途牛 (TOUR.US) 2026年第一季度业绩电话会
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会议摘要
Tune News reported a 13% year-over-year increase in net revenues, achieving non-GAAP profitability for the fifth consecutive quarter. The company is expanding its supplier networks, enhancing product offerings, and leveraging technology for operational efficiency. Notably, it is extending connecting flight solutions to domestic travel, introducing premium long-haul products, and adapting to cultural and experiential travel trends. The offline store business grew by nearly 50% year-over-year, with live streaming contributing significantly to transaction volumes. For the second quarter, Tune News expects a cautious outlook with a 0% to 5% year-over-year increase in net revenues, aiming to strengthen its supply chain, sales channels, and technology tools to support growth and customer satisfaction.
会议速览
2026 Q1 Earnings Call Highlights Business Updates and Financial PerformanceThe conference call discusses key business updates, operational highlights, and financial results for the first quarter of 2026, featuring remarks from the CEO and financial controller, followed by a Q&A session.
First Quarter 2026 Earnings Call Highlights: Forward-Looking Statements and Non-GAAP Measures DiscussedThe earnings call for the first quarter of 2026 includes forward-looking statements and discussion of non-GAAP financial measures. Participants are directed to the earnings press release for a reconciliation of non-GAAP measures to comparable GAAP measures. The call begins with a welcome from the CEO, highlighting the travel industry's solid growth momentum in the quarter.
Record Chinese New Year Boosts Travel Growth and ProfitabilityA record-long Chinese New Year holiday spurred stable growth in domestic and outbound travel markets, leading to a 13% year-over-year revenue increase. The company achieved non-GAAP profitability for five consecutive quarters and plans to strengthen supply chain, sales channels, and leverage technology for enhanced operational efficiency and broader customer service.
Expanding Supplier Network and Enhancing Product Offerings for Travel ExperiencesThe company is expanding its supplier network and product offerings, including car rentals, overseas hotels, and unique experiences. It is integrating demand, strengthening centralized procurement, and offering connecting flight solutions for both outbound and domestic travel. High-quality products, including new premium options for experienced travelers, are being introduced. The focus is shifting towards cultural and experiential travel, with in-depth itineraries and small-group tours. Additionally, the company is enhancing its Hotel Plus X offerings and direct hotel consulting to better serve self-guided travelers.
AI-Driven Customization in Self-Guided Tours and Live Streaming's Impact on Transaction GrowthThe dialogue highlights the integration of AI and dynamic packaging in enhancing self-guided tour experiences through personalized itineraries. It also discusses the significant role of live streaming in increasing transaction volumes and the strategic adjustments made to cater to diverse customer segments, showcasing continuous innovation and service expansion.
Expanding Travel Offerings and Leveraging AI for Enhanced Customer ExperiencesThe company has introduced targeted travel products for different customer segments, expanded offline store networks, and integrated AI tools to improve operational efficiency and customer booking experiences. Efforts are also focused on strengthening seasonal travel product capabilities and broadening channel partnerships to connect supply and demand more efficiently.
First Quarter Financial Highlights and Second Quarter Revenue ForecastThe dialogue covers financial results for the first quarter, noting a 13% year-over-year increase in net revenues to 132.6 million, with details on revenue growth from packages and other sources, and a 6% increase in gross profit. It also mentions a decrease in operating expenses, particularly in research and product development, and provides a forecast for the second quarter's net revenues, expecting a 0% to 5% year-over-year increase.
Investor Inquires About Second Quarter Booking Trends Amid Mixed ConditionsAn investor seeks insights on how booking trends are performing in the second quarter, considering mixed conditions and the impact of policy changes and surging areas. The query highlights concerns over market dynamics and the effectiveness of current strategies in driving positive outcomes.
Spring Break Travel Trends and Summer Booking ForecastsThe dialogue covers the surge in domestic leisure travel during spring breaks, attributed to innovative city initiatives and family-friendly product offerings. It forecasts summer travel trends, highlighting shifts towards cultural experiences and early booking indicators for long-haul destinations, despite challenges in short-haul markets due to airfare increases. Strategies for mitigating risks and expanding product definitions are also discussed.
