价格战的意义何在？ What is the meaning of the price war?

　　“在投资者眼中，价格战的底线是保持良好的盈利能力，不能损害自己的盈利能力。如果上市公司决心打价格战，结果损害了自己的盈利能力，显然是在挑战投资者的底线。”国内知名旅游学者裴钰对记者说道。从财报上看，连续四个季度净利润出现下降的携程，正是如此。

"In the eyes of investors,Price war bottom line is to maintain good profitability,Can't damage their profitability.If the listed company determined to price war,Results damage their profitability,Apparently in the challenge of the bottom line of investors."Domestic famous tourism scholars PeiYu told reporters.Look from the earnings,Four consecutive quarter of decline in net profit of ctrip,It is so.

　　今年7月携程高调宣称，获预授权5亿美元开展低价促销，由此OTA“价格战”开始火爆了起来。携程Q3财报显示，其酒店预订量同期增长了40%，有网友因此戏称“携程活生生长了一个艺龙出来”，这也被携程认为是价格战最耀眼的战果。但与此同时，携程的销售与市场营销费用同比大增74%，环比增长39%，这被认为是其利润降低的原因。

July ctrip high-profile claims,Pre authorization by $500 million in sales,Thus OTA"Price war"Began to hot up.Ctrip percentile results show,The hotel YuDingLiang over the same period increased by 40%,Netizens therefore calls"Ctrip living long a dragon out of art",It was also ctrip considered the most dazzling price war victory.But at the same time,Ctrip sales and marketing costs soar 74% year-on-year,Link growth of 39%,This is considered to be the cause of the lower its profit.

　　花旗分析师指出，携程网的业务基础非常虚弱，仍然面临激烈的市场竞争这意味着携程的利润可能会越来越薄，而且低价带来的客户，随时可能被低价带走。价格战没有体现出携程在服务和技术创新上的进步，这一点很关键。

Citigroup analyst pointed out,Ctrip business foundation is very weak,Still face the fierce market competition this means ctrip profits may be more and more thin,And low price to bring customers,At any time may be low away.Price war does not embody the ctrip in service and technical innovation progress,It is the key.

　　“投资者眼中的价格战，是"价格区隔"策略，压低成本，使用低价策略抢占市场份额，击垮赶走竞争对手，通俗地说是"价格屠夫"。”裴钰为记者分析道，“这个策略是会产生净收益的，但绝不能损害自身的盈利能力。携程的利润率下降，肯定会令投资者感到困惑。”依照这个逻辑，投资者会怀疑这场价格战的意义伤害自己盈利能力，那打价格战干吗？

"Investors in the eyes of price war,is"Price segmentation"strategy,Hold down costs,Using low price strategy to grab market share,Defeat away competitors,Popularly say"Price butcher"."PeiYu for reporters analysis way,"This strategy is will produce net income,But never can damage their profitability.Ctrip margins decline,Will certainly make investors feel confused."According to this logic,Investors would doubt the significance of the price war damage their profitability,The price war?

　　当然，看到酒店预订量提升带来的长期利好的投资者亦有之，比如摩根士丹利，但他们维持对携程股票“持股观望”的评级，并明确指出这是出于对携程短期利润率不确定的考虑。事实上，等待携程利润率企稳的机构还有很多。“因为上市多年的携程已经到了要给予回报的阶段。”裴钰指出，“投资者的迟疑很正常”。

Of course,See the hotel YuDingLiang lift from the long-term bullish investors have also,Such as Morgan Stanley,But they maintain the ctrip shares"Shareholding wait-and-see"rating,And clearly pointed out that this is for ctrip short-term profitability uncertain consideration.In fact,Waiting for ctrip profit margins of stabilising institutions still has a lot of."Because listed years of ctrip has come to give returns stage."PeiYu pointed out that,"Investors hesitate very normal".

