途牛 (TOUR.US) 2025年第三季度业绩电话会
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会议摘要
The company reported a 9% increase in net revenues, driven by double-digit growth in packaged tours. Domestic tours led the market, accounting for two-thirds of GMV, with overseas tours making up the rest. Leveraging technology and expanding product offerings, the company anticipates further growth in Q4, aiming for non-GAAP profitability. The National Day holiday saw robust performance in both domestic and outbound travel segments.
会议速览
Q3 2025 Earnings Call Highlights: Business Updates and Financial PerformanceThe earnings call for the third quarter of 2025 includes updates on business operations, key highlights, and financial performance. Management provides insights into the company's achievements and future outlook, emphasizing non-GAAP financial measures and forward-looking statements.
Q3 Earnings Call Highlights: Growth in Tourism, Enhanced Products, and Operational EfficiencyThe company reported a 9% YoY increase in net revenues, driven by strong demand in both domestic and outbound travel. Core packaged tool products saw double-digit growth, and live streaming channels recorded significant increases in payment and verification volumes. Offline stores expanded, contributing to a near doubling of transaction volume. Corporate travel services also grew, with tailored vacation products for employees. Technology integration across operations improved efficiency, and plans for advanced tech applications were outlined to enhance future profitability.
Q3 Financial Results Highlight: Ed's 9% Revenue Growth and Package Store ExpansionEd's third quarter financials reveal a 9% increase in net revenues to 202.1 million, with package stores driving a 12% year-over-year rise to 179 million, reflecting strong growth in offline tools and self-drive tours.
Q3 Financials: Declining Revenues, Rising Expenses, and Future ProjectionsThe dialogue discusses a company's third-quarter financial results, highlighting a decrease in other revenues, an increase in operating expenses, particularly in research and development, and sales and marketing, and projections for future net revenues, while noting the impact of commission fees and personnel-related expenses.
Q&A on Revenue Distribution, National Day Travel Trends, and Q4 Profitability OutlookThe dialogue covered the revenue split between domestic and outbound tours, highlighted the growth in travel during the National Day holiday, and discussed strategies for profitability in Q4, focusing on market expansion and niche destinations.
Conference Call Concludes with Investor Relations Director's Closing RemarksA conference call concludes with the Director of Investor Relations thanking participants, inviting further contact, and looking forward to future communications, ending with the opportunity to disconnect.
要点回答
Q：What are the highlights of the third quarter earnings conference call?
A：The highlights of the third quarter earnings conference call include the accelerated demand for travel due to the peak travel season, the thriving growth of the tourism industry, year-over-year growth in transaction volume and number of trips booked, and a 9% year-over-year increase in net revenues with consistent double-digit year-over-year growth in quarterly revenues from core package tour products. The company also achieved quarterly profitability on both GAAP and non-GAAP bases.
Q：How did the company respond to the evolving customer needs?
A：To meet the evolving customer needs, the company leveraged its core capabilities across products, supply chain, and sales channels to tailor its portfolio to market demand. It also enhanced operational efficiency by using technology tools.
Q：What new products and services were introduced to meet customer needs?
A：The company introduced a wider range of niche destination products, expanded its long-haul island offerings, and leveraged its supply chain advantages to continuously expand definitions for new select products. Additionally, it introduced on-site live streaming to provide customers with an immersive experience, expanded destination coverage, and offered more price competitive options.
Q：What role did technology play in enhancing the company's operations?
A：Technology played a significant role in enhancing operations by enabling the company to maintain a wide and reliable product range, deliver price competitive offerings, and improve efficiency across the entire process from product to supply to verification. The company also embedded various technology tools and methodologies across all aspects of operations, including product development, marketing, and financial management.
Q：How did the company perform during the National Day holiday and the fourth quarter?
A：During the National Day holiday, the company saw robust travel demand supported by an extended holiday period, despite the industry typically being in the low season. It continued to see active demand for off-peak travel, ice and snow trips, and other niche segments in the fourth quarter. The company aims to strengthen product development and adjust marketing efforts for seasonal needs to take advantage of these market opportunities and prepare for the peak travel period during the Chinese New Year holiday.
Q：What were the year-over-year changes in net revenues and the components thereof?
A：Net revenues for the third quarter were RMB 202.1 million, marking a year-over-year increase of 9% from the corresponding period in 2024. Revenues from package tours were up 12% year over year to RMB 179 million and accounted for the bulk of the quarter's total net revenues. The increase was attributed to the growth of offline tours and self-drive tours.
Q：How much did research and product development expenses increase in the third quarter of 2025?
A：Research and product development expenses for the third quarter of 2025 were 15.7 million, an increase of 15% year over year.
Q：What were the revenue proportions by domestic and outbound in the third quarter, and how did the travel performance during this year's National Day holiday?
A：In the third quarter, domestic tours comprised two thirds of the total GMV, and oversea tours comprised one third. The company observed a healthy increase in both domestic and outbound travel markets during the National Day holiday, with double-digit growth in GMV and the number of trips compared to the same period last year.
Q：What was the growth in the outbound travel market during the holiday?
A：The outbound travel market grew during the holiday with a nearly 10% increase in GMV from APAC regions, such as Singapore, Malaysia, and certain islands, and double-digit growth for long-haul destinations, with the Americas ranking number one in terms of growth rate.
Q：Can you share the growth in the thematic market, particularly in self-guided tours, during this year's National Day holiday?
A：During this year's National Day holiday, there was a growing number of self-guided tours, especially in the domestic market. The company leveraged dynamic packaging technology to enrich the supply of Hotel plus X products and extended its product offerings to all provinces throughout Chinese mainland, including lower-tier cities.
Q：What is the company's expectation for net revenues and package bookings in the fourth quarter?
A：The company expects an Ed to Ed year-over-year increase in net revenues in the fourth quarter, with package bookings growing faster. The company aims to achieve non-GAAP break-even profitability for the quarter.
Tuniu Corp.
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