Leisure-focused online travel firm Tuniu reported that its net revenues in the first quarter of 2023 increased by 52.3% year-over-year to RMB 63.2 million (USD 9.2 million). Revenues from package tours in the quarter increased by 179.2% to RMB 40.1 million (USD 5.8 million).
"We are pleased to see a robust rebound in our business during the first quarter of 2023. Our net revenues experienced strong year-over-year growth of 52%, while revenues from packaged tours soared 179% compared to the previous year. By capitalizing on our integrated model, we are strategically leveraging our deep supply chain and broad network of sales channels to attract an increasing number of customers and partners with Tuniu's high-quality products and services. We are confident that this approach will continue to provide a strong foundation for our accelerated growth," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer.
Gross profit was RMB 38.9 million (USD 5.7 million) in the first quarter of 2023, representing a year-over-year increase of 145.9% from the corresponding period in 2022.
Sales and marketing expenses were RMB 20.0 million (USD 2.9 million) in the first quarter of 2023, representing a year-over-year decrease of 32.9%. The decrease was primarily due to the decrease in sales and marketing personnel-related expenses.
Net loss was RMB 7.5 million (USD 1.1 million) in the first quarter of 2023, compared to a net loss of RMB 41.7 million in the first quarter of 2022.
As of March 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB960.2 million (US$139.8 million).
For the second quarter of 2023, Tuniu expects to generate RMB 88.7 million to RMB 92.4 million of net revenues, which represents a 140% to 150% increase year-over-year compared with net revenues in the corresponding period in 2022.