2015 is the first year of tourism O2O，True to its name！My article on July 6 this year188bet sports betting app download 中，Once divided tourism O2O practice into three major models: 1、Offline resources + online platform；2、Comprehensive resources + online platform；3、Online channels + offline channels。Among many tourism O2O companies，Lvmama, relying on its parent company Jingyu Group, is the only model involved in the three major types。December 17, 2015，Shanghai Jingyu Culture Communication Co., Ltd., the parent company of Lu Mama, is officially listed on the New OTC Market (securities abbreviation: Jingyu Culture，Code: 835188)，A step closer to the depth of the industry，And because of its positioning in the leisure and vacation market，Known as “China’s No. 1 self-guided tour O2O stock”，The first year of tourism O2O in 2015 also came to a successful conclusion。

In China’s tourism industry，Lvmama and its parent company Jingyu Group are unique existences，It is difficult to compare it with traditional tourism enterprises (scenic spot planning、Travel agency、OTA, etc.) for analogy。After the rapid popularization of “Internet +” and O2O concepts，Lvmama and Jingyu Group quickly found the right position。Some people question why Jingyu Culture is not on the main board、Why log on to the New Third Board，Objectively speaking, this argument contains misunderstandings and prejudices。In fact，Every enterprise is in a complex and rapidly changing competitive environment，Will give priority to the road with the most favorable conditions at the time，The charm of market economy lies in diversification，The uniqueness of each company is the charm of the diverse and rich market，Homogenized models cannot escape the fate of being acquired or even disappearing，Things that can exist and develop independently must have their own unique competitiveness and value。So the analysis of the enterprise，I have never advocated simple comparison。

Lvmama and its parent company Jingyu Group are such enterprises that are difficult to classify，The business form deeply involves peripheral tourism、Domestic Travel、Outbound travel、Reservation of various leisure and vacation products such as business travel customized tours and Qichuang planning and design、Scenic Area Tourism Marketing、Scenic tourism development and tent resort hotel business segment，Together constitute the tourism O2O industry chain of Jingyu Group。The industrial form is deep and broad，A single one-sided understanding and description is like seeing a leopard through a tube，The listing of Scenic Area Culture can serve as an example of long-term observation and research on tourism O2O。

One year ago，Hong Qinghua, chairman of Jingyu Group, once said that “what today’s tourism industry needs is the ‘law of the sky’ of win-win cooperation rather than the ‘law of the jungle’ of life and death”，This formulation is based on the development trend of the industry and the layout considerations of Lvmama and Jingyu Group，But upgrading on the demand side、Under the trend of supply-side reform，Why Jingyu Culture can be listed on the market，What are the profound meanings of Hong Qinghua’s “Law of the Sky”，What challenges do you face when landing？

Background conditions for the listing of Jingyu Culture

1. Leisure and vacation travel has become a general trend

Tourism 188bet sports betting app download has become a pillar industry of the national economy。According to data from the National Tourism Administration，The total tourism revenue in 2014 was 3.73 trillion yuan，The comprehensive contribution of tourism to GDP is 6.61 trillion yuan，10% of total GDP.39%。The fastest growing segment is undoubtedly the online leisure and vacation travel sector，The transaction size of China’s online vacation travel market reached 332 in 2014.600 million yuan，An increase of 36 compared with 2013.2%。It will continue to maintain a high growth rate of about 30% in the future，Expected to reach 803 in 2017.300 million yuan，An increase of 141 compared with 2014.5%；At that time，The online vacation travel market transaction size is expected to account for 16% of the overall online travel market.1%，Increase by 4 compared with 2014.2 percentage points。

The leisure and vacation scenes are mainly scenic spots、Entrance is at the ticket，The electronic ticket is a fast passage from the entrance to the consumption scene。Donkey Mama is the pioneer of electronic ticketing in China，Donkey Mama is the pioneer of electronic ticketing in China，Although there have been many twists and turns，But I have been deeply involved in this field，After years of accumulation, we have gained a relative competitive advantage，Traveling around、Family-child tour、Occupied a place in the rapid development of market segments such as self-guided tours，Laid the foundation for future trends。

