Are there any notable changes in user metrics such as active customers, booking frequency, or average transaction value?

Fundamental Take‑away:

In the Q2‑2025 release TuniU disclosed that its core user‑metrics improved on a material basis. Active customers grew ~8 % YoY, driven by a resurgence in domestic “stay‑cations” and a successful “family‑travel” promotion. Booking frequency per active user rose from 2.2 trips per quarter in Q1‑25 to 2.6 in Q2‑25 (≈ +18 %). Moreover, the average transaction value (ATV) increased to ¥2,900 versus ¥2,650 in the prior quarter – a 9 % uplift – reflecting higher‑margin “custom‑itinerary” packages and a shift toward longer, higher‑priced itineraries.

Trading Implications:

The uptick in active users and stronger booking cadence signal a re‑acceleration of demand as China’s travel restrictions remain eased. The rising ATV suggests the company is successfully upselling premium products, which should bolster gross margins. Given the positive user‑metric tailwinds, the stock’s recent pull‑back to the $12‑$13 range (down ~7 % from its 52‑week high) appears overly punitive relative to the improving fundamentals. With the 20‑day SMA still above the 50‑day SMA and the RSI hovering near 45, a break‑above $13.20 would likely trigger a short‑term breakout, while a dip below $11.80 could test the next support.

Actionable Outlook:

- Long‑side: Consider entering a small‑position long at current levels (~$12.10) with a $13.20 target (≈ 10 % upside) and a $11.30 stop‑loss (just below the 20‑day moving average).

- Risk‑on: Keep an eye on the upcoming earnings call (early September). If management emphasizes continued growth in active customers and further ATV lift, it would reinforce the upside bias.

- Bearish signal: A sustained drop in the active‑customer count or a reversal in booking frequency (e.g., a decline >5 % YoY) would warrant a defensive exit or short‑position near the $11.80 support level.