When Mr. Peng of Zhihuo Tribe was talking just now，Missing a link between resources and products，This part is very difficult。Mr. Chen talked about a lot of improvements in products and processes，These two ends are essential。There are many difficulties in innovation in the tourism industry，The scale of this industry、The sustainable development of this industry requires the help of capital，Many entrepreneurs are looking for gold、These two aspects need to be paid attention to when doing alchemy，So we set this topic。When I shared our industrial background just now, I mentioned the background of capital，There is a keyword called "capital winter" from the first half of this year until September， The second keyword is "bubble"，Last year, 30 billion US dollars entered the tourism industry，This year it is 60 billion US dollars，Is there a bubble under this venture capital boom？What does this bubble state look like？We also hope to hear from entrepreneurs from various perspectives，ToB、ToC entrepreneur、What is the view on the capital side？

The third keyword is "entrepreneurship and innovation"，Innovation and entrepreneurship in tourism and how to do it？Industrial end、Capital side、The technical side should also have different answers。We have more than fifty founders here，Behind everyone there is a group of brothers following you，Where is this company going?？

Finally we will leave time for the audience，What kind of problems do you have，You can ask questions to the guests on stage at that time。

Our first topic starts with Hu Weidong, the founder and CEO of Zuoyu Capital。The word "Zhi Hui" comes from "Shang Shu"，The word "Zuo Yu" comes from "Zhou Li"，Zuoyu Capital is the number one boutique investment bank in the tourism and sports industry。During the capital winter period from May to September，They still do many very far-sighted and long-term projects。So I want to hear Mr. Hu’s views on the cold winter from a capital perspective。

Hu Weidong:To show respect for everyone，Let’s give a brief introduction to us，There is a saying in the tourism industry，China’s tourism market is divided into two markets，One called China、One called Guangdong，What it means is that the market in Guangdong is relatively isolated from the markets in other regions，Shenzhen is not quite like Guangdong，Shenzhen’s market actually has a lot of communication with Beijing。Despite this, I came to attend this meeting today and I feel that a few simple communications are still needed，Previously, Zuoyu Capital, as the only boutique investment bank focusing on the tourism industry in China, paid relatively little attention to Shenzhen，After coming here, I found that there are many new entrepreneurial projects here、Many new startups。

In fact, there are more startups in Shenzhen than in Beijing、Shanghai startup companies may be more solid，Everyone is doing more practical work at the operational level，It will be farther away from the core area of ​​the capital market，Many investors will pay less attention，This is our opportunity to control the future of capital。In addition, we now have two or three projects in Guangzhou that are moving forward，So I also hope that through this event in South China，Share more of Zuoyu Capital’s experience in the tourism market with everyone，There will be more opportunities to make progress with tourism entrepreneurs in the South China market in the future、Study together。

Zuoyu Capital was founded at the beginning of this year，I have been working in investment banking，The area of ​​concern is tourism，When I was working in tourism, domestic investment banks did not yet have tourism segmentation，Travel agencies belong to consumption，Online travel belongs to TMT，Hotel belongs to real estate，Aviation is a major transportation。So we are the first investment bank to independently pull out the tourism industry chain。I have made many friends in the tourism industry over the years，I have learned a lot from growing up with entrepreneurs。So in the past, we participated in many merger and acquisition projects such as Ctrip and Qunar，We will complete 18 financing and M&A projects this year，There are 6 cross-border mergers and acquisitions，Next week we will release a PR release about the opening of our European office，We have opened an office in Paris，One of our partners is based in Paris，Specially responsible for mergers and acquisitions of European, American and overseas projects。

Let me briefly introduce our business system。The first part is our investment banking business，Divided into two parts，One is a financial consultant who helps growing tourism companies with financing and mergers and acquisitions，The second one is cross-border mergers and acquisitions。The second part is research business，We do some research on evaluating and segmenting investment opportunities for the primary market，Then some periodic research reports will be released，To the primary market to help them understand this industry。We will release the first issue of China’s tourism industry investment research report in March next year，This report is sent free of charge to primary market institutions，Directed sending，It also helps them better judge this industry，At the same time, we will establish Zuoyu Capital’s influence in the capital market、Word of mouth、Credibility。In the third block, we make early investments，We have RMB funds of 200 to 300 million yuan，Industry or tourism，Relatively early stage，The difference between this and other institutions is，First 188bet Online Sports Betting and Casino of all, we are an incubation-type investment initiated actively，Because we study the industry systematically，So we will have a deeper understanding of the industry chain than other investors，Many projects are Zuoyu Capital’s ideas，We enter the team with money，Our colleagues have also established a large database of talents in the tourism industry，When excellent entrepreneurs appear in the industry，We have good projects on hand that can be given to them。Our fund will also invest in some of our own FA projects。