2. The era of diversified vacation tourism is coming

The growth of per capita disposable income has increased the demand for tourism consumption，China’s economy is developing rapidly，China’s per capita GDP reached US$7,485 in 2014，The growth of disposable income drives the growth of residents’ travel demand，Residents’ demand for online vacation travel is increasing rapidly，At vacation destination、Vacation style、Vacation length and other aspects are showing a trend of personalization and diversification。Based on international experience，When GDP per capita reaches US$6,000，The vacation tourism market will enter a stage of rapid development。The vacation tourism market will enter a stage of rapid development，Residents’ consumption concept has changed from restraining consumption to reasonable enjoyment，Marks the advent of the era of diversified vacation tourism。The biggest change for users in the era of diversified consumption is the increase in personalized needs，The rise of the new middle-class mainstream consumer group, especially represented by Millennials，The characteristics of its consumption can be summarized as: personalization、Mobile、Experientialization。To meet the diverse consumption needs of the emerging middle class，It requires efforts in two aspects—online booking efficiency and offline diversified products and experiential services，Having these two points at the same time requires deep integration of the industry chain。

3. The integration of industrial chains into industry trends

The development of the leisure tourism industry has entered a new stage，The industrial chain will be further shortened、Efficiency improvement is the general trend。In the process of development，Retailers and upstream manufacturers、Wholesaler、District Travel Agency、Scenic spots and other scenic spots are shortening the industrial chain through various methods，The intensity is getting stronger and stronger，The entire industry is forming a trend of industrial chain integration，Especially with destination、Upstream resource parties represented by scenic spots，Resources are seriously fragmented，In urgent need of gathering。

The traditional distribution channels represented by travel agencies also need to be integrated more efficiently，This trend will undoubtedly improve consumer experience、Reducing the cost of intermediate links will greatly promote。

End of 2014，Donkey Mama takes the lead online，Relying on Jingyu Group as resources，Start deploying its O2O strategy，Starting in 2015。Within one year，Lvmama subsidiaries increased 188bet Online Sports Betting and Casino to 64，More than 100 stores，Covering many important tourist destinations and source areas across the country；2016，Lvmama subsidiaries will reach 100，2000 stores。If the experience and service layer of tourism O2O must be implemented，A decentralized approach must be adopted，Round to zero，Using local resources as the core of decentralization，Taking local services as the landing unit，Looks like scattered，In fact, it is closely related to the core of tourism O2O。Ctrip’s local activities、Locals from Qunar、Tuniu Controlled Island Hotel、Lv Mama takes the right to operate and manage the scenic spot、Haiwan.com has this level of consideration when building branches in destinations，But if the fragmentation and integration of local resources are not strong enough，No offline resources to rely on，It is difficult to advance this strategy。Jingyu Group’s differentiated advantage is highlighted in this regard。Because the industrial layout involves the entire industry chain，So we must open the situation with an open mind of win-win cooperation，The proper meaning of Hong Qinghua’s “Law of the Sky” is deeply hidden in it。

4. O2O dual-line interactive integration has become an industry consensus

Compared to O2O in other industries，Travel O2O is relatively slow to gain popularity，Tourism O2O is developing rapidly on the mobile Internet、Industry industrial structure upgrade、Erupted under the comprehensive background of increasing consumer demand for experience。Starting from September 2014，Representatives of the tourism industry have begun to clearly propose the general direction of tourism O2O，Start to affirm tourism O2O in terms of strategic positioning，For example: September 3, 2014，Baidu launches direct account，Clearly stated that it will focus on tourism O2O and other life service areas，Connecting people and services，Although the effect is not ideal，But it has started a new attempt at tourism O2O destination marketing；December 26, 2014，But it has started a new attempt at tourism O2O destination marketing，And became its second largest shareholder，Clearly stated that Qunar will combine offline resources to take the tourism O2O direction；January 31, 2015，Chairman of Jingyu Group、Hong Qinghua, founder of Lvmama, delivered a speech titled "2015 is the key year for Jingyu Group to realize the tourism O2O ecosystem" at the annual meeting of his group，Clear the development direction of tourism O2O。

