Maybe it won’t be long，It is difficult for us to hear this industry division name of "188bet sports betting industry" anymore，It will be replaced by "accommodation industry"。At a 188bet sports betting industry conference，More and more people in the industry are starting to talk about how to provide lifestyle accommodation for guests，Emphasis on humanism，Not just a 188bet sports betting for sleeping、A resting place。

Today，Consumption structure upgrade trend，A large number of standardized 188bet sports betting，We are starting to change our business philosophy。Some tourist 188bet sports betting and 188bet sports betting are not only places to stay，It can also be a tourist destination，Users get more than just a space，More of a tourism and cultural experience。

Facing the challenge of transformation and upgrading，These tourist hotels、How is the 188bet sports betting surviving?？This article presents a three-dimensional view of the accommodation industry listed on the New OTC Market in 2016 ("H6110 Tourist 188bet sports betting") from the perspective of tourism industry segmentation、"H6120 General 188bet sports betting") revenue、Profit、Loss and industry status, etc.。

This article selects 10 sample companies (5 each of type A/B) from the tourism companies listed on the New Third Board according to certain definition standards。Definition standard: in accordance with the classification standards of the "Guidelines for Industry Classification of Listed Companies" (revised in 2012)，The selected sample industry is "H6110 Tourist 188bet sports betting" in "H61 Accommodation Industry"、“H6120 General 188bet sports betting；In accordance with the "National Economic Industry Classification" (GB/T4754-2011)，The selected sample industry is "H6110 Tourist 188bet sports betting" in "H61 Accommodation Industry"、"H6120 General 188bet sports betting"。According to the "Guidelines for the Classification of Management Industries of Listed Companies" issued by the Stock Exchange Corporation，The industry of the selected sample enterprise is "H6110 Tourist 188bet sports betting" in "H61 Accommodation Industry"、"H6120 General 188bet sports betting"。

Figure 1: Sample of 10 188bet sports betting companies selected in this article

Remarks，The "accommodation industry" referred to in this article: refers to activities that provide short-term accommodation for travelers，Some units only provide accommodation，Some units also provide accommodation、Diet、Business、Entertainment integrated service，This category does not include activities that mainly rent housing accommodation on a monthly or annual basis。“H6110 tourist 188bet sports betting” refers to tourist hotels assessed in accordance with relevant national regulations and having the same quality、Horizontal 188bet sports betting activities；"H6120 General 188bet sports betting" refers to the activities of general hotels that do not have the ability to assess tourist hotels and hotels of the same level。

In 2015，With Jinjiang International to 82.Acquisition of 81% equity of Plateno Group for RMB 6.9 billion；Boutique 188bet sports betting is 110.Acquisition of 100% equity of Home Inns Group for 500 million yuan，Among the three major domestic private economy 188bet sports betting chain groups, only Huazhu Nasdaq remains，Both of the above two companies chose to stay in state-owned enterprises。In the context of the global economic downturn，Expanding scale through mergers and acquisitions，Reducing costs may be the new normal in the 188bet sports betting industry in the future。In addition，Listing on the New OTC Market has also become one of the important ways for the 188bet sports betting industry to make use of the capital market，The samples selected in this article include not only the first batch of accommodation hotels listed on the New OTC Market，For example, Shenggao Shares、Xingyue Shares、Gujing 188bet sports betting, etc.，There is also Tongli Tourism, which was just launched recently、Pudding shares, etc.，These companies are in line with the innovative nature of the New OTC Market’s initial positioning、Entrepreneurial、Standards for growing small, medium and micro enterprises，Some of the listed hotels already have stable profitability，This will undoubtedly gain more favor from the capital market。And the future，The "188bet sports betting + X" business format tends to be diversified、Competition among mid- to high-end hotels is becoming increasingly fierce、In the context of the rapid entry into non-standard accommodation categories such as short-term rentals，These tourist hotels and general hotels will undoubtedly be in the market segment、User、Brand、Product、Accelerating differentiation in terms of services and other details，Try to avoid competition in the same industry。

1.The revenue capabilities of listed companies have greatly improved，Tourist 188bet sports betting are growing strongly

Figure 2: Revenue of 10 listed companies 188bet sports betting accommodation industry from 2016 to 2015

10 listed companies in the accommodation industry selected for this sample，Median revenue in 2016 was 1.0.5 billion yuan，12% increase compared to 2015.97%；The average revenue in 2016 increased by 0 compared with the same period in 2015.100 million yuan，YoY growth of 6.40%，Looking at it from two aspects，all the same。Among them，Pudding shares (839121.OC) achieve revenue 4.1.2 billion yuan，remains at the top of the list；Shanshui 188bet sports betting (835714.OC) and Junting 188bet sports betting (835939.OC) respectively achieved revenue 3.7.1 billion yuan and 3.1.3 billion yuan；In addition，Meihao 188bet sports betting (839019.OC) and Shenggao Shares (833623.OC)’s revenue in 2016 exceeded 100 million yuan (note the distinction between the criteria for entering the innovation layer: the average operating income in the past two years is not less than 40 million yuan)，Shows great potential for revenue growth。

