Exhibit 99.1 

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

NANJING, China, March 17, 2023 -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022.

"Although 2022 was the most difficult year for travel industry since the pandemic outbreak, we were pleased to see the beginning of a recovery in the fourth quarter," said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "Despite the challenges we faced last year, Tuniu has consistently pursued new opportunities and continued to upgrade our products and services while enhancing our core competencies. In the new year, as domestic and outbound travel markets gradually re-open, the release of pent-up travel demand is further supporting the industry’s rebound. Tuniu will seize this window of opportunity and leverage the strengths which we have built up over the years in supply chain, products, services and sales to achieve a rapid and steady business recovery. In addition to focusing on our business development, we will continue to implement effective cost control measures and improve efficiency to promote Tuniu’s healthy long-term development."

Fourth Quarter 2022 Results

Net revenues were RMB27.3 million (US$4.0 million¹) in the fourth quarter of 2022, representing a year-over-year decrease of 62.8% from the corresponding period in 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

• Revenues from packaged tours were RMB5.0 million (US$0.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 88.4% from the corresponding period in 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.

• Other revenues were RMB22.4 million (US$3.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 27.0% from the corresponding period in 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

Cost of revenues was RMB15.1 million (US$2.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 61.5% from the corresponding period in 2021. As a percentage of net revenues, cost of revenues was 55.4% in the fourth quarter of 2022, compared to 53.5% in the corresponding period in 2021.

Gross margin was 44.6% in the fourth quarter of 2022, compared to a gross margin of 46.5% in the fourth quarter of 2021.

¹ The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8972 on December 30, 2022 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

Operating expenses were RMB32.5 million (US$4.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 58.4% from the corresponding period in 2021. Gain on disposals of subsidiaries which was allocated to operating expenses, was RMB32.2 million (US$4.7 million) in the fourth quarter of 2022.

• Research and product development expenses were RMB10.9 million (US$1.6 million) in the fourth quarter of 2022, representing a year-over-year decrease of 19.1%. The decrease was primarily due to the decrease in research and product development personnel related expenses.

• Sales and marketing expenses were RMB22.9 million (US$3.3 million) in the fourth quarter of 2022, representing a year-over-year decrease of 20.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.

• General and administrative expenses were RMB33.1 million (US$4.8 million) in the fourth quarter of 2022, representing a year-over-year decrease of 28.8%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

Loss from operations was RMB20.3 million (US$2.9 million) in the fourth quarter of 2022, compared to a loss from operations of RMB43.9 million in the fourth quarter of 2021. Non-GAAP² loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB50.1 million (US$7.3 million) in the fourth quarter of 2022.

Net loss was RMB9.3 million (US$1.3 million) in the fourth quarter of 2022, compared to a net loss of RMB36.2 million in the fourth quarter of 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB39.1 million (US$5.7 million) in the fourth quarter of 2022.

Net loss attributable to ordinary shareholders was RMB4.4 million (US$0.6 million) in the fourth quarter of 2022, compared to a net loss attributable to ordinary shareholders of RMB33.9 million in the fourth quarter of 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB34.2 million (US$5.0 million) in the fourth quarter of 2022.

As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB922.3 million (US$133.7 million). The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

² The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned “Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP.

Fiscal Year 2022 Results

Net revenues were RMB183.6 million (US$26.6 million) in 2022, representing a year-over-year decrease of 56.9% from 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

• Revenues from packaged tours were RMB70.3 million (US$10.2 million) in 2022, representing a year-over-year decrease of 77.0% from 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.

• Other revenues were RMB113.3 million (US$16.4 million) in 2022, representing a year-over-year decrease of 6.4% from 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

Cost of revenues was RMB94.1 million (US$13.6 million) in 2022, representing a year-over-year decrease of 63.1% from 2021. As a percentage of net revenues, cost of revenues was 51.2% in 2022 compared to 59.8% in 2021.

Gross margin was 48.8% in 2022, compared to a gross margin of 40.2% in 2021.

