NASDAQ:TOUR Tuniu Q2 2024 Earnings Report $0.95 0.00 (-0.13%) Closing price 03:59 PM EasternExtended Trading$0.96 +0.01 (+1.26%) As of 05:21 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. ProfileEarnings History Tuniu EPS ResultsActual EPS$0.03Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/ATuniu Revenue ResultsActual Revenue$16.09 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ATuniu Announcement DetailsQuarterQ2 2024Date8/6/2024TimeN/AConference Call DateTuesday, August 6, 2024Conference Call Time8:00AM ETUpcoming EarningsTuniu's Q3 2025 earnings is scheduled for Friday, November 21, 2025Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Earnings HistoryCompany ProfilePowered by Tuniu Q2 2024 Earnings Call TranscriptProvided by QuartrAugust 6, 2024 ShareLink copied to clipboard.Key Takeaways In Q2, net revenues rose 17% YoY to RMB116.9 million with packaged tours up 29%, delivering a quarterly record net income of RMB43 million. Transaction volume of new tour products surged over 40% YoY, targeting middle-to-upper-class and senior travelers with small groups, premium lodging and local guides, yielding a repeat purchase rate twice that of regular products. Repeat customers accounted for over 65% of transactions, while live-streaming channels and offline stores delivered triple-digit growth—live-streaming payment and verification volumes up over 200% and offline store sales up 80% YoY. The expansion of live-streaming on new apps and mini-programs, coupled with system-based verification, significantly boosted sales speed, accuracy and conversion rates of streamed travel products. For Q3, the company forecasts net revenues of RMB183.5–192.4 million, a 3–8% YoY increase, and remains confident in delivering another profitable quarter despite seasonal headwinds. AI Generated. May Contain Errors.Conference Call Audio Live Call not available Earnings Conference CallTuniu Q2 202400:00 / 00:00Speed:1x1.25x1.5x2xThere are 5 speakers on the call. Operator00:00:00Hello and thank you for standing by for Tuniu's 2024 Second Quarter Earnings Conference Call. At this time, all participants are in listen only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Operator00:00:24I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations. Mary? Speaker 100:00:33Thank you, and welcome to our 2024 Second Quarter Earnings Conference Call. Joining me on the call today are Donald Wu, Tuniu's Founder, Chairman and Chief Executive Officer and Anshian Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights and financial performance for the Q2 of 2024. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward looking statements. Also, this call includes discussions of certain non GAAP financial measures. Speaker 100:01:15Please refer to our earnings release, which contains a reconciliation of non GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu. Speaker 200:01:42Thank you, Mary. Good day, everyone. Welcome to our Q2 2024 Earnings Conference Call. In the Q2, our business continued to maintain healthy growth with revenue from packaged tours to new core business increasing by 29% year over year. We also saw further improvement in our profitability with net income reaching a quarterly record high since our listing, up to RMB 43,000,000. Speaker 200:02:24During this quarter, the domestic travel market maintained steady growth with the number of trips booked during the 3 holiday periods increasing year over year. And with the full opening of overseas destinations and the availability of diverse product offerings, the outbound travel market continued to grow rapidly compared to last year with new popular destinations and the roads emerging. It is clear that tourism has increasingly become an essential part of many people's lives. Tuniu continues to steadfastly adhere to our mission of making travel easier and focusing on customer needs. We will continue to enhance our products, services and sales to offer more travel options, ensuring customers have an exceptional trip experience. Speaker 200:03:38In the Q2, we continued to strengthen our in house product development. Our new tour products maintained their high quality service, adding more destinations and new roles. In the Q2, the transaction volume of new tour products increased by more than 40 percent year over year. The primary customer base for our new tour products are middle to upper class customers, many of whom are senior travelers who value experience over price. Focusing on this growth, we have continuously upgraded new tours, offering small growth, higher standards for accommodation and dining, and more local sightseeing and restaurant options. Speaker 200:04:49For some of our outbound products, we employ local tour guides who speak Chinese, providing a more authentic cultural experience for our guests. By providing a constantly excellent customer experience, new tour products have built a large base of high quality repeat customers with a repurchase rate twice that of regular products. At the same time, we continue to partner with 3rd party suppliers who have made significant contributions to diverse our products and destinations, especially for outbound travel markets. In terms of sales, we focus on our own channels while maintaining open cooperation with various partners. As a customer focused company, Tuniu has long had a membership program