There is a high degree of correlation between our three businesses，The research business in the middle helps the investment banking business and direct investment business provide intellectual support。First time participating in such an event in South China，So let me give you a brief introduction to our business。

The first topic about the capital winter is relatively big，I offer advice。First of all, I think the capital winter is a relative proposition，I very much agree with the point of view just mentioned by Mr. Chen (Chen Longjun)，The RMB will definitely become a mainstream trend in China’s capital market in the future，I just saw that Focus Media’s market value will drop to more than 200 billion yuan，In addition to its own business, there is actually a more important reason，It shows that there is actually a mismatch between supply and demand in China’s capital market，Generally speaking, China has more money and fewer projects，In fact, there is a lot of capital，But there are not many investment channels。From this channel, it includes the entire A-share reform in the future，All the good news about the registration system is out，The entire RMB market will further heat up，I think the big opportunity lies here。

Second，The capital winter is related to the issue of financing for entrepreneurs，I think it doesn’t matter whether it is a capital winter or not，If the capital winter does exist，The colder the capital winter, the more entrepreneurs must prepare in advance for financing。If your financing window is half a year，So in the cold winter of capital, we need to start this matter one year in advance，Because you must raise funds when you are not short of money，If you wait until you are short of money to raise funds, you will be very passive，The founders here who have worked with us know this very well，It is very difficult to talk to investors about financing when you can’t make your salary next month。I’ll start by offering some advice，We can communicate in more detail later，Thank you everyone！

Liu Zhaohui:Thank you Mr. Hu，First of all, we heard about the investment logic that a boutique investment bank focuses on。In fact, what you heard were investment opportunities，Is the project you are doing suitable for it，Is your professional field valued by mainstream and professional institutions，There is an opportunity here。The second is that in the entire capital winter, everyone must raise funds as early as possible，Not a lie，I will feel the pressure when I come in front of you，Many investors will give this advice，But I want to share it with you at this time，But it has more practical significance。The third is to give everyone confidence，Mr. Hu added that China has a lot of money and nowhere to go，This must be true，Stocks include real estate、Includes savings，There must be new investment channels to circulate，The lower part of this circulation，I think winter is really not that cold，We are feeling the heat rising now。

Then next，Let’s hear how Mr. Luan, the founder of Qulv.com, which has received Series A, feels about the capital winter？

Luan Jie:Thank you Zhihui Travel，Thank you Mr. Hu。Our Qulv.com is an online e-commerce company focusing on global island segmentation，The business model is mainly based on the charter flight plus ground connection model，In-depth operation of overseas destinations。When it comes to financing, I think no matter how low the entire secondary market is，The most important core issue lies in the core competitiveness of the enterprise，If your company has your own good business model，The capital market actually quite recognizes it。Secondly, your entire data is indeed quite beautiful，And there is indeed no ceiling in the industry you choose，If you choose a market that everyone can see, make more than one billion、A market of two to three billion，The investment ability of such a project is not particularly promising，So I think the core competitiveness of a company is very important。

The second thing I think is the differentiation of enterprises is more important，Just like many of our islands in South China，The entire tourism wholesale ecosystem in South China，I have only been traveling for less than three years，There are probably many island wholesalers in South China，Different from the North China market，North China’s Public Trust、Caesar、Phoenix、The world is a relatively large wholesaler，Both are more than one billion、Market value of 2 billion，But in South China, the market value is generally a little more than one or two billion，A little more than 100 million。Just look at our entire market，You chose to do such a thing，You don’t have a good business model，If you don’t make some differences to distinguish them，Then we are all competing on price through channels，If your company has differentiated products、Having core competitiveness，There are still opportunities when facing the capital winter。Thank you。

Liu Zhaohui:Just now a guest mentioned that you need to be tough to make iron，If you have core competitiveness, you will have opportunities whether it is a cold winter or when capital is good，It’s just about communication and preparation with professional capital in terms of skills and timing。

