Revenue Growth
Net revenues increased 13% year-over-year to CNY 132.6 million in Q1 2026, driven by growth in online tours and self-guided tours.
Packaged Tours and Other Revenues Performance
Packaged tours revenue rose 11% YoY to CNY 109.7 million (83% of total). Other revenues grew 24% YoY to CNY 22.9 million (17% of total), primarily from increased advertising fees to tourism boards and bureaus.
Sustained Non-GAAP Profitability
Company achieved non-GAAP profitability for the fifth consecutive quarter; non-GAAP net income attributable to ordinary shareholders was CNY 2.6 million for Q1 2026.
Solid Gross Profit and Expense Control
Gross profit was CNY 73.6 million, up 6% YoY. Operating expenses decreased 4% YoY to CNY 77.3 million, R&D expenses declined 7% YoY to CNY 13.6 million, and G&A expenses fell 41% YoY to CNY 13.5 million (driven by a prior-period impairment in Q1 2025).
Strong Cash Position and Low CapEx
As of March 31, 2026, cash and equivalents, restricted cash, short-term investments and long-term deposits totaled CNY 1.0 billion. Capital expenditures in Q1 were modest at CNY 0.5 million.
Channel and Product Momentum
Live streaming contribution to total transaction volume increased to over 20%. Offline store transaction volume grew nearly 30% YoY. Payments and verification volumes recorded double-digit YoY growth. Expanded Hotel+X, Niu Tour premium outbound offerings, connecting flight solutions, and AI-driven dynamic packaging to address rising self-guided travel demand.
Supply Chain and Partnership Expansion
Continued expansion of supplier network (car rentals, overseas hotels, destination experiences) and broader S2B2C channel partnerships to reach lower-tier markets and lower customer acquisition costs.
Reasonable Near-Term Guidance
Management guided Q2 2026 net revenues of CNY 134.9 million to CNY 141.6 million, implying a 0% to 5% YoY increase, signaling cautious but positive expectations for the near term.