事件背景：

Event background:

　　2012年10月30日，去哪儿网完成公司新的组织构架体系调整，建立了机票、酒店、无线三大事业部以及新业务部、特殊项目部，并对部分高管职责进行了调整。

October 30, 2012,Where to go and complete the company new organization frame system adjusted,Established the ticket/The hotel/Wireless three division and new sales department/Special project department,And some executives duties have been adjusted.

　　劲旅咨询分析： Giants consulting analysis:

　　去哪儿网运营现状： Where to network operation status:

　　核心业务：机票、酒店、团购等业务 Core business:ticket/The hotel/Group purchase, etc

　　根据百度向SEC提交的文件显示，自2011年6月投资日截至2011年12月31日，去哪儿的总营收和净利润分别为1.47亿元(2337万美元)和264万元(42万美元)，已经实现盈利。在百度巨资注入去哪儿网后，去哪儿网的估值达到了4.83亿美元。去哪儿网商标权价值人民币3.176亿(5046万美元)，客户关系价值2.217亿元(3522万美元)，软件价值1420万元(226万美元)，用户列表价值1.58亿元(2511万美元)。

According to the baidu to SEC filings suggest,Since June 2011, investment as of December 31, 2011,Where the total revenue and net profit is 147 million yuan respectively(23.37 million dollars)And 2.64 million yuan(420000 dollars),Have realize the profit.In the baidu huge injection where to go after the net,Where to net valuations reached 483 million dollars.Where to net trademark value RMB 317.6 million(50.46 million dollars),Customer relationship value 221.7 million yuan(35.22 million dollars),Software is worth 14.2 million yuan(2.26 million dollars),The user list is worth 158 million yuan(25.11 million dollars).

　　今年9月份，去哪儿网称其机票业务规模已超携程，而携程单季度机票业务营收约为4亿元。随着去哪儿网业务的发展带动了公司规模扩大，一年时间内去哪儿公司团队由200多人扩至目前的1400人左右。

In September this year,Where to network says its ticket business scale has super ctrip,And those who hold a single season ticket business revenue of about 400 million yuan.With the development of the network business where to drive the company scale,In a time where the company team consists of more than 200 people extend to the present about 1400 people.

　　团购业务方面，目前去哪儿网团购频道已针对全国100多个城市开展旅游团购服务。根据今年6月份去哪儿发布的数据显示，2012年一季度去哪儿团购业务收入与上年四季度相比实现近50%的增长。

Group purchase business,Now where network group purchase channel has been in more than 100 cities carry out the tourism group purchase service.According to this year June where to statistics released,In the first quarter of 2012, where a bulk business income and four quarter last year compared to realize nearly 50% of growth.

　　在获得百度的3.06亿美元投资后，去哪儿网进一步巩固了其在网络流量和用户覆盖领域的领先位置，根据劲旅咨询发布的中国在线旅游网站用户覆盖数的监测报告显示，今年第三季度(7、8、9月)去哪儿的用户覆盖数保持了业内靠前的位置。

In the baidu $306 million investment,Where to go and further consolidate the network traffic and user cover areas of leading position,According to force China consulting release online travel website user cover several monitoring report shows,In the third quarter of this year(7/8/September)Where to user covering number, keep the industry on the front of the plane.

　　去哪儿网发展重要事件：去哪儿成立、百度投资、去携大战、高层变动等

Where to web development important events:Established where/Baidu investment/To join war/High-level changes

　　去哪儿网于2005年2月由庄辰超、道格拉斯以及戴福瑞共同创立，去哪儿网作为中国第一个旅游搜索引擎，使中国游客第一次可以在线比较国内航班和酒店的价格和服务。2006年7月、2007年9月、2009年11月，去哪儿先后完成了三次共计2700万美元的融资。2011年6月24日，百度向去哪儿投资3.06亿美元获取去哪儿62.01%的股权，成功获得百度巨额投资，成为了去哪儿至今迈出的最为重要一步。

Where to network in February 2005 by the ZhuangChen super/Douglas and DaiFuRui co-founded,Where to network as the first Chinese tourism search engines,The first time that Chinese tourists can online comparison domestic flight and hotel prices and service.In July 2006/In September of 2007/In November 2009,Where to have completed a total of $27 million three times the financing.On June 24th, 2011,Baidu to where to invest $306 million for a 62.01% stake in where,Successful baidu huge investment,Where has become a most important step.

　　"去携大战"一直是在线旅游领域不可避免的话题，去哪儿网和携程旅行网双方上至公司高层下至普通员工，已多次进行"骂战"，并多次升级到法庭上针锋相对。从2007年的"划线门"事件始，"去哪儿"就已经开始与携程正面交锋。到2008年年末，去哪儿因涉嫌侵犯酒店点评著作权遭携程起诉，再到今年5月去哪儿网起诉携程侵犯名誉权，以及两大公司高管"隔空对骂"最终诉诸法庭，"去携大战"战火愈演愈烈，两家交战引发了业界的广泛探讨，去哪儿网之名也为业内外广泛熟知。

"To join war"Online travel field is always inevitable topic,Where to network and ctrip both sides from the top down to ordinary employees,Already many times to"Scold war",And many times to upgrade to the court tit for tat.From 2007"Crossed door"Event beginning,"Where to go"It has to start with the electronic confrontation.By the end of the year,Where to go for suspected of infringing the hotel comment on copyright in electronic Sue,In may this year to where network prosecution ctrip infringe reputation,And two big company executives"Telekinesis yell"Final appeal to the court,"To join war"War intensified,Two war caused the industry widely discussed,Where the name of this network is also widely known.

