Tuniu Corp (TOUR) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by for Tuniu's 2026 first quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions) I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary.

您好，感謝您撥冗參加途牛 2026 年第一季度財報電話會議並耐心等候。(接線員指示) 本次會議將進行錄音。(接線員指示) 現在我想把會議交給今天電話會議的主持人——投資者關係總監 Mary。

Thank you, Drew. And welcome to our 2026 first 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.

謝謝你，Drew。歡迎各位參加我們 2026 年第一季度財報電話會議。今天與我一同出席電話會議的有：途牛創辦人、董事長兼首席執行官 Donald Yu，以及途牛財務總監 Anqiang Chen。

For today's agenda, management will discuss business updates, operation highlights and financial performance for the first quarter of 2026. 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.

今天的議程中，管理層將就 2026 年第一季度的業務更新、營運亮點及財務表現進行說明。在我們繼續之前，請參閱財報新聞稿中的「安全港聲明」，該聲明同樣適用於本次電話會議，因為我們將發表前瞻性陳述。

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 R&B.

此外，本次電話會議亦包含對若干非 GAAP 財務衡量指標的討論。請參閱我們的財報新聞稿，其中載有非 GAAP 指標與最直接可比的 GAAP 指標之調節表。最後請注意，除非另有說明，本次電話會議中提及的所有數據均以 R&B 計價。

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

現在我想把電話會議交給我們的創辦人、董事長兼首席執行官 Donald Yu。

Thank you, Mary. Good day, everyone. Welcome to our first quarter 2026 earnings conference call. The travel industry maintained solid growth momentum in the first quarter of 2026, supported in [part] by the longest Chinese New Year holiday on record, with both domestic and outbound travel markets seeing stable growth in the first quarter. Our net revenues increased by 13 year-over-year. At the same time, we achieved non-GAAP profitability for the 5 consecutive quarter.

謝謝你，Mary。各位好。歡迎參加我們 2026 年第一季度財報電話會議。在 2026 年第一季度，旅遊行業保持穩健的成長動能，部分得益於史上最長的春節假期；第一季度國內與出境旅遊市場均呈現穩定增長。我們的淨營收同比增長 13%。同時，我們已連續第 5 個季度實現非 GAAP 盈利。

This year, we will continue to strengthen both our supply chain capabilities and the sales channel development supported by the company's strength in products and industry insights. We aim to further enhance our travel resource base and business partnerships. We will also continue to leverage technological tools to improve operational efficiency and deliver high-quality products and services to a broader customer base.

今年，我們將在公司產品實力與行業洞察的支持下，持續強化供應鏈能力與銷售渠道建設。我們旨在進一步提升旅遊資源基礎與業務合作夥伴關係。我們也將持續運用科技工具提升營運效率，並向更廣泛的客戶群提供高品質的產品與服務。

Next, I will go through our core strategic initiatives in more detail. On the supply side, we will continue to expand our supplier network across areas such as car rentals, overseas, hotels and destination experiences. With the aim of further broadening our product offerings, also we will integrate demand for both Tuniu and our partners to further strengthen the advantages of our centralized procurement. While maintaining product quality and price competitiveness.

接下來，我將更詳細地介紹我們的核心戰略舉措。在供應端，我們將持續擴大供應商網絡，涵蓋租車、海外資源、酒店及目的地體驗等領域。為進一步拓寬產品供給，我們也將整合途牛及合作夥伴的需求，進一步強化集中採購的優勢，同時保持產品品質與價格競爭力。

We added connecting flight solutions to our outbound travel products, expanding departure coverage and serving more travelers from lower-tier cities. This year, we are extending our connecting flight solutions to domestic travel products. Offering customers more flexible travel arrangements.

我們在出境旅遊產品中新增了中轉航班解決方案，擴大出發地覆蓋範圍，服務更多來自低線城市的旅客。今年，我們正將中轉航班解決方案延伸至國內旅遊產品，為客戶提供更靈活的出行安排。

For certain new tour products, we provide travelers departing from different cities across China with integrated flight solutions. In the event of delay to connecting flights, we will assist customers in completing the remaining segments of their journeys at no additional cost.