specifically designed to serve our repeat customers. Speaker 200:06:07In addition to regular benefits, we hold a monthly membership day and occasional offline events to interact with our customers and gather feedback on our products and services. Those plays in the 2nd quarter, repeat customers contributed over 65% of the company's transaction volume. Meanwhile, we continued to attract new customers through various channels such as new media, offline stores and partnerships with high traffic online platforms. During the Q2, our live streaming channels maintained triple digit growth and the transaction volume of our offline stores increased over 80% year over year. Additionally, we collaborated with Jingdong Travel, Alipay Transport and others to boost the sales of other travel related products. Speaker 200:07:27Regarding live streaming channels, as the internet continues to develop and the user demand evolve, Information is increasingly consumed via video content as opposed to text and images. With users now frequently watching live streaming shows and short videos, Adapting to these changes in behavior is essential to maintaining our competitive edge. In the second quarter, we expanded our live streaming channels on both 2 new app and the mini program to adapt to changes in user habits. Also, we strengthened the expansion of new media channels such as more content placement on the little red book. In terms of products, we broadened the variety and the destination coverage of our live streaming product offerings, such as organized tour products at destinations and theme park packaged tours. Speaker 200:08:55For technology, our products now use system based verification, which significantly improves speed and accuracy compared to manual verification and enhancing the customer experience, leveraging our optimized product selection process and improved verification capabilities. The verification and the sales rate of our live streaming products has increased significantly. During the quarter, both the total payments volume and verification volume from our live streaming channels increased over 200% year over year. The contribution of live streaming channels to the company continued to rise and achieve quarterly net income again. We have also been pleased to share our expertise and accumulated experience in new media operations with our partners and jointly promote the development of the travel industry. Speaker 200:10:23We have assisted some destinations in using new media stores for marketing. And we have also collaborated with schools to establish internship programs providing practical opportunities for students and jointly cultivating talent with skills in both tourism and the new media, providing employment opportunities and benefiting the industry as a whole. In conclusion, with the arrival of the summer peak season, the travel industry is entering its busiest time. Tuniu is excited to meet the opportunity with more diverse products and higher quality services as we look forward to deliver strong value for our shareholders going forward. I'll now turn the call over to Anshan, our Financial Controller for the financial highlights. Speaker 300:11:40Thank you, Donald. Hello, everyone. Now, I will walk you through our Q2 of 2024 financial results in greater detail. Please note that all the monetary amounts are in RMB unless otherwise stated. You can find the U. Speaker 300:11:55S. Dollar equivalents of the numbers in our earnings release. For the Q2 of 2024, net revenues were 116,900,000, representing a year over year increase of 17% from the corresponding period in 2023. Revenues from packaged tours were up 29% year over year to $89,800,000 and accounted for 77 percent of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours. Speaker 300:12:32Other revenues were down 10% year over year to $27,200,000 and accounted for 23% of our total net revenues. The decrease was primarily due to the decrease in commission fees received from other travel related products and revenues generated from financial services. Gross profit for the Q2 of 2024 was $84,400,000 up 29% year over year. Operating expenses for the Q2 of 2024 were 49,900,000, down 15% year over year. Net gain on disposals of subsidiaries, which was allocated to operating expenses, was 24 point $6,000,000 in the Q2 of 2024. Speaker 300:13:29Research and product development expenses for the Q2 of 2024 were $12,700,000 down 8% year over year. The decrease was primarily due to the decrease in research and product development personnel related expenses. Sales and marketing expenses for the Q2 of 2024 were RMB40,200,000 up 61% year over year. The increase was primarily due to the increase in promotion expenses and sales and marketing personnel related expenses. General and administrative expenses for the Q2 of 2024 was RMB21,700,000, which was in line with general and administrative expenses in the Q2 of 2023. Speaker 300:14:23Net income attributable to ordinary shareholders of Tuniu Corporation was RMB 43,000,000 in the Q2 of 2024. Non GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which included share based compensation expenses, amortization of acquired intangible assets and net gain on disposals of subsidiaries was RMB20.8 million in the Q2 of 2024. As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short term investments of RMB1.3 billion. Cash