UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2024

 

 

 

Commission File Number: 001-36430

 

 

 

Tuniu Corporation

 

6, 8-12th Floor, Building 6-A, Juhuiyuan

No. 108 Xuanwudadao, Xuanwu District

Nanjing, Jiangsu Province 210023

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F    x                  Form 40-F    ¨

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release—Tuniu Announces Unaudited First Quarter 2024 Financial Results

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Tuniu Corporation  
   
  By: /s/ Anqiang Chen
  Name: Anqiang Chen
  Title: Financial Controller

 

Date: June 4, 2024

 

 

Exhibit 99.1

 

Tuniu Announces Unaudited First Quarter 2024 Financial Results

 

NANJING, China, June 4, 2024 - Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the first quarter ended March 31, 2024.

 

Highlights for the First Quarter of 2024

 

·Net revenues in the first quarter of 2024 increased by 70.9% year-over-year to RMB108.0 million (US$15.0 million1).

·Revenues from package tours in the first quarter of 2024 increased by 106.7% year-over-year to RMB83.0 million (US$11.5 million).

·Gross profit in the first quarter of 2024 increased by 111.0% year-over-year to RMB82.0 million (US$11.4 million).

·Income from operations was RMB12.3 million (US$1.7 million) in the first quarter of 2024, compared to a loss from operations of RMB17.0 million in the first quarter of 2023. Non-GAAP2 income from operations was RMB18.1 million (US$2.5 million) in the first quarter of 2024, compared to a Non-GAAP loss from operations of RMB15.4 million in the first quarter of 2023.

·Net income was RMB21.9 million (US$3.0 million) in the first quarter of 2024, compared to a net loss of RMB7.5 million in the first quarter of 2023. Non-GAAP net income was RMB27.7 million (US$3.8 million) in the first quarter of 2024, compared to a Non-GAAP net loss of RMB5.9 million in the first quarter of 2023.

 

"We are pleased to see continued strong growth momentum in the first quarter of 2024," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "Our net revenues increased by 70.9% year-over-year, while revenues from packaged tours increased by 106.7%. This is the first time since our listing that we have achieved profitability in the first quarter, which demonstrates that Tuniu’s performance is gradually entering a path of healthy development. We will continue to closely monitor industry trends and the evolving customer demands, primarily focusing on product innovation, service quality enhancement, sales channel development, and operational efficiency improvement. We remain committed to strengthen our market position, enhance performance, and create greater value for both customers and shareholders."

 

 

1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2203 on March 29, 2024 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

 

2 The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned “Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP.

 

 

First Quarter 2024 Results

 

Net revenues were RMB108.0 million (US$15.0 million) in the first quarter of 2024, representing a year-over-year increase of 70.9% from the corresponding period in 2023. The increase was primarily due to the growth of packaged tours as the travel market recovers.

 

·Revenues from packaged tours were RMB83.0 million (US$11.5 million) in the first quarter of 2024, representing a year-over-year increase of 106.7% from the corresponding period in 2023. The increase was primarily due to the growth of organized tours.

 

·Other revenues were RMB25.0 million (US$3.5 million) in the first quarter of 2024, representing a year-over-year increase of 8.5% from the corresponding period in 2023. The increase was primarily due to the increase in the commission fees received from other travel-related products.

 

Cost of revenues was RMB25.9 million (US$3.6 million) in the first quarter of 2024, representing a year-over-year increase of 6.6% from the corresponding period in 2023. As a percentage of net revenues, cost of revenues was 24.0% in the first quarter of 2024, compared to 38.5% in the corresponding period in 2023.

 

Gross profit was RMB82.0 million (US$11.4 million) in the first quarter of 2024, representing a year-over-year increase of 111.0% from the corresponding period in 2023.

 

Operating expenses were RMB69.7 million (US$9.7 million) in the first quarter of 2024, representing a year-over-year increase of 24.8% from the corresponding period in 2023.

 

·Research and product development expenses were RMB13.0 million (US$1.8 million) in the first quarter of 2024, representing a year-over-year decrease of 9.1%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 12.1% in the first quarter of 2024, decreasing from 22.7% as a percentage of net revenues in the corresponding period in 2023.

 

·Sales and marketing expenses were RMB36.8 million (US$5.1 million) in the first quarter of 2024, representing a year-over-year increase of 84.2%. The increase was primarily due to the increase in promotion expenses and sales and marketing personnel related expenses. Sales and marketing expenses as a percentage of net revenues were 34.1% in the first quarter of 2024, increasing from 31.6% as a percentage of net revenues in the corresponding period in 2023.

 

·General and administrative expenses were RMB20.5 million (US$2.8 million) in the first quarter of 2024, representing a year-over-year decrease of 8.2%. The decrease was primarily due to the reversal of allowance for doubtful accounts. General and administrative expenses as a percentage of net revenues were 19.0% in the first quarter of 2024, decreasing from 35.3% as a percentage of net revenues in the corresponding period in 2023.

