株探米国株
エドガーで原本を確認する
6-K 1 tm2523619d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2025

 

 

 

Commission File Number: 001-36430

 

 

 

Tuniu Corporation

 

6, 8-12th Floor, Building 6-A, Juhuiyuan

No. 108 Xuanwudadao, Xuanwu District

Nanjing, Jiangsu Province 210023

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x              Form 40-F ¨

 

 

 


 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release—Tuniu Announces Unaudited Second Quarter 2025 Financial Results

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Tuniu Corporation 
   
  By: /s/ Anqiang Chen
  Name: Anqiang Chen
  Title: Financial Controller

 

Date: August 15, 2025

 

 

 

 

 

EX-99.1 2 tm2523619d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

Tuniu Announces Unaudited Second Quarter 2025 Financial Results

 

NANJING, China, August 15, 2025 - Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2025.

 

"We were pleased to see that the company maintained steady growth in the second quarter," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “Net revenues increased by 15.3% year-over-year, with revenues from packaged tours rising by 26.3%, and the company returned to profitability for the period. During the quarter we continued to strengthen the integration of our supply chain, products, and sales channels. In response to an increasingly diversified channel landscape, we leveraged our industry value chain advantages to develop differentiated products tailored to various customer segments. We also expanded the application of digital technologies across more business scenarios to enhance operational efficiency and customer experience. We will continue to build on Tuniu’s core strengths to drive growth during the peak travel season.”

 

Second Quarter 2025 Results

 

Net revenues were RMB134.9 million (US$18.8 million1) in the second quarter of 2025, representing a year-over-year increase of 15.3% from the corresponding period in 2024.

 

· Revenues from packaged tours were RMB113.4 million (US$15.8 million) in the second quarter of 2025, representing a year-over-year increase of 26.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-drive tours.

 

· Other revenues were RMB21.5 million (US$3.0 million) in the second quarter of 2025, representing a year-over-year decrease of 21.0% from the corresponding period in 2024. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

 

Cost of revenues was RMB48.9 million (US$6.8 million) in the second quarter of 2025, representing a year-over-year increase of 50.2% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 36.2% in the second quarter of 2025, compared to 27.8% in the corresponding period in 2024.

 

Gross profit was RMB86.0 million (US$12.0 million) in the second quarter of 2025, representing a year-over-year increase of 1.9% from the corresponding period in 2024.

 

Operating expenses were RMB78.9 million (US$11.0 million) in the second quarter of 2025, representing a year-over-year increase of 58.0% from the corresponding period in 2024. The increase was primarily due to the net gain on disposals of subsidiaries of RMB24.6 million recorded in the corresponding period in 2024.

 

 

1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.1636 on June 30, 2025 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

 

 


 

· Research and product development expenses were RMB16.4 million (US$2.3 million) in the second quarter of 2025, representing a year-over-year increase of 29.2%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 12.2% in the second quarter of 2025.

 

· Sales and marketing expenses were RMB45.0 million (US$6.3 million) in the second quarter of 2025, representing a year-over-year increase of 11.9%. The increase was primarily due to the increase in sales and marketing personnel related expenses and promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.4% in the second quarter of 2025.

 

· General and administrative expenses were RMB17.8 million (US$2.5 million) in the second quarter of 2025, representing a year-over-year decrease of 18.3%. The decrease was primarily due to the reversal of current expected credit losses allowance. General and administrative expenses as a percentage of net revenues were 13.2% in the second quarter of 2025.

 

Income from operations was RMB7.1 million (US$1.0 million) in the second quarter of 2025, compared to an income from operations of RMB34.5 million in the second quarter of 2024. Non-GAAP2 income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB9.1 million (US$1.3 million) in the second quarter of 2025.

 

Net income was RMB14.1 million (US$2.0 million) in the second quarter of 2025, compared to a net income of RMB43.0 million in the second quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB16.1 million (US$2.2 million) in the second quarter of 2025.

 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB14.5 million (US$2.0 million) in the second quarter of 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB43.0 million in the second quarter of 2024. 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 (US$2.3 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 (US$172.0 million).

