UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2023

 

 

 

Commission File Number: 001-36430

 

 

 

Tuniu Corporation

 

6, 8-12th Floor, Building 6-A, Juhuiyuan

No. 108 Xuanwudadao, Xuanwu District

Nanjing, Jiangsu Province 210023

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

 

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Press Release—Tuniu Announces Unaudited Second Quarter 2023 Financial Results

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Tuniu Corporation

 

  By:

/s/ Anqiang Chen

  Name:  Anqiang Chen
  Title: Financial Controller

 

Date: August 17, 2023

 

 

 

 

Exhibit 99.1

 

Tuniu Announces Unaudited Second Quarter 2023 Financial Results

 

NANJING, China, August 17, 2023 - Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2023.

 

Highlights for the Second Quarter of 2023

 

·Net revenues in the second quarter of 2023 increased by 170.5% year-over-year to RMB100.0 million (US$13.8 million1).

 

·Revenues from package tours in the second quarter of 2023 increased by 632.3% year-over-year to RMB69.8 million (US$9.6 million).

 

·Gross profit in the second quarter of 2023 increased by 296.0% year-over-year to RMB65.4 million (US$9.0 million).

 

·Income from operations in the second quarter of 2023 was RMB6.8 million (US$0.9 million), compared to a loss from operations of RMB122.9 million in the second quarter of 2022. Non-GAAP2 income from operations in the second quarter of 2023 was RMB12.1 million (US$1.7 million), compared to a Non-GAAP loss from operations of RMB38.9 million in the second quarter of 2022.

 

·Net income in the second quarter of 2023 was RMB221.0 thousand (US$30.0 thousand), compared to a net loss of RMB128.5 million in the second quarter of 2022. Non-GAAP net income in the second quarter of 2023 was RMB5.6 million (US$0.8 million), compared to a Non-GAAP net loss of RMB44.6 million in the second quarter of 2022.

 

"We are encouraged to report a strong performance for the second quarter of 2023, with our net revenues growing by 170.5% year-over-year, and revenues from packaged tours increasing by 632.3% year-over-year. We have achieved our first quarterly operating profit since Tuniu’s listing and our first quarterly net income since the pandemic outbreak." said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "This demonstrates that as the external environment improves, we have effective strategies in place across our products, services and technology to strengthen Tuniu’s operational and financial performance. We will continue to leverage Tuniu’s core advantages in both the upstream and downstream segments of our industry chain, differentiating ourselves in the market as we continue to create value for our customers and shareholders."

 

 

1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.2513 on June 30, 2023 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.

 

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.

 

 

 

 

Second Quarter 2023 Results

 

Net revenues were RMB100.0 million (US$13.8 million) in the second quarter of 2023, representing a year-over-year increase of 170.5% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.

 

·Revenues from packaged tours were RMB69.8 million (US$9.6 million) in the second quarter of 2023, representing a year-over-year increase of 632.3% from the corresponding period in 2022. The increase was primarily due to the growth of organized tours.

 

·Other revenues were RMB30.2 million (US$4.2 million) in the second quarter of 2023, representing a year-over-year increase of 10.0% from the corresponding period in 2022. The increase was primarily due to the increase in service fees received from insurance companies.

 

Cost of revenues was RMB34.5 million (US$4.8 million) in the second quarter of 2023, representing a year-over-year increase of 69.0% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 34.6% in the second quarter of 2023, compared to 55.3% in the corresponding period in 2022.

 

Gross profit was RMB65.4 million (US$9.0 million) in the second quarter of 2023, representing a year-over-year increase of 296.0% from the corresponding period in 2022.

 

Operating expenses were RMB58.6 million (US$8.1 million) in the second quarter of 2023, representing a year-over-year decrease of 57.9% from the corresponding period in 2022. The decrease was primarily due to the fact that the Company did not incur gain on disposals of subsidiaries and impairment of goodwill in the second quarter of 2023. Gain on disposals of subsidiaries, which was recorded in other operating income, in the amount of RMB32.8 million and impairment of goodwill in the amount of RMB112.1 million were incurred as operating expenses in the second quarter of 2022.

 

·Research and product development expenses were RMB13.8 million (US$1.9 million) in the second quarter of 2023, representing a year-over-year decrease of 1.0%. The decrease was primarily due to the decrease in amortization of acquired intangible assets.

