Education
About Us
Working with TipRanks
Follow Us
Tuniu (TOUR)
NASDAQ:TOUR
Top Page
Tuniu
(NASDAQ:TOUR)
Select Model
Select Model
Rating:68Neutral
Price Target:
$0.73
▲(2.25% Upside)
Action:ReiteratedDate:12/06/25
Tuniu's overall stock score reflects a positive financial performance with improving profitability and revenue growth. The earnings call provided optimistic guidance, although technical analysis indicates a bearish trend. The valuation is fair with a strong dividend yield. The company needs to address challenges in maintaining cash flow and managing operating expenses to sustain growth.
Positive Factors
Low leverage / strong equity
Very low leverage and a strong equity ratio provide lasting financial flexibility. This balance sheet strength reduces refinancing and solvency risk, enables funding for product development, marketing or M&A, and gives a durable cushion through tourism demand cycles over the next several months.
Profitability turnaround and revenue growth
A sustained shift to positive net income and improved gross margins signals structural improvement in unit economics and pricing or mix. If core packaged tours continue driving growth, the company can reinvest profits into customer acquisition and product expansion, supporting durable earnings improvement.
Positive cash generation
Material free cash flow and an operating cashflow-to-net-income above 1 indicate the business converts profits into cash reliably. That durability supports ongoing operations, share repurchases, and strategic investments while lowering dependence on external financing during travel demand fluctuations.
Negative Factors
Gross profit decline
A meaningful year-over-year gross profit drop suggests margin pressure from pricing, higher supplier costs, or unfavorable product mix. Persistent erosion of gross profit undermines operating leverage and long-term return on invested capital unless structural cost or pricing remedies are implemented.
Volatility in other/commission revenues
Declines in commission-driven other revenues expose dependence on ancillary income that can be volatile and subject to partner terms. Structural weakness in diversified revenue streams raises top-line concentration risk and can pressure margins if core package growth slows.
Nasdaq compliance and liquidity risk
The transfer for compliance extension highlights persistent low ADS price and liquidity concerns. Potential measures like reverse splits or other actions can dilute or disrupt investor access and institutional interest, creating a durable governance and market-access headwind for the next several months.
Tuniu (TOUR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$80.85M
Dividend Yield4.14%
Average Volume (3M)290.02K
Price to Earnings (P/E)5.4
Beta (1Y)0.47
Revenue Growth8.98%
EPS GrowthN/A
CountryUS
Employees983
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.00
Shares Outstanding110,235,214
10 Day Avg. Volume290,006
30 Day Avg. Volume290,016
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.28
Price to Sales (P/S)0.59
P/FCF Ratio3.60
Enterprise Value/Market Cap-0.46
Enterprise Value/Revenue-0.07
Enterprise Value/Gross Profit-0.11
Enterprise Value/Ebitda-1.11
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.16
Revenue Forecast (FY)$664.67M
Tuniu Business Overview & Revenue Model
Company DescriptionTuniu Corporation operates as an online leisure travel company in China. The company offers various packaged tours, including organized and self-guided tours; and other travel-related services, such as tourist attraction tickets, visa application services, accommodation reservation, financial services, and hotel booking services, as well as air, train, and bus ticketing for leisure travelers. It also provides car rental and insurance services, as well as advertising services to tourism boards and bureaus. The company offers its products and services through various online and offline channels comprising tuniu.com website; mobile platform; a call center in Nanjing; and other offline retail stores in China. Tuniu Corporation was founded in 2006 and is headquartered in Nanjing, the People's Republic of China.
How the Company Makes MoneyTuniu generates revenue through multiple streams, primarily from the sale of travel packages, which include flights, hotels, and activities. The company earns commissions and service fees from these sales, enabling them to offer competitive pricing. Additionally, Tuniu has partnerships with airlines, hotels, and local tour operators, allowing them to access a broad inventory of travel options while earning commission-based revenue. The revenue model is further bolstered by ancillary services such as travel insurance and visa application services, which contribute additional income. Marketing and promotions through their platform also help drive sales, creating a cyclical revenue generation process as satisfied customers return for future travel needs.
