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 November  2023

 

 

 

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 Third Quarter 2023 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: November 21, 2023

 

 

 

 

Exhibit 99.1

 

Tuniu Announces Unaudited Third Quarter 2023 Financial Results

 

NANJING, China, November 21, 2023 - Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the third quarter ended September 30, 2023.

 

Highlights for the Third Quarter of 2023

 

·Net revenues in the third quarter of 2023 increased by 128.9% year-over-year to RMB178.2 million (US$24.4 million1).

 

·Revenues from package tours in the third quarter of 2023 increased by 262.1% year-over-year to RMB150.1 million (US$20.6 million).

 

·Gross profit in the third quarter of 2023 increased by 154.9% year-over-year to RMB114.8 million (US$15.7 million).

 

·Income from operations in the third quarter of 2023 was RMB31.7 million (US$4.3 million), compared to a loss from operations of RMB14.3 million in the third quarter of 2022. Non-GAAP2 income from operations in the third quarter of 2023 was RMB38.1 million (US$5.2 million), compared to a Non-GAAP loss from operations of RMB12.3 million in the third quarter of 2022.

 

·Net income in the third quarter of 2023 was RMB39.1 million (US$5.4 million), compared to a net loss of RMB23.5 million in the third quarter of 2022. Non-GAAP net income in the third quarter of 2023 was RMB45.5 million (US$6.2 million), compared to a Non-GAAP net loss of RMB21.6 million in the third quarter of 2022.

 

"We are pleased to report continued growth for the third quarter of 2023," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "Our net revenues increased by 128.9% year-over-year, and revenues from packaged tours increased by 262.1% year-over-year. Our GAAP net income turned positive on a year-over-year basis, reaching a new quarterly high since our listing. Notwithstanding taking advantage of China’s peak travel season to achieve revenue recovery, we remained committed to our strategy of operational efficiency improvement to deliver profitable growth. In our business operations, we continue to capitalize on our competitive advantages in products, services, and technology to attract more customers seeking premium travel experiences and to drive sustainable revenue growth in the long-term. As we persist in implementing stringent cost control measures to lower expenses as a percentage of revenues, Tuniu’s path to profitability will become increasingly clear."

 

 

1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2960 on September 29, 2023 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.

 

 

 

 

Third Quarter 2023 Results

 

Net revenues were RMB178.2 million (US$24.4 million) in the third quarter of 2023, representing a year-over-year increase of 128.9% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.

 

·Revenues from packaged tours were RMB150.1 million (US$20.6 million) in the third quarter of 2023, representing a year-over-year increase of 262.1% from the corresponding period in 2022. The increase was primarily due to the growth of organized tours.

 

·Other revenues were RMB28.1 million (US$3.9 million) in the third quarter of 2023, representing a year-over-year decrease of 22.7% from the corresponding period in 2022. The decrease was primarily due to the decrease in commission fees received from other travel-related products and revenues generated from financial services.

 

Cost of revenues was RMB63.4 million (US$8.7 million) in the third quarter of 2023, representing a year-over-year increase of 93.2% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 35.6% in the third quarter of 2023, compared to 42.2% in the corresponding period in 2022.

 

Gross profit was RMB114.8 million (US$15.7 million) in the third quarter of 2023, representing a year-over-year increase of 154.9% from the corresponding period in 2022.

 

Operating expenses were RMB83.1 million (US$11.4 million) in the third quarter of 2023, representing a year-over-year increase of 40.1% from the corresponding period in 2022.

 

·Research and product development expenses were RMB18.4 million (US$2.5 million) in the third quarter of 2023, representing a year-over-year increase of 89.1%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.3% in the third quarter of 2023, decreasing from 12.5% as a percentage of net revenues in the corresponding period in 2022.

 

·Sales and marketing expenses were RMB39.6 million (US$5.4 million) in the third quarter of 2023, representing a year-over-year increase of 49.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 22.2% in the third quarter of 2023, decreasing from 34.0% as a percentage of net revenues in the corresponding period in 2022.