In the past year，It can be said that many links in the old six elements of tourism "food, accommodation, travel, shopping and entertainment" have formed a consensus and gradually deepened in the implementation of tourism O2O direction，From new startup company to OTA veteran、Back to the BAT giant，Industry participation has reached full swing。The next development of O2O will go beyond the stage of hype concept，Gradually deepening。Industry segmentation，Return to the essence of business，O2O dual-line interactive integration has become an industry consensus。

5. The merger and integration war of industry giants has begun

With the slowdown in GDP growth and the stock market crash in the first half of the year、The beginning of capital winter，All industries are silent，The tide of mergers and acquisitions is surging: Didi Kuaidi’s marriage，The birth of New American University，Wanda invested 6 billion in Tongcheng，Ctrip strategically acquires eLong37.6% shares，Ctrip Qunar to integrate through share swap，JD.com、Hainan Airlines has successively taken over Tuniu，Beijing Tourism Group acquires Home Inns for RMB 15 billion... The tide of mergers and acquisitions and integrations among industry giants is coming one after another，On the one hand, it is a manifestation of the maturity of the industry，On the other hand, it also accelerates the further integration of the upstream and downstream industry chains，Resource parties gather together to keep warm，It is difficult for pure channel companies to survive，Online Travel Wolidou、The vicious price war will end early。Returning to the essence of business 188bet sports betting app download and value attributes is the general trend，The complex industrial chain of the tourism industry will force participants in all links to collaborate for a win-win situation，Objectively follow the "Law of the Sky"，The tourism subdivision may present a richer and more benign ecology。

6. Capital operation capabilities have gradually become the standard for competitiveness

Industrial development is increasingly dependent on capital，Especially in the tourism industry，The addition of capital elements will quickly mature the industry，At the same time, the double-edged sword of capital will also cover up the bubble of false demand。But no matter what，Capital capabilities are increasingly becoming the key point of an enterprise’s comprehensive competitiveness。Over the years，Lvmama’s capital and resource operations remain relatively independent in the strong capital ecology of giants:

In 2008, Lvmama Travel Network received angel investment;

September 2009，Mother Donkey receives Huaqiao Fund、DJ Capital’s tens of millions of yuan in Series A financing；

November 2010，Lvmama received a Series B investment of 100 million yuan from Sequoia Capital and CDH Ventures；

September 2011，Lvmama completed Series C financing from Jiangnan Capital and Sequoia Capital；

In 2013, Lvmama received linear capital investment;

October 2014，Lvmama completed 300 million yuan in Series D financing；

December 4, 2014，China Construction Bank、Bank of Communications and Shanghai Pudong Development Bank signed strategic cooperation agreements with Shanghai Jingyu Culture Communication Co., Ltd., the parent company of Lvmama Travel Network，3 banks provide 5 billion yuan each、3 billion yuan and 2 billion yuan credit line，And provide financing credit support totaling 10 billion yuan to Jingyu in the next three years；

In June 2015, Lvmama signed a capital increase agreement with Jinjiang International Group，Received RMB 500 million E-round strategic investment。

Major opportunities for deep supply-side layout

In the context of consumption upgrading，Consumer demand for travel has evolved from low-quality group tours to self-guided and semi-self-guided tours with a combination of higher-quality single products，Advanced to a higher quality experiential self-guided tour，The consumption trend of China’s new middle class is coming，Changes and improvements on the demand side of tourism have put forward new and higher requirements on the supply side。