Operating expenses were RMB299.8 million (US$43.5 million) in 2022, representing a year-over-year decrease of 15.1% from 2021. Impairment of goodwill offset by gain on disposals of subsidiaries, which were allocated to operating expenses, was RMB47.2 million (US$6.8 million) in 2022.

• Research and product development expenses were RMB50.8 million (US$7.4 million) in 2022, representing a year-over-year decrease of 7.0%. The decrease was primarily due to the decrease in research and development personnel related expenses.

• Sales and marketing expenses were RMB103.6 million (US$15.0 million) in 2022, representing a year-over-year decrease of 31.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.

• General and administrative expenses were RMB108.9 million (US$15.8 million) in 2022, representing a year-over-year decrease of 37.4%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

Loss from operations was RMB210.2 million (US$30.5 million) in 2022, compared to a loss from operations of RMB181.5 million in 2021. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB151.0 million (US$21.9 million) in 2022.

Net loss was RMB203.0 million (US$29.4 million) in 2022, compared to a net loss of RMB128.5 million in 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB143.8 million (US$20.8 million) in 2022.

Net loss attributable to ordinary shareholders was RMB193.4 million (US$28.0 million) in 2022, compared to a net loss attributable to ordinary shareholders of RMB121.5 million in 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB134.1 million (US$19.4 million) in 2022.

Business Outlook

For the first quarter of 2023, Tuniu expects to generate RMB60.1 million to RMB64.3 million of net revenues, which represents a 45% to 55% increase year-over-year compared with net revenues in the corresponding period in 2022. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 17, 2023, (8:00 pm, Beijing/Hong Kong Time, on March 17, 2023) to discuss the fourth quarter and fiscal year 2022 financial results.

To participate in the conference call, please dial the following numbers:

US	1-888-346-8982
Hong Kong	852-301-84992
Mainland China	4001-201203
International	1-412-902-4272

Conference ID: Tuniu 4Q 2022 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 24, 2023. The dial-in details are as follows:

US	1-877-344-7529
International	1-412-317-0088

Replay Access Code: 8859146

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; the Company’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), the Company has provided non-GAAP information related to loss from operations, net loss, net loss attributable to ordinary shareholders, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

For investor and media inquiries, please contact:

China

Mary Chen

Investor Relations Director

Tuniu Corporation

Phone: +86-25-6960-9988

E-mail: ir@tuniu.com

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)  

	December 31, 2021			December 31, 2022			December 31, 2022
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		349,077			153,835			22,304
Restricted cash		46,521			44,052			6,387
Short-term investments		615,901			724,413			105,030
Accounts receivable, net		111,941			33,644			4,878
Amounts due from related parties		14,969			1,030			149
Prepayments and other current assets		337,033			242,994			35,231
Total current assets		1,475,442			1,199,968			173,979
Non-current assets
Long-term investments		201,947			230,562			33,428
Property and equipment, net		98,159			85,182			12,350
Intangible assets, net		55,376			30,672			4,447
Land use right, net		94,652			92,590			13,424
Operating lease right-of-use assets, net		48,115			33,204			4,814
Goodwill		232,007			114,661			16,624
Other non-current assets		92,111			91,091			13,207
Total non-current assets		822,367			677,962			98,294
Total assets		2,297,809			1,877,930			272,273
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities
Short-term borrowings		9,981			7,517			1,090
Accounts and notes payable		383,626			261,873			37,968
Amounts due to related parties		4,679			4,710			683
Salary and welfare payable		33,761			26,507			3,843
Taxes payable		8,004			4,047			587
Advances from customers		139,777			98,899			14,339
Operating lease liabilities, current		16,556			12,439			1,803
Accrued expenses and other current liabilities		382,629			358,312			51,947
Total current liabilities		979,013			774,304			112,260
Non-current liabilities
Operating lease liabilities, non-current		38,832			26,482			3,840
Deferred tax liabilities		12,479			6,839			992
Long-term borrowings		14,344			11,959			1,734
Total non-current liabilities		65,655			45,280			6,566
Total liabilities		1,044,668			819,584			118,826
Redeemable noncontrolling interests		27,200			27,200			3,944
Equity
Ordinary shares		249			249			36
Less: Treasury stock		(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
Noncontrolling interests		(43,203	)		(76,878	)		(11,146	)
Total equity		1,225,941			1,031,146			149,503
Total liabilities, redeemable noncontrolling interests and equity		2,297,809			1,877,930			272,273

