Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Registration Statement | false |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36430 |
Entity Registrant Name | Tuniu Corporation |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | Tuniu Building No. 32 |
Entity Address, Address Line Two | Suningdadao |
Entity Address, Address Line Three | Xuanwu District |
Entity Address, City or Town | Nanjing |
Entity Address, Postal Zip Code | 210042 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001597095 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Tuniu Building No. 32 |
Entity Address, Address Line Two | Suningdadao |
Entity Address, Address Line Three | Xuanwu District |
Entity Address, City or Town | Nanjing |
Entity Address, Postal Zip Code | 210042 |
Entity Address, Country | CN |
Contact Personnel Name | Mr. Anqiang Chen, |
City Area Code | 86 |
Local Phone Number | 86853969 |
Contact Personnel Email Address | ir@tuniu.com |
Class A ordinary shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 354,006,112 |
No Trading Symbol Flag | true |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 17,373,500 |
ADR | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares |
Trading Symbol | TOUR |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 153,835 | $ 22,304 | ¥ 349,077 |
Restricted cash | 44,052 | 6,387 | 46,521 |
Short-term investments | 724,413 | 105,030 | 615,901 |
Accounts receivable, net | 33,644 | 4,878 | 111,941 |
Amounts due from related parties | 1,030 | 149 | 14,969 |
Prepayments and other current assets | 242,994 | 35,231 | 337,033 |
Total current assets | 1,199,968 | 173,979 | 1,475,442 |
Non-current assets | |||
Long-term investments | 230,562 | 33,428 | 201,947 |
Property and equipment, net | 85,182 | 12,350 | 98,159 |
Intangible assets, net | 30,672 | 4,447 | 55,376 |
Land use right, net | 92,590 | 13,424 | 94,652 |
Operating lease right-of-use assets, net | 33,204 | 4,814 | 48,115 |
Goodwill | 114,661 | 16,624 | 232,007 |
Other non-current assets | 91,091 | 13,207 | 92,111 |
Total non-current assets | 677,962 | 98,294 | 822,367 |
Total assets | 1,877,930 | 272,273 | 2,297,809 |
Current liabilities (including current liabilities of the Affiliated Entities without recourse to the Company amounting to RMB1,000,067 and RMB802,345, as of December 31, 2021 and 2022, respectively) | |||
Short-term borrowings | 7,517 | 1,090 | 9,981 |
Accounts and notes payable | 261,873 | 37,968 | 383,626 |
Amounts due to related parties | 4,710 | 683 | 4,679 |
Salary and welfare payable | 26,507 | 3,843 | 33,761 |
Taxes payable | 4,047 | 587 | 8,004 |
Advances from customers | 98,899 | 14,339 | 139,777 |
Operating lease liabilities, current | 12,439 | 1,803 | 16,556 |
Accrued expenses and other current liabilities | 358,312 | 51,947 | 382,629 |
Total current liabilities | 774,304 | 112,260 | 979,013 |
Non-current liabilities | |||
Operating lease liabilities, non-current | 26,482 | 3,840 | 38,832 |
Deferred tax liabilities | 6,839 | 992 | 12,479 |
Long-term borrowings | 11,959 | 1,734 | 14,344 |
Total non-current liabilities | 45,280 | 6,566 | 65,655 |
Total liabilities | 819,584 | 118,826 | 1,044,668 |
Commitments and contingencies (Note 22) | |||
Redeemable noncontrolling interests | 27,200 | 3,944 | 27,200 |
Equity | |||
Ordinary shares (US$0.0001 par value; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized as of December 31, 2021 and 2022; 389,331,543 shares (including 371,958,043 Class A shares and 17,373,500 Class B shares) issued and outstanding as of December 31, 2021 and 2022) | 249 | 36 | 249 |
Less: Treasury stock (18,266,523 shares and 17,951,931 shares as of December 31, 2021 and 2022, respectively) | (288,600) | (41,843) | (293,795) |
Additional paid-in capital | 9,125,655 | 1,323,096 | 9,125,748 |
Accumulated other comprehensive income | 298,981 | 43,348 | 271,821 |
Accumulated deficit | (8,028,261) | (1,163,988) | (7,834,879) |
Total Tuniu Corporation shareholders' equity | 1,108,024 | 160,649 | 1,269,144 |
Noncontrolling interests | (76,878) | (11,146) | (43,203) |
Total equity | 1,031,146 | 149,503 | 1,225,941 |
Total liabilities, redeemable noncontrolling interests and equity | 1,877,930 | 272,273 | 2,297,809 |
Land | |||
Non-current assets | |||
Land use right, net | ¥ 92,590 | $ 13,424 | ¥ 94,652 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares |
Current liabilities (including current liabilities of the Affiliated Entities without recourse to the Company) | ¥ 774,304 | ¥ 979,013 |
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 |
Ordinary shares, shares issued | 389,331,543 | 389,331,543 |
Ordinary shares, shares outstanding | 389,331,543 | 389,331,543 |
Treasury stock | 17,951,931 | 18,266,523 |
Board of Directors Chairman | ||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 |
Class A ordinary shares | ||
Ordinary shares, shares authorized | 780,000,000 | 780,000,000 |
Ordinary shares, shares issued | 371,958,043 | 371,958,043 |
Ordinary shares, shares outstanding | 371,958,043 | 371,958,043 |
Class B ordinary shares | ||
Ordinary shares, shares authorized | 120,000,000 | 120,000,000 |
Ordinary shares, shares issued | 17,373,500 | 17,373,500 |
Ordinary shares, shares outstanding | 17,373,500 | 17,373,500 |
Consolidated affiliated entities | ||
Current liabilities (including current liabilities of the Affiliated Entities without recourse to the Company) | ¥ | ¥ 799,845 | ¥ 1,000,067 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Net revenues | ¥ 183,620 | $ 26,623 | ¥ 426,348 | ¥ 450,259 |
Cost of revenues | (94,066) | (13,638) | (254,815) | (237,065) |
Gross profit | 89,554 | 12,985 | 171,533 | 213,194 |
Operating expenses | ||||
Research and product development | (50,799) | (7,365) | (54,622) | (100,514) |
Sales and marketing | (103,617) | (15,023) | (150,493) | (371,984) |
General and administrative | (108,935) | (15,794) | (174,021) | (1,109,340) |
Impairment of goodwill | (112,102) | (16,253) | 0 | 0 |
Other operating income | 75,685 | 10,973 | 26,064 | 27,849 |
Total operating expenses | (299,768) | (43,462) | (353,072) | (1,553,989) |
Loss from operations | (210,214) | (30,477) | (181,539) | (1,340,795) |
Other income/(expenses) | ||||
Interest and investment income, net | 27,181 | 3,941 | 50,041 | 3,526 |
Interest expense | (4,912) | (712) | (7,491) | (32,266) |
Foreign exchange gains/(losses), net | (22,210) | (3,220) | 7,030 | 18,720 |
Other (loss)/income, net | 6,136 | 890 | 2,895 | (253) |
Loss before income tax expense | (204,019) | (29,578) | (129,064) | (1,351,068) |
Income tax benefit/(expense) | 731 | 106 | (130) | 6,641 |
Equity in income of affiliates | 292 | 42 | 726 | 797 |
Net loss | (202,996) | (29,430) | (128,468) | (1,343,630) |
Net loss attributable to noncontrolling interests | (9,614) | (1,394) | (6,944) | (35,674) |
Net loss attributable to Tuniu Corporation | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss | (202,996) | (29,430) | (128,468) | (1,343,630) |
Other comprehensive (loss)/income: | ||||
Foreign currency translation adjustment, net of nil tax | 27,160 | 3,938 | (3,191) | (18,772) |
Comprehensive loss | (175,836) | (25,492) | (131,659) | (1,362,402) |
Comprehensive loss attributable to noncontrolling interests | (9,614) | (1,394) | (6,944) | (35,674) |
Comprehensive loss attributable to Tuniu Corporation | ¥ (166,222) | $ (24,098) | ¥ (124,715) | ¥ (1,326,728) |
Loss per share | ||||
Loss per share-basic | (per share) | ¥ (0.52) | $ (0.08) | ¥ (0.33) | ¥ (3.53) |
Loss per share-diluted | (per share) | ¥ (0.52) | $ (0.08) | ¥ (0.33) | ¥ (3.53) |
Weighted average number of ordinary shares outstanding-basic (in shares) | 371,208,209 | 371,208,209 | 370,874,312 | 370,240,040 |
Weighted average number of ordinary shares outstanding-diluted (in shares) | 371,208,209 | 371,208,209 | 370,874,312 | 370,240,040 |
Package Tours Services | ||||
Net revenues | ¥ 70,314 | $ 10,195 | ¥ 305,333 | ¥ 302,359 |
Others | ||||
Net revenues | ¥ 113,306 | $ 16,428 | ¥ 121,015 | ¥ 147,900 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign currency translation adjustment | ¥ 0 | ¥ 0 | ¥ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands | Ordinary shares CNY (¥) shares | Ordinary shares USD ($) shares | Treasury Stock CNY (¥) shares | Treasury Stock USD ($) shares | Additional paid-in capital CNY (¥) | Additional paid-in capital USD ($) | Accumulated other comprehensive income/(loss) CNY (¥) | Accumulated other comprehensive income/(loss) USD ($) | Accumulated deficit Accounting standards update CNY (¥) | Accumulated deficit CNY (¥) | Accumulated deficit USD ($) | Parent Accounting standards update CNY (¥) | Parent CNY (¥) | Parent USD ($) | Noncontrolling interests CNY (¥) | Noncontrolling interests USD ($) | Accounting standards update CNY (¥) | CNY (¥) shares | USD ($) shares |
Cumulative effect of adoption of new accounting standard (Note 2(i)) | ¥ 249 | ¥ (310,942) | ¥ 9,113,512 | ¥ 293,784 | ¥ (6,385,974) | ¥ 2,710,629 | ¥ 1,010 | ¥ 2,711,639 | |||||||||||
Balance at Dec. 31, 2019 | ¥ 249 | ¥ (310,942) | 9,113,512 | 293,784 | (6,385,974) | 2,710,629 | 1,010 | 2,711,639 | |||||||||||
Balance (in shares) at Dec. 31, 2019 | shares | 389,331,544 | 389,331,544 | (19,307,301) | (19,307,301) | |||||||||||||||
Repurchase of ordinary shares | ¥ (308) | (308) | (308) | ||||||||||||||||
Repurchase of ordinary shares (in shares) | shares | (160,554) | (160,554) | |||||||||||||||||
Issuance of ordinary shares pursuant to share incentive plan | ¥ 8,334 | (8,287) | 47 | 47 | |||||||||||||||
Issuance of ordinary shares pursuant to share incentive plan (in shares) | shares | 625,167 | 625,167 | |||||||||||||||||
Share-based compensation expenses | 20,464 | 20,464 | 20,464 | ||||||||||||||||
Foreign currency translation adjustments | (18,772) | (18,772) | (18,772) | ||||||||||||||||
Net loss | (1,307,956) | (1,307,956) | (35,674) | (1,343,630) | |||||||||||||||
Balance at Dec. 31, 2020 | ¥ 249 | ¥ (302,916) | 9,125,689 | 275,012 | ¥ (19,425) | (7,713,355) | ¥ (19,425) | 1,384,679 | (34,664) | ¥ (19,425) | 1,350,015 | ||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 389,331,544 | 389,331,544 | (18,842,688) | (18,842,688) | |||||||||||||||
Cumulative effect of adoption of new accounting standard (Note 2(i)) | ¥ 249 | ¥ (302,916) | 9,125,689 | 275,012 | ¥ (19,425) | (7,713,355) | ¥ (19,425) | 1,384,679 | (34,664) | ¥ (19,425) | 1,350,015 | ||||||||
Repurchase of ordinary shares | ¥ 9,121 | ||||||||||||||||||
Repurchase of ordinary shares (in shares) | shares | 576,165 | 576,165 | |||||||||||||||||
Issuance of ordinary shares pursuant to share incentive plan | (8,765) | 356 | 356 | ||||||||||||||||
Share-based compensation expenses | 9,132 | 9,132 | 9,132 | ||||||||||||||||
Acquisition of additional shares in subsidiaries | (308) | (308) | (1,595) | (1,903) | |||||||||||||||
Foreign currency translation adjustments | (3,191) | (3,191) | (3,191) | ||||||||||||||||
Cancellation of shares (in shares) | shares | (1) | (1) | |||||||||||||||||
Net loss | (121,524) | (121,524) | (6,944) | (128,468) | |||||||||||||||
Balance at Dec. 31, 2021 | ¥ 249 | ¥ (293,795) | 9,125,748 | 271,821 | (7,834,879) | 1,269,144 | (43,203) | ¥ 1,225,941 | |||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 389,331,543 | 389,331,543 | (18,266,523) | (18,266,523) | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | shares | 18,266,523 | 18,266,523 | |||||||||||||||||
Cumulative effect of adoption of new accounting standard (Note 2(i)) | ¥ 249 | ¥ (293,795) | 9,125,748 | 271,821 | (7,834,879) | 1,269,144 | (43,203) | ¥ 1,225,941 | |||||||||||
Issuance of ordinary shares pursuant to share incentive plan | ¥ 5,195 | (5,142) | 53 | 53 | |||||||||||||||
Issuance of ordinary shares pursuant to share incentive plan (in shares) | shares | 314,592 | 314,592 | |||||||||||||||||
Share-based compensation expenses | 5,049 | 5,049 | 5,049 | ||||||||||||||||
Disposal of shares in subsidiaries | (24,061) | (24,061) | |||||||||||||||||
Foreign currency translation adjustments | 27,160 | 27,160 | 27,160 | ||||||||||||||||
Net loss | (193,382) | (193,382) | (9,614) | (202,996) | $ (29,430) | ||||||||||||||
Balance at Dec. 31, 2022 | ¥ 249 | $ 36 | ¥ (288,600) | $ (41,843) | 9,125,655 | $ 1,323,096 | 298,981 | $ 43,348 | (8,028,261) | $ (1,163,988) | 1,108,024 | $ 160,649 | (76,878) | $ (11,146) | ¥ 1,031,146 | $ 149,503 | |||
Balance (in shares) at Dec. 31, 2022 | shares | 389,331,543 | 389,331,543 | (17,951,931) | (17,951,931) | |||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | shares | 17,951,931 | 17,951,931 | |||||||||||||||||
Cumulative effect of adoption of new accounting standard (Note 2(i)) | ¥ 249 | $ 36 | ¥ (288,600) | $ (41,843) | ¥ 9,125,655 | $ 1,323,096 | ¥ 298,981 | $ 43,348 | ¥ (8,028,261) | $ (1,163,988) | ¥ 1,108,024 | $ 160,649 | ¥ (76,878) | $ (11,146) | ¥ 1,031,146 | $ 149,503 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Cash flows from operating activities: | ||||
Net loss | ¥ (202,996) | $ (29,430) | ¥ (128,468) | ¥ (1,343,630) |
Depreciation of property and equipment | 15,369 | 2,227 | 24,755 | 127,836 |
Amortization of intangible assets and land use right | 11,675 | 1,693 | 18,609 | 66,597 |
Amortization of right-of-use assets | 11,119 | 1,612 | 20,443 | 28,952 |
(Reversal)/ provision of allowance for credit losses | (9,844) | (1,427) | 17,829 | 829,652 |
Change in fair value of contingent consideration | (3,053) | (443) | (3,597) | (5,451) |
Foreign exchange (losses)/gains | (5,259) | (762) | 1,168 | (15,682) |
Loss from long-term investments | 49,502 | |||
Loss from disposal of property and equipment and intangible assets | 4,964 | 720 | 1,762 | 3,790 |
Gain from dividend of equity investments | (130) | (19) | (5,982) | |
Loss from impairment of intangible assets | 31,876 | |||
Share-based compensation expenses | 5,049 | 732 | 9,132 | 20,464 |
Change in deferred tax liabilities | (1,741) | (252) | (2,382) | (8,797) |
Remeasurement of equity investments | (5,603) | (812) | (11,443) | 9,021 |
Change in fair value of investments | (23,608) | (3,423) | (32,687) | (60,630) |
Gain from disposals of subsidiaries | (64,951) | (9,417) | ||
Impairment of goodwill | 112,102 | 16,253 | 0 | 0 |
Share of results of equity investees | (292) | (42) | (726) | (797) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (36,996) | (5,364) | 39,834 | 208,175 |
Short-term and long-term amounts due from related parties | 8,825 | 1,280 | 8,282 | 9,553 |
Prepayments and other current assets | 48,558 | 7,039 | 175,139 | 447,332 |
Other non-current assets | 2,113 | 306 | (6,058) | (45,233) |
Operating lease liabilities, current and non-current | (12,675) | (1,838) | (23,507) | (24,983) |
Accounts and notes payable | 16,775 | 2,432 | (222,380) | (492,659) |
Amounts due to related parties | 31 | 4 | (16,354) | (8,721) |
Salary and welfare payable | (3,776) | (547) | (13,716) | (64,936) |
Taxes payable | (3,646) | (529) | 2,000 | (6,203) |
Advances from customers | (16,589) | (2,405) | (68,984) | (905,118) |
Accrued expenses and other liabilities | 11,588 | 1,680 | (9,011) | (163,025) |
Net cash used in operating activities | (142,991) | (20,732) | (226,342) | (1,313,115) |
Cash flows from investing activities: | ||||
Purchase of short-term investments | (462,513) | (67,058) | (336,548) | (1,460,051) |
Proceeds from maturity of short-term investments | 381,756 | 55,349 | 1,096,550 | 1,445,422 |
Cash paid for loan receivable | (825,294) | (119,656) | (858,538) | (314,411) |
Cash received from loan repayment | 876,608 | 127,096 | 724,277 | 555,414 |
Purchase of property and equipment and intangible assets | (6,450) | (935) | (14,742) | (28,330) |
Decrease in cash from disposals of subsidiaries | (16,065) | (2,329) | ||
Proceeds from maturity of long-term investments | 86,845 | 904,755 | ||
Cash received from dividend of equity investment | 130 | 19 | 5,982 | |
Cash received from disposal of equity investment | 56,574 | |||
Cash paid for acquisition, net of cash received | (310) | |||
Net cash provided by/(used in) investing activities | (51,828) | (7,514) | 703,826 | 1,159,063 |
Cash flows from financing activities: | ||||
Cash paid for repurchase of ordinary shares | (308) | |||
Proceeds from issuance of ordinary shares upon exercise of options | 46 | 7 | 373 | 58 |
Contingent consideration paid for business acquisitions | 0 | (14,019) | ||
Repurchase of redeemable noncontrolling interests | (10,000) | |||
Acquisition of noncontrolling interests of subsidiaries | (1,903) | |||
Repayment of borrowings and discounted notes | (240,532) | (34,874) | (620,932) | (918,532) |
Proceeds from borrowings and discounted notes | 240,000 | 34,797 | 277,900 | 733,255 |
Net cash used in financing activities | (486) | (70) | (344,562) | (209,546) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,406) | (349) | (1,428) | 5,187 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (197,711) | (28,665) | 131,494 | (358,411) |
Cash, cash equivalents and restricted cash at the beginning of year | 395,598 | 57,356 | 264,104 | 622,515 |
Cash, cash equivalents and restricted cash at the end of year | 197,887 | 28,691 | 395,598 | 264,104 |
Supplemental disclosure of cash flow information | ||||
Income tax paid | 2,199 | 319 | 3,007 | 3,515 |
Interest paid | 5,046 | 732 | 7,110 | 24,597 |
Supplemental disclosure of non-cash investing and financing activities | ||||
Accrual related to purchase of property and equipment | 6,925 | 1,004 | 4,429 | 5,632 |
Receivables related to exercise of stock options | (35) | (5) | (28) | (45) |
Accrual related to purchase business acquisitions | ¥ 4,100 | $ 594 | ¥ 7,176 | ¥ 10,750 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities | |
Organization and Principal Activities | 1. Organization and Principal Activities Tuniu Corporation (the “Company”) is an exempted company with limited liability incorporated in the Cayman Islands. The Company, its subsidiaries and the consolidated variable interest entity (“VIE”) and the VIE’s subsidiaries (collectively referred to as the “Affiliated Entities”) are collectively referred to as the “Group”. The Group’s principal activity is the provision of travel-related services mainly in the People’s Republic of China (“PRC”). As of December 31, 2022, the Company’s significant consolidated subsidiaries and the consolidated Affiliated Entities are as follows: Percentage of direct or indirect Place of economic Name of subsidiaries and Affiliated entities Date of establishment/acquisition incorporation ownership Subsidiaries of the Company: Tuniu (HK) Limited Established on May 20, 2011 Hong Kong 100 % Tuniu (Nanjing) Information Technology Co., Ltd. Established on August 24, 2011 PRC 100 % Beijing Tuniu Technology Co., Ltd. (“Beijing Tuniu”) Established on September 8, 2008 PRC 100 % Jiangsu Kaihui Commercial Factoring Co., Ltd Established on September 22, 2015 PRC 100 % Xiamen Suiwang International Travel Service Co., Ltd. Established on January 26, 2016 PRC 100 % Tianjin Tuniu International Travel Service Co., Ltd. Established on March 23, 2016 PRC 100 % Guangzhou Kaihui Internet Microcredit Co., Ltd. Established on June 13, 2016 PRC 100 % Nanjing Kaihui Internet Microcredit Co., Ltd. Established on December 28, 2016 PRC 90 % Variable Interest Entity (“VIE”) Nanjing Tuniu Technology Co., Ltd. (“Nanjing Tuniu”) Established on December 18, 2006 PRC 100 % Subsidiaries of VIE Shanghai Tuniu International Travel Service Co., Ltd. Acquired on August 22, 2008 PRC 100 % Nanjing Tuniu International Travel Service Co., Ltd. Acquired on December 22, 2008 PRC 100 % Beijing Tuniu International Travel Service Co., Ltd. Acquired on November 18, 2009 PRC 100 % Nanjing Tuzhilv Tickets Sales Co., Ltd. Established on April 19, 2011 PRC 100 % Tuniu Insurance Brokers Co., Ltd. Acquired on August 11, 2015 PRC 100 % |
Principal Accounting Policies
Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Principal Accounting Policies | |
Principal Accounting Policies | 2. Principal Accounting Policies (a) Basis of Presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). Liquidity The Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. The Group incurred net losses of RMB1,343,630, RMB128,468 and RMB202,996 for the years ended December 31, 2020, 2021 and 2022, respectively. Net cash used in operating activities was RMB1,313,115, RMB226,342 and RMB142,991 for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, the Group’s accumulated deficit was RMB8,028,261 and the Group had cash and cash equivalents and short-term investments of RMB878,248 and working capital of RMB425,664. In particular, the COVID-19 pandemic has had material adverse impacts on the Group’s business operations for the past three years. Despite the relaxation of COVID-19 related travel restrictions in mainland China in December 2022, there is still a degree of uncertainty as to how COVID-19 pandemic will continue to impact the Group’s results of operations and cash flows for subsequent periods. Such adverse conditions and events, before consideration of management’s plan, raised a substantial doubt about the Company’s ability to continue as a going concern. In response to the COVID-19 pandemic, in 2022, the Group continued to take actions to improve its liquidity, including scaling down its business operations by reducing capital expenditures and operational expenses that were discretionary in nature and obtaining funding from the maturity of certain short-term and long-term investments. Management has developed a plan to mitigate these adverse conditions and events, including a business plan with forecasted cash flows covering the next twelve months from the date of issuance of the consolidated financial statements. Moving forward, management plans to maintain adequate funds to provide a sufficient flexibility in adjusting the Group’s operation scale to cope with the development of the COVID-19 pandemic, and management will continue to manage the Group’s capital expenditures, operational expenses and investments based on the Group’s liquidity position and working capital needs. Based on management’s liquidity assessment, which has considered the Group’s operations at the current business scale, the latest development of COVID-19 pandemic and its possible continuous impact on the Group’s business operations, the available funding from maturity of the Group’s short-term and long-term investments, and the available cash and cash equivalents, the Group will be able to meet its working capital requirements and capital expenditures in the ordinary course of business for the next twelve months from the issuance of these consolidated financial statements. Key assumptions and judgments were made by management related to future sales proceeds, capital expenditures, operational expenses and investments when developing the business plan with forecasted cash flows. As a result, management concluded that business plan, when implemented effectively, will alleviate the substantial doubt on the Company’s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on going concern basis. (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the Affiliated Entities for which the Company is the primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has controlling interest and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiary has controlling interests in a VIE, the Company considers whether the Company or its subsidiary has the power to direct activities that most significantly impact the VIE’s economic performance, and the right to receive benefits from the VIE or the obligation right to absorb losses of the VIE that could be potentially significant to the VIE. 2. Principal Accounting Policies – continued (b) Principles of Consolidation – continued All transactions and balances among the Company, its subsidiaries and the Affiliated Entities have been eliminated upon consolidation. The Company is not an operating company in China but a Cayman Island holding company conducting its operations in China through our PRC subsidiaries and the consolidated affiliated entities. Holders of the Company’s ADSs hold equity interest in Tuniu Corporation, the Cayman Islands holding company, and do not have direct or indirect equity interest in the VIE. To comply with PRC laws and regulations that restrict foreign equity ownership of companies that operate internet content, travel agency and air-ticketing services, the Company operates its website and engaged in such restricted services through Nanjing Tuniu and its subsidiaries. Nanjing Tuniu’s equity interests are held by Dunde Yu, the Company’s Chief Executive Officer, and Anqiang Chen, the Company’s financial controller, with equity interests of 80.89% and 19.11% , respectively. On September 17, 2008 and subsequently amended on January 24, 2014 and February 19, 2021, Beijing Tuniu, one of the Company’s wholly owned subsidiaries, entered into a series of agreements with Nanjing Tuniu and its shareholders. Pursuant to these agreements, Beijing Tuniu has the ability to direct substantially all the activities of Nanjing Tuniu, and absorb substantially all of the risks and rewards of the Affiliated Entities. As a result, Beijing Tuniu is the primary beneficiary of Nanjing Tuniu, and has consolidated the Affiliated Entities. Contractual arrangements On September 17, 2008 and subsequently amended on January 24, 2014 and February 19, 2021, Beijing Tuniu entered into a series of contractual agreements with Nanjing Tuniu and its shareholders, as below: (1) Purchase Option Agreement. Under the purchase option agreement entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, Beijing Tuniu has the irrevocable exclusive right to purchase, or have its designated person or persons to purchase all or part of the shareholders’ equity interests in Nanjing Tuniu at RMB 2,430 . The option term remains valid until all equity interests held in Nanjing Tuniu are transferred or assigned to Beijing Tuniu or its designated person or persons. The purchase consideration was paid by Beijing Tuniu to the shareholders of Nanjing Tuniu shortly after the purchase option agreement was entered. (2) Equity Interest Pledge Agreements. Under the equity interest pledge agreements entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, the shareholders pledged all of their equity interests in Nanjing Tuniu to guarantee their performance of their obligations under the purchase option agreement and the shareholders’ voting rights agreement. If the shareholders of Nanjing Tuniu breach their contractual obligations under the purchase option agreement, Beijing Tuniu, as the pledgee, will have the right to either conclude an agreement with the pledger to obtain the pledged equity or seek payments from the proceeds of the auction or sell-off of the pledged equity to any person pursuant to the PRC law. The shareholders of Nanjing Tuniu agreed that they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests. During the equity pledge period, Beijing Tuniu is entitled to all dividends and other distributions made by Nanjing Tuniu. The equity interest pledge agreement remains effective until the shareholders of Nanjing Tuniu discharge all their obligations under the purchase option agreement, or Beijing Tuniu enforces the equity interest pledge, whichever is earlier. 