In This Article:
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Net Revenues: RMB116.9 million, a 17% increase year-over-year.
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Packaged Tours Revenue: RMB89.8 million, up 29% year-over-year, accounting for 77% of total net revenues.
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Other Revenues: RMB27.2 million, down 10% year-over-year, accounting for 23% of total net revenues.
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Gross Profit: RMB84.4 million, a 29% increase year-over-year.
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Operating Expenses: RMB49.9 million, down 15% year-over-year.
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Net Income: RMB43 million, a quarterly record high since listing.
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Non-GAAP Net Income: RMB20.8 million.
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Cash and Cash Equivalents: RMB1.3 billion as of June 30, 2024.
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Cash Flow from Operations: RMB105.3 million for the second quarter of 2024.
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Capital Expenditures: RMB8.5 million for the second quarter of 2024.
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Sales and Marketing Expenses: RMB40.2 million, up 61% year-over-year.
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Research and Product Development Expenses: RMB12.7 million, down 8% year-over-year.
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General and Administrative Expenses: RMB21.7 million, consistent with the previous year.
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Third Quarter Revenue Forecast: RMB183.5 million to RMB192.4 million, a 3% to 8% increase year-over-year.
Release Date: August 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Revenue from package tours, Tuniu's core business, increased by 29% year-over-year.
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Net income reached a quarterly record high since listing, up to RMB43 million.
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Transaction volume of new tour products increased by more than 40% year-over-year.
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Repeat customers contributed over 65% of the company's transaction volume.
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Live streaming channels maintained triple-digit growth, with transaction volume increasing over 200% year-over-year.
Negative Points
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Other revenues were down 10% year-over-year, primarily due to a decrease in commission fees and financial services.
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Sales and marketing expenses increased by 61% year-over-year, driven by higher promotional and personnel-related expenses.
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The third quarter revenue growth is expected to slow down, with a forecasted increase of only 3% to 8% year-over-year.
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Outbound travel market recovery is gradual, with some demand already released last year.
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Domestic travel market growth is moderate compared to the strong growth experienced last summer.
Q & A Highlights
Q: For the second quarter, what are the proportions of domestic and outbound tourism in revenues, respectively, and how about the recovery of outbound tourism? Are there any changes in top outbound destinations and for the third quarter, what are the primary reasons behind the slowdown in revenue growth? Can you share some trends of this summer towards the market? Thank you. A: In the second quarter, domestic tours comprised about 70% of the total GMV and outbound tours comprised a bit more than 30%. The proportion didn't change much from last quarter due to the three national holidays favoring domestic tours. Domestic tours maintained steady growth, with self-drive tours and city walks being popular. Outbound travel increased at a high year-over-year rate, with Japan and Europe being popular destinations. For the summer vacation, the market is expected to grow moderately compared to last year, with more self-guided tours and flexible products being favored. Outbound tours will have a higher increase rate than domestic tours, but the growth rate will be lower in the third quarter. We are confident in achieving another profitable quarter. Dunde Yu, Chairman of the Board, Chief Executive Officer, Founder.