針對部分新跟團遊產品，我們為來自中國不同城市出發的旅客提供一體化航班解決方案。如遇中轉航班延誤，我們將協助客戶在不增加任何費用的情況下完成其行程的其餘航段。

High-quality products continue to play an important role in attracting our customers and -- customers. In line with the new tour has been one of our core high-quality organized tool products, supported by a relatively loyal customer base. To meet evolving customer demand, New tour products have expanded into long-haul and more complex destinations, including Africa and South America.

高品質產品持續在吸引我們的客戶以及——客戶方面發揮重要作用。「新跟團遊」一直是我們核心的高品質跟團遊產品之一，並擁有相對忠誠的客戶群。為滿足不斷演變的客戶需求，新跟團遊產品已拓展至長線及更複雜的目的地，包括非洲與南美洲。

This year, we continued to introduce new premium outbound new tour products for experienced travelers, such as North America multi-destination itinerary covering the US, Canada and Mexico as well as South America and Antarctic tools, which have been well received with many repeat customers. In terms of the domestic travel market, we see that. Customer demand is gradually shifting from traditional sightseeing towards more culture and experience-oriented travel.

今年，我們持續為資深旅客推出新的高端出境新跟團遊產品，例如覆蓋美國、加拿大與墨西哥的北美多目的地行程，以及南美與南極行程，並獲得良好反響，回頭客眾多。在國內旅遊市場方面，我們看到。客戶需求正逐步從傳統觀光轉向更偏文化與體驗導向的旅行。

In response, we have upgraded our organized tour products through introducing more in-depth itineraries, focused on single destinations. These products reduce the number of stops within an itinerary, focus on core destinations and selected sightseeing attractions, and provide travelers with more time for exploration and local experiences.

為此，我們透過引入更深入、聚焦單一目的地的行程，升級了我們的跟團遊產品。這些產品減少行程中的停靠點數量，聚焦核心目的地與精選景點，並為旅客提供更多探索與在地體驗的時間。

To further enhance the travel experience, many of these in-depth. Products are offered in small group and private group tour formats. Certain new tour products also feature experienced senior tour guides to provide in-depth supplementary for travelers. We have seen that the number of self-guided travelers has continued to increase. To address the changing needs of this document, we expanded our Hotel+X offerings with hotels as the core component. To support this, we have strengthened direct sourcing of resort hotels and increased procurement of other travel-related products to broaden our offering.

為進一步提升旅行體驗，許多此類深度。產品以小團與私家團形式提供。部分新跟團遊產品亦配備經驗豐富的資深導遊，為旅客提供更深入的補充講解。我們看到自由行旅客人數持續增加。為因應此文件不斷變化的需求，我們以酒店為核心擴充了 Hotel+X 產品供給。為此，我們加強度假酒店的直採，並增加其他旅遊相關產品的採購，以拓寬我們的產品組合。

In addition, supported by AI and dynamic packaging technologies, many self-guided travel products are now content-driven for potential bookings. After customers input relevant information, the system can automatically generate destination recommendations and the travel itinerary.

此外，在 AI 與動態打包技術的支持下，許多自由行產品如今以內容驅動潛在預訂。客戶輸入相關資訊後，系統可自動生成目的地推薦與旅行行程。

Customers can then select their preferred elements to customize their own self-guided travel packages, which offers greater flexibility and personalization in the booking process. We have continued to expand our channel presence.

之後，客戶可選擇其偏好的要素，自行定制自由行套餐，從而在預訂流程中提供更高的靈活性與個人化。我們持續擴大渠道佈局。

Also, together with our partners, we work to better identify customer needs across different channels and have accordingly adjusted our products and services to support product sales. In the first quarter, live streaming's contribution to our total transaction volume further increased to over 20% both payment and verification volume continued to record double-digit year-over-year growth.

此外，我們也與合作夥伴攜手，更好地識別不同渠道的客戶需求，並相應調整我們的產品與服務，以支持產品銷售。第一季度，直播對我們總交易量的貢獻進一步提升至超過20%；支付量與核銷量均持續錄得同比雙位數增長。

As we continue to gain experience in live streaming and better understand customer preferences, we have introduced more targeted products for different customer segments. For example, for senior travelers, we introduced European tour products with itineraries longer than 15 days, while for family-oriented customers, we promoted customized Singapore tours and private growth products.

