Revenue growth remains highly seasonal with a 15.3% year-over-year increase in 2025Q2, though gross margins remain volatile, ranging from a low of 59.0% to a high of 76.0% over the past six quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 541.1M | 562.23M | 513.62M | 441.27M | 183.62M | 426.35M | 450.26M | 2.28B | 2.24B | 2.19B | 10.55B | 7.65B | 3.53B | 1.95B | 1.11B | 765.54M |
| Revenue Growth % | 7.57% | 9.46% | 16.4% | 140.32% | -56.93% | -5.31% | -80.26% | 1.82% | 2.19% | -79.22% | 37.97% | 116.28% | 81.31% | 75.19% | 45.37% | - |
| Cost of Goods Sold | 194.18M | 236.37M | 155.59M | 147.58M | 94.07M | 254.81M | 237.06M | 1.2B | 1.07B | 1.02B | 9.92B | 7.27B | 3.31B | 1.83B | 1.07B | 741.72M |
| COGS % of Revenue | - | 42.04% | 30.29% | 33.44% | 51.23% | 59.77% | 52.65% | 52.61% | 47.54% | 46.72% | 94.06% | 95.15% | 93.6% | 93.84% | 96.48% | 96.89% |
| Gross Profit | 346.92M | 325.86M | 358.03M | 293.69M | 89.55M | 171.53M | 213.19M | 1.08B | 1.18B | 1.17B | 626.97M | 370.58M | 226.14M | 120.02M | 39.15M | 23.83M |
| Gross Margin % | 64.11% | 57.96% | 69.71% | 66.56% | 48.77% | 40.23% | 47.35% | 47.39% | 52.46% | 53.28% | 5.94% | 4.85% | 6.4% | 6.16% | 3.52% | 3.11% |
| Gross Profit Growth % | - | -8.99% | 21.91% | 227.95% | -47.79% | -19.54% | -80.28% | -8.01% | 0.62% | 86.28% | 69.18% | 63.88% | 88.41% | 206.58% | 64.3% | - |
| Operating Expenses | 334.13M | 315.86M | 294.77M | 395.55M | 299.77M | 353.07M | 1.55B | 1.95B | 1.52B | 2.05B | 3.15B | 1.83B | 699.16M | 217.06M | 152.6M | 124.2M |
| OpEx % of Revenue | - | 56.18% | 57.39% | 89.64% | 163.25% | 82.81% | 345.13% | 85.57% | 68.04% | 93.58% | 29.83% | 23.88% | 19.78% | 11.13% | 13.71% | 16.22% |
| Selling, General & Admin | 277.44M | 265.73M | 267.98M | 230.93M | 212.55M | 324.51M | 1.48B | 1.67B | 1.27B | 1.53B | 2.57B | 1.54B | 601.18M | 179.75M | 120M | 104.47M |
| SG&A % of Revenue | - | 47.26% | 52.17% | 52.33% | 115.76% | 76.11% | 328.99% | 73.33% | 56.49% | 69.88% | 24.34% | 20.14% | 17.01% | 9.22% | 10.78% | 13.65% |
| Research & Development | 57.9M | 57.37M | 52.68M | 56.97M | 50.8M | 54.62M | 100.51M | 303.56M | 315.22M | 541.13M | 601.4M | 298.2M | 104.88M | 38.99M | 33.37M | 21.39M |
| R&D % of Revenue | - | 10.2% | 10.26% | 12.91% | 27.67% | 12.81% | 22.32% | 13.31% | 14.07% | 24.69% | 5.7% | 3.9% | 2.97% | 2% | 3% | 2.79% |
| Other Operating Expenses | -1.21M | -7.24M | -25.89M | 107.65M | 36.42M | -26.06M | -27.85M | -24.42M | 8.58M | -121K | -2.55M | -1.33M | -787.73K | -48.57K | -356.67K | -392.36K |
| Operating Income | 12.79M | 9.99M | 63.26M | -101.86M | -210.21M | -181.54M | -1.34B | -870.84M | -348.99M | -883.43M | -2.52B | -1.46B | -473.02M | -97.03M | -113.45M | -100.37M |
| Operating Margin % | 2.36% | 1.78% | 12.32% | -23.08% | -114.48% | -42.58% | -297.78% | -38.18% | -15.58% | -40.3% | -23.88% | -19.03% | -13.38% | -4.98% | -10.19% | -13.11% |
| Operating Income Growth % | - | -84.21% | 162.1% | 51.54% | -15.8% | 86.46% | -53.96% | -149.53% | 60.5% | 64.93% | -73.15% | -207.61% | -387.48% | 14.47% | -13.02% | - |
| EBITDA | 23.53M | 24.98M | 72.45M | -72.18M | -191.85M | -117.73M | -1.24B | -548.27M | -128.83M | -667.63M | -2.31B | -1.37B | -461.17M | -87.79M | -102.73M | -93.63M |
| EBITDA Margin % | 4.35% | 4.44% | 14.11% | -16.36% | -104.48% | -27.61% | -274.74% | -24.04% | -5.75% | -30.46% | -21.88% | -17.91% | -13.05% | -4.5% | -9.23% | -12.23% |
