“马房重地”的大铁门“哗”的一下被拉开，马厩里二十多匹高头大马齐着劲地嘶鸣起来，出来的马个个身价不菲，其中一匹耳尖腿长的澳大利亚纯血马是整间马厩的“头马”，名叫“大唐盛世”，是连续几届赛马节的冠军，它目前的身价是180万元人民币。

"Stable heftily"Big iron gate"breakdown"To be opened,The stable of more than 20 horse gao tou2 Malaysia together to go up to scream,Out of all horses is worth buying,One horse tip of ear leg long Australia ChunXieMa is between the whole stable"horses",named"datangshengshi",Is continuous several sessions of horse racing festival champion,Its current status is 1.8 million yuan RMB.

　　马厩的所在地是内蒙古兴安盟科右中旗，在这个深入科尔沁草原腹地的平凡小镇，四下里荒蛮无垠的草原牧场上，已经第一次有了PE资本的身影在行走。

The stable is the seat of the Inner Mongolia XingAnMeng family right banner,In this in-depth well-kown horqin grassland hinterland of ordinary small town,Everywhere wild the mighty grassland pasture,Has for the first time in the form of PE capital in walking.

　　马厩的主人叫郎林，2006年来到科右中旗创立莱德马业有限公司，目前公司马匹存栏量达到300余匹。8月底，莱德马业与香港世铭集团旗下的私募股权基金世铭投资签署合作协议。根据协议，双方共同成立“内蒙古莱德马业有限公司”，未来两年内，世铭投资将向莱德马业提供总金额达2.6亿元人民币的投资，目标是联手打造出一个打通全产业链的领先马业企业。

The stable master called LangLin,In 2006 came to the family right banner founded rider ma co., LTD,At present the company horses CunLanLiang reached more than 300 horse.The end of August,Rider ma and the Hong Kong Ming group's private equity fund the inscription investment signed a cooperative agreement.According to the agreement,Both sides jointly set up"Inner Mongolia rider ma co., LTD",The next two years,The inscription investment will provide to discuss rider total amount of 260 million yuan investment,Goal is to create a get through the whole industry chain ma leading enterprise.

　　据科右中旗旗委书记佟布林介绍，莱德马业是全国第一个获得市场化投资的马产业项目。那么，PE资本与育马企业合作的首啖汤，味道究竟会如何？

According to department right banner QiWei secretary TongBuLin is introduced,Rider ma is the first wins the market investment horse industry project.so,PE capital and brood horse enterprise cooperation enjoy soup first,What flavor?

　

　“最好的时代” "The best of times"

　　“A轮融资6000万元已经过会，B轮要在2013年完成，金额将达到两个亿。”对于这次和资本的对接，郎林对记者表示，涉足马产业9年，“等的就是这一天。”

"A wheel financing 60 million yuan has been will,B wheel to completed in 2013,Amount will reach two."For this and capital butt,LangLin told reporters,The horse industry in nine years,"Wait of is this day."

　　在郎林看来，他的马生意正迎来一个最好的时代。他对记者介绍，最近几年，无论是本土自己繁育，还是国外引进，中国市场上马匹的销售量在迅速增长，供不应求的现象非常明显。

In LangLin seems,His horse in business is the best of times.He introduces to the reporter,In recent years,Whether local their breeding,Or introduced from abroad,The Chinese market sales of horses in rapid growth,Tight phenomenon is very obvious.

　　“一般每年3、4、5月是马匹销售旺季，但今年3月一个月就已经把去年这三个月的订单量全部搞定了。这次我们在新西兰引进了一批马准备在上海市场销售，结果飞机还没到上海，订单就已经预订光了。”

"General every year 3/4/May is the selling season,But this year march a month has put last year the three months of orders all set.This time we in New Zealand bought a lot of horse preparation in the Shanghai market sales,Results the plane haven't to Shanghai,Orders have reservation light."

