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6-K 1 tm268096d1_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 March 2026

 

 

 

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 Fourth Quarter and Fiscal Year 2025 Financial Results and Shareholder Return Plan

 

 


 

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: March 5, 2026

 

 

 

EX-99.1 2 tm268096d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results and Shareholder Return Plan

 

NANJING, China, March 5, 2026 - Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

 

Highlights for the Fourth Quarter of 2025

 

· Net revenues in the fourth quarter of 2025 increased by 20.3% year-over-year to RMB123.5 million (US$17.7 million1).

 

· Revenues from package tours in the fourth quarter of 2025 increased by 35.3% year-over-year to RMB102.1 million (US$14.6 million).

 

· Net income in the fourth quarter of 2025 was RMB1.5 million (US$0.2 million), compared to a net loss of RMB25.1 million in the fourth quarter of 2024.

 

"We are pleased to report strong performance for the fourth quarter of 2025," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "Net revenues increased by 20.3% year-over-year, while revenues from packaged tours grew by 35.3% year-over-year. We achieved a year-over-year return to profitability in the fourth quarter and once again delivered full-year profitability, marking the third consecutive year of full-year non-GAAP profitability. In 2025, we adopted a proactive product strategy and an open sales channel approach, driving sustained business growth. In addition, supported by new technologies, we continuously optimized our internal operations and management, achieving ongoing cost reductions and efficiency improvements. Looking ahead to 2026, we will continue to enhance our performance and profitability, striving to create greater value for both our customers and shareholders."

 

Fourth Quarter 2025 Results

 

Net revenues were RMB123.5 million (US$17.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 20.3% from the corresponding period in 2024.

 

· Revenues from packaged tours were RMB102.1 million (US$14.6 million) in the fourth quarter of 2025, representing a year-over-year increase of 35.3% from the corresponding period in 2024. The increase was primarily due to the growth of organized tours and self-guided tours.

 

· Other revenues were RMB21.5 million (US$3.1 million) in the fourth quarter of 2025, representing a year-over-year decrease of 21.4% from the corresponding period in 2024. The decrease was primarily due to the decrease of merchandise sales.

 

 

1 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.9931 on December 31, 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.

 

 


 

Cost of revenues was RMB53.5 million (US$7.7 million) in the fourth quarter of 2025, representing a year-over-year increase of 62.5% from the corresponding period in 2024. As a percentage of net revenues, cost of revenues was 43.3% in the fourth quarter of 2025, compared to 32.1% in the corresponding period in 2024.

 

Gross profit was RMB70.0 million (US$10.0 million) in the fourth quarter of 2025, which was almost in line with gross profit in the fourth quarter of 2024.

 

Operating expenses were RMB69.0 million (US$9.9 million) in the fourth quarter of 2025, representing a year-over-year decrease of 16.4% from the corresponding period in 2024.

 

· Research and product development expenses were RMB12.3 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 7.6%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.0% in the fourth quarter of 2025.

 

· Sales and marketing expenses were RMB44.1 million (US$6.3 million) in the fourth quarter of 2025, representing a year-over-year increase of 3.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 35.7% in the fourth quarter of 2025.

 

· General and administrative expenses were RMB12.8 million (US$1.8 million) in the fourth quarter of 2025, representing a year-over-year decrease of 52.2%. The decrease was primarily due to the impairment of property and equipment, net recorded in the fourth quarter of 2024. General and administrative expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2025.

 

Income from operations was RMB1.1 million (US$0.2 million) in the fourth quarter of 2025, compared to a loss from operations of RMB12.7 million in the fourth quarter of 2024. Non-GAAP2 income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.1 million (US$0.4 million) in the fourth quarter of 2025.

 

Net income was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss of RMB25.1 million in the fourth quarter of 2024. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB3.5 million (US$0.5 million) in the fourth quarter of 2025.

 

 

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.

 

 


 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB1.5 million (US$0.2 million) in the fourth quarter of 2025, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB24.2 million in the fourth 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 RMB3.5 million (US$0.5 million) in the fourth quarter of 2025.

 

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and long-term deposits of RMB1.1 billion (US$162.9 million).

 

Fiscal Year 2025 Results

 

Net revenues were RMB578.0 million (US$82.6 million) in 2025, representing a year-over-year increase of 12.5% from 2024.

 

· Revenues from packaged tours were RMB493.5 million (US$70.6 million) in 2025, representing a year-over-year increase of 21.1% from 2024. The increase was primarily due to the growth of organized tours and self-guided tours.

