Tuniu Announces Unaudited Third Quarter 2020 Financial Results

NANJING, China, Dec. 1, 2020 /PRNewswire/ -- 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, 2020.

"In the third quarter, as China's domestic travel industry further recovered, Tuniu's revenues continued to improve with declining operating expenses for the third consecutive quarter as our operating cash flow turned positive," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "With our strong supply chain advantages, innovative product models and diverse customer acquisition channels, Tuniu is able to offer Chinese travelers highly satisfying and cost-effective products. Looking ahead, we are confident that Tuniu is well positioned to grasp opportunities, expand our core competencies and strengthen our market position."

Third Quarter 2020 Results

Net revenues were RMB123.5 million (US$18.2 million([1])) in the third quarter of 2020, representing a year-over-year decrease of 85.5% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

    --  Revenues from packaged tours were RMB86.4 million (US$12.7 million) in
        the third quarter of 2020, representing a year-over-year decrease of
        88.4% from the corresponding period in 2019. The decrease was primarily
        due to the decline in travel to international destinations impacted by
        the outbreak and spread of COVID-19.
    --  Other revenues were RMB37.1 million (US$5.5 million) in the third
        quarter of 2020, representing a year-over-year decrease of 64.8% from
        the corresponding period in 2019. The decrease was primarily due to the
        decline in service fees received from insurance companies and revenues
        generated from financial services.

     [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of
      US$1.00=RMB 6.7896 on September 30, 2020 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.

Cost of revenues was RMB58.5 million (US$8.6 million) in the third quarter of 2020, representing a year-over-year decrease of 87.6% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 47.3% in the third quarter of 2020, compared to 55.4% in the corresponding period in 2019.

Gross margin was 52.7% in the third quarter of 2020, compared to a gross margin of 44.6% in the third quarter of 2019.

Operating expenses were RMB127.8 million (US$18.8 million) in the third quarter of 2020, representing a year-over-year decrease of 70.8% from the corresponding period in 2019. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB9.6 million (US$1.4 million) in the third quarter of 2020. Non-GAAP([2]) operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB118.2 million (US$17.4 million) in the third quarter of 2020, representing a year-over-year decrease of 69.4%.

    --  Research and product development expenses were RMB16.0 million (US$2.4
        million) in the third quarter of 2020, representing a year-over-year
        decrease of 75.1%. Non-GAAP research and product development expenses,
        which excluded share-based compensation expenses and amortization of
        acquired intangible assets of RMB1.1 million (US$0.2 million), were
        RMB14.9 million (US$2.2 million) in the third quarter of 2020,
        representing a year-over-year decrease of 75.8% from the corresponding
        period in 2019. The decrease was primarily due to the decrease in
        research and product development personnel related expenses.
    --  Sales and marketing expenses were RMB49.9 million (US$7.3 million) in
        the third quarter of 2020, representing a year-over-year decrease of
        79.2%. Non-GAAP sales and marketing expenses, which excluded share-based
        compensation expenses and amortization of acquired intangible assets of
        RMB6.2 million (US$0.9 million), were RMB43.6 million (US$6.4 million)
        in the third quarter of 2020, representing a year-over-year decrease of
        78.7% from the corresponding period in 2019. The decrease was primarily
        due to the decrease in promotion expenses and sales and marketing
        personnel related expenses.
    --  General and administrative expenses were RMB69.8 million (US$10.3
        million) in the third quarter of 2020, representing a year-over-year
        decrease of 49.6%. Non-GAAP general and administrative expenses, which
        excluded share-based compensation expenses and amortization of acquired
        intangible assets of RMB2.3 million (US$0.3 million), were RMB67.4
        million (US$9.9 million) in the third quarter of 2020, representing a
        year-over-year decrease of 45.8% from the corresponding period in 2019.
        The decrease was primarily due to the decrease in general and
        administrative personnel related expenses.

                            [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.