隨著我們在直播方面持續累積經驗並更深入了解客戶偏好，我們針對不同客群推出了更具針對性的產品。例如，針對銀髮族旅客，我們推出行程超過15天的歐洲跟團遊產品；而針對家庭客群，我們主推新加坡定制遊及親子成長類私家團產品。

These targeted initiatives improved customer acquisition efficiency and contributed to higher verification rates. In addition, we continue to extend live streaming to definition-based scenarios. For example, we conducted on-board live stream sessions from cruise ships, providing customers with a more direct understanding of definitions and helping drive both booking and verifications.

這些針對性舉措提升了獲客效率，並帶動核銷率提升。此外，我們也持續將直播延伸至場景化的應用。例如，我們在郵輪上開展船上直播，讓客戶更直觀地了解相關場景，並有助於帶動預訂與核銷。

In the first quarter, our offline store business continued to grow, with transaction volume increasing by nearly 30 year-over-year. Offline stores continues to play an important role in the sales of offline tool products and the promotion of two new brands.

第一季度，我們的線下門店業務持續增長，交易量同比提升近30%。線下門店在線下工具類產品銷售以及兩個新品牌推廣方面仍發揮重要作用。

We fully opened our systems and product offerings to offline stores, enabling them to expand our reach into lower-tier markets. And provide customers in lower-tier cities with access to a broader range of travel products, particularly outbound travel products. This year, we plan to continue expanding our offline store network. In addition, we are further broadening our channel partnerships, backed by our solid supply chain, quality products and advanced technology tools, our F2B2C model enables us to efficiently provide business partners with a broad range of products and services to meet the needs of their end customers. This collaborative approach creates value for both sides.

我們向線下門店全面開放系統與產品供給，助力其將我們的觸達範圍拓展至低線市場。並為低線城市客戶提供更廣泛的旅遊產品選擇，尤其是出境遊產品。今年，我們計劃持續擴張線下門店網絡。此外，我們也在進一步拓展渠道合作；依託我們穩健的供應鏈、優質產品與先進的技術工具，我們的F2B2C模式使我們能高效地向商業夥伴提供豐富的產品與服務，以滿足其終端客戶需求。這種協作方式為雙方創造價值。

Tuniu is able to connect supply and demand more efficiently, lower customer acquisition costs, and expand sales skills, while partners can offer high-quality travel products and services to better sell and retain their customers.

途牛能更高效地連接供需、降低獲客成本並擴展銷售能力；同時，合作夥伴也能提供高品質的旅遊產品與服務，更好地銷售並留存其客戶。

Going forward, we will continue to expand our partner network and jointly the broader customer base. In terms of technology, we will continue to explore the application of AI technologies across various business scenarios this year. Further integrating automation tools into more operational processes.

展望未來，我們將持續擴大合作夥伴網絡，並共同觸達更廣泛的客戶群。在技術方面，今年我們將持續探索AI技術在各類業務場景中的應用。進一步將自動化工具融入更多運營流程。

Through ongoing tool upgrades and improvements to our regular operations, AI tools can assist employees in handling more repetitive tasks, allowing them to focus on more compact and innovative work. On the customer side, technology tools such as itinerary recommendations, stand-alone product booking, and dynamic packaging provide customers with more intelligent, convenient and efficient booking experience.

透過持續的工具升級與日常運營的改進，AI工具可協助員工處理更多重複性工作，使其能專注於更具創造性與創新性的工作。在客戶端，行程推薦、單品預訂與動態打包等技術工具，為客戶提供更智能、便捷且高效的預訂體驗。

In particular, self-guided travelers can leverage AI-assisted tools to customize travel products based on their own preferences and needs. This year, the travel market has seen a growing number of peak travel periods. Following the spring break and the recent holidays in the second quarter, the summer travel season is approaching. This presents both opportunities and challenges.

尤其是自由行旅客，可借助AI輔助工具，依據自身偏好與需求定制旅遊產品。今年旅遊市場的出行高峰期數量呈上升趨勢。繼春假及第二季度近期假期之後，暑期旅遊旺季即將到來。這既帶來機遇，也帶來挑戰。

We will continue to strengthen the supply, sales, and service capabilities of our seasonal travel products and work closely with sales channel partners to provide more customers with simple, convenient, and high-quality travel experiences.

