曾松： CengSong:在2008年的时候，我跟凤凰是一样的，因为B2B这个模式当时在行业内拿到两家基金投资。当时状态下，佰程旅行网在定位当中是华远旅游的一个销售线段的外部网。刚才冯总问谢总投资B2B这一块，我是认为B2B有很大的空间，中国市场真是太大了。作为初始消费或者新兴消费，现在是双指标都在增长，相信未来十年双指标增长趋势不会改变。如果他们当时两家投华远，我认为是赚了，赚的意思是什么？

In 2008,The phoenix and I are the same,Because B2B this model was two fund investment in the industry.Under the condition at the time,Andrew cheng travel nets is huayuan tourism in the position of a sales segment of the external network.Just always ask xie feng with a total investment of B2B this one,I am think B2B has a lot of space,The Chinese market is so big.As the initial consumption or emerging,Now is the double index are in growth,Believe in the future ten years double index growth trend will not change.If they were two huayuan,I think it's earned,Make mean?

　　首先从我的角度来看，08年投华远，是华远最需要资金的时候，因为当时在扩张。而扩张的同时，08年我们拿到钱之后第二个月行业就陷入了金融危机的影响，当时确实需要资金，因为我们需要钱去控制资源，包括邮轮，我记得当时包了两艘邮轮，上一年度包了很多机位，都需要资金。有资金和没有资金对企业来讲是截然不同的，华远从08年到现在能增长3.5倍，我认为都是源于那一轮资金的推动。当然我们给投资方也带来了相当可观的回报，特别这次分拆，原投资基金在佰程和华远都享有同等股权，也就意味着在华远这一边资本翻了3.54倍以外，在佰程又得到了相应的倍数，对他来讲就是双丰收。

First of all, from my point of view,08 cast huayuan,Is huayuan most in need of funds,Because at that time in the expansion.The expansion at the same time,08 industry is the second month after we receive money into the influence of financial crisis,At that time have a real financial need,Because we need money to control resources,Including cruise,I remember at that time two cruise ship package,Reservation to bag a lot last year,All need money.Have money and have no capital to the enterprise is very different,Huayuan from 08 to now can increase 3.5 times,I think it is from that round of funds.Of course we give the investor also brought considerable returns,Especially the split,The investment fund in hk - and we all enjoy equal shares,Means in the huayuan side capital turned over 3.54 times,In hk process and the corresponding ratio,For him is double harvest.

　　佰程从去年华远旅游董事会决定进行分拆，分拆背景源于之前从05年到2011年我们跟众信和凯撒是一样的，在此之前我们五大家，包括小谢，包括郭总都是一样的，都是15年前两三个人跑着路，借着钱创业，到后面05年开始凯撒、众信、华远，反向并购国际品牌落地进行零售，到2011年又出现一个变化，华远退出零售只做批发。众信和凯撒还在整个批零体系当中搏杀。不管哪个模式在中国都有很大的机会，特别是中国公民旅行，不管是出境旅游还是国内旅游。佰程分拆的背后，来自于董事会对未来的愿景和对当前企业发展有不同的观点，董事局没统一，有一部分人认为，我们起源于批发，B2B，我们就只做B2B。另外一部分董事认为未来的发展趋势是B2C，那么要做B2C没有同意怎么办，把佰程整个从华远进行分拆。原来华远是销售前端，变成它有独立的定位，独立的目标来发展的独立的公司。这个过程当中，泰山我认为是帮着完成这个使命的关键的贵人，当时分拆的时候佰程已经是负资产，我们也没有国际旅行社的牌照，没有落地的法定主体可以分拆，拿什么分拆，哪来资金分拆？这一切过程当中泰山说相信我，先给你一笔钱，你个人担保，我说好。通过去年决议，通过今年4月份完成法律分拆，也包括上周完成A轮，来自泰山对我们佰程的推动。

Andrew cheng from last year, we split up tourism board to decide,Split background from 5 years to 2011 years before from us with all the letters and Caesar is the same,Before this we five people,Including xiaoxie,Including guo always are the same,Is two or three people running 15 years ago,Borrow money business,Back to 5 years to Caesar/All the letters/huayuan,Reverse acquisition international brand born in retail,By the year 2011 and the emergence of a change,Huayuan exit do only wholesale and retail.All the letters and Caesar is kept in the wholesale system.No matter which mode in China there are a lot of opportunities,Especially Chinese citizens travel,Whether outbound tourism and domestic tourism.Andrew cheng split behind,From the board of directors of the future vision and to the current enterprise development have different point of view,Have no unified,Some people think that,We originated in wholesale,B2B,We can only do B2B.Another part of the directors believe that the future is the development trend of B2C,So to do B2C didn't agree to do,The best way the split up from huayuan.Originally, we are sales front,Into it has independent position,Independent of the goals for the development of independent companies.The process of,I think mount tai is the key to help to complete the mission of the noble,At the time of the split Andrew cheng is a negative assets,We have no licence of international travel agency,Can not be born the legal main body of the split,What split,Where funds split?All this process mount tai said trust me,To give you a sum of money,Your personal security,I say.Through the resolution of last year,Through complete legal split in April this year,Also last week to complete A wheel,From mount tai for our hk the promotion of the process.