2. Principal Accounting Policies – continued (b) Principles of Consolidation – continued (3) Shareholders’ Voting Rights Agreement. Under the shareholders’ voting rights agreement entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, each of the shareholders of Nanjing Tuniu appointed Beijing Tuniu’s designated person as their attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu, including attending shareholders’ meetings, voting on all matters of Nanjing Tuniu, nominating and appointing directors, convene extraordinary shareholders’ meetings, and other voting rights pursuant to the then effective articles of association. The shareholders’ voting rights agreement will remain in force for an unlimited term, unless all the parties to the agreement mutually agree to terminate the agreement in writing or cease to be shareholders of Nanjing Tuniu. (4) Irrevocable Powers of Attorney. Under the powers of attorney issued by the shareholders of Nanjing Tuniu, the shareholders of Nanjing Tuniu each irrevocably appointed Beijing Tuniu as the attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu. Each power of attorney will remain in force until the shareholders’ voting rights agreement expires or is terminated. (5) Cooperation Agreement. Under the cooperation agreement entered between Beijing Tuniu and Nanjing Tuniu, Beijing Tuniu has the exclusive right to provide Nanjing Tuniu technology consulting and services related to Nanjing Tuniu’s operations, which require certain licenses. Beijing Tuniu owns the exclusive intellectual property rights created as a result of the performance of this agreement. Nanjing Tuniu agrees to pay Beijing Tuniu a quarterly service fee which equals the profits of each of Nanjing Tuniu and its subsidiaries, and that Beijing Tuniu can adjust the service fee at its own discretion. This agreement remains effective for an unlimited term, unless the parties mutually agree to terminate the agreement, one of the parties is declared bankrupt or Beijing Tuniu is not able to provide consulting and services as agreed for more than three In the years ended December 31, 2020, 2021 and 2022, the Company and its subsidiaries charged technology consulting service fees and group management fees of RMB12,813, RMB16,308 and RMB6,178, respectively, from its consolidated Affiliated Entities, which were eliminated in the consolidated financial statements. Risks in relation to the VIE structure The Group believes that each of the agreements and the powers of attorney under the contractual arrangements among Beijing Tuniu, Nanjing Tuniu and its shareholders is valid, binding and enforceable, and does not and will not result in any violation of PRC laws or regulations currently in effect. The legal opinion of Fangda Partners, the Company’s PRC legal counsel, also supports this conclusion. The shareholders of Nanjing Tuniu are also shareholders, nominees of shareholders, or designated representatives of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of Nanjing Tuniu were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. 2. Principal Accounting Policies – continued (b) Principles of Consolidation – continued Being the primary beneficiary of Nanjing Tuniu also depends on the power of attorney Beijing Tuniu has to vote on all matters requiring shareholder approval in Nanjing Tuniu. As noted above, the Company believes this power of attorney is legally enforceable but it may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could: ● levying fines or confiscate the Group’s income; ● revoke the Group’s business or operating licenses; ● require the Group to discontinue, restrict or restructure its operations; ● shut down the Group’s servers or block the Group’s websites and mobile platform; ● restrict or prohibit the use of the Group’s financing proceeds to finance its business and operations in PRC; or ● take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business Currently, the Company believes the possibility that it will no longer be the primary beneficiary of Nanjing Tuniu and consolidate Nanjing Tuniu and its subsidiaries as a result of the aforementioned risks and uncertainties is remote. Summary financial information of the Affiliated Entities in the consolidated financial statements As of December 31, 2022, the aggregate accumulated deficit of the Affiliated Entities was RMB4,698 million prior to the elimination of transactions between the Affiliated Entities and the Company or the Company’s subsidiaries. 2. Principal Accounting Policies – continued (b) Principles of Consolidation – continued The following table sets forth the assets, liabilities, results of operations and cash flows of the Affiliated Entities which are included in the consolidated financial statements as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022: As of December 31, 2021 2022 RMB RMB US$(Note 2(d)) ASSETS Current assets Cash and cash equivalents 89,431 76,759 11,129 Restricted cash 20,410 1,840 267 Short-term investments 306,100 283,472 41,100 Accounts receivable, net 111,941 33,644 4,878 Intercompany receivables 424,829 450,135 65,263 Amounts due from related parties 14,805 957 139 Prepayments and other current assets 46,455 37,172 5,389 Total current assets 1,013,971 883,979 128,165 Non-current assets Long-term investments 175,947 206,691 29,967 Property and equipment, net 41,062 32,169 4,664 Intangible assets, net 51,925 26,924 3,904 Operating lease right-of-use assets, net 27,841 27,952 4,053 Goodwill 184,619 68,125 9,877 Other non-current assets 86,766 85,970 12,464 Total non-current assets 568,160 447,831 64,929 Total assets 1,582,131 1,331,810 193,094 LIABILITIES Current liabilities Short-term borrowings 184,546 187,737 27,219 Accounts and notes payable 325,716 189,898 27,533 Intercompany payable 5,271,506 5,280,746 765,637 Salary and welfare payable 24,689 16,806 2,437 Taxes payable 4,113 1,604 233 Advances from customers 123,625 78,356 11,361 Operating lease liabilities, current 4,457 2,759 400 Amounts due to related parties 2,198 2,163 314 Accrued expenses and other current liabilities 330,723 320,522 46,471 Total current liabilities 6,271,573 6,080,591 881,605 Non-current liabilities Operating lease liabilities, non-current 23,935 24,156 3,502 Deferred tax liabilities 10,341 6,074 881 Total non-current liabilities 34,276 30,230 4,383 Total liabilities 6,305,849 6,110,821 885,988 2. Principal Accounting Policies – continued (b) Principles of Consolidation – continued For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Net revenues - intra-Group (1) 77,565 21,117 105,600 15,311 Net revenues - third-party 408,137 228,472 158,920 23,041 Net loss attributable to Tuniu Corporation (2) (509,406) (42,858) (38,026) (5,513) Net cash used in operating activities (849,609) (190,429) (77,733) (11,270) Net cash provided by investing activities 901,947 411,467 81,081 11,756 Net cash used in financing activities (332,455) (276,001) (34,589) (5,015) Additional disclosures relating to operating results of the Affiliated Entities: (1) Net revenues - intra - Group reflect amounts charged to other entities within the Group for royalty fee for the usage of software owned by VIE in the amount of RMB77,565, RMB21,117 and RMB27,600 , for the years ended December 31, 2020, 2021 and 2022, respectively. Net revenues also include revenue for sales of intangible assets within the Group. All these transactions have been eliminated in the presentation of consolidated statement of comprehensive loss. (2) Net loss includes costs occured to other entities within the Group for technology consulting service fees and group management fees in the amount of RMB12,813, RMB16,308 and RMB6,178, for the years ended December 31, 2020, 2021 and 2022, respectively, all of which have been eliminated in the presentation of consolidated statement of comprehensive loss. Additional disclosures relating to investing activities of the Affiliated Entities: Investing activities of the Affiliated Entities primarily represent the investment of, or redemption of, short-term investments during the periods indicated. Additional disclosures relating to financing activities of the Affiliated Entities: Financing activities include borrowing and repayment of loans from other entities within the Group, including repayments of RMB133,455, borrowings of RMB8,099 and repayments of RMB36,689, for the years ended December 31, 2020, 2021 and 2022, respectively, all of which have been eliminated in the presentation of consolidated statement of cash flows. In addition, the Affiliated Entities repaid financing from banks by discounting bank acceptance notes (Note 15) for their operations with the amount of RMB199,000 and RMB284,100 for the years ended December 31, 2020 and 2021, respectively and obtained financing with the amount of RMB2,100 for the year ended December 31, 2022. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the Affiliated Entities. As the Company is conducting its business mainly through the Affiliated Entities, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. Under the contractual arrangements with Nanjing Tuniu and through its equity interest in its subsidiaries, the Group has the power to direct the activities of the Affiliated Entities and direct the transfer of assets out of the Affiliated Entities. As the consolidated Affiliated Entities are each incorporated as a limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all of the liabilities of the consolidated Affiliated Entities. 2. Principal Accounting Policies – continued (c) Use of Estimates The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ materially from those estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include fair value of short-term and long-term investments, current expected credit losses for financial assets measured at amortized cost, estimated useful lives of property and equipment and intangible assets, impairment for goodwill, impairment for non-financial assets, fair value of contingent considerations with respect to business combinations, fair value of share-based payment arrangements, fair value of initial and subsequent measurement of equity investments using measurement alternative, valuation allowance for deferred tax assets and the determination of uncertain tax positions. (d) Functional Currency and Foreign Currency Translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of PRC is the United States dollar (“US$”), while the functional currency of the PRC entities in the Group is RMB as determined based on ASC 830, Foreign Currency Matters Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive loss as foreign exchange gains / losses. When preparing the consolidated financial statements presented in RMB, assets and liabilities of the Company and its subsidiaries incorporated outside of PRC are translated into RMB at fiscal year-end exchange rates, and equity accounts are translated into RMB at historical exchange rates. Income and expense items are translated at average exchange rates prevailing during the respective fiscal years. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of accumulated other comprehensive income or loss in the consolidated statement of changes in shareholders’ equity. 2. Principal Accounting Policies – continued (d) Functional Currency and Foreign Currency Translation – continued The unaudited United States dollar amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00 = RMB6.8972 on December 31, 2022, as set forth in H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2022, or at any other rate. (e) Fair Value Measurement The Group defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Group’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable, amounts due from and due to related parties, long-term investments in financial products, borrowings, operating lease liabilities, contingent consideration for business combinations and certain accrued liabilities and other current liabilities. The carrying values of these financial instruments approximated their fair values due to the short-term maturity of these instruments except for certain investments which are carried at fair value and contingent consideration for business combinations at each balance sheet date. The Group’s equity security with readily determinable fair value is carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. Certain short-term and long-term investments in financial products and funds classified within Level 2 are valued using directly or indirectly observable inputs in the market place. Certain investments in financial products and contingent consideration for business combinations classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. 2. Principal Accounting Policies – continued (e) Fair Value Measurement – continued The Group’s assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurement Using Significant Other Markets for Identical Assets (Level 1) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Long-term investments 988 889 129 Fair Value Measurement Using Significant Other Observable Inputs (Level 2) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 580,855 659,336 95,595 Fair Value Measurement Using Unobservable Inputs (Level 3) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 30,006 60,038 8,705 Contingent consideration for business combinations - short term 7,153 4,100 594 The roll forward of major Level 3 investments are as following: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Fair value of Level 3 investment at the beginning of the year 71,506 30,006 4,350 Addition 30,000 30,000 4,350 Decrease (71,241) — — Change in fair value of the investments (259) 32 5 Fair value of Level 3 investment at the end of the year 30,006 60,038 8,705 The Company determined the fair value of its investments by using income approach with significant unobservable inputs of future cash flows and discount rates ranging from 2.0% to 10.0%. 2. Principal Accounting Policies – continued (e) Fair Value Measurement – continued The roll forward of contingent consideration for acquisitions is as below: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Balance at the beginning of the year 10,750 7,153 1,037 Net change in fair value (3,597) (3,053) (443) Balance at the end of the year 7,153 4,100 594 Contingent consideration is valued using an expected cash flow method with unobservable inputs including the probability to achieve the operating and financial targets, which is assessed by the Group, in connection with the contingent consideration arrangements. (f) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks and third party payment processors, which are unrestricted as to withdrawal or use. Cash equivalents represent short term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of generally three months or less. (g) Restricted Cash Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group’s restricted cash mainly represents (i) cash deposits required by tourism administration departments as a pledge to secure travellers’ rights and interests, (ii) cash deposits required by China Insurance Regulatory Commission for engaging in insurance agency or brokering activities, (iii) the deposits held in designated bank accounts for issuance of bank acceptance notes and letter of guarantee, and required by the Group’s business partners, (iv) deposits frozen by banks required by courts. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on consolidated balance sheet as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash and cash equivalents 213,538 349,077 153,835 22,304 Restricted cash 50,566 46,521 44,052 6,387 Total 264,104 395,598 197,887 28,691 (h) Short-term Investments Short-term investments are comprised of (i) held-to-maturity investments such as time deposits, which are due between three months and one year and stated at amortized cost; and (ii) investments in financial products issued by banks or other financial institutions, which contain a fixed or variable interest rate and with original maturities between three months and one year. Such investments are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. There was no other-than-temporary impairment of short-term investments measured at amortized cost for the years ended December 31, 2020, 2021 and 2022. 2. Principal Accounting Policies – continued (i) Current expected credit losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. On January 1, 2020, the Group adopted this ASC Topic 326 and several associated ASUs on the measurement of credit losses, which requires the Group to estimate lifetime expected credit losses upon recognition of the financial assets. The Group adopted the accounting standards update using a modified retrospective approach. Upon adoption of the new standard on January 1, 2020, the Group recorded a net decrease to its retained earnings of RMB19,425. The Group’s accounts receivable, held-to-maturity investments, prepayments and other current assets, amounts due from related parties and long-term amounts due from related parties are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and prepayments, which include nature, size and types of the services the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, progress of COVID-19 pandemic and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. (j) Accounts Receivable, net The Group’s accounts receivable mainly consist of amounts due from the customers, travel agents, insurance companies and travel boards or bureaus, which are carried at the original invoice amount less provision for current expected credit losses. The Group recognized allowance for expected credit losses of RMB55,910, RMB13,216 and a reversal of RMB1,530 for the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarized the details of the Group’s allowance for expected credit losses related to accounts receivables: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginn |
Risks and Concentration
Risks and Concentration | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Concentration | |
Risks and Concentration | 3. Risks and Concentration (a) Credit and Concentration Risks The Group’s credit risk arises from cash and cash equivalents, restricted cash, short-term investments, prepayments and other current assets, accounts receivables, due from related parties and long-term investments. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. The Group expects that there is no significant credit risk associated with the cash and cash equivalents, restricted cash and time deposits, which are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and the Affiliated Entities are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. As of December 31, 2022, the Group had RMB61,874 in bank A, located in PRC and USD6,546 (RMB45,149) in bank B, located in Hong Kong, representing 31% and 23% of total cash and cash equivalents and restricted cash balance, respectively. The Group has no significant concentrations of credit risk with respect to its customers, as customers usually prepay for travel services. Accounts receivable are typically unsecured and are primarily derived from revenue earned from individual customers, corporate customers, travel agents, insurance companies and travel boards or bureaus. The risk with respect to accounts receivable is mitigated by credit evaluations performed on those customers and ongoing monitoring processes on outstanding balances. No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2020, 2021 and 2022. The Group has purchased financial products issued by banks, companies and other financial institutions. The Group also provided account receivables factoring service and cash lending service to customers. The Group has set up a risk evaluation system on the issuers of credit quality, ultimate borrowers of asset management schemes, and conducts collectability assessment of the financial assets and loan receivables on timely basis. The Group’s collectability assessment considers duration of credit periods, the credit standing of the borrowers and parties that have guaranteed the repayment of the debts, the quality of assets pledged, the borrowers’ repayment plans, forward looking information and an evaluation of default risk by reference to relevant information that is publicly available. (b) Foreign Currency Risk The Group’s operating transactions and its assets and liabilities are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of RMB is subject to changes influenced by central government policies, and international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in PRC must be processed through the PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. |
Business acquisition
Business acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Business acquisition. | |
Business acquisition | 4. Business acquisition Acquisition of travel agencies Before 2020, the Group made several acquisitions in offline travel agencies. These business acquisitions were accounted for using purchase accounting and goodwill of RMB232,007 was recognized accordingly. The fair value of the contingent cash consideration, based on the achievement of profit target in the future, was estimated using a probability-weighted scenario analysis method. During the years ended December 31, 2020, 2021 and 2022, the Group paid RMB14,019, nil Pro forma results of operations for the acquisitions described above have not been presented because they are not material to the Group’s consolidated income statements, either individually or in aggregate. Disposal of travel agencies During the year ended December 31, 2022, the Group disposed the controlling interests in certain subsidiaries engaging in travel agency business, which were acquired by the Group before 2020, and only retained non-controlling interests in these former subsidiaries after the disposals. There is only one reporting unit in the Group, and the Group attributed portions of the reporting unit’s goodwill to these disposed entities in determining the gain or loss on the disposal of the business, based on the relative fair values of these disposed entities compared with the fair value of the Group. As the disposed entities are not individually material to the Group’s consolidated financial statements, the disposal activities are presented in aggregate as follows: Amount Total consideration 17,264 Recognition of: Long-term investment - fair value of retained non-controlling interests 9,655 Derecognition of: Net liabilities (including cash disposed of RMB23,519) 29,482 Intangible assets (16,027) Deferred tax liability 3,899 Noncontrolling interests 24,061 Waiver of the contingent consideration yet to be paid 1,861 Goodwill attributable to the disposed entities (5,244) Total disposal gain 64,951 As of December 31, 2022, the Group received proceeds of RMB7,454 with unpaid amount of RMB9,810, which is expected to receive in 5 As a result of above disposals, the Group recognized a disposal gain of RMB64,951 for the year ended December 31, 2022. The business size of disposed former subsidiaries were not material to the Group and the Group continues to operate its travel agency business, hence the disposals were not considered as a strategic shift for the Group’s business operations nor discontinued operations. Refer to Note 7 for accounting for the retained noncontrolling investments in these former subsidiaries. |
Transaction with JD.com, Inc.
