On March 13th, online travel company Tuniu Travel Network (Tuniu, NASDAQ: TOUR) released its performance reports for the fourth quarter and full year of 2023.
Financial data shows that in the fourth quarter of 2023, Tuniu's net income was approximately RMB 99.9 million, a year-on-year increase of 265.8%; The net loss was approximately 1329.53% year-on-year, with a net loss of approximately 132.9 million yuan.
From the perspective of revenue composition, due to the growth of group business, Tuniu's packaged tourism product revenue in the fourth quarter of 2023 was about 73.4 million yuan, a year-on-year increase of 1377.1%; Other income was approximately 26.6 million yuan, a year-on-year increase of 18.8%.
However, Tuniu's operating costs have also increased accordingly. In the fourth quarter of 2023, Tuniu's operating costs were approximately 253000 yuan, a year-on-year increase of 67.3%. In addition, due to Tuniu's provision of goodwill impairment of RMB 114.7 million in the fourth quarter of 2023, operating expenses increased by 509.3% year-on-year, approximately RMB 198 million.
Throughout the year, Tuniu's packaged tourism product revenue was approximately 333.4 million yuan; Net income was approximately 441.3 million yuan, a year-on-year increase of 140.3%; The net loss was approximately 101.1 million yuan, a year-on-year decrease of 50.2%. At the same time, the net profit under non US accounting standards was approximately 50.8 million yuan, reaching a new high since Tuniu went public.
According to data disclosed by Tuniu, in 2023, the transaction volume of Tuniu's self operated air ticket business increased by 89% year-on-year, and the transaction volume of its self operated hotel business increased by over 600% year-on-year.
At the same time, Tuniu's live streaming business developed rapidly during the reporting period. In January 2023, Tuniu's MCN, a small player, ranked second among the MCN institutions nationwide on the Tiktok Life Service Platform, with a monthly payment amount of more than 100 million yuan; In August of the same year, the transaction volume of two live streaming accounts under Tuniu exceeded 140 million yuan and 120 million yuan respectively, making it the only liquor and travel account with a transaction volume exceeding 100 million yuan in the summer of 2023.
In 2023, the total amount of Tuniu's live broadcast transactions will exceed 1 billion yuan, and the daily transaction amount of two single products will exceed 10 million yuan. Tuniu's small player MCN will steadily occupy the top position of the Tiktok platform's live broadcast of wine travel.
Yu Dunde, founder, chairman, and CEO of Tuniu Tourism Network, said, "In the fourth quarter of last year, our net revenue increased by 265.8% year-on-year, and our packaged tourism product revenue increased by 1377.1% year-on-year. This is due to our long-term commitment to high-quality products and services, making Tuniu a trustworthy company and brand in the vacation industry.". Meanwhile, we are pleased to announce that the company has achieved its first full year Non Gaap (non US accounting standard) profit since the outbreak of the pandemic. In the new year, we will continue to seize market recovery opportunities, leverage Tuniu's core advantages, improve performance, and continue to demonstrate our growth potential and profitability to the market
Tuniu expects a net income of approximately 101.1 million to 107.4 million yuan in the first quarter of 2024, a year-on-year increase of 60% to 70%.