　　7年的快速发展，也让去哪儿内部高层发生变化，早在2011年百度战略投资去哪儿之时，去哪儿联合创始人戴福瑞就卸任去哪儿CEO一职，担任总裁的联合创始人庄辰超接任CEO;而在本月初，去哪儿负责营销工作的副总裁戴政离职，有分析师认为，这个结果有可能是去哪儿临近上市，公司战略调整及高层内部权力斗争造成的结果。

Seven years of rapid development,Also let where internal high-level change,As early as in 2011 baidu strategic investment where to go,Where to go is the co-founder DaiFuRui where former CEO a job,As the President's co-founder ZhuangChen super take over CEO;In the beginning of this month,Where to go is responsible for marketing vice President DaiZheng leave,Analysts believe that,The results may be near where listed,Company strategic adjustment and the high internal power struggle the result of.

　　而在近日，去哪儿高层组织架构再度出现调整。去哪儿建立机票、酒店、无线三大事业部以及新业务部和特殊项目部。机票事业部由杨威负责，无线事业部由谌振宇负责，酒店事业部由者希博负责，新业务部由庄辰超亲自负责，特殊项目部由张泽负责。劲旅咨询分析人士认为，去哪儿通过对内部组织构架及高管团队进行了一定的调整，能够使其发展思路更为清晰、管理更顺畅、决策更灵活，更有利于公司规模化发展及未来上市时说服投资者。

In recently,Where to go top structure reemergence adjusted.Where to set up the ticket/The hotel/Wireless three division and new sales department and special project department.By YangWei ticket division is responsible for,By ChenZhenYu wireless division is responsible for,The hotel business and by the person responsible for the rich,The new department by ZhuangChen super personally responsible for,Special project department responsible for by zhangze.Powerful force consulting analysts believe,Where to go through the internal organizational structure and executive team to a certain adjustment,Can make its development ideas more clearly/Management more smoothly/Decision more flexible,More conducive to the company scale of development and future listings to convince investors.

　　去哪儿战略走向：上市、阵线调整、创新

Where to go to strategy:listed/Front adjustment/innovation

　　今年早些时候，去哪儿网CEO庄辰超曾公开表示，去哪儿将于2013年赴美进行IPO，计划募资最多2.25亿美元。

Earlier this year,Where to network CEO ZhuangChen super has publicly said,Where to go in 2013 ipos to,Plan need to recapitalise up to $225 million.

　　今年6月份，就有消息称去哪儿网进行规模性裁员，裁员主要集中在团购部门，具体职位以销售为主。由于每月去哪儿网的团购平台流水达到四五千万量级，以其之前公布的10%左右的佣金比例计算，每月收入约在四百万左右，开支过大导致超过600人团队的团购业务部门难以实现盈利，业内人士认为去哪儿此举是希望通过缩减团购业务，提高财务健康状况，从而为上市铺路。

In June this year,There is news that where the net undertakes scale layoffs,Downsizing mainly concentrated in the group purchase department,Specific position mainly to sales.Due to the monthly where network platform to achieve a bulk water 450 million magnitude,With its announced before the 10% commission ratio calculation,Monthly income at around $four million,Spending too much lead to more than 600 people team group purchase business department is difficult to realize the profit,The personage inside course of study thinks where the move is hope that through reduction group purchase business,Improve financial health,So as to pave the listed.

　　与携程、艺龙一样，去哪儿网更着重发展酒店业务：2011年6月，去哪儿网CEO庄辰超对外表示，未来去哪儿会在进一步巩固在线旅游搜索领先地位的同时，着重发展酒店业务，包括搜索酒店、直销酒店、团购诸多方面，其中去哪儿在团购市场上有着天然的优势，如流量、用户覆盖等。此次将酒店业务单独成立事业部，就意味着在酒店领域，去哪儿网将与携程、艺龙展开正面竞争。

And electronic/Art a dragon,Where to network more emphasize on the development of hotel business:In June 2011,Where to network CEO ZhuangChen super foreign said,In the future where will further consolidate online travel search leading at the same time,Emphasize on the development of hotel business,Including search hotel/Direct selling hotel/Group purchase many aspects,Among them where to go on the market in a bulk a natural advantage,Such as flow/User cover and so on.The hotel business department established separately,Means in the field of hotel,Where to network will and ctrip/Art dragon expansion positive competition.

