Tuniu (TOUR) Grew Packaged-Tour Revenue but Swung to an Operating Loss. What Went Wrong With Margins?
Tuniu (TOUR) reported Q2 revenue growth of 3.0% YoY to RMB138.9M, with packaged-tour revenue up 6.8%. However, costs rose 27.9%, leading to an 11.1% drop in gross profit and an operating loss of RMB6.1M. Management cited margin pressures from lower outbound tour demand and higher marketing expenses. Q3 guidance projects 0-5% revenue growth. Tuniu remains marginally profitable below the operating line, with RMB1.0B in liquidity.