 

Business Outlook

 

For the third quarter of 2025, Tuniu expects to generate RMB199.0 million to RMB208.3 million of net revenues, which represents a 7% to 12% increase year-over-year compared with net revenues in the corresponding period in 2024. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

 

 

2 The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned “Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP.

 

 


 

Share Repurchase Update

 

In March 2024, the Company's Board of Directors authorized a share repurchase program (the “2024 Share Repurchase Program”) under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares (“ADS”) representing ordinary shares. As of July 31, 2025, the Company had repurchased an aggregate of approximately 10.6 million ADSs for approximately US$9.9 million from the open market under the 2024 Share Repurchase Program.

 

In August 2025, the Company’s Board of Directors authorized a new share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or ADSs representing ordinary shares, effective immediately upon the termination of the 2024 Share Repurchase Program.

 

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance.

 

Conference Call Information

 

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on August 15, 2025, (8:00 pm, Beijing/Hong Kong Time, on August 15, 2025) to discuss the second quarter 2025 financial results.

 

To participate in the conference call, please dial the following numbers:

 

  United States 1-888-346-8982
  Hong Kong 852-301-84992
  Mainland China 4001-201203
  International 1-412-902-4272

 

Conference ID: Tuniu 2Q 2025 Earnings Conference Call

 

A telephone replay will be available one hour after the end of the conference call through August 22, 2025. The dial-in details are as follows:

 

  United States 1-877-344-7529
  International 1-412-317-0088

 

Replay Access Code: 8828112

 

 


 

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

  

About Tuniu

 

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

  

Safe Harbor Statement

 

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

 

 


 

About Non-GAAP Financial Measures

 

To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company has provided non-GAAP information related to income from operations, net income, net income attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, net gain on disposals of subsidiaries and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.

 

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

 

For investor and media inquiries, please contact:

 

China

 

Mary Chen

 

Investor Relations Director

 

Tuniu Corporation

 

Phone: +86-25-6960-9988

 

E-mail: ir@tuniu.com

 

(Financial Tables Follow)

 

 


 

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 

    December 31, 2024     June 30, 2025     June 30, 2025  
    RMB     RMB     US$  
ASSETS                        
Current assets                        
Cash and cash equivalents     465,004       438,084       61,154  
Restricted cash     26,061       10,715       1,496  
Short-term investments     432,823       626,588       87,468  
Accounts receivable, net     43,313       63,580       8,875  
Amounts due from related parties     752       548       76  
Prepayments and other current assets     235,443       294,007       41,042  
Total current assets     1,203,396       1,433,522       200,111  
                         
Non-current assets                        
Long-term investments     534,041       349,130       48,737  
Property and equipment, net     32,849       19,839       2,769  
Intangible assets, net     22,210       20,520       2,864  
Land use right, net     88,467       -       -  
Operating lease right-of-use assets, net     9,266       8,085       1,129  
Other non-current assets     19,208       19,292       2,693  
Total non-current assets     706,041       416,866       58,192  
Total assets     1,909,437       1,850,388       258,303  
                         
LIABILITIES AND EQUITY                        
Current liabilities                        
Short-term borrowings     36       36       5  
Accounts and notes payable     290,112       348,323       48,624  
Amounts due to related parties     3,121       4,257       594  
Salary and welfare payable     23,148       20,470       2,858  
Taxes payable     5,060       1,176       164  
Advances from customers     247,151       193,413       26,999  
Operating lease liabilities, current     2,994       3,163       442  
Accrued expenses and other current liabilities     322,034       307,272       42,891  
Total current liabilities     893,656       878,110       122,577  
                         
Non-current liabilities                        
Operating lease liabilities, non-current     1,680       1,373       192  
Deferred tax liabilities     5,151       4,821       673  
Total non-current liabilities     6,831       6,194       865  
Total liabilities     900,487       884,304       123,442  
                         
Equity                        
Ordinary shares     249       249       35  
Less: Treasury stock     (329,668 )     (352,079 )     (49,148 )
Additional paid-in capital     9,146,928       9,119,636       1,273,052  
Accumulated other comprehensive income     313,460       310,974       43,410  
Accumulated deficit     (8,050,378 )     (8,040,550 )     (1,122,417 )
Total Tuniu Corporation shareholders’ equity     1,080,591       1,038,230       144,932  
Noncontrolling interests     (71,641 )     (72,146 )     (10,071 )
Total equity     1,008,950       966,084       134,861  
Total liabilities and equity     1,909,437       1,850,388       258,303  

 

 


 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)

(All amounts in thousands, except per share information)

 

    Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended  
    June 30, 2024     March 31, 2025     June 30, 2025     June 30, 2025  
    RMB     RMB     RMB     US$  
Revenues                                
Packaged tours     89,782       98,969       113,404       15,831  
Others     27,155       18,547       21,450       2,994  
Net revenues     116,937       117,516       134,854       18,825  
Cost of revenues     (32,530 )     (48,169 )     (48,865 )     (6,821 )
Gross profit     84,407       69,347       85,989       12,004  
                                 
Operating expenses                                
Research and product development     (12,693 )     (14,528 )     (16,403 )     (2,290 )
Sales and marketing     (40,222 )     (43,188 )     (45,019 )     (6,284 )
General and administrative     (21,737 )     (22,755 )     (17,760 )     (2,479 )
Other operating income     24,735       326       312       44  
Total operating expenses     (49,917 )     (80,145 )     (78,870 )     (11,009 )
Income/(Loss) from operations     34,490       (10,798 )     7,119       995  
Other income/(expenses)                                
Interest and investment income, net     8,221       7,829       7,279       1,016  
Interest expense     (1,230 )     (551 )     (583 )     (81 )
Foreign exchange losses, net     (1,282 )     (1,521 )     (804 )     (112 )
Other income/(loss), net     1,822       (364 )     (55 )     (8 )
Income/(loss) before income tax expense     42,021       (5,405 )     12,956       1,810  
Income tax expense     (459 )     (52 )     (274 )     (38 )
Equity in income of affiliates     1,438       105       1,423       199  
Net income/(loss)     43,000       (5,352 )     14,105       1,971  
Net loss attributable to noncontrolling interests     (22 )     (654 )     (421 )     (59 )
Net income/(loss) attributable to ordinary shareholders of Tuniu Corporation     43,022       (4,698 )     14,526       2,030  
                                 
Net income/(loss)     43,000       (5,352 )     14,105       1,971  
Other comprehensive income/(loss):                                
Foreign currency translation adjustment, net of nil tax     4,301       (861 )     (1,625 )     (227 )
Comprehensive income/(loss)     47,301       (6,213 )     12,480       1,744  
                                 
Net income/(loss) per ordinary share attributable to ordinary shareholders - basic and diluted     0.12       (0.01 )     0.04       0.01  
Net income/(loss) per ADS - basic and diluted*     0.36       (0.03 )     0.12       0.03  
                                 
Weighted average number of ordinary shares used in computing basic income/(loss) per share     363,061,543       348,847,377       343,694,559       343,694,559  
Weighted average number of ordinary shares used in computing diluted income/(loss) per share     365,317,172       348,847,377       345,928,965       345,928,965  
                                 
Share-based compensation expenses included are as follows:                                
Cost of revenues     65       65       65       9  
Research and product development     65       65       65       9  
Sales and marketing     31       31       32       4  
General and administrative     1,429       1,230       1,244       174  
Total     1,590       1,391       1,406       196  

 

*Each ADS represents three of the Company's ordinary shares.

 

 


 

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 

    Quarter Ended June 30, 2025  
      Share-based   Amortization of acquired   Net gain on   Impairment   Non-GAAP  
    GAAP Result   Compensation   intangible assets   disposals of subsidiaries   of property and equipment, net   Result  
Income from operations     7,119     1,406     591     -     -     9,116  
                                       
Net income     14,105     1,406     591     -     -     16,102  
                                       
Net income attributable to ordinary shareholders     14,526     1,406     591     -     -     16,523  
                                       
    Quarter Ended March 31, 2025  
      Share-based   Amortization of acquired   Net gain on   Impairment   Non-GAAP  
    GAAP Result   Compensation   intangible assets   disposals of subsidiaries   of property and equipment, net   Result  
Loss from operations     (10,798 )   1,391     764     -     3,316     (5,327 )
                                       
Net (loss)/income     (5,352 )   1,391     764     -     3,316     119  
                                       
Net (loss)/income attributable to ordinary shareholders     (4,698 )   1,391     764     -     3,316     773  
                                       
    Quarter Ended June 30, 2024  
      Share-based   Amortization of acquired   Net gain on   Impairment   Non-GAAP  
    GAAP Result   Compensation   intangible assets   disposals of subsidiaries   of property and equipment, net   Result  
Income from operations     34,490     1,590     828     (24,618 )   -     12,290  
                                       
Net income     43,000     1,590     828     (24,618 )   -     20,800  
                                       
Net income attributable to ordinary shareholders     43,022     1,590     828     (24,618 )   -     20,822