 

·General and administrative expenses were RMB27.1 million (US$3.7 million) in the third quarter of 2023, representing a year-over-year increase of 11.6%. The increase was primarily due to the increase in share-based compensation expenses. General and administrative expenses as a percentage of net revenues were 15.2% in the third quarter of 2023, decreasing from 31.2% as a percentage of net revenues in the corresponding period in 2022.

 

Income from operations was RMB31.7 million (US$4.3 million) in the third quarter of 2023, compared to a loss from operations of RMB14.3 million in the third quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB38.1 million (US$5.2 million) in the third quarter of 2023.

 

 

 

 

 

Net income was RMB39.1 million (US$5.4 million) in the third quarter of 2023, compared to a net loss of RMB23.5 million in the third quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB45.5 million (US$6.2 million) in the third quarter of 2023.

 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB39.4 million (US$5.4 million) in the third quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB22.0 million in the third quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB45.8 million (US$6.3 million) in the third quarter of 2023.

 

As of September 30, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$163.7 million).

 

Business Outlook

 

For the fourth quarter of 2023, Tuniu expects to generate RMB87.4 million to RMB92.9 million of net revenues, which represents a 220% to 240% increase year-over-year compared with net revenues in the corresponding period in 2022. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

 

Conference Call Information

 

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on November 21, 2023, (9:00 pm, Beijing/Hong Kong Time, on November 21, 2023) to discuss the third quarter 2023 financial results.

 

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

 

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

 

Conference ID: Tuniu 3Q 2023 Earnings Conference Call

 

A telephone replay will be available one hour after the end of the conference call through November 28, 2023. The dial-in details are as follows:

 

US 1-877-344-7529
International 1-412-317-0088

 

 

 

 

Replay Access Code: 4611353

 

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; the Company’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; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 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 and amortization of acquired intangible assets. 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, 2022   September 30, 2023   September 30, 2023 
   RMB   RMB   US$ 
ASSETS               
Current assets               
Cash and cash equivalents   153,835    323,260    44,306 
Restricted cash   44,052    28,560    3,914 
Short-term investments   724,413    842,188    115,431 
Accounts receivable, net   33,644    63,959    8,766 
Amounts due from related parties   1,030    4,351    596 
Prepayments and other current assets   242,994    231,292    31,701 
Total current assets   1,199,968    1,493,610    204,714 
                
Non-current assets               
Long-term investments   230,562    229,699    31,483 
Property and equipment, net   85,182    77,435    10,613 
Intangible assets, net   30,672    27,363    3,750 
Land use right, net   92,590    91,044    12,479 
Operating lease right-of-use assets, net   33,204    13,079    1,793 
Goodwill   114,661    114,661    15,716 
Other non-current assets   91,091    56,184    7,701 
Total non-current assets   677,962    609,465    83,535 
Total assets   1,877,930    2,103,075    288,249 
                
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY               
Current liabilities               
Short-term borrowings   7,517    8,217    1,126 
Accounts and notes payable   261,873    427,802    58,635 
Amounts due to related parties   4,710    8,057    1,104 
Salary and welfare payable   26,507    25,511    3,497 
Taxes payable   4,047    3,102    425 
Advances from customers   98,899    160,774    22,036 
Operating lease liabilities, current   12,439    2,705    371 
Accrued expenses and other current liabilities   358,312    329,312    45,136 
Total current liabilities   774,304    965,480    132,330 
                
Non-current liabilities               
Operating lease liabilities, non-current   26,482    8,749    1,199 
Deferred tax liabilities   6,839    6,230    854 
Long-term borrowings   11,959    9,094    1,246 
Total non-current liabilities   45,280    24,073    3,299 
Total liabilities   819,584    989,553    135,629 
                
Redeemable noncontrolling interests   27,200    27,200    3,728 
                
Equity               
Ordinary shares   249    249    34 
Less: Treasury stock   (288,600)   (286,177)   (39,224)
Additional paid-in capital   9,125,655    9,133,839    1,251,897 
Accumulated other comprehensive income   298,981    311,264    42,662 
Accumulated deficit   (8,028,261)   (7,995,217)   (1,095,838)
Total Tuniu Corporation shareholders’ equity   1,108,024    1,163,958    159,531 
Noncontrolling interests   (76,878)   (77,636)   (10,641)
Total equity   1,031,146    1,086,322    148,890 
Total liabilities, redeemable noncontrolling interests and equity   1,877,930    2,103,075    288,247 