　　新佰程我们的想法有一点不同，源于在11年前我个人投佰程的时候，真正关注佰程我是近两年，在十年前我就认为互联网一定对这个行业会起到一个很大的业态运营的变化，一定会来临。刚才冯总、谢总都讲全世界参观，几大家这几年都在全世界参观，三人行必有我师，别人比我们早三十年，二十年，十年，这一定差距在哪？一定要去看，要去赶。每次看的时候都有感触。

New hk - our thoughts is a little different,In 11 years ago for my personal best process,Real attention to hk - I was in the past two years,In ten years ago I think the Internet must be for this industry will have a lot of changes in the business operation,Will be coming.Just now Mr Total/Thank you always speak to visit all over the world,A few people over the past few years all around the world to visit,Two heads are better than one,Another thirty years earlier than us,Twenty years,In ten years,It must be the gap?Have to go to see,Want to go to catch.Every time see all have feelings.

　　佰程定位于B2C我们关注是消费领域，而不像B2B当中是生产领域，产品领域和资源领域，作为目前整个出境游近八千万人次的规模，其实整个消费需求已经明显分级了。按我们旅游研究院公布的数据，二季度增长百分之四十几，三季度也是很高，我想问旅行社自己，我们有这么高的增长率吗？人去哪了？不是说他们没有出去，他们出去了，但是并没有依靠传统旅行社提供服务。因为他的需求已经变化了，他的需求从原来观光旅行变成商务旅行，探亲旅游，自由行，多种旅游，而旅游背后和传统旅行社搭建的服务模式不足以支持这一块饼，但是这一块饼是很大，作为破七成的饼来看，按传统的操作体系，拿不住，那么什么样的体系拿得住？新型服务企业模型，按照传统模式来做，发现贡献毛利率是亏损的，因为当前企业都面对一个无法逆转的问题，社会压力，高成本人力和高办公成本，是由企业承担的，而高成本货客成本，渠道成本无法降下来，在三种成本一换算下来，也就是现在我们的劳动力所创造的价值是养不起自己的人，这一点往后走更明显。而我们靠什么方式能够创造别人做不赚钱，你做能赚钱，有更高的能效，更好的体验打动消费观，。我是华远创始人，18年打造到现在的成功，我一直有一个理想，我想在中国出境行业当中我想建立新型服务业模型企业，我想做标兵企业，我想给全国一千业内兄弟做一个样子，让你们看怎么做出，用不同的方法做。我一直在耕耘，耕耘的背后为什么要钱，佰程投了12年已经花了几千万，把赚的钱要花进去，但是未来还要试错，因为创新背后是不断试错，通过试错革新、调整，试错是有成本的，成本哪来？谈婚论嫁，基金相信我，我们就结了，结了就把钱给我，但是相信我，我会给你创造价值更大，资本是有力量的。全国这么多优秀企业家，在座下面很多都是兄弟们，跟我们相比都不差，都有机会，只是我们走哪一条路，选哪个跑道，谢谢！

Andrew cheng in B2C we pay attention to is the consumption field,And don't like is the production of B2B field,Products and resources,As the outbound has the size of the nearly eighty million passengers,In fact the whole consumption demand has obvious classification.According to our data released by the institute of tourism,Second quarter growth only secondary,The third quarter is also very high,I want to ask the travel agency,We have such a high growth rate?Where is the man?Not to say that they don't go out,They go out,But did not rely on the traditional travel agency services.Because he needs have changed,He needs from sightseeing trip into business travel,To visit the tourism,Free to do,A variety of tourism,Behind the tourism and service mode of the traditional travel agency set up to support the loaf of bread,But this is a loaf of bread,As the seventy percent of the bread,According to the traditional operating system,Hold a,So what kind of system to live?New service business model,According to the traditional mode to do it,Found that the contribution margin is the loss,Because the enterprises have to face a problem that cannot be reversed,Social pressure,High cost of human resources and high cost of office,Is borne by the enterprise,The high cost of the goods cost,Channel cost can't down,In three cost a conversion,It is now our labor created man is can't afford to raise their own value,That go back more obvious.And in what way can we create others do not make money,Can you do to make money,Have higher efficiency,Better experience by consumption,.I am the founder huayuan,The success of the 18 years to build up to now,I have an ideal,I want to leave the industry in China I want to create new service model of enterprise,I want to do model enterprise,I want to give the nation's one thousand brothers do one like in the industry,Let you see how to do,In a different way.I have been in the work,Why do work behind the money,Andrew cheng threw 12 years have spent tens of millions,Spend money to go in,But will try in the future,Because innovation is continue to wrong,Through the test error/Adjust the,Try is the cost of wrong,The cost of which to?Talk about marriage theory to marry,Fund believe me,We will be married,"The will give me the money,But believe me,I'll give you to create greater value,Capital is powerful.So many outstanding entrepreneur in the country,Here below are many brothers,Compared with us is not bad,Have the opportunity to,We just go which way,To choose which the runway,thank you!