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2021			September 30, 2022			December 31, 2022			December 31, 2022
	RMB			RMB			RMB			US$
Revenues
Packaged tours		42,761			41,440			4,968			720
Others		30,642			36,418			22,358			3,242
Net revenues		73,403			77,858			27,326			3,962
Cost of revenues		(39,250	)		(32,835	)		(15,125	)		(2,193	)
Gross profit		34,153			45,023			12,201			1,769
Operating expenses
Research and product development		(13,494	)		(9,729	)		(10,922	)		(1,584	)
Sales and marketing		(28,612	)		(26,502	)		(22,858	)		(3,314	)
General and administrative		(46,512	)		(24,270	)		(33,119	)		(4,802	)
Other operating income		10,571			1,222			34,404			4,988
Total operating expenses		(78,047	)		(59,279	)		(32,495	)		(4,712	)
Loss from operations		(43,894	)		(14,256	)		(20,294	)		(2,943	)
Other income/(expenses)
Interest and investment income		6,171			5,491			4,960			719
Interest expense		(1,814	)		(1,194	)		(1,186	)		(172	)
Foreign exchange gains/(losses), net		4,453			(16,167	)		5,252			761
Other income, net		459			2,797			2,378			345
Loss before income tax expense		(34,625	)		(23,329	)		(8,890	)		(1,290	)
Income tax (expense)/benefit		(1,450	)		376			(219	)		(32	)
Equity in loss of affiliates		(169	)		(551	)		(189	)		(27	)
Net loss		(36,244	)		(23,504	)		(9,298	)		(1,349	)
Net loss attributable to noncontrolling interests		(2,348	)		(1,456	)		(4,916	)		(713	)
Net loss attributable to Tuniu Corporation		(33,896	)		(22,048	)		(4,382	)		(636	)
Net loss attributable to ordinary shareholders		(33,896	)		(22,048	)		(4,382	)		(636	)
Net loss		(36,244	)		(23,504	)		(9,298	)		(1,349	)
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of nil tax		(4,134	)		18,066			(8,053	)		(1,168	)
Comprehensive loss		(40,378	)		(5,438	)		(17,351	)		(2,517	)
Net loss per ordinary share attributable to ordinary shareholders - basic and diluted		(0.09	)		(0.06	)		(0.01	)		-
Net loss per ADS - basic and diluted*		(0.27	)		(0.18	)		(0.03	)		-
Weighted average number of ordinary shares used in computing basic and diluted loss per share		371,020,652			371,274,640			371,365,207			371,365,207
Share-based compensation expenses included are as follows：
Cost of revenues		78			24			19			3
Research and product development		136			10			19			3
Sales and marketing		129			31			57			8
General and administrative		770			432			803			116
Total		1,113			497			898			130

*Each ADS represents three of the Company's ordinary shares.

