Tuniu Corporation (TOUR): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the actual engine room of a major online travel agency, and frankly, Tuniu Corporation's strategy is a sharp pivot toward quality and digital sales that demands a closer look. As an analyst who's seen a few market cycles, I can tell you their model hinges on balancing premium Niu Tour packages with value-driven Niu Select, all while their digital channels, like live streaming, are now contributing over 15% of their Q1 2025 transaction volume. We need to see how they manage the cost of that service-their Q3 2025 revenue from packaged tours hit RMB 179.0 million-especially when they are sitting on a healthy RMB 1.1 billion in cash as of that same quarter. Below, I've laid out the full nine-block Business Model Canvas, so you can see the precise partnerships and activities driving their current performance.

Tuniu Corporation (TOUR) - Canvas Business Model: Key Partnerships

You're analyzing Tuniu Corporation's operational backbone, which relies heavily on strategic alliances to deliver its integrated travel services. As of late 2025, the success of these partnerships is evident in the core business performance, with Q3 2025 net revenues hitting RMB 202.1 million.

Global and domestic airlines and hotel chains for inventory procurement are fundamental. While specific inventory volume numbers aren't public, the strength of these relationships directly fuels the main revenue driver. Revenues from Tuniu Corporation's core packaged tour products reached RMB 179.0 million in Q3 2025, representing a 12.4% year-over-year increase, which accounted for 89% of total net revenues for the quarter.

Regional tourism authorities, like the Tourism Authority of Thailand (TAT), are key for destination promotion and product development. Tuniu Corporation explicitly worked 'closely with our partners to better tailor our products, services and channels' during the peak season to improve customer satisfaction, which supports the overall packaged tour growth.

Exclusive top-tier live streamers are a growing sales channel. In Q1 2025, this channel contributed over 15% to the company's total transaction volume. By Q3 2025, both payments and verification volume through livestreaming channels recorded double-digit year-over-year growth. Some of these top-tier streamers have even become exclusive partners focusing solely on selling Tuniu Corporation products.

Local tour operators and ground service providers are essential for the execution of organized tours. The growth in organized tours and self-guided tours was cited as the primary driver for the 12.4% year-over-year revenue increase in packaged tours for Q3 2025. Furthermore, Tuniu Corporation is expanding its self-guided offerings, with transaction volume for self-drive tour products increasing by 5 times year over year during the National Day holiday.

Technology and payment solution providers enable platform integration and efficiency. Tuniu Corporation is applying technologies like AI applications across more scenarios to enhance operational efficiency. The company maintains a strong liquidity position to support these integrations, holding RMB 1.1 billion in cash and cash equivalents as of September 30, 2025.

Here's a quick look at how key partnership-driven segments performed in Q3 2025:

The operational structure supported by these partners is focused on product differentiation and coverage. You can see the strategic focus in the product expansion:

• Leveraging dynamic packaging to expand Hotel plus X product offerings.
• Covering all provinces in mainland China with self-guided tour options.
• Expanding outdoor livestreaming activities.

Tuniu Corporation (TOUR) - Canvas Business Model: Key Activities

You're looking at the core actions Tuniu Corporation takes to deliver its value proposition, and honestly, the numbers from the latest reports tell a clear story about where the focus is right now.

Centralized and direct procurement to strengthen the supply chain

Tuniu Corporation emphasizes leveraging its industry value chain advantages to ensure product reliability and competitive pricing. While specific procurement cost savings aren't itemized, the focus on supply chain integration is clear in their operational commentary. The goal is to maintain a wide, reliable product range, especially during peak travel times.

• Leveraged core capabilities across products and supply chain during peak season.
• Continued to strengthen the integration of its supply chain in Q2 2025.

Developing proprietary tour products like Niu Tour and Niu Select

Proprietary offerings are clearly the revenue engine. Packaged tours are the bedrock of the business, consistently showing strong growth. The focus on specific product lines like Niu Tour and the affordable 'select' line shows a targeted approach to different customer needs.

