<p>途牛公司（Tuniu Corp ((TOUR)）已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>途牛公司的最新財報電話會議描繪了公司財務健康和戰略進展的複雜局面。儘管出境旅遊和自駕遊顯著增長，整體收入和盈利能力也有所提升，但毛利潤下降和運營費用上升等挑戰也被提及。</p>
<h2>收入增長</h2>
<p>途牛公司報告稱，淨收入同比增長 9%，核心打包旅遊產品的收入增長顯著，達到 12%。這一增長凸顯了公司在旅遊服務需求上，特別是在打包旅遊領域的能力。</p>
<h2>出境旅遊成功</h2>
<p>公司在出境旅遊領域取得了顯著成功，新推出的精選出境旅遊產品的交易量同比增長超過 100%。這一激增反映了途牛在擴大出境旅遊產品和佔領這一利潤豐厚市場份額方面的戰略重點。</p>
<h2>自駕遊增長</h2>
<p>在國慶假期期間，途牛的自駕遊產品交易量增長了五倍。這一令人印象深刻的增長突顯了自駕遊在遊客中日益受歡迎，以及途牛在這一市場的有效定位。</p>
<h2>企業客户增長</h2>
<p>公司還記錄了來自企業客户的交易量同比增長兩位數。這一增長表明途牛在加強與企業客户關係和擴大企業旅遊市場份額方面的成功努力。</p>
<h2>盈利能力實現</h2>
<p>途牛在 GAAP 和非 GAAP 基礎上均實現了季度盈利，標誌着公司一個重要的里程碑。這一成就反映了公司有效的成本管理和收入生成策略。</p>
<h2>毛利潤下降</h2>
<p>儘管收入增長積極，途牛在 2025 年第三季度的毛利潤同比下降 10%，達到 1.096 億元人民幣。這一下降對公司維持盈利能力構成挑戰。</p>
<h2>其他收入減少</h2>
<p>由於其他旅遊相關產品的佣金費用減少，其他收入同比下降 14%。這一下降表明途牛需要多樣化其收入來源，減少對特定產品線的依賴。</p>
<h2>運營費用上升</h2>
<p>第三季度的運營費用同比增長 3%，達到 9580 萬元人民幣。費用的上升突顯了途牛在追求增長的同時管理運營成本所面臨的挑戰。</p>
<h2>前瞻性指引</h2>
<p>展望未來，途牛公司對其財務表現和運營增長提供了積極的展望。公司預計第四季度的淨收入將在 1.11 億元至 1.161 億元人民幣之間，同比增長 8% 至 13%。途牛預計將維持非 GAAP 的盈虧平衡或盈利，得益於國內和出境旅遊領域的持續增長。</p>
<p>總之，途牛公司的財報電話會議揭示了公司在關鍵領域經歷強勁增長，但在維持盈利能力和管理費用方面面臨挑戰。對即將到來的季度的積極展望表明，儘管面臨障礙，途牛在把握市場機會方面處於良好位置。</p>

途牛

<p>途牛公司第三季度的財報電話會議強調了出境旅遊和自駕遊的增長，淨收入增長了 9%。儘管實現了盈利，但面臨的挑戰包括毛利潤下降 10% 和運營費用上升。公司預計國內和出境旅遊將繼續增長，預計第四季度收入將增長 8% 至 13%。儘管面臨困難，途牛旨在保持非公認會計原則下的盈虧平衡或盈利，利用市場機會</p>

