很高兴有机会今天能跟业界朋友们一起交流一下我们在旅游行业投融资一种体验，一种分享。本来准备了一些数据，今天这样一个机会更多以聊天形式，大家随便交流交流。

I'm very glad to have the opportunity to can communicate with industry friends today we in the tourism industry investment and financing an experience,A kind of share.Originally prepared some data,Such a chance in the form of a chat more today,Everybody casual conversation.

　　简单介绍一下汉能资本，大家知道我们是做什么额，我们既有投资银行业务，也有直接投资的基金。投资银行业务这一块就是帮助旅游业做一些兼并、收购、整合这些工作，还有私募融资。基金我们原来有一个美元基金，去年又募集了人民币基金。我们做大消费方面的投资，举例高端旅行社，太美旅行社，这就是刚才戴院长提的一小群体，可能高端或者是偏奢侈的旅行，但是这种旅行不是我们旅游业发展主流方向。后来其中一个股东冯仑老说傍大款，我们发现携程郭总那一块是大款，后来傍上郭总，把太美并入携程，后来投了富驿时尚酒店，还有在香港投资了酒业，这是我们开拓旅游方面的一些项目和工作。

A brief introduction of its capital,We know what we are doing the forehead,We have both investment banking business,Also have direct investment of the fund.Tourism investment banking business this one is to help do some mergers/purchase/Integration of the work,And equity financing.Fund our original one dollar fund,Last year and raised RMB funds.We do large consumption of investment,For example the high-end travel agency,So beautiful travel agency,This is just a director of a small group,May be high-end or partial luxury travel,But this is not our mainstream direction of tourism development.Later one of the shareholders FengLun old said alongside big style,We found that ctrip guo total that is a big money,Alongside the guo always later,The beautiful incorporated into ctrip,Later threw fu yi vogue hotel,Still in Hong Kong investment in the wine industry,This is some of the projects we develop tourism and work.

　　我们公司大概分布在北京、上海，还有美国，从资本角度我们怎么看旅游行业，关注的是什么？资本大家都知道独立，希望给自己产生投资回报。产生投资回报的时候，如果咱们现在国内前一阵很通行的投资不可持续的，快速的进去快速的出来，获得短期利益。接触投资方这些企业希望基金能够带来价值，我们寻求一种长期的价值，从投资方希望这个企业能够提供长期价值，从企业来讲希望投资方能带来价值。在这一块，如果看投资的企业的价值，可能你要关注几点，一个是市场有没有规模？你要关注它是不是有可持续的竞争力，有没有长久的竞争壁垒，核心竞争优势。你还要关注企业利润的增长是不是足够快，有些企业跟投资方对接的时候会讲我们这个企业非常好，做到行业NO1，问市场多大，大概50亿，从资本方角度来讲进去也没前景。就拿刚才发布数据来说，咱们谈的万亿市场，这个市场是资本非常看好的，很多基金进入，包括君联刘总聊起旅游业是非常大的产业，已经进行了投资，而且继续寻找新的目标。今天出境游旅行社有好几位的老总在这儿，这是一个非常有前景的。

Our company probably distribution in Beijing/Shanghai,And the United States,How do we see the tourism industry from the Angle of capital,Pay attention to what is?Capital independence is known to all,Hope to give their return on investment.Produce the return on investment,If let's domestic before now a very popular investment unsustainable,Fast in fast,A short-term interests.Contact with these enterprises want to fund investors can bring value,We are looking for a long-term value,From investors hope that the enterprise can provide long-term value,Will tell from the enterprise hope investment will bring value.In this one,If the investment value of the enterprise,Maybe you should pay attention to some,A market is any scale?Do you want to focus on it is sustainable competitiveness,If there is any barriers to competition for a long time,The core competitive advantage.You need to pay attention to the growth of corporate profits is not fast enough,Some enterprise with investors docking of time will tell us this business is very good,To do business NO1,Ask how market,About 5 billion,Capital from the point of view in no future.Take just released the data,Let's talk about the trillions of market,The capital market is very promising,A lot of fund to enter,Including jun lian liu2 zong3 about tourism is a very big industry,Has on the investment,And continue to look for new goals.Outbound travel agency has several old total here today,This is a very promising.

　　下面一些问题：你需要有增长前景，增长在哪？从报告可以看出来两个是增长的，一个是比较持平的。真正增长的是咱们国内旅游，在我的理解中，其实旅游的人次并没有增长那么快，可能百分之十几。实际上国内旅游的消费这一块是翻倍的数字。说明什么？说明大家更有钱了，每个人旅游的花费更多了，或者是一种旅游升级，这一块会有很多的机会。

Some of the questions below:You need to have growth prospects,Where growth is?Can be see from the report is the growth of the two,A is the same.Real growth is our domestic tourism,In my understanding,Actually travel of people did not increase so fast,May be only a dozen.Domestic tourism consumption actually this is a piece of double figures.Explain what?Show you more money,Everyone traveling cost more,Or is a kind of tourism to upgrade,This one will have a lot of opportunities.

