand.

謝謝你，瑪麗。大家好。歡迎參加我們的 2025 年第二季財報電話會議。在第二季度，我們看到整個旅遊業表現強勁，因為三個假期有助於維持強勁的消費需求。

During this holiday, Tuniu recorded year-over-year growth in both transaction volume and the number of trips. During the quarter, the company continued to maintain consistent growth momentum, with net revenues increasing by 15% year over year and revenues from packaged tours growing by 26%.

本次假期，途牛交易額和出行人次均較去年同期成長。本季度，公司持續保持持續的成長勢頭，淨收入年增15%，旅遊套餐收入成長26%。

Tuniu's robust supply chain has allowed us to execute our product strategy effectively with positive results. By expanding our range of offerings, we are meeting the needs of diverse customer segments while attracting more customers through competitive pricing. Together, these efforts are driving sustained growth across the business.

途牛強大的供應鏈使我們能夠有效執行產品策略並取得正面成果。透過擴大我們的產品範圍，我們滿足了不同客戶群的需求，同時透過具有競爭力的價格吸引了更多的客戶。這些努力共同推動了整個業務的持續成長。

In addition, our diversified sales channels have enabled us to reach a broader customer base. We are seeing more and more of our sales coming from new channels like live streaming and offline stores. At the same time, we are closely monitoring the ROI of each channel and maintaining strict cost control over internal operations.

此外，我們多樣化的銷售管道使我們能夠接觸到更廣泛的客戶群。我們看到越來越多的銷售來自直播和線下商店等新管道。同時，我們密切監控每個通路的投資報酬率，並對內部營運進行嚴格的成本控制。

In the second quarter, we once again achieved quarterly profitability on both a GAAP and non-GAAP basis. Let me walk you through some of our key initiatives in more detail. In the second quarter, we continued to strengthen our supply chain, which remains central to delivering high-quality products at competitive pricing.

第二季度，我們再次實現了 GAAP 和非 GAAP 基礎上的季度獲利。讓我向您更詳細地介紹我們的一些主要舉措。在第二季度，我們繼續加強我們的供應鏈，這對於以有競爭力的價格提供高品質的產品仍然至關重要。

First, we further enhanced our direct and centralized procurement strategies in order to lower purchasing costs. Second, we focused on resource integration, for example, by leveraging our nationwide sales network with consolidated international flight resources and introduce connecting flights for certain outbound travel products.

一是進一步強化直接採購、集中採購策略，降低採購成本。二是注重資源整合，例如利用覆蓋全國的銷售網絡，整合國際航班資源，為部分出境遊產品開通中轉航班。

This approach allows us to consolidate customers from across the country to depart from key hub cities, expanding our departure city coverage and making travel more convenient for customers in different regions. It also enables us to take advantage of airline discounts available in those hubs, allowing us to offer even more competitive pricing to our customers.

透過這種方式，我們可以把全國各地的旅客集中到重點樞紐城市出發，擴大出發城市的覆蓋範圍，為不同地區的旅客出行提供更便捷的出行。它還使我們能夠利用這些樞紐提供的航空折扣，從而為客戶提供更具競爭力的價格。

In addition, we support our suppliers by offering more favorable payment terms, as well as providing systems and technical support. This initiative helped us attract high-quality suppliers to collaborate closely with us in delivering better products and services to our customers.

此外，我們還透過提供更優惠的付款條件以及系統和技術支援來支援我們的供應商。這項措施幫助我們吸引高品質的供應商與我們密切合作，為我們的客戶提供更好的產品和服務。

On the product side, our various product lines continue to provide more targeted solutions for different types of customers. Niu Tour targets mid- to high-end customers and maintain a high repurchase rate by focusing on quality. Over half of the customers booking Niu Tour products are Tuniu's loyal customers.

在產品方面，我們各產品線持續為不同類型的客戶提供更有針對性的解決方案。牛遊瞄準中高端客戶群，注重品質，維持較高復購率。預訂牛遊產品的客戶中，超過一半都是途牛的忠實客戶。

Niu Select products have gained popularity among customers due to its cost-effective value proposition, especially on live streaming channels. We continue to expand the offering of Niu Select products, covering more destinations and itineraries. In the second quarter, transaction volume for Niu Tours plus Niu Select products grew by more than 25% year over year.