| EBITDA Growth % | 175.78% | -65.52% | 200.38% | 62.38% | -62.95% | 90.48% | -125.63% | -325.57% | 80.7% | 71.07% | -68.55% | -196.9% | -425.32% | 14.54% | -9.71% | - |
| D&A (Non-Cash Add-back) | 10.74M | 14.99M | 9.2M | 29.68M | 18.37M | 63.81M | 103.75M | 322.57M | 220.16M | 215.8M | 211.57M | 85.85M | 11.85M | 9.25M | 10.72M | 6.74M |
| EBIT | 25.16M | 9.99M | 71.84M | -95.55M | -166.12M | -121.57M | -1.35B | -696.6M | -191.3M | -755.69M | -2.5B | -1.46B | -473.02M | -97.03M | -113.45M | -100.37M |
| Net Interest Income | 19.71M | 23.1M | 16.55M | 2.16M | 22.27M | 42.55M | -28.74M | 122.81M | 145.01M | 130.25M | 87.31M | 76.52M | 31.28M | 16.16M | 7.43M | 2.29M |
| Interest Income | 22.32M | 25.07M | 19.87M | 5.69M | 27.18M | 50.04M | 3.53M | 156.86M | 152.93M | 130.25M | 87.31M | 76.52M | 31.28M | 16.16M | 7.43M | 2.29M |
| Interest Expense | 2.61M | 1.97M | 3.32M | 3.52M | 4.91M | 7.49M | 32.27M | 34.05M | 7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 15.53M | 20.24M | 21.28M | 2.21M | 6.49M | 53.2M | -9.48M | 140.19M | 149.78M | 127.73M | 75.02M | -7.94M | 25.16M | 17.4M | 6.33M | 8.42M |
| Pretax Income | 28.32M | 30.24M | 84.54M | -99.66M | -203.73M | -128.34M | -1.35B | -730.66M | -199.22M | -755.69M | -2.44B | -1.46B | -447.86M | -79.63M | -107.11M | -91.95M |
| Pretax Margin % | 5.23% | 5.38% | 16.46% | -22.58% | -110.95% | -30.1% | -299.89% | -32.03% | -8.89% | -34.47% | -23.17% | -19.14% | -12.67% | -4.08% | -9.62% | -12.01% |
| Income Tax | 768K | 1.39M | 837K | 1.44M | -731K | 130K | -6.64M | 949K | 153K | 15.63M | -1.71M | -589.48K | -37.8M | -17.45M | 77.89K | 0 |
| Effective Tax Rate % | 2.71% | 4.58% | 0.99% | -1.45% | 0.36% | -0.1% | 0.49% | -0.13% | -0.08% | -2.07% | 0.07% | 0.04% | 8.44% | 21.91% | -0.07% | 0% |
| Net Income | 30.07M | 30.28M | 77.17M | -99.29M | -193.38M | -121.52M | -1.31B | -731.61M | -187.93M | -773.03M | -2.43B | -1.46B | -447.86M | -79.63M | -107.19M | -91.95M |
| Net Margin % | 5.56% | 5.39% | 15.03% | -22.5% | -105.32% | -28.5% | -290.49% | -32.07% | -8.39% | -35.26% | -23.01% | -19.09% | -12.67% | -4.08% | -9.63% | -12.01% |
| Net Income Growth % | 183.53% | -60.77% | 177.73% | 48.66% | -59.13% | 90.71% | -78.78% | -289.29% | 75.69% | 68.15% | -66.32% | -225.86% | -462.41% | 25.71% | -16.57% | - |
| Net Income (Continuing) | 27.55M | 28.85M | 83.7M | -101.1M | -203M | -128.47M | -1.34B | -729.38M | -199.37M | -771.32M | -2.42B | -1.47B | -447.86M | -79.63M | -107.19M | -91.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -72.15M | -72.24M | -71.64M | -51.02M | -49.68M | -16M | -7.46M | 38.21M | 63.49M | 98.92M | 90.5M | 16.3M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.82 | 7.98 | 19.20 | -8.10 | -16.50 | -10.50 | -108.90 | -59.40 | -14.89 | -61.24 | -194.80 | -176.12 | -126.97 | -91.81 | -123.58 | -105.99 |
| EPS Growth % | 88.52% | -58.44% | 337.04% | 50.91% | -57.14% | 90.36% | -83.33% | -298.93% | 75.69% | 68.56% | -10.61% | -38.71% | -38.3% | 25.71% | -16.6% | - |
| EPS (Basic) | - | 7.98 | 18.90 | -8.10 | -16.50 | -10.50 | -108.90 | -59.40 | -14.89 | -61.24 | -194.90 | -176.12 | -131.37 | -91.81 | -123.58 | -106.09 |
| Diluted Shares Outstanding | 3.84M | 3.81M | 4.04M | 12.38M | 12.37M | 12.36M | 12.34M | 12.32M | 12.59M | 12.61M | 12.44M | 8.28M | 3.52M | 866.67K | 866.67K | 866.67K |
| Basic Shares Outstanding | 3.84M | 3.79M | 4.08M | 12.38M | 12.37M | 12.36M | 12.34M | 12.32M | 12.59M | 12.61M | 12.44M | 8.28M | 3.41M | 866.67K | 866.67K | 865.82K |