Transaction with JD.com, Inc. | 12 Months Ended |
Dec. 31, 2022 | |
Transaction with JD.com, Inc. | |
Transaction with JD.com, Inc. | 5. Transaction with JD.com, Inc. On May 8, 2015, the Company entered into a share subscription agreement with Fabulous Jade Global Limited, an affiliate of JD.com, Inc., and a Business Cooperation Agreement (“BCA”) with JD. Com, Inc. (“JD”) for a period of five years. Pursuant to these agreements, the Company issued 65,625,000 Class A ordinary shares for a cash consideration of RMB1,528.2 million (US$250 million) and the business resource contributed by JD. According to BCA, the business resource includes the exclusive rights to operate the leisure travel channel for both JD’s website and mobile application and JD’s preferred partnership for hotel and air ticket reservation service, the internet traffic support and marketing support for the leisure travel channel for a period of five years started from August 2015. The acquisition of BCA is considered as assets acquisition and the intangible assets acquired include the exclusive operation right of leisure travel channel, preferred partnership of hotel and air ticket reservation service, traffic and marketing supports. Due to the downturn in business activities in 2020, the Group wrote down RMB9,554 for these intangible assets for the year ended December 31, 2020. As of December 31, 2020, the five-year agreement had expired, and the carrying value of above intangible assets was nil, so the Group wrote off these intangible assets. |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other current assets | |
Prepayments and other current assets | 6. Prepayments and other current assets The following is a summary of prepayments and other current assets: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Prepayments to suppliers 74,328 45,212 6,555 Interest income receivable 814 843 122 Prepayment for advertising expenses 1,714 406 59 Loan receivables 151,089 100,361 14,551 Value-added tax receivables 76,285 62,808 9,106 Receivables from employees 15,180 12,598 1,827 Others 17,623 20,766 3,011 Total 337,033 242,994 35,231 Loan receivables are recorded in connection with the Group’s cash lending service. The Group recognized a net provision for prepayments and other current assets of RMB170,639, RMB2,858 and RMB8,458 for the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarized the details of the Group’s provision for prepayments and other current assets: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of year 154,482 342,383 318,034 46,111 Cumulative effect of adoption of new accounting standard for 17,262 — — — Addition 182,829 22,408 16,508 2,393 Reversal (12,190) (19,550) (8,050) (1,167) Write-offs — (27,207) — — Disposals of subsidiaries — — (1,614) (234) Balance at the end of year 342,383 318,034 324,878 47,103 |
Long-term investments
Long-term investments | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Long-term investments | 7. Long-term investments The Group’s long-term investments consist of equity investments, held-to-maturity investments and other long-term investments. As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Equity investments – equity method 44,415 54,362 7,882 Equity investments – without readily determinable fair values 153,643 172,563 25,019 Equity investments – securities with readily determinable fair values (Note 23(a)) 988 889 129 Held-to-maturity investments 2,901 2,748 398 Total 201,947 230,562 33,428 Equity investments - equity method In December 2016, Nanjing Zhongshan Financial Leasing Co., Ltd. (“Zhongshan”) was established and the Group invested RMB42,500 for 25% of equity interest in Zhongshan. This investment was accounted for as an equity-method investment because the Group has significant influence over the operating and financial policies of Zhongshan as the Group has one of the five board seats of Zhongshan. As of December 31, 2021 and 2022, the carrying value of its equity investment was RMB44,415 and RMB45,577, respectively. As disclosed in Note 4, during the year ended December 31, 2022, the Group disposed the controlling interests in certain subsidiaries and only retained non-controlling interests in the former subsidiaries after the disposals, and recognized an investment of RMB9,655. Since the Group is still entitled to appoint one board seat to each of former subsidiaries, the Group is considered to be able to insert significant influence over their operating and financial policies, the retained noncontrolling investments are measured under equity method. During the years ended December 31, 2020, 2021 and 2022, the Group recognized RMB797, RMB726 and RMB292 of shares of income of equity investees, respectively, from all of its equity method investments. Financial information of the investees described above have not been presented because they are not material to the Group’s consolidated income statements, either individually or in aggregate. Equity investments – without readily determinable fair values As of December 31, 2021 2022 RMB RMB US$(Note 2(d)) Equity investments without readily determinable fair values: Initial cost 161,666 174,983 25,370 Net cumulative fair value adjustments (8,023) (2,420) (351) Carrying Value 153,643 172,563 25,019 Before 2020, the Group made several equity investments in private companies, over which the Group has neither significant influence over operating and financial policies nor control through its investments. The Group is also not entitled to redemption rights to request investees to early redeem its equity interests at the Group’s sole discretion. With the adoption of ASU 2016-01 effective from January 1, 2018, the Group elected a measurement alternative to account for these equity investments. 7. Long-term investments - continued As disclosed in Note 23(a), in May 2022, the Group received and registered 632,992,650 trust units, representing 0.09% of total unit interests, as the settlement of the remaining HNA debts. Upon the receipts of trust units with the legal title by the Group, the Group recognized an initial investment with the amount of RMB13,318. As an ordinary unit holder, the Group is entitled to receive distribution of trust income based on the income distribution plan of HNA trust. The Group has no redemption rights to request HNA Trust to early redeem its trusts units at the Group’s sole discretion and HNA trust is a privately owned and the trust units are not traded publicly. As a result, the Group accounted for such investment in trust units as equity investment without readily determinable fair values and elected to apply the measurement alternatives for this investment. During the years ended December 31, 2020, 2021 and 2022, the Group remeasured certain of above equity investments based on the information obtained from observable transactions and recognized an investment loss of RMB9,021, an investment gain of RMB11,443 and RMB5,603, respectively. During the year ended December 31, 2020, the Group recognized impairment losses of RMB49,502 on certain equity investments based on the Group’s assessment of current economic conditions with the considerations of COVID-19 impacts, as well as the operating performance of the investees. The impairment was recorded in other income/(loss). No impairment loss was recognized for long-term investments for the years ended December 31, 2021 and 2022. Held-to-maturity investments During 2019, the Group made investments in time deposits that the Group has intention and ability to hold until maturity. The Group classified these investments as held-to-maturity investments. As of December 31, 2021 and 2022, the carrying value of these investments amounted to RMB 2,901 and RMB2,748, respectively. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Property and equipment, net | 8. Property and equipment, net The following is a summary of property and equipment, net: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Computers and equipment 136,993 119,600 17,340 Leasehold improvements 139,087 119,069 17,263 Buildings 4,109 4,109 596 Furniture and fixtures 16,541 13,328 1,932 Vehicles 19,419 6,875 997 Software 190,100 192,553 27,918 Others 2,102 — — Subtotal 508,351 455,534 66,046 Less: Accumulated depreciation (452,759) (417,644) (60,553) Property and equipment subject to depreciation 55,592 37,890 5,493 Construction in progress 42,567 47,292 6,857 Total 98,159 85,182 12,350 Depreciation expense for the years ended December 31, 2020, 2021 and 2022 was RMB127,836, RMB24,755 and RMB15,369, respectively. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Intangible assets, net | 9. Intangible assets, net Intangible assets, net, consist of the following: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Travel license 31,056 30,456 4,415 Insurance agency license 11,711 11,711 1,698 Software 73,056 64,985 9,422 Technology 4,300 4,300 623 Trade names 41,634 38,264 5,548 Supplier relationship 8,560 — — Customer relationship 21,787 11,020 1,598 Non-compete agreements 6,399 5,816 843 Subtotal 198,503 166,552 24,147 Less: Accumulated amortization (120,805) (113,558) (16,464) Less: Impairment (22,322) (22,322) (3,236) Total 55,376 30,672 4,447 Amortization expenses for intangible assets were RMB64,536, RMB16,547 and RMB9,613 for the years ended December 31, 2020, 2021 and 2022, respectively. The Group provided impairment charges for trade names and customer relationship of RMB15,482 and RMB6,840, respectively, for the year ended December 31, 2020, as the Group believes the future economic benefit generated from these intangible assets were limited. No impairment was made in 2021 and 2022. The annual estimated amortization expense for the above intangible assets for the following years is as follows: Amortization for Intangible Assets Years Ending December 31, RMB US$ (Note 2(d)) 2023 4,463 647 2024 3,713 538 2025 2,944 427 2026 2,435 353 2027 2,368 343 Thereafter 14,749 2,139 Total 30,672 4,447 |
Land use right, net
Land use right, net | 12 Months Ended |
Dec. 31, 2022 | |
Land use right, net | |
Land use right, net | 10. Land use right, net Land use right, net, consist of the following: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Land use right 101,007 101,007 14,645 Less: Accumulated amortization (6,355) (8,417) (1,221) Net book value 94,652 92,590 13,424 In December 2018, the Group obtained the certificate for a land use right, which had been fully paid, and started to amortize over the remaining period of the right to use the land. Amortization expenses for land use right were RMB2,061, RMB2,062 and RMB2,062 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | 11. Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2022 were as follows: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Balance at the beginning of year 232,007 232,007 33,638 Disposals of subsidiaries (Note 4) — (5,244) (761) Impairment (Note 2(q)) — (112,102) (16,253) Balance at the end of year 232,007 114,661 16,624 |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets | |
Other non-current assets | 12. Other non-current assets Other non-current assets consist of the following: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Deposits 7,094 1,836 266 Loans receivables 13,551 9,795 1,420 Long-term prepayments to a supplier (a) 71,353 62,663 9,085 Receivables for disposal of subsidiaries (Note 4) — 6,373 924 Others 113 10,424 1,512 Total 92,111 91,091 13,207 (a) This represents the prepayment of hotel resources the Group prepaid to a third party supplier which are expected to be utilized over one year. 12. Other non-current assets – continued The Group recognized a net provision for other loans receivable carried in non-current assets of RMB1,092 and a reversal of RMB2,979 for the year ended December 31, 2021 and 2022. The following table summarized the details of the Group’s provision: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$(Note 2 (d)) Balance at the beginning of year 1,181 9,852 10,944 1,587 Cumulative effect of adoption of new accounting standard relating 294 — — — Addition 8,805 1,633 1,894 275 Reversal (428) (541) (4,873) (707) Balance at the end of year 9,852 10,944 7,965 1,155 |
Short-term and long-term borrow
Short-term and long-term borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-term and long-term borrowings | |
Short-term and long-term borrowings | 13. Short-term and long-term borrowings The following is a summary of short-term and long-term borrowings: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term borrowings, including short-term portions of long-term borrowings 9,981 7,517 1,090 Long-term borrowings 14,344 11,959 1,734 As of December 31, 2021 and 2022, the Group had short-term borrowings from banks which were repayable within one year, with interests charged at rates ranging from 0.2% to 5.0% and 0.2% to 8.0% per annum, respectively. As of December 31, 2021 and 2022, the Group had long-term borrowings from banks which were repayable over one year, with interests charged at rates ranging from 0.2% to 4.3% and 0.2% to 1.3% per annum, respectively. The repayment terms of Group’s long-term borrowings from banks ranged from three years to eight years and the principals and interests are repaid on monthly or quarterly basis or upon maturity. The above borrowings contain certain standard covenants including, among others, limitation on liens, liquidation and dissolution of the Group, significant change of the Group’s capital structure and external investments. The Group was in compliance with all of the loan covenants as of December 31, 2021 and 2022. Borrowings of RMB2.3 million were guaranteed by one of our subsidiaries and subject to a pledge of our land use right as of December 31, 2020, which was repayed in 2021. The following table summarizes the aggregate required repayments of the principal amounts of the Group’s long-term borrowing: As of December 31, 2022 RMB 2024 3,991 2025 3,780 2026 1,950 2027 and thereafter 2,238 Total 11,959 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 14. Leases The Group has operating leases primarily for office and operation space. The Group’s operating lease arrangements have remaining lease terms of one month to seventeen years. Total lease costs were RMB39,327, RMB26,469 and RMB15,427 for the year ended December 31, 2020, 2021 and 2022, respectively including short-term lease costs within 12 months of RMB6,653, RMB2,540 and RMB1,936, respectively. Consolidated balance sheet information related to leases is presented as follows: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) ASSETS Operating lease right-of-use assets, net 48,115 33,204 4,814 LIABILITIES Operating lease liabilities, current 16,556 12,439 1,803 Operating lease liabilities, non-current 38,832 26,482 3,840 Total 55,388 38,921 5,643 Supplemental cash flow information related to leases is as follows: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash paid for amounts included in the measurement of lease liabilities 38,399 26,000 15,048 2,182 Right-of-use assets obtained in exchange for operating lease liabilities 28,444 43,855 5,642 818 Other information related to lease is as follows: As of December 31, 2021 2022 Weighted average remaining lease term(years) 6.81 8.08 Weighted average discount rate 5 % 5 % As of December 31, 2022, maturities of lease liabilities (excluding lease payments of RMB356 for the leases with lease terms less than one year) are as follows: As of December 31, 2022 RMB 2023 15,654 2024 6,361 2025 3,588 2026 3,576 2027 and thereafter 20,078 Total minimum lease payments 49,257 Less: interest (10,336) Present value of lease obligations 38,921 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 15. Accrued expenses and other current liabilities The following is a summary of accrued expenses and other current liabilities: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Deposits from packaged-tour users (a) 12,428 10,474 1,519 Payable for business combination 7,153 4,100 594 Accrued liabilities related to customers incentive program 3,951 3,400 493 Accrued professional service fees 11,861 11,356 1,646 Accrued advertising expenses 18,806 16,047 2,327 Deposits received from suppliers 86,212 72,169 10,464 Accrued operating expenses 8,067 7,662 1,111 Advanced payment from banks (b) 13,925 13,577 1,968 Discounted bank acceptance notes (c) 197,900 200,000 28,997 Others 22,326 19,527 2,828 Total 382,629 358,312 51,947 (a) Deposits from packaged-tour users represent cash paid to the Group as a deposit for overseas tours, and such amount is refundable upon completion of the tours. (b) Advanced payment from banks represent cash received by the Group for promotional and marketing campaigns. Banks participating in these campaigns would reimburse the Group for tours sold to their credit card holders at a specified discount. Such advanced payment is recognized as revenues when revenues from the related tour are recognized. (c) Discounted bank acceptance notes represent cash received from financial institutions by discounting of bank acceptance notes issued between the Company’s subsidiaries, which are repayable within one year with interest ranging from 2.0% to 2.4%. The issuance of notes payable is collateralized by the Group’s bank deposits of RMB197,900 and RMB200,000 as of December 31, 2021 and 2022, which were recorded in short-term investments. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 16. Income Taxes The Company is registered in the Cayman Islands. The Company generates substantially all of its income (loss) from its PRC operations for the years ended December 31, 2020, 2021 and 2022. Cayman Islands (“Cayman”) Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends to shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% since January 1, 2010. The operations in Hong Kong have incurred net accumulated operating losses for income tax purposes. PRC On March 16, 2007, the NPC enacted an Enterprise Income Tax Law (“EIT Law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to EIT at a uniform rate of 25%. The EIT law became effective on January 1, 2008. 16. Income Taxes – continued The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of mainland China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within mainland China or if the received dividends have no connection with the establishment or place of such immediate holding company within mainland China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with mainland China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does not have such tax treaty with mainland China. According to the arrangement between mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in mainland China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the immediate holding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a Beneficial Owner of the dividend from PRC tax perspective. Nanjing Tuniu originally obtained its HNTE certificate in 2010 with a valid period of three years and successfully obtained the third renewal of such certificate in December 2022 for another three years. Tuniu Nanjing Information Technology obtained its HNTE certificate in 2017 with a valid period of three years and successfully obtained the first renewal of such certificate in December 2020 for another three years. Therefore, Nanjing Tuniu and Tuniu Nanjing Information Technology are eligible to enjoy a preferential tax rate of 15% in 2022 to the extent they have taxable income under the EIT Law, as long as they maintain the HNTE qualifications and duly conduct relevant EIT filing procedures with the relevant tax authorities. If Nanjing Tuniu and Tuniu Nanjing Information Technology fail to maintain their HNTE qualifications or renew their qualifications when their current terms expire, their applicable enterprise income tax rates may increase to 25%, which could have an adverse effect on our financial condition and results of operations. Besides, Beijing Tuniu obtained the HNTE certificate as well in 2018 and expired in 2020. As a consequence, the applicable enterprise tax rate for Beijing Tuniu has been restored to 25% since 2021. However, since Beijing Tuniu has large amount of accumulated loss in previous years, the increased EIT rate would not result in an immediate adverse effect on our financial condition. A reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows: For the Years Ended December 31, 2020 2021 2022 % % % PRC Statutory income tax rates 25.0 25.0 25.0 Change in valuation allowance (20.9) (16.0) (20.3) R&D expenses super-deduction (0.7) (4.3) (2.9) Non-deductible expenses and non-taxable income incurred (2.2) (1.1) 0.4 Difference in EIT rates of certain subsidiaries 0.1 (0.3) 0.1 Effect of preferential income tax rates (0.8) (3.4) (1.9) Total 0.5 (0.1) 0.4 The aggregate amount and per share effect of the preferential income tax rates are as follows: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Aggregate amount 11,239 4,411 3,929 570 Basic and diluted net loss per share effect — — — — 16. Income Taxes – continued The following table sets forth the significant components of deferred tax assets and liabilities: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Non-current deferred tax assets: Accruals and others 18,124 15,393 2,232 Net operating loss carry forwards 657,571 483,092 70,042 Carryforwards of deductible advertising expenses 11,321 11,349 1,645 Allowance for doubtful accounts 252,605 246,930 35,801 Subtotal 939,621 756,764 109,720 Less: valuation allowance (939,621) (756,764) (109,720) Total non-current deferred tax assets, net — — — Non-current deferred tax liabilities: Recognition of intangible assets arising from business combination (2,382) (1,741) (252) Total non-current deferred tax liabilities, net (2,382) (1,741) (252) As of December 31, 2022, the Group had net operating loss carryforwards of RMB2,053,670 which can be carried forward to offset taxable income. The carryforwards period for net operating losses under the EIT Law is five years. The net operating loss carry forward of the Group will start to expire in 2022 for the amount of RMB666,175 if not utilized. The remaining net operating loss carryforwards will expire in varying amounts between 2023 and 2026. Other than the expiration, there are no other limitations or restrictions upon the Group’s ability to use these operating loss carryforwards. There is no expiration for the advertising expenses carryforwards. A valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group evaluates a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. As of December 31, 2021 and 2022, valuation allowances of RMB939,621 and RMB756,764 were provided because it was more likely than not that the Group will not be able to utilize certain tax losses carry forwards and other deferred tax assets generated by its subsidiaries and Affiliated Entities. If events occur in the future that allow the Group to realize more of its deferred tax assets than the presently recorded amount, an adjustment to the valuation allowances will increase income when those events occur. Movement of valuation allowance For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of the year 1,246,296 1,332,721 939,621 136,232 Additions 396,582 29,089 31,324 4,541 Written-off for expiration of net operating losses (304,939) (414,409) (212,636) (30,829) Utilization of previously unrecognized tax losses and deductible advertising expenses (5,218) (7,780) (1,545) (224) Balance at the end of the year 1,332,721 939,621 756,764 109,720 |
Redeemable noncontrolling inter
Redeemable noncontrolling interests | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable noncontrolling interests | |
Redeemable noncontrolling interests | 17. Redeemable noncontrolling interests In December 2016, the Group entered into an investment agreement with certain investors (“noncontrolling shareholders”) to establish a subsidiary. The noncontrolling shareholders contributed RMB90,000 and held 30% equity interest. Pursuant to the investment agreement, the noncontrolling shareholders have the option to request the Group to redeem their equity interests at an agreed price after three years of the investment. In April 2018, the Group agreed with one of the noncontrolling shareholders to purchase its 10% equity interest of the subsidiary at the cost of RMB30,000. In December 2019, the Group agreed with another noncontrolling shareholder to purchase its 10% equity interest of the subsidiary at the cost of RMB37,733. In September 2020, this subsidiary decreased its share capital and the Group made payment to the noncontrolling shareholder of RMB10,000. The Group recorded the noncontrolling interests as redeemable noncontrolling interests, outside of permanent equity in the Group’s consolidated balance sheets in accordance with ASC 480. The Group uses the effective interest method for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the noncontrolling interests. The accretion, which increases the carrying value of the redeemable noncontrolling interests, is recorded against additional paid-in capital. The change in the carrying amount of redeemable noncontrolling interests for the years ended December 31, 2020, 2021 and 2022 is as follows: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance as of January 1 37,200 27,200 27,200 3,944 Repurchase of redeemable noncontrolling interests (10,000) — — — Accretion on redeemable noncontrolling interests — — — — Balance as of December 31 27,200 27,200 27,200 3,944 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2022 | |
Ordinary Shares | |
Ordinary Shares | 18. Ordinary Shares Upon inception of the Company, each ordinary share was issued at a par value of US$0.0001 per share. Various numbers of ordinary shares were issued to share-based compensation award recipients. As of December 31, 2021 and 2022, the authorized share capital of the Company is US$100,000 divided into 1,000,000,000 shares, comprising of 780,000,000 Class A Ordinary Shares and 120,000,000 Class B Ordinary Shares, each at a par value of US$0.0001 per share, and 100,000,000 shares of a par value of US$0.0001 each of such class or classes as the board of directors may determine. As of December 31, 2022, 1,000,000,000 ordinary shares were authorized. 389,331,543 were issued outstanding December 31, 2022 |
Share-based Compensation Expens
Share-based Compensation Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Expenses | |
Share-based Compensation Expenses | 19. Share-based Compensation Expenses The Company’s 2008 Incentive Compensation Plan (the “2008 Plan”) allows the plan administrator to grant share options and restricted shares to the Company’s employees, directors, and consultants, up to a maximum of 18,375,140 ordinary shares. In April 2014 the Company adopted the 2014 Share Incentive Plan (the “2014 Plan”). The maximum aggregate number of shares will be increased automatically if and whenever the ordinary shares reserved under the 2014 Plan account for less than 1% of the total then-issued and outstanding ordinary shares on an as-converted basis, as a result of which increase the ordinary shares reserved under the 2014 Plan immediately after each such increase shall equal 5% of the then-issued and outstanding ordinary shares on an as-converted basis, reaching a total of 41,964,263 Class A ordinary shares. The maximum aggregate number of shares which may be issued under the 2014 Plan increased automatically by an aggregate of 17,542,440 Class A ordinary shares in April 2023, reaching to a total of 59,506,703 Class A ordinary shares. The share options and restricted shares granted under the 2008 plan initially have a contractual term of six years, and grants under the 2014 plan have a contractual term of ten years. The incentive awards under both 2008 plan and 2014 plan generally vest over a period of four years of continuous service, one fourth (1/4) of which vest upon the first anniversary of the stated vesting commencement date and the remaining vest ratably over the following 36 months. As of December 31, 2022, 25,609,287 options and 230,646 restricted shares were outstanding under the 2008 and 2014 plan. The Group recognized share-based compensation expense of RMB20,464, RMB9,132 and RMB5,049 for the years ended December 31, 2020, 2021 and 2022, respectively, which was classified as follows: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cost of revenue 1,044 390 411 60 Research and product development 4,349 724 572 83 Sales and marketing 1,099 644 657 95 General and administrative 13,972 7,374 3,409 494 Total 20,464 9,132 5,049 732 Share options The following table summarizes the Company’s option activities: Weighted Weighted Average Average Aggregate Number of Exercise Remaining Intrinsic share options Price Contractual Life Value US$ In Years US$’000 Outstanding at January 1, 2022 13,976,607 1.81 3.74 825 Granted 14,847,631 0.3333 — — Exercised (253,320) 0.03 — — Forfeited (2,961,631) 1.83 — — Outstanding at December 31, 2022 25,609,287 0.97 6.56 3,920 Vested and expected to vest at December 31, 2022 23,603,747 1.02 6.31 3,584 Exercisable at December 31, 2022 10,761,656 1.85 2.35 1,395 The total intrinsic value of options exercised for the years ended December 31, 2020, 2021 and 2022 was RMB2,290, RMB3,563 and RMB458 (US$66), respectively. 19. Share-based Compensation Expenses - continued The weighted-average grant date fair value for options granted during the year ended December 31, 2022 was US$0.15, computed using the binomial option pricing model. No share options were granted for the years ended December 31, 2020 and 2021. The total fair value of share options vested during the years ended December 31, 2020, 2021, and 2022 was RMB25,038, RMB11,000 and RMB2,371 (US$344), respectively. The Company estimated the expected volatility at the date of grant date and each option valuation date based on the annualized standard deviation of the daily return embedded in historical share prices of comparable companies. Risk free interest rate was estimated based on the yield to maturity of US treasury bonds denominated in US$ at the option valuation date. The exercise multiple is estimated as the ratio of fair value of underlying shares over the exercise price as at the time the option is exercised, based on a consideration of research study regarding exercise pattern based on empirical studies on the actual exercise behavior of employees. The Company has never declared or paid any cash dividends on its capital stock, and the Company does not anticipate any dividend payments on its ordinary shares in the foreseeable future. Time to maturity is the contract life of the option, and estimated forfeiture rates are determined based on historical employee turnover rate. The Company uses the binominal option pricing model to estimate the fair value of stock options. The assumptions used to value the Company’s option grants for the year ended December 31, 2022 were as follows: 2022 Expected volatility 48.25 % Risk-free interest rate 2.78 % Exercise multiple 2.2-2.8 Expected dividend yield 0 % Time to maturity (in years) 10 Expected forfeiture rate (post-vesting) 0%-13.24 % Fair value of the common share on the date of option grant US$0.13-0.16 (RMB0.90-1.10) As of December 31, 2022, there was RMB14,055 in total unrecognized compensation expense related to share options, which is expected to be recognized over a weighted-average period of 3.61 years. Restricted shares The total intrinsic value of restricted shares vested for the years ended December 31, 2020, 2021 and 2022 were RMB161, RMB247 and RMB136 (US$20), respectively. The fair value of restricted shares with service conditions is based on the fair market value of the underlying ordinary shares on the date of grant. 19. Share-based Compensation Expenses - continued The following table summarizes the Company’s restricted shares activity under the plans: Numbers of Weighted average restricted shares grant date fair value Restricted shares as of January 1, 2022 21,918 2.23 Granted 270,000 0.17 Vested (61,272) 0.91 Forfeited — — Restricted shares as of December 31, 2022 230,646 0.17 Vested and expected to vest at December 31, 2022 230,646 0.17 As of December 31, 2022, there was RMB271 (US$39) in total unrecognized compensation expense related to restricted shares, which is expected to be recognized over a weighted-average period of 3.35 years. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Loss Per Share | 20. Loss Per Share The following table sets forth the computation of basic and diluted loss per share for the periods indicated: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Numerator: Net loss attributable to Tuniu Corporation (1,307,956) (121,524) (193,382) (28,036) Numerator for basic and diluted net loss per share (1,307,956) (121,524) (193,382) (28,036) Denominator: Weighted average number of ordinary shares outstanding-basic and diluted 370,240,040 370,874,312 371,208,209 371,208,209 Loss per share-basic and diluted (3.53) (0.33) (0.52) (0.08) The Company had securities which could potentially dilute basic loss per share in the future, which were excluded from the computation of diluted loss per share as their effects would have been anti-dilutive. Such outstanding securities consist of the share options and unvested restricted shares with the number of 3,027,586, 2,891,152 and 9,996,757 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Net Assets | |
