Tuniu (TOUR) Q4 2025 Earnings Call Transcript

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Thursday, March 5, 2026 astatine 8 a.m. ET

• Chief Executive Officer — Donald Dunde Yu

• Financial Controller — Anqiang Chen

• Director of Investor Relations — Mary Chen

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Donald Dunde Yu: Thank you, Mary. Good day, everyone. Welcome to our 4th fourth and afloat twelvemonth 2025 net league call. In the 4th quarter, our concern continued to support coagulated maturation momentum. Net revenues accrued by 20% twelvemonth implicit year, exceeding our erstwhile guidance, portion revenues from our halfway packaged circuit products grew astatine an adjacent faster pace, rising 35% twelvemonth implicit year. At the aforesaid time, we achieved profitability for some the 4th and the year. This besides marks the 3rd consecutive twelvemonth pursuing the pandemic successful which we person delivered a afloat twelvemonth non-GAAP profitability.

We person announced a semipermanent shareholder instrumentality program totaling up to $50 cardinal to beryllium carried retired during the three-year play from March 2026 via currency dividends and stock repurchases. This program reflects some our committedness to supply shareholders with sustainable returns and our assurance successful the semipermanent outlook of the question industry. The question marketplace continued to turn successful a steadfast mode successful the past year. The hold of nationalist holidays and different favorable policies further stimulated home question demand, portion the expanding fig of visa-free destinations makes it easier for Chinese travelers to research much destinations overseas. In 2025, we adopted a much proactive merchandise strategy.

By differentiating our products and merchandise lines, we targeted chiseled lawsuit segments and offered a richer, much tailored portfolio based connected lawsuit needs. Meanwhile, we leveraged our proviso concatenation maturation to heighten terms competitiveness and pull much customers. During the year, we continued to prosecute an unfastened and collaborative approach, attracting high-quality partners to grow caller channels and heighten work prime for our customers. Contributions from channels specified arsenic unrecorded streaming, offline stores, and firm clients continued to summation arsenic a stock of Tuniu Corporation's transaction volume. In addition, we actively embraced caller technologies, leveraging innovation tools to further heighten our merchandise and work and amended operational efficiency. Now I volition locomotion you done our cardinal achievements successful much detail.

First, our beardown proviso concatenation remains the instauration for delivering high-quality and price-competitive products. In 2025, we further enhanced our nonstop and centralized procurement strategy successful bid to little purchasing costs. Moreover, based connected lawsuit needs and symptom points, we consolidated formation resources and introduced respective connecting flights for prime long-haul question products to niche destinations. This attack further expanded our departure metropolis coverage, making it much convenient for travelers from lower-tier cities to question abroad. It besides enabled america to instrumentality vantage of hose discounts disposable successful those hubs, allowing america to connection adjacent much competitory pricing to our customers, and further boosted request for related destinations.