As a percentage of net revenues, costs jumped from 24.0% to 41.0%, severely compressing margins. This led to a 15.5% decline in gross profit to RMB69.3 million. Operating expenses increased across all categories: R&D (+11.5%), sales and marketing (+17.3%), and general administrative (+11.1%). Combined with the reduced gross profit, this pushed Tuniu into an operating loss compared to the RMB12.3 million operating income in Q1 2024. On the balance sheet, Tuniu maintains a healthy liquidity position with RMB1.2 billion (US$167.2 million) in cash and cash equivalents, restricted cash, short-term investments, and long-term deposits. The company's outlook for Q2 2025 projects revenue between RMB131.0-136.8 million, representing 12-17% year-over-year growth. Meanwhile, Tuniu has been actively repurchasing shares, buying back approximately 9.5 million ADSs for about US$9.0 million under its US$10 million share repurchase program.