Guest introduction

Host: Zuoyu 188bet online sports betting founder and CEO: Hu Weidong

Seminarist: 188bet online sports betting Partner: Huang Peihua

Sequoia Capital 188bet online sports betting Fund Partner: Wang Cen

Vice President of 188bet online sports betting Private Car: Long Jie

Zhubaijia co-founder and COO: Zou Xin

TripAdvisor 188bet online sports betting COO: Lin Song

Founder and CEO of Qyer.188bet online sports betting: Xiao Yi

Hu Weidong: Before discussing how to innovate both the supply and demand sides of 188bet online sports betting consumption，Please take one minute to introduce the business you are currently doing and the areas in which capital guests invest。

How to understand the 188bet online sports betting upgrade seminar

Xiao Yi: Hello everyone，I am Xiao Yi 188bet online sports betting Qyer.com，I believe everyone knows about Qyer.com，No more introduction。

Lin Song: Hello everyone，I am from TripAdvisor，I believe you are familiar with this platform，In China, it is called “TripAdvisor”。Started brand promotion in China last year，Currently 188bet online sports betting stage of accelerated business expansion，I am now responsible for business operations in China，If you have any cooperation opportunities, please contact me。

Zou Xin: Hello everyone，I am Zou Xin from Zhubaijia。Now responsible for the operation of Zhubaijia，Zhubaijia is China’s largest outbound travel short-term rental service provider，Also the largest hotel in China 188bet online sports betting future，I worked at Baidu for 8 years，Responsible for core product operations。

Huang Peihua: Hello everyone，I am Huang Peihua from Qiming Venture Partners。Qiming Venture Partners is a venture capital fund established in 2006。Invest in mobile Internet、Big consumer and other industries，Companies that have invested in 188bet online sports betting include Mafengwo、Tujia、Rent a car, etc.。

Hu Weidong: I am Hu Weidong, the founder and CEO of Zuoyu Capital。Zuoyu Capital is the only research-based boutique investment bank in China that focuses on the 188bet online sports betting/sports industry，Financial consultant whose current business includes investment and mergers and acquisitions in the 188bet online sports betting/sports industry，188bet online sports betting/Sports Industry Investment Research，And three sectors of early stage venture capital in the 188bet online sports betting/sports industry。Focus on providing advisory investment banking services to companies in the 188bet online sports betting/sports industry，Provide investment research services for investment institutions focusing on the primary market。Zuoyu Capital’s vision is to become the capital partner that accompanies China’s new generation of entrepreneurs，Become a leader in the upgrading of China’s service consumption industry。

Wang Cen: Hello everyone，I am Wang Cen from Sequoia Capital，Mainly responsible for food, clothing, housing and transportation、Investment in food, drink and fun，188bet online sports betting part is relatively well supplied。

Wang Cen, Partner of Sequoia Capital 188bet online sports betting

In recent years and in the future, we will enter the era of fun，This is also the fundamental reason why GDP has shown double-digit growth in subdivisions after reaching 7,000 US dollars，And 188bet online sports betting is a cross-border in the field of entertainment。Sequoia Capital has made many attempts before，Especially at the top end of the line，Like Ctrip、Tujia、Going away，I personally focus more on making money，Leave aside patterns and stories，Discuss and learn how to make money。

Long Jie: Hello everyone，I am Long Jie from China Special Car，China’s special car is only safe，In addition to China Private Car’s own toB business，Also considers the toB business of China Car Rental，I am here today hoping to discuss 188bet online sports betting aspect with you。

Hu Weidong: Thank you for your introduction，Zhihui is a vertical media positioning the 188bet online sports betting consumption industry，At the same time, Zuoyu Capital has redefined the 188bet online sports betting industry，It’s called the delocalization of local life。Today’s first topic is how to define the concept of 188bet online sports betting consumption，May I ask how different entrepreneurs or investors understand the relationship between 188bet online sports betting consumption？

Wang Cen: Mobile Internet and TMT were relatively popular in the past two years，And because consumption is against the cycle，And then put forward the concept of 188bet online sports betting consumption，Consumption + 188bet online sports betting Concept。In specific scenarios，The core of 188bet online sports betting is still outdoor，Many business models have been extended to the outdoor consumption process，If booking、Book a hotel，Tour to scenic spots or build your own theme park。Theme parks and specialty parks have just started in China，Its positioning is more popular，But related companies are developing rapidly in A-shares。As a business，The core is that tourists increase their stay time in scenic spots and service areas，Generate more per capita consumption。Especially like sports、VR and parent-child travel，Not very sensitive to consumption，The gross profit margin is naturally higher than that of traditional 188bet online sports betting and travel agencies。