For the third quarter of 2025, revenues from core packaged tour products hit RMB179.0 million, marking a 12.4% year-over-year increase. This segment represented 89% of total net revenues for the quarter. Back in the first quarter of 2025, the affordable 'select' products saw transaction volume increase by 80% compared to the prior quarter.

Research and product development, including AI applications (Xiao Niu)

Investment in technology is increasing, which you can see in the R&D spend. The company is pushing forward with AI applications, specifically mentioning the AI Assistant named Xiao Niu, which is a self-developed open-source AI agent designed to provide one-stop services.

Research and Product Development Expenses for Q3 2025 were RMB15.7 million, a 15% year-over-year increase. This followed a Q2 2025 R&D spend of RMB16.4 million, which was a 29.2% year-over-year jump.

Managing the integrated online platform and offline service network

Tuniu Corporation manages a dual presence, using its online platform alongside an offline network. This network includes retail stores and self-operated local tour operators. As of September 30, 2025, the company maintained a strong liquidity position with Cash and Cash Equivalents totaling RMB1.1 billion. In Q1 2025, the company had opened nearly 300 stores in high-demand markets.

Sales and marketing through diverse channels, especially live streaming

Sales and marketing is a significant cost center, reflecting the push for customer acquisition across new and existing channels. Livestreaming is a key performance driver, showing strong growth while remaining profitable at the channel level.

For Q3 2025, Sales and Marketing Expenses reached RMB61.5 million, a 2% year-over-year rise. This followed Q2 2025 Sales and Marketing Expenses of RMB45.0 million, which was an 11.9% year-over-year increase. In Q1 2025, live streaming channels contributed over 15% of the total transaction volume, and in Q3 2025, both payments and verification volume through these channels recorded double-digit year-over-year growth.

Here's a quick look at how the key expense categories stacked up in Q3 2025 compared to the previous year, showing where the operational costs are concentrated:

Finance: draft 13-week cash view by Friday.

Tuniu Corporation (TOUR) - Canvas Business Model: Key Resources

You're looking at the core assets Tuniu Corporation (TOUR) relies on to run its business as of late 2025. These aren't just line items on a balance sheet; they are the engines driving their service delivery.

Proprietary online travel platform and mobile application

Tuniu Corporation's primary digital asset is its online platform, accessible via tuniu.com, and its accompanying mobile application. This is the main interface for customers seeking integrated travel services. The platform is the central hub for accessing their product selection, which includes both organized and self-guided tours.

The platform's performance is critical, as evidenced by the revenue structure in Q3 2025:

Integrated supply chain network for flights, hotels, and local services

This resource represents the deep network of suppliers Tuniu Corporation has built to source inventory. It underpins their ability to offer a large selection of packaged tours. This network includes relationships necessary for flights, hotel bookings, and crucial local services that make up the tour experience.

The operational scale of this network is reflected in the cost structure:

• Cost of revenues for Q3 2025 was RMB 92.5 million.
• This cost represented 45.8% of net revenues in Q3 2025.

The company also maintains self-operated local tour operators as part of this network, which helps control the quality of local experiences.

Cash and cash equivalents of RMB 1.1 billion (US$155.6 million) as of Q3 2025

Liquidity is a key resource for any travel operator, especially for managing supplier payments and working capital needs. Tuniu Corporation held a solid balance sheet position at the end of the third quarter of 2025.

The exact figures as of September 30, 2025, were:

• Cash and cash equivalents, restricted cash, short-term investments and long-term deposits: RMB 1.1 billion.
• The equivalent USD value was US$155.6 million.

This financial cushion supports ongoing operations and strategic investments, even as gross profit saw a year-over-year decrease of 10.0% to RMB 109.6 million in Q3 2025.

Dedicated team of professional customer service representatives and tour advisors

Tuniu Corporation emphasizes customer experience, which is supported by its human capital in service delivery. This includes a dedicated team of professional customer service representatives and access to 24/7 call centers. This team is essential for supporting the complex, integrated travel products they sell.