 

·Sales and marketing expenses were RMB24.9 million (US$3.4 million) in the second quarter of 2023, representing a year-over-year increase of 1.8%. The increase was primarily due to the increase in promotion expenses.

 

·General and administrative expenses were RMB21.7 million (US$3.0 million) in the second quarter of 2023, representing a year-over-year decrease of 9.0%. The decrease was primarily due to the decrease in general and administrative personnel related expenses.

 

Income from operations was RMB6.8 million (US$0.9 million) in the second quarter of 2023, compared to a loss from operations of RMB122.9 million in the second quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB12.1 million (US$1.7 million) in the second quarter of 2023.

 

 

 

 

Net income was RMB221.0 thousand (US$30.0 thousand) in the second quarter of 2023, compared to a net loss of RMB128.5 million in the second quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB5.6 million (US$0.8 million) in the second quarter of 2023.

 

Net income attributable to ordinary shareholders of Tuniu Corporation was RMB0.7 million (US$0.1 million) in the second quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB126.5 million in the second quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB6.0 million (US$0.8 million) in the second quarter of 2023.

 

As of June 30, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.1 billion (US$155.5 million).

 

Business Outlook

 

For the third quarter of 2023, Tuniu expects to generate RMB163.5 million to RMB171.3 million of net revenues, which represents a 110% to 120% increase year-over-year compared with net revenues in the corresponding period in 2022. 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 August 17, 2023, (8:00 pm, Beijing/Hong Kong Time, on August 17, 2023) to discuss the second quarter 2023 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 2Q 2023 Earnings Conference Call

 

A telephone replay will be available one hour after the end of the conference call through August 24, 2023. The dial-in details are as follows:

 

US 1-877-344-7529
International 1-412-317-0088

 

 

 

 

Replay Access Code: 6774303

 

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 integrated travel service with 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 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 income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. 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.

 

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

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.

 

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, 2022   June 30, 2023   June 30, 2023 
   RMB   RMB   US$ 
ASSETS               
Current assets               
Cash and cash equivalents   153,835    309,153    42,634 
Restricted cash   44,052    31,335    4,321 
Short-term investments   724,413    787,348    108,580 
Accounts receivable, net   33,644    77,746    10,722 
Amounts due from related parties   1,030    2,855    394 
Prepayments and other current assets   242,994    222,491    30,683 
Total current assets   1,199,968    1,430,928    197,334 
                
Non-current assets               
Long-term investments   230,562    230,827    31,832 
Property and equipment, net   85,182    79,225    10,926 
Intangible assets, net   30,672    28,767    3,967 
Land use right, net   92,590    91,559    12,627 
Operating lease right-of-use assets, net   33,204    14,905    2,055 
Goodwill   114,661    114,661    15,812 
Other non-current assets   91,091    73,596    10,149 
Total non-current assets   677,962    633,540    87,368 
Total assets   1,877,930    2,064,468    284,702 
                
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY               
Current liabilities               
Short-term borrowings   7,517    7,215    995 
Accounts and notes payable   261,873    328,760    45,338 
Amounts due to related parties   4,710    5,522    762 
Salary and welfare payable   26,507    24,314    3,353 
Taxes payable   4,047    1,737    240 
Advances from customers   98,899    247,473    34,128 
Operating lease liabilities, current   12,439    2,667    368 
Accrued expenses and other current liabilities   358,312    349,899    48,252 
Total current liabilities   774,304    967,587    133,436 
                
Non-current liabilities               
Operating lease liabilities, non-current   26,482    10,014    1,381 
Deferred tax liabilities   6,839    6,433    887 
Long-term borrowings   11,959    10,941    1,509 
Total non-current liabilities   45,280    27,388    3,777 
Total liabilities   819,584    994,975    137,213 
                
Redeemable noncontrolling interests   27,200    27,200    3,751 
                
Equity               
Ordinary shares   249    249    34 
Less: Treasury stock   (288,600)   (287,548)   (39,655)
Additional paid-in capital   9,125,655    9,129,654    1,259,037 
Accumulated other comprehensive income   298,981    312,677    43,120 
Accumulated deficit   (8,028,261)   (8,034,620)   (1,108,025)
Total Tuniu Corporation shareholders’ equity   1,108,024    1,120,412    154,511 
Noncontrolling interests   (76,878)   (78,119)   (10,773)
Total equity   1,031,146    1,042,293    143,738 
Total liabilities, redeemable noncontrolling interests and equity   1,877,930    2,064,468    284,702 