Restricted Net Assets | 21. Restricted Net Assets Pursuant to laws applicable to entities incorporated in the PRC, the Company’s subsidiaries and Affiliated Entities in the PRC must make appropriations from after-tax profit to non-distributable reserve funds. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires an annual appropriation of 10% of after tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a company’s registered capital; the other fund appropriations are at the subsidiaries’ discretion. These reserve funds can only be used for specific purposes of enterprise expansion and staff bonus and welfare and are not distributable as cash dividends. In addition, due to restrictions on the distribution of share capital from the Group’s PRC subsidiaries and Affiliated Entities and also as a result of these entities’ unreserved accumulated losses, total restrictions placed on the distribution of the Group’s PRC subsidiaries and Affiliated Entities’ net assets was RMB727,920 million, or 68.8% of the Group’s total consolidated net assets as of December 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 22. Commitments and Contingencies (a) Capital Commitments As of December 31, 2022, capital commitments relating to leasehold improvement were approximately RMB826. (b) Contingencies From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently available information, management does not believe that the ultimate outcome of these unresolved matters, individually and in the aggregate, is likely to have a material adverse effect on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the Group’s financial position and results of operations for the periods in which the unfavorable outcome occurs. (c) Other commitments Deposits or guarantees are required by the Group’s business partners for air ticketing and tourist attraction tickets. Letters of guarantee are issued by banks to the Group’s business partners with total amount of RMB30 million and RMB30.4 million as of December 31, 2021 and 2022, respectively. |
Related party transactions and
Related party transactions and balances | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions and balances | |
Related party transactions and balances | 23. Related party transactions and balances Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. The following entities are considered to be related parties to the Group: Name of related parties Relationship with the Group Ctrip Investment Holding Co., Ltd. (“Trip.com”) a shareholder of the Company with the right to appoint one director of the Company Hopeful Tourism Limited (“Caissa”, a wholly-owned subsidiary of Caissa Sega Tourism Culture Investment Limited) a shareholder with one board director of the Company HNA Tourism Holdings Group Co., Ltd. (“HNA Tourism”) a shareholder with two board directors of the Company a) Transactions with related parties: Trip.com Trip.com purchased 5,000,000 Class A ordinary shares in a private placement concurrent with the Company’s initial public offering, an additional 3,731,034 Class A ordinary shares for a total of US$15 million through a private placement transaction in December 2014 as well as an additional 3,750,000 Class A ordinary shares for a total of US$20 million through a private placement transaction in May 2015. 23. Related party transactions and balances - continued The Group sells packaged tours through Trip.com’s online platform and the commission fees to Trip.com were insignificant. The Group purchased travelling products from Trip.com’s online platform, which were insignificant. Revenues from Trip.com consist of commission fees for the booking of hotel rooms and air tickets through the Group’s online platform, amounted of RMB16.9 million, RMB145.5 and RMB45.9 (US$6.7) for the years ended December 31, 2020, 2021 and 2022, respectively. Caissa On November 20, 2020, pursuant to a share purchase agreement and certain amendments, Caissa completed the purchase of all The Group sold packaged tours through Caissa’s platform and the commission fees to Caissa were insignificant for the years ended December 31, 2020, 2021 and 2022. HNA Tourism On January 21, 2016, the Company issued 90,909,091 Class A ordinary shares to HNA Tourism for total consideration of RMB3,279 million (US$500 million). HNA Tourism agreed to provide the Group with access to its premium airlines and hotels resources at a preferential rate, under fair competition market rules. The Group purchased RMB164.4 million, RMB112.8 million and RMB35.9 million (US$5.2 million) air tickets from HNA Tourism for the year ended December 31, 2020, 2021 and 2022, respectively. The Group sold travelling products through an affiliate of HNA Tourism’s distribution channels and the revenues were insignificant for the years ended December 31, 2020, 2021 and 2022. In December 2017 and May 2018, the Group provided financing (the “Notes Financing” and the “Loan Financing”) to certain affiliates of HNA Tourism (the “HNA Affiliates”) with total principal amount of RMB540 million. For the year ended December 31, 2019, the Notes Financing and the Loan Financing were overdue and the Group provided an allowance provision of RMB23.2 million against the carrying value of above Notes Financing and Loan Financing to reflect the increasing credit risk associated with the respective outstanding balances. In the year ended December 31, 2020, HNA Group’s financial position further deteriorated and subsequently in January 2021, HNA Group received a formal bankruptcy and restructuring notice from the Hainan Province High People’s Court (the “Court”) following creditors’ action against HNA Group due to its failure to pay overdue debts. As of December 31, 2020, the Group assessed the recoverability of above receivables and provided a full allowance for CECL on the remaining balance at the amount of RMB44.8 million and RMB512.8 million for the Notes Financing and the Loan Financings, respectively. Moreover, the Group provided a full allowance of RMB30.8 million for the current amounts due from other HNA Tourism affiliates. As of December 31, 2020, the carrying value of the Notes Financing, Loan Financing and amounts due from other HNA affiliates (collectively referred to as “HNA debts”) was RMB nil. 23. Related party transactions and balances - continued In October 2021, debt restructuring plans of HNA Group and its affiliates were approved by the creditors and the Court, pursuant to which HNA Group and its affiliates would settle their debts owed to the creditors by various means, including cash, shares of Hainan Airlines Holding Co., Ltd., (“HNA Airlines”), a company listed in Chinese A share market, and units in a trust ("HNA Trust") comprising assets/liabilities of HNA Group and certain of its affiliates, etc. In December 2021, the Group received cash of RMB0.3 million (US$0.04 million) and 531,591 shares of HNA Airlines with value of RMB1 million (US$0.14 million) as part of the settlement of the HNA debts, of which CECL allowance was fully provided in the prior years. Accordingly, a reversal of CECL allowance at the amount of RMB1.3 million (US$0.2 million) was credited to the consolidated statements of comprehensive loss in 2021. In the year ended December 31, 2022, the Group received additional cash of RMB150 (US$22) and 2,398 shares of HNA Airlines with value of RMB3.9 (US$0.6) as part of the settlement of the HNA debts, of which CECL allowance was fully provided in the prior years. Accordingly, a reversal of CECL allowance at the amount of RMB153.9 (US$22.3) was credited to the consolidated statements of comprehensive loss in 2022. In April 2022, as confirmed by the Court, the restructuring plan has been fully implemented and HNA Trust was officially established. In May 2022, the Company received and registered 632,992,650 trust units (representing 0.09% of unit interests of HNA trust) with the value of RMB13.3 million (US$1.9 million), as the settlement of remaining HNA debts. The Group recognized the trust units as equity investment without readily determinable fair value and derecognized all the remaining HNA debts which was fully provided (refer to Note 7 for details of accounting treatment of the trust units), meanwhile a corresponding reversal of CECL allowance with the amount of RMB13.3 million (US$1.9 million) was credited to the consolidated statements of comprehensive loss for the year ended December 31, 2022. b) Balances with related parties: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Current: Amounts due from Trip.com 13,044 212 30 Amounts due from Caissa 1,925 818 119 Total 14,969 1,030 149 Current: Amounts due to Trip.com 3,860 3,892 564 Amounts due to Caissa 819 818 119 Total 4,679 4,710 683 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent events | |
Subsequent events | 24. Subsequent events The Group has evaluated the subsequent events through the date of issuance of the financial statements and no subsequent event which had a material impact on the Group was identified through the date of issuance of the financial statements. |
CONDENSED FINANCIAL INFORMATION
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 12 Months Ended |
Dec. 31, 2022 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | FINANCIAL STATEMENT SCHEDULE I TUNIU CORPORATION CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY CONDENSED BALANCE SHEETS (All amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) ASSETS Current assets Cash and cash equivalents 4,712 1,292 187 Amounts due from subsidiaries and Affiliated Entities 6,855,545 7,077,952 1,026,207 Prepayments and other current assets 130 151 22 Total current assets 6,860,387 7,079,395 1,026,416 Total assets 6,860,387 7,079,395 1,026,416 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other current liabilities 8,038 6,559 951 Total current liabilities 8,038 6,559 951 Non-current liabilities Investment deficit in subsidiaries and Affiliated Entities 5,583,205 5,964,812 864,816 Total non-current liabilities 5,583,205 5,964,812 864,816 Total liabilities 5,591,243 5,971,371 865,767 Equity Ordinary shares (US$0.0001 par value; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized as of December 31, 2021 and 2022; 389,331,543 shares (including 371,958,043 Class A shares and 17,373,500 Class B shares) issued and outstanding as of December 31, 2021 and 2022) 249 249 36 Less: Treasury stock (18,266,523 shares and 17,951,931 shares as of December 31, 2021 and 2022, respectively) (293,795) (288,600) (41,843) Additional paid-in capital 9,125,748 9,125,655 1,323,096 Accumulated other comprehensive income 271,821 298,981 43,348 Accumulated deficit (7,834,879) (8,028,261) (1,163,988) Total Tuniu Corporation shareholders’ equity 1,269,144 1,108,024 160,649 Total liabilities and equity 6,860,387 7,079,395 1,026,416 FINANCIAL STATEMENT SCHEDULE I TUNIU CORPORATION CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data, or otherwise noted) For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Operating expenses General and administrative (4,293) (3,688) (3,593) (521) Total operating expenses (4,293) (3,688) (3,593) (521) Loss from operations (4,293) (3,688) (3,593) (521) Share of loss of subsidiaries and affiliated entities (1,301,972) (124,832) (198,586) (28,792) Other (expenses)/income Foreign exchange (losses)/gains, net (2,922) 4,669 5,284 766 Other income, net 1,231 2,327 3,513 511 Loss before income tax expense (1,307,956) (121,524) (193,382) (28,036) Net loss (1,307,956) (121,524) (193,382) (28,036) Accretion on redeemable noncontrolling interests — — — — Net loss attributable to ordinary shareholders (1,307,956) (121,524) (193,382) (28,036) Net loss (1,307,956) (121,524) (193,382) (28,036) Other comprehensive (loss)/income Foreign currency translation adjustment, net of nil tax (18,772) (3,191) 27,160 3,938 Comprehensive loss (1,326,728) (124,715) (166,222) (24,098) FINANCIAL STATEMENT SCHEDULE I TUNIU CORPORATION CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (All amounts in thousands, except for share and per share data, or otherwise noted) For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash used in operating activities (4,779) (2,341) (2,205) (321) Cash provided by/(used in) investing activities 5,292 6,020 (989) (143) Cash (used in)/provided by financing activities (250) 373 46 7 Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 62 (272) (39) Net increase/(decrease) in cash, cash equivalents and restricted cash 262 4,114 (3,420) (496) Cash, cash equivalents and restricted cash at the beginning of year 336 598 4,712 683 Cash, cash equivalents and restricted cash at the end of year 598 4,712 1,292 187 Supplemental disclosure of non-cash investing and financing activities Receivables related to exercise of stock option (45) (28) (35) (5) FINANCIAL STATEMENT SCHEDULE I TUNIU CORPORATION CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY Note to Financial Statement Schedule I Schedule I has been provided pursuant to the requirements of Rule 12-04(a) and 5-04-(c) of Regulation S-X, which require condensed financial information as to the financial position, change in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and Affiliated Entities. Such investments in subsidiaries and Affiliated Entities are presented as investment deficit in subsidiaries and Affiliated Entities and the loss of the subsidiaries and Affiliated Entities is presented as share of loss of subsidiaries and Affiliated Entities. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The footnote disclosures to the consolidated financial statements contain information relating to the operations of the parent company and, as such, this schedule should be read in conjunction with the notes to the accompanying consolidated financial statements. As of December 31, 2022, the parent company had no significant capital and other commitments, long-term obligations, or guarantee, except for those which have separately disclosed in the consolidated financial statements. |
Principal Accounting Policies (
Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Principal Accounting Policies | |
Basis of Presentation | (a) Basis of Presentation The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Liquidity | Liquidity The Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course of operations. The Group incurred net losses of RMB1,343,630, RMB128,468 and RMB202,996 for the years ended December 31, 2020, 2021 and 2022, respectively. Net cash used in operating activities was RMB1,313,115, RMB226,342 and RMB142,991 for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, the Group’s accumulated deficit was RMB8,028,261 and the Group had cash and cash equivalents and short-term investments of RMB878,248 and working capital of RMB425,664. In particular, the COVID-19 pandemic has had material adverse impacts on the Group’s business operations for the past three years. Despite the relaxation of COVID-19 related travel restrictions in mainland China in December 2022, there is still a degree of uncertainty as to how COVID-19 pandemic will continue to impact the Group’s results of operations and cash flows for subsequent periods. Such adverse conditions and events, before consideration of management’s plan, raised a substantial doubt about the Company’s ability to continue as a going concern. In response to the COVID-19 pandemic, in 2022, the Group continued to take actions to improve its liquidity, including scaling down its business operations by reducing capital expenditures and operational expenses that were discretionary in nature and obtaining funding from the maturity of certain short-term and long-term investments. Management has developed a plan to mitigate these adverse conditions and events, including a business plan with forecasted cash flows covering the next twelve months from the date of issuance of the consolidated financial statements. Moving forward, management plans to maintain adequate funds to provide a sufficient flexibility in adjusting the Group’s operation scale to cope with the development of the COVID-19 pandemic, and management will continue to manage the Group’s capital expenditures, operational expenses and investments based on the Group’s liquidity position and working capital needs. Based on management’s liquidity assessment, which has considered the Group’s operations at the current business scale, the latest development of COVID-19 pandemic and its possible continuous impact on the Group’s business operations, the available funding from maturity of the Group’s short-term and long-term investments, and the available cash and cash equivalents, the Group will be able to meet its working capital requirements and capital expenditures in the ordinary course of business for the next twelve months from the issuance of these consolidated financial statements. Key assumptions and judgments were made by management related to future sales proceeds, capital expenditures, operational expenses and investments when developing the business plan with forecasted cash flows. As a result, management concluded that business plan, when implemented effectively, will alleviate the substantial doubt on the Company’s ability to continue as a going concern. Accordingly, the consolidated financial statements have been prepared on going concern basis. |
Principles of Consolidation | (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the Affiliated Entities for which the Company is the primary beneficiary. Subsidiaries are those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of board of directors, or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has controlling interest and therefore the Company or its subsidiary is the primary beneficiary of the entity. In determining whether the Company or its subsidiary has controlling interests in a VIE, the Company considers whether the Company or its subsidiary has the power to direct activities that most significantly impact the VIE’s economic performance, and the right to receive benefits from the VIE or the obligation right to absorb losses of the VIE that could be potentially significant to the VIE. (b) Principles of Consolidation – continued All transactions and balances among the Company, its subsidiaries and the Affiliated Entities have been eliminated upon consolidation. The Company is not an operating company in China but a Cayman Island holding company conducting its operations in China through our PRC subsidiaries and the consolidated affiliated entities. Holders of the Company’s ADSs hold equity interest in Tuniu Corporation, the Cayman Islands holding company, and do not have direct or indirect equity interest in the VIE. To comply with PRC laws and regulations that restrict foreign equity ownership of companies that operate internet content, travel agency and air-ticketing services, the Company operates its website and engaged in such restricted services through Nanjing Tuniu and its subsidiaries. Nanjing Tuniu’s equity interests are held by Dunde Yu, the Company’s Chief Executive Officer, and Anqiang Chen, the Company’s financial controller, with equity interests of 80.89% and 19.11% , respectively. On September 17, 2008 and subsequently amended on January 24, 2014 and February 19, 2021, Beijing Tuniu, one of the Company’s wholly owned subsidiaries, entered into a series of agreements with Nanjing Tuniu and its shareholders. Pursuant to these agreements, Beijing Tuniu has the ability to direct substantially all the activities of Nanjing Tuniu, and absorb substantially all of the risks and rewards of the Affiliated Entities. As a result, Beijing Tuniu is the primary beneficiary of Nanjing Tuniu, and has consolidated the Affiliated Entities. Contractual arrangements On September 17, 2008 and subsequently amended on January 24, 2014 and February 19, 2021, Beijing Tuniu entered into a series of contractual agreements with Nanjing Tuniu and its shareholders, as below: (1) Purchase Option Agreement. Under the purchase option agreement entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, Beijing Tuniu has the irrevocable exclusive right to purchase, or have its designated person or persons to purchase all or part of the shareholders’ equity interests in Nanjing Tuniu at RMB 2,430 . The option term remains valid until all equity interests held in Nanjing Tuniu are transferred or assigned to Beijing Tuniu or its designated person or persons. The purchase consideration was paid by Beijing Tuniu to the shareholders of Nanjing Tuniu shortly after the purchase option agreement was entered. (2) Equity Interest Pledge Agreements. Under the equity interest pledge agreements entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, the shareholders pledged all of their equity interests in Nanjing Tuniu to guarantee their performance of their obligations under the purchase option agreement and the shareholders’ voting rights agreement. If the shareholders of Nanjing Tuniu breach their contractual obligations under the purchase option agreement, Beijing Tuniu, as the pledgee, will have the right to either conclude an agreement with the pledger to obtain the pledged equity or seek payments from the proceeds of the auction or sell-off of the pledged equity to any person pursuant to the PRC law. The shareholders of Nanjing Tuniu agreed that they will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests. During the equity pledge period, Beijing Tuniu is entitled to all dividends and other distributions made by Nanjing Tuniu. The equity interest pledge agreement remains effective until the shareholders of Nanjing Tuniu discharge all their obligations under the purchase option agreement, or Beijing Tuniu enforces the equity interest pledge, whichever is earlier. (b) Principles of Consolidation – continued (3) Shareholders’ Voting Rights Agreement. Under the shareholders’ voting rights agreement entered between Beijing Tuniu and the shareholders of Nanjing Tuniu, each of the shareholders of Nanjing Tuniu appointed Beijing Tuniu’s designated person as their attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu, including attending shareholders’ meetings, voting on all matters of Nanjing Tuniu, nominating and appointing directors, convene extraordinary shareholders’ meetings, and other voting rights pursuant to the then effective articles of association. The shareholders’ voting rights agreement will remain in force for an unlimited term, unless all the parties to the agreement mutually agree to terminate the agreement in writing or cease to be shareholders of Nanjing Tuniu. (4) Irrevocable Powers of Attorney. Under the powers of attorney issued by the shareholders of Nanjing Tuniu, the shareholders of Nanjing Tuniu each irrevocably appointed Beijing Tuniu as the attorney-in-fact to exercise all of their voting and related rights with respect to their equity interests in Nanjing Tuniu. Each power of attorney will remain in force until the shareholders’ voting rights agreement expires or is terminated. (5) Cooperation Agreement. Under the cooperation agreement entered between Beijing Tuniu and Nanjing Tuniu, Beijing Tuniu has the exclusive right to provide Nanjing Tuniu technology consulting and services related to Nanjing Tuniu’s operations, which require certain licenses. Beijing Tuniu owns the exclusive intellectual property rights created as a result of the performance of this agreement. Nanjing Tuniu agrees to pay Beijing Tuniu a quarterly service fee which equals the profits of each of Nanjing Tuniu and its subsidiaries, and that Beijing Tuniu can adjust the service fee at its own discretion. This agreement remains effective for an unlimited term, unless the parties mutually agree to terminate the agreement, one of the parties is declared bankrupt or Beijing Tuniu is not able to provide consulting and services as agreed for more than three In the years ended December 31, 2020, 2021 and 2022, the Company and its subsidiaries charged technology consulting service fees and group management fees of RMB12,813, RMB16,308 and RMB6,178, respectively, from its consolidated Affiliated Entities, which were eliminated in the consolidated financial statements. Risks in relation to the VIE structure The Group believes that each of the agreements and the powers of attorney under the contractual arrangements among Beijing Tuniu, Nanjing Tuniu and its shareholders is valid, binding and enforceable, and does not and will not result in any violation of PRC laws or regulations currently in effect. The legal opinion of Fangda Partners, the Company’s PRC legal counsel, also supports this conclusion. The shareholders of Nanjing Tuniu are also shareholders, nominees of shareholders, or designated representatives of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders of Nanjing Tuniu were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. (b) Principles of Consolidation – continued Being the primary beneficiary of Nanjing Tuniu also depends on the power of attorney Beijing Tuniu has to vote on all matters requiring shareholder approval in Nanjing Tuniu. As noted above, the Company believes this power of attorney is legally enforceable but it may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC government could: ● levying fines or confiscate the Group’s income; ● revoke the Group’s business or operating licenses; ● require the Group to discontinue, restrict or restructure its operations; ● shut down the Group’s servers or block the Group’s websites and mobile platform; ● restrict or prohibit the use of the Group’s financing proceeds to finance its business and operations in PRC; or ● take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business Currently, the Company believes the possibility that it will no longer be the primary beneficiary of Nanjing Tuniu and consolidate Nanjing Tuniu and its subsidiaries as a result of the aforementioned risks and uncertainties is remote. Summary financial information of the Affiliated Entities in the consolidated financial statements As of December 31, 2022, the aggregate accumulated deficit of the Affiliated Entities was RMB4,698 million prior to the elimination of transactions between the Affiliated Entities and the Company or the Company’s subsidiaries. (b) Principles of Consolidation – continued The following table sets forth the assets, liabilities, results of operations and cash flows of the Affiliated Entities which are included in the consolidated financial statements as of December 31, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022: As of December 31, 2021 2022 RMB RMB US$(Note 2(d)) ASSETS Current assets Cash and cash equivalents 89,431 76,759 11,129 Restricted cash 20,410 1,840 267 Short-term investments 306,100 283,472 41,100 Accounts receivable, net 111,941 33,644 4,878 Intercompany receivables 424,829 450,135 65,263 Amounts due from related parties 14,805 957 139 Prepayments and other current assets 46,455 37,172 5,389 Total current assets 1,013,971 883,979 128,165 Non-current assets Long-term investments 175,947 206,691 29,967 Property and equipment, net 41,062 32,169 4,664 Intangible assets, net 51,925 26,924 3,904 Operating lease right-of-use assets, net 27,841 27,952 4,053 Goodwill 184,619 68,125 9,877 Other non-current assets 86,766 85,970 12,464 Total non-current assets 568,160 447,831 64,929 Total assets 1,582,131 1,331,810 193,094 LIABILITIES Current liabilities Short-term borrowings 184,546 187,737 27,219 Accounts and notes payable 325,716 189,898 27,533 Intercompany payable 5,271,506 5,280,746 765,637 Salary and welfare payable 24,689 16,806 2,437 Taxes payable 4,113 1,604 233 Advances from customers 123,625 78,356 11,361 Operating lease liabilities, current 4,457 2,759 400 Amounts due to related parties 2,198 2,163 314 Accrued expenses and other current liabilities 330,723 320,522 46,471 Total current liabilities 6,271,573 6,080,591 881,605 Non-current liabilities Operating lease liabilities, non-current 23,935 24,156 3,502 Deferred tax liabilities 10,341 6,074 881 Total non-current liabilities 34,276 30,230 4,383 Total liabilities 6,305,849 6,110,821 885,988 (b) Principles of Consolidation – continued For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Net revenues - intra-Group (1) 77,565 21,117 105,600 15,311 Net revenues - third-party 408,137 228,472 158,920 23,041 Net loss attributable to Tuniu Corporation (2) (509,406) (42,858) (38,026) (5,513) Net cash used in operating activities (849,609) (190,429) (77,733) (11,270) Net cash provided by investing activities 901,947 411,467 81,081 11,756 Net cash used in financing activities (332,455) (276,001) (34,589) (5,015) Additional disclosures relating to operating results of the Affiliated Entities: (1) Net revenues - intra - Group reflect amounts charged to other entities within the Group for royalty fee for the usage of software owned by VIE in the amount of RMB77,565, RMB21,117 and RMB27,600 , for the years ended December 31, 2020, 2021 and 2022, respectively. Net revenues also include revenue for sales of intangible assets within the Group. All these transactions have been eliminated in the presentation of consolidated statement of comprehensive loss. (2) Net loss includes costs occured to other entities within the Group for technology consulting service fees and group management fees in the amount of RMB12,813, RMB16,308 and RMB6,178, for the years ended December 31, 2020, 2021 and 2022, respectively, all of which have been eliminated in the presentation of consolidated statement of comprehensive loss. Additional disclosures relating to investing activities of the Affiliated Entities: Investing activities of the Affiliated Entities primarily represent the investment of, or redemption of, short-term investments during the periods indicated. Additional disclosures relating to financing activities of the Affiliated Entities: Financing activities include borrowing and repayment of loans from other entities within the Group, including repayments of RMB133,455, borrowings of RMB8,099 and repayments of RMB36,689, for the years ended December 31, 2020, 2021 and 2022, respectively, all of which have been eliminated in the presentation of consolidated statement of cash flows. In addition, the Affiliated Entities repaid financing from banks by discounting bank acceptance notes (Note 15) for their operations with the amount of RMB199,000 and RMB284,100 for the years ended December 31, 2020 and 2021, respectively and obtained financing with the amount of RMB2,100 for the year ended December 31, 2022. Currently there is no contractual arrangement that could require the Company to provide additional financial support to the Affiliated Entities. As the Company is conducting its business mainly through the Affiliated Entities, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. Under the contractual arrangements with Nanjing Tuniu and through its equity interest in its subsidiaries, the Group has the power to direct the activities of the Affiliated Entities and direct the transfer of assets out of the Affiliated Entities. As the consolidated Affiliated Entities are each incorporated as a limited liability company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all of the liabilities of the consolidated Affiliated Entities. |