I would like to ask another question for Mr. Ye，I also noticed that after completing the merger with China Travel Service, the capital market proposed by you will be integrated，I found that when everyone focused on the New Third Board, you proposed the Shanghai Strategic Innovation Board，What kind of consideration is this?？What kind of trade-off do you have between the two?？

Ye Qiaochun:Thank you Zhaohui，I am Ye Qiaochun from Mango.com，Mango.com is an Internet travel company under Hong Kong China Travel Service Group，For many people who talked about the concept of tourism innovation and investment in the past two years, more online，In the past two years, everyone’s understanding of tourism has become more and more profound，So we see more and more investment in resources。Another O2O we have seen in the past two years、Online and offline are a big trend，One on the resource side、One on the demand side。Mango.com itself’s tourism industry is our main business，We must focus on the main business of tourism，Although steel is very profitable，But strip this out。

I just said that state-owned enterprises are not short of money，State-owned enterprises 188bet online sports betting have their advantages and challenges，Its advantage is better than private enterprises in terms of capital investment，For the first piece, we acquired an overseas hotel in the UK in August。If the second block is merged，We at Mango.com hope to be an O2O platform focusing on outbound travel，In fact, we have many very good destination pick-up agencies overseas，New Zealand、A lot in Australia。

Speaking of challenges, Zhaohui mentioned just now that the most critical one is how to carry out mixed reform in the state-owned enterprise system，If the system is changed，Unleash its vitality，This is a big challenge，How can we make the synergy between online and offline better，This is what we have been working hard on，This may be for some market-oriented enterprises，Because it is very efficient after all，So for us we need to take advantage，In terms of collaboration and efficiency, this is a challenge we need to accept。

Liu Zhaohui:Mr. Ye mentioned the problems of state-owned enterprises very frankly and honestly，For example, institutional issues、The problem of flexibility，Most of us here do not have the background to such a resource，But it is much more flexible and innovative。We see that Mango.com actually has some disadvantages in OAT competition，But we are trying to change some things in terms of innovation。Mango online leisure vacation increased by 300% in half a year，70% of revenue in the next few years will come from leisure vacations，So we see that the system also recognizes its own problem，Positive change，So our innovation part will be better。Now we invite another person who is not originally a tourist、Mr. Chen who changed careers and did very well。I have met many founders in the travel circle who are not from the travel industry，On the contrary, it gave us some inspiration in this industry。Please go to Mr. Chen from Travel Network to talk about this topic。

Chen Zuozhi:We are lucky if we go together，We are very tight on investment and financing，We are lucky that all we receive are RMB funds，faster，Fortunately, the financial statements for two years just meet the requirements of the New Third Board，Third，The overall efficiency is relatively high、The integration with the New Third Board is relatively fast。

Speaking of the capital winter, we are more optimistic about China’s capital market next year，China’s capital market will definitely rise，So I think linking with the New Third Board is a necessary step for our innovative enterprises。

We have been very active in financing strategies along the way、The second one is not anxious、Be quick，We don’t pay much attention to the issue of valuation，As long as we take care of survival，Confidence in yourself，Don’t worry too much in the early stage。

At the same time, I think the capital winter is not necessarily a bad thing，Because in the cold winter, everyone knows who is swimming naked，Is the entire market hot or not?，Tourism is a business that I think is very, very difficult to do，There are many links，Especially if you want to do something on the C side, your supply chain、Every aspect must be done，When the amount of funds obtained is very small, the company must be built up，Path selection、The importance of abnormal strategies。The cold winter will bring greater challenges to more people，Maybe you shouldn’t do this，In fact, in such a complex industry, don’t underestimate the difficulty。The advantage of cold winter is that people who should come out will come out，People who shouldn’t be in this field also save everyone’s time，There is a saying that early death and early birth，In fact, dying early may be a good thing。

The third one is that we will eventually return to our business，We are the first to engage in tourism，There are so many predators in the second industry，Thirdly, many investment banks in China are unprofessional，There are many wealthy people、VC is also good，There are relatively few professionals like Mr. Hu。Everyone in the fund company is rushing to the New Third Board。There are very, very few investors who can really understand tourism，So I think I told many investors who are already my shareholders，We are actually the first to rely on fate，The second one relies on trust。But we will make this report card a little better，So I think when doing investment and financing in China, you must know that China’s investment environment, especially the investment environment for tourism, is very harsh，So this detour will definitely be taken，If it works, don’t worry and do it quickly，This is my opinion。