Tuniu Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 04, 2026
Earnings Call Sentiment Positive
The call emphasized clear top-line growth, strong packaged-tour performance, restored profitability (including third consecutive year of full-year non-GAAP profitability), solid cash reserves (RMB1.1 billion) and multiple strategic wins across supply chain, product differentiation, channels (notably live streaming) and technology adoption. Offsetting these positives were declines in other revenues (merchandise and commissions), a 6% YoY decline in full-year gross profit, a meaningful increase in full-year operating expenses, modest absolute quarterly earnings, and an inconsistent 2026 revenue guidance statement. On balance, operational momentum and financial resilience outweigh the challenges, though investors should watch margin and non-packaged revenue trends as well as clarified guidance.Q4-2025 Updates
Positive Updates
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.
Negative Updates
Decline in Other Revenues
Other revenues fell 21% YoY in Q4 to RMB21.5 million and declined 20% YoY for FY2025 to RMB84.5 million, primarily due to lower merchandise sales and decreased commission fees from other travel-related products.
Full-Year Gross Profit Contraction
FY2025 gross profit was RMB335 million, down 6% year over year (Q4 gross profit roughly flat vs prior year).
Rising Operating Expenses Year-to-Date
Operating expenses increased to RMB323.7 million for FY2025, up 10% YoY. Sales & marketing rose 8% YoY to RMB193.9 million; R&D for the year increased 12% YoY (quarterly R&D fell 8% YoY).
Thin Quarterly Profit and Small Absolute Earnings
Q4 net income attributable to ordinary shareholders was only RMB1.5 million and non-GAAP Q4 net income RMB3.5 million, indicating modest quarterly profitability despite revenue growth.
Large Prior-Year Impairment Impacted Comparisons
Q4 general & administrative expenses fell 52% YoY primarily due to an impairment of property and equipment recorded in Q4 2024, which can distort YoY expense comparisons.
Ambiguous / Potentially Inconsistent 2026 Guidance
Management provided 2026 net revenue guidance of RMB100 million to RMB131.6 million stated to represent a 7%–12% YoY increase, which is inconsistent with FY2025 revenue of RMB578 million and may indicate an error or ambiguous guidance that could confuse investors.
Company Guidance
The company guided that for 2026 it expects net revenues of RMB100.0 million to RMB131.6 million, which management said represents a 7%–12% year‑over‑year increase (a preliminary view subject to change), and announced a long‑term shareholder return plan of up to $50 million to be executed over three years beginning March 2026 via cash dividends and share repurchases; this plan is supported by year‑end liquidity of RMB1.1 billion (cash and equivalents, restricted cash, certain investments and long‑term deposits). For context, full‑year 2025 net revenues were RMB578.0 million (+13% YoY) with packaged tours RMB493.5 million (85% of revenues, +21% YoY), full‑year net income RMB31.1 million (non‑GAAP net income RMB42.6 million), Q4 2025 net revenues RMB123.5 million (+20% YoY) with packaged tours RMB102.1 million (83% of Q4 revenue), Q4 operating cash flow RMB68.8 million, and capital expenditures of RMB4.4 million for 2025 (RMB0.5 million in Q4).Tuniu Financial Statement Overview
Summary
Tuniu's financial performance in 2024 shows a turnaround with improved profitability and strong revenue growth. The balance sheet is robust with low leverage, providing financial stability. Cash flow generation is positive, though there are challenges in maintaining growth. Overall, Tuniu is on a positive trajectory but must focus on sustaining profitability and cash flow improvements.Income Statement
Tuniu has shown a significant improvement in profitability with a positive net income in 2024 compared to previous years of losses. The gross profit margin has improved to 69.7%, and the net profit margin is now 15%, indicating strong operational efficiency. Revenue growth rate is robust at 16.4% from 2023 to 2024, showcasing a positive trajectory. However, historical volatility in EBIT and EBITDA margins suggests potential risks in maintaining consistent profitability.72
Positive
Balance Sheet
The balance sheet reflects a solid equity position with an equity ratio of 56.6% in 2024, indicating financial stability. The debt-to-equity ratio is very low at 0.004, suggesting minimal leverage and low financial risk. However, the return on equity is modest at 7.1%, indicating room for improvement in generating returns on shareholder investments.65
Positive
Cash Flow