Investment in this human resource is visible in operating expenses:

• Research and Product Development Expenses (which often includes tech and service personnel costs) increased by 15% year-over-year to RMB 15.7 million in Q3 2025.
• Sales and Marketing Expenses rose by 2% year-over-year to RMB 61.5 million, also driven by personnel-related expenses.

This team helps deliver the one-stop leisure travel solutions Tuniu promises.

Dynamic packaging technology for customized self-guided tours

The capability to offer customized, self-guided tours is a significant resource, relying on underlying technology that allows for flexible bundling of components.

The success of these flexible offerings is evident in transaction volume growth:

• Transaction volume for self-drive tour products increased by 5 times year-over-year during the National Day holiday period in 2025.
• Growth in packaged tours, which includes self-guided options, saw revenue increase by 12.4% year-over-year in Q3 2025.

This technology allows Tuniu Corporation to capture demand for more personalized travel experiences, a definite plus for future growth.

Tuniu Corporation (TOUR) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Tuniu Corporation (TOUR) over the competition as of late 2025. It's all about delivering comprehensive, segmented, and technologically-backed travel solutions.

One-stop shop for comprehensive leisure travel solutions

Tuniu Corporation positions itself as the go-to provider for integrated travel service, making travel easier for you. This is clearly reflected in their revenue structure, showing a heavy reliance on their core packaged offerings.

For the third quarter of 2025, Tuniu Corporation reported net revenues of RMB 202.1 million (US$28.4 million). The backbone of this business is the packaged tour segment, which generated RMB 179.0 million (US$25.1 million) in Q3 2025, making up 89% of total net revenues. This focus on packaged tours, which includes organized and self-guided options, demonstrates the value proposition of providing a complete, pre-arranged travel solution in one place.

Differentiated, high-quality packaged tours (Niu Tour) for mid-to-high-end customers

The Niu Tour line is specifically designed for customers who prioritize experience and have the budget for premium offerings. Tuniu leverages its strength in outbound tourism to introduce niche products, like the organized tour to South America launched in October 2025.

This segment shows strong customer loyalty; over half of the customers booking Niu Tour products are Tuniu's loyal customers. The overall performance of these premium offerings is solid, with Niu Tour transaction volumes growing by over 25% year-over-year in Q2 2025.

• Niu Tour series spans all major regions across Asia.
• Targeted at mid- to high-end customers.
• Over 50% of Niu Tour customers are Tuniu loyalists.

Cost-effective, value-driven packages (Niu Select) for price-sensitive buyers

For travelers watching their spending, Niu Select provides value-focused itineraries, often promoted through live streaming channels. This segment is clearly resonating, as its transaction volume saw a massive increase of over 80% in Q1 2025 compared to the prior quarter.

The combined transaction volume for Niu Tours and Niu Select grew by more than 25% year-over-year in Q2 2025. This dual-product strategy lets Tuniu Corporation capture both ends of the market effectively.

Convenience of organized tours with pre-arranged itineraries and services

The growth in packaged tours directly speaks to the convenience factor you're looking for. Organized tours and self-drive tours were the primary drivers behind the 26.3% year-over-year increase in packaged tour revenues in Q2 2025, and the 12.4% year-over-year revenue increase in Q3 2025. You get pre-arranged itineraries, which simplifies the planning process immensely.

Enhanced customer experience via AI applications and 24/7 service

Tuniu Corporation is actively integrating technology to improve service quality and efficiency. They explicitly plan to further apply technologies such as AI applications across more scenarios to enhance operational efficiency and customer experience.

The commitment to service is supported by infrastructure, including a dedicated team of professional customer service representatives and 24/7 call centers. While Tuniu's specific AI service metrics aren't public, industry trends suggest the direction: AI chatbots offer 24/7 customer support, and AI adoption can potentially lower operational costs in customer service by 30% to 35%. Tuniu's investment in this area is visible in their R&D spending; Research and product development expenses for Q3 2025 were RMB 15.7 million (US$2.2 million), a 15.4% year-over-year increase.