牛精選產品因其高性價比的優勢，尤其是在直播管道上受到了消費者的歡迎。我們持續擴大 Niu Select 產品的供應範圍，涵蓋更多目的地和行程。二季度，小牛旅遊及小牛優選產品交易額年增超過25%。

In terms of product innovation, we continue to explore new destination offerings. For example, Niu Tour launched its first tour in the emerging destination of the Caucasus region, which received a 100% satisfaction rate. In response to strong demand, we expanded beyond the premium organized tours and introduce the more price-competitive Caucasus products under our Niu Select line.

在產品創新方面，我們不斷探索新的目的地產品。例如，小牛旅遊首次在高加索地區新興目的地推出旅遊產品，並獲得了100%的滿意度。為了滿足強勁的需求，我們不僅提供高端有組織的旅遊，還推出了 Niu Select 系列中價格更具競爭力的高加索產品。

As the summer peak season approach, we conducted a live streaming show in the region in July. As a result, transaction volume for Caucasus products in the second quarter grew by over 150% year over year. We also continue to diversify our sales network during the quarter, with emerging channels contributing an increasing share of total transaction volume.

隨著夏季旺季的臨近，我們在7月份在該地區進行了一場直播表演。因此，第二季高加索產品交易量較去年同期成長超過150%。本季度，我們也持續實現銷售網絡多元化，新興通路在總交易量中的佔比不斷增加。

During the second quarter, both payment and verification volume through our live streaming channels achieved double-digit year-over-year growth. Backed by our leading position in travel live streaming as well as strong brand recognition and product reputation, we expanded our live stream offerings to include higher-priced items, such as luxury hotels, upscale island destinations, and long-haul outbound tours.

第二季度，我們直播通路的支付量和驗證量均實現了兩位數的年成長。憑藉我們在旅遊直播領域的領先地位以及強大的品牌知名度和產品聲譽，我們擴展了直播產品範圍，包括價格更高的項目，例如豪華酒店、高檔海島目的地和長途旅行。

With over a decade of deep experience in the outbound travel segment, we successfully brought our expertise into the live streaming channels, offering products tailored to live stream viewers supported by professional presentations, and the comprehensive services such as visa assistance. As a result, we quickly emerged as a leading outbound travel supplier through live streaming.

憑藉著十多年出境遊領域的深厚經驗，我們成功地將專業知識帶入直播管道，為直播觀眾提供量身定制的產品、專業的演示以及簽證協助等全面的服務。我們透過直播迅速崛起，成為領先的出境遊供應商。

For example, one of our in-house products for Dubai has already surpassed 10,000 paying customers since its launch earlier this year. For live streaming leader travel products, we've been encouraging more influencers to step out of their studios and conduct live streaming shows directly from the destination, offering customers a more immersive experience.

例如，我們針對杜拜的一款內部產品自今年稍早推出以來，付費客戶數量已超過 1 萬名。對於直播帶貨領軍旅遊產品，我們一直鼓勵更多網紅走出工作室，直接從目的地進行直播表演，為顧客提供更身臨其境的體驗。

At the same time, we've partnered with a number of top- and mid-tier influencers to host a dedicated live streaming shows and jointly promote our offerings. In the second quarter, live streaming's contribution to the company's total transaction volume continued to grow, rising from over 15% in the previous quarter to nearly 20%.

同時，我們與多位頂尖和中級影響力人士合作，舉辦專門的直播節目，共同推廣我們的產品。第二季度，直播對公司總交易額的貢獻持續提升，由上一季的15%以上上升至近20%。

In the second quarter, we continue to strengthen our offline store network. We expanded coverage in key cities, particularly popular departure cities, tourist destinations, and the transportation hubs to build local scale and drive down operating costs. As a result, transaction volume from offline stores grew by over 20% year over year during the quarter.

第二季度，我們持續加強線下門市網路。增加對重點城市的覆蓋力度，特別是熱門出發城市、旅遊目的地、交通樞紐等，建構本地規模，降低營運成本。因此，本季線下門市交易量較去年同期成長超過20%。

On the technology front, we continue to explore the application of AI agents across various scenarios, with a focus on enhancing customer experience and improving internal operational efficiency. We are pleased to see that more and more customers and employees are actually using our AI tools to help book trips and the complete tasks. We will continue to enhance and update our technology tools in response to user feedback.

在科技方面，我們持續探索人工智慧代理在各個場景的應用，並專注於提升客戶體驗並提高內部營運效率。我們很高興地看到，越來越多的顧客和員工正在實際使用我們的AI工具來幫助預訂行程和完成任務。我們將根據用戶的回饋繼續增強和更新我們的技術工具。

In concurrence with the arrival of the summer season, the travel industry is entering its peak period. While managing the surge in travel demand, we are also closely observing shifts in customer behavior, including booking habits, travel preferences, and product choices, and are continuously refining our products and the services in response. Our goal is to ensure that more new and regular customers think of Tuniu first when it comes to planning their trips.