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

	Year Ended			Year Ended			Year Ended
	December 31, 2021			December 31, 2022			December 31, 2022
	RMB			RMB			US$
Revenues
Packaged tours		305,333			70,314			10,195
Others		121,015			113,306			16,428
Net revenues		426,348			183,620			26,623
Cost of revenues		(254,815	)		(94,066	)		(13,638	)
Gross profit		171,533			89,554			12,985
Operating expenses
Research and product development		(54,622	)		(50,799	)		(7,365	)
Sales and marketing		(150,493	)		(103,617	)		(15,023	)
General and administrative		(174,021	)		(108,935	)		(15,794	)
Impairment of goodwill		-			(112,102	)		(16,253	)
Other operating income		26,064			75,685			10,973
Total operating expenses		(353,072	)		(299,768	)		(43,462	)
Loss from operations		(181,539	)		(210,214	)		(30,477	)
Other income/(expenses)
Interest and investment income		50,041			27,181			3,941
Interest expense		(7,491	)		(4,912	)		(712	)
Foreign exchange gains/(losses), net		7,030			(22,210	)		(3,220	)
Other income, net		2,895			6,136			890
Loss before income tax expense		(129,064	)		(204,019	)		(29,578	)
Income tax (expense)/benefit		(130	)		731			106
Equity in income of affiliates		726			292			42
Net loss		(128,468	)		(202,996	)		(29,430	)
Net loss attributable to noncontrolling interests		(6,944	)		(9,614	)		(1,394	)
Net loss attributable to Tuniu Corporation		(121,524	)		(193,382	)		(28,036	)
Net loss attributable to ordinary shareholders		(121,524	)		(193,382	)		(28,036	)
Net loss		(128,468	)		(202,996	)		(29,430	)
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of nil tax		(3,191	)		27,160			3,938
Comprehensive loss		(131,659	)		(175,836	)		(25,492	)
Net loss per ordinary share attributable to ordinary shareholders - basic and diluted		(0.33	)		(0.52	)		(0.08	)
Net loss per ADS - basic and diluted*		(0.99	)		(1.56	)		(0.24	)
Weighted average number of ordinary shares used in computing basic and diluted loss per share		370,874,312			371,208,209			371,208,209
Share-based compensation expenses included are as follows：
Cost of revenues		390			411			60
Research and product development		724			571			83
Sales and marketing		644			657			95
General and administrative		7,374			3,408			494
Total		9,132			5,047			732

*Each ADS represents three of the Company's ordinary shares.

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

	Quarter Ended December 31, 2022
	GAAP Result			Share-based		Amortization of acquired		Gain on disposals			Non-GAAP
				Compensation		intangible assets		of subsidiaries			Result
Loss from operations		(20,294	)		898		1,434		(32,165	)		(50,127	)
Net loss		(9,298	)		898		1,434		(32,165	)		(39,131	)
Net loss attributable to ordinary shareholders		(4,382	)		898		1,434		(32,165	)		(34,215	)

	Quarter Ended September 30, 2022
	GAAP Result			Share-based		Amortization of acquired		Gain on disposals		Non-GAAP
				Compensation		intangible assets		of subsidiaries		Result
Loss from operations		(14,256	)		497		1,434		-		(12,325	)
Net loss		(23,504	)		497		1,434		-		(21,573	)
Net loss attributable to ordinary shareholders		(22,048	)		497		1,434		-		(20,117	)

	Quarter Ended December 31, 2021
	GAAP Result			Share-based		Amortization of acquired		Gain on disposals		Non-GAAP
				Compensation		intangible assets		of subsidiaries		Result
Loss from operations		(43,894	)		1,113		2,236		-		(40,545	)
Net loss		(36,244	)		1,113		2,236		-		(32,895	)
Net loss attributable to ordinary shareholders		(33,896	)		1,113		2,236		-		(30,547	)

*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

	Year Ended December 31, 2022
	GAAP Result			Share-based		Amortization of acquired		Gain on disposals			Impairment		Non-GAAP
				Compensation		intangible assets		of subsidiaries			of goodwill		Result
Loss from operations		(210,214	)		5,047		7,043		(64,951	)		112,102		(150,973	)
Net loss		(202,996	)		5,047		7,043		(64,951	)		112,102		(143,755	)
Net loss attributable to ordinary shareholders		(193,382	)		5,047		7,043		(64,951	)		112,102		(134,141	)

	Year Ended December 31, 2021
	GAAP Result			Share-based		Amortization of acquired		Gain on disposals		Impairment		Non-GAAP
				Compensation		intangible assets		of subsidiaries		of goodwill		Result
Loss from operations		(181,539	)		9,132		9,625		-		-		(162,782	)
Net loss		(128,468	)		9,132		9,625		-		-		(109,711	)
Net loss attributable to ordinary shareholders		(121,524	)		9,132		9,625		-		-		(102,767	)

*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.