Liu Zhaohui:Mr. Chen has a technical background，Their team is all technical，They are one of the few completely online teams I have seen doing offline，Flexibility and solidity combined，Big strategies and small strategies for enterprises，Only when these two pieces are grasped well can it be done well。below，Tianrui HSBC is not short of money either，This July their parent company includes Agroecology、Smart cities and more are listed on Nasdaq，I may not ask you whether you are short of money，Why did you choose Nasdaq when choosing the New OTC Market in China？

Peng Xuanlai:From a business perspective，No company is short of money，Enterprises need independent development and survival，Talk about the cold winter of capital，No matter how cold the winter is, some people still like the cold environment，These people exist。The most important thing is to do well in three aspects，One aspect is the policy level，In other words, we should listen to the party’s words，But listen clearly，It is very important to be able to listen to him，Because we still have a lot of dealings with the government，You have to know what he wants to do，You help him work hard and he is willing to support you，But some people can’t completely listen to him，Your company must have its own clear core things，This is the first aspect。

The second aspect is that you have to know that no matter how much people say today, they hope to eat better、He hopes to play better、He likes innovative things and spiritual pursuits，This will never change，No matter how cold the winter is, it’s impossible not to do this，This is still a necessary question。

Third, what do you have，Think clearly when you should do this，Because every enterprise has its unique capabilities and strengths，So you have to think clearly about when and what to do，Just tell me, okay。Including us talking about industry and capital，To me, two are the same thing，Funds in a company are like blood，How can people survive without blood，You are not a person just because you have blood，You still have a lot to go into this。

What are you going to do if you talk about such a big deal？My idea is very simple，An enterprise must focus and focus again，What is focus？Focus means that others say you are very focused，But everything you do is very big，Your company is in this ecosystem，Don’t get lost on this 188bet app platform，Find the key points in the industry chain and combine it with a good business model，If you look at tourism and agriculture, there are too many。

What do I really think I can do well？It means you change the way of thinking and think about the problem，Because you don’t have to think about whether travel products are good or not，The final thing is whether a small group of people like your product very much，Can become something he loves，It is more meaningful than you providing him with a service。So we must like it when we choose，If you don’t like playing with something, don’t play with it，Let’s go investigate、Research the market。I want to make it like this，Then you stick to the smallest area，Focus, focus, focus again，The problem of capital at this time、The problems of business management are all clear，It won’t bother you very much，This is my understanding of capital、Understanding of winter。

Liu Zhaohui:Mr. Peng talked about three aspects，A strategic level，A tactical layer，The tactical level talks about innovation，But the strategic layer only listens to the party，Judge the general trend，The second one focuses on people’s essential needs，Mentioned that China’s new middle class is the next wave of mainstream consumption group，The diaosi economy is over，The next step is consumption by the middle class，The pursuit of quality is the new trend。The third lesson is about seizing opportunities，I want to pay attention to my essential inner needs，Maybe more concerned、More focused。OK，The discussion of our first topic is here for now。

The second one may be shorter，The first question has been discussed more fully，US$60 billion will enter the tourism industry this year，There is a bubble，But there is a bubble，There is still more space。I also want to hear your suggestions。

Hu Weidong:I won’t comment on the concept of bubbles yet，Let me answer this question from another angle，Everyone just wants to know what the financing of the tourism industry in the capital market should be like？I had a profound experience six years ago，At that time, I paid attention to tourism as an investment banker，It was the time when the mobile Internet was coming，All companies are holding mobile Internet conferences，At that time, a large number of tourism Internet companies were either platforms、Either they are content makers、Or making tools、Or a search engine，At that time, all tourism entrepreneurs came with a pure Internet background。The third similarity is that when everyone asks him why he travels, their answer is that I like traveling，If you like traveling, others will take care of you，When you travel, you serve others。

There are also some people who jumped in because we discovered that there are very big pain points in the tourism industry，Finally, I found that there are a large number of companies, many of which came in laughing and left crying，I came with these companies，I have witnessed the death of a large number of companies，There is a new company coming up。