The focus on technology is a clear investment in your future experience.

Tuniu Corporation (TOUR) - Canvas Business Model: Customer Relationships

You're looking at how Tuniu Corporation keeps its customers engaged and satisfied across its travel ecosystem as of late 2025. It's a blend of digital scale and physical presence, which is key in the Chinese leisure travel market.

The foundation of Tuniu Corporation's customer relationship strategy is its self-service digital core. This is where the bulk of transactions originate. For instance, in the third quarter of 2025, revenues from packaged tours, which are heavily driven by the online platform and mobile app, grew by 12.4% year-over-year, reaching RMB 179.0 million. This segment accounted for 89% of the company's total net revenues for that quarter. The platform's ability to handle this volume efficiently is critical to maintaining a low-friction experience for the everyday traveler.

When things get complex, or for high-value bookings, Tuniu Corporation maintains a safety net of human support. They operate dedicated 24/7 call centers staffed by professional customer service representatives. This ensures that whether you're booking a last-minute change or need detailed itinerary support, someone is available around the clock. This high-touch element is a deliberate counterpoint to the pure self-service model.

To make the digital experience smarter, Tuniu Corporation has deeply integrated artificial intelligence. They officially launched their self-developed AI Assistant Little Niu in 2025. This agent uses open-source large language models like DeepSeek and Tongyi Qianwen, deeply integrated with vertical travel scenarios. Its primary function is to intelligently recommend travel plans and provide personalized suggestions based on user needs, helping you search for and book air tickets, hotels, and train tickets easily. Management stated a commitment to further apply AI applications across more scenarios to enhance customer experience moving into Q4 2025.

The high-touch, in-person service is delivered through an expanding network of offline retail stores. These physical touchpoints are especially popular with senior travelers and community-based customers who prefer face-to-face interaction, often for organized tour products. Tuniu Corporation had expanded this footprint to nearly 300 offline stores as of Q1 2025. This strategy is showing traction; in Q3 2025, the transaction volume from these offline stores increased by nearly 20% year-over-year. They even opened 2 flagship stores in Xi'an on the same day in September 2025 to better serve customers preparing for the National Day holiday travel.

For loyalty, Tuniu Corporation focuses on delivering quality, which drives high repurchase rates for premium products like Niu Tour. While specific repurchase percentages for Niu Tour aren't public, the company's focus on product quality and innovation is intended to fuel long-term growth and repeat business. On the financial side, Tuniu Corporation demonstrates commitment to its shareholders, having repurchased approximately 3.0 million ADSs for about US$2.6 million by November 30, 2025, under its 2025 Share Repurchase Program. Furthermore, the Board declared a cash dividend of US$0.036 per ADS in March 2025, totaling approximately US$4.2 million to be distributed.

Here's a quick look at some key operational metrics from the third quarter of 2025:

The customer relationship strategy relies on several service delivery channels:

• Digital self-service via the online platform and mobile app.
• Personalized planning via the AI Assistant Little Niu.
• Face-to-face support at nearly 300 offline stores.
• 24/7 availability through call centers.
• Targeted service for corporate customers, which saw double-digit YoY growth in Q3 2025.

Finance: draft 13-week cash view by Friday.

Tuniu Corporation (TOUR) - Canvas Business Model: Channels

You're looking at how Tuniu Corporation moves its product-packaged tours and travel services-to the customer base. It's a blend of digital dominance and physical presence, which is key in the Chinese travel market.

Tuniu.com website and mobile application (primary online channels)

The core of Tuniu Corporation's distribution remains its digital front door. You'll find the full suite of offerings, from organized tours to self-guided packages, available through the tuniu.com website and its dedicated mobile platform. This is where the majority of their transactions originate, providing that one-stop leisure travel solution they aim for. For instance, in Q1 2025, net revenues hit RMB 117.5 million (US$16.2 million), all flowing through these online channels and related services.