Our investment logic is to use foreign yesterday and today to predict our tomorrow and the day after tomorrow。Big 188bet online sports betting coverage is too wide，Involving areas such as food, drink, entertainment, clothing, and FMCG，Personally, I am more concerned about finding the fattest piece inside。I paid attention to light mode in the past two years，I found that the most profitable place is not in light mode，So combine more offline investments，Look at the combination of severity and severity。

Lin Song: Travel should be a natural way，No special preparation required。As the person in charge of TripAdvisor China，What I pay most attention to is the new hot spots，Also a new pain point，That is outbound 188bet online sports betting。The relocation of local life just mentioned，It is easier to solve in the country，Because of all the problems encountered, we still stay in the country。But in a new country，Such as Malaysia or Rome，The problem is not as simple as copying from local to offsite，There are a lot of pain points in it。Especially in Roman restaurants，Even if you understand English，I’m still confused after seeing the recipe。There is therefore a mild to severe demand for 188bet online sports betting upgrades，Where is the biggest pain point，Where there are the greatest opportunities，This is my first opinion on 188bet online sports betting consumption。

The second point of view is still the issue of lightness and weight，The 188bet online sports betting industry can be divided into two ends，One end supply、One end demand。Baidu、Ctrip has a large amount of traffic in the country；Google、TripAdvisor has hundreds of millions of traffic worldwide，Relatively light，Profits are relatively easy。As TripAdvisor，With the increase in the number of global outbound tourists，There are plenty of opportunities on the supply side。Take competing companies as an example，The current situation is the demand side、Rapid aggregation on the traffic side，After being monopolized by a few companies, costs continue to increase。But on the supply side，Different complexity and needs determine the emergence of many new opportunities。So currently, except for the relatively light molding demand side, it can be profitable，There is still a lot to be implemented on the supply side，Need to be reworked，Need to consider partners，This is what I learned from supply and demand、Analyzing big 188bet online sports betting consumption from light to heavy points。

Zou Xin: Let me make two points，First，Mr. Yu mentioned the issue of Tuniuke unit price，188bet online sports betting itself is an industry with high unit price per customer，In the context of consumption upgrading，The high passenger unit price value in the 188bet online sports betting industry itself presents huge business opportunities。

Zou Xin, co-founder and COO of Zhubaijia

Second，Mr. Cheng Wu shared some needs for non-standardization，It may become a new benign model to make money first。From the current perspective，Consumption upgrade may be more about personalized needs、Differentiation、Diversification，No longer set unified standards for the consumption of a certain commodity。The role played by the sharing economy will better solve this problem，Use scale to solve niche needs，Thus forming public demand，Better provide overall solutions for the 188bet online sports betting industry after consumption upgrades，The above is my opinion。

Huang Peihua: The biggest change in 188bet online sports betting caused by big consumption is experience。Traveling used to be just a quick tour，Now we pay more attention to experiencing the normal life of local people，Including trying projects that cannot be tried in China，Such as skydiving、Hot air balloon, etc.。This is determined by different lifestyles at home and abroad，Pay more attention to free choice。

Hu Weidong: The concept of grand 188bet online sports betting is well known，Zuoyu Capital Past 4、Continuously paying attention to the 188bet online sports betting industry for 5 years，In the process of extending from 188bet online sports betting to other industries，We discovered a very interesting phenomenon，That’s changing the local life behavior to another city，Change position，With big traffic, it’s 188bet online sports betting。

Hu Weidong, founder and CEO of Zuoyu 188bet online sports betting

The earliest form of travel is to sleep in the car，Get off the car and take pictures，Then the transition from sightseeing to leisure travel。In this transition，The necessity of supply-side reform is particularly prominent，Current product supply on the supply side、Can the pace of service supply keep up?。I talk about the supply side，Look at the relationship between 188bet online sports betting and big consumption from this perspective，Will see many potential opportunities。

Wang Cen: Currently talking about outbound travel，In the final analysis，Outbound 188bet online sports betting consumption is mainly at the destination。But can you earn the money at your destination？Can you earn money as an investment company？Unless buying some high-quality foreign assets，Take over the entire Alpine Scenic Area and hold it as a controlling stake，Form a closed loop，In this way, profits can be achieved。But generally companies do not make holding investments，It is even more difficult for small shareholders，Of course, it is not ruled out that a few funds may participate in the shares，But most of them are losing money，Especially for domestic RMB funds。