| Dividend Payout Ratio | - | 98.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High customer acquisition costs
According to the latest quarterly filings, Tuniu's revenue growth has exhibited significant volatility, with the most recent 2025Q2 period showing a 15.3% year-over-year increase, reflecting the inherent seasonality of the Chinese travel market and the company's reliance on peak holiday demand cycles for top-line expansion.
The revenue trajectory appears heavily influenced by the timing of Chinese national holidays, which creates lumpy quarterly performance rather than consistent organic growth. Investors should monitor whether the company can sustain this 15.3% growth rate outside of peak travel windows, as the reliance on packaged tours makes the top line sensitive to shifts in consumer discretionary spending.
As reported in financial statements, Tuniu's gross margin has fluctuated significantly, ranging from a high of 76.0% in 2024Q1 to a low of 59.0% in 2025Q1, suggesting that the company's inventory-heavy packaged tour model remains susceptible to pricing pressures and shifting product mix dynamics.
The wide variance in gross margins suggests that Tuniu may be struggling to maintain consistent pricing power, likely due to competitive discounting in the packaged tour segment. This instability warrants further investigation into whether the company is forced to sacrifice margin to defend its market share against larger, more diversified travel platforms.
Based on Tuniu's reported figures, operating income has failed to scale consistently with gross profit, as evidenced by the 2025Q2 operating margin of 5.3% following a period of negative operating margins in late 2024, highlighting the persistent burden of fixed costs and high marketing requirements.
The inability to maintain positive operating margins suggests that Tuniu's cost structure is not yet optimized for scale, with SG&A expenses frequently consuming the majority of gross profit. This implies that the company may be trapped in a cycle where it must continuously reinvest in marketing to maintain its niche position, preventing meaningful bottom-line expansion.
Data from recent income statements suggests that Tuniu's profitability is highly fragile, as the company swung from a 23.9% net margin in 2024Q3 to a loss in subsequent quarters, indicating that the business model may lack the structural resilience required to withstand even minor fluctuations in travel demand.
Short-sellers might focus on the inconsistency of net income, which appears heavily reliant on non-operating items and seasonal spikes rather than sustainable operational efficiency. The reliance on high-touch, packaged tour services may be a long-term liability if younger demographics continue to favor independent travel, potentially rendering Tuniu's current service-heavy infrastructure obsolete.
Quick answers to the most common questions about buying TOUR stock.
For fiscal year 2025, Tuniu Corporation (TOUR) reported total revenue of $562.2M. This represents a 26.6% decline compared to $765.5M in 2011.
Tuniu Corporation (TOUR) is profitable, generating $30.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Tuniu Corporation (TOUR) reported an operating income of $10.0M, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Tuniu Corporation (TOUR) generated $325.9M in gross profit for the year, representing a gross profit margin of 58.0%. This demonstrates the company's core pricing power and production efficiency.