隨著暑假的到來，旅遊業進入旺季。在應對旅遊需求激增的同時，我們也密切觀察客戶行為的變化，包括預訂習慣、旅行偏好和產品選擇，並不斷改進我們的產品和服務。我們的目標是讓更多的新舊客戶在規劃行程時先想到途牛。

I'll 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，以了解財務要點。

Thank you, Donald. Hello, everyone. Now I will walk you through our second quarter of 2025 financial results in greater detail. Please note that all monetary amounts are in RMB, unless otherwise stated. You can find the US dollar equivalent 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 年第二季的財務表現。請注意，除非另有說明，所有金額均以人民幣為單位。您可以在我們的收益報告中找到與美元等值的數字。

For the second quarter of 2025, net revenues were RMB134.9 million representing a year-over-year increase of 15% from the corresponding period in 2024. Revenues from packaged tours were up 26% year over year to RMB113.4 million and accounted for 84% of our total net revenues for the quarter.

2025年第二季淨收入為人民幣1.349億元，較2024年同期年增15%。度假旅遊收入年增26%至人民幣1.134億元，佔本季總淨收入的84%。

The increase was primarily due to the growth of organized tours and self-guided tours. Other revenues were down 21% year over year to RMB21.5 million and accounted for 16% of our total net revenues. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

這一增長主要歸因於組團遊和自助遊的增長。其他收入較去年同期下降21%至人民幣2,150萬元，占我們總淨收入的16%。減少的主要原因是向旅遊局和旅遊局提供的廣告服務費用減少。

Gross profit for the second quarter of 2025 was RMB86 million, up 2% year over year. Operating expenses for the second quarter of 2025 was RMB78.9 million, up 58% year over year. Research and product development expenses for the second quarter of 2025 were RMB16.4 million, up 29% year over year. The increase was primarily due to the increase in research and product development personnel-related expenses.

2025年第二季毛利為8,600萬元人民幣，較去年同期成長2%。2025年第二季營業費用為人民幣7,890萬元，較去年同期成長58%。2025年第二季研究與產品開發費用為人民幣1,640萬元，較去年同期成長29%。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 second quarter of 2025 were RMB45 million, up 12% year over year. The increase was primarily due to the increase in sales and marketing personnel-related expenses and promotion expenses.

2025年第二季銷售及行銷費用為人民幣4,500萬元，較去年同期成長12%。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。

General and administrative expenses for the second quarter of 2025 were RMB17.8 million, down 18% year over year. The decrease was primarily due to the reversal of current expected credit losses allowance. Net income attributable to ordinary shareholders of Tuniu Corporation was RMB14.5 million in the second quarter of 2025.

2025年第二季一般及行政費用為人民幣1,780萬元，較去年同期下降18%。減少的主要原因是當前預期信用損失準備金的沖銷。2025年第二季歸屬於途牛集團普通股股東的淨利為1,450萬元。

Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB16.5 million in the second quarter of 2025. As of June 30, 2025, the company had cash and cash equivalents, restricted cash, short-term investments, and long-term deposits of RMB1.2 billion. Cash flow generated from operations for the second quarter of 2025 was RMB46 million. Capital expenditures for the second quarter of 2025 were RMB1 million.

2025年第二季度，不計入股權激勵費用及收購無形資產攤銷，非美國通用會計準則下歸屬於途牛集團普通股股東的淨利為1,650萬元。截至2025年6月30日，本公司持有現金及現金等價物、限制性現金、短期投資及長期存款為12億元。2025年第二季經營活動產生的現金流為人民幣4,600萬元。2025年第二季資本支出為人民幣100萬元。

For the third quarter of 2025, the company expects to generate RMB199 million to RMB208.3 million of net revenues, which represents a 7% to 12% increase year over year. Please note that this forecast reflects Tuniu current and preliminary view on the industry and its operations, which is subject to change.

2025年第三季度，公司預計淨收入為1.99億元至2.083億元人民幣，年增7%至12%。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) Lisa Lu, Investor.

（操作員指示）Lisa Lu，投資者。

Hi, management. Thank you for taking my questions. I've got two questions. First, can management share the revenue breakdown by destinations for this quarter? And which destinations drove the growth of packaged tour revenues? Second, can you give more details about the bookings in the summer vacation? That's all. Thank you.