On the contrary, let’s talk about supply and demand，I don’t think there is any need to explain 188bet online sports betting requirement，The diversified entertainment of the younger generation is not as easy to satisfy as before，Promotes diversification of needs，And the annual growth rate has achieved double-digit explosive growth。

Let’s talk about the supply side，I am more interested in domestic 188bet online sports betting，Traveling pays attention to comfort，A timeliness。Although the senior officials here may often travel abroad，But outbound travel is low frequency after all。Looks like the amount of consumption is large，But I don’t make much money，Everything was earned by the destination。I am more optimistic about domestic and local 188bet online sports betting，Local travel is in line with consumer trends。First timeliness，China’s high-speed rail will become increasingly dense in the future，In-depth 4、5th tier cities；The local government is willing to fund，Cooperate with scenic spots，Changes on the supply side，This early stage is an investment opportunity，But you can’t invest overseas。The second will produce high-frequency consumption，We voted for Departure Travel Network，The main focus is weekend trips with high consumption frequency。In countries or regions with relatively mature consumption，Travel is a standard product，It’s like watching a play or movie every month，Short-term consumption amount is low，It does not mean that it will be lower in the future。The scene of the peripheral travel is to drive the family to the suburbs for two nights on Sunday，Integrate the importance of scenic spots and parties involved in the construction，Will you earn less with such high-frequency consumption than traveling abroad?？Traveling should be done multiple times instead of once or twice，At least once a month or even once a week。Let’s talk about the content，Many places in China are already doing skydiving and ballooning projects，I went to Nanjing last week，Before doing farmhouse project，Now the largest hot air balloon operator in the United States has been introduced。I think we can introduce good projects from abroad to China，Use of financial investment and support，Encourage people around you to consume multiple times，This business sounds more reliable。

Long Jie: Thorough analysis of current domestic and foreign 188bet online sports betting directions，Let me talk about the domestic car market。Pairing car and travel into self-driving，Divided into self-driving and landing by self-driving。

Long Jie, Vice President of 188bet online sports betting Private Car

China used to do car rental，Car rental stores in 280 cities，Many people rent Shenzhou cars to pack。But China refused because they only do business，So travel has never been involved。Later I gradually found out，Many provincial 188bet online sports betting bureaus and platforms keep asking why China does not make API，Because the self-driving API can help platform 188bet online sports betting groups and provincial 188bet online sports betting bureaus promote self-driving。We began to reflect on the nature of self-driving，The place where no one goes，More and more people want to drive by themselves，Instead of planning an existing route。For example, a line in Heilongjiang，Half of the lake is in China and half is in Russia，But according to Heilongjiang 188bet online sports betting Bureau and China Youth Travel Service，This attraction is an undeveloped virgin land，Only self-driving tours or in-depth free travel，Only suppliers are willing to provide，In this way, I believe that the increase in 188bet online sports betting will become more apparent in the future。

Xiao Yi: Talking about big 188bet online sports betting nowadays includes mentioning the middle class and 188bet online sports betting upgrade，When everyone is talking about these terms，Go after this hot spot again，It’s already too late。The advance should be three years ago、Layout and preparation five years ago，Even longer，This is the first point。Second，This trend is already obvious，Regardless of income、Middle class size、Both domestic and foreign 188bet online sports betting amounts and quantities show this trend，Contains our most important points，How to help users reduce the cost of 188bet online sports betting decision-making when making 188bet online sports betting。The time of mid-to-high-end users is very precious，How to improve the efficiency of 188bet online sports betting decision-making is the key。This is what we have been focusing on。

Xiao Yi, founder and CEO of Qyer.188bet online sports betting

In addition, I also very much agree with what Mr. Wang said，There are not so many light things，Sometimes you should do it seriously。For Qyer.com，Always focusing on this aspect，Even open offline stores overseas，Only to provide users with better service and quality。So we can survive 188bet online sports betting highly competitive online travel market，And there can still be some development，Inseparable from flexible play，Special thanks to the investors for providing a tolerant environment，Let Qyer.com make some innovations faster。

Wang Cen: May I ask Mr. Hu，2015 to now，As an investment banker, you specialize in 188bet online sports betting projects，What are the characteristics of most projects？