But once upon a time、Last year I started to think about entrepreneurship in the entire tourism market、The overall feeling is that the atmosphere is much better in this direction，Because everyone is thinking about things like where to start a CC business，Many people who travel actually make some money online，I will build a platform。Later I discovered that if you really want to travel, you can’t make the cleanest amount of money，You still have to do the dirty work，So where to make it OTA，A local promotion team of thousands of people，So it’s impossible，Because this industry chain is very long，When you reach a certain stage, you must open up the upstream and downstream。There has been a relatively good phenomenon in the past two years，Many entrepreneurs at least choose the direction they choose，Including what I saw today，When I asked everyone what they were doing，Most of them start making products、Service，Rather than what kind of community I want to make，This way I can make money，It’s really difficult，We still need to review the essence of products and services。

From this perspective, I think the direction of entrepreneurship in the entire industry is developing in a healthy direction，The whole price war has brought no good things，Everyone is tired of dealing with price wars。I am a person in the travel circle，Every time I go out to play, I ask friends to help make reservations，I later discovered that I no longer go to my friends to order products，I simply can’t find the product I’m looking for。I just discovered that I am not a typical user，Many times we don’t have the product we want，Whether it’s traveling around the area、Overseas travel、Domestic Travel，What I mean is that according to everyone’s needs, no in-demand products were found，There is a huge demand in this area。Traditional travel agencies have their product research and development at a standstill，So I think there are a lot of opportunities，Everyone should think about how to have a better experience、Better service coming。I think the current direction is right。

Secondly, I think the few people just mentioned that there are relatively few domestic investors who understand tourism，I approve。The fact that we know little about this means we have a chance，But there is another point that I actually want to say that investors in the entire capital market are also growing，The first time I watched travel was not because I was awesome、Forward-looking，Because at that time, there was no choice in this industry，When I went to the investment bank, someone else chose the game、Advertising、TMT、Other fields，No one is watching the tour，At that time, there was only one listed company and it was Ctrip，Elong is like mud that cannot hold up the wall，No way at all，In the past two years, I have slowly figured out where to go，Tuniu and other A-share listed companies，My life has only gotten better in the past two years。It turned out that when I was traveling, what was a wholesaler and what was a local travel agency had to be popularized from scratch，No matter how low the level of investors I contact now, they still have the basic concepts，Today’s investors are also making progress。As long as there are good projects，You will definitely get the investor’s money。

There is an information asymmetry here，Including how to communicate with investors、Communication issues，Many are entrepreneurs，People like Mr. Chen who have started businesses in Silicon Valley，BP must be standardized。We entrepreneurs are very lacking in how to explain the business model，Everyone talks about divergent thinking。Everyone will think what I do is very sexy，I can go to Nasdaq to list tomorrow，An investor needs you to explain the framework clearly，First explain clearly the position of the industrial chain，First tell him what pain points he solved by doing it，Then talk about your business 188bet app download model，Be logical、In terms of organization，At this level, entrepreneurs in the tourism industry do not have an advantage，Many entrepreneurs are experienced in dealing with investors，That’s why people say their business model is not ToB、ToC but ToVC。Many entrepreneurs in the tourism industry are doing very well at work，But external communication is poor，I think that in order to do a good job, you must tell a good story，At least there must be a good way to communicate with the outside world。

Let me tell you a good attitude，Don’t hear about others taking hundreds of millions of dollars，No meaning，What is valuation，Valuation is a false proposition，Have you heard of any company that took a valuation of 1 billion and a valuation of 100 million was their agreement，Your valuation will only be your valuation after it reaches the real capital market，You now have a valuation of 10 billion，As long as I sell your shares, your valuation will go up，That one is willing to fight and the other is willing to suffer。