要点回答
Q：What are the highlights of the first quarter of 2026?
A：The travel industry maintained solid growth momentum in the first quarter of 2026, supported by the longest Chinese New Year holiday on record. Revenues increased by 13 years over year, and non GAAP profitability was achieved for the fifth consecutive quarter.
Q：What is the company's strategy to enhance its travel resource base and business partnerships?
A：The company aims to further enhance its travel resource base and business partnerships by continuing to strengthen its supply chain and sales channels development, supported by company store products and industry insights. It will also integrate demand for both business and leisure travelers, further strengthen the advantage of centralized procurement, and maintain product and price competitiveness.
Q：What new features are being added to the company's products and services?
A：The company is expanding its supplier network across areas such as car rentals, overseas hotels, and destination experiences to broaden its product offering. It is also integrating connecting flight solutions to its outbound and domestic travel products, offering more flexible travel arrangements and assistance to customers in case of delays.
Q：How is the company catering to the changing needs of the domestic travel market?
A：The company is catering to the changing needs of the domestic travel market by shifting its focus towards more cultural and experiential travel. It is upgrading its products by introducing more independent itineraries with a focus on single destinations, core activities, and famous attractions, providing more time for exploration and local experiences.
Q：What is the role of AI and dynamic packaging technologies in the company's products?
A：AI and dynamic packaging technologies play a role in driving potential bookings for self-directed tour travel products. The system can automatically generate destination recommendations and travel itineraries based on customer input, offering greater flexibility and personalization in the booking process.
Q：How is the company's channel strategy evolving?
A：The company's channel strategy is evolving by working with partners to better identify customer needs across various channels and adjust its products and services accordingly. This has led to an increase in the contribution of live streaming to total transaction volume and the introduction of targeted products for different customer segments.
Q：What is the company's approach towards offline store expansion and partnership development?
A：The company's approach towards offline store expansion involves continuing to grow the channel and fully opening its system and product offerings to partners for access to a broader range of travel products. It plans to further expand its offline store network and continues to explore collaboration with business partners to connect supply and demand more efficiently, lower customer acquisition costs, and expand sales channels.
Q：How is the company planning to utilize AI technology in its operations?
A：The company plans to explore the application of AI technology across various business scenarios and integrate automation tools into operational processes. AI tools will assist employees with repetitive tasks and provide customers with intelligent, convenient, and efficient booking experiences, including the ability for self-directed travelers to customize products based on their preferences.
Q：How is the travel market performing in the second quarter, and what initiatives are being taken to support customer experiences?
A：The travel market has seen a growing number of peak travel periods following spring break and recent holidays. The company will continue to enhance supply, sales, and service capabilities for seasonal travel products and collaborate with sales channel partners to offer customers simple and high-quality travel experiences.
Q：What were the changes in revenue categories and their respective year-over-year growth rates for the first quarter?
A：Revenues from packages increased 11% year over year to RMB 109.7 million and accounted for 83% of total net revenue. Other revenues, which include fees for advertising services provided to tour operators and business, increased 24% year over year to RMB 22.9 million and accounted for 17% of total net revenues.
Q：What were the gross profit and operating expenses for the first quarter?
A：Gross profit for the first quarter was RMB 73.6 million, up 6% year over year. Operating expenses for the first quarter were RMB 77.3 million, down 4% year over year.
Q：How did general and administrative expenses change in the first quarter?
A：General and administrative expenses for the first quarter were RMB 13.5 million, down 41% year over year.
Q：What was the net income attributable to ordinary shareholders for the first quarter?
A：Net income attributable to ordinary shareholders was RMB 2.6 million in the first quarter of 2026, and non-GAAP net income, which excludes share-based compensation differences and the impairment of a client intangible asset, was RMB 2.6 million.
Tuniu Corp.
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