我們將持續強化季節性旅遊產品的供給、銷售與服務能力，並與銷售渠道合作夥伴緊密協作，為更多客戶提供簡單、便捷且高品質的旅遊體驗。

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

接下來我把電話會議交給我們的財務總監陳安強，請他介紹財務要點。

Thank you, Donald. Hello, everyone. Now, I walk you through our first quarter of 2026 financial results in greater detail. Please note that all the 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，Donald。各位好。接下來我將更詳細地帶大家回顧我們2026年第一季度的財務業績。請注意，除非另有說明，所有金額均以人民幣計。你們可在我們的業績新聞稿中找到相應的美元等值金額。

For the first quarter of 2026, net revenues were RMB132.6 million, representing a year-over-year increase of 13% from the corresponding period in 2025. Revenues from package tours were up 11% year-over-year to RMB109.7 million and accounted for 83% of our total net revenues for the quarter.

2026年第一季度，淨營收為人民幣1.326億元，較2025年同期同比增長13%。跟團遊收入同比增長11%至人民幣1.097億元，佔本季度淨營收總額的83%。

The increase was primarily due to the growth of online tours and the self-guided tours. Other revenues were up 24% year-over-year to RMB22.9 million and accounted for 17% of our total net revenues. The increase was primarily due to the increase in the fees for advertising services provided to toys and boats and bureaus. Gross profit for the first quarter of 2026 was RMB73.6 million, up 6% year-over-year.

增長主要來自線上跟團遊及自由行業務的增長。其他收入同比增長24%至人民幣2,290萬元，佔淨營收總額的17%。增長主要由於向旅遊局及旅遊局等提供廣告服務的費用增加。2026年第一季度毛利為人民幣7,360萬元，同比增長6%。

Operating expenses for the first quarter of 2026 were RMB77.3 million, down 4% year-over-year. Research and product development expenses for the first quarter of 2026 were RMB13.6 million, down 7% year-over-year.

2026年第一季度營業費用為人民幣7,730萬元，同比下降4%。2026年第一季度研發及產品開發費用為人民幣1,360萬元，同比下降7%。

The decrease was primarily due to the decrease in research and product development personnel-related expenses. Sales and marketing expenses for the first quarter of 2026 were RMB50.5 million, up 17% year-over-year. The increase was primarily due to the increase in promotion expenses.

下降主要由於研發及產品開發人員相關費用減少。2026年第一季度銷售及市場推廣費用為人民幣5,050萬元，同比增長17%。增長主要由於推廣費用增加。

General and administrative expenses for the first quarter of 2026 were RMB13.5 million, down 41% year-over-year. The decrease was primarily due to the impairment of property and equipment net recorded in the first quarter of 2025.

2026年第一季度一般及行政費用為人民幣1,350萬元，同比下降41%。下降主要由於2025年第一季度錄得的物業及設備減值淨額。

Net income attributable to ordinary shareholders of Tuniu Corporation was 0.7 million in the first quarter of 2026. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB2.6 million in the first quarter of 2026.

途牛公司歸屬於普通股股東的淨利於2026年第一季度為0.7百萬。途牛公司歸屬於普通股股東的非GAAP淨利（剔除股份支付薪酬費用及收購無形資產攤銷）於2026年第一季度為人民幣2.6百萬元。

As of March 31, 2026, the company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1 billion. Capital expenditures for the first quarter of 2026 were RMB0.5 million. For the second quarter of 2026, the company expects to generate RMB134.9 million to RMB141.6 million of net revenues, which represents a 0% to 5% increase year-over-year. Please note that this forecast reflects 20 current and preliminary views on the industry and its operations, which is subject to change.

截至2026年3月31日，公司持有的現金及現金等價物、受限制現金、短期投資及長期存款合計為人民幣10億元。2026年第一季度的資本性支出為人民幣0.5百萬元。對於2026年第二季度，公司預計實現淨營收人民幣1.349億元至人民幣1.416億元，同比增長0%至5%。請注意，該預測反映了目前對行業及公司營運的初步看法，可能會有所變動。

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

感謝各位收聽。我們現在準備回答各位的提問。接線員。

(Operator Instructions)

(接線員指示)

Kathy Liu, Private Investor.

Kathy Liu，個人投資者。

Hi, management. Thank you for the opportunity. Two questions here. First, we would see in the market conditions for the second quarter, the relatively mixed. With the rollout of the spring break policy as a positive driver and the surging airfares at the handwind, how will these factors impact our business? And my second one is about the upcoming summer vacation. Could you kindly share some color on the booking trends? That's all. Thank you.