　对“创新”的质疑 to"innovation"questions

　　在财报公布后的分析师会议上，携程管理层首先强调了两点，分别涉及产品创新与技术创新：三季度国际航空订票量同比增长50%以及携程无线下载达1500万次、约10%的酒店交易来自无线渠道。这在一定程度上引起了投资者的兴趣。

Earnings in the analysts conference,Ctrip management emphasizes the first two,Products are involved in innovation and technological innovation:Third quarter international air ticket booking quantity year-on-year growth of 50% and ctrip wireless download 15 million times/About 10% of the hotel trade from the wireless channel.This to a certain extent caused the investors' interest.

　　“在海外旅游(出境游)市场这一块，出境游市场的价值主体区域依次是日本、欧洲和美国，这三大目的地市场最困难的是旅游签证，此为服务业贸易的非关税壁垒，携程是否具备令投资者信服的核心竞争力，能够有效突破这一壁垒？其次，进入出境游市场，中国国旅 （601888 股吧,行情,资讯,主力买卖）和港中旅两大央企占据核心市场资源，携程是否具备令投资者信服的核心资源，能够有效打败两大央企？这两个问题，需要携程给出清晰答案。”裴钰告诉《中国企业报》记者。

"In the overseas tourism(Outbound tourism)Market this one,Outbound tourism market value subject area in turn is Japan/Europe and the United States,These three destination market the most difficult a tourist visa,This is a service industry trade non-tariff barriers,Ctrip whether to have to convince investors the core competitiveness,Can effectively break through the barriers?secondly,Enter the outbound tourism market,CITS (601888 strands of it,market,information,Main business)And two CTSHK renmin occupy core market resources,Ctrip whether to have to convince investors the core resources,Can effectively beat two big renmin?These two problems,Need to clear the answer given ctrip."PeiYu tell[Chinese enterprises to]reporter.

　　而在移动互联网的进展上，携程也并不具备甩开对手的优势。裴钰指出：“对于企业，技术创新并不意味着在一个成熟拥挤的市场中取得商业上的成功。在投资者看来，首先具有专利创新技术，可以取得"进入"的资格，其次，采用正确的战略获得盈利。携程是否具有确保进入的专利技术，又将采用怎样的盈利战略，这两个问题也需要携程清晰回答。”事实上，携程在移动互联网上的布局早已落于“后手”，其庞大的呼叫中心也屡次为竞争对手所诟病。携程在移动互联网领域的作为，与其说是主动创新，倒不如说是一次追赶。

And in the progress of the mobile Internet on,Ctrip also does not have the advantage of ditching opponents.PeiYu pointed out that:"For enterprise,Technology innovation does not mean that in a crowded market mature achieve commercial success.In the investors see,First the patented innovation technology,Can get"into"qualifications,secondly,The correct implementation of the strategy to profit.Ctrip have to ensure that enter the patent technology,And will use what kind of profit strategy,These two problems also need ctrip clear answer."In fact,Ctrip in mobile Internet layout already down to"Defensive position",Its massive call center also often have noticed for the competition.Ctrip in mobile Internet field works,Is not so much the initiative innovation,But rather a pursued.

　　“对于企业来说，创新的唯一标准就是产生了净收益。”裴钰认为。以此标准，携程做得还远远不够。

"For companies to,Innovation is the only standard produced net income."PeiYu think.To standard,Ctrip do still far from enough.

“开放平台”迷雾陡升 "Open platform"Mists high

　　吸引了投资者最多目光的，还是携程“开放平台”的长期战略。携程CEO范敏在分析师会议上表示，开放平台将会引入更多的提供商，提供更多的服务，并且也提供多样化的服务给合作商。在裴钰看来，这个方向是携程能够真正提振投资者信心的地方。

Most investors attracted the eyes,Or electronic"Open platform"Long-term strategy.Ctrip CEO FanMin analysts conference on Wednesday,Open platform will introduce more provider,To provide more services,And also provides various services for business cooperation.In PeiYu seems,The direction is ctrip can really boost investor confidence place.