 

· Other revenues were RMB84.5 million (US$12.1 million) in 2025, representing a year-over-year decrease of 20.4% from 2024. The decrease was primarily due to the decrease in the commission fees received from other travel-related products.

 

Cost of revenues was RMB243.0 million (US$34.7 million) in 2025, representing a year-over-year increase of 56.2% from 2024. As a percentage of net revenues, cost of revenues was 42.0% in 2025, compared to 30.3% in 2024.

 

Gross profit was RMB335.0 million (US$47.9 million) in 2025, representing a year-over-year decrease of 6.4% from 2024.

 

Operating expenses were RMB323.7 million (US$46.3 million) in 2025, representing a year-over-year increase of 9.8% from 2024.

 

· Research and product development expenses were RMB59.0 million (US$8.4 million) in 2025, representing a year-over-year increase of 12.0%. 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 10.2% in 2025.

 

· Sales and marketing expenses were RMB193.9 million (US$27.7 million) in 2025, representing a year-over-year increase of 7.5%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.5% in 2025.

 

· General and administrative expenses were RMB71.8 million (US$10.3 million) in 2025, representing a year-over-year decrease of 18.0%. The decrease was primarily due to the decrease in general and administrative personnel related expenses and impairment of property and equipment, net. General and administrative expenses as a percentage of net revenues were 12.4% in 2025.

 

 


 

Income from operations was RMB11.2 million (US$1.6 million) in 2025, compared to an income from operations of RMB63.3 million in 2024. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB22.7 million (US$3.2 million) in 2025.

 

Net income was RMB29.7 million (US$4.2 million) in 2025, compared to a net income of RMB83.7 million in 2024. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB41.1 million (US$5.9 million) in 2025.

 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB31.1 million (US$4.5 million) in 2025, compared to a net income attributable to ordinary shareholders of Tuniu Corporation of RMB77.2 million in 2024. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of property and equipment, net, was RMB42.6 million (US$6.1 million) in 2025.

 

Business Outlook

 

For the first quarter of 2026, Tuniu expects to generate RMB125.7 million to RMB131.6 million of net revenues, which represents a 7% to 12% increase year-over-year compared with net revenues in the corresponding period in 2025. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

 

Share Repurchase Update

 

In August 2025, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares ("ADSs") representing ordinary shares. As of February 28, 2026 the Company had repurchased an aggregate of approximately 4.5 million ADSs for approximately US$3.8 million from the open market under the share repurchase program.

 

Shareholder Return Plan

 

In March 2026, the Company's Board of Director approved a three-year shareholder return plan, under which the Company may, during the three-year period from the date of approval, (i) declare and distribute cash dividends of no more than US$30 million and (ii) repurchase of its Class A Ordinary Shares and/or ADSs of no more than US$20 million. The shareholder return plan will run in addition to the Company’s existing share repurchase program adopted in August 2025. Under the shareholder return plan, the Board of Directors reserves the discretion to determine the form, timing, and amount of the capital return measures based on the Company’s financial condition, results of operations, capital requirements and other relevant factors.

 

Conference Call Information

 

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 5, 2026, (9:00 pm, Beijing/Hong Kong Time, on March 5, 2026) to discuss the fourth quarter and fiscal year 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
  Chinese mainland 4001-201203
  International 1-412-902-4272

 

Conference ID: Tuniu 4Q 2025 Earnings Conference Call

 

A telephone replay will be available one hour after the end of the conference call through March 12, 2026. The dial-in details are as follows:

 

  United States 1-855-669-9658
  International 1-412-317-0088

 

Replay Access Code: 8431671

 

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     December 31, 2025     December 31, 2025  
    RMB     RMB     US$  
ASSETS                        
Current assets                        
Cash and cash equivalents     465,004       207,228       29,633  
Restricted cash     26,061       10,222       1,462  
Short-term investments     432,823       853,704       122,078  
Accounts receivable, net     43,313       66,834       9,557  
Amounts due from related parties     752       1,293       185  
Prepayments and other current assets     235,443       157,558       22,530  
Total current assets     1,203,396       1,296,839       185,445  
                         
Non-current assets                        
Long-term investments     534,041       227,012       32,462  
Property and equipment, net     32,849       18,860       2,697  
Intangible assets, net     22,210       19,645       2,809  
Land use right, net     88,467       -       -  
Operating lease right-of-use assets, net     9,266       6,873       983  
Other non-current assets     19,208       30,754       4,398  
Total non-current assets     706,041       303,144       43,349  
Total assets     1,909,437       1,599,983       228,794  
                         