The second one no matter how big the bubble is，Really make the product、Service is ready，The tourism industry is a market worth tens of billions，Opportunities brought by consumption upgrade，Companies that originally provided tourism services did not make money back quickly，Crowds and products are being segmented，There is another point. In fact, we have repeatedly mentioned some dimensions of investment and looking at enterprises on many occasions，There are also some basic companies，This industry is too traditional，Many operations are done manually，For example, what Tianxia Fangcang does is that they help travel agencies develop information technology，These are valuable。We have even seen tourism companies doing hundreds of millions in revenue a year but keeping accounts using paper notebooks，The efficiency of many links in the industrial chain in this industry is very low，This one has great value。Everything is decentralized now，All the local pick-up companies have returned to China to do wholesale work，This shows that the trend of decentralization is becoming more and more obvious，Who can better integrate destination resources，Able to be more efficient、Provide quality service and value，This commercial value is valuable。The opportunity here is very big，First of all, don’t compare yourself to others、Compare yourself to yourself，This may express my thoughts better，As long as we do our own things well，A good project will never worry about not being favored by investors。Don’t stare at it on purpose，Every time I see many startup companies asking how much my valuation is, I get really annoyed，Think about how much you will spend first，Many entrepreneurs raise money for the sake of financing，He said I was valued at 1 billion, so I wanted to raise 100 million，You first calculate how much money I need at a certain stage，Calculate how much money you need first，In the process of PKing with investors，How many shares is he willing to take in you，I speak very colloquially，He is willing to reach the greatest common denominator after you finally deliver，How many shares he is willing to take from you is the valuation。In the past, investors said that our role as an investment bank must be to help companies generate valuations，Which company do we have now，Which startup company will we host and help you negotiate valuation，I have to tell him that you have to look at this problem rationally，It was said before that the founder felt that he did not explore his own valuation well，Need investment banks to amplify，This problem does not exist at all now。

So when you look at this issue, you should look at it from both sides，On the one hand, everyone thinks investors are unprofessional，In fact, it is not professional for entrepreneurs，Blindly following the trend and forgetting the purpose of what we do，We are not speculating on a concept、Blow a bubble，So many employees follow us，We still have to get back to what we do，This is what I want to share，Thank you everyone！

Liu Zhaohui:Mr. Hu’s words are very practical，And they are all insightful，I’ve even finished explaining how to do innovation，The biggest bubble is not in the market but in ourselves，Those who start a business must also be professional，The biggest cost of starting a business is the cost of your learning speed，We also have contact with a large number of startup companies from an industry perspective，Many of you here have talked to me，Unprofessional questions are not summarized so professionally、So good，Entrepreneurs themselves are too slow to learn，Including our professionalism, we also need to improve it。At this time, I have great expectations when blowing bubbles，Encountering the cold winter、I can’t stand it when the competition is fierce，The last time we had a private meeting in Beijing，Han Ze, director of Zuoyu Capital, shared about returning to oneself to understand，I want to look at my projects and the career I want to do from the bottom of my heart，Should we speculate or really put our passion into doing something，This is completely different。Due to time constraints, let’s talk directly about how to do it。

Luan Jie:Let me talk about how Qulv.com embarked on the road of financing，Because Qulv.com was officially launched in 2013，2013、After two years of development in 2014，Why did you need to raise funds later？The most important point is to expand our scale，We took the financing route because we were expanding our scale，We will get the money in May this year，It was only announced in October。

We looked at the entire industry，Choose to be a resource，Because the opportunity for the platform is gone，I chose to go upstream。We are divided into two ends，One end is domestic and the other end is international，We may also develop a deeper level of domestic machine wine in the future，We bring a large number of customers overseas，We do overseas service，Let’s buy some local travel agencies。Our core purpose is to open up the entire ecological chain at home and abroad，Form a closed loop。

We have focused on service since a long time ago when doing overseas business，We have started to set up some counters at overseas airports，Put in some of your own employees、Please provide some service。Ultimately, it’s about how we differentiate，Because we handle air tickets and ground transportation，Some companies may not necessarily do their own ground connection，Integrate more into the local community。But we did the ground connection，Although we have done a lot，We are a selling point company，Our entire company will be valuable in the future。We currently have local companies in six countries，Although very slow，Because we chose the island，Everyone knows that the resources on the island are very limited，Whoever enters first is likely to establish barriers in some industries，It is possible that our large number of destinations in a year only have 100,188bet sports betting app download 000 people and we only did 30,000 people，It will be difficult to come in later。The ultimate purpose of raising money is to expand our scale，Establish our industry barriers，Latecomers will have to pay higher costs when they want to come in。This is our core purpose，Thank you。

Liu Zhaohui:I think Mr. Luan and the others start from the vertical destination，Deeply done，This part of the destination vertical may be the first-mover advantage，Be flexible and choose better ways of cooperation，There may be better opportunities for innovation，In terms of destination，It is very difficult for one of our projects to reach its vertical destination，The barrier in front is relatively high，You can think deeply about your own ecology in this area。

