Tuniu (0TU) Q2 2026 Earnings Report

The call presents a mixed but resilient picture: the company delivered modest top-line growth (3% YoY), sustained non-GAAP profitability for a sixth consecutive quarter, expanded product and channel capabilities (including AI enhancements), and maintained a strong cash position (CNY 1.0 billion). However, profitability is under pressure—gross profit fell 11% YoY, other revenues declined materially, sales and marketing spend rose 22%, and product mix shifted toward lower-margin self-guided offerings. Outbound travel weakness in some regions and only modest Q3 guidance highlight ongoing uncertainty. Overall, positive operational progress and liquidity are balanced by margin challenges and market headwinds.

Tuniu guided Q3 2026 net revenues of CNY 202.1 million to CNY 212.2 million (0%–5% YoY) and said it will try to achieve profitability for another quarter; key Q2 metrics included net revenues of CNY 138.9 million (+3% YoY), packaged tours CNY 121.1 million (+7%) accounting for 87% of revenues, other revenues CNY 17.8 million (13% of revenues, -17% YoY), gross profit CNY 76.4 million (-11% YoY), operating expenses CNY 82.5 million (+5% YoY), R&D CNY 13.8 million (-16%), sales & marketing CNY 54.7 million (+22%), G&A CNY 14.1 million (-20%), GAAP net income attributable to ordinary shareholders CNY 0.7 million, non‑GAAP net income CNY 2.2 million, cash and equivalents/restricted cash/short‑term investments/long‑term deposits of CNY 1.0 billion as of June 30, 2026, operating cash flow CNY 46.9 million, capex CNY 1.4 million, approximately 500 offline stores, double‑digit YoY growth in live‑streaming and offline payment/verification volumes, outbound tours ~30% of GMV (vs. >1/3 last year) with Middle East & Africa transaction volume down >20% YoY, and a premium Singapore private‑tour package that has exceeded CNY 10 million in sales to date.