Tuniu Q2 Earnings Call Highlights

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Tue, August 25, 2026 at 4:02 PM GMT+3 6 min read

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Key Points

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Revenue increased 3% year over year to RMB 138.9 million, while Tuniu achieved its sixth consecutive quarter of non-GAAP profitability. However, gross profit fell 11% to RMB 76.4 million as expenses rose and demand shifted toward lower-margin self-guided products.
Outbound travel remained a key headwind: transaction volume for Middle East and Africa travel declined more than 20%, reducing outbound tours' share of gross merchandise value to about 30% from over one-third a year earlier. Domestic travel stayed steady, with small-group and private tours showing strong demand.
Tuniu expects third-quarter revenue of RMB 202.1 million to RMB 212.2 million, representing year-over-year growth of 0% to 5%. The company ended June with approximately RMB 1 billion in cash, investments and deposits, while expanding premium, customized and livestream-driven travel offerings.

Tuniu (NASDAQ:TOUR) reported second-quarter 2026 revenue growth and its sixth consecutive quarter of non-GAAP profitability, while management said uncertainty in some outbound travel destinations and a shift toward lower-margin self-guided products affected profitability.

Net revenue for the quarter rose 3% from a year earlier to RMB 138.9 million. Revenue from packaged tours increased 7% to RMB 121.1 million, accounting for 87% of total revenue, driven primarily by growth in organized tours. Other revenue declined 17% to RMB 17.8 million, which Financial Controller Anqiang Chen said was mainly due to lower advertising-service fees from tourism boards and bureaus.

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Founder, Chairman and Chief Executive Officer Donald Yu said domestic travel maintained steady growth during the quarter, supported by favorable policies including the introduction of spring breaks. However, he said some outbound destinations faced headwinds that weighed on leisure travel demand.

Outbound Travel Headwinds and Profitability

Yu said transaction volume for Middle East and Africa travel declined more than 20% year over year during the quarter. As a result, outbound tours represented about 30% of total gross merchandise value in the second quarter, compared with more than one-third a year earlier.

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During the question-and-answer session, Yu also said promotional activities from certain destinations had been suspended. He said other revenue decreased by about 70% year over year, mainly because of reduced advertising-service fees, while the company's reported financial results showed total other revenue declined 17%.

Gross profit declined 11% year over year to RMB 76.4 million. Operating expenses increased 5% to RMB 82.5 million, as a 22% increase in sales and marketing expense to RMB 54.7 million, primarily from higher promotion spending, offset declines in research and product development and general and administrative expenses.

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Net income attributable to ordinary shareholders was RMB 0.7 million, while non-GAAP net income, excluding share-based compensation and amortization of acquired intangible assets, was RMB 2.2 million.

Yu said domestic demand has grown more quickly for self-guided offerings, including Hotel Plus X products, which generally carry lower profitability than organized tours. He said the company was seeking to achieve profitability for another quarter but did not provide a specific profit forecast.

Product and Channel Expansion

Tuniu said it continued to broaden its portfolio of small-group, private, customized and self-driving tours, as well as hotel, car-rental and destination-experience offerings. Yu said small-group tours have been popular with younger travelers because of their flexibility and value proposition, while private tours have gained traction among family travelers.

The company also introduced premium private-tour packages featuring higher-end accommodations and dedicated car services. Yu said a premium Singapore private-tour package introduced in late June had generated sales exceeding RMB 10 million to date.

For family travelers, Tuniu launched Eastern China-focused products for the spring-break period. For senior customers, it introduced organized tours lasting more than 15 days and products designed for off-peak travel periods. Yu said products more closely aligned with customer preferences generated higher conversion and redemption rates.

On the sales side, Tuniu expanded targeted online seminars and destination-specific livestreaming programs. Payment and verification volume from livestreaming channels both posted double-digit year-over-year growth in the quarter, according to Yu. Transaction volume from the company's offline stores also grew by double digits. Tuniu currently operates about 500 offline stores.

Summer Travel Outlook

Yu said domestic travel demand has remained steady during the summer vacation period, with small-group and private organized tours receiving strong customer interest. He said some media-content-network partners have chosen to recommend only small-group products to viewers.

Outbound travel continues to face uncertainty, he said, with Middle East destinations still posting negative growth in July. Travel to Singapore, Malaysia and the Americas grew healthily during the summer, according to Yu. He added that travelers are increasingly taking off-peak trips, with booking volume for the final week of September surging as customers plan vacations around the closely timed Mid-Autumn Festival and National Day holidays.

For the third quarter, Tuniu expects net revenue of RMB 202.1 million to RMB 212.2 million, representing year-over-year growth of 0% to 5%.

As of June 30, the company had RMB 1 billion in cash and cash equivalents, restricted cash, short-term investments and long-term deposits. Operating cash flow was RMB 46.9 million during the second quarter, while capital expenditures totaled RMB 1.4 million.

About Tuniu (NASDAQ:TOUR)

Tuniu International Limited is a China-based online leisure travel company that operates a comprehensive travel services platform under the brand name Tuniu (NASDAQ: TOUR). Headquartered in Nanjing, the company was founded in 2006 and was incorporated in the Cayman Islands in May 2010. Tuniu completed its initial public offering on the Nasdaq Stock Market in December 2014, positioning itself to expand its suite of digital travel offerings and strengthen its strategic partnerships with suppliers and local agencies.

The company's flagship platform, tuniu.com, provides a broad array of travel products and services, including packaged group tours, customized private tours, independent travel solutions, corporate travel management, hotel and resort bookings, air ticketing, cruise vacations and car rentals.

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The article "Tuniu Q2 Earnings Call Highlights" was originally published by MarketBeat.

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