Loss from operations was RMB62.8 million (US$9.2 million) in the third quarter of 2020, compared to a loss from operations of RMB56.9 million in the third quarter of 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB53.0 million (US$7.8 million) in the third quarter of 2020.

Net loss was RMB62.1 million (US$9.1 million) in the third quarter of 2020, compared to a net loss of RMB12.6 million in the third quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB52.3 million (US$7.7 million) in the third quarter of 2020.

Net loss attributable to ordinary shareholders was RMB56.9 million (US$8.4 million) in the third quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB13.5 million in the third quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB47.2 million (US$6.9 million) in the third quarter of 2020.

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$229.2 million). The COVID-19 pandemic has negatively impacted our business operation and cash flows for the third quarter of 2020, which could continue to impact on subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

Business Outlook

Tuniu's business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the fourth quarter of 2020, the Company expects to generate RMB112.8 million to RMB135.4 million of net revenues, which represents 70% to 75% decrease year-over-year. 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 December 1, 2020, (9:00 pm, Beijing/Hong Kong Time, on December 1, 2020) to discuss the third quarter 2020 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 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference through December 8, 2020. The dial-in details are as follows:



              US:                                   +1-877-344-7529



              International:                        +1-412-317-0088

Replay Access Code: 10150213

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 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 covers over 420 departing cities throughout China and all popular destinations worldwide. 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 cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. 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. 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.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been - and will continue to be - significant recurring expenses in the Company's business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

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, 2019                               
       
       September 30, 2020            
       
       September 30, 2020


                                                                                                                                                             
              
                 RMB                                        
       
            RMB                      
       
             US$

                                                                                                                                                                                                                                                                                                       ---




              
                ASSETS



              
                Current assets



                   Cash and cash equivalents                                                                                                                                                      295,463                                                   668,419                                  98,447



                   Restricted cash                                                                                                                                                                327,052                                                    41,057                                   6,047



                   Short-term investments                                                                                                                                                       1,305,386                                                   846,372                                 124,657



                   Accounts receivable, net                                                                                                                                                       529,983                                                   312,653                                  46,049



                   Amounts due from related parties                                                                                                                                                65,108                                                    50,795                                   7,481



                   Prepayments and other current assets                                                                                                                                         1,300,284                                                   824,056                                 121,370




              
                Total current assets                                                                                                                                                 3,823,276                                                 2,743,352                                 404,051






              
                Non-current assets



                   Long-term investments                                                                                                                                                        1,305,612                                                   464,226                                  68,373



                   Property and equipment, net                                                                                                                                                    223,340                                                   187,832                                  27,665



                   Intangible assets, net                                                                                                                                                         166,267                                                   100,632                                  14,821



                   Land use right, net                                                                                                                                                             98,774                                                    97,228                                  14,320



                   Operating lease right-of-use assets, net                                                                                                                                       105,839                                                    39,756                                   5,855



                   Goodwill                                                                                                                                                                       232,007                                                   232,007                                  34,171



                   Other non-current assets                                                                                                                                                        83,923                                                    48,213                                   7,101



                   Long-term amounts due from related parties                                                                                                                                     557,582                                                   554,152                                  81,621




              
                Total non-current assets                                                                                                                                             2,773,344                                                 1,724,046                                 253,927




              
                Total assets                                                                                                                                                         6,596,620                                                 4,467,398                                 657,978






              
                LIABILITIES AND SHAREHOLDERS' EQUITY



              
                Current liabilities



                   Short-term borrowings                                                                                                                                                          203,845                                                    20,736                                   3,054



                   Accounts and notes payable                                                                                                                                                   1,311,963                                                   925,857                                 136,364



                   Amounts due to related parties                                                                                                                                                  29,755                                                    22,902                                   3,373



                   Salary and welfare payable                                                                                                                                                     112,511                                                    60,292                                   8,880



                   Taxes payable                                                                                                                                                                   12,207                                                     2,824                                     416



                   Advances from customers                                                                                                                                                      1,113,879                                                   300,022                                  44,188