你好，管理層。感謝您回答我的問題。我有兩個問題。首先，管理階層能否分享本季依目的地劃分的收入明細？哪些目的地推動了打包旅遊收入的成長？第二，能否介紹一下暑假期間的預訂狀況？就這樣。謝謝。

Thank you for your questions. As you know, our packaged tour revenue increased 26% year over year, making a solid growth. In terms of key drivers for the growth, domestic destinations achieved double-digit growth during the quarter. Outbound tours grew faster than domestic tours in terms of GMV. Europe, Japan, and Maldives all posted double-digit year-over-year growth.

感謝您的提問。大家知道，我們的旅遊套餐收入年增26%，實現了穩健的成長。從成長的主要驅動力來看，國內目的地在本季實現了兩位數的成長。出境旅遊GMV增速快於國內遊。歐洲、日本和馬爾地夫均實現了兩位數的年增長。

Some emerging destinations had higher growth rates. For example, South America increased over 50%. Sri Lanka and the Caucasus both increased over 100%. But the headwind from some Southeast Asia countries have slowed down and lowered demand from -- for the destination. Southeast Asia declined roughly 30% during the quarter.

一些新興旅遊目的地的成長率較高。例如，南美洲增幅超過50%。斯里蘭卡和高加索地區均成長了100%以上。但來自東南亞一些國家的逆風已經減弱，並降低了對該目的地的需求。本季東南亞下降了約 30%。

In terms of destination breakdown, domestic tours contributed about two-thirds of our total GMV and outbound tours about one-third during third quarter. Within outbound destinations, Europe is the top one destination, which contributed about one-third of our outbound towards GMV. Japan and Maldives each contributed about over 10%. Middle East and Africa, as well as America, less than 10%, respectively. For the rest of the outbound destinations, each contributed less than 5%.

從目的地細分來看，第三季國內遊貢獻了我們總GMV的約三分之二，出境遊貢獻了約三分之一。在出境目的地中，歐洲是首要目的地，其貢獻了我們出境旅遊 GMV 的約三分之一。日本和馬爾地夫的貢獻分別約為10%以上。中東和非洲以及美洲分別不到10％。其餘出境目的地的貢獻率均不足5%。

For the second question about summer vacation, the demand has increased significantly during the peak season. Families with children are one of the main customer growths during the summer. Domestic city tours are hot, especially cities with museums such as Xi'an and Nanjing, as well as cities with theme parks such as Shanghai and Guangzhou.

第二個問題關於暑假，旺季期間需求明顯增加。有孩子的家庭是夏季顧客成長的主要族群之一。國內城市遊火爆，尤其是西安、南京等擁有博物館的城市，以及上海、廣州等擁有主題樂園的城市。

For long-haul tours, Huizhou is a public destination due to its cool weather. Following the shift of our customer habits, this summer, we launched more small growth tours at more competitive prices and sell our products through live streaming shows at scenic spots in Guizhou.

對於長途旅遊來說，惠州由於氣候涼爽，因此是一個公共目的地。隨著顧客習慣的轉變，今年夏天，我們推出了更多小型成長遊，價格更具競爭力，並透過貴州景點的直播銷售我們的產品。

For outbound travel, although we don't have full picture now, we have seen double-digit year-on-year growth in Japan, Europe, and certain islands, including Maldives, in July. For Southeast Asia, in spite of headwinds in Thailand and Cambodia, Singapore and Malaysia are gaining popularity since the summer vacation.

對於出境遊，雖然我們現在還沒有全面了解，但我們看到7月份日本、歐洲以及馬爾地夫等一些島嶼的遊客數量同比增長了兩位數。東南亞方面，儘管泰國和柬埔寨面臨阻力，但新加坡和馬來西亞自暑假以來人氣正在回升。

Our Niu Select itinerary is covering both Singapore and Malaysia launched this summer have passed 10,000 paying customers through live streaming shows so far. In general, the market continues its growth momentum in the peak season. As a result, we expect 7% to 12% net revenues growth in the third quarter, and we will try to make profit again. Thank you.

我們的 Niu Select 行程涵蓋新加坡和馬來西亞，今年夏天推出，到目前為止，透過直播節目付費客戶已超過 10,000 名。整體來看，市場延續旺季成長動能。因此，我們預計第三季淨收入將成長7%至12%，並努力再次獲利。謝謝。

(Operator Instructions) We are now approaching the end of our conference call. I would now like to turn the call over to Tuniu's Director of Investor Relations, Ms. Mary Chen. Please go ahead.

（操作員指示）我們的電話會議即將結束。現在我想將電話轉給途牛投資者關係總監 Mary Chen 女士。請繼續。

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。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。