Hu Weidong: From the perspective of entrepreneurs and entrepreneurial directions in the entire industry，The past 2015 was especially like 2012、2013，More rational and realistic。Summary as follows: first，Enterprises pay more attention to efficiency at the supply chain level，To achieve informatization level，Improve supply-side efficiency；Second，The entire 188bet online sports betting consumption has been greatly upgraded，The demand side has changed a lot，Causing the supply side to be unable to keep up，Pay more attention to long-tail supply，Specialized products and services；Third，Focus on platform opportunities，Looking at the 188bet online sports betting industry or service consumption industry as a whole，The upstream and downstream are still relatively scattered，These three points were reflected in many outstanding companies last year。

Wang Cen: When helping companies improve or optimize their business plans，Especially long-tail supply projects，Investors focus on market size，But the long-tail market is generally not very large，If it is an A-share company or a large 188bet online sports betting company, it will invest some strategic layout or bring it in，How to convince investors to invest at this time？Hu Weidong: First，Long tail supply companies are not suitable for all investors to participate。In the 188bet online sports betting industry，Including sports and other industries，Looks like a multi-trillion market，Due to the low threshold，Little room for imagination，It is still not suitable for equity investment institutions to intervene in the segmented fields。But startups with long tail supply must have their value，Although for VCs such as Sequoia Capital or Qiming Venture Partners that pursue high growth，Not very suitable for intervention。Just like what we want to do with investment banking and investment，You must have your own considerations on exiting in the future，But we will still make arrangements in these areas。

Wang Cen: Opportunities on the platform，Look at the existing major platforms，Still burning money，Playing marketing price war。What opportunities does 188bet online sports betting new platform have?？Or at what turning point will these new entrepreneurs have some platform opportunities？

Seminar site

Hu Weidong: This platform is a pan-platform concept，Not just a flight ticket or hotel platform，More refers to the business model being a platform model。It has a big logic，Only this business model，Reused in 188bet online sports betting and sports，Only Zuoyu Capital is optimistic。

The entire Millennial generation has changed a lot from before，Everyone chose the same way of traveling 188bet online sports betting past ten years，But now there are thousands of people and thousands of faces，A thousand people will choose a thousand different ways to travel。What changes and opportunities will there be 188bet online sports betting entire industry chain at this time？

The two investors on the stage are interested in 188bet online sports betting and consumption，Two guests, Mr. Long and Mr. Zou, look at the supply，Mr. Lin and Mr. Xiao look at users。From a supply chain perspective，I want to hear Mr. Lin and Mr. Long talk about such big changes in the entire demand side in the future，How does the supply side provide services in a better way through innovation。

Changes 188bet online sports betting lifestyle of Millennials，Enables obtaining information、Make travel plans、Get travel information、The choice of travel products has changed a lot from before，For example, there are more and more independent travel users，More integration with foreign independent travel booking methods，Book air tickets and hotels through different channels，From this perspective, I would like to hear what preparations or methods Mr. Lin and Mr. Xiao have in this regard to provide users with a better experience。

final，Two investors at the 188bet online sports betting and marketing level，What kind of startup company do you think is more in line with investors’ tastes。

Xiao Yi: The topic among young people is a very hot topic，Every company and every platform hopes to win the favor of young people，188bet online sports betting is a trend，But it is difficult to implement。Someone else caught the young man，It doesn’t mean you caught the young man，Must be laid out in advance。Qyer.com paid attention to Chinese students when I was studying in Europe 12 years ago。After returning to China in 2008，Users are also growing，We do a lot of things for young people，For example, the participating youth program launched，Encourage college students to realize more of their travel dreams，Like young people abroad，Increase your knowledge。

At present, Qyer.com has been in hundreds of universities for four or five consecutive years，Hundreds of sharing sessions held every year，And provide travel scholarship，Let young people realize their dreams。At the same time，Qyer.com attaches great importance to creating youthful attributes。Online brand travel，We have done the most rock concerts，Also try to do interesting things that combine with many young people，Let young people think this brand is cool，What Qyer.com does is valuable。Qyer.com has done this，But I know this is really difficult。In the process, Qyer.com has accumulated a lot of young users，And valuable comments。For these 188bet online sports betting behaviors，Qyer.com will soon release a data report specifically for young people’s travel，May be released in the second half of the year。