flow generated from operations for the Q2 of 2024 was $105,300,000 Capital expenditures for the Q2 of 2024 were 8 point 5 million. For the Q3 of 2024, the company is expected to generate $183,500,000 to $118,000,000 Speaker 200:15:34to $192,400,000 Speaker 300:15:38of net revenues, which represents a 3% to 8% increase year over year. Please note that this forecast refers to new current and preliminary view on the industry and its operations, which is subject to change. Thank you all for listening. We are now ready for your questions. Operator? Operator00:16:43Our first question comes from Coco Lin. Please go ahead, sir. Speaker 400:16:48Thank you. Hi, management. First of all, congratulations on this quarter's performance. For the Q2, what are the proportions of and outbound tourism in revenues respectively? And how about the recovery of outbound tourism? Speaker 400:17:04Are there any changes in top outbound destinations? And for the Q3, what are the primary reasons behind the slowdown in revenue growth? Can you share some trends of this summer's tourism market? Thank you. Speaker 200:17:22Thank you for the questions. In the second quarter, domestic tours comprised about 70% of the total GMV and outbound tours comprised a bit more than 30%, compared to a bit less than 30% in the previous quarter. The proportion didn't change much from last quarter, because the Q2 is usually good for domestic tours due to the 3 national holidays. Domestic tours maintained steady growth this quarter as people in few design for traveling remain high. But considering the length of the holiday, self drive tours and city walks were prevailing, especially in Qingming and the Zhuangwu holiday. Speaker 200:18:29For outbound travel, although the Q2 is not a peak season, it still increased at a high year over year rate, mainly due to more choices of destinations and products compared to last year. Breakdown to destinations, Southeast Asia has entered off season since April due to hot and rainy weather. Japan was one of the star destinations in the Q2 due to mixed reasons such as pent up demand, Sakura season and the favorable exchange rate. Long distance outbound trips are usually not as popular as short distance trips in the Q2, but Europe became our top outbound destination. In this quarter, we strengthened our supply capacity and launched more new tour products. Speaker 200:19:42Currently, our new tour products cover most of the popular countries throughout Europe. We also increased coverage of our departing cities, providing more options for travelers from various parts of China. For the summer vacation, the market surges on a quarter over quarter basis due to seasonality. But compared to the strong growth last summer, the market grows moderately this summer. With the release of 3 year pent up demand and a few choices of outbound destinations, domestic travel market was exceptionally thriving during last summer, which formed a high base. Speaker 200:20:41This year, we see trends towards more self guided tours in domestic market. People tend to book more flexible products such as transportation or hotel plus x products. And the destination based package tools may become one of the choices of X. People also have more choices of products this year with the recovery of supply chain, especially for outbound travel products. For example, overseas islands have entered off season in summer, which offers favorable prices and attracted many tourists. Speaker 200:21:37Outbound tours will have a higher increase rate than domestic tours. But considering that some of the demands have already been released last year, the outbound travel market will incur a step by step increase instead of drastic recovery. Under the influence of overseas flight, product price and exchange rate, generally speaking, compared to the first half of the year, our top line will grow at a lower rate in the Q3, but we are still confident with the bottom line to achieve another profitable quarter. Thank you. Operator00:23:00We are now approaching to the end of the conference call. I will now turn the conference over to Tuniu's Director of Investor Relations, Mary, for closing remarks. Speaker 100:23:11Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Operator00:23:28Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Goodbye.Read morePowered by Earnings DocumentsPress Release(8-K) Tuniu Earnings HeadlinesTuniu Corporation Operates At Breakeven, But The Stock Price Discounts Most NegativesSeptember 23, 2025 | seekingalpha.comPrivate companies account for 31% of Tuniu Corporation's (NASDAQ:TOUR) ownership, while public companies account for 26%September 9, 2025 | finance.yahoo.comAn $8 trillion-dollar discovery 17,000 ft underwater A strange rock pulled from the ocean floor may hold the key to a $16 trillion resource boom. Inside it: materials critical for AI chips, EV batteries, smartphones, and advanced weapons systems. While few people know about these metals, global powers—including the U.S., China, and Russia—are racing to secure them. And one tiny public company, recently backed by the U.S. government, holds mining rights to over 340 million tons… and near-monopoly access to the richest zone.October 2 at 2:00 AM | Porter & Company (Ad)Tuniu Corporation (TOUR) Q2 2025 Earnings Call TranscriptAugust 15, 2025 | seekingalpha.comTuniu Corporation Strengthens Governance with New Committee AppointmentAugust 15, 2025 | msn.comTuniu (TOUR) Q2 2025 Earnings Call TranscriptAugust 15, 2025 | fool.comSee More Tuniu Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Tuniu? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Tuniu and other key companies, straight to your email. Email Address About TuniuTuniu (NASDAQ:TOUR) International Limited is a China-based online leisure travel company that operates a comprehensive travel services platform under the brand name Tuniu (NASDAQ: TOUR). Headquartered in Nanjing, the company was founded in 2006 and was incorporated in the Cayman Islands in May 2010. Tuniu completed its initial public offering on the Nasdaq Stock Market in December 2014, positioning itself to expand its suite of digital travel offerings and strengthen its strategic partnerships with suppliers and local agencies. The company’s flagship platform, tuniu.com, provides a broad array of travel products and services, including packaged group tours, customized private tours, independent travel solutions, corporate travel management, hotel and resort bookings, air ticketing, cruise vacations and car rentals. Tuniu leverages technology—such as data analytics and artificial intelligence—to enhance personalized travel recommendations, streamline booking processes and optimize pricing. Its platform integrates inventory sourced from first-party operators as well as third-party suppliers, enabling a wide selection of travel options for consumers. Tuniu primarily serves the domestic Chinese leisure travel market, catering to both individual and group travelers. The company also facilitates outbound travel experiences to popular destinations across Asia, Europe and the Americas. Supporting its online platform is a network of regional offices and customer service centers throughout China, as well as mobile applications that allow users to plan, book and manage trips on the go. Tuniu continues to focus on expanding its product portfolio and deepening supplier relationships to capture growth opportunities in China’s evolving travel sector.View Tuniu ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Tesla Earnings Loom: Bulls Eye $600, Bears Warn of $300Spotify Could Surge Higher—Here’s the Hidden Earnings SignalBerkshire-Backed Lennar Slides After Weak Q3 EarningsWall Street Eyes +30% Upside in Synopsys After Huge Earnings FallRH Stock Slides After Mixed Earnings and Tariff ConcernsCelsius Stock Surges After Blowout Earnings and Pepsi DealWhy DocuSign Could Be a SaaS Value Play After Q2 Earnings Upcoming Earnings PepsiCo (10/9/2025)Fastenal (10/13/2025)BlackRock (10/14/2025)Citigroup (10/14/2025)The Goldman Sachs Group (10/14/2025)Johnson & Johnson (10/14/2025)JPMorgan Chase & Co. 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There are 5 speakers on the call. Operator00:00:00Hello and thank you for standing by for Tuniu's 2024 Second Quarter Earnings Conference Call. At this time, all participants are in listen only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Operator00:00:24I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations. Mary? Speaker 100:00:33Thank you, and welcome to our 2024 Second Quarter Earnings Conference Call. Joining me on the call today are Donald Wu, Tuniu's Founder, Chairman and Chief Executive Officer and Anshian Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights and financial performance for the Q2 of 2024. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make forward looking statements. Also, this call includes discussions of certain non GAAP financial measures. Speaker 100:01:15Please refer to our earnings release, which contains a reconciliation of non GAAP measures to the most directly comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our Founder, Chairman and Chief Executive Officer, Donald Yu. Speaker 200:01:42Thank you, Mary. Good day, everyone. Welcome to our Q2 2024 Earnings Conference Call. In the Q2, our business continued to maintain healthy growth with revenue from packaged tours to new core business increasing by 29% year over year. We also saw further improvement in our profitability with net income reaching a quarterly record high since our listing, up to RMB 43,000,000. Speaker 200:02:24During this quarter, the domestic travel market maintained steady growth with the number of trips booked during the 3 holiday periods increasing year over year. And with the full opening of overseas destinations and the availability of diverse product offerings, the outbound travel market continued to grow rapidly compared to last year with new popular destinations and the roads emerging. It is clear that tourism has increasingly become an essential part of many people's lives. Tuniu continues to steadfastly adhere to our mission of making travel easier and focusing on customer needs. We will continue to enhance our products, services and sales to offer more travel options, ensuring customers have an exceptional trip experience. Speaker 200:03:38In the Q2, we continued to strengthen our in house product development. Our new tour products maintained their high quality service, adding more destinations and new roles. In the Q2, the transaction volume of new tour products increased by more than 40 percent year over year. The primary customer base for our new tour products are middle to upper class customers, many of