                   Operating lease liabilities, current                                                                                                                                            57,490                                                    24,081                                   3,547



                   Accrued expenses and other current liabilities                                                                                                                                 907,119                                                   719,670                                 105,996




              
                Total current liabilities                                                                                                                                            3,748,769                                                 2,076,384                                 305,818






              
                Non-current liabilities



                   Operating lease liabilities, non-current                                                                                                                                        54,718                                                    31,705                                   4,670



                   Deferred tax liabilities                                                                                                                                                        23,658                                                    21,235                                   3,128



                   Long-term borrowings                                                                                                                                                             9,689                                                    24,074                                   3,546



                   Other non-current liabilities                                                                                                                                                   10,947                                                    10,947                                   1,612




              
                Total non-current liabilities                                                                                                                                           99,012                                                    87,961                                  12,956




              
                Total liabilities                                                                                                                                                    3,847,781                                                 2,164,345                                 318,774






              
                Mezzanine equity



              Redeemable noncontrolling interests                                                                                                                                                  37,200                                                    27,261                                   4,015





              
                Shareholders' equity



                   Ordinary shares                                                                                                                                                                    249                                                       249                                      37



                   Less: Treasury stock                                                                                                                                                         (310,942)                                                (307,290)                               (45,259)



                   Additional paid-in capital                                                                                                                                                   9,113,512                                                 9,119,524                               1,343,161



                   Accumulated other comprehensive income                                                                                                                                         293,784                                                   289,611                                  42,655



                   Accumulated deficit*                                                                                                                                                       (6,385,974)                                              (6,811,458)                            (1,003,219)




              
                Total Tuniu's shareholders' equity                                                                                                                                   2,710,629                                                 2,290,636                                 337,375



              Noncontrolling interests                                                                                                                                                              1,010                                                  (14,844)                                (2,186)




              
                Total Shareholders' equity                                                                                                                                           2,711,639                                                 2,275,792                                 335,189




              
                Total liabilities and shareholders' equity                                                                                                                           6,596,620                                                 4,467,398                                 657,978








              *On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments - Credit Losses", and recognized a cumulative-effect adjustment
    to the opening retained earnings at the adoption date.


                                                                                                       
              
                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, 2019                  
              
             June 30, 2020   
         
         September 30, 2020       
         
         September 30, 2020


                                                                                                
            
                 RMB                               
              
             RMB            
         
            RMB                   
         
            US$

                                                                                                                                                                                                                                                             ---




              
                Revenues



                   Packaged tours                                                                                             747,122                                            12,563                               86,413                                12,727



                   Others                                                                                                     105,395                                            21,461                               37,132                                 5,469




              
                Net revenues                                                                                       852,517                                            34,024                              123,545                                18,196



              Cost of revenues                                                                                              (472,040)                                         (26,292)                            (58,472)                              (8,612)




              
                Gross profit                                                                                       380,477                                             7,732                               65,073                                 9,584






              
                Operating expenses



                   Research and product development                                                                          (64,310)                                         (20,647)                            (16,008)                              (2,358)



                   Sales and marketing                                                                                      (239,973)                                         (84,255)                            (49,869)                              (7,345)



                   General and administrative                                                                               (138,456)                                         (60,952)                            (69,769)                             (10,276)



                   Other operating income                                                                                       5,406                                             7,774                                7,803                                 1,149



              
                Total operating expenses                                                                         (437,333)                                        (158,080)                           (127,843)                             (18,830)




              
                Loss from operations                                                                              (56,856)                                        (150,348)                            (62,770)                              (9,246)



              
                Other income/(expenses)



              
                     Interest and investment income/(loss), net                                                     42,780                                             7,061                              (7,389)                              (1,088)



                   Interest expense                                                                                           (8,900)                                          (9,627)                             (6,483)                                (955)



                   Foreign exchange (losses)/gains, net                                                                       (5,190)                                          (4,184)                              12,779                                 1,882