　　中国马业协会数据显示，中国国内对马匹的需求量正在增加，截至2011年10月，中国进口马匹数量就达到了4000匹，为5年前的10倍。而与国外成熟市场的对比，似乎又能映衬出这个行业广阔的成长空间：据统计，英国马产业规模已经达到60亿美元，美国马业规模已经超过390亿美元。而中国目前休闲运动马车农业市场那个规模为不到10亿美元，但每年增速将超过20%。而中国的马术俱乐部也已经从2007年的不到100家发展到如今的近800家。

Chinese-related industry association data display,China's domestic demand is increasing to horses,By October 2011,China imported horses quantity to reach 4000 horse,For five years ago 10 times.And with the foreign mature markets contrast,Again it seems that can set off out the industry wide space to grow up:According to the statistics,British horse industry scale has reached 6 billion us dollars,The United States ma scale has more than 39 billion dollars.China now leisure sports wagon agricultural market the scale for less than $1 billion,But each year more than 20% growth.While China's equestrian club has also from 2007 in less than 100 to today's nearly 800 home.

　　之所以选址内蒙古，郎林表示，首先是因为这里的地理位置好。“纬度38至45度是出好马的地方，同样的地方还有美国的肯塔基，日本的北海道和我国的新疆。”而更大的有利因素来自成本，“这里一匹马一个月的饲养成本大约为1000-1200元，而上海的饲养成本将达4000-5000元人民币。”

The location of Inner Mongolia,LangLin said,First, because the good geographical position."Latitude 38 to 45 degrees are a good horse place,The same place and the United States Kentucky,Japanese Hokkaido and China's xinjiang."And more favorable factors from cost,"Here a horse a month of breeding cost about 1000-1200 yuan,And Shanghai breeding cost will amount to 4000-5000 yuan RMB."

　　世铭投资看重的则是人的因素。世铭集团行政总裁唐维钟对记者表示，在国外，马产业长期以来被高端阶层所钟爱，而当下中国中产阶级的崛起，和日益提高的消费水平却是世铭看好马产业的最重要原因。“和国外成熟市场相比，中国的马产业还是一个朝阳产业，我相信和马类有关的运动将被越来越多的中产阶级欢迎。”

The inscription investment value is the human factor.The inscription group chief executive TangWeiZhong told reporters,In foreign,The horse industry has long been high class loves,And then the rise of Chinese middle class,And rising consumption level is the inscription horse industry has the most important reason."Compared with foreign mature markets,China's horse industry is still a sunrise industry,I believe and the horse kind about sports will be more and more middle class welcome."

　　“最坏的时代” "The worst of times"

　　天时地利人和，条件简直均已齐备，但这并不代表梦想就此照进现实。环顾全国，押宝马产业的地区远不止科右中旗一个，反而是这个行业自竞争伊始，就已经进入了饱和状态。

Climate favourable geographical position and,Conditions can have been ready,But this doesn't mean this dream in the reality.Look around the,Taking the horse industry area is far more than family right banner a,It is the industry from at the beginning of the competition,It entered the saturated state.

　　粗略统计，中国各省市地区目前在建和计划投资兴建的大型赛马场就已经达到十余家，过去的十年中，包括内蒙古锡林郭勒国际赛马场，武汉的东方马城，河北张家口中国国际马城，天津宁河县的“天津赛马城”等在内的大小马产业基地纷纷拔地而起。马产业的掘金计划基本就从来没有停止过。

Rough statistics,China provinces and cities area currently under construction and plans to invest in the construction of the large racetrack has grown to more than ten,The past ten years,Including Inner Mongolia's xilingol international racetrack,Wuhan east MaCheng,In zhangjiakou, hebei province China international MaCheng,Tianjin NingHeXian of"Tianjin racing city", big pony industry base in succession rises straight from the ground.The horse industry the nuggets plan basic has never stopped.