　　另外出境游在人次、消费上恐怕是三大板块里增长最快的。结合这些机会到底投资应该在哪呢？联系到我提的另一个问题，有一些核心竞争力，今天能赚钱，明天可以赚钱，未来看到很多年可以保证我盈利的能力。分享一点旅游经验，我自己喜欢旅游，我过去都是喜欢到世界各地背着包旅游，几年前自己背着包旅游，写一本书，那时候就是自己体验自由行的感觉。在旅游方面国内旅行社确实在声誉上有一些问题，有一次很多年前了，我去加勒比海坐邮轮，当时是一个美国旅行社给我办的，由于我自己的一些疏忽，到邮轮的时候，发现签证有一些问题，结果只能下船，在迈阿密玩了一个多星期，这个旅行社又陪了我墨西哥一个假期，这是旅行社的生意。有了这样的感受，肯定跑不了我这个客户。我喜欢滑雪，每年到各处滑雪，一会儿提一提复星投资的丹麦地中海俱乐部，欧洲人在雪场碰见说你们中国人真有钱，并不是我有钱，正是因为没钱才用丹麦的，因为他给你提供服务非常好。能够用一个很合理的价格提供很高端的服务。我到了巴黎，坐上火车，把行李扔给他，到雪场所有吃住，不仅有这些，天天换着各种风格的晚宴，然后滑雪的时候给你分成不同级别，有不同教练带着你。这种服务让你觉得很独特。原来我就想，国内哪一年才能有这个？复星投的这个，前几天跟投行管投资人的交流，一开始知道投了7.1%，后来增长到10%，最近不断的增加投资，实际上占的比重非常大了。做这种投资又控制了国外的资源，又享受了中国人出境游的红利，同时又把先进的感觉这些经验带进来。所以我自己个人非常看好的。

In addition to clean in people/Consumption is probably on the three plates in the fastest growing.Combining these opportunities on investment should be where?Contact to me another question,There are some core competitiveness,You can make money today,Tomorrow can you make money,See in the future for many years can guarantee I profit ability.Share a little travel experience,I like to travel,My past is like to travel all over the world carry bag,A few years ago his carrying bag to travel,Write a book,At that time is to experience the freedom to do.Domestic travel agencies in tourism really have some problems on reputation,Once many years ago,I go to the Caribbean cruise,It was a travel agency to do in the United States,Because some of my own negligence,To the cruise ship,Find the visa have some questions,The result can get out,In Miami to play more than a week,The travel agency and accompany me for a vacation in Mexico,This is the travel agency business.With such feeling,Sure I can not run this customer.I like to ski,Every year to ski everywhere,Mentioned for strengthened the Danish investment Mediterranean club,Europeans met in ski resorts say your Chinese is really rich,Is not my money,Because have no money to use in Denmark,Because he give you service is very good.To be able to use a very reasonable price to provide high end service.I went to Paris,Sit on the train,Throw the baggage to him,To all eat ski resorts,Not only have these,Every day in the various styles of dinner,When skiing and then divided into different levels for you,There are different with your coach.This service allows you to feel very special.I just want to,In which year to have this?The strengthened,A few days ago to cast pipe of investors,A began to know over 7.1%,Later growth to 10%,Recent constantly increase investment,In fact accounted for the proportion of very big.To do this kind of investment and control of foreign resources,And enjoy the Chinese outbound dividends,At the same time bring the advanced experience of the feeling these come in.So I own personal very promising.

　　在几年前田原他们投资了亚布力，亏了多少钱，请各界产业地产商帮着一起开发一直没赚钱。最近我问他们，好象这几年一下子经营好多了。借力资源，你要他自己慢慢发展，确实是很漫长的一个过程。如果说是提出了一些概念，我们要把我们产品更优化，我们要服务更专业化，这个一方面我们自己慢慢发展，再一方面像复星投资丹麦这种实际是很好的例子，借力是资源的整合。在投资方面可持续的资源，我们自己的基金，包括一些国外的基金，国内一些大的基金，我们自己也有投行部门帮我们寻找，需要的是景区，旅游目的地资源，度假地建设这些方面，出境游，连锁酒店，都涉及到规模化的问题，规模化可持续增长这是咱们关注点。

A few years ago YaBuLi TianYuan their investment,How much is lost,PLS kindly help to check all industrial real estate with a development haven't earn money.Recently, I asked them,Like this a few years at a draught business better.Personal resources,Do you want to slowly developed his own,Really is a long process.If it puts forward some concepts,We want to make our products more optimization,We want to service more professional,This, on the one hand, our own slowly developed,Again, on the one hand, such as Denmark strengthened investment is actually a good example,Personal ability is the integration of resources.In the investment of sustainable resources,Our own funds,Including some foreign funds,The domestic some large funds,We have investment bank department to help us find themselves,Need is the scenic area,Tourist destination,Resort construction of these aspects,outbound,Hotel chains,Involve the scale of the problem,Large-scale sustainable growth it is let's concerns.

　　刚才前面戴院长提到互联网到底在这儿起什么作用？说互联网没什么价值，咱们是搞旅游的没什么加值不可能，很多年前我到外面旅行订酒店，安排行程都是用的priceline，那时候还很小，现在市值多少三百亿美金两千亿人民币价值，咱们有多少旅游集团价值两千亿，这就是线上企业高速发展。不是说搜索信息在网上可以，甚至购物网上买了东西送到家门就可以了，你坐在家里怎么体验旅游地，一定是线上线下的结合。携程收购了永安这样的旅行社可能跟这个都有关系，我们一定要把两边优势结合起来。我觉得以后未来我们发展技术，确实是一个应用，技术确实是科学的应用，然后再应用到商业上，一定走一个融合的道路。在这一块，我认为这是一些趋势，谢谢大家！

Just wear in front of the President of the mentioned Internet what role do you here?Said the Internet doesn't value,We do travel no bonus is not possible,Many years ago I travel outside book hotel,Arrangements are made with priceline,At that time also is very small,Now how much value $thirty billion worth two hundred billion yuan,We have how much worth two hundred billion tourism group,This is the online high speed development of the enterprise.Not to say that can search information on the Internet,Even shopping online to buy the things to the house is ok,How do you experience tourism sitting at home,Must be a combination of online offline.Ctrip acquired wing such travel agency may has something to do with all this,We must combine the advantages of both sides.I think after our technology development in the future,Is really a application,Technology is the application of science,And then applied to the business,Must be in the way a fusion.In this one,I think this is some of the trend,Thank you all!