[Management View]
Tuniu's management emphasized the importance of supply chain enhancements and diversification of sales channels, including live streaming and offline stores, as key drivers of financial performance. Strategic priorities include focusing on premium product offerings and technology adoption, particularly AI agents, to enhance customer experience and operational efficiency.

[Outlook]
The company projects Q3 2025 net revenues between CNY 199 million and CNY 208.3 million, indicating a 7%-12% year-over-year growth. Future plans involve expanding product offerings in emerging destinations and leveraging live streaming to boost sales.

[Financial Performance]
Net revenues for Q2 2025 were CNY 134.9 million, a 15% increase year-over-year. Packaged tour revenues rose by 26% to CNY 113.4 million, while other revenues decreased by 21% to CNY 21.5 million. Operating expenses increased by 58% to CNY 78.9 million, driven by higher personnel and promotional costs. Net income attributable to shareholders was CNY 14.5 million.

[Q&A Highlights]
Question 1: Can management share the revenue breakdown by destinations for this quarter? Which destinations drove the growth of packaged tour revenues?
Answer: Packaged tour revenue increased by 26% year-over-year. Domestic destinations achieved double-digit growth, while outbound tours grew faster in terms of GMV. Europe, Japan, and Maldives posted double-digit growth, with South America, Sri Lanka, and the Caucasus showing over 50% and 100% growth, respectively. Southeast Asia declined by 30%. Domestic tours contributed about two-thirds of total GMV, with Europe being the top outbound destination.

Question 2: Can you give more details about the bookings in the summer vacation?
Answer: Demand increased significantly during the peak season, with families with children being a major growth segment. Domestic city tours, especially in cities with museums and theme parks, were popular. Long-haul tours to cooler destinations like Huizhou also saw demand. Outbound travel showed double-digit growth in Japan, Europe, and certain islands. Niu Select itineraries in Singapore and Malaysia surpassed 10,000 paying customers through live streaming.

[Sentiment Analysis]
The tone of the management was optimistic, highlighting robust growth in key areas and strategic initiatives. Analysts appeared interested in understanding the drivers behind the growth and future potential.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 | YoY Change |
|---------------------------------|---------------|---------------|------------|
| Net Revenues | CNY 134.9M | CNY 117.3M | +15% |
| Packaged Tour Revenues | CNY 113.4M | CNY 90.0M | +26% |
| Other Revenues | CNY 21.5M | CNY 27.2M | -21% |
| Gross Profit | CNY 86M | CNY 84.3M | +2% |
| Operating Expenses | CNY 78.9M | CNY 50.0M | +58% |
| Net Income | CNY 14.5M | CNY 12.3M | +18% |

[Risks and Concerns]
Risks include potential headwinds in Southeast Asia, which saw a 30% decline in demand. The company must also manage increased operating expenses and ensure continued growth in emerging destinations.

[Final Takeaway]
Tuniu demonstrated strong financial performance in Q2 2025, driven by significant growth in packaged tours and emerging destinations. The company's strategic focus on supply chain enhancements, diversified sales channels, and technology adoption positions it well for future growth. However, challenges in certain regions and rising operating expenses require careful management to sustain profitability.