              
                     Other income, net                                                                              14,847                                             1,323                                1,056                                   156




              
                Loss before income tax expense                                                                    (13,319)                                        (155,775)                            (62,807)                              (9,251)



              Income tax benefit                                                                                                  698                                               934                                1,037                                   153



              
                Equity in income/(loss) of affiliates                                                                    -                                              215                                (286)                                 (42)

                                                                                                                                                                                                                                                             ---


              
                Net loss                                                                                          (12,621)                                        (154,626)                            (62,056)                              (9,140)



              Net loss attributable to noncontrolling interests                                                                 (565)                                          (7,073)                             (5,152)                                (759)



              Net (loss)/income attributable to redeemable noncontrolling                                                       (102)                                              142                                                                         -
    interests



              
                Net loss attributable to Tuniu Corporation                                                        (11,954)                                        (147,695)                            (56,904)                              (8,381)




              (Accretion on)/Reversal of redeemable noncontrolling interests                                                  (1,518)                                               81                                                                         -



              
                Net loss attributable to ordinary shareholders                                                    (13,472)                                        (147,614)                            (56,904)                              (8,381)






              
                Net loss                                                                                          (12,621)                                        (154,626)                            (62,056)                              (9,140)



              Other comprehensive income/(loss):



                   Foreign currency translation adjustment, net of nil tax                                                     12,276                                             (271)                            (11,993)                              (1,766)




              
                Comprehensive loss                                                                                   (345)                                        (154,897)                            (74,049)                             (10,906)






              
                Loss per share



              Net loss per ordinary share attributable to ordinary shareholders -                                              (0.04)                                           (0.40)                              (0.15)                               (0.02)
    basic and diluted



              Net loss per ADS - basic and diluted*                                                                            (0.12)                                           (1.20)                              (0.45)                               (0.06)



              Weighted average number of ordinary shares used in computing                                                369,559,765                                       370,145,186                          370,298,762                           370,298,762
    basic and diluted loss per share





              
                Share-based compensation expenses included are as follows:



                   Cost of revenues                                                                                                52                                               189                                   97                                    14



                   Research and product development                                                                             2,065                                               832                                  287                                    42



                   Sales and marketing                                                                                            119                                               147                                  132                                    19



                   General and administrative                                                                                  13,294                                             1,759                                1,626                                   239



              
                Total                                                                                               15,530                                             2,927                                2,142                                   314






              *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, 2020



                                                                                                                                                                      
              
                 GAAP                           
              
               Share-based       
       
       Amortization of acquired        
      
      Non-GAAP


                                                                                                                                                                     
              
                 Result                         
              
               Compensation         
       
          intangible assets           
      
      Result

                                                                                                                                                                                                                                                                                                                             ---




              Cost of revenues                                                                                                                                                                 (58,472)                                                            97                                                   (58,375)





              Research and product development                                                                                                                                                 (16,008)                                                           287                                     782            (14,939)



              Sales and marketing                                                                                                                                                              (49,869)                                                           132                                   6,105            (43,632)



              General and administrative                                                                                                                                                       (69,769)                                                         1,626                                     709            (67,434)



              Other operating income                                                                                                                                                              7,803                                                                                                                    7,803



              Total operating expenses                                                                                                                                                        (127,843)                                                         2,045                                   7,596           (118,202)






              Loss from operations                                                                                                                                                             (62,770)                                                         2,142                                   7,596            (53,032)





              Net loss                                                                                                                                                                         (62,056)                                                         2,142                                   7,596            (52,318)





              Net loss attributable to ordinary shareholders                                                                                                                                   (56,904)                                                         2,142                                   7,596            (47,166)





              Net loss per ordinary share attributable to ordinary                                                                                                                               (0.15)                                                                                                                  (0.13)
    shareholders - basic and diluted



              Net loss per ADS - basic and diluted                                                                                                                                               (0.45)                                                                                                                  (0.39)