　　“传统的OTA模式已经步入寒冬，这一价值链创新带来的盈利能力基本触及了天花板。”裴钰表示，“如果没有新的商业模式创新，在竞争对手越来越多的情况下，携程的利润率降低是必然的。”他同时认为，携程做“第三方开放平台”是个良好的意愿，因为“平台型模式”意味着商户的扩张规模又大又快，这将彻底打碎禁锢携程发展最关键的枷锁。

"The traditional OTA mode have entered into the cold winter,This value chain innovation brings the profitability of the basic touch the ceiling."PeiYu said,"If there is no new business model innovation,In the competition more and more cases,Ctrip margins lower is inevitable."He also think,Ctrip do"The third party open platform"Is a good will,because"Platform mode"Means that the expansion of the commercial scale is big and fast,This will completely broken imprison ctrip development the key chains.

　　但11月11日，携程入驻淘宝旅行，这让其“开放平台”战略变得扑朔迷离。

But on November 11,,Ctrip in taobao travel,It makes the"Open platform"Strategic become complicated and confusing.

　　分析师会议期间，摩根士丹利分析师季卫东曾就“开放平台”提出以下问题：服务提供商的反馈如何？现在进展如何了？但携程管理层当时并没有给予明确解释，只是强调携程有做开放平台的良好基础。花旗分析师也曾对携程 “开放平台”的战略产生质疑：他们认为，打造开放平台的携程网会面临与去哪儿和淘宝网的激烈竞争。

Analysts during the meeting,Morgan Stanley analyst JiWeiDong had"Open platform"Put forward the following problems:Service providers feedback?Now how progress?But electronic management was not given clear explanations,Only emphasis on ctrip do open platform of the good foundation.Citigroup analysts also have those who hold "Open platform"The strategy, being questioned:They think,Build open platform of ctrip will face and where to go and taobao fierce competition.

　　携程入驻淘宝旅行，显然和投资者的预想大相径庭，但这已经是既定事实。裴钰认为，携程下一步的核心问题已经成为：如何有效保障自己的消费游客和商户不被淘宝旅行双双“拐走”？“如果保障不力，就将面临着沦为淘宝旅行平台上一个网店卖家的危险趋势。”裴钰说道。

Ctrip in taobao travel,Obviously and investors expected vary widely,But it is already established facts.PeiYu think,The core of ctrip next problem has become:How to effectively safeguard their own consumption tourists and merchants will not be taobao travel both"Spirit away"?"If lack of security,Will face into taobao travel platform on a shop dangerous trend of the seller."PeiYu said.

　　“经过这么多年，OTA模式的创新能力基本触及了天花板。”裴钰表示，“比如，携程网与金融机构的合作，始终停留在产品创新的低层面。如果没有商业模式创新，玩产品的，是赢不了玩模式的。”

"After so many years,OTA mode innovation ability of the basic touch the ceiling."PeiYu said,"For example,Ctrip and financial institutions of cooperation,Always stay in product innovation of low level.If there is no business model innovation,Play products,Is't win play mode."

　　“OTA商业神话结束，并非意味着携程网等企业没有翻身之日了。”裴钰表示，“它们这样体量大、品牌优质的企业，应该重振互联网公司的创新传统，放弃"百年老店泥瓦匠"这样劳动密集型的老套路。”裴钰认为，只要OTA们勇于启动商业模式创新，多一些创新的狼性，还是值得投资者继续关注的。

"OTA commercial myth end,Does not mean ctrip, etc the enterprise did not turn over of the day."PeiYu said,"They are such large dimension/Brand high quality enterprise,Internet companies should revive tradition of innovation,Give up"One hundred years old mason"Such labor-intensive old routines."PeiYu think,As long as the OTA to start business model innovation,More innovative Wolf sex,Is worth investors continue to focus on.