 

Income from operations was RMB12.3 million (US$1.7 million) in the first quarter of 2024, compared to a loss from operations of RMB17.0 million in the first quarter of 2023. Non-GAAP income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB18.1 million (US$2.5 million) in the first quarter of 2024.

 

 

Net income was RMB21.9 million (US$3.0 million) in the first quarter of 2024, compared to a net loss of RMB7.5 million in the first quarter of 2023. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB27.7 million (US$3.8 million) in the first quarter of 2024.

 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB13.9 million (US$1.9 million) in the first quarter of 2024, compared to a net loss attributable to ordinary shareholders of RMB7.0 million in the first quarter of 2023. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB19.7 million (US$2.7 million) in the first quarter of 2024.

 

As of March 31, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$167.4 million).

 

Business Outlook

 

For the second quarter of 2024, Tuniu expects to generate RMB114.9 million to RMB119.9 million of net revenues, which represents a 15% to 20% increase year-over-year compared with net revenues in the corresponding period in 2023. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

 

Share Repurchase Update

 

In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares representing ordinary shares. As of May 31, 2024, the Company had repurchased an aggregate of approximately 3.5 million ADSs for approximately US$2.9 million from the open market under the share repurchase program.

 

Conference Call Information

 

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on June 4, 2024, (8:00 pm, Beijing/Hong Kong Time, on June 4, 2024) to discuss the first quarter 2024 financial results.

 

To participate in the conference call, please dial the following numbers:

 

  United States 1-888-346-8982
  Hong Kong 852-301-84992
  Mainland China 4001-201203
  International 1-412-902-4272

 

Conference ID: Tuniu 1Q 2024 Earnings Conference Call

 

 

A telephone replay will be available one hour after the end of the conference call through June 11, 2024. The dial-in details are as follows:

 

  United States 1-877-344-7529
  International 1-412-317-0088

 

Replay Access Code: 4679991

 

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

 

About Tuniu

 

Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

 

Safe Harbor Statement

 

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; Tuniu’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; government policies and regulations relating to Tuniu’s structure, business and industry; the impact of health epidemics on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

 

 

About Non-GAAP Financial Measures

 

To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company has provided non-GAAP information related to income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.

 

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

 

For investor and media inquiries, please contact:

 

China

 

Mary Chen

 

Investor Relations Director

 

Tuniu Corporation

 

Phone: +86-25-6960-9988

 

E-mail: ir@tuniu.com

 

(Financial Tables Follow)

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 

   December 31, 2023   March 31, 2024   March 31, 2024 
   RMB   RMB   US$ 
ASSETS               
Current assets               
Cash and cash equivalents   378,989    486,989    67,447 
Restricted cash   65,902    37,316    5,168 
Short-term investments   777,890    684,244    94,767 
Accounts receivable, net   41,633    57,184    7,920 
Amounts due from related parties   9,515    1,055    146 
Prepayments and other current assets   234,189    152,565    21,130 
Total current assets   1,508,118    1,419,353    196,578 
                
Non-current assets               
Long-term investments   209,819    209,032    28,951 
Property and equipment, net   57,479    56,390    7,810 
Intangible assets, net   26,091    25,109    3,478 
Land use right, net   90,529    90,013    12,467 
Operating lease right-of-use assets, net   12,484    11,467    1,588 
Other non-current assets   55,960    61,483    8,515 
Total non-current assets   452,362    453,494    62,809 
Total assets   1,960,480    1,872,847    259,387 
                
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY               
Current liabilities               
Short-term borrowings   7,277    7,520    1,042 
Accounts and notes payable   317,104    347,474    48,125 
Amounts due to related parties   6,405    6,783    939 
Salary and welfare payable   21,401    18,028    2,497 
Taxes payable   4,305    3,124    433 
Advances from customers   270,197    140,825    19,504 
Operating lease liabilities, current   2,709    3,165    438 
Accrued expenses and other current liabilities   329,481    320,488    44,387 
Total current liabilities   958,879    847,407    117,365 
                
Non-current liabilities               
Operating lease liabilities, non-current   5,348    4,475    620 
Deferred tax liabilities   6,027    5,825    807 
Long-term borrowings   10,395    8,390    1,162 
Total non-current liabilities   21,770    18,690    2,589 
Total liabilities   980,649    866,097    119,954 
                