Use of Estimates | (c) Use of Estimates The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ materially from those estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include fair value of short-term and long-term investments, current expected credit losses for financial assets measured at amortized cost, estimated useful lives of property and equipment and intangible assets, impairment for goodwill, impairment for non-financial assets, fair value of contingent considerations with respect to business combinations, fair value of share-based payment arrangements, fair value of initial and subsequent measurement of equity investments using measurement alternative, valuation allowance for deferred tax assets and the determination of uncertain tax positions. |
Functional Currency and Foreign Currency Translation | (d) Functional Currency and Foreign Currency Translation The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of PRC is the United States dollar (“US$”), while the functional currency of the PRC entities in the Group is RMB as determined based on ASC 830, Foreign Currency Matters Transactions denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are re-measured at the balance sheet date exchange rate. The resulting exchange differences are included in the consolidated statements of comprehensive loss as foreign exchange gains / losses. When preparing the consolidated financial statements presented in RMB, assets and liabilities of the Company and its subsidiaries incorporated outside of PRC are translated into RMB at fiscal year-end exchange rates, and equity accounts are translated into RMB at historical exchange rates. Income and expense items are translated at average exchange rates prevailing during the respective fiscal years. Translation adjustments arising from these are reported as foreign currency translation adjustments and are shown as a component of accumulated other comprehensive income or loss in the consolidated statement of changes in shareholders’ equity. (d) Functional Currency and Foreign Currency Translation – continued The unaudited United States dollar amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00 = RMB6.8972 on December 31, 2022, as set forth in H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31, 2022, or at any other rate. |
Fair Value Measurement | (e) Fair Value Measurement The Group defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs may be used to measure fair value include: Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Group’s financial instruments include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, accounts payable, amounts due from and due to related parties, long-term investments in financial products, borrowings, operating lease liabilities, contingent consideration for business combinations and certain accrued liabilities and other current liabilities. The carrying values of these financial instruments approximated their fair values due to the short-term maturity of these instruments except for certain investments which are carried at fair value and contingent consideration for business combinations at each balance sheet date. The Group’s equity security with readily determinable fair value is carried at fair value using quoted market prices that currently available on a securities exchange and classified within Level 1. Certain short-term and long-term investments in financial products and funds classified within Level 2 are valued using directly or indirectly observable inputs in the market place. Certain investments in financial products and contingent consideration for business combinations classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. (e) Fair Value Measurement – continued The Group’s assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurement Using Significant Other Markets for Identical Assets (Level 1) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Long-term investments 988 889 129 Fair Value Measurement Using Significant Other Observable Inputs (Level 2) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 580,855 659,336 95,595 Fair Value Measurement Using Unobservable Inputs (Level 3) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 30,006 60,038 8,705 Contingent consideration for business combinations - short term 7,153 4,100 594 The roll forward of major Level 3 investments are as following: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Fair value of Level 3 investment at the beginning of the year 71,506 30,006 4,350 Addition 30,000 30,000 4,350 Decrease (71,241) — — Change in fair value of the investments (259) 32 5 Fair value of Level 3 investment at the end of the year 30,006 60,038 8,705 The Company determined the fair value of its investments by using income approach with significant unobservable inputs of future cash flows and discount rates ranging from 2.0% to 10.0%. (e) Fair Value Measurement – continued The roll forward of contingent consideration for acquisitions is as below: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Balance at the beginning of the year 10,750 7,153 1,037 Net change in fair value (3,597) (3,053) (443) Balance at the end of the year 7,153 4,100 594 Contingent consideration is valued using an expected cash flow method with unobservable inputs including the probability to achieve the operating and financial targets, which is assessed by the Group, in connection with the contingent consideration arrangements. |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and demand deposits placed with banks and third party payment processors, which are unrestricted as to withdrawal or use. Cash equivalents represent short term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of generally three months or less. |
Restricted Cash | (g) Restricted Cash Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Group’s restricted cash mainly represents (i) cash deposits required by tourism administration departments as a pledge to secure travellers’ rights and interests, (ii) cash deposits required by China Insurance Regulatory Commission for engaging in insurance agency or brokering activities, (iii) the deposits held in designated bank accounts for issuance of bank acceptance notes and letter of guarantee, and required by the Group’s business partners, (iv) deposits frozen by banks required by courts. Cash, cash equivalents and restricted cash as reported in the consolidated statement of cash flows are presented separately on consolidated balance sheet as follows: As of December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash and cash equivalents 213,538 349,077 153,835 22,304 Restricted cash 50,566 46,521 44,052 6,387 Total 264,104 395,598 197,887 28,691 |
Short-term Investments | (h) Short-term Investments Short-term investments are comprised of (i) held-to-maturity investments such as time deposits, which are due between three months and one year and stated at amortized cost; and (ii) investments in financial products issued by banks or other financial institutions, which contain a fixed or variable interest rate and with original maturities between three months and one year. Such investments are generally not permitted to be redeemed early or are subject to penalties for redemption prior to maturity. These investments are stated at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive loss. There was no other-than-temporary impairment of short-term investments measured at amortized cost for the years ended December 31, 2020, 2021 and 2022. |
Current expected credit losses | (i) Current expected credit losses In 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASC Topic 326”), which amends previously issued guidance regarding the impairment of financial instruments by creating an impairment model that is based on expected losses rather than incurred losses. On January 1, 2020, the Group adopted this ASC Topic 326 and several associated ASUs on the measurement of credit losses, which requires the Group to estimate lifetime expected credit losses upon recognition of the financial assets. The Group adopted the accounting standards update using a modified retrospective approach. Upon adoption of the new standard on January 1, 2020, the Group recorded a net decrease to its retained earnings of RMB19,425. The Group’s accounts receivable, held-to-maturity investments, prepayments and other current assets, amounts due from related parties and long-term amounts due from related parties are within the scope of ASC Topic 326. The Group has identified the relevant risk characteristics of its customers and the related receivables and prepayments, which include nature, size and types of the services the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, progress of COVID-19 pandemic and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Group’s specific facts and circumstances. |
Accounts Receivable, net | (j) Accounts Receivable, net The Group’s accounts receivable mainly consist of amounts due from the customers, travel agents, insurance companies and travel boards or bureaus, which are carried at the original invoice amount less provision for current expected credit losses. The Group recognized allowance for expected credit losses of RMB55,910, RMB13,216 and a reversal of RMB1,530 for the years ended December 31, 2020, 2021 and 2022, respectively. The following table summarized the details of the Group’s allowance for expected credit losses related to accounts receivables: For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of year 48,647 91,422 94,433 13,691 Cumulative effect of adoption of new accounting standard 1,833 — — — Allowance for expected credit losses 56,747 13,216 844 122 Reversal (837) — (2,374) (344) Write-offs (14,968) (10,205) — — The effect of disposals of subsidiaries — — (12,356) (1,791) Balance at the end of year 91,422 94,433 80,547 11,678 |
Long-term investments | (k) Long-term investments Long-term investments include equity investments, held-to-maturity investments and other long-term investments. Equity investments The Group accounts for the investments in entities with significant influence under equity-method accounting. Under this method, the Group’s pro rata share of income (loss) from an investment is recognized in the consolidated statements of comprehensive loss. Dividends received reduce the carrying amount of the investment. Equity-method investment is reviewed for impairment by assessing if the decline in fair value of the investment below the carrying value is other-than-temporary. In making this determination, factors are evaluated in determining whether a loss in value should be recognized. These include consideration of the intent and ability of the Group to hold investment and the ability of the investee to sustain an earnings capacity, justifying the carrying amount of the investment. No impairment charge was recognized for the years ended December 31, 2020, 2021 and 2022. The Group adopted the ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities”, Equity securities with readily determinable fair value and over which the Group has neither significant influence nor control through investments in common stock or in-substance common stock are measured at fair value, with changes recorded in the consolidated statements of comprehensive loss. Held-to-maturity investments The investments that the Group intends and is able to hold to maturity are classified as held-to-maturity investments and are stated at amortized cost, and interest income is recorded in the consolidated statements of comprehensive income. The Group monitors these investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information. Other long-term investments Other long-term investments include financial products with maturities over one year, which are carried at their fair value at each balance sheet date and changes in fair value are reflected in the consolidated statements of comprehensive loss. Refer to Note 7 for details. |
Property and Equipment | (l) Property and Equipment Property and equipment are stated at cost less accumulated depreciation and impairment if applicable. Property and equipment are depreciated over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful life Computers and equipment 3 - 5 years Buildings 16 - 20 years Furniture and fixtures 3 - 5 years Vehicles 3 - 5 years Software 5 years Leasehold improvements Over the shorter of the lease term or the estimated useful life of the asset ranging from 1 - 9 years Construction in progress represents leasehold improvements and office buildings under construction or being installed and is stated at cost. Cost comprises original cost of property and equipment, installation, construction and other direct costs. Construction in progress is transferred to leasehold improvements and buildings and depreciation commences when the asset is ready for its intended use. Gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive loss. |
Land use right, net | (m) Land use right, net Land use right represents the payments for usage of land for office buildings, which is recorded at cost less accumulated amortization. Amortization is provided on a straight-line basis over their respective lease period which is 49. |
Capitalized Software Development Cost | (n) Capitalized Software Development Cost The Group has capitalized certain direct development costs associated with internal-use software in accordance with ASC 350-40, “ Internal-use software” |
Business combination | (o) Business combination and noncontrolling interests U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the purchase method. The Group has adopted ASC 805 “Business Combinations” The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to forecast the future cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. Although management believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. The Group recognized adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. A noncontrolling interest is recognized to reflect the portion of a subsidiary’s equity which is not attributable, directly or indirectly, to the Group. Consolidated net loss on the consolidated statements of comprehensive loss includes the net loss attributable to noncontrolling interests when applicable. The cumulative results of operations attributable to noncontrolling interests are also recorded as noncontrolling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows when applicable. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Group accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. Subsequent to the initial measurement of acquisition, adjustments to the amount of contingent consideration are recognized as a gain or loss during the period of adjustments, and are reflected in other operating income. When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained noncontrolling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. |
Intangible Assets | (p) Intangible Assets Intangible assets purchased are recognized and measured at cost upon acquisition and intangible assets arising from acquisitions of subsidiaries are recognized and measured at fair value upon acquisition. The Company’s purchased intangible assets include computer software, which are amortized on a straight-line basis over their estimated useful lives 1 to 5 years. Separable intangible assets arising from acquisitions consist of trade names, customer relationship, supplier relationship, software, technology, non-compete agreements, travel licenses and insurance agency license, which are amortized on a straight-line basis over their estimated useful lives of 1 to 20 years. The estimated life of intangible assets subject to amortization is reassessed if circumstances occur that indicate the life has changed. The Group provided impairment for certain intangible assets of RMB31,876, nil and nil or the years ended December 31, 2020, 2021 and 2022, respectively. Refer to Note 9 for details. |
Goodwill | (q) Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable assets and liabilities acquired in business combinations. Goodwill is not amortized, but tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. The Group adopted ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”), which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step 2 of the goodwill impairment test. Management conducts its goodwill impairment assessment as of December 31 annually or more frequently if events or changes in circumstances indicate that it may be impaired. The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, so as to perform the quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test is used to identify goodwill impairment by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. There is only one reporting unit in the Group as Chief Operating Decision Maker (“CODM”) only reviews the operating results on the consolidation level, and business substance and economic characteristics of entities and components within the Group are similar. Therefore, the goodwill assessment was performed for the Group on consolidated level as one reporting unit. During the second quarter of 2022, since the COVID-related travel policies and measures underwent an abruptly and broadly heightened implementation phase, the impact of COVID-19 pandemic was more severe than before and it was uncertain how much longer the pandemic would continue to impact the Group’s business. As a result of the continued implementation of various travel restrictions in mainland China due to COVID-19 pandemic, the travel industry plunged and the situation has become even more challenging compared to the first wave of pandemic in 2020 in mainland China, resulting in a pessimistic market sentiment in the second quarter of 2022. Together with other indicators such as the Group’s history of net losses and low market capitalization, in the second quarter of 2022, management concluded the existence of the triggering events which required management to perform an interim quantitative goodwill impairment test as of June 30, 2022. Management performed an interim quantitative goodwill impairment test with the fair value of the reporting unit estimated by management based on the income approach, using a discounted cash flow model, with cashflow forecast reflecting management’s best estimate at that time of the outlook of the business. Based on quantitative goodwill impairment test, the fair value of the reporting unit was RMB1,092.9 million, which was lower than the carrying value of the Group’s net assets of RMB1,205.0 million as of June 30, 2022, hence the Group recognized an impairment charge of RMB112.1 million for goodwill during the second quarter of 2022. Certain key assumptions used in management’s impairment assessment related to revenue growth rate, gross margin, operating expenses, working capital requirements and discount rate by considering the historical performance of the reporting unit, relevant industry forecasts and market developments. After the impairment provision, the goodwill balance was reduced to RMB119.9 million as of June 30, 2022. (q) Goodwill – continued In December 2022, COVID-19 related travel restrictions were released in mainland China, which was a positive sign for travelling industry and the Group. In addition, the capital market responded quickly with market capitalization of the Company increased to RMB1,289.1 million as of December 31, 2022, which was higher than the Group’s carrying value of RMB1,058.3 million and the share price of the Company kept increasing subsequently in 2023, which reflects an improved market sentiment to the travel industry. As a result, the Company concluded there was no impairment indicators for the Group’s goodwill as of December 31, 2022, and hence no further impairment is required. No impairment loss was recognized for the years ended December 31, 2020 and 2021 based on management’s impairment test. |
Impairment of non-financial assets | (r) Impairment of non-financial assets The Group evaluates its non-financial assets including property and equipment, intangible assets, land use rights and operating lease rights-of-use assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The asset group is the unit of account for a non-financial asset or assets to be held and used, which represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. When these events occur, the Group measures impairment by comparing the carrying amount of the asset group to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss equal to the difference between the carrying amount and fair value of these assets. All of the Group’s non-financial assets are considered one asset group which represents the lowest level to independently generate identifiable cash flows. COVID-19 related travel restrictions were released in mainland China in December 2022, which was a positive sign for travelling industry and the Group. In addition, as of December 31, 2022, the Company’s market capitalization increased to RMB1,289.1 million, which was higher than the Group’s carrying value of RMB1,058.3 million and the share price of the Company kept increasing subsequently in 2023, which reflects an improved market sentiment to the travel industry. As a result, the Group concluded that there was no impairment for non-financial assets for the year ended December 31, 2022. Based on management’s assessment, no additional impairment of non-financial assets was recognized during the years ended December 31, 2020 and 2021, except for provision for certain intangible assets (Note 2(p) and Note 9) and goodwill impairment (Note 2(q) and Note 11). |
Advances from Customers | (s) Advances from Customers Advances from customers represent the amounts travellers pay in advance to purchase packaged tours or other travelling products. Among the cash proceeds from travellers, the amounts payable to tour operators are recorded as accounts payable and the remaining are recognized as revenues when revenue recognition criteria are met. |
Revenue Recognition | (t) Revenue Recognition The Group’s revenue is primarily derived from sales of packaged tours and other service fees. According to ASC 606, “Revenue from Contracts with Customers” revenue is recognized when control of the promised services is transferred to our customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. There are no significant estimates in the Group’s revenue arrangements. (t) Revenue Recognition - continued Packaged tours: Under the organized tour arrangements with the tour operators, the Group’s role is an agent that provides tour booking services to the tour operators and travellers. The tour operators are primarily responsible for all aspects of providing services relating to the tour and responsible for the resolution of customer disputes and any associated costs. Revenues from organized tours (except for those under which the Group takes substantive inventory risks and the self-operated local tour operator business in which the Group acts as a principal, as discussed below) are generally reported on net basis, representing the difference between what the Group receives from the travellers and the amounts due to the tour operators. Revenues from self-guided tours are recognized on a net basis, as the Group has no involvement in determining the service, and provides no additional services to travellers other than the booking services. Suppliers are responsible for all aspects of providing the air transportation and hotel accommodation, and other travel-related services. As such, the Group is an agent for the travel service providers in these transactions and revenues are reported on a net basis. Under certain circumstances, the Group may enter into contractual commitments with suppliers to reserve tours, and is required to pay a deposit to ensure tour availabilities. Some of these contractual commitments are non-cancellable, and to the extent the reserved tours are not sold to customers, the Group would be liable to pay suppliers a pre-defined or negotiated penalty, thereby assuming inventory risks. For packaged tour arrangements that the Group undertakes inventory risk which is considered to be substantive, revenues are recognized on gross basis. Revenues for such arrangements that the Group undertakes substantive inventory risk were RMB1,599, nil and nil for the years ended December 31, 2020, 2021 and 2022, which were recorded in revenues from packaged tours. The Group also operates its self-operated local tour operator business in various destinations by directly providing destination-based services to the organized tour customers, starting from their arrival at the destination and all the way until they depart from the destination. As a self-operated local tour operator, the Group integrates the underlying resources such as transportations, accommodations, entertainments, meals and tour guide services from selected suppliers, directs the selected vendors to provide services on the Group’s behalf, and hence sets up the price for the tour.The Group is also primarily responsible for fulfilling the promise of the whole packaged tours service, which is a single performance obligation. Accordingly, the Group is a principal for the self-operated local tour operator business and recognizes revenue on a gross basis in accordance with ASC 606. Revenues from the self-operated tour operator business are recognized over time during the period of the tours when control over the tour services is transferred to the customers. Revenues for the self-operated local tour operator business were RMB122,699, RMB169,376 and RMB32,308 for the years ended December 31, 2020, 2021 and 2022, which were recorded in revenues from packaged tours. Under the arrangements for the organized tours (except for the self-operated local tour operator business in which the Group acts as a principal, as discussed above) and self-guided tours, for which the Group’s role is an agent, revenues are recognized when the tours depart, as control over the tour booking services is transferred to the customers when the tour booking is completed and successful. (t) Revenue Recognition - continued Other revenues Revenue is recognized when relevant services are rendered, the tickets are issued or merchandises are accepted by customers. Customer incentives From time to time, travelers are offered coupons, travel vouchers, membership points, or cash rewards as customer incentives. For customer incentives offered where prior purchase is not required, the Group accounts for them as a reduction of revenue when the coupons and vouchers are utilized to purchase travelling products or as selling and marketing expenses when membership points are redeemed for merchandises. For customer incentives offered from prior purchase, the Group estimates the amount associated with the future obligation to customers, and records as a reduction of revenue when the prior purchase revenue is initially recognized. Unredeemed incentives are recorded in other current liabilities in the consolidated balance sheets. The Group estimates liabilities under the customer loyalty program based on accumulated customer incentives, and the estimate of probability of redemption in accordance with the historical redemption pattern. The actual expenditure may differ from the estimated liability recorded. As of December 31, 2021 and 2022, liabilities recorded related to membership points and cash rewards were RMB3,951 and RMB3,400, respectively. Value-added tax and surcharges |
Cost of Revenues | (u) Cost of Revenues Cost of revenues mainly consists of salaries and other compensation expenses related to the Group’s tour advisors, customer services representatives, and other personnel related to tour transactions, and other expenses directly attributable to the Group’s principal operations, primarily including cost of merchandises, payment processing fees, telecommunication expenses, rental expenses, depreciation expenses and other service fee for financial service. For the arrangements where the Group secures availabilities of tours and bears substantive inventory risks and for the self-operated local tour operator business, from which revenues are recognized on a gross basis, cost of revenues also includes the amount paid to tour operators or suppliers. |