 

 

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income

(All amounts in thousands, except per share information)

 

   Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended 
   June 30, 2022   March 31, 2023   June 30, 2023   June 30, 2023 
   RMB   RMB   RMB   US$ 
Revenues                    
Packaged tours   9,531    40,130    69,793    9,625 
Others   27,426    23,051    30,159    4,159 
Net revenues   36,957    63,181    99,952    13,784 
Cost of revenues   (20,440)   (24,301)   (34,547)   (4,764)
Gross profit   16,517    38,880    65,405    9,020 
                     
Operating expenses                    
Research and product development   (13,963)   (14,328)   (13,820)   (1,906)
Sales and marketing   (24,474)   (19,987)   (24,906)   (3,435)
General and administrative   (23,888)   (22,319)   (21,741)   (2,998)
Impairment of goodwill   (112,102)   -    -    - 
Other operating income   35,059    762    1,841    254 
Total operating expenses   (139,368)   (55,872)   (58,626)   (8,085)
(Loss)/income from operations   (122,851)   (16,992)   6,779    935 
Other income/(expenses)                    
Interest and investment income, net   5,206    6,321    7,122    982 
Interest Expense   (582)   (1,149)   (218)   (30)
Foreign exchange (losses)/gains, net   (11,424)   3,514    (15,152)   (2,090)
Other income, net   302    1,101    1,820    251 
(Loss)/income before income tax expense   (129,349)   (7,205)   351    48 
Income taxes benefit/(expense)   21    203    (783)   (108)
Equity in income/(loss) of affiliates   790    (469)   653    90 
Net (loss)/income   (128,538)   (7,471)   221    30 
Net loss attributable to noncontrolling interests   (2,019)   (454)   (437)   (60)
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation   (126,519)   (7,017)   658    90 
                     
Net (loss)/income   (128,538)   (7,471)   221    30 
Other comprehensive income/(loss):                    
Foreign currency translation adjustment, net of nil tax   17,277    (4,040)   17,736    2,446 
Comprehensive (loss)/income   (111,261)   (11,511)   17,957    2,476 
                     
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted   (0.34)   (0.02)   -    - 
Net (loss)/income per ADS - basic and diluted*   (1.02)   (0.06)   -    - 
                     
Weighted average number of ordinary shares used in computing basic (loss)/income per share   371,112,997    371,394,686    371,418,638    371,418,638 
Weighted average number of ordinary shares used in computing diluted (loss)/income per share   371,112,997    371,394,686    376,427,714    376,427,714 
                     
Share-based compensation expenses included are as follows:                    
Cost of revenues   291    18    54    7 
Research and product development   299    18    54    7 
Sales and marketing   448    (16)   28    4 
General and administrative   1,639    758    4,383    604 
Total   2,677    778    4,519    622 

 

*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 June 30, 2023 
       Share-based   Amortization of acquired   Gain on disposals   Impairment   Non-GAAP 
   GAAP Result   Compensation   intangible assets   of subsidiaries   of goodwill   Result 
Income from operations   6,779    4,519    828    -    -    12,126 
                                     
Net income   221    4,519    828    -    -    5,568 
                               
Net income attributable to ordinary shareholders of Tuniu Corporation   658    4,519    828    -    -    6,005 

 

   Quarter Ended March 31, 2023 
       Share-based   Amortization of acquired   Gain on disposals   Impairment   Non-GAAP 
   GAAP Result   Compensation   intangible assets   of subsidiaries   of goodwill   Result 
Loss from operations   (16,992)   778    828    -    -    (15,386)
                                              
Net loss   (7,471)   778    828    -    -    (5,865)
                               
Net loss attributable to ordinary shareholders of Tuniu Corporation   (7,017)   778    828    -    -    (5,411)

 

   Quarter Ended June 30, 2022 
       Share-based   Amortization of acquired   Gain on disposals   Impairment   Non-GAAP 
   GAAP Result   Compensation   intangible assets   of subsidiaries   of goodwill   Result 
Loss from operations   (122,851)   2,677    1,939    (32,786)   112,102    (38,919)
                               
Net loss   (128,538)   2,677    1,939    (32,786)   112,102    (44,606)
                               
Net loss attributable to ordinary shareholders of Tuniu Corporation   (126,519)   2,677    1,939    (32,786)   112,102    (42,587)

 

 

 


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