Tuniu's cash flow statement shows a positive trend with a free cash flow of $84.5 million in 2024, although it decreased from 2023. The operating cash flow to net income ratio is strong at 1.25, indicating efficient cash generation relative to net income. However, the decline in free cash flow growth rate from the previous year highlights potential challenges in sustaining cash flow momentum.68
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 541.10M | 513.62M | 441.27M | 183.62M | 426.35M | 450.26M |
| Gross Profit | 346.92M | 358.03M | 293.69M | 89.55M | 171.53M | 213.19M |
| EBITDA | 33.60M | 81.03M | -65.87M | -147.75M | -57.77M | -1.24B |
| Net Income | 30.07M | 77.17M | -99.29M | -193.38M | -121.52M | -1.31B |
Balance Sheet | ||||||
| Total Assets | 1.85B | 1.91B | 1.96B | 1.88B | 2.30B | 3.20B |
| Cash, Cash Equivalents and Short-Term Investments | 1.06B | 897.83M | 1.16B | 878.25M | 964.98M | 1.57B |
| Total Debt | 4.57M | 4.71M | 218.81M | 258.40M | 291.54M | 617.89M |
| Total Liabilities | 884.30M | 900.49M | 980.65M | 819.58M | 1.04B | 1.82B |
| Stockholders Equity | 1.04B | 1.08B | 1.03B | 1.11B | 1.27B | 1.38B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 84.47M | 223.05M | -149.44M | -241.08M | -1.34B |
| Operating Cash Flow | 0.00 | 96.28M | 232.84M | -142.99M | -226.34M | -1.31B |
| Investing Cash Flow | 0.00 | 26.66M | 40.93M | -51.83M | 703.83M | 1.16B |
| Financing Cash Flow | 0.00 | -73.98M | -22.58M | -486.00K | -344.56M | -209.55M |
Tuniu Technical Analysis
Neutral
0.71
Price Trends
0.67
Positive
0.72
Negative
0.79
Negative
Market Momentum
0.01
Negative
51.86
Neutral
28.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOUR, the sentiment is Neutral. The current price of 0.71 is above the 20-day moving average (MA) of 0.67, above the 50-day MA of 0.67, and below the 200-day MA of 0.79, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 51.86 is Neutral, neither overbought nor oversold. The STOCH value of 28.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TOUR.
Tuniu Risk Analysis
Tuniu disclosed 79 risk factors in its most recent earnings report. Tuniu reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tuniu Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $80.85M | 5.42 | 3.00% | 4.14% | 8.98% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
58 Neutral | $63.43M | -15.80 | 0.68% | ― | 75.67% | ― | |
54 Neutral | $1.05B | -26.67 | 13.32% | ― | 18.50% | 7.78% | |
53 Neutral | $4.32B | 276.78 | 31.18% | ― | 14.55% | -68.46% | |
52 Neutral | $630.29M | 1.02 | -38.78% | ― | -3.61% | ― | |
47 Neutral | $39.91M | -2.64 | -231.71% | ― | ― | ― |
* Consumer Cyclical Sector Average
TOUR
Tuniu
0.65
-0.41
-38.68%
MMYT
Makemytrip
45.76
-50.27
-52.35%
SABR
Sabre
1.56
-1.89
-54.80%
LIND
Lindblad Expeditions Holdings
16.93
6.74
66.14%
YTRA
Yatra Online
1.01
0.15
17.44%
NTRP
NextTrip
2.83
-1.43
-33.57%
Tuniu Corporate Events
Tuniu Reports Q3 2025 Financial Results and Share Repurchase Update
Dec 5, 2025
On December 5, 2025, Tuniu Corporation announced its unaudited financial results for the third quarter of 2025, revealing a 12.4% year-over-year increase in revenues from its core packaged tour products. Despite a 10% decrease in gross profit compared to the previous year, Tuniu maintained profitability on both a GAAP and non-GAAP basis, emphasizing its commitment to leveraging technology and partnerships to enhance customer satisfaction and operational efficiency. The company also highlighted its ongoing share repurchase program, having repurchased approximately 3.0 million ADSs for about US$2.6 million by November 30, 2025, under the 2025 Share Repurchase Program.
The most recent analyst rating on (TOUR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tuniu stock, see the TOUR Stock Forecast page.
Tuniu Corporation Transfers to Nasdaq Capital Market for Compliance Extension
Nov 21, 2025
On November 20, 2025, Tuniu Corporation received approval from Nasdaq to transfer its American Depositary Shares (ADSs) from the Nasdaq Global Market to the Nasdaq Capital Market, effective November 24, 2025. This move follows a notification from Nasdaq in May 2025 that Tuniu was not in compliance with the minimum bid price requirement. The transfer allows Tuniu an additional 180 days, until May 18, 2026, to meet the bid price requirement, which involves maintaining a closing bid price of at least $1.00 per ADS for 10 consecutive business days. The company plans to actively monitor its bid price and consider options such as a reverse stock split to regain compliance.
The most recent analyst rating on (TOUR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Tuniu stock, see the TOUR Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.