　　除把酒店业务作为重心外，去哪儿的战略重心还包括无线领域，此次将无线业务单独成立事业部就可见一斑。近日去哪儿高调对外发布了无线战略，一次性推出了去哪儿旅行、去哪儿酒店、精品酒店、去哪儿兜行、去哪儿旅图等6款旅游app，劲旅咨询分析认为，去哪儿网此举是希望借助6款不同类型的旅游应用切入不同的细分市场，覆盖行前、行中和行后，为用户一站式解决旅行出行需求，在无线旅游领域，去哪儿网以量的优势暂时领先其他主要竞争对手，包括携程、艺龙、甚至蚂蜂窝。

In addition to the hotel business center of gravity as outside,Where to strategic focus also includes wireless domain,The wireless business established separately division is evidenced.Recently where to high-profile released wireless strategy,One-time rolled out where to travel/Where to hotel/Boutique hotel/Where to take line/Where a chart and so on six designs tourism app,Powerful force consulting analysis think,Where to net the move is hope with six different types of tourism application into different segments of the market,Covering the anterior/Line after line and,For the user to solve one-stop travel travel demand,In the wireless tourism areas,Where is the advantage of network to quantity temporarily leading other major competition,Including electronic/Arts dragon/Even Ma cellular.

　　去哪儿自成立以来，就先后不断的推出创新产品，如2008年4月去哪儿推出备受瞩目的"签证"搜索频道，随即在6月份推出中国首例国际航班搜索服务，2009年3月去哪儿顺势推出了火车票搜索频道，2010年7月去哪儿发布的Trip Planner则是国内首款针对在线旅游领域开发的行程管理软件，2010年8月份去哪儿则打造了全球最大的中文酒店点评系统。今年3月，去哪儿CEO庄辰在《第一财经周刊》首次举办的"中国商业创新50人评选活动"中荣获商业模式创新者称号。

Since its establishment where to go,It has constantly launch innovative products,Such as April 2008 where launched high-profile"visa"Search channel,Immediately launched in June the first China international flights search service,In March 2009, where to conveniently introduced a train ticket search channel,In July 2010, issued by the where to go Trip Planner is the first domestic for online tourism development in the fields of travel management software,In August 2010, where to build the world's largest Chinese hotel comment on system.In march this year,Where to go ZhuangChen CEO in[The first financial weekly]Held for the first time"China's commercial innovation 50 people selection activities"In the business model of innovators.
　　今年7月份，去哪儿对外宣布，将投资3000万美元打造旅游智能化服务平台，并向所有旅游在线供应商免费开放其旅游服务平台，此举可极大提升行业服务质量和效率并降低成本，旅游供应商则可以大幅削减其在服务上的成本，专心做好产品的价格竞争力。

In July this year,Where to go announced,It will invest 30 million dollars make tourism intelligent service platform,And to all travel online vendors free open its tourism service platform,The move can improve service quality and efficiency and reduce the cost,Tourism suppliers can be greatly cut the cost of the service,To concentrate on the price of the product competitiveness.

　　劲旅咨询综上分析认为，在线旅游竞争将会持续白热化，将在阵地战场上见分晓： Powerful force consulting in conclusion analysis think,Online travel competition will continue to white-hot,Will be in positional warfare the outcome:

　　一、 在线酒店预定阵地上，去哪儿网除了起家的酒店比价搜索外，已经开发运营了团购、夜宵、一口价等类分销型产品，已经处于半媒体平台、半OTA的状态，并且有逐渐OTA化的趋势。

a/ Online hotel reservations on the battlefield,Where to network in addition to scratch hotel ratio search outside,Have development operation of the group purchase/Food taken late at night/Price such distribution type products,Has been in a half media platform/Half the state of OTA,And have gradually OTA change trend.

　　二、 在线机票预定阵地上，去哪儿网由于拥有庞大的流量、较好的转化率，深受中小票代的亲睐，这种"聚群狼战大象"的模式在未来几年仍有较大的空间，去哪儿将和淘宝旅行并行，将是携程所代表的大型OTA的主要竞争对手，共同分食机票分销的大蛋糕。但如何规范和防范中小票代的服务质量问题，将是去哪儿们需要努力解决的问题。

two/ Online ticket reservation on the battlefield,Where to network with large flow/Good conversion,Small and medium-sized ticket by generation of pro-gaze,this"Gather the wolves war elephants"In the next few years the model still has large space,Where to go and clean out treasure travel parallel,Will be ctrip represent large OTA main competitors,Common points food ticket distribution big cake.But how to regulate and guard against small and medium-sized age of service quality problem,Where is the need to work hard to solve the problem.

　　三、 无线旅游阵地上，作为各大旅游网站的战略布局，目前仍处于"占坑"阶段，在此领域，去哪儿网的主要竞争对手短期内将是蚂蜂窝，在技术研发投入、产品开发力度、推广力度等方面，蚂蜂窝的力度不会比去哪儿力度小，预计，未来两三年内两家机构将处于领跑位置。

three/ Wireless tourism on the battlefield,As a major tourist website strategic layout,Still in"Accounted for pit"stage,In the field,And where the main rival in the short term will be Ma honeycomb,In technology research and development input/Product development efforts/To popularize strength, etc,Ma cellular dynamics is not where to strength small,Is expected to,Two or three years in the future two organizations will in a leading position.