Advertising Expenses | (v) Advertising Expenses Advertising expenses, which primarily consist of online marketing expenses and brand marketing expenses through various forms of media, are recorded in sales and marketing expenses as incurred. Advertising expenses were RMB50,662, RMB40,661 and RMB15,066 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Research and Product Development Expenses | (w) Research and Product Development Expenses Research and product development expenses include salaries and other compensation-related expenses for the Group’s research and product development personnel, as well as office rental, depreciation and related expenses and travel-related expenses for the Group’s research and product development team. The Group recognizes software development costs in accordance with ASC 350-40 “Software—internal use software” |
Leases | (x) Leases The Company applied ASC 842, “ Leases ”, by using the optional transition method at the adoption date without recasting comparative periods. The Company determines if an arrangement is a lease at inception. Operating leases are primarily for office and operation space and are included in operating lease right-of-use (“ROU”) assets, net, operating lease liabilities, current and operating lease liabilities, non-current on its consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets and lease liability when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. For operating leases with a term of one year or less, the Company has elected to not recognize a lease liability or ROU asset on its consolidated balance sheet. Instead, it recognizes the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of comprehensive loss and cash flows. |
Share-based Compensation | (y) Share-based Compensation The Company applies ASC 718, “Compensation — Stock Compensation” |
Income Taxes | (z) Income Taxes Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive loss in the period enacted. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. Uncertain tax positions U.S. GAAP prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides for the derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. As of December 31, 2021 and 2022, the Group did not have any significant unrecognized uncertain tax positions or any interest or penalties associated with tax positions. In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. |
Employee Benefits | (aa) Employee Benefits Full-time employees of the Group in the PRC are entitled to welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated defined contribution plan. Chinese labor regulations require that the Group makes contributions to the government for these benefits based on certain percentages of employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal obligation for the benefits beyond the contributions. The Group recorded employee benefit expenses of RMB56,396, RMB22,326 and RMB17,367 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Government Subsidies | (ab) Government Subsidies Government subsidies are cash subsidies received by the Group’s entities in the PRC from provincial and local government authorities. The government subsidies are granted from time to time at the discretion of the relevant government authorities. These subsidies are granted for general corporate purposes and to support the Group’s ongoing operations in the region. Cash subsidies are recorded in other operating income on the consolidated statements of comprehensive loss when received and when all conditions for their receipt have been satisfied. The Group recognized government subsidies of RMB22,398, RMB22,468 and RMB9,540 for the years ended December 31, 2020, 2021 and 2022, respectively. |
Earnings (Loss) Per Share | (ac) Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Accretion of the redeemable noncontrolling interests is deducted from the net income (loss) to arrive at net income (loss) attributable to the Company’s ordinary shareholders. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted shares and shares issuable upon the exercise of share options using the treasury stock method. Ordinary equivalent shares are not included in the denominator of the diluted loss per share calculation when inclusion of such shares would be anti-dilutive. Except for voting rights, Class A and Class B shares have all the same rights and therefore the Group has elected not to use the two-class method. |
Comprehensive Income (Loss) | (ad) Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income or loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive income (loss), as presented on the accompanying consolidated balance sheets, consists of accumulated foreign currency translation adjustments. |
Treasury stock | (ae) Treasury stock On September 30, 2020, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of the Company’s ordinary shares or American depositary shares representing ordinary shares over the next 12 months. The share repurchase programs permitted the Company to purchase shares from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The repurchased shares were accounted for under the cost method and presented as “treasury stock” in equity on the Group’s consolidated balance sheets. For the year ended December 31, 2021 and 2022, the Group reissued 576,165 and 314,592 shares to employees upon their exercise of share options or vesting of restricted share units under the Group’s share compensation plans, respectively. The Company recognizes the difference between the reissuance price and the average cost the Company paid for repurchase in additional paid-in capital when reissuing the shares. |
Segment Reporting | (af) Segment Reporting In accordance with ASC 280, Segment Reporting, the Group’s chief operating decision maker, the Chief Executive Officer, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group has only one reportable segment. The Group does not distinguish between markets or segments for the purpose of internal reporting. The Group’s long-lived assets are substantially all located in the PRC and substantially all the Group’s revenues are derived from within the PRC, therefore, no geographical segments are presented. |
Recently Issued Accounting Pronouncements | (ag) Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. The Group adopted this update in the first quarter of 2022 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s Consolidated Financial Statements. The Group is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which the Company adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. (ag) Recently Issued Accounting Pronouncements - continued In September 2022, the FASB issued ASU 2022-09 Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The update requires the companies that use a supplier finance program in connection with the purchase of goods or services to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is also permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | (ag) Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU 2020-04 are effective for the Company as of March 12, 2020 through December 31, 2022. The Company will evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. The Group adopted this update in the first quarter of 2022 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s Consolidated Financial Statements. The Group is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which the Company adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. (ag) Recently Issued Accounting Pronouncements - continued In September 2022, the FASB issued ASU 2022-09 Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The update requires the companies that use a supplier finance program in connection with the purchase of goods or services to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is also permitted, including adoption in an interim period. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements. This ASU is currently not expected to have a material impact on the Company’s consolidated financial statements. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Principal Activities | |
Schedule of percentage of legal ownership in significant consolidated subsidiaries and the consolidated Affiliated Entities | As of December 31, 2022, the Company’s significant consolidated subsidiaries and the consolidated Affiliated Entities are as follows: Percentage of direct or indirect Place of economic Name of subsidiaries and Affiliated entities Date of establishment/acquisition incorporation ownership Subsidiaries of the Company: Tuniu (HK) Limited Established on May 20, 2011 Hong Kong 100 % Tuniu (Nanjing) Information Technology Co., Ltd. Established on August 24, 2011 PRC 100 % Beijing Tuniu Technology Co., Ltd. (“Beijing Tuniu”) Established on September 8, 2008 PRC 100 % Jiangsu Kaihui Commercial Factoring Co., Ltd Established on September 22, 2015 PRC 100 % Xiamen Suiwang International Travel Service Co., Ltd. Established on January 26, 2016 PRC 100 % Tianjin Tuniu International Travel Service Co., Ltd. Established on March 23, 2016 PRC 100 % Guangzhou Kaihui Internet Microcredit Co., Ltd. Established on June 13, 2016 PRC 100 % Nanjing Kaihui Internet Microcredit Co., Ltd. Established on December 28, 2016 PRC 90 % Variable Interest Entity (“VIE”) Nanjing Tuniu Technology Co., Ltd. (“Nanjing Tuniu”) Established on December 18, 2006 PRC 100 % Subsidiaries of VIE Shanghai Tuniu International Travel Service Co., Ltd. Acquired on August 22, 2008 PRC 100 % Nanjing Tuniu International Travel Service Co., Ltd. Acquired on December 22, 2008 PRC 100 % Beijing Tuniu International Travel Service Co., Ltd. Acquired on November 18, 2009 PRC 100 % Nanjing Tuzhilv Tickets Sales Co., Ltd. Established on April 19, 2011 PRC 100 % Tuniu Insurance Brokers Co., Ltd. Acquired on August 11, 2015 PRC 100 % |
Principal Accounting Policies_2
Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Investments | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Fair Value Measurement Using Significant Other Markets for Identical Assets (Level 1) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Long-term investments 988 889 129 Fair Value Measurement Using Significant Other Observable Inputs (Level 2) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 580,855 659,336 95,595 Fair Value Measurement Using Unobservable Inputs (Level 3) As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term investments 30,006 60,038 8,705 Contingent consideration for business combinations - short term 7,153 4,100 594 |
Schedule of roll forward of major Level 3 investments | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Fair value of Level 3 investment at the beginning of the year 71,506 30,006 4,350 Addition 30,000 30,000 4,350 Decrease (71,241) — — Change in fair value of the investments (259) 32 5 Fair value of Level 3 investment at the end of the year 30,006 60,038 8,705 |
Schedule of roll forward of contingent consideration for acquisitions | The roll forward of contingent consideration for acquisitions is as below: As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Balance at the beginning of the year 10,750 7,153 1,037 Net change in fair value (3,597) (3,053) (443) Balance at the end of the year 7,153 4,100 594 |
Schedule of cash, cash equivalents and restricted cash | As of December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash and cash equivalents 213,538 349,077 153,835 22,304 Restricted cash 50,566 46,521 44,052 6,387 Total 264,104 395,598 197,887 28,691 |
Schedule of allowance for doubtful accounts | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of year 48,647 91,422 94,433 13,691 Cumulative effect of adoption of new accounting standard 1,833 — — — Allowance for expected credit losses 56,747 13,216 844 122 Reversal (837) — (2,374) (344) Write-offs (14,968) (10,205) — — The effect of disposals of subsidiaries — — (12,356) (1,791) Balance at the end of year 91,422 94,433 80,547 11,678 |
Schedule of estimated useful lives of property and equipment | Category Estimated useful life Computers and equipment 3 - 5 years Buildings 16 - 20 years Furniture and fixtures 3 - 5 years Vehicles 3 - 5 years Software 5 years Leasehold improvements Over the shorter of the lease term or the estimated useful life of the asset ranging from 1 - 9 years |
The Affiliated Entities [Member] | |
Schedule of Investments | |
Schedule of financial statement amounts and assets, liabilities, results of operations and cash flows of the Affiliated Entities which are included in the consolidated financial statements | As of December 31, 2021 2022 RMB RMB US$(Note 2(d)) ASSETS Current assets Cash and cash equivalents 89,431 76,759 11,129 Restricted cash 20,410 1,840 267 Short-term investments 306,100 283,472 41,100 Accounts receivable, net 111,941 33,644 4,878 Intercompany receivables 424,829 450,135 65,263 Amounts due from related parties 14,805 957 139 Prepayments and other current assets 46,455 37,172 5,389 Total current assets 1,013,971 883,979 128,165 Non-current assets Long-term investments 175,947 206,691 29,967 Property and equipment, net 41,062 32,169 4,664 Intangible assets, net 51,925 26,924 3,904 Operating lease right-of-use assets, net 27,841 27,952 4,053 Goodwill 184,619 68,125 9,877 Other non-current assets 86,766 85,970 12,464 Total non-current assets 568,160 447,831 64,929 Total assets 1,582,131 1,331,810 193,094 LIABILITIES Current liabilities Short-term borrowings 184,546 187,737 27,219 Accounts and notes payable 325,716 189,898 27,533 Intercompany payable 5,271,506 5,280,746 765,637 Salary and welfare payable 24,689 16,806 2,437 Taxes payable 4,113 1,604 233 Advances from customers 123,625 78,356 11,361 Operating lease liabilities, current 4,457 2,759 400 Amounts due to related parties 2,198 2,163 314 Accrued expenses and other current liabilities 330,723 320,522 46,471 Total current liabilities 6,271,573 6,080,591 881,605 Non-current liabilities Operating lease liabilities, non-current 23,935 24,156 3,502 Deferred tax liabilities 10,341 6,074 881 Total non-current liabilities 34,276 30,230 4,383 Total liabilities 6,305,849 6,110,821 885,988 |
Business acquisition (Tables)
Business acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business acquisition | |
Summary of disposal activities | Amount Total consideration 17,264 Recognition of: Long-term investment - fair value of retained non-controlling interests 9,655 Derecognition of: Net liabilities (including cash disposed of RMB23,519) 29,482 Intangible assets (16,027) Deferred tax liability 3,899 Noncontrolling interests 24,061 Waiver of the contingent consideration yet to be paid 1,861 Goodwill attributable to the disposed entities (5,244) Total disposal gain 64,951 |
Prepayments and other current_2
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepayments and other current assets | |
Summary of prepayments and other current assets | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Prepayments to suppliers 74,328 45,212 6,555 Interest income receivable 814 843 122 Prepayment for advertising expenses 1,714 406 59 Loan receivables 151,089 100,361 14,551 Value-added tax receivables 76,285 62,808 9,106 Receivables from employees 15,180 12,598 1,827 Others 17,623 20,766 3,011 Total 337,033 242,994 35,231 |
Summary of provision for prepayments and other current assets | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of year 154,482 342,383 318,034 46,111 Cumulative effect of adoption of new accounting standard for 17,262 — — — Addition 182,829 22,408 16,508 2,393 Reversal (12,190) (19,550) (8,050) (1,167) Write-offs — (27,207) — — Disposals of subsidiaries — — (1,614) (234) Balance at the end of year 342,383 318,034 324,878 47,103 |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-term investments | |
Schedule of long-term investments | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Equity investments – equity method 44,415 54,362 7,882 Equity investments – without readily determinable fair values 153,643 172,563 25,019 Equity investments – securities with readily determinable fair values (Note 23(a)) 988 889 129 Held-to-maturity investments 2,901 2,748 398 Total 201,947 230,562 33,428 |
Schedule of equity investments without readily determinable fair values | As of December 31, 2021 2022 RMB RMB US$(Note 2(d)) Equity investments without readily determinable fair values: Initial cost 161,666 174,983 25,370 Net cumulative fair value adjustments (8,023) (2,420) (351) Carrying Value 153,643 172,563 25,019 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property and equipment, net | |
Schedule of property and equipment, net | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Computers and equipment 136,993 119,600 17,340 Leasehold improvements 139,087 119,069 17,263 Buildings 4,109 4,109 596 Furniture and fixtures 16,541 13,328 1,932 Vehicles 19,419 6,875 997 Software 190,100 192,553 27,918 Others 2,102 — — Subtotal 508,351 455,534 66,046 Less: Accumulated depreciation (452,759) (417,644) (60,553) Property and equipment subject to depreciation 55,592 37,890 5,493 Construction in progress 42,567 47,292 6,857 Total 98,159 85,182 12,350 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets, net | |
Schedule of intangible assets, net | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Travel license 31,056 30,456 4,415 Insurance agency license 11,711 11,711 1,698 Software 73,056 64,985 9,422 Technology 4,300 4,300 623 Trade names 41,634 38,264 5,548 Supplier relationship 8,560 — — Customer relationship 21,787 11,020 1,598 Non-compete agreements 6,399 5,816 843 Subtotal 198,503 166,552 24,147 Less: Accumulated amortization (120,805) (113,558) (16,464) Less: Impairment (22,322) (22,322) (3,236) Total 55,376 30,672 4,447 |
Schedule of annual estimated amortization expense for intangible assets | Amortization for Intangible Assets Years Ending December 31, RMB US$ (Note 2(d)) 2023 4,463 647 2024 3,713 538 2025 2,944 427 2026 2,435 353 2027 2,368 343 Thereafter 14,749 2,139 Total 30,672 4,447 |
Land use right, net (Tables)
Land use right, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Land use right, net | |
Schedule of land use right, net | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Land use right 101,007 101,007 14,645 Less: Accumulated amortization (6,355) (8,417) (1,221) Net book value 94,652 92,590 13,424 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Summary of changes in the carrying amount of goodwill | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Balance at the beginning of year 232,007 232,007 33,638 Disposals of subsidiaries (Note 4) — (5,244) (761) Impairment (Note 2(q)) — (112,102) (16,253) Balance at the end of year 232,007 114,661 16,624 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets | |
Schedule of other non-current assets | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Deposits 7,094 1,836 266 Loans receivables 13,551 9,795 1,420 Long-term prepayments to a supplier (a) 71,353 62,663 9,085 Receivables for disposal of subsidiaries (Note 4) — 6,373 924 Others 113 10,424 1,512 Total 92,111 91,091 13,207 |
Schedule of provision for other loans receivable | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$(Note 2 (d)) Balance at the beginning of year 1,181 9,852 10,944 1,587 Cumulative effect of adoption of new accounting standard relating 294 — — — Addition 8,805 1,633 1,894 275 Reversal (428) (541) (4,873) (707) Balance at the end of year 9,852 10,944 7,965 1,155 |
Short-term and long-term borr_2
Short-term and long-term borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-term and long-term borrowings | |
Summary of short-term borrowings | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Short-term borrowings, including short-term portions of long-term borrowings 9,981 7,517 1,090 Long-term borrowings 14,344 11,959 1,734 |
Summary of repayments of principal amounts of the long-term borrowing | As of December 31, 2022 RMB 2024 3,991 2025 3,780 2026 1,950 2027 and thereafter 2,238 Total 11,959 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of consolidated balance sheet information related to leases | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) ASSETS Operating lease right-of-use assets, net 48,115 33,204 4,814 LIABILITIES Operating lease liabilities, current 16,556 12,439 1,803 Operating lease liabilities, non-current 38,832 26,482 3,840 Total 55,388 38,921 5,643 |
Schedule of supplemental cash flow information related to leases | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash paid for amounts included in the measurement of lease liabilities 38,399 26,000 15,048 2,182 Right-of-use assets obtained in exchange for operating lease liabilities 28,444 43,855 5,642 818 |
Schedule of maturities of lease liabilities (excluding short-term leases) | As of December 31, 2021 2022 Weighted average remaining lease term(years) 6.81 8.08 Weighted average discount rate 5 % 5 % As of December 31, 2022, maturities of lease liabilities (excluding lease payments of RMB356 for the leases with lease terms less than one year) are as follows: As of December 31, 2022 RMB 2023 15,654 2024 6,361 2025 3,588 2026 3,576 2027 and thereafter 20,078 Total minimum lease payments 49,257 Less: interest (10,336) Present value of lease obligations 38,921 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued expenses and other current liabilities | |
Summary of accrued expenses and other current liabilities | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Deposits from packaged-tour users (a) 12,428 10,474 1,519 Payable for business combination 7,153 4,100 594 Accrued liabilities related to customers incentive program 3,951 3,400 493 Accrued professional service fees 11,861 11,356 1,646 Accrued advertising expenses 18,806 16,047 2,327 Deposits received from suppliers 86,212 72,169 10,464 Accrued operating expenses 8,067 7,662 1,111 Advanced payment from banks (b) 13,925 13,577 1,968 Discounted bank acceptance notes (c) 197,900 200,000 28,997 Others 22,326 19,527 2,828 Total 382,629 358,312 51,947 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of reconciliation between the effective income tax rate and the PRC statutory income tax rate | For the Years Ended December 31, 2020 2021 2022 % % % PRC Statutory income tax rates 25.0 25.0 25.0 Change in valuation allowance (20.9) (16.0) (20.3) R&D expenses super-deduction (0.7) (4.3) (2.9) Non-deductible expenses and non-taxable income incurred (2.2) (1.1) 0.4 Difference in EIT rates of certain subsidiaries 0.1 (0.3) 0.1 Effect of preferential income tax rates (0.8) (3.4) (1.9) Total 0.5 (0.1) 0.4 |
Schedule of aggregate amount and per share effect of the preferential income tax rates | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Aggregate amount 11,239 4,411 3,929 570 Basic and diluted net loss per share effect — — — — |
Schedule of significant components of deferred tax assets and liabilities | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Non-current deferred tax assets: Accruals and others 18,124 15,393 2,232 Net operating loss carry forwards 657,571 483,092 70,042 Carryforwards of deductible advertising expenses 11,321 11,349 1,645 Allowance for doubtful accounts 252,605 246,930 35,801 Subtotal 939,621 756,764 109,720 Less: valuation allowance (939,621) (756,764) (109,720) Total non-current deferred tax assets, net — — — Non-current deferred tax liabilities: Recognition of intangible assets arising from business combination (2,382) (1,741) (252) Total non-current deferred tax liabilities, net (2,382) (1,741) (252) |
Schedule of movement of valuation allowance | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance at the beginning of the year 1,246,296 1,332,721 939,621 136,232 Additions 396,582 29,089 31,324 4,541 Written-off for expiration of net operating losses (304,939) (414,409) (212,636) (30,829) Utilization of previously unrecognized tax losses and deductible advertising expenses (5,218) (7,780) (1,545) (224) Balance at the end of the year 1,332,721 939,621 756,764 109,720 |
Redeemable noncontrolling int_2
Redeemable noncontrolling interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Redeemable noncontrolling interests | |
Schedule of carrying amount of redeemable noncontrolling interests | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Balance as of January 1 37,200 27,200 27,200 3,944 Repurchase of redeemable noncontrolling interests (10,000) — — — Accretion on redeemable noncontrolling interests — — — — Balance as of December 31 27,200 27,200 27,200 3,944 |
Share-based Compensation Expe_2
Share-based Compensation Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Expenses | |
Schedule of recognized share-based compensation expense | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cost of revenue 1,044 390 411 60 Research and product development 4,349 724 572 83 Sales and marketing 1,099 644 657 95 General and administrative 13,972 7,374 3,409 494 Total 20,464 9,132 5,049 732 |
Schedule of the option activity under the 2008 plan | Weighted Weighted Average Average Aggregate Number of Exercise Remaining Intrinsic share options Price Contractual Life Value US$ In Years US$’000 Outstanding at January 1, 2022 13,976,607 1.81 3.74 825 Granted 14,847,631 0.3333 — — Exercised (253,320) 0.03 — — Forfeited (2,961,631) 1.83 — — Outstanding at December 31, 2022 25,609,287 0.97 6.56 3,920 Vested and expected to vest at December 31, 2022 23,603,747 1.02 6.31 3,584 Exercisable at December 31, 2022 10,761,656 1.85 2.35 1,395 |
Schedule of assumptions used to estimate the fair value of option grant on the date of grant | 2022 Expected volatility 48.25 % Risk-free interest rate 2.78 % Exercise multiple 2.2-2.8 Expected dividend yield 0 % Time to maturity (in years) 10 Expected forfeiture rate (post-vesting) 0%-13.24 % Fair value of the common share on the date of option grant US$0.13-0.16 (RMB0.90-1.10) |
Schedule of restricted shares activity | Numbers of Weighted average restricted shares grant date fair value Restricted shares as of January 1, 2022 21,918 2.23 Granted 270,000 0.17 Vested (61,272) 0.91 Forfeited — — Restricted shares as of December 31, 2022 230,646 0.17 Vested and expected to vest at December 31, 2022 230,646 0.17 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
Schedule of computation of basic and diluted net loss per share | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Numerator: Net loss attributable to Tuniu Corporation (1,307,956) (121,524) (193,382) (28,036) Numerator for basic and diluted net loss per share (1,307,956) (121,524) (193,382) (28,036) Denominator: Weighted average number of ordinary shares outstanding-basic and diluted 370,240,040 370,874,312 371,208,209 371,208,209 Loss per share-basic and diluted (3.53) (0.33) (0.52) (0.08) |
Related party transactions an_2
Related party transactions and balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions and balances | |
Schedule of name of related parties and relationship with the group | The following entities are considered to be related parties to the Group: Name of related parties Relationship with the Group Ctrip Investment Holding Co., Ltd. (“Trip.com”) a shareholder of the Company with the right to appoint one director of the Company Hopeful Tourism Limited (“Caissa”, a wholly-owned subsidiary of Caissa Sega Tourism Culture Investment Limited) a shareholder with one board director of the Company HNA Tourism Holdings Group Co., Ltd. (“HNA Tourism”) a shareholder with two board directors of the Company |
Schedule of balance with related parties | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) Current: Amounts due from Trip.com 13,044 212 30 Amounts due from Caissa 1,925 818 119 Total 14,969 1,030 149 Current: Amounts due to Trip.com 3,860 3,892 564 Amounts due to Caissa 819 818 119 Total 4,679 4,710 683 |
CONDENSED FINANCIAL INFORMATI_2
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | |
Schedule of balance sheets | As of December 31, 2021 2022 RMB RMB US$ (Note 2(d)) ASSETS Current assets Cash and cash equivalents 4,712 1,292 187 Amounts due from subsidiaries and Affiliated Entities 6,855,545 7,077,952 1,026,207 Prepayments and other current assets 130 151 22 Total current assets 6,860,387 7,079,395 1,026,416 Total assets 6,860,387 7,079,395 1,026,416 LIABILITIES AND EQUITY Current liabilities Accrued expenses and other current liabilities 8,038 6,559 951 Total current liabilities 8,038 6,559 951 Non-current liabilities Investment deficit in subsidiaries and Affiliated Entities 5,583,205 5,964,812 864,816 Total non-current liabilities 5,583,205 5,964,812 864,816 Total liabilities 5,591,243 5,971,371 865,767 Equity Ordinary shares (US$0.0001 par value; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized as of December 31, 2021 and 2022; 389,331,543 shares (including 371,958,043 Class A shares and 17,373,500 Class B shares) issued and outstanding as of December 31, 2021 and 2022) 249 249 36 Less: Treasury stock (18,266,523 shares and 17,951,931 shares as of December 31, 2021 and 2022, respectively) (293,795) (288,600) (41,843) Additional paid-in capital 9,125,748 9,125,655 1,323,096 Accumulated other comprehensive income 271,821 298,981 43,348 Accumulated deficit (7,834,879) (8,028,261) (1,163,988) Total Tuniu Corporation shareholders’ equity 1,269,144 1,108,024 160,649 Total liabilities and equity 6,860,387 7,079,395 1,026,416 |
Schedule of statements of comprehensive loss | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Operating expenses General and administrative (4,293) (3,688) (3,593) (521) Total operating expenses (4,293) (3,688) (3,593) (521) Loss from operations (4,293) (3,688) (3,593) (521) Share of loss of subsidiaries and affiliated entities (1,301,972) (124,832) (198,586) (28,792) Other (expenses)/income Foreign exchange (losses)/gains, net (2,922) 4,669 5,284 766 Other income, net 1,231 2,327 3,513 511 Loss before income tax expense (1,307,956) (121,524) (193,382) (28,036) Net loss (1,307,956) (121,524) (193,382) (28,036) Accretion on redeemable noncontrolling interests — — — — Net loss attributable to ordinary shareholders (1,307,956) (121,524) (193,382) (28,036) Net loss (1,307,956) (121,524) (193,382) (28,036) Other comprehensive (loss)/income Foreign currency translation adjustment, net of nil tax (18,772) (3,191) 27,160 3,938 Comprehensive loss (1,326,728) (124,715) (166,222) (24,098) |
Schedule of statements of cash flows | For the Years Ended December 31, 2020 2021 2022 RMB RMB RMB US$ (Note 2(d)) Cash used in operating activities (4,779) (2,341) (2,205) (321) Cash provided by/(used in) investing activities 5,292 6,020 (989) (143) Cash (used in)/provided by financing activities (250) 373 46 7 Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 62 (272) (39) Net increase/(decrease) in cash, cash equivalents and restricted cash 262 4,114 (3,420) (496) Cash, cash equivalents and restricted cash at the beginning of year 336 598 4,712 683 Cash, cash equivalents and restricted cash at the end of year 598 4,712 1,292 187 Supplemental disclosure of non-cash investing and financing activities Receivables related to exercise of stock option (45) (28) (35) (5) |
Organization and Principal Ac_3