LIABILITIES AND EQUITY                        
Current liabilities                        
Short-term borrowings     36       35       5  
Accounts and notes payable     290,112       219,440       31,380  
Amounts due to related parties     3,121       980       140  
Salary and welfare payable     23,148       19,594       2,802  
Taxes payable     5,060       4,077       583  
Advances from customers     247,151       184,461       26,378  
Operating lease liabilities, current     2,994       3,340       478  
Accrued expenses and other current liabilities     322,034       204,388       29,226  
Total current liabilities     893,656       636,315       90,992  
                         
Non-current liabilities                        
Operating lease liabilities, non-current     1,680       1,023       146  
Deferred tax liabilities     5,151       4,534       648  
Total non-current liabilities     6,831       5,557       794  
Total liabilities     900,487       641,872       91,786  
                         
Equity                        
Ordinary shares     249       249       36  
Less: Treasury stock     (329,668 )     (380,260 )     (54,376 )
Additional paid-in capital     9,146,928       9,122,119       1,304,446  
Accumulated other comprehensive income     313,460       307,446       43,964  
Accumulated deficit     (8,050,378 )     (8,019,253 )     (1,146,739 )
Total Tuniu Corporation shareholders’ equity     1,080,591       1,030,301       147,331  
Noncontrolling interests     (71,641 )     (72,190 )     (10,323 )
Total equity     1,008,950       958,111       137,008  
Total liabilities and equity     1,909,437       1,599,983       228,794  

 

 


 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
(All amounts in thousands, except per share information)
 
    Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended  
    December 31, 2024     September 30, 2025     December 31, 2025     December 31, 2025  
    RMB     RMB     RMB     US$  
Revenues                                
Packaged tours     75,440       179,018       102,090       14,599  
Others     27,292       23,042       21,454       3,068  
Net revenues     102,732       202,060       123,544       17,667  
Cost of revenues     (32,935 )     (92,455 )     (53,503 )     (7,651 )
Gross profit     69,797       109,605       70,041       10,016  
                                 
Operating expenses                                
Research and product development     (13,325 )     (15,734 )     (12,314 )     (1,761 )
Sales and marketing     (42,697 )     (61,533 )     (44,144 )     (6,313 )
General and administrative     (26,841 )     (18,497 )     (12,836 )     (1,836 )
Other operating income/(loss)     369       (2 )     328       47  
Total operating expenses     (82,494 )     (95,766 )     (68,966 )     (9,863 )
(Loss)/income from operations     (12,697 )     13,839       1,075       153  
Other (expenses)/income                                
Interest and investment (loss)/income, net     (5,609 )     8,912       1,749       250  
Interest expense     (612 )     (576 )     (312 )     (45 )
Foreign exchange losses, net     (6,102 )     (858 )     (644 )     (92 )
Other income/(loss), net     49       (480 )     247       35  
(Loss)/income before income tax expense     (24,971 )     20,837       2,115       301  
Income tax expense     (283 )     (625 )     (474 )     (68 )
Equity in income/(loss) of affiliates     188       (844 )     (105 )     (15 )
Net (loss)/income     (25,066 )     19,368       1,536       218  
Net loss attributable to noncontrolling interests     (859 )     (383 )     (10 )     (1 )
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation     (24,207 )     19,751       1,546       219  
                                 
Net (loss)/income     (25,066 )     19,368       1,536       218  
Other comprehensive (loss)/income:                                
Foreign currency translation adjustment, net of nil tax     8,568       (1,314 )     (2,213 )     (316 )
Comprehensive (loss)/income     (16,498 )     18,054       (677 )     (98 )
                                 
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted     (0.07 )     0.06       0.00       -  
Net (loss)/income per ADS - basic and diluted*     (0.21 )     0.18       0.00       -  
                                 
Weighted average number of ordinary shares used in computing basic (loss)/income per share     354,106,851       339,255,345       331,409,074       331,409,074  
Weighted average number of ordinary shares used in computing diluted (loss)/income per share     354,106,851       341,395,417       333,434,286       333,434,286  
                                 
Share-based compensation expenses included are as follows:                                
Cost of revenues     66       65       65       9  
Research and product development     66       65       65       9  
Sales and marketing     32       32       32       5  
General and administrative     1,253       1,247       1,237       177  
Total     1,417       1,409       1,399       200  

 

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

 

 


 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(All amounts in thousands, except per share information)
 
    Year Ended     Year Ended     Year Ended  
    December 31, 2024     December 31, 2025     December 31, 2025  
    RMB     RMB     US$  
Revenues                        
Packaged tours     407,462       493,481       70,567  
Others     106,160       84,493       12,082  
Net revenues     513,622       577,974       82,649  
Cost of revenues     (155,590 )     (242,992 )     (34,747 )
Gross profit     358,032       334,982       47,902  
                         