Figure 3: Revenue increase ratio of 10 listed companies 188bet sports betting accommodation industry 188bet sports betting past two years

Analyze and compare the revenue growth and decrease ratios of the selected listed companies in the past two years，Both in terms of median and mean，2016 was lower than 2015。For a single enterprise，The growth rate in the past two years has shown a trend of ups and downs，less stable。In addition，According to the standards for entering the innovation layer，Enterprises with an average annual compound growth rate of not less than 50% in the past two years，There is only one company that is better than the shares，The average annual compound growth rate is 91.83%，Shanghai Share became the first batch of accommodation and tourism companies to enter the innovation level。Also，Mehao 188bet sports betting has an average annual compound growth rate of 36.45%，Including an increase of 61 in 2016.00%，Tourist hotels have shown good growth momentum。Special instructions are:，Longyun 188bet sports betting (835048.OC) As a representative company of "H6120 General 188bet sports betting"，The average annual compound growth rate in the past two years is 33.90%，The revenue growth ratio in 2016 and 2015 was 37 respectively.84% and 29.96%，relative to the remaining samples，The growth performance is relatively stable。

2.The gross profit margin of listed companies has declined slightly，General 188bet sports betting products or market competitiveness are strong

Figure 4: Gross profit margin of 10 listed companies 188bet sports betting accommodation industry from 2016 to 2015

Analysis and comparison between 2016 and 2015，Look at the changes in gross profit margin of the selected sample listed companies，The average and median gross profit margins of listed companies in 2016 were both about 6 percentage points lower than in 2015。Reasons for the above situation，On the one hand, it may be due to the decline in product competitiveness and user awareness in the brand market of budget 188bet sports betting chains in 2016，The competition in the mid-to-high-end 188bet sports betting market is also becoming fierce；On the other hand, listed companies want to increase their revenue，Expand more sales channels，Added corresponding cost，Resulting in a decrease in gross profit margin。In addition，As Xingyue Shares (831017 in the "H6120 General 188bet sports betting" category.OC) and Gujing 188bet sports betting (836004.OC) The average annual gross profit margin has been as high as 97 for 2 consecutive years.29% and 86.12%，Indicates that its products are relatively competitive in the region，High brand recognition in the market。Also，As Shanshui 188bet sports betting and Tongli Tourism in the "H6110 Tourist 188bet sports betting" category，The average annual gross profit margin in the past two years was 84.77% and 64.21% follows。

3.The overall net profit of listed companies has changed significantly，Tourist 188bet sports betting have the strongest profitability

Figure 5: Net profits of 10 listed companies 188bet sports betting accommodation industry from 2016 to 2015

Analysis and comparison between 2016 and 2015，Look at the changes in net profits of the selected sample listed companies，The average net profit in 2016 decreased by 95% compared with 2015.660,000 yuan，The median value differs by 18 times。The top three net profits in 2016 and 2015 were Junting 188bet sports betting in the "H6110 Tourist 188bet sports betting" category、Shanshui 188bet sports betting and Shenggao Shares，The average annual net profit of Junting 188bet sports betting in the past two years is 3406.840,000 yuan (note: this is not the net profit after deducting non-recurring gains and losses)，Far exceeds the standard for entering the innovation level (1) "Continuous profits in the past two years，And the average annual net profit is not less than 20 million yuan (based on the lower before and after deducting non-recurring gains and losses)" regulations。Looking at the overall net profit of listed companies，The overall change in net profit is large，The above listed tourism companies may begin to show differentiated competition in terms of net profits。

Figure 6: Weighted average return on net assets of 10 listed companies 188bet sports betting accommodation industry from 2016 to 2015

Analyze and compare the operating weighted average return on net assets of the selected listed companies in the past two years，There are 2 companies with weighted average return on equity exceeding 10% in the past 2 years，Respectively, Junting 188bet sports betting (40.83%) and Shenggao Shares (12.58%）。Among them，Junting 188bet sports betting issued a listing (A-share) guidance announcement on March 2, 2017，Based on the net profit situation above，Junting 188bet sports betting meets the conditions for entering the innovation level standard (1)，Give up entering the innovation level because of rushing A。In addition，The internal net profit difference between tourist hotels and general hotels has become polarized，Longyun Tourism (835048.OC) and Xingyue Shares’ weighted average return on net assets entered the top 5 at the same time，Net profit growth rate has also increased；Mehao 188bet sports betting’s loss ratio is expanding，Tongli Tourism’s weighted average net profit return on equity is the lowest among the selected samples。Anyway，Overall view，Tourist hotels show better profitability，The trend of transformation impacting mid- to high-end hotels is obvious。