              Weighted average number of ordinary shares used in                                                                                                                            370,298,762                                                                                                              370,298,762
    computing basic and diluted loss per share




                                                                                                                                                                
              
                 Quarter Ended June 30, 2020



                                                                                                                                                                      
              
                 GAAP                           
              
               Share-based       
       
       Amortization of acquired        
      
      Non-GAAP


                                                                                                                                                                     
              
                 Result                         
              
               Compensation         
       
          intangible assets           
      
      Result

                                                                                                                                                                                                                                                                                                                             ---




              Cost of revenues                                                                                                                                                                 (26,292)                                                           189                                                   (26,103)





              Research and product development                                                                                                                                                 (20,647)                                                           832                                     782            (19,033)



              Sales and marketing                                                                                                                                                              (84,255)                                                           147                                  14,915            (69,193)



              General and administrative                                                                                                                                                       (60,952)                                                         1,759                                     709            (58,484)



              Other operating income                                                                                                                                                              7,774                                                                                                                    7,774



              Total operating expenses                                                                                                                                                        (158,080)                                                         2,738                                  16,406           (138,936)






              Loss from operations                                                                                                                                                            (150,348)                                                         2,927                                  16,406           (131,015)





              Net Loss                                                                                                                                                                        (154,626)                                                         2,927                                  16,406           (135,293)





              Net loss attributable to ordinary shareholders                                                                                                                                  (147,614)                                                         2,927                                  16,406           (128,281)





              Net loss per ordinary share attributable to ordinary                                                                                                                               (0.40)                                                                                                                  (0.35)
    shareholders - basic and diluted



              Net loss per ADS - basic and diluted                                                                                                                                               (1.20)                                                                                                                  (1.05)





              Weighted average number of ordinary shares used in                                                                                                                            370,145,186                                                                                                              370,145,186
    computing basic and diluted loss per share




                                                                                                                                                                
              
                 Quarter Ended September 30, 2019



                                                                                                                                                                      
              
                 GAAP                           
              
               Share-based       
       
       Amortization of acquired        
      
      Non-GAAP


                                                                                                                                                                     
              
                 Result                         
              
               Compensation         
       
          intangible assets           
      
      Result

                                                                                                                                                                                                                                                                                                                             ---




              Cost of revenues                                                                                                                                                                (472,040)                                                            52                                                  (471,988)





              Research and product development                                                                                                                                                 (64,310)                                                         2,065                                     513            (61,732)



              Sales and marketing                                                                                                                                                             (239,973)                                                           119                                  34,907           (204,947)



              General and administrative                                                                                                                                                      (138,456)                                                        13,294                                     705           (124,457)



              Other operating income                                                                                                                                                              5,406                                                                                                                    5,406



              Total operating expenses                                                                                                                                                        (437,333)                                                        15,478                                  36,125           (385,730)






              Loss from operations                                                                                                                                                             (56,856)                                                        15,530                                  36,125             (5,201)





              Net (Loss)/Income                                                                                                                                                                (12,621)                                                        15,530                                  36,125              39,034





              Net (Loss)/Income attributable to ordinary shareholders                                                                                                                          (13,472)                                                        15,530                                  36,125              38,183





              Net (loss)/income per ordinary share attributable to ordinary
    shareholders (RMB)



              -Basic                                                                                                                                                                             (0.04)                                                                                                                    0.10



              -Diluted                                                                                                                                                                           (0.04)                                                                                                                    0.10



              Net (loss)/income per ADS (RMB)



              -Basic                                                                                                                                                                             (0.12)                                                                                                                    0.30



              -Diluted                                                                                                                                                                           (0.12)                                                                                                                    0.30



              Weighted average number of ordinary shares



              -Basic                                                                                                                                                                        369,559,765                                                                                                              369,559,765



              -Diluted                                                                                                                                                                      369,559,765                                                                                                              379,770,193





              *Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary
    shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the
    weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under
    the treasury stock method.

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SOURCE Tuniu