Quarterly Revenue Growth
Q4 2025 net revenues of RMB123.5 million, up 20% year over year.
Packaged Tours Outperformance (Quarter)
Q4 packaged tour revenues of RMB102.1 million, up 35% year over year and representing 83% of Q4 net revenues.
Full-Year Revenue Growth and Packaged Tours Mix
FY2025 net revenues of RMB578 million, up 13% year over year; packaged tours up 21% to RMB493.5 million and accounted for 85% of total net revenues.
Profitability Restored
Achieved profitability for both Q4 and full-year 2025. Net income attributable to ordinary shareholders: Q4 RMB1.5 million, FY RMB31.1 million. Non-GAAP net income: Q4 RMB3.5 million, FY RMB42.6 million. Third consecutive post-pandemic year of full-year non-GAAP profitability.
Strong Cash and Operating Cash Flow
As of Dec 31, 2025 the company held RMB1.1 billion in cash, restricted cash, certain investments and long-term deposits; Q4 operating cash flow of RMB68.8 million.
Supply-Chain & Product Wins (Caucasus Example)
Supply-chain optimization and connecting-flight strategy drove strong demand; Caucasus series using connecting flights recorded over 500% year-over-year growth in transaction volume in 2025.
Successful New Product Lines and Demand Trends
Expanded New Tour and New Select products with targeted experiences (e.g., zero-shopping, Michelin dining); New Select Singapore–Malaysia series recorded over 10,000 paid bookings in the summer holiday period; self-drive products saw triple-digit YoY transaction growth during Labor Day and National Day holidays.
Channel Expansion — Live Streaming, Offline Stores, Corporate
Live streaming payments and verifications recorded double-digit YoY growth and contributed >15% of total transaction volume in 2025 (vs ~10% in 2024); a Maldives 21-day on-site campaign generated >RMB100 million in cumulative sales; operated >400 offline stores with offline transaction volume up ~20% YoY; corporate client transaction value grew >20% YoY.
Technology Adoption
Launched proprietary travel AI agent (AI Assistant Xiao Niu) and integrated external AI agents via MCP interface to improve search, dynamic packaging, pricing, operational efficiency and cost control.