Past year，Qunar is aiming to become the first-line camp of OTA hotel distribution，Made a lot of efforts，For example, a large-scale expansion of local promotion teams to directly sign hotels，Initiate a “customer-cutting” activity at the hotel front desk，Significant cash back through mobile terminals and more。AnnouncedQ4 financial reportAfter，Qunar held an earnings conference call on the morning of March 17, Beijing time，The company’s management analyzed the financial results and answered questions from analysts，also posted the transcript of this series of efforts。

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Qunar CFO Sun Hanhui said，Currently the company focuses on direct sales，2/3 in the fourth quarter of last year (financial report shows，Q4 hotel direct sales accounted for 66% of total hotel sales) hotel booking business 188bet Online Sports Betting and Casino volume comes from direct sales，The direct sales volume increased by 200%-300% year-on-year。

Sun Hanhui commented on Qunar’s achievements in hotel booking business，He said:“It only took a year，Qunar transformed from a travel search service provider into an online travel service provider，Currently has the largest direct sales hotel network。”

Qunar’s financial report display，The total number of hotel room nights achieved in Q4 last year was 8.9 million，That is, the business volume of direct sales is approximately 5.88 million (8.9 million * 66% = 5.88 million)，According to Yilong’s financial report，ELong’s number of hotel room nights in Q4 last year was approximately 9.4 million room nights，can be seen，Although Qunar’s OTA business still lags behind that of eLong，But it already belongs to the hotel business level of large OTA。

However，If we look at Qunar’s direct sales performance from the perspective of average revenue per room night，The beauty is greatly reduced。Qunar’s Q4 hotel P4P (pay-for-performance) revenue was 1.02.2 billion yuan，But the financial report does not separately disclose the income of the direct selling business，Assuming that Q4 direct sales business accounts for 66%~90% of its P4P revenue，So Qunar’s direct sales revenue ranged from 67.45 million yuan to 90 million yuan in the fourth quarter of last year。

Comparison of average revenue per room night 188bet app between Qunar and Elong in Q4 2014，Estimated based on the financial report figures of the two companies

This disparity in average revenue per room night reflects Qunar’s reliance on expansion in the low-end hotel market to increase market share，At the same time, to some extent, it also shows that Qunar is occupying the market with low commission and cashback strategies。Zhao Yilu, the company’s chief strategy officer, said in response to analysts’ questions，Qunar is very active in cash rebates，However, cashback is only provided for direct hotel bookings。Because rebates are very effective in increasing market share and customer stickiness in the hotel supply chain。She revealed that the gross commission rate of the direct-selling hotel business last quarter was 12%-15%，4% after deducting coupons，Similar to previous hotel booking commission rate。In fact，With the substantial growth of hotel direct sales business，Qunar’s revenue per room night has a very limited increase，See table below

Qunar’s revenue per room night from Q1 to Q4 in 2014，Global Travel News compiled based on Qunar’s financial report

To this，Zhao Yilu revealed optimistic information，She said: “With the fragmented supply of hotel rooms on the market and the oversupply situation continuing，Cashback will continue to decrease，Commission rates expected to eventually double。”When asked what 188bet sports betting app download proportion of Qunar’s hotel direct sales volume will reach by the end of this year，Zhao Yilu’s answer，"It will continue to improve, and in the long run, it will exceed 80%."

Transforming from the price comparison search model of hotel products to the online distribution model of OTA，Qunar’s human wave tactics (large-scale land push troops) and cashback strategy seem to have made it popular very quickly，But，To reach OTA’s business profit level，There is still a long way to go。

The commission rate for air ticket business will be increased by 0.5 percentage points

Qunar’s total air tickets volume in 2014 was 8,3.9 million pictures，Achieved 64.0% year-on-year growth，The annual air ticket and air ticket related income is 11.71.2 billion yuan，112 year-on-year increase.5%。Sun Hanhui said，In the air ticket booking market，Qunar has the largest share，The growth is also the fastest，And the growth rate is still accelerating。

Past year，The four major domestic airlines have successively announced agency commission reduction policies，The profit margins of ticket agents have been greatly compressed，But Zhao Yilu said，Qunar was not affected by airline commission reductions and competitors’ market activities, but the commission rate increased significantly year-on-year，Same month on month。She expected，Due to Qunar’s market position and strong growth，188bet Online Sports Betting and Casino It is expected that the commission rate will not be affected in the future。In the long run，Can increase the commission rate of air ticket business by 0.5 percentage points。