 

 

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

 

   Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended 
   September 30, 2022   June 30, 2023   September 30, 2023   September 30, 2023 
   RMB   RMB   RMB   US$ 
Revenues                    
Packaged tours   41,440    69,793    150,052    20,566 
Others   36,418    30,159    28,139    3,857 
Net revenues   77,858    99,952    178,191    24,423 
Cost of revenues   (32,835)   (34,547)   (63,424)   (8,693)
Gross profit   45,023    65,405    114,767    15,730 
                     
Operating expenses                    
Research and product development   (9,729)   (13,820)   (18,400)   (2,522)
Sales and marketing   (26,502)   (24,906)   (39,583)   (5,425)
General and administrative   (24,270)   (21,741)   (27,089)   (3,713)
Other operating income   1,222    1,841    2,005    275 
Total operating expenses   (59,279)   (58,626)   (83,067)   (11,385)
(Loss)/income from operations   (14,256)   6,779    31,700    4,345 
Other income/(expenses)                    
Interest and investment income, net   5,491    7,122    7,397    1,014 
Interest expense   (1,194)   (218)   (1,102)   (151)
Foreign exchange (losses)/gains, net   (16,167)   (15,152)   1,983    272 
Other income, net   2,797    1,820    1,687    231 
(Loss)/income before income tax expense   (23,329)   351    41,665    5,711 
Income taxes benefit/(expense)   376    (783)   (964)   (132)
Equity in (loss)/income of affiliates   (551)   653    (1,630)   (223)
Net (loss)/income   (23,504)   221    39,071    5,356 
Net loss attributable to noncontrolling interests   (1,456)   (437)   (332)   (46)
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation   (22,048)   658    39,403    5,402 
                     
Net (loss)/income   (23,504)   221    39,071    5,356 
Other comprehensive income/(loss):                    
Foreign currency translation adjustment, net of nil tax   18,066    17,736    (1,413)   (194)
Comprehensive (loss)/income   (5,438)   17,957    37,658    5,162 
                     
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted   (0.06)   -    0.11    0.02 
Net (loss)/income per ADS - basic and diluted*   (0.18)   -    0.33    0.06 
                     
Weighted average number of ordinary shares used in computing basic (loss)/income per share   371,274,640    371,418,638    371,473,030    371,473,030 
Weighted average number of ordinary shares used in computing diluted (loss)/income per share   371,274,640    376,427,714    374,615,685    374,615,685 
                     
Share-based compensation expenses included are as follows                    
Cost of revenues   24    54    79    11 
Research and product development   10    54    79    11 
Sales and marketing   31    28    43    6 
General and administrative   432    4,383    5,356    734 
Total   497    4,519    5,557    762 

 

*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 September 30, 2023 
       Share-based   Amortization of acquired     Non-GAAP 
   GAAP Result   Compensation   intangible assets     Result
Income from operations   31,700    5,557    828    38,085 
                     
Net income   39,071    5,557    828    45,456 
                     
Net income attributable to ordinary shareholders   39,403    5,557    828    45,788 

 

  Quarter Ended June 30, 2023 
       Share-based   Amortization of acquired     Non-GAAP 
   GAAP Result   Compensation   intangible assets     Result
Income from operations   6,779    4,519    828    12,126 
                     
Net income   221    4,519    828    5,568 
                     
Net income attributable to ordinary shareholders   658    4,519    828    6,005 

 

  Quarter Ended September 30, 2022 
       Share-based   Amortization of acquired     Non-GAAP 
   GAAP Result   Compensation   intangible assets     Result
Loss from operations   (14,256)   497    1,434    (12,325)
                     
Net loss   (23,504)   497    1,434    (21,573)
                     
Net loss attributable to ordinary shareholders   (22,048)   497    1,434    (20,117)

 

 

 

 

 

 

 

 

 

 

 


Tuniu (NASDAQ:TOUR)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024 Plus de graphiques de la Bourse Tuniu
Tuniu (NASDAQ:TOUR)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024 Plus de graphiques de la Bourse Tuniu