<p>Tuniu Corp ((TOUR)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>途牛公司（Tuniu Corp ((TOUR)）已召開其第三季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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</div><p>The recent earnings call of Tuniu Corp painted a mixed picture of the company’s financial health and strategic progress. While there was notable growth in outbound travel and self-drive tours, alongside an increase in overall revenue and profitability, challenges such as declines in gross profit and rising operating expenses were also highlighted.</p>
<div class="lb-trans"><p>途牛公司的最新財報電話會議描繪了公司財務健康和戰略進展的複雜局面。儘管出境旅遊和自駕遊顯著增長，整體收入和盈利能力也有所提升，但毛利潤下降和運營費用上升等挑戰也被提及。</p>
</div><h2>Revenue Growth</h2>
<div class="lb-trans"><h2>收入增長</h2>
</div><p>Tuniu Corp reported a 9% year-over-year increase in net revenues, with a significant 12% growth in revenues from its core packaged tour products. This growth underscores the company’s ability to capitalize on the demand for travel services, particularly in its packaged tours segment.</p>
<div class="lb-trans"><p>途牛公司報告稱，淨收入同比增長 9%，核心打包旅遊產品的收入增長顯著，達到 12%。這一增長凸顯了公司在旅遊服務需求上，特別是在打包旅遊領域的能力。</p>
</div><h2>Outbound Travel Success</h2>
<div class="lb-trans"><h2>出境旅遊成功</h2>
</div><p>The company achieved remarkable success in its outbound travel segment, with transaction volumes for new select outbound travel products increasing by over 100% year-over-year. This surge reflects Tuniu’s strategic focus on expanding its outbound travel offerings and capturing market share in this lucrative segment.</p>
<div class="lb-trans"><p>公司在出境旅遊領域取得了顯著成功，新推出的精選出境旅遊產品的交易量同比增長超過 100%。這一激增反映了途牛在擴大出境旅遊產品和佔領這一利潤豐厚市場份額方面的戰略重點。</p>
</div><h2>Self-Drive Tour Growth</h2>
<div class="lb-trans"><h2>自駕遊增長</h2>
</div><p>During the National Day holiday, Tuniu saw a fivefold increase in transaction volumes for self-drive tour products. This impressive growth highlights the increasing popularity of self-drive tours among travelers and Tuniu’s effective positioning in this market.</p>
<div class="lb-trans"><p>在國慶假期期間，途牛的自駕遊產品交易量增長了五倍。這一令人印象深刻的增長突顯了自駕遊在遊客中日益受歡迎，以及途牛在這一市場的有效定位。</p>
</div><h2>Corporate Customer Growth</h2>
<div class="lb-trans"><h2>企業客户增長</h2>
</div><p>The company also recorded double-digit year-over-year growth in transaction volumes from corporate customers. This growth indicates Tuniu’s successful efforts to strengthen its relationships with corporate clients and expand its footprint in the corporate travel sector.</p>
<div class="lb-trans"><p>公司還記錄了來自企業客户的交易量同比增長兩位數。這一增長表明途牛在加強與企業客户關係和擴大企業旅遊市場份額方面的成功努力。</p>
</div><h2>Profitability Achieved</h2>
<div class="lb-trans"><h2>盈利能力實現</h2>
</div><p>Tuniu achieved quarterly profitability on both a GAAP and a non-GAAP basis, marking a significant milestone for the company. This achievement reflects the company’s effective cost management and revenue generation strategies.</p>
<div class="lb-trans"><p>途牛在 GAAP 和非 GAAP 基礎上均實現了季度盈利，標誌着公司一個重要的里程碑。這一成就反映了公司有效的成本管理和收入生成策略。</p>
</div><h2>Gross Profit Decline</h2>
<div class="lb-trans"><h2>毛利潤下降</h2>
</div><p>Despite the positive revenue growth, Tuniu experienced a 10% year-over-year decline in gross profit for the third quarter of 2025, amounting to CNY 109.6 million. This decline poses a challenge for the company as it seeks to maintain profitability.</p>
<div class="lb-trans"><p>儘管收入增長積極，途牛在 2025 年第三季度的毛利潤同比下降 10%，達到 1.096 億元人民幣。這一下降對公司維持盈利能力構成挑戰。</p>
</div><h2>Decrease in Other Revenues</h2>
<div class="lb-trans"><h2>其他收入減少</h2>
</div><p>Other revenues decreased by 14% year-over-year due to a reduction in commission fees from other travel-related products. This decline suggests a need for Tuniu to diversify its revenue streams and reduce dependency on specific product lines.</p>
<div class="lb-trans"><p>由於其他旅遊相關產品的佣金費用減少，其他收入同比下降 14%。這一下降表明途牛需要多樣化其收入來源，減少對特定產品線的依賴。</p>
</div><h2>Rising Operating Expenses</h2>
<div class="lb-trans"><h2>運營費用上升</h2>
</div><p>Operating expenses for the third quarter increased by 3% year-over-year, reaching CNY 95.8 million. The rise in expenses highlights the challenges Tuniu faces in managing its operational costs while pursuing growth.</p>
<div class="lb-trans"><p>第三季度的運營費用同比增長 3%，達到 9580 萬元人民幣。費用的上升突顯了途牛在追求增長的同時管理運營成本所面臨的挑戰。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指引</h2>
</div><p>Looking ahead, Tuniu Corp provided a positive outlook for its financial performance and operational growth. The company expects net revenues for the fourth quarter to range between CNY 111 million and CNY 116.1 million, representing an 8% to 13% year-over-year increase. Tuniu anticipates maintaining non-GAAP breakeven or profitability, driven by continued growth in both domestic and outbound travel segments.</p>
<div class="lb-trans"><p>展望未來，途牛公司對其財務表現和運營增長提供了積極的展望。公司預計第四季度的淨收入將在 1.11 億元至 1.161 億元人民幣之間，同比增長 8% 至 13%。途牛預計將維持非 GAAP 的盈虧平衡或盈利，得益於國內和出境旅遊領域的持續增長。</p>
</div><p>In conclusion, Tuniu Corp’s earnings call revealed a company experiencing robust growth in key areas, yet facing challenges in maintaining profitability and managing expenses. The positive outlook for the upcoming quarter suggests that Tuniu is well-positioned to capitalize on market opportunities, despite the hurdles it must overcome.</p>
<div class="lb-trans"><p>總之，途牛公司的財報電話會議揭示了公司在關鍵領域經歷強勁增長，但在維持盈利能力和管理費用方面面臨挑戰。對即將到來的季度的積極展望表明，儘管面臨障礙，途牛在把握市場機會方面處於良好位置。</p>
</div>

途牛公司財報電話會議：在挑戰中實現增長