您好，管理層。感謝提供這個機會。我有兩個問題。第一，我們看到第二季度的市場環境相對較為複雜。春假政策的推行帶來正面推動，但機票價格飆升形成逆風，這些因素將如何影響我們的業務？第二個問題關於即將到來的暑假。能否請您分享一下預訂趨勢的情況？以上。謝謝。

Thank you for the questions. Firstly, we are glad to see a lot of cities implemented spring break this year. Many of them arranged the break before [Qingming] or Labor Day holidays. Forming a longer vacation, it stimulated the growth of travels, especially eager travels, in the domestic market.

感謝您的提問。首先，我們很高興看到今年有許多城市實施了春假。其中不少城市將假期安排在清明或勞動節假期之前。形成更長的連假，帶動了旅遊增長，尤其刺激了國內市場的出遊需求。

For example, we recorded over 50% year-over-year growth in the number of trips from April 1 to the 6 this year. Moreover, during April 1 to the 3, the number of trips for family tours tripled, compared to the same period last year. Products featuring natural experiences, theme parks, and study tours were most favored by families with children.

例如，今年4月1日至6日，我們記錄到出遊人次同比增長超過50%。此外，在4月1日至3日期間，親子家庭遊的出遊人次較去年同期增長至三倍。以自然體驗、主題樂園及研學遊為特色的產品最受有孩子的家庭青睞。

We have launched several spring break-oriented products in East China, which were weaponed by the parents. We plan to expand the destination coverage of autumn break products in the second-half of the year. For the increase of airfare prices, the impact is limited on long-haul packaged tools.

我們在華東推出了多款面向春假的產品，受到家長歡迎。我們計劃在下半年擴大秋假產品的目的地覆蓋。至於機票價格上漲，對長途打包旅遊產品的影響有限。

Such packaged tools often contain many travel resources other than airfare, so the risk can be mitigated by integrating other resources in the package. Our coordinating with the suppliers, many long-haul housebound tour products maintain the same price despite the higher airfares. For domestic tours, we provide alternative travel solutions such as connecting flights, train tickets, and car rental.

此類打包旅遊產品通常包含除機票之外的多種旅遊資源，因此可透過整合套裝內其他資源來降低風險。在我們與供應商的協調下，許多長途跟團遊產品儘管機票上漲，仍維持相同價格。對於國內遊，我們提供中轉航班、火車票及租車等替代出行方案。

But considering headwinds at certain outbound destinations as well as airfair price impact on short-haul travels and air ticketing alone, we expect the revenues to increase up to 5% year-over-year in the second quarter.

但考慮到部分出境目的地的逆風因素，以及機票價格對短途出行和單獨機票業務的影響，我們預計第二季度營收同比增長最高可達5%。

For your second question about the summer location, it is still too early to tell. We have limited visibility towards the booking data due to short booking windows, especially for domestic tours and short-haul outbound tours. Based on our insight, destinations with cooler weather such as Guizhou and Neimengu will be on the hot list.

關於您第二個問題——暑期出行目的地，目前仍為時尚早。由於預訂窗口較短，尤其是國內遊和短途出境遊，我們對預訂數據的可見度有限。根據我們的觀察，氣候較涼爽的目的地如貴州和內蒙古將成為熱門選擇。

Also, as we see the shift from traditional succeeding to cultural experience is undergoing, cities such as Beijing and Datong will be popular. For long-haul outbound travel tours, the bookings are on the track. For example, so far we see the booking amount for packet tours to America in July and August has already exceeded the same period last year. Thank you.

此外，隨著旅遊需求從傳統觀光轉向文化體驗，北京、大同等城市將更受歡迎。長途出境跟團遊的預訂進展符合預期。例如，截至目前，我們看到7月和8月赴美跟團遊的預訂金額已超過去年同期。謝謝。

(Operator Instructions) 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.

(接線員指示) 我們現在即將結束本次電話會議。接下來我將把電話交給途牛投資者關係總監Mary作結語。

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.

再次感謝各位今天的參與。如有任何進一步問題，歡迎隨時與我們聯繫。感謝各位一如既往的支持，我們期待在未來幾個月與各位再次交流。

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

感謝各位參與今天的會議。本次簡報到此結束。您現在可以掛線。祝各位順利。