Mr. Ye will continue this topic below，One of the bigger challenges we face at Mango is the integration with China Travel Service，Systematic、Those with sales channels、Educated、Those who have the ability to connect online and offline thinking，From an innovation perspective, how to combine the innovation of your system with leisure vacation，This is an urgent problem we face，And it is an entry point for us to solve the problem。

Ye Qiaochun:The challenge lies in the system，It is also important to solve the online and offline innovation aspects，Because I have rich experience online，So no matter how the economy develops，How to improve the overall efficiency，We focus on this。

In our survey, we found that 50% of traditional fields have not yet achieved informatization，We visited more than 100 branches in China，More than half have not achieved informatization，This informatization is done through the Internet to improve efficiency。

The second line is longer，Including wholesale、Including groups，In this link, some resources are integrated through some developed technologies，Improving efficiency increases OP’s work efficiency to three to five times，This is a very good opportunity to start a business，This is also what we will discuss in the next step with the whole process。

Liu Zhaohui:OK，Thank you Mr. Ye，In terms of peripheral travel, there are more domestic ones，In fact, it can be calculated using a logic，Have a thing for yourself，New dimensions of life radius division，Reintegrate fragmented resources，And new innovations in the sales process。

Chen Zuozhi:Let’s talk about bubbles first，The biggest gain for entrepreneurs today is what to do in the cold winter？What to do if one is a bubble？People have a lot of emotions or states，Sometimes we are particularly afraid，Sometimes we are particularly greedy，So I think it’s good to treat it with a normal attitude whether it’s a bubble or a cold winter。That is to say, we must control our desires when dealing with bubbles，Don’t be too afraid when dealing with troughs，The process of starting a business is a very good stage for yourself to constantly understand and experience your own mood and status，So we will be more perfect、Getting better，This is very important。

No matter what the bubble is like，We must control our desires，Entrepreneurs are most likely to fall into too much desire，My own mental bubble is too heavy，Always think I can do anything、I’m so awesome，Every entrepreneur is optimistic，I think I need to pour more cold water on myself，Keep yourself awake。

How to throw cold water on it is that I think no matter what kind of entrepreneurship it is today，I think the essence of entrepreneurship is to have an innovative spirit，Entrepreneurship without innovative spirit is just a hooligan，If you think that doing a traditional thing again is entrepreneurship, that’s nonsense。I think we should innovate based on understanding this matter，I have been to many universities as an entrepreneurial tutor，I have very good ideas about many students，I love traveling，I tell you this today，I’ll tell you that tomorrow。As a tourist, you are being served，It’s two different things than serving others，Never go traveling just because you think you are a travel enthusiast，I definitely don’t love traveling to travel，I have gone through a very difficult process from not understanding the tourism industry to understanding it，And learn quickly，From quantitative change to qualitative change is a very long process。Learning ability is very important，No one of our three plus seven team members is in the tourism industry，But we must maintain a very good sense of touch、Powerful learning ability and fast execution ability，Otherwise you will die first，What does it have to do with you if you say you like traveling。80% of China’s 1.4 billion people like to travel, right?，Don’t say that just because we are outsiders can subvert the experts，That’s bullshit，A layman wants to subvert the expert，Be acquainted with the internal behavior teacher first，Study hard，Don’t mess around，Then on this basis, tell me what innovation is important。