Organization and Principal Activities (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Nanjing Tuniu [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Shanghai Tuniu International Travel Service Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Nanjing Tuniu International Travel Service Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Beijing Tuniu International Travel Service Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Nanjing Tuzhilv Tickets Sales Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Tuniu Insurance Brokers Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Economic interest held (as a percent) | 100% |
Tuniu (HK) Limited [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Tuniu (Nanjing) Information Technology Co., Ltd. [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Beijing Tuniu [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Jiangsu Kaihui Commercial Factoring Co Ltd [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Xiamen Suiwang International Travel Service Co Ltd [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Tianjin Tuniu International Travel Service Co Ltd [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Guangzhou Kaihui Internet Microcredit Co Ltd [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 100% |
Nanjing Kaihui Internet Microcredit Co Ltd [Member] | |
Significant consolidated subsidiaries and the consolidated Affiliated Entities | |
Equity interest held (as a percent) | 90% |
Principal Accounting Policies -
Principal Accounting Policies - Principles of Consolidation (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | Jan. 01, 2020 CNY (¥) | |
Principles of Consolidation | |||||||
Accumulated deficit | ¥ (8,028,261) | ¥ (7,834,879) | $ (1,163,988) | ||||
Cash and cash equivalents and short-term investments | 878,248 | ||||||
Working capital | 425,664 | ||||||
Stock repurchase program, authorized amount | $ | $ 10,000 | ||||||
Accounting standards update | |||||||
Principles of Consolidation | |||||||
Accumulated deficit | ¥ 19,425 | ||||||
The Affiliated Entities [Member] | |||||||
Principles of Consolidation | |||||||
Accumulated deficit | 4,698 | ||||||
Revenues | 105,600 | $ 15,311 | 21,117 | ¥ 77,565 | |||
Consolidated affiliated entities | Cooperation Agreement [Member] | Others | |||||||
Principles of Consolidation | |||||||
Revenues | ¥ 6,178 | ¥ 16,308 | ¥ 12,813 | ||||
Nanjing Tuniu [Member] | Purchase Option Agreement [Member] | Beijing Tuniu [Member] | |||||||
Principles of Consolidation | |||||||
Value of equity interest | $ | $ 2,430 | ||||||
Nanjing Tuniu [Member] | Cooperation Agreement [Member] | Beijing Tuniu [Member] | |||||||
Principles of Consolidation | |||||||
Number of consecutive years of not able to provide technology consulting and services as the agreement | 3 years | 3 years | |||||
Nanjing Tuniu [Member] | Anqiang Chen [Member] | |||||||
Principles of Consolidation | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 19.11% | 19.11% | |||||
Nanjing Tuniu [Member] | Dunde Yu | |||||||
Principles of Consolidation | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 80.89% | 80.89% |
Principal Accounting Policies_3
Principal Accounting Policies - Schedule of Consolidated Financial Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Current assets | ||||||
Cash and cash equivalents | ¥ 153,835 | ¥ 349,077 | ¥ 213,538 | $ 22,304 | ||
Restricted cash | 44,052 | 46,521 | 50,566 | 6,387 | ||
Short-term investments | 724,413 | 615,901 | 105,030 | |||
Accounts receivable, net | 33,644 | 111,941 | 4,878 | |||
Amounts due from related parties | 1,030 | 14,969 | 149 | |||
Prepayments and other current assets | 242,994 | 337,033 | 35,231 | |||
Total current assets | 1,199,968 | 1,475,442 | 173,979 | |||
Non-current assets | ||||||
Long-term investments | 230,562 | 201,947 | 33,428 | |||
Property and equipment, net | 85,182 | 98,159 | 12,350 | |||
Intangible assets, net | 30,672 | 55,376 | 4,447 | |||
Operating lease right-of-use assets, net | 33,204 | 48,115 | 4,814 | |||
Goodwill | 114,661 | 232,007 | 232,007 | 16,624 | $ 33,638 | |
Other non-current assets | 91,091 | 92,111 | 13,207 | |||
Total non-current assets | 677,962 | 822,367 | 98,294 | |||
Total assets | 1,877,930 | 2,297,809 | 272,273 | |||
Current liabilities | ||||||
Short-term borrowings | 7,517 | 9,981 | 1,090 | |||
Accounts and notes payable | 261,873 | 383,626 | 37,968 | |||
Salary and welfare payable | 26,507 | 33,761 | 3,843 | |||
Taxes payable | 4,047 | 8,004 | 587 | |||
Advances from customers | 98,899 | 139,777 | 14,339 | |||
Operating lease liabilities, current | 12,439 | 16,556 | 1,803 | |||
Amounts due to related parties | 4,710 | 4,679 | 683 | |||
Accrued expenses and other current liabilities | 358,312 | 382,629 | 51,947 | |||
Total current liabilities | 774,304 | 979,013 | 112,260 | |||
Non-current liabilities | ||||||
Operating lease liabilities, non-current | 26,482 | 38,832 | 3,840 | |||
Deferred tax liabilities | 6,839 | 12,479 | 992 | |||
Total non-current liabilities | 45,280 | 65,655 | 6,566 | |||
Total liabilities | 819,584 | 1,044,668 | 118,826 | |||
Net loss attributable to Tuniu Corporation | (193,382) | $ (28,036) | (121,524) | (1,307,956) | ||
Net cash used in operating activities | (142,991) | (20,732) | (226,342) | (1,313,115) | ||
Net cash (used in)/provided by investing activities | (51,828) | (7,514) | 703,826 | 1,159,063 | ||
Net cash provided by/(used in) financing activities | (486) | (70) | (344,562) | (209,546) | ||
Loan borrowings | 8,099 | |||||
Loan repayments | 36,689 | 133,455 | ||||
Proceeds from sales/(redemption) of yield enhancement products | (2,100) | (284,100) | 199,000 | |||
Royalty [Member] | ||||||
Non-current liabilities | ||||||
Net revenues - intra-Group | 27,600 | 21,117 | 77,565 | |||
Service [Member] | ||||||
Non-current liabilities | ||||||
Net loss attributable to Tuniu Corporation | 6,178 | 16,308 | 12,813 | |||
The Affiliated Entities [Member] | ||||||
Current assets | ||||||
Cash and cash equivalents | 76,759 | 89,431 | 11,129 | |||
Restricted cash | 1,840 | 20,410 | 267 | |||
Short-term investments | 283,472 | 306,100 | 41,100 | |||
Accounts receivable, net | 33,644 | 111,941 | 4,878 | |||
Intercompany receivables | 450,135 | 424,829 | 65,263 | |||
Amounts due from related parties | 957 | 14,805 | 139 | |||
Prepayments and other current assets | 37,172 | 46,455 | 5,389 | |||
Total current assets | 883,979 | 1,013,971 | 128,165 | |||
Non-current assets | ||||||
Long-term investments | 206,691 | 175,947 | 29,967 | |||
Property and equipment, net | 32,169 | 41,062 | 4,664 | |||
Intangible assets, net | 26,924 | 51,925 | 3,904 | |||
Operating lease right-of-use assets, net | 27,952 | 27,841 | 4,053 | |||
Goodwill | 68,125 | 184,619 | 9,877 | |||
Other non-current assets | 85,970 | 86,766 | 12,464 | |||
Total non-current assets | 447,831 | 568,160 | 64,929 | |||
Total assets | 1,331,810 | 1,582,131 | 193,094 | |||
Current liabilities | ||||||
Short-term borrowings | 187,737 | 184,546 | 27,219 | |||
Accounts and notes payable | 189,898 | 325,716 | 27,533 | |||
Intercompany payable | 5,280,746 | 5,271,506 | 765,637 | |||
Salary and welfare payable | 16,806 | 24,689 | 2,437 | |||
Taxes payable | 1,604 | 4,113 | 233 | |||
Advances from customers | 78,356 | 123,625 | 11,361 | |||
Operating lease liabilities, current | 2,759 | 4,457 | 400 | |||
Amounts due to related parties | 2,163 | 2,198 | 314 | |||
Accrued expenses and other current liabilities | 320,522 | 330,723 | 46,471 | |||
Total current liabilities | 6,080,591 | 6,271,573 | 881,605 | |||
Non-current liabilities | ||||||
Operating lease liabilities, non-current | 24,156 | 23,935 | 3,502 | |||
Deferred tax liabilities | 6,074 | 10,341 | 881 | |||
Total non-current liabilities | 30,230 | 34,276 | 4,383 | |||
Total liabilities | 6,110,821 | 6,305,849 | $ 885,988 | |||
Net revenues - intra-Group | 105,600 | 15,311 | 21,117 | 77,565 | ||
Net revenues - third-party | 158,920 | 23,041 | 228,472 | 408,137 | ||
Net loss attributable to Tuniu Corporation | (38,026) | (5,513) | (42,858) | (509,406) | ||
Net cash used in operating activities | (77,733) | (11,270) | (190,429) | (849,609) | ||
Net cash (used in)/provided by investing activities | 81,081 | 11,756 | 411,467 | 901,947 | ||
Net cash provided by/(used in) financing activities | ¥ (34,589) | $ (5,015) | ¥ (276,001) | ¥ (332,455) |
Principal Accounting Policies_4
Principal Accounting Policies - Schedule of Observable Short-term Investments And Long-term Investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Investment Holdings | |||
Short-term investments | ¥ 724,413 | $ 105,030 | ¥ 615,901 |
Fair Value, Inputs, Level 1 [Member] | |||
Investment Holdings | |||
Long-term investments | 889 | 129 | 988 |
Fair Value, Inputs, Level 2 [Member] | |||
Investment Holdings | |||
Short-term investments | ¥ 659,336 | $ 95,595 | ¥ 580,855 |
Principal Accounting Policies_5
Principal Accounting Policies - Schedule of Unobservable Short-term Investments And Long-term Investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short-term Investments | ¥ 724,413 | $ 105,030 | ¥ 615,901 |
Long-term Investments | 230,562 | 33,428 | 201,947 |
Fair Value, Inputs, Level 3 [Member] | |||
Short-term Investments | 60,038 | 8,705 | 30,006 |
Contingent consideration for business combinations - short term | ¥ 4,100 | $ 594 | ¥ 7,153 |
Principal Accounting Policies_6
Principal Accounting Policies - Schedule of Fair value Level 3 Investment (Details) - Fair Value, Inputs, Level 3 [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Fair value of Level 3 investment at the beginning of the year | ¥ 30,006 | $ 4,350 | ¥ 71,506 |
Addition | 30,000 | 4,350 | 30,000 |
Decrease | (71,241) | ||
The change in fair value of the investments | 32 | 5 | (259) |
Fair value of Level 3 investment at the end of the year | ¥ 60,038 | $ 8,705 | ¥ 30,006 |
Principal Accounting Policies_7
Principal Accounting Policies - The roll forward of contingent consideration for acquisition (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Principal Accounting Policies | |||
Balance at the beginning of the year | ¥ 7,153 | $ 1,037 | ¥ 10,750 |
Net change in fair value | (3,053) | (443) | (3,597) |
Balance at the end of the year | ¥ 4,100 | $ 594 | ¥ 7,153 |
Principal Accounting Policies_8
Principal Accounting Policies - cash equivalents and restricted cash (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Principal Accounting Policies | ||||||
Cash and cash equivalents | ¥ 153,835 | $ 22,304 | ¥ 349,077 | ¥ 213,538 | ||
Restricted cash | 44,052 | 6,387 | 46,521 | 50,566 | ||
Total | ¥ 197,887 | $ 28,691 | ¥ 395,598 | $ 57,356 | ¥ 264,104 | ¥ 622,515 |
Principal Accounting Policies_9
Principal Accounting Policies - Schedule of Allowance For Doubtful Accounts, Long-term investments (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Investment Holdings | ||||
Balance at the beginning of year | ¥ 94,433 | $ 13,691 | ¥ 91,422 | ¥ 48,647 |
Allowance for expected credit losses | 844 | 122 | 13,216 | 56,747 |
Reversal | (2,374) | (344) | 0 | (837) |
Write-offs | (10,205) | (14,968) | ||
The effect of disposals of subsidiaries | (12,356) | (1,791) | ||
Balance at the end of year | 80,547 | $ 11,678 | 94,433 | 91,422 |
Allowance for doubtful accounts recognized | 1,530 | 13,216 | 55,910 | |
Impairment charge on equity-method investments | ¥ 0 | ¥ 0 | 0 | |
Accounting standards update | ||||
Investment Holdings | ||||
Cumulative effect of adoption of new accounting standard | ¥ 1,833 |
Principal Accounting Policie_10
Principal Accounting Policies - Liquidity, Functional Currency and Foreign Currency Translation, Short-term Investments, Accounts Receivable, Capitalized Software Development Cost (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) $ / ¥ | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) $ / ¥ | |
Liquidity | |||||
Net loss | ¥ 202,996 | $ 29,430 | ¥ 128,468 | ¥ 1,343,630 | |
Net cash used in operating activities | 142,991 | $ 20,732 | 226,342 | 1,313,115 | |
Accumulated deficit | ¥ (8,028,261) | (7,834,879) | $ (1,163,988) | ||
Functional Currency and Foreign Currency Translation | |||||
Exchange rate | $ / ¥ | 6.8972 | 6.8972 | |||
Unamortized amount | ¥ 85,182 | 98,159 | $ 12,350 | ||
Accumulated deficit | |||||
Liquidity | |||||
Net loss | ¥ 193,382 | 121,524 | 1,307,956 | ||
Maximum [Member] | |||||
Functional Currency and Foreign Currency Translation | |||||
Weighted average cost of capital | 10% | 10% | |||
Minimum [Member] | |||||
Functional Currency and Foreign Currency Translation | |||||
Weighted average cost of capital | 2% | 2% | |||
Software development cost | |||||
Functional Currency and Foreign Currency Translation | |||||
Cost capitalized | ¥ 2,467 | 4,972 | 756 | ||
Amortization expense | 8,678 | ¥ 8,001 | ¥ 90,684 | ||
Unamortized amount | ¥ 12,459 | ||||
Estimated useful life | 5 years | 5 years |
Principal Accounting Policie_11
Principal Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computers and equipment | Minimum [Member] | |
Property and Equipment | |
Estimated useful life | 3 years |
Computers and equipment | Maximum [Member] | |
Property and Equipment | |
Estimated useful life | 5 years |
Buildings | Minimum [Member] | |
Property and Equipment | |
Estimated useful life | 16 years |
Buildings | Maximum [Member] | |
Property and Equipment | |
Estimated useful life | 20 years |
Furniture and fixtures | Minimum [Member] | |
Property and Equipment | |
Estimated useful life | 3 years |
Furniture and fixtures | Maximum [Member] | |
Property and Equipment | |
Estimated useful life | 5 years |
Vehicles | Minimum [Member] | |
Property and Equipment | |
Estimated useful life | 3 years |
Vehicles | Maximum [Member] | |
Property and Equipment | |
Estimated useful life | 5 years |
Software and Software Development Costs | |
Property and Equipment | |
Estimated useful life | 5 years |
Leasehold improvements | Minimum [Member] | |
Property and Equipment | |
Estimated useful life | 1 year |
Leasehold improvements | Maximum [Member] | |
Property and Equipment | |
Estimated useful life | 9 years |
Principal Accounting Policie_12
Principal Accounting Policies - Intangible Assets (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Intangible assets, net | |||||
Impairment charges | ¥ 0 | ¥ 0 | ¥ 31,876 | ||
Impairment charges on goodwill | ¥ 112,100 | ¥ 112,102 | $ 16,253 | ¥ 0 | ¥ 0 |
Software | Minimum [Member] | |||||
Intangible assets, net | |||||
Estimated useful lives | 1 year | 1 year | |||
Software | Maximum [Member] | |||||
Intangible assets, net | |||||
Estimated useful lives | 5 years | 5 years | |||
Separately identifiable intangible assets arising from acquisitions and business cooperation agreement [Member] | Minimum [Member] | |||||
Intangible assets, net | |||||
Estimated useful lives | 1 year | 1 year | |||
Separately identifiable intangible assets arising from acquisitions and business cooperation agreement [Member] | Maximum [Member] | |||||
Intangible assets, net | |||||
Estimated useful lives | 20 years | 20 years |
Principal Accounting Policie_13
Principal Accounting Policies - Goodwill, Impairment on non-financial assets, Revenue Recognition, Cost of Revenues, Leases, Share-based compensation (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Jun. 30, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) item shares | Dec. 31, 2022 USD ($) item shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 30, 2020 USD ($) | |
Goodwill | ||||||||
Number of reporting units | item | 1 | 1 | ||||||
Fair value of goodwill | ¥ 1,058,300 | ¥ 1,092,900 | ¥ 1,058,300 | |||||
Carrying value of goodwill | 1,205,000 | |||||||
Impairment charges on goodwill | 112,100 | 112,102 | $ 16,253 | ¥ 0 | ¥ 0 | |||
Reduction of goodwill | ¥ 119,900 | |||||||
Increase in goodwill market capitalization | 1,289,100 | |||||||
Impairment on non-financial assets | 0 | 0 | 0 | |||||
Market capitalization value of non-financial assets | 1,289,100 | |||||||
Carrying value of non-financial assets | 1,058,300 | |||||||
Revenues | ||||||||
Liabilities recorded related to membership points and cash rewards | ¥ 3,400 | 3,400 | 3,951 | $ 493 | ||||
Commission fees from other travel-related products and services | 46,263 | 38,406 | 35,284 | |||||
Advertising Expenses | ||||||||
Advertising expense | ¥ 15,066 | ¥ 40,661 | 50,662 | |||||
Stock repurchase program, authorized amount | $ | $ 10,000 | |||||||
Treasury stock reissued | shares | 314,592 | 314,592 | 576,165 | |||||
Self Operator Package [Member] | ||||||||
Revenues | ||||||||
Revenues | ¥ 32,308 | ¥ 169,376 | 122,699 | |||||
Package Tours Services | ||||||||
Revenues | ||||||||
Revenues | 0 | 0 | 1,599 | |||||
Financial Services [Member] | ||||||||
Revenues | ||||||||
Revenues | 19,215 | 20,307 | 43,149 | |||||
Advertising Service [Member] | ||||||||
Revenues | ||||||||
Revenue recognized from advertising services | 12,191 | 20,971 | 26,204 | |||||
Principal Services [Member] | ||||||||
Revenues | ||||||||
Revenue recognized from advertising services | 15,213 | 17,780 | 23,512 | |||||
The Affiliated Entities [Member] | ||||||||
Revenues | ||||||||
Revenues | ¥ 105,600 | $ 15,311 | ¥ 21,117 | ¥ 77,565 |
Principal Accounting Policie_14
Principal Accounting Policies - Employee Benefits, Government Subsidies, Segment Reporting, Deferred offering costs (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) segment | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Employee Benefits | |||
Employee benefit expenses | ¥ 17,367 | ¥ 22,326 | ¥ 56,396 |
Segment Reporting | |||
Number of reportable segments | segment | 1 | ||
Government Subsidies [Member] | |||
Government Subsidies | |||
Revenue from Contract with Customer, Including Assessed Tax | ¥ 9,540 | ¥ 22,468 | ¥ 22,398 |
Risks and Concentration (Detail
Risks and Concentration (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) |
Bank A | CN | ||
Risks and Concentration | ||
Cash deposited into bank | ¥ 61,874 | |
Percentage of cash and cash equivalents and restricted cash balance | 31% | 31% |
Bank B | HK | ||
Risks and Concentration | ||
Cash deposited into bank | ¥ 45,149 | $ 6,546 |
Percentage of cash and cash equivalents and restricted cash balance | 23% | 23% |
Business acquisition - Addition
Business acquisition - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 CNY (¥) | |
Business acquisition. | ||||||
Goodwill | ¥ 114,661 | ¥ 232,007 | ¥ 232,007 | $ 16,624 | $ 33,638 | |
Contingent consideration paid for business acquisitions | 0 | 14,019 | ||||
Unpaid consideration | 4,100 | |||||
2019 Travel Agencies [Member] | ||||||
Business acquisition. | ||||||
Goodwill | ¥ 232,007 | |||||
Contingent consideration paid for business acquisitions | 0 | 14,019 | ||||
Downward adjustment of contingent consideration | ¥ 3,053 | ¥ 3,597 | ¥ 5,451 |
Business acquisition - Disposal
Business acquisition - Disposal of travel agencies (Details) - Disposal of travel agencies ¥ in Thousands | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Business acquisition | |
Total consideration | ¥ 17,264 |
Long-term investment - fair value of retained non-controlling interests | 9,655 |
Net liabilities (including cash disposed of RMB 23,519) | 29,482 |
Cash disposed | 23,519 |
Intangible assets | (16,027) |
Deferred tax liability | 3,899 |
Noncontrolling interests | 24,061 |
Waiver of the contingent consideration yet to be paid | 1,861 |
Goodwill attributable to the disposed entities | (5,244) |
Total disposal gain | 64,951 |
Proceeds from disposal | 7,454 |
Consideration receivable | ¥ 9,810 |
Threshold period for consideration receivable | 5 years |
Total disposal gain | ¥ 64,951 |
Transaction with JD.com, Inc. -
Transaction with JD.com, Inc. - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
May 08, 2015 CNY (¥) shares | May 08, 2015 USD ($) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Transaction with JD.com, Inc. | ||||||
Impairment of intangible assets | ¥ 31,876 | |||||
Carrying value of above intangible assets | ¥ 30,672 | $ 4,447 | ¥ 55,376 | |||
Business Cooperation Agreement [Member] | ||||||
Transaction with JD.com, Inc. | ||||||
Agreement period | 5 years | 5 years | ||||
Impairment of intangible assets | 9,554 | |||||
Carrying value of above intangible assets | ¥ 0 | |||||
Share subscription agreement and Business Cooperation Agreement [Member] | ||||||
Transaction with JD.com, Inc. | ||||||
Agreement period | 5 years | 5 years | ||||
Share subscription agreement and Business Cooperation Agreement [Member] | Class A ordinary shares | ||||||
Transaction with JD.com, Inc. | ||||||
Number of shares issued | shares | 65,625,000 | 65,625,000 | ||||
Cash consideration of ordinary shares issued | ¥ 1,528,200 | $ 250,000 |
Prepayments and other current_3
Prepayments and other current assets -Summary of prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Prepayments and other current assets | |||
Prepayments to suppliers | ¥ 45,212 | $ 6,555 | ¥ 74,328 |
Interest income receivable | 843 | 122 | 814 |
Prepayment for advertising expenses | 406 | 59 | 1,714 |
Loan receivables | 100,361 | 14,551 | 151,089 |
Value-added tax receivables | 62,808 | 9,106 | 76,285 |
Receivables from employees | 12,598 | 1,827 | 15,180 |
Others | 20,766 | 3,011 | 17,623 |
Total | ¥ 242,994 | $ 35,231 | ¥ 337,033 |
Prepayments and other current_4
Prepayments and other current assets -Summary of provision for prepayments and other current assets (Details)(Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Balance at the beginning of year | ¥ 94,433 | $ 13,691 | ¥ 91,422 | ¥ 48,647 |
Cumulative effect of adoption of new accounting standard for expected credit losses | 844 | 122 | 13,216 | 56,747 |
Reversal | (2,374) | (344) | 0 | (837) |
Write-offs | (10,205) | (14,968) | ||
Balance at the end of year | 80,547 | 11,678 | 94,433 | 91,422 |
Accounting standards update | ||||
Addition | 1,833 | |||
Prepaid Expenses And Other Current Asset | ||||
Balance at the beginning of year | 318,034 | 46,111 | 342,383 | 154,482 |
Cumulative effect of adoption of new accounting standard for expected credit losses | 0 | 0 | 17,262 | |
Addition | 16,508 | 2,393 | 22,408 | 182,829 |
Reversal | (8,050) | (1,167) | (19,550) | (12,190) |
Write-offs | 0 | (27,207) | ||
Disposals of subsidiaries | (1,614) | (234) | 0 | |
Balance at the end of year | ¥ 324,878 | $ 47,103 | ¥ 318,034 | ¥ 342,383 |
Prepayments and other current_5
Prepayments and other current assets - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Prepayments and other current assets | |||
net provision for other current assets | ¥ 8,458 | ¥ 2,858 | ¥ 170,639 |
Long-term investments - Held-to
Long-term investments - Held-to-maturity investments and other long-term investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Long-term investments | |||
Equity investments - equity method | ¥ 54,362 | $ 7,882 | ¥ 44,415 |
Equity investments - without readily determinable fair values | 172,563 | 25,019 | 153,643 |
Equity investments - securities with readily determinable fair values (Note 23(a)) | 889 | 129 | 988 |
Held-to-maturity investments | 2,748 | 398 | 2,901 |
Total | ¥ 230,562 | $ 33,428 | ¥ 201,947 |
Long-term investments - Additio
Long-term investments - Additional Information (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 31, 2022 CNY (¥) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2016 CNY (¥) | |
Equity investments - equity method | ¥ 54,362 | ¥ 44,415 | $ 7,882 | ||||
Held-to-maturity investments | 2,748 | 2,901 | $ 398 | ||||
Investment loss of long-term investment | ¥ 49,502 | ||||||
Income (Loss) from Equity Method Investments | 292 | $ 42 | 726 | 797 | |||
Remeasurement of equity investments | (5,603) | $ (812) | (11,443) | 9,021 | |||
HNA Trust | |||||||
Number of units received and registered for settlement of debts | shares | 632,992,650 | ||||||
Percentage of units received for settlement of debts | 0.09% | ||||||
Initial investment on receipt of units | ¥ 13,318 | ||||||
Disposal of travel agencies | |||||||
Fair value of retained non-controlling interests | 9,655 | ||||||
Nanjing Zhongshan Financial Leasing Co., Ltd | |||||||
Equity interest (in percentage) | 25% | ||||||
Equity investments - equity method | 45,577 | 44,415 | ¥ 42,500,000 | ||||
Income (Loss) from Equity Method Investments | ¥ 292 | ¥ 726 | ¥ 797 |
Long-term investments - Equity
Long-term investments - Equity investments without readily determinable fair values (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Long-term investments | |||
Initial cost | ¥ 174,983 | $ 25,370 | ¥ 161,666 |
Net cumulative fair value adjustments | (2,420) | (351) | (8,023) |
Carrying Value | ¥ 172,563 | $ 25,019 | ¥ 153,643 |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Property and equipment, net | |||||
Subtotal | ¥ 455,534 | ¥ 508,351 | $ 66,046 | ||
Less: Accumulated depreciation | (417,644) | (452,759) | (60,553) | ||
Property and equipment subject to depreciation | 37,890 | 55,592 | 5,493 | ||
Construction in progress | 47,292 | 42,567 | 6,857 | ||
Total | 85,182 | 98,159 | 12,350 | ||
Depreciation expenses | 15,369 | $ 2,227 | 24,755 | ¥ 127,836 | |
Computers and equipment | |||||
Property and equipment, net | |||||
Subtotal | 119,600 | 136,993 | 17,340 | ||
Leasehold improvements | |||||
Property and equipment, net | |||||
Subtotal | 119,069 | 139,087 | 17,263 | ||
Buildings | |||||
Property and equipment, net | |||||
Subtotal | 4,109 | 4,109 | 596 | ||
Furniture and fixtures | |||||
Property and equipment, net | |||||
Subtotal | 13,328 | 16,541 | 1,932 | ||
Vehicles | |||||
Property and equipment, net | |||||
Subtotal | 6,875 | 19,419 | 997 | ||
Software | |||||
Property and equipment, net | |||||
Subtotal | 192,553 | 190,100 | $ 27,918 | ||
Others | |||||
Property and equipment, net | |||||
Subtotal | 0 | 2,102 | |||
Depreciation Expense | |||||
Property and equipment, net | |||||
Depreciation expenses | ¥ 15,369 | ¥ 24,755 | ¥ 127,836 |
Intangible assets, net - Schedu
Intangible assets, net - Schedule of Intangible assets, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Intangible assets, net | ||||
Subtotal | ¥ 166,552 | ¥ 198,503 | $ 24,147 | |
Less: Accumulated amortization | (113,558) | (120,805) | (16,464) | |
Less: Impairment | 22,322 | 22,322 | 3,236 | |
Total | 30,672 | 55,376 | 4,447 | |
Impairment charges | 0 | 0 | ¥ 31,876 | |
Travel license | ||||
Intangible assets, net | ||||
Subtotal | 30,456 | 31,056 | 4,415 | |
Insurance agency license | ||||
Intangible assets, net | ||||
Subtotal | 11,711 | 11,711 | 1,698 | |
Software | ||||
Intangible assets, net | ||||
Subtotal | 64,985 | 73,056 | 9,422 | |
Technology | ||||
Intangible assets, net | ||||
Subtotal | 4,300 | 4,300 | 623 | |
Trade names | ||||
Intangible assets, net | ||||
Subtotal | 38,264 | 41,634 | 5,548 | |
Impairment charges | 15,482 | |||
Supplier Relationship | ||||
Intangible assets, net | ||||
Subtotal | 0 | 8,560 | 0 | |
Customer relationship | ||||
Intangible assets, net | ||||
Subtotal | 11,020 | 21,787 | 1,598 | |
Impairment charges | ¥ 6,840 | |||
Non-compete agreement | ||||
Intangible assets, net | ||||
Subtotal | ¥ 5,816 | ¥ 6,399 | $ 843 |
Intangible assets, net - Sche_2
Intangible assets, net - Schedule of Annual Estimated Amortization Expense for Intangible Assets (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Amortization for Intangible Assets | ||||
2023 | ¥ 4,463 | $ 647 | ||
2024 | 3,713 | 538 | ||
2025 | 2,944 | 427 | ||
2026 | 2,435 | 353 | ||
2027 | 2,368 | 343 | ||
Thereafter | 14,749 | 2,139 | ||
Total | 30,672 | $ 4,447 | ||
Intangible assets | ||||
Intangible assets, net | ||||
Amortization expenses for intangible assets | ¥ 9,613 | ¥ 16,547 | ¥ 64,536 |
Land use right, net (Details)
Land use right, net (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Land use right, net | |||
Net book value | ¥ 92,590 | $ 13,424 | ¥ 94,652 |
Land | |||
Land use right, net | |||
Land use right | 101,007 | 14,645 | 101,007 |
Less: Accumulated amortization | (8,417) | (1,221) | (6,355) |
Net book value | ¥ 92,590 | $ 13,424 | ¥ 94,652 |
Land use right, net - Amortizat
Land use right, net - Amortization (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Land Use Right [Member] | |||
Land use right, net | |||
Amortization expenses for land use right | ¥ 2,062 | ¥ 2,062 | ¥ 2,061 |
Goodwill (Details)
Goodwill (Details) ¥ in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Changes in the carrying amount of goodwill | |||||
Balance at the beginning of year | ¥ 232,007 | ¥ 232,007 | $ 33,638 | ¥ 232,007 | |
Disposals of subsidiaries | (5,244) | (761) | |||
Impairment of goodwill | ¥ (112,100) | (112,102) | (16,253) | 0 | ¥ 0 |
Balance at the end of year | ¥ 114,661 | $ 16,624 | ¥ 232,007 | ¥ 232,007 |
Other non-current assets (Detai
Other non-current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Other non-current assets | |||
Deposits | ¥ 1,836 | $ 266 | ¥ 7,094 |
Loans receivables | 9,795 | 1,420 | 13,551 |
Long-term prepayments to a supplier | 62,663 | 9,085 | 71,353 |
Receivables for disposal of subsidiaries | 6,373 | 924 | |
Others | 10,424 | 1,512 | 113 |
Total | ¥ 91,091 | $ 13,207 | ¥ 92,111 |
Other non-current assets - Prov
Other non-current assets - Provision for other loans receivable (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Other non-current assets | ||||
Balance at the beginning of year | ¥ 10,944 | $ 1,587 | ¥ 9,852 | ¥ 1,181 |
Addition | 1,894 | 275 | 1,633 | 8,805 |
Reversal | (4,873) | (707) | (541) | (428) |
Balance at the end of year | 7,965 | $ 1,155 | 10,944 | 9,852 |
Net provision for other loans receivable | ¥ 2,979 | 1,092 | ||
Accounting standards update | ||||
Other non-current assets | ||||
Balance at the beginning of year | ¥ 294 | |||
Balance at the end of year | ¥ 294 |
Short-term and long-term borr_3
Short-term and long-term borrowings (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Debt Instrument [Line Items] | ||||
Short-term borrowings | ¥ 7,517 | $ 1,090 | ¥ 9,981 | |
Long-term borrowings | 11,959 | 1,734 | 14,344 | |
Short-term Investments | ¥ 724,413 | $ 105,030 | ¥ 615,901 | |
Long-term borrowings guaranteed | ¥ 2,300 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2% | 2% | ||
Minimum | Long-term borrowings | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 0.20% | 0.20% | 0.20% | |
Term of debt | 3 years | |||
Minimum | Short-term borrowings | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 0.20% | 0.20% | 0.20% | |
Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 2.40% | 2.40% | ||
Maximum | Long-term borrowings | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 1.30% | 1.30% | 4.30% | |
Term of debt | 8 years | |||
Maximum | Short-term borrowings | ||||
Debt Instrument [Line Items] | ||||
Interest rate (as a percent) | 8% | 8% | 5% |
Short-term and long-term borr_4
Short-term and long-term borrowings - Repayments of principal amounts (Details) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Short-term and long-term borrowings | |
2024 | ¥ 3,991 |
2025 | 3,780 |
2026 | 1,950 |
2027 and thereafter | 2,238 |
Total | ¥ 11,959 |
Leases (Details)