4.70% of the accommodation 188bet sports betting comes from room revenue，Business category innovation needs improvement

Figure 7: Main business revenue and proportion of 10 listed companies 188bet sports betting accommodation industry in 2016

From the selected sample companies，The business classification of the accommodation industry is mainly guest rooms、Join、Catering and other income。Looking at the top 3 companies 188bet sports betting selected sample accommodation industry，Pudding、Landscape、The guest room revenue in Junting’s main business categories exceeds 200 million yuan，The average revenue ratio exceeds 70%，Secondly，The difference in competition and models occurs 188bet sports betting secondary main business，For example, joining、Property for rent、Catering, etc.。But looking at the whole，More than 70% of the main business revenue of the accommodation 188bet sports betting comes from guest rooms，The homogeneity among business categories is still serious，Innovation in business categories needs improvement。

Figure 8: 10 listed companies 188bet sports betting accommodation industry and the revenue share of the main categories of national-star hotels 188bet sports betting fourth quarter of 2016

Looking at the revenue proportion of the selected samples’ comprehensive business categories，The operating income of accommodation owners mainly comes from room revenue，Accounting for 73% of the total operating income of the sample.04%，The second is franchise fee income and catering income respectively 14.18% and 7.84%；The proportion of main business revenue of star-rated hotels 188bet sports betting fourth quarter of 2016 released by the National Tourism Administration，Room revenue is 45%，Catering revenue is 42%。Comparing the two，The room revenue ratio of accommodation companies on the New Third Board is much higher than the room revenue ratio of star hotels。But this data does not mean，Accommodation companies on the New Third Board have an advantage in room revenue，Opposite，But it shows that the "tourist hotels" and "general hotels" on the New Third Board are still providing the initial check-in services in the accommodation industry，In addition to check-in services in mid- to high-end hotels such as star-rated hotels，Also focus on catering services，The income structure and 188bet sports betting functions tend to be diversified。

5.From the financial report, it can be seen that the accommodation 188bet sports betting has relatively concentrated online customer acquisition channels，Ctrip (Group) occupies half of the country

Figure 9: Top 5 sales customers of 10 listed companies 188bet sports betting accommodation industry in 2016

Judging from the samples，The top 5 customers of the 188bet sports betting involved in 2016，The trend of customers related to the tourism business is: online customer acquisition channels are more concentrated，Ctrip (Group) occupies half of the country。Obviously visible，Ctrip + Elong + Qunar.com, whether it is a high-end business 188bet sports betting or a mid-to-low-end 188bet sports betting or an economical chain 188bet sports betting，Both have absolute advantages。Also，188bet sports betting customers exist in the form of companies (groups) or individuals，Plays a decisive role in supporting 188bet sports betting sales business。In addition，Whether it is an e-commerce company or a travel agency，No one company’s purchasing proportion exceeds 20%，Therefore，From the financial report, no 188bet sports betting has reported to the travel agency、E-commerce channels and even company (group) customers form dependence。

Figure 10: Top 5 sales customers of 28 188bet sports betting listed in scenic spots in 2016

The sales situation of the top 5 customers in 2016 of the 28 listed 188bet sports betting in scenic spots selected by the author some time ago，In stark contrast，Judging from the samples，The top 5 customers of the scenic spots involved in 2016，The trend of customers related to tourism business is: e-commerce and local travel agencies are mixed and intertwined，Constructing a "chaotic" situation。Overall，The proportion of travel agency customers is significantly higher than the proportion of e-commerce customers，But travel agency customers are relatively scattered，Mostly regional，Large cross-regional procurements rarely occur、Medium-sized travel agency。

In addition，In terms of relevant data showing that the online penetration rate of the accommodation industry exceeded 40% in 2016，Seems far away，Is there a problem with the data of the selected sample accommodation industry or is there a problem with the consulting agency that makes these reports，Or maybe there is a deviation 188bet sports betting statistical caliber of both parties，All are debatable。Of course，Scenic spots (tickets) are also worthy of consideration。

6. Summary

According to the "2017 China 188bet sports betting Chain Development and Investment Report" and the "H6110 Tourist 188bet sports betting" in the "H61 Accommodation Industry" listed on the New Third Board、Look at "H6120 General 188bet sports betting"，Shows the following development trends:

1.Transition from tourist 188bet sports betting industry to accommodation industry，“188bet sports betting + X” business formats tend to be diversified

Under the new economic normal，The 188bet sports betting market demand has undergone great changes。Adjustment of demand structure、Changes in consumer subjects、Upgrade of consumer demands、Internet penetration into all aspects of consumption habits and consumption methods and other trends，Diversification of 188bet sports betting business formats has become an inevitable requirement under the new normal，The new generation of consumer groups’ demand for personalized products and services，Having given birth to business formats other than traditional star-rating，Great Accommodation Era，The cross-border integration of “188bet sports betting + X” is in the ascendant。For example，Gujing 188bet sports betting understands the "188bet sports betting + liquor" model，Relying on the influence of Gujing Gongjiu，Highlight the characteristics of Chinese liquor culture in the 188bet sports betting’s business culture，With unique style、Interactive space，Provide customers with a "drunk" and beautiful stay experience。

2.The overall development of mid-range 188bet sports betting is on an upward trend，Culture may become the direction of market breakthrough

A mid-range 188bet sports betting that combines cost-effectiveness advantages that high-star hotels do not have, as well as upgraded products and brand recognition that budget hotels do not have，Gradually find a reasonable development path through constant trial and error。With the rise of various consumer groups，Consumers born in the 1980s have very mature economic capabilities and consumption concepts；Consumers born in the 1990s are more concerned about individuality、Quality brands and products。For example，Pudding shares differentiated positioning around young people，Committed to becoming “young people’s favorite 188bet sports betting”，The users of Pudding Shares are mainly people aged 18-35 (that is, the user population is mainly those born in the 80s/90s)，More accustomed to using online payment。After great development in recent years，Mid-range hotels have become one of the most competitive formats in the domestic 188bet sports betting market，The overall development of mid-range hotels is on an upward trend，Culture may become the direction of breakthrough in the mid-range market。For example，Mehao Leizhi 188bet sports betting, a subsidiary of Mehao 188bet sports betting, is themed on leisure and vacation、A mid-range urban resort 188bet sports betting brand with a background of classical culture；Junting 188bet sports betting is rooted in national culture，Emphasizes the integration of oriental culture into design，Form a unique "Junting style" such as，Nanjing Yebo Qinhuai Junting 188bet sports betting Tribe；Shanshui 188bet sports betting takes love as its theme、“Shanshui Aisi”, a mid-to-high-end boutique 188bet sports betting brand independently founded with natural mountains and rivers as its cultural background。

3.The expansion of budget 188bet sports betting slows down，Seeking new breakthroughs in development model

The competition in the budget 188bet sports betting market is still very fierce in 2016，Market expansion continues to slow down，But still maintains low-speed expansion。Many budget hotels (groups) will seek to break through from the development model，For example, market segmentation、Product optimization and upgrading and other roads。At the same time，Development will shift from “scale-centered” to “customer demand-centered”，Some will continue to be mid-range hotels、Transformation into boutique hotels and other directions。For example，Tongli Lake Resort (i.e.，The Tongli tour selected in this article) is based on the style of Jiangnan gardens，Collect guest rooms、Catering、Conference、Leisure and entertainment、A high-end boutique 188bet sports betting integrating vacation。

4.Integration of standard 188bet sports betting + non-standard 188bet sports betting，Or change the category innovation of 188bet sports betting business

Standard accommodation such as hotels，Because the form is single，Products and services are too standardized and lack sentiment and characteristics，Cannot meet the diverse needs of users。Non-standard accommodation such as B&B，High degree of non-standardization，The lack of unified operating standards restricts the development of homestay short-term rentals，There will also be some problems。But regardless of the standard non-standardized trend，Still a non-standard standardization establishment，This is all to make it easier for users to choose a room they are satisfied with，At the same time, it can guide the 188bet sports betting or improve your own house，Attract customers。The future short-term rental market，Requires a blend of standard and non-standard accommodation，It may change the dilemma of innovation in the accommodation business category。For example，As the first domestic boutique 188bet sports betting chain listed on the New OTC Market，Shenggao Shares, the first 188bet sports betting company to be selected into the "Three Board Component Index Sample Stocks"，Already own Shenggao (Sheng 188bet sports betting、Yun 188bet sports betting、Cheng 188bet sports betting、Yi 188bet sports betting)、Shengkai 188bet sports betting、Wepai Apartment、Seven major accommodation industry products including Meiyu B&B，And use the large accommodation industry as the entrance，The entire industry chain is laid out and integrated into the concept of sharing economy。

*The author of this article: Zhihui analyst_Liang Guoqing (WeChat: liangzi2015)，Welcome to communicate！

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