Hong Qinghua believes: “‘Supply-side reform’ helps China’s economic transformation，will bring greater dividends to the tourism industry。The problem of ‘insufficient effective supply’ is particularly prominent in China’s tourism industry，The rise of China’s middle class，The supply side of tourism products cannot meet its diversification、Personalized product requirements，Causing tourists to complain from time to time。Complaining will give you a chance，The dividends generated by the ‘supply-side reform’ of China’s economy are extremely huge。”I also mentioned the problem of supply and demand mismatch in China’s tourism industry chain in an event speech: Domestic consumption growth is declining，But Chinese residents are frantically shopping overseas，Domestic air passenger traffic growth rate is slowing down，However, cross-border travel continues to grow at a high rate，China has maintained a high trade surplus for many years，Tourism trade deficit reached US$100 billion in 2014。This means，Problems currently facing China’s tourism，Not in short-term demand，In the medium and long term, it can effectively meet the demand and supply of mainstream consumer groups。

The basic components of the tourism supply side include: primary suppliers、Tour Operator、Travel agents (travel agencies) and tourists are composed of four main bodies。The structure of the tourism supply side can be roughly divided into three basic types: (1) Linear tourism supply chain structure；(2) Network tourism supply chain structure；(3) New tourism supply chain structure。Information 188bet sports betting app download flow can be seen from these three basic supply-side types、Product flow and service flow are the three main lines of the tourism industry，In a nutshell，The impact of the introduction of information technology on the tourism supply chain is mainly reflected in two aspects: First, the collaboration between tourism supply chain entities；The second is the reconstruction of the tourism supply chain。These two points are the essence of tourism O2O。So the in-depth development of tourism O2O requires breakthroughs in these two points，The virtual characteristics of tourism products further integrate the commodity flow into the information flow，Tourism O2O is essentially information flow + service flow。Hong Qinghua’s understanding on this point is: with the advent of the era of mass leisure，“Internet+” has allowed the tourism industry to move from the era of consumer Internet to the era of industrial Internet，The tourism industry innovates with value、Product、Service、Symbiotic economy is the core of competition and is facing ① market and people's hearts；②Tourism Industry；③Three major reconstructions of tourism investment”。The core of reconstruction is not separated from the basic structure of information flow and service flow，Capital provides assistance on the basis of reconstruction。

In the current development process of China’s tourism O2O，Embodied travel product supplier、Core tourism enterprises (middlemen)、The common interests among the three tourists and the realistic needs for competitive development，Tourism e-commerce is based on the six major elements of "food, accommodation, travel, shopping and entertainment" as service providers，Using the core enterprise as the organizational link，Communicate with tourists through the information flow of e-commerce platforms。Comprehensive characteristics of the tourism industry and the current development status of the domestic tourism supply chain，From the perspective of service flow，Catering in the tourism supply system、Hotel、Shopping、Entertainment、Scenic spots and other links are the core of tourism O2O offline services，Online OTA such as Ctrip、Where to go、Lvmama and others will become important online channels；Enterprises with both capabilities have huge potential。

Challenges faced by "Law of the Sky"

Only based on in-depth understanding and analysis of the industry chain，Only by deeply understanding Hong Qinghua’s “Law of the Sky”。The comprehensive experience demand on the consumer side requires the deep integration of the supply side industry chain，Saving the needs of new consumer groups under the influence of “Internet +” requires industry O2O dual-line integration。"The Law of the Sky" is the concept，Supply-side reform is the underlying logic，O2O closed-loop layout is the way to implement it。Hong Qinghua’s layout logic from strategy to strategy gradually becomes clear，But the call from the conceptual level，Supply-side reform，Even the implementation of O2O still faces many challenges。

1、The degree of informatization of traditional business formats is low，Online penetration rate is growing slowly