Redeemable noncontrolling interests   27,200    27,200    3,767 
                
Equity               
Ordinary shares   249    249    34 
Less: Treasury stock   (285,983)   (287,782)   (39,857)
Additional paid-in capital   9,138,720    9,143,505    1,266,361 
Accumulated other comprehensive income   305,416    307,450    42,581 
Accumulated deficit   (8,127,552)   (8,113,641)   (1,123,726)
Total Tuniu Corporation shareholders’ equity   1,030,850    1,049,781    145,393 
Noncontrolling interests   (78,219)   (70,231)   (9,727)
Total equity   952,631    979,550    135,666 
Total liabilities, redeemable noncontrolling interests and equity   1,960,480    1,872,847    259,387 

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss/(Income)

(All amounts in thousands, except per share information)

 

   Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended 
   March 31, 2023   December 31, 2023   March 31, 2024   March 31, 2024 
   RMB   RMB   RMB   US$ 
Revenues                    
Packaged tours   40,130    73,382    82,951    11,489 
Others   23,051    26,564    25,007    3,463 
Net revenues   63,181    99,946    107,958    14,952 
Cost of revenues   (24,301)   (25,309)   (25,913)   (3,589)
Gross profit   38,880    74,637    82,045    11,363 
                     
Operating expenses                    
Research and product development   (14,328)   (10,426)   (13,024)   (1,804)
Sales and marketing   (19,987)   (33,230)   (36,824)   (5,100)
General and administrative   (22,319)   (42,072)   (20,479)   (2,836)
Impairment of goodwill   -    (114,661)   -    - 
Other operating income   762    2,401    582    81 
Total operating expenses   (55,872)   (197,988)   (69,745)   (9,659)
(Loss)/income from operations   (16,992)   (123,351)   12,300    1,704 
Other income/(expenses)                    
Interest and investment income/(loss), net   6,321    (15,151)   10,041    1,391 
Interest expense   (1,149)   (1,056)   (613)   (85)
Foreign exchange gains/(losses), net   3,514    3,172    (568)   (79)
Other income, net   1,101    2,499    1,279    177 
(Loss)/income before income tax expense   (7,205)   (133,887)   22,439    3,108 
Income tax benefit   203    103    64    9 
Equity in (loss)/income of affiliates   (469)   866    (604)   (84)
Net (loss)/income   (7,471)   (132,918)   21,899    3,033 
Net (loss)/income attributable to noncontrolling interests   (454)   (583)   7,988    1,106 
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation   (7,017)   (132,335)   13,911    1,927 
                     
Net (loss)/income   (7,471)   (132,918)   21,899    3,033 
Other comprehensive (loss)/income:                    
Foreign currency translation adjustment, net of nil tax   (4,040)   (5,848)   2,034    282 
Comprehensive (loss)/income   (11,511)   (138,766)   23,933    3,315 
                     
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted   (0.02)   (0.36)   0.04    0.01 
Net (loss)/income per ADS - basic and diluted*   (0.06)   (1.08)   0.12    0.03 
                     
Weighted average number of ordinary shares used in computing basic (loss)/income per share   371,394,686    371,526,300    371,516,251    371,516,251 
Weighted average number of ordinary shares used in computing diluted (loss)/income per share   371,394,686    371,526,300    373,365,967    373,365,967 
                     
Share-based compensation expenses included are as follows:                    
Cost of revenues   18    66    65    9 
Research and product development   18    66    65    9 
Sales and marketing   (16)   32    31    4 
General and administrative   758    4,912    4,830    669 
Total   778    5,076    4,991    691 

 

*Each ADS represents three of the Company's ordinary shares.

 

 

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 

   Quarter Ended March 31, 2024 
   GAAP Result   Share-based
Compensation
   Amortization of acquired
intangible assets
   Impairment
of goodwill
   Impairment of
property and equipment, net
   Non-GAAP
Result
 
Income from operations  12,300   4,991   828   -   -   18,119 
                         
Net income  21,899   4,991   828   -   -   27,718 
                         
Net income attributable to ordinary shareholders  13,911   4,991   828   -   -   19,730 

 

   Quarter Ended December 31, 2023 
   GAAP Result   Share-based
Compensation
   Amortization of acquired
intangible assets
   Impairment
of goodwill
   Impairment of
property and equipment, net
   Non-GAAP
Result
 
(Loss)/income from operations  (123,351)  5,076   828   114,661   17,986   15,200 
                         
Net (loss)/income  (132,918)  5,076   828   114,661   17,986   5,633 
                         
Net (loss)/income attributable to ordinary shareholders  (132,335)  5,076   828   114,661   17,986   6,216 

 

   Quarter Ended March 31, 2023 
   GAAP Result   Share-based
Compensation
   Amortization of acquired
intangible assets
   Impairment
of goodwill
   Impairment of
property and equipment, net
   Non-GAAP
Result
 
Loss from operations  (16,992)  778   828   -   -   (15,386)
                         
Net loss  (7,471)  778   828   -   -   (5,865)
                         
Net loss attributable to ordinary shareholders  (7,017)  778   828   -   -   (5,411)

 

 


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