whom are senior travelers who value experience over price. Focusing on this growth, we have continuously upgraded new tours, offering small growth, higher standards for accommodation and dining, and more local sightseeing and restaurant options. Speaker 200:04:49For some of our outbound products, we employ local tour guides who speak Chinese, providing a more authentic cultural experience for our guests. By providing a constantly excellent customer experience, new tour products have built a large base of high quality repeat customers with a repurchase rate twice that of regular products. At the same time, we continue to partner with 3rd party suppliers who have made significant contributions to diverse our products and destinations, especially for outbound travel markets. In terms of sales, we focus on our own channels while maintaining open cooperation with various partners. As a customer focused company, Tuniu has long had a membership program specifically designed to serve our repeat customers. Speaker 200:06:07In addition to regular benefits, we hold a monthly membership day and occasional offline events to interact with our customers and gather feedback on our products and services. Those plays in the 2nd quarter, repeat customers contributed over 65% of the company's transaction volume. Meanwhile, we continued to attract new customers through various channels such as new media, offline stores and partnerships with high traffic online platforms. During the Q2, our live streaming channels maintained triple digit growth and the transaction volume of our offline stores increased over 80% year over year. Additionally, we collaborated with Jingdong Travel, Alipay Transport and others to boost the sales of other travel related products. Speaker 200:07:27Regarding live streaming channels, as the internet continues to develop and the user demand evolve, Information is increasingly consumed via video content as opposed to text and images. With users now frequently watching live streaming shows and short videos, Adapting to these changes in behavior is essential to maintaining our competitive edge. In the second quarter, we expanded our live streaming channels on both 2 new app and the mini program to adapt to changes in user habits. Also, we strengthened the expansion of new media channels such as more content placement on the little red book. In terms of products, we broadened the variety and the destination coverage of our live streaming product offerings, such as organized tour products at destinations and theme park packaged tours. Speaker 200:08:55For technology, our products now use system based verification, which significantly improves speed and accuracy compared to manual verification and enhancing the customer experience, leveraging our optimized product selection process and improved verification capabilities. The verification and the sales rate of our live streaming products has increased significantly. During the quarter, both the total payments volume and verification volume from our live streaming channels increased over 200% year over year. The contribution of live streaming channels to the company continued to rise and achieve quarterly net income again. We have also been pleased to share our expertise and accumulated experience in new media operations with our partners and jointly promote the development of the travel industry. Speaker 200:10:23We have assisted some destinations in using new media stores for marketing. And we have also collaborated with schools to establish internship programs providing practical opportunities for students and jointly cultivating talent with skills in both tourism and the new media, providing employment opportunities and benefiting the industry as a whole. In conclusion, with the arrival of the summer peak season, the travel industry is entering its busiest time. Tuniu is excited to meet the opportunity with more diverse products and higher quality services as we look forward to deliver strong value for our shareholders going forward. I'll now turn the call over to Anshan, our Financial Controller for the financial highlights. Speaker 300:11:40Thank you, Donald. Hello, everyone. Now, I will walk you through our Q2 of 2024 financial results in greater detail. Please note that all the monetary amounts are in RMB unless otherwise stated. You can find the U. Speaker 300:11:55S. Dollar equivalents of the numbers in our earnings release. For the Q2 of 2024, net revenues were 116,900,000, representing a year over year increase of 17% from the corresponding period in 2023. Revenues from packaged tours were up 29% year over year to $89,800,000 and accounted for 77 percent of our total net revenues for the quarter. The increase was primarily due to the growth of organized tours. Speaker 300:12:32Other revenues were down 10% year over year to $27,200,000 and accounted for 23% of our total net revenues. The decrease was primarily due to the decrease in commission fees received from other travel related products and revenues generated from financial services. Gross profit for the Q2 of 2024 was $84,400,000 up 29% year over year. Operating expenses for the Q2 of 2024 were 49,900,000, down 15% year over year. Net gain on disposals of subsidiaries, which was allocated to operating expenses, was 24 point $6,000,000 in the Q2 of 2024. Speaker 300:13:29Research and product