Live streaming platforms, contributing over 15% of Q1 2025 transaction volume

Tuniu Corporation has aggressively integrated newer media into its sales mix. Live streaming has become a significant driver, showing real traction. Management noted that these channels contributed over 15% of the company's total transaction volume during Q1 2025. This signals a successful pivot to content-driven commerce, moving beyond simple listing pages.

Extensive network of offline retail stores and regional service centers

To support the digital push, Tuniu Corporation maintains a physical footprint. This network is crucial for high-touch customer service and localized sales, especially for complex or high-value packages. As of June 30, 2025, the company operated over 320+ offline stores throughout China. These physical touchpoints aren't just for support; they drive bookings. In Q3 2025, the transaction volume specifically from these offline stores saw an increase of nearly 20% year-over-year.

Here's a quick look at how the primary channels stacked up in the latest reported quarter:

Direct sales force for organized tours and corporate travel

The focus on packaged tours is evident in the revenue structure. Organized tours are the engine here. Revenues from core packaged tour products accounted for a massive 89% of Tuniu Corporation's total net revenues in Q3 2025, totaling RMB 179 million. This segment is heavily supported by a direct sales force managing these complex products and servicing corporate needs. The company also leverages its expertise to offer tailored vacation products to corporate clients alongside standard business travel bookings.

Third-party distribution platforms (e.g., social media, content platforms)

While Tuniu Corporation emphasizes its owned platforms, it also collaborates to extend reach. The search data mentions Tuniu Corp collaborated with more online influencers to extend its reach in 2024. This suggests an active, though perhaps less quantified, channel strategy involving social media and content platforms to drive traffic back to their primary booking sites. They are defintely using these external partners to amplify marketing efforts.

You should track the growth rate of the live streaming channel against the growth of the core packaged tour revenue, which was up 12.4% year-over-year in Q3 2025.

• Use of 60+ self-operated live streaming accounts for direct engagement.
• Leveraging 24/7 call centers for pre, during, and post-travel customer support across all channels.
• Focus on expanding the physical store footprint in major cities and key transportation hubs.

Finance: draft 13-week cash view by Friday.

Tuniu Corporation (TOUR) - Canvas Business Model: Customer Segments

You're looking at the core groups Tuniu Corporation is targeting as of late 2025, based on their latest reported performance. The focus remains heavily on the packaged tour customer, but with clear segmentation for different spending levels.

Leisure travelers in China seeking domestic and outbound packaged tours form the bedrock of Tuniu Corporation's business. This is evident in the revenue contribution, where revenues from packaged tours accounted for 89% of total net revenues in the third quarter of 2025, totaling RMB 179 million. This segment is further refined into distinct value propositions.

The Mid-to-high-end customers prioritizing quality and service are served primarily through the Niu Tour segment. Management noted that for Niu Tour products, over half of the customers are Tuniu's loyal customers. This segment is being pushed into premium experiences, with the Niu Tour series now spanning all major regions, including the launch of its first organized tour to South America in October 2025.

For Budget-conscious travelers seeking value-for-money packages, the Niu Select segment is key. Tuniu expanded its offerings here to include more price-competitive products. The success of this value-driven approach is quantifiable; Niu Select itineraries covering Singapore and Malaysia passed 10,000 paying customers through live streaming shows by the end of the second quarter of 2025.

Independent travelers booking self-guided tours are also a focus, evidenced by the growth in self-drive tours, which contributed to the 12% year-over-year increase in packaged tour revenue in Q3 2025. The transaction volume for self-drive tour products specifically increased by 5 times year-over-year during the National Day holiday period in the third quarter. Tuniu provides these one-stop solutions through its online platform and offline service network.

A key expansion target involves customers in lower-tier cities. Management explicitly highlighted efforts to extend offerings to these areas, where they see significant potential for growth. This strategy is supported by the company's overall financial health, holding cash and equivalents of RMB 1.1 billion as of September 30, 2025, providing the flexibility to invest in new market penetration.