　　很多大型马场本身就在致力于兴建产业链，以天津宁河县的“天津赛马城”为例，据英国《每日电讯报》报道，这个由世界著名马场开发商迪拜梅登公司投资26亿英镑兴建的超级项目将配备有国际马术大学、养马中心、拍卖基地、动物饲料厂、跑马场和7星级宾馆，而整个马场也计划喂养1000匹优质种马。

Many large racecourse itself to the construction of industry chain,With the NingHeXian tianjin"Tianjin racing city"For example,According to the British[Daily telegraph]reports,The world famous racecourse developers dubai mei's investment of 2.6 billion pounds in the construction of the super project will be equipped with international equestrian university/Horse breeding center/Auction base/Animal feed factory/Turf and seven star hotel,And the whole racecourse also plans to feed 1000 horse quality stallion.

　　而大规模的“跑马圈地”运动的背后，泡沫的风险已经显现。据近日新华社报道，位于南京，占地千余亩，规模曾经是亚洲最大的南京国际赛马场因长年没有赛马项目，已经沦为停车场。过去十年中，除去承办一次全运会项目，这个投资5亿元人民币兴建的大型马场没能再引入任何大型赛事。每年还要承担600多万元的亏损。

But the scale of the"Horse race enclosure"Movement behind the,The risk of foam have been revealed.According to the xinhua news agency reported recently,Is located in nanjing,Covers an area of more than mu,Scale ever is Asia's largest nanjing international racetrack for years no horse racing project,Have a parking lot.The events of the last ten years,To remove a national games for the project,This investment is 500 million yuan RMB a large racecourse failed to reintroduce any large events.Each year more than 600 ten thousand yuan to bear the loss.

　　同时据报道，在济南、鄂尔多斯(600295,股吧)、广州十几座大型马场在建成后均陷入难以收回投资的窘境。“10家马场有9家半是亏钱的，剩下的那半家，可能还有0.25家刚好能持平，然后另外那0.25家可能能赚钱。”奇骥马会总经理谢蕊蔓在接受媒体采访时表示。

At the same time, according to the report,In jinan/ordos(600295,guba)/Guangzhou more than ten large-scale racecourse in after the completion of all into difficult to disinvestment dilemma."10 racecourse have nine and a half is the lost money,The other half home,There may be 0.25 home can just the same,Then the other 0.25 home might be able to make money."Odd horse jockey club general manager XieRui bine, when being interviewed by the media said.

　　和大型马场相比，遍布全国的大小马术俱乐部的经营状况也并不乐观。记者在采访中发现，流水投入过高，成本回收缓慢，是马术俱乐部普遍遇到的问题。世铭投资的投资总监任重对记者表示，在对全国各地40余家马术俱乐部进行调研后他发现，管理和人才培育的落后，是发展的短板，“很多俱乐部的硬件已经堪比欧洲，但运营和服务却非常落后。包括骑师，驯马师，兽医这样的专门人才也比较缺乏。”

And large compared to the racecourse,The size of the throughout the country equestrian club business situation is not optimistic.Reporter in the interview found,Water high into the,Cost recovery slow,Equestrian club is common problem.The inscription investment long investment director told reporters,In all parts of the country more than 40 equestrian club after investigation he found,Management and personnel training behind,Is the development of short plate,"A lot of the club's hardware has me than Europe,But the operation and service is very backward.Including jockey,trainer,Veterinary such professionals is lack."

　　而一位不愿透露姓名的马术俱乐部负责人表示，和马术、赛马有关的马运动在中国尚未形成产业，制度制约太多，都是马术俱乐部成长缓慢的因素。

But one does not wish to disclose the name of the equestrian club directors said,And equestrian/The horse racing horse movement in China has not been formed industry,System restriction too much,Are all equestrian club slow growth factors.

　　据了解，在国外能带动马产业发展的一个重要因素是博彩业的繁荣，马彩业是带动马术俱乐部的生意兴隆重的要龙头产业，同时也能带动一大批与此配套的相关产业的发展。而马彩业在中国，却始终没有得到政府的合法批准。

It is understood,In a foreign country can drive the horse industry development is an important factor is the prosperity of the gaming industry,MaCaiYe is drive equestrian club business and solemn to leading industry,At the same time also can drive a large and the supporting the development of relevant industries.And MaCaiYe in China,But never get government legal approval.