Leases (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Total lease costs | ¥ 15,427 | ¥ 26,469 | ¥ 39,327 |
Short-term lease costs | ¥ 1,936 | ¥ 2,540 | ¥ 6,653 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 1 month | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 17 years |
Leases - Consolidated balance s
Leases - Consolidated balance sheet, cash flow and other information related to leases (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
ASSETS | |||||
Operating lease right-of-use assets, net | ¥ 33,204 | ¥ 48,115 | $ 4,814 | ||
LIABILITIES | |||||
Operating lease liabilities, current | 12,439 | 16,556 | 1,803 | ||
Operating lease liabilities, non-current | 26,482 | 38,832 | 3,840 | ||
Total | 38,921 | 55,388 | $ 5,643 | ||
Cash paid for amounts included in the measurement of lease liabilities | 15,048 | $ 2,182 | 26,000 | ¥ 38,399 | |
Right-of-use assets obtained in exchange for operating lease liabilities | ¥ 5,642 | $ 818 | ¥ 43,855 | ¥ 28,444 | |
Weighted average remaining lease term (years) | 8 years 29 days | 6 years 9 months 21 days | 8 years 29 days | ||
Weighted average discount rate | 5% | 5% | 5% |
Leases - Maturities of lease li
Leases - Maturities of lease liabilities under ASC 842 (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Leases | |||
Lease payments for leases with lease term less than one year | ¥ 356 | ||
2023 | 15,654 | ||
2024 | 6,361 | ||
2025 | 3,588 | ||
2026 | 3,576 | ||
2027 and thereafter | 20,078 | ||
Total minimum lease payments | 49,257 | ||
Less: interest | (10,336) | ||
Present value of lease obligations | ¥ 38,921 | $ 5,643 | ¥ 55,388 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accrued expenses and other current liabilities | |||
Deposits from packaged-tour users (a) | ¥ 10,474 | $ 1,519 | ¥ 12,428 |
Payable for business combination | 4,100 | 594 | 7,153 |
Accrued liabilities related to customers incentive program | 3,400 | 493 | 3,951 |
Accrued professional service fees | 11,356 | 1,646 | 11,861 |
Accrued advertising expenses | 16,047 | 2,327 | 18,806 |
Deposits received from suppliers | 72,169 | 10,464 | 86,212 |
Accrued operating expenses | 7,662 | 1,111 | 8,067 |
Advanced payment from banks (b) | 13,577 | 1,968 | 13,925 |
Discounted bank acceptance notes (c) | 200,000 | 28,997 | 197,900 |
Others | 19,527 | 2,828 | 22,326 |
Total | ¥ 358,312 | $ 51,947 | ¥ 382,629 |
Accrued expenses and other cu_4
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Discounted bank acceptance notes | ¥ 200,000 | $ 28,997 | ¥ 197,900 |
Short-term Investments | |||
Discounted bank acceptance notes | ¥ 200,000 | ¥ 197,900 | |
Maximum | |||
Interest rate (as a percent) | 2.40% | 2.40% | |
Minimum | |||
Interest rate (as a percent) | 2% | 2% |
Income Taxes (Details)
Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2018 | Dec. 31, 2008 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 CNY (¥) | |
Income taxes [Line Items] | ||||||||
Income tax rate (as a percent) | 25% | 25% | 25% | 25% | ||||
Net operating loss carryforwards | ¥ 2,053,670 | |||||||
Net operating loss carryforwards will start to expire | 666,175 | |||||||
Deferred Tax Assets, Valuation Allowance | ¥ 756,764 | ¥ 939,621 | ¥ 1,332,721 | $ 109,720 | $ 136,232 | ¥ 1,246,296 | ||
Hong Kong [Member] | ||||||||
Income taxes [Line Items] | ||||||||
Income tax rate (as a percent) | 16.50% | |||||||
PRC [Member] | ||||||||
Income taxes [Line Items] | ||||||||
Withholding tax rate on dividends distributed by a FIE (as a percent) | 10% | |||||||
Maximum withholding tax rate, if 25% or more shares of the FIE in a PRC-resident enterprise is held by the immediate holding entity, Hong Kong tax resident (as a percent) | 5% | |||||||
Minimum percentage of equity interest in a PRC-resident enterprise to be held by a qualified Hong Kong tax resident for reduced withholding tax rate | 25% | |||||||
PRC [Member] | Nanjing Tuniu, Tuniu Nanjing Information Technology and Beijing Tuniu | ||||||||
Income taxes [Line Items] | ||||||||
Preferential tax rate (as a percent) | 15% |
Income Taxes - Schedule of reco
Income Taxes - Schedule of reconciliation between effective income tax rate and PRC statutory income tax rate (Details) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Reconciliation between the statutory EIT rate and the effective tax rate | ||||
PRC Statutory income tax rates | 25% | 25% | 25% | 25% |
Change in valuation allowance | (20.30%) | (16.00%) | (20.90%) | |
R&D expenses super-deduction | (2.90%) | (4.30%) | (0.70%) | |
Non-deductible expenses and non-taxable income incurred | 0.40% | (1.10%) | (2.20%) | |
Difference in EIT rates of certain subsidiaries | 0.10% | (0.30%) | 0.10% | |
Effect of preferential income tax rates | (1.90%) | (3.40%) | (0.80%) | |
Total | 0.40% | (0.10%) | 0.50% |
Income Taxes - Schedule of aggr
Income Taxes - Schedule of aggregate amount and per share effect of the preferential income tax rates (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Aggregate amount and per share effect of the tax holidays | ||||
Aggregate amount | ¥ 3,929 | $ 570 | ¥ 4,411 | ¥ 11,239 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Non-current deferred tax assets: | ||||||
Accruals and others | ¥ 15,393 | $ 2,232 | ¥ 18,124 | |||
Net operating loss carry forwards | 483,092 | 70,042 | 657,571 | |||
Carryforwards of deductible advertising expenses | 11,349 | 1,645 | 11,321 | |||
Allowance for doubtful accounts | 246,930 | 35,801 | 252,605 | |||
Subtotal | 756,764 | 109,720 | 939,621 | |||
Less: valuation allowance | (756,764) | (109,720) | (939,621) | $ (136,232) | ¥ (1,332,721) | ¥ (1,246,296) |
Total non-current deferred tax assets, net | 0 | 0 | 0 | |||
Non-current deferred tax liabilities: | ||||||
Recognition of intangible assets arising from business combination | (1,741) | (252) | (2,382) | |||
Total non-current deferred tax liabilities, net | ¥ (1,741) | $ (252) | ¥ (2,382) |
Income Taxes - Schedule of Move
Income Taxes - Schedule of Movement of Valuation Allowance (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Movement of valuation allowance | ||||
Balance at the beginning of the year | ¥ 939,621 | $ 136,232 | ¥ 1,332,721 | ¥ 1,246,296 |
Additions | 31,324 | 4,541 | 29,089 | 396,582 |
Written-off for expiration of net operating losses | (212,636) | (30,829) | (414,409) | (304,939) |
Utilization of previously unrecognized tax losses and deductible advertising expenses | (1,545) | (224) | (7,780) | (5,218) |
Balance at the end of the year | ¥ 756,764 | $ 109,720 | ¥ 939,621 | ¥ 1,332,721 |
Redeemable noncontrolling int_3
Redeemable noncontrolling interests (Details) - CNY (¥) ¥ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Apr. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2020 | |
Capital contribution from redeemable noncontrolling interests | ¥ 30,000 | ¥ 90,000 | |||
Repurchase of redeemable noncontrolling interests | ¥ 10,000 | ||||
Noncontrolling Shareholders | |||||
Capital contribution from redeemable noncontrolling interests | ¥ 37,733 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10% | 30% | |||
Ownership interest repurchased (as a percent) | 10% | ||||
Repurchase of redeemable noncontrolling interests | ¥ 10,000 |
Redeemable noncontrolling int_4
Redeemable noncontrolling interests - Schedule of carrying amount of redeemable noncontrolling interests (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Redeemable noncontrolling interests | ||||
Balance as of January 1 | ¥ 27,200 | $ 3,944 | ¥ 27,200 | ¥ 37,200 |
Repurchase of redeemable noncontrolling interests | 0 | 0 | 0 | (10,000) |
Accretion on redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Balance as of December 31 | ¥ 27,200 | $ 3,944 | ¥ 27,200 | ¥ 27,200 |
Ordinary Shares (Details)
Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Authorized share capital | $ 100,000 | $ 100,000 |
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 |
Ordinary shares, shares issued | 389,331,543 | 389,331,543 |
Ordinary shares, shares outstanding | 389,331,543 | 389,331,543 |
Excess stock, shares authorized | 100,000,000 | 100,000,000 |
Excess ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Class A ordinary shares | ||
Class of Stock [Line Items] | ||
Ordinary shares, shares authorized | 780,000,000 | 780,000,000 |
Ordinary shares, shares issued | 371,958,043 | 371,958,043 |
Ordinary shares, shares outstanding | 371,958,043 | 371,958,043 |
Class B ordinary shares | ||
Class of Stock [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares authorized | 120,000,000 | 120,000,000 |
Ordinary shares, shares issued | 17,373,500 | 17,373,500 |
Ordinary shares, shares outstanding | 17,373,500 | 17,373,500 |
Share-based Compensation Expe_3
Share-based Compensation Expenses (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2012 shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) item shares | Dec. 31, 2020 CNY (¥) | Apr. 30, 2023 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2014 shares | |
Stock options [Member] | ||||||||
Share-based Compensation Expenses | ||||||||
Granted (in dollars per share) | $ / shares | $ 0.15 | |||||||
Unrecognized compensation expense | ¥ | ¥ 14,055 | |||||||
Recognition period for unrecognized compensation cost | 3 years 7 months 9 days | 3 years 7 months 9 days | ||||||
Restricted shares [Member] | ||||||||
Share-based Compensation Expenses | ||||||||
Unrecognized compensation expense other than options | ¥ 271 | $ 39 | ||||||
Recognition period for unrecognized compensation cost | 3 years 4 months 6 days | 3 years 4 months 6 days | ||||||
Total fair value of share options vested | ¥ 136 | $ 20 | ¥ 247 | ¥ 161 | ||||
2008 Plan [Member] | ||||||||
Share-based Compensation Expenses | ||||||||
Number of additional shares authorized | 18,375,140 | |||||||
Contractual term | 6 years | 6 years | ||||||
Number of equal monthly installments for remaining vest | item | 36 | |||||||
Share-based compensation expense recognized if an exercisable event occurred | ¥ 5,049 | $ 732 | ¥ 9,132 | 20,464 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 18,375,140 | |||||||
2008 Plan [Member] | Cost of revenue | ||||||||
Share-based Compensation Expenses | ||||||||
Share-based compensation expense recognized if an exercisable event occurred | 411 | 60 | 390 | 1,044 | ||||
2008 Plan [Member] | Research and product development | ||||||||
Share-based Compensation Expenses | ||||||||
Share-based compensation expense recognized if an exercisable event occurred | 572 | 83 | 724 | 4,349 | ||||
2008 Plan [Member] | Sales and marketing | ||||||||
Share-based Compensation Expenses | ||||||||
Share-based compensation expense recognized if an exercisable event occurred | 657 | 95 | 644 | 1,099 | ||||
2008 Plan [Member] | General and administrative | ||||||||
Share-based Compensation Expenses | ||||||||
Share-based compensation expense recognized if an exercisable event occurred | ¥ 3,409 | $ 494 | 7,374 | 13,972 | ||||
2008 Plan [Member] | Stock options [Member] | ||||||||
Share-based Compensation Expenses | ||||||||
Granted (in shares) | 14,847,631 | 14,847,631 | ||||||
Granted (in dollars per share) | $ / shares | $ 0.3333 | |||||||
Total intrinsic value of options exercised | ¥ 458 | $ 66 | 3,563 | 2,290 | ||||
Total fair value of share options vested | ¥ 2,371 | $ 344 | ¥ 11,000 | ¥ 25,038 | ||||
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 25,609,287 | 13,976,607 | 25,609,287 | |||||
2014 Plan [Member] | ||||||||
Share-based Compensation Expenses | ||||||||
Contractual term | 10 years | 10 years | ||||||
Vesting period | 4 years | 4 years | ||||||
Threshold percentage of ordinary shares reserved under the Plan falls below the total then-issued and outstanding ordinary shares, then automatically increases the number of ordinary shares reserved for future issuances | 1% | 1% | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number | 230,646 | 230,646 | ||||||
2014 Plan [Member] | Class A ordinary shares | ||||||||
Share-based Compensation Expenses | ||||||||
Maximum number of shares authorized | 59,506,703 | 41,964,263 | ||||||
Number of additional shares authorized | 17,542,440 | 17,542,440 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 17,542,440 | 17,542,440 |
Share-based Compensation Expe_4
Share-based Compensation Expenses - Summary of Company's Option Activity under 2008 Plan (Details) - Stock options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Exercise Price | ||
Granted (in dollars per share) | $ 0.15 | |
2008 Plan [Member] | ||
Number of share options | ||
Outstanding as of beginning of the period (in shares) | 13,976,607 | |
Granted (in shares) | 14,847,631 | |
Exercised (in shares) | (253,320) | |
Forfeited (in shares) | (2,961,631) | |
Outstanding as of end of the period (in shares) | 25,609,287 | 13,976,607 |
Vested and expected to vest at end of the period (in shares) | 23,603,747 | |
Exercisable at the end of the period (in shares) | 10,761,656 | |
Weighted Average Exercise Price | ||
Outstanding as of beginning of the period (in dollars or RMB per share) | $ 1.81 | |
Granted (in dollars per share) | 0.3333 | |
Exercised (in dollars per share) | 0.03 | |
Forfeited (in dollars per share) | 1.83 | |
Outstanding as of end of the period (in dollars per share) | 0.97 | $ 1.81 |
Vested and expected to vest at end of the period (in dollars per share) | 1.02 | |
Exercisable at the end of the period (in dollars per shares) | $ 1.85 | |
Weighted Average Remaining Contractual Life | ||
Outstanding as of end of the period | 6 years 6 months 21 days | 3 years 8 months 26 days |
Vested and expected to vest at end of the period | 6 years 3 months 21 days | |
Exercisable at the end of the period | 2 years 4 months 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 6 months 21 days | 3 years 8 months 26 days |
Aggregate Intrinsic Value | ||
Outstanding as of end of the period | $ 3,920 | $ 825 |
Vested and expected to vest at end of the period | 3,584 | |
Exercisable | $ 1,395 |
Share-based Compensation Expe_5
Share-based Compensation Expenses - Schedule of Assumptions Used to Estimate Fair Value of Option Grant on Date of Grant (Details) - 12 months ended Dec. 31, 2022 - 2008 Plan [Member] - Stock options [Member] | $ / shares | ¥ / shares |
Assumptions used to estimate the fair value of option grant on the date of grant | ||
Expected volatility (as a percent) | 48.25% | |
Risk-free interest rate (per annum) (as a percent) | 2.78% | |
Expected dividend yield | 0% | |
Time to maturity (in years) | 10 years | |
Minimum [Member] | ||
Assumptions used to estimate the fair value of option grant on the date of grant | ||
Exercise multiple | 2.2 | |
Expected forfeiture rate (post-vesting) (as a percent) | 0% | |
Fair value of the common share on the date of option grant | (per share) | $ 0.13 | ¥ 0.90 |
Maximum [Member] | ||
Assumptions used to estimate the fair value of option grant on the date of grant | ||
Exercise multiple | 2.8 | |
Expected forfeiture rate (post-vesting) (as a percent) | 13.24% | |
Fair value of the common share on the date of option grant | (per share) | $ 0.16 | ¥ 1.10 |
Share-based Compensation Expe_6
Share-based Compensation Expenses - Schedule of Restricted Shares Activity (Details) - Restricted shares [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Summary of restricted shares activity | |
Restricted shares at the beginning of the period (in shares) | shares | 21,918 |
Granted (in shares) | shares | 270,000 |
Vested (in shares) | shares | (61,272) |
Restricted shares at the end of the period (in shares) | shares | 230,646 |
Vested and expected to vest at end of the period | shares | 230,646 |
Weighted-Average Grant-Date Fair value | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 2.23 |
Granted (in dollars per shares) | $ / shares | 0.17 |
Vested (in dollars per share) | $ / shares | 0.91 |
Outstanding at the end of the period (in dollars per share) | $ / shares | 0.17 |
Vested and expected to vest at end of the period (in dollars per share) | $ / shares | $ 0.17 |
Loss Per Share - Schedule of Co
Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to Tuniu Corporation | ¥ (193,382) | $ (28,036) | ¥ (121,524) | ¥ (1,307,956) |
Numerator for basic and diluted net loss per share | ¥ (193,382) | $ (28,036) | ¥ (121,524) | ¥ (1,307,956) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding-basic (in shares) | 371,208,209 | 371,208,209 | 370,874,312 | 370,240,040 |
Weighted average number of ordinary shares outstanding-diluted (in shares) | 371,208,209 | 371,208,209 | 370,874,312 | 370,240,040 |
Loss per share-basic | (per share) | ¥ (0.52) | $ (0.08) | ¥ (0.33) | ¥ (3.53) |
Loss per share-diluted | (per share) | ¥ (0.52) | $ (0.08) | ¥ (0.33) | ¥ (3.53) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss Per Share | |||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 9,996,757 | 2,891,152 | 3,027,586 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) ¥ in Millions | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Restricted Net Assets | |
Percentage of after-tax profit required to be appropriated to general reserve | 10% |
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIE's shall be transferred | 50% |
Amount of restricted net assets of the Group's PRC subsidiaries and the Affiliated PRC Entities | ¥ 727,920 |
Percentage on total consolidated net assets | 68.80% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies | ||
Capital commitments | ¥ 826 | |
Guarantor Obligations, Current Carrying Value | ¥ 30,400 | ¥ 30,000 |
Related party transactions an_3
Related party transactions and balances (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 21, 2016 CNY (¥) shares | Jan. 21, 2016 USD ($) shares | May 08, 2015 CNY (¥) shares | May 08, 2015 USD ($) shares | May 31, 2022 CNY (¥) shares | May 31, 2022 USD ($) shares | May 31, 2018 CNY (¥) | Dec. 31, 2017 CNY (¥) | May 31, 2015 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2014 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction | ||||||||||||||||||
Allowance for credit losses | ¥ 844 | $ 122 | ¥ 13,216 | ¥ 56,747 | ||||||||||||||
Allowance for current expected credit losses | ¥ | 2,979 | 1,092 | ||||||||||||||||
Class A ordinary shares | Private Placement | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Number of shares issued | 90,909,091 | 90,909,091 | ||||||||||||||||
Proceeds from the private placement | ¥ 3,279,000 | $ 500,000 | ||||||||||||||||
Share subscription agreement and Business Cooperation Agreement [Member] | Class A ordinary shares | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Number of shares issued | 65,625,000 | 65,625,000 | ||||||||||||||||
Cash consideration of ordinary shares issued | ¥ 1,528,200 | $ 250,000 | ||||||||||||||||
Other HNA Tourism affiliates | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Allowance for credit losses | 13,300 | 1,900 | ||||||||||||||||
Allowance for current expected credit losses | ¥ | 30,800 | |||||||||||||||||
Number of units received and registered for settlement of debts | 632,992,650 | 632,992,650 | ||||||||||||||||
Percentage of units received for settlement of debts | 0.09% | 0.09% | ||||||||||||||||
Initial investment on receipt of units | ¥ 13,300 | $ 1,900 | ||||||||||||||||
Ctrip [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Revenues | 45,900 | 6,700 | 145,500 | 16,900 | ||||||||||||||
Ctrip [Member] | Class A ordinary shares | Private placement concurrent with initial public offering [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Number of shares issued | 5,000,000 | |||||||||||||||||
Ctrip [Member] | Class A ordinary shares | Private Placement | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Number of shares issued | 3,750,000 | 3,731,034 | ||||||||||||||||
Proceeds from the private placement | $ | $ 20,000 | $ 15,000 | ||||||||||||||||
HNA Tourism [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Payments to acquire air ticket | ¥ 35,900 | $ 5,200 | ¥ 112,800 | 164,400 | ||||||||||||||
Affiliate of HNA | Notes Financing [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Related party transaction, amounts of transaction | ¥ | ¥ 540,000 | ¥ 540,000 | ¥ 23,200 | |||||||||||||||
Allowance for current expected credit losses | ¥ | ¥ 44,800 | |||||||||||||||||
Affiliate of HNA | Loan Financing [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Average interest rate (as a percent) | 0% | |||||||||||||||||
Allowance for current expected credit losses | ¥ | ¥ 512,800 | |||||||||||||||||
Hainan Airlines Holding Co., Ltd [Member] | ||||||||||||||||||
Related Party Transaction | ||||||||||||||||||
Number of shares issued | 2,398 | 2,398 | 531,591 | 531,591 | ||||||||||||||
Cash consideration of ordinary shares issued | ¥ 3,900 | $ 600 | ¥ 1,000 | $ 140 | ||||||||||||||
Allowance for credit losses | 153,900 | $ 22,300 | 1,300 | $ 200 | ||||||||||||||
Cash deposited into bank | ¥ 150,000 | ¥ 300 | $ 22,000 | $ 40 |
Related party transactions an_4
Related party transactions and balances - Schedule of Balance with Related Parties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Current: | |||
Amounts due from related parties | ¥ 1,030 | $ 149 | ¥ 14,969 |
Current: | |||
Amounts due to related parties | 4,710 | 683 | 4,679 |
Ctrip [Member] | |||
Current: | |||
Amounts due from related parties | 212 | 30 | 13,044 |
Current: | |||
Amounts due to related parties | 3,892 | 564 | 3,860 |
Fullshare [Member] | |||
Current: | |||
Amounts due from related parties | 818 | 119 | 1,925 |
Current: | |||
Amounts due to related parties | ¥ 818 | $ 119 | ¥ 819 |
CONDENSED FINANCIAL INFORMATI_3
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 153,835 | $ 22,304 | ¥ 349,077 | ¥ 213,538 | |
Prepayments and other current assets | 242,994 | 35,231 | 337,033 | ||
Total current assets | 1,199,968 | 173,979 | 1,475,442 | ||
Non-current assets | |||||
Intangible assets, net | 30,672 | 4,447 | 55,376 | ||
Total non-current assets | 677,962 | 98,294 | 822,367 | ||
Total assets | 1,877,930 | 272,273 | 2,297,809 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 358,312 | 51,947 | 382,629 | ||
Total current liabilities | 774,304 | 112,260 | 979,013 | ||
Non-current liabilities | |||||
Total non-current liabilities | 45,280 | 6,566 | 65,655 | ||
Total liabilities | 819,584 | 118,826 | 1,044,668 | ||
Equity | |||||
Ordinary shares (US$0.0001 par value; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized as of December 31, 2021 and 2022; 389,331,543 shares (including 371,958,043 Class A shares and 17,373,500 Class B shares) issued and outstanding as of December 31, 2021 and 2022) | ¥ 249 | $ 36 | ¥ 249 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Ordinary shares, shares issued | 389,331,543 | 389,331,543 | 389,331,543 | ||
Ordinary shares, shares outstanding | 389,331,543 | 389,331,543 | 389,331,543 | ||
Less: Treasury stock (18,266,523 shares and 17,951,931 shares as of December 31, 2021 and 2022, respectively) | ¥ (288,600) | $ (41,843) | ¥ (293,795) | ||
Treasury stock | 17,951,931 | 17,951,931 | 18,266,523 | ||
Additional paid-in capital | ¥ 9,125,655 | $ 1,323,096 | ¥ 9,125,748 | ||
Accumulated other comprehensive income | 298,981 | 43,348 | 271,821 | ||
Accumulated deficit | (8,028,261) | (1,163,988) | (7,834,879) | ||
Total Tuniu Corporation shareholders' equity | 1,108,024 | 160,649 | 1,269,144 | ||
Total liabilities, redeemable noncontrolling interests and equity | ¥ 1,877,930 | $ 272,273 | ¥ 2,297,809 | ||
Board of Directors Chairman | |||||
Equity | |||||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||
Class A ordinary shares | |||||
Equity | |||||
Ordinary shares, shares authorized | 780,000,000 | 780,000,000 | 780,000,000 | ||
Ordinary shares, shares issued | 371,958,043 | 371,958,043 | 371,958,043 | ||
Ordinary shares, shares outstanding | 371,958,043 | 371,958,043 | 371,958,043 | ||
Class B ordinary shares | |||||
Equity | |||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | 0.0001 | |||
Ordinary shares, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 | ||
Ordinary shares, shares issued | 17,373,500 | 17,373,500 | 17,373,500 | ||
Ordinary shares, shares outstanding | 17,373,500 | 17,373,500 | 17,373,500 | ||
Parent Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | ¥ 1,292 | $ 187 | ¥ 4,712 | ||
Amounts due from subsidiaries and Affiliated Entities | 7,077,952 | 1,026,207 | 6,855,545 | ||
Prepayments and other current assets | 151 | 22 | 130 | ||
Total current assets | 7,079,395 | 1,026,416 | 6,860,387 | ||
Non-current assets | |||||
Total assets | 7,079,395 | 1,026,416 | 6,860,387 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 6,559 | 951 | 8,038 | ||
Total current liabilities | 6,559 | 951 | 8,038 | ||
Non-current liabilities | |||||
Investments deficit in subsidiaries and Affiliated Entities | 5,964,812 | 864,816 | 5,583,205 | ||
Total non-current liabilities | 5,964,812 | 864,816 | 5,583,205 | ||
Total liabilities | 5,971,371 | 865,767 | 5,591,243 | ||
Equity | |||||
Ordinary shares (US$0.0001 par value; 1,000,000,000 shares (including 780,000,000 Class A shares, 120,000,000 Class B shares and 100,000,000 shares to be designated by the Board of Directors) authorized as of December 31, 2021 and 2022; 389,331,543 shares (including 371,958,043 Class A shares and 17,373,500 Class B shares) issued and outstanding as of December 31, 2021 and 2022) | ¥ 249 | $ 36 | ¥ 249 | ||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||
Ordinary shares, shares issued | 389,331,543 | 389,331,543 | 389,331,543 | ||
Ordinary shares, shares outstanding | 389,331,543 | 389,331,543 | 389,331,543 | ||
Less: Treasury stock (18,266,523 shares and 17,951,931 shares as of December 31, 2021 and 2022, respectively) | ¥ (288,600) | $ (41,843) | ¥ (293,795) | ||
Additional paid-in capital | 9,125,655 | 1,323,096 | 9,125,748 | ||
Accumulated other comprehensive income | 298,981 | 43,348 | 271,821 | ||
Accumulated deficit | (8,028,261) | (1,163,988) | (7,834,879) | ||
Total Tuniu Corporation shareholders' equity | 1,108,024 | 160,649 | 1,269,144 | ||
Total liabilities, redeemable noncontrolling interests and equity | ¥ 7,079,395 | $ 1,026,416 | ¥ 6,860,387 | ||
Parent Company [Member] | Board of Directors Chairman | |||||
Equity | |||||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | |||
Parent Company [Member] | Class A ordinary shares | |||||
Equity | |||||
Ordinary shares, shares authorized | 780,000,000 | 780,000,000 | 780,000,000 | ||
Ordinary shares, shares issued | 371,958,043 | 371,958,043 | 371,958,043 | ||
Ordinary shares, shares outstanding | 371,958,043 | 371,958,043 | 371,958,043 | ||
Parent Company [Member] | Class B ordinary shares | |||||
Equity | |||||
Ordinary shares, shares authorized | 120,000,000 | 120,000,000 | 120,000,000 | ||
Ordinary shares, shares issued | 17,373,500 | 17,373,500 | 17,373,500 | ||
Ordinary shares, shares outstanding | 17,373,500 | 17,373,500 | 17,373,500 |
CONDENSED FINANCIAL INFORMATI_4
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses | ||||
General and administrative | ¥ (108,935) | $ (15,794) | ¥ (174,021) | ¥ (1,109,340) |
Total operating expenses | (299,768) | (43,462) | (353,072) | (1,553,989) |
Loss from operations | (210,214) | (30,477) | (181,539) | (1,340,795) |
Income (Loss) from Equity Method Investments | 292 | 42 | 726 | 797 |
Other income/(expenses) | ||||
Interest income | 27,181 | 3,941 | 50,041 | 3,526 |
Foreign exchange gains/(losses), net | (22,210) | (3,220) | 7,030 | 18,720 |
Other income, net | 6,136 | 890 | 2,895 | (253) |
Loss before income tax expense | (204,019) | (29,578) | (129,064) | (1,351,068) |
Net loss | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss attributable to ordinary shareholders | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss | (193,382) | (28,036) | (121,524) | (1,307,956) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustment, net of nil tax | 27,160 | (3,191) | (18,772) | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Comprehensive loss | (166,222) | (24,098) | (124,715) | (1,326,728) |
Parent Company [Member] | ||||
Operating expenses | ||||
General and administrative | (3,593) | (521) | (3,688) | (4,293) |
Total operating expenses | (3,593) | (521) | (3,688) | (4,293) |
Loss from operations | (3,593) | (521) | (3,688) | (4,293) |
Income (Loss) from Equity Method Investments | (198,586) | (28,792) | (124,832) | (1,301,972) |
Other income/(expenses) | ||||
Foreign exchange gains/(losses), net | 5,284 | 766 | 4,669 | (2,922) |
Other income, net | 3,513 | 511 | 2,327 | 1,231 |
Loss before income tax expense | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss attributable to ordinary shareholders | (193,382) | (28,036) | (121,524) | (1,307,956) |
Net loss | (193,382) | (28,036) | (121,524) | (1,307,956) |
Other comprehensive income/(loss) | ||||
Foreign currency translation adjustment, net of nil tax | 27,160 | 3,938 | (3,191) | (18,772) |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Comprehensive loss | ¥ (166,222) | $ (24,098) | ¥ (124,715) | ¥ (1,326,728) |
CONDENSED FINANCIAL INFORMATI_5
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
STATEMENTS OF CASH FLOWS | ||||
Cash used in operating activities | ¥ (142,991) | $ (20,732) | ¥ (226,342) | ¥ (1,313,115) |
Cash provided by/(used in) investing activities | (51,828) | (7,514) | 703,826 | 1,159,063 |
Cash (used in)/provided by financing activities | (486) | (70) | (344,562) | (209,546) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,406) | (349) | (1,428) | 5,187 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (197,711) | (28,665) | 131,494 | (358,411) |
Cash, cash equivalents and restricted cash at the beginning of year | 395,598 | 57,356 | 264,104 | 622,515 |
Cash, cash equivalents and restricted cash at the beginning of year | 349,077 | 213,538 | ||
Cash, cash equivalents and restricted cash at the end of year | 197,887 | 28,691 | 395,598 | 264,104 |
Cash, cash equivalents and restricted cash at the end of year | 153,835 | 22,304 | 349,077 | 213,538 |
Supplemental disclosure of non-cash investing and financing activities | ||||
Receivables related to exercise of stock option | (35) | (5) | (28) | (45) |
Parent Company [Member] | ||||
STATEMENTS OF CASH FLOWS | ||||
Cash used in operating activities | (2,205) | (321) | (2,341) | (4,779) |
Cash provided by/(used in) investing activities | (989) | (143) | 6,020 | 5,292 |
Cash (used in)/provided by financing activities | 46 | 7 | 373 | (250) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (272) | (39) | 62 | (1) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (3,420) | (496) | 4,114 | 262 |
Cash, cash equivalents and restricted cash at the beginning of year | 4,712 | 683 | 598 | 336 |
Cash, cash equivalents and restricted cash at the beginning of year | 4,712 | |||
Cash, cash equivalents and restricted cash at the end of year | 1,292 | 187 | 4,712 | 598 |
Cash, cash equivalents and restricted cash at the end of year | 1,292 | 187 | 4,712 | |
Supplemental disclosure of non-cash investing and financing activities | ||||
Receivables related to exercise of stock option | ¥ (35) | $ (5) | ¥ (28) | ¥ (45) |