Tuniu Q2: Sixth Straight Non-GAAP Profit, But Gross Margin Compresses on Higher Costs
TOUR is trading near its 52-week low of $4.53 (8.4% above the low).
Summary
Tuniu posted Q2 revenue of RMB138.9M (up 3% YoY) with non-GAAP net income of RMB1.9M, but gross margin compressed sharply and operating income swung to a loss. The company also corrected its Q1 release for an omitted RMB88.9M dividend liability.
Key Events · Earnings and Guidance · TOUR
-
Q2 Revenue Up 3%, Gross Margin Compresses
Net revenues rose 3.0% YoY to RMB138.9M (US$20.5M), but cost of revenues surged 27.9%, pushing gross margin down from 63.8% to 55.0%. Operating income swung from a RMB7.1M profit to a RMB6.1M loss.
-
Sixth Consecutive Non-GAAP Profit, But Thin
Non-GAAP net income was RMB1.9M (US$0.3M), down from RMB16.1M a year ago. GAAP net income fell from RMB14.1M to RMB0.3M. Net income per ADS was US$0.01.
-
Q3 Guidance: 0-5% Growth
Tuniu expects Q3 2026 net revenues of RMB202.1M to RMB212.2M, representing 0% to 5% year-over-year growth — indicating continued sluggish top-line momentum.
-
Q1 Earnings Release Corrected for Omitted Dividend
The company disclosed it omitted an RMB88.9M cash dividend liability from its Q1 2026 release. The correction increases accrued expenses and decreases additional paid-in capital by RMB88.9M, with no impact on net income or total equity.
Analysis · TOUR · Energy & Transportation
Tuniu delivered its sixth consecutive quarter of non-GAAP profitability, but the quality of earnings deteriorated. Revenue grew only 3% year-over-year while cost of revenues jumped 27.9%, compressing gross margin from 63.8% to 55.0%. Operating income swung from a RMB7.1M profit to a RMB6.1M loss. Net income fell from RMB14.1M to just RMB0.3M. The company also disclosed a correction to its Q1 release for an omitted RMB88.9M dividend liability — a balance sheet reclassification that doesn't affect income but signals a control lapse in the closing process. Q3 guidance of 0-5% growth suggests the slowdown continues. Against this, the company has repurchased US$5.2M of its US$10M authorization, providing some support.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 29.6% of the 2856 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, TOUR was trading at $4.91 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $51.2M. The 52-week trading range was $4.53 to $9.85. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.