From the perspective of online tourism penetration rate，The current penetration rate of online tourism in China is about 10%，And Asia Pacific reached 19%，USA 45%，European average 47%。According to iResearch monitoring data，The transaction size of China’s online travel market reached 3077 in 2014.900 million yuan，Online penetration rate reaches 9.2%，But the penetration rate only increased by 1 compared to the previous year.7 percentage points。The online air ticket market accounted for 62% in 2014.7%，The penetration rate increased by 1 percentage point compared with 2013；Online vacations accounted for 14% in 2014.6%，The proportion continues to rise，But the Internet penetration rate is only 2 higher than in 2013.4 percentage points。As of the end of 2014，The number of Internet users in China has reached 800 million，Among them, mobile Internet users reached 500 million，Accounting for 80% of the total Internet users，The average annual growth rate of Internet penetration exceeds 20%，188bet online sports betting The overall Internet penetration rate has reached 57.1%，But the Internet penetration rate of online travel is growing，Far lower than the average growth rate of Internet users。The segment that lowers the overall penetration rate is products other than air tickets and hotels in the leisure and vacation field，Tickets、Activity、Catering、Entertainment is seriously fragmented、Low online level、High integration costs、Very difficult，Difficult to solve in the short term。

2. Upstream resources are highly fragmented and difficult to integrate

We have become accustomed to the high profile and noise of online companies，But I rarely hear the voices of many offline scenic spots，Not even familiar with the information infrastructure and logic behind business transactions。There is GDS in the air ticket field，The hotel has PMS，Whether it is Amadeus abroad、Sabre、ITA is also China’s TravelSky and many mature information products in the hotel field，Promoting machine + wine product booking informatization、Internetization and resource integration are indispensable，It is not an exaggeration to say that it laid the foundation for the development of OTA。However, scenic spot tickets are still the area with the lowest Internet penetration among many tourism products，Average about 2%，There are more than 20,000 scenic spots in China，More than 5,000 A-level scenic spots，153 5A-level scenic spots (as of the end of 2013)。Currently available tickets for scenic spots，The proportion of online bookings in paradise scenic spots accounts for 12%-15%，Landscape category is only about 2%-3%，Ancient town category、Ancient architectural scenic spots are even lower than 2%-3%。Severe resource fragmentation will make integration more difficult，Overseas resources for outbound tourism are more fragmented，The challenge is still not small。

3、The leisure and vacation field has become a battleground for military strategists，Scenic Area Donkey Mother takes advantage of the victory

Merge with Ctrip Qunar，The fierce price war between online travel companies will come to an end。But compared with the previous two years, the competition was mainly for front-end users，Several companies will compete for upstream resources and peripheral resources at the same time，O2O competition based on online information efficiency and offline resource layout will become the new normal。But this competition is not just between online OTAs，BAT、JD.com、Even Meituan、Dianping、Going to the market、58.com can also incorporate tourism O2O into its overall O2O strategy，Join the competition，You can notice it if you look a little wider，There are many intersections between tourism and life services，Meituan’s entry is the beginning，But it is by no means the end。

On the other hand，With mobile Internet，And the rise of the concept of "connection"，Traditional travel service companies that were originally downstream of OTAs are now gradually extending upwards，Building your own official website from the beginning，Go to major OTA platforms，Then develop an independent APP to attract customers，This includes Wanda、Hainan Airlines、Especially Wanda。Especially Wanda，Already acquired 11 regional travel agencies in the past year or so。Although OTA’s dilemma has been alleviated，But challenges remain，No core competitive barriers，As a carrier to “connect” users with travel services，The lack of solid tourism resources will still be a potential threat to its development。Travel O2O will also be a life-saving straw that online OTAs must cling to，Comprehensive competition based on O2O is inevitable in the future，No matter it is a strong BAT，The major OTAs are still backed by the "godfather"，There are also the "barbarians" at the door of the tourism industry。Donkey mother not only needs to be as sharp as an eagle，We must have the wildness of a wolf，Strategic vision and tactics implemented with strong execution，Because the cruel competition has just begun，Can the "Law of the Sky" come to fruition，Need the joint efforts of the whole industry，The newly launched Jingyu 188bet app download Culture also needs to practice it。

*Author of this article: Liu Zhaohui，Founder and CEO of Zhihui Travel，Yiou.com expert consultant，WeChat public account "Liu Zhaohui"，Personal WeChat ID: liuzhao-hui，Welcome to follow。Please indicate "name + unit + position" when adding for convenience，Thank you very much for your support！