Operating expenses                        
Research and product development     (52,682 )     (58,979 )     (8,434 )
Sales and marketing     (180,321 )     (193,884 )     (27,725 )
General and administrative     (87,657 )     (71,848 )     (10,274 )
Other operating income     25,888       964       138  
Total operating expenses     (294,772 )     (323,747 )     (46,295 )
Income from operations     63,260       11,235       1,607  
Other income/(expenses)                        
Interest and investment income     19,866       25,769       3,685  
Interest expense     (3,320 )     (2,022 )     (289 )
Foreign exchange losses, net     (6,837 )     (3,827 )     (547 )
Other income/(loss), net     10,081       (652 )     (93 )
Income before income tax expense     83,050       30,503       4,363  
Income tax expense     (837 )     (1,425 )     (204 )
Equity in income of affiliates     1,486       579       83  
Net income     83,699       29,657       4,242  
Net income/(loss) attributable to noncontrolling interests     6,525       (1,468 )     (210 )
Net income attributable to ordinary shareholders of Tuniu Corporation     77,174       31,125       4,452  
                         
Net income     83,699       29,657       4,242  
Other comprehensive income:                        
Foreign currency translation adjustment, net of nil tax     8,044       (6,013 )     (860 )
Comprehensive income     91,743       23,644       3,382  
                         
Net income per ordinary share attributable to ordinary shareholders - basic and diluted     0.21       0.09       0.01  
Net income per ADS - basic and diluted*     0.63       0.27       0.03  
                         
Weighted average number of ordinary shares used in computing basic income per share     361,482,355       340,747,065       340,747,065  
Weighted average number of ordinary shares used in computing diluted income per share     363,718,947       342,960,072       342,960,072  
                         
Share-based compensation expenses included are as follows:                        
Cost of revenues     261       260       37  
Research and product development     261       260       37  
Sales and marketing     126       127       18  
General and administrative     8,758       4,958       709  
Total     9,406       5,605       801  

 

*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 December 31, 2025
    GAAP Result   Share-based
Compensation
  Amortization of acquired
intangible assets
  Impairment
of property and equipment, net
  Non-GAAP
Result
 
Income from operations     1,075     1,399     591                 -     3,065  
                                 
Net income     1,536     1,399     591     -     3,526  
                                 
Net income attributable to ordinary shareholders     1,546     1,399     591     -     3,536  

 

 

    Quarter Ended September 30, 2025
    GAAP Result   Share-based
Compensation
  Amortization of acquired
intangible assets
  Impairment
of property and equipment, net
  Non-GAAP
Result
 
Income from operations     13,839     1,409     591                             -     15,839  
                                 
Net income     19,368     1,409     591     -     21,368  
                                 
Net income attributable to ordinary shareholders     19,751     1,409     591     -     21,751  

 

 

    Quarter Ended December 31, 2024
    GAAP Result   Share-based
Compensation
  Amortization of acquired
intangible assets
  Impairment
of property and equipment, net
  Non-GAAP
Result
 
(Loss)/income from operations     (12,697 )   1,417     764     15,641     5,125  
                                 
Net loss     (25,066 )   1,417     764     15,641     (7,244 )
                                 
Net loss attributable to ordinary shareholders     (24,207 )   1,417     764     15,641     (6,385 )

 

 


 

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 

    Year Ended December 31, 2025  
    GAAP Result   Share-based
Compensation
  Amortization of acquired
intangible assets
  Net gain on
disposals of subsidiaries
  Impairment
of property and equipment, net
  Non-GAAP
Result
 
Income from operations   11,235     5,605     2,536     -     3,316     22,692  
                                     
Net income   29,657     5,605     2,536     -     3,316     41,114  
                                     
Net income attributable to ordinary shareholders   31,125     5,605     2,536     -     3,316     42,582  

 

 

 

    Year Ended December 31, 2024  
    GAAP Result   Share-based
Compensation
  Amortization of acquired
intangible assets
  Net gain on
disposals of subsidiaries
  Impairment
of property and equipment, net
  Non-GAAP
Result
 
Income from operations   63,260     9,406     3,184     (24,618 )   15,641     66,873  
                                     
Net income   83,699     9,406     3,184     (24,618 )   15,641     87,312  
                                     
Net income attributable to ordinary shareholders   77,174     9,406     3,184     (24,618 )   15,641     80,787