　　“未来仍值得一赌” "The future is still worth a bet"

　　至少从目前来看，郎林的马生意还未受到影响。“严格说马产业的分工还是非常细的，目前我们主要还是负责育马，即在养马场负责繁育，然后进行销售。而且我们目前的饲养成本要比一线城市低很多。”

At least for now,LangLin horse business is not affected."Say strictly horse industry division of labor is very thin,At present, we are still responsible for rearing horse,Namely in the ranch is responsible for breeding,Then sales.And our current breeding cost than a line of the city's lower many."

　　育马和售马长期以来扮演着来德马业主要的商业模式。据郎林介绍，公司里从国外进口的马匹以竞赛项目为主，销售的目标人群是有一定经济实力的私家马主。而公司马厩中自身繁育的马匹价格相对较低，但素质不错，主要以销售给俱乐部为主。"

Brood horse and a horse for a long time plays to DE horse owner to business model.According to LangLin introduced,The company imported from abroad horses to sports to give priority to,Sales of the target population is a certain economic strength of the private horse owner.And the company in the stable their breeding horses price is relatively low,But quality is good,Mainly sales to the club is given priority to."

　　据郎林介绍，从国外引进一匹马，需要承担购买、检疫、运输、关税，以及国内检疫这五大块的费用，同时还要应对马匹的伤病养护以及适应气候这些风险，这就造成养马成本的居高不下。“我们做了一个统计，引进一个品纯种洋马，成本要达到30万左右。而如果采用国内自育，成本将大幅降低，降至10万左右。”

According to LangLin introduced,Introduced from abroad a horse,Needs to pay for the purchase/quarantine/transport/tariff,And domestic quarantine this five large costs,At the same time also deal with the horse's injury curing and adapt to climate these risks,This is a MaCheng caused by the high."We made a statistic,Introduce a product pure the horse,Cost to reach about 300000.And if domestic use self fertile,Cost will be greatly reduced,Drop to around 100000."

　　引入PE投资之后，打通产业链是必然要走的商业模式。据郎林介绍，新成立的莱德马业未来的主要业务分为三大板块：育马、饲料和连锁马术俱乐部。“以前每一个马场都在做的零件，而我们现在要做的是整合零件，做完整的机器。”

After introducing PE investment,Through industrial chain is inevitable to go business model.According to LangLin introduced,The newly established rider ma future main business is divided into three major parts:Brood horse/Feed and chain equestrian club."Before each racecourse do at the parts,And we have to do now is to integrate parts,Do the complete machine."

　　“高尔夫消费人群在中国用十年时间从30万发展到1000万；中国现在是第四大红酒消费国；也有了第一家游艇上市公司太阳鸟(300123,股吧)；中国的市场潜力很大，马产业的前景也一定不错。”世铭投资总监任重对记者表示。

"Golf consumer groups in China with ten years from 300000 to 10 million;China is now the fourth big red wine consumer;Also had the first a yacht listed company sunbird(300123,guba);China's market potential is very great,The prospect of the horse industry also must be good."The inscription long investment director told reporters.

　　“现在很多人都会问中国的马市场够不够大。英国规模已经达到60亿美元，，美国则是近400亿美元，中国现在只有10亿美元，所以说这个市场肯定够大。”伍少山则认为，中国的马产业目前不大也不贵，“而且，马产业也不仅仅是给有钱人做的。美国玩马的人群中有三分之一是年收入5万美金的群体，都是普通阶层，英国也是这样的，我认为中国也不会差太远。”

"Now many people will ask China's horse market big enough.British scale has reached 6 billion us dollars,,The United States is nearly $40 billion,China is now only $1 billion,So say the market must be big enough."WuShaoShan argue that,China's horse industry at present is not expensive,"and,The horse industry also is not only to the rich people do.The United States play horse the crowd a third annual income is $50000 group,Are common class,Britain is also such,I think China also can't bad too far."