Here's a quick look at how the core revenue streams, which directly map to these customer segments, broke down in the latest reported quarter:

The company is defintely leaning on its core packaged tour offering to serve these varied customer needs, from the premium Niu Tour buyer to the value-seeking Niu Select customer.

The customer base is also being reached through diversified sales channels, with management noting that more sales are coming from new channels like live streaming and off-line stores.

• Niu Tour customers prioritize travel experience.
• Niu Select products emphasize cost-effective value.
• Self-drive tour transaction volume grew by 5 times during the National Day holiday.
• Long-haul island product transaction volume grew by several times year-over-year in Q3 2025.
• Tuniu aims to ensure more new and regular customers think of them first.

Finance: draft Q4 2025 customer acquisition cost analysis by next Tuesday.

Tuniu Corporation (TOUR) - Canvas Business Model: Cost Structure

You're looking at the expense side of Tuniu Corporation's operations as of late 2025. The cost structure for the third quarter ended September 30, 2025, shows where the money went to support their net revenues of RMB 202.1 million.

The major cost buckets are clearly laid out in their recent earnings release. Keep in mind that the US Dollar conversions use the exchange rate of US$1.00=RMB7.1190 on September 30, 2025.

Here's a breakdown of the key reported expenses for Q3 2025:

Total operating expenses for the quarter reached RMB 95.8 million (US$13.5 million), which was a 3.4% increase year-over-year. The cost of revenues, at 45.8% of net revenues, was significantly higher than the 34.5% seen in the same period last year, which is definitely something to watch for margin pressure.

We can infer some detail about personnel costs, even without a direct line item for every role you mentioned. The growth in two key operating expense areas was explicitly tied to headcount:

• Personnel costs for research and product development staff drove the 15.4% increase in R&D expenses.
• Personnel costs for sales and marketing staff were the primary reason for the 1.6% rise in Sales and marketing expenses.

The General and administrative expenses (G&A) were RMB 18.5 million, representing 9.2% of net revenues for the quarter. While the total G&A was flat compared to Q3 2024, historical context from prior periods suggests that G&A personnel-related expenses are a component that Tuniu Corporation has actively managed, seeing a significant decrease in personnel-related G&A in 2024 compared to 2023.

To summarize the expense allocation relative to net revenues for Q3 2025:

• Cost of revenues consumed 45.8% of net revenues.
• Sales and marketing expenses accounted for 30.5% of net revenues.
• Research and product development expenses represented 7.8% of net revenues.
• General and administrative expenses were 9.2% of net revenues.

Finance: draft 13-week cash view by Friday.

Tuniu Corporation (TOUR) - Canvas Business Model: Revenue Streams

You're looking at how Tuniu Corporation brings in its money as of late 2025. The core of the business is still selling travel packages, but the other streams are definitely showing some pressure based on the latest figures.

Packaged tour sales (organized and self-guided) is the main engine for Tuniu Corporation. This segment includes both the traditional organized tours and the growing self-guided options, which saw transaction volume for self-drive tours increase over 5 times during the National Day holiday period.

Here's a breakdown of the revenue performance for the third quarter of 2025:

The revenue from packaged tours was explicitly reported as RMB 179.0 million (US$25.1 million) in Q3 2025. This growth was primarily driven by the increase in organized tours and self-guided tours.

The secondary revenue sources fall under Other Revenues, which saw a year-over-year decrease of 13.7% in Q3 2025. This bucket captures several distinct streams:

• Commission fees from other travel-related products (e.g., flights, hotels): The decline in Other Revenues was primarily attributed to a decrease in these commission fees.
• Service fees from travel insurance and financial services: These are components within the Other Revenues category, though specific Q3 2025 figures separate from the total are not detailed in the latest reports.
• Advertising fees from tourism boards and bureaus: This is another component contributing to the Other Revenues total.

To be fair, while the core packaged tour business is expanding, the pressure on the commission-based streams is definitely something to watch. The total net revenues for the quarter grew by 8.6% year-over-year to RMB 202.1 million.

Finance: draft 13-week cash view by Friday.