development expenses for the Q2 of 2024 were $12,700,000 down 8% year over year. The decrease was primarily due to the decrease in research and product development personnel related expenses. Sales and marketing expenses for the Q2 of 2024 were RMB40,200,000 up 61% year over year. The increase was primarily due to the increase in promotion expenses and sales and marketing personnel related expenses. General and administrative expenses for the Q2 of 2024 was RMB21,700,000, which was in line with general and administrative expenses in the Q2 of 2023. Speaker 300:14:23Net income attributable to ordinary shareholders of Tuniu Corporation was RMB 43,000,000 in the Q2 of 2024. Non GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which included share based compensation expenses, amortization of acquired intangible assets and net gain on disposals of subsidiaries was RMB20.8 million in the Q2 of 2024. As of June 30, 2024, the Company had cash and cash equivalents, restricted cash and short term investments of RMB1.3 billion. Cash flow generated from operations for the Q2 of 2024 was $105,300,000 Capital expenditures for the Q2 of 2024 were 8 point 5 million. For the Q3 of 2024, the company is expected to generate $183,500,000 to $118,000,000 Speaker 200:15:34to $192,400,000 Speaker 300:15:38of net revenues, which represents a 3% to 8% increase year over year. Please note that this forecast refers to new current and preliminary view on the industry and its operations, which is subject to change. Thank you all for listening. We are now ready for your questions. Operator? Operator00:16:43Our first question comes from Coco Lin. Please go ahead, sir. Speaker 400:16:48Thank you. Hi, management. First of all, congratulations on this quarter's performance. For the Q2, what are the proportions of and outbound tourism in revenues respectively? And how about the recovery of outbound tourism? Speaker 400:17:04Are there any changes in top outbound destinations? And for the Q3, what are the primary reasons behind the slowdown in revenue growth? Can you share some trends of this summer's tourism market? Thank you. Speaker 200:17:22Thank you for the questions. In the second quarter, domestic tours comprised about 70% of the total GMV and outbound tours comprised a bit more than 30%, compared to a bit less than 30% in the previous quarter. The proportion didn't change much from last quarter, because the Q2 is usually good for domestic tours due to the 3 national holidays. Domestic tours maintained steady growth this quarter as people in few design for traveling remain high. But considering the length of the holiday, self drive tours and city walks were prevailing, especially in Qingming and the Zhuangwu holiday. Speaker 200:18:29For outbound travel, although the Q2 is not a peak season, it still increased at a high year over year rate, mainly due to more choices of destinations and products compared to last year. Breakdown to destinations, Southeast Asia has entered off season since April due to hot and rainy weather. Japan was one of the star destinations in the Q2 due to mixed reasons such as pent up demand, Sakura season and the favorable exchange rate. Long distance outbound trips are usually not as popular as short distance trips in the Q2, but Europe became our top outbound destination. In this quarter, we strengthened our supply capacity and launched more new tour products. Speaker 200:19:42Currently, our new tour products cover most of the popular countries throughout Europe. We also increased coverage of our departing cities, providing more options for travelers from various parts of China. For the summer vacation, the market surges on a quarter over quarter basis due to seasonality. But compared to the strong growth last summer, the market grows moderately this summer. With the release of 3 year pent up demand and a few choices of outbound destinations, domestic travel market was exceptionally thriving during last summer, which formed a high base. Speaker 200:20:41This year, we see trends towards more self guided tours in domestic market. People tend to book more flexible products such as transportation or hotel plus x products. And the destination based package tools may become one of the choices of X. People also have more choices of products this year with the recovery of supply chain, especially for outbound travel products. For example, overseas islands have entered off season in summer, which offers favorable prices and attracted many tourists. Speaker 200:21:37Outbound tours will have a higher increase rate than domestic tours. But considering that some of the demands have already been released last year, the outbound travel market will incur a step by step increase instead of drastic recovery. Under the influence of overseas flight, product price and exchange rate, generally speaking, compared to the first half of the year, our top line will grow at a lower rate in the Q3, but we are still confident with the bottom line to achieve another profitable quarter. Thank you. Operator00:23:00We are now approaching to the end of the conference call. I will now turn the conference over to Tuniu's Director of Investor Relations, Mary, for closing remarks. Speaker 100:23:11Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Operator00:23:28Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Goodbye.Read morePowered by