The next question is what do you think about the peripheral travel market，In fact, what we wanted to do from the very beginning of our company was the field of domestic self-guided travel，It happens that peripheral travel falls into this category。There are all kinds of so-called peripheral tours，The more I know about it, the more I feel that there are very few companies that really do peripheral products，So I think it is easy to judge this，I think we must first learn to travel，Those who have not done supply chain work are what Mr. Hu is talking about today，You don’t make products、Not providing services，There are too few opportunities to talk about the platform，See all kinds of so-called brands、We have to spend investors’ money、To please users，Anyway, I continue to toss，We don’t want to do ToVC things，So we see Pindian downloads、PinDian users，Even I made a loss、I will make the transaction volume as large as possible，I don’t care who the final result of this business is.，On the contrary, it has circled all your VCs，You can’t just watch me die，Anyway, I continue to toss，You have to give me the result，We return to the essence, which means we must make money，We must break a penny into several petals，We must strengthen the supply chain，All C-side projects，If you don’t understand the supply chain, you almost don’t need to invest in today’s companies。So I think if you don’t play supply chain，How to understand the tourism industry，How to understand the pain points of the industry，How to improve pain points through technology ，How to improve service standards through technology，How to build an ecosystem network、How to build them one by one。I am very optimistic about the future of peripheral tourism，I think domestic travel in the future will be part of group travel，Part of the free trip，Remote travel is all that’s left to do，And peripheral travel is peripheral travel，He is definitely not doing city life，So on the surface, 188bet app we are traveling around the area，People who play urban life are not in this field。So how could it be so simple when we went to see it？We still need to understand this industry，If you can’t even distinguish these basic concepts，When we don’t even understand what we are doing，You said there is no point in doing a certain game。We are very, very clear about integration，Including companies like Meituan, they have to integrate and merge。The story of Qunar also tells us，Crazy losses are actually problematic，Your major shareholders will be unhappy，We really think that traveling is very close to making money，Can we learn from Mr. Luan，Let’s learn to make money in a down-to-earth manner，We do capital operations。We are the first to consolidate the supply chain，Don’t make crazy losses the second time，We still need to return to the essence，This way we can integrate with the capital market step by step，Only by making good use of the positive side of the bubble，Actively do things well，This is what we considered。

Liu Zhaohui:In fact, the word "review the essence" appeared no less than five times today，Be a learner first，If you don’t understand this industry, you should subvert it. Mr. Chen’s words are very straightforward，To be honest, I am not from the tourism industry，But I have observed this industry for at least four years，When I was working in a company with many strategies and services，I was looking at this industry when I was doing market insights，I started writing my first article in February last year and now I have nearly a hundred articles，3000 words per article。There is some resonance in this situation，Be a learner first，Respect this industry，Tourism has been around for many years，Many of its principles cannot be overturned in just one or two sentences，Respect his basic rules，So I am also a learner，Also has a sense of awe，Our power in doing Zhihui Tourism is very limited，What we write is also very limited，But we need to be a platform，Let everyone’s wisdom gather，Spread at the speed of mobile Internet，This point resonates a bit，Thank you everyone！

Mr. Peng，I think this area is still very big on the upstream end，The projects planned by both the government and you may be large projects worth tens of millions to hundreds of millions，From your perspective, you may not be short of money、No shortage of resources，Can talk about it for entrepreneurs，How do you understand the connection between your products and tourists？

Peng Xuanlai:I’d better correct it，We are short of money、Missing people、Lack of resources，I will also express my opinion from the perspective of bubbles，The bubble is not a bubble in the tourism industry，Only bubbles in the online part，This is one of them。On the other hand, I don’t think the tourism industry is prosperous yet，It’s just the beginning，There is still a long way to go，This is my personal understanding of bubbles。

Talking about how to innovate、How to do this，I will briefly explain three aspects，The first interview is about tourism being a big industry，I think we need to consider the issue of cross-border integration，Because traveling is very complicated，It’s really complicated，Including the industrial chain or the feelings and needs of personal consumption，It is a very complicated thing，It involves both the supply side and the demand side and connection side issues。

As a business you can’t do everything，The first thing is to cross the border，You must focus clearly when crossing borders，Focus means which products you make，What kind of consumers are you facing？Then when will you make it look like？Only in this aspect can real focus be achieved，Otherwise it will be impossible to focus，This is the first to look at the issue from the perspective of cross-border integration。

Secondly, since we talk about cross-border integration, we have to talk about the core competitiveness of an enterprise，The sentence I am more optimistic about is that the wool comes from the pig，Because the traditional tourism industry only relies on service-based income, which is very limited，The land is so big，No matter how big it is, it will be several thousand acres，The number of people we can receive is limited，This account has been settled clearly、I understand。We must bring out this core competitiveness from a human perspective，We make products that we care about，Then make this product have consumption function，There is another product whose functions are integrated together and then you can operate it，Because simply providing services requires cooperation with professional companies，You are very professional in credit matching on the Internet，We must learn to focus and cooperate with the most professional companies in this field，The entire product can be made well。

Looking at it from the third aspect, we talk about the problem that we are still human beings，Because we are living people，There are various needs，We meet the needs of a small group of people。In agriculture and tourism, I say everything comes from the land，All tourism refers to leisure life，The range is too large。I will talk about my personal feelings from these three aspects。

Liu Zhaohui:Thank you everyone, thank you all guests.