Lin Song: About consumer needs，Basically two keywords。The first keyword is rest assured，The second keyword is experience。The first keyword has been mentioned a lot，The pain point of outbound travel is information overload，188bet online sports betting is a fact。Many people include some of the startup companies I talked about，Think they have too much information！The fundamental purpose should be to help consumers solve information pain points，Convenience comes next，The first rigid need should always be peace of mind and peace of mind。

Lin Song, COO of TripAdvisor 188bet online sports betting

Outbound travel is very infrequent for most people，Decision-making takes a long time。Only to improve efficiency，Improve all convenience，In order to form a comfortable experience。What TripAdvisor tries to provide is to help solve the uncertainty of information and language in choice decisions，Through hundreds of millions of shared comments from travelers around the world，Let users retain the original impression before arriving at the destination。After going to the destination at the same time，We have been strengthening our mobile products，Mobile products can help users have a better experience in real time，Solution to the biggest pain point，188bet online sports betting is my first opinion。

Second view，From an experience perspective，As young people travel abroad more and more，Experience needs are also more different。188bet online sports betting past, Chinese people traveled to France in group tours，Still eat Chinese food，But it’s different now，Tourists want to find more authentic experiences，When you go to Bali, you should eat at the local restaurants there，Experience what the locals love most，Experience the most popular thing 188bet online sports betting world。Take TripAdvisor as an example，As a global platform，Connecting the needs of Chinese travelers with travelers around the world，This is our unique positioning。Investment in simultaneous translation project、Product recommendation、Optimize more details，Finally realize the authentic travel experience for millennials。When you offer the best，The economic benefits and business opportunities will naturally be reflected later。

Zou Xin: Facing the strong demand for 188bet online sports betting upgrade，How to satisfy the total supply side，The current answer is to rely on the sharing economy。The supply side has the following characteristics，First，Wide coverage area，If we talk about traditional industries, we should build a hotel group，will be selectively deployed in popular areas around the world，But considering the cost and time issues，More restrictions，The sharing economy has no restrictions，Can be extended to any corner of the world；Second，No period；Third，Unlimited number of rooms，Another very low marginal cost。Each new personalized accommodation location is expanded，No need to change from 1000 to 1001 rooms like a hotel，The cost of building a new building；Fourth，Personalized difference resolution。

From the perspective of 188bet online sports betting upgrade，Users have diverse individual needs。Seven-day holiday in the itinerary，Stay in a sea view room for two days，Stay in an international suite for two days，Two days of shopping，In the past, consumers could only solve their needs through three different hotels。But according to the current sharing economy，One-stop solution to problems in the same area。Looking from the supply side，Sharing economy is a particularly good form，Help us scale up niche needs，Becoming popular demand。

Long Jie: On the supply side, strengthening offline is the barrier，Others are subjective factors。Now mentioning requirements，China Car Rental does not borrow from any platform，But the occupancy rate and yield are very stable，Reaching one billion in one year。The current private car market is relatively complex，Then continue investing，But at the same time, we must do four things on the offline and supply side。First，Convenience question，Whether ordering through APP or offline store，The first condition is convenience。Then having more stores means convenience，The more cities there are, the more convenient they are，This is not a price issue but a convenience issue；Second，Efficiency issues，You can’t make money without efficiency；Third，Security Issues，Shopping attractions and scenic spots in 188bet online sports betting are not related to China，But cars and their safety are related to China，Selling new cars within three years is the minimum safety standard。The last point is a service issue，If offline services and standardization can be realized，The service provided can reach 80 points，This is reasonable。To achieve product packaging and cooperation，Instead of going out to find novelty and beauty。Thank you！

Huang Peihua: Different companies on the 188bet online sports betting side provide different products，The disadvantage for investors is to invest in a company that can be easily functionalized。Viewed from the client，It is difficult to attract users at low frequency。

Huang Peihua, partner of 188bet online sports betting

And I like the scene more，Under traffic monopoly situation，Actively create scenes and communities，Achieving high frequency is what I value。As mentioned earlier, peripheral travel to outbound travel，Maitao will do weekly activities first and then import them into surrounding tours，188bet online sports betting is the direction I am more optimistic about。

Wang Cen: I used to travel a lot，Play less；Have more fun in the future，Swim less。First point，The implementation of 188bet online sports betting is the implementation of service brand，From selling products to now selling services，There is not much difference in operating methods between service and selling products。Because in the future, the price must be negotiated with the brand，Pay if the service is good，More funds will gather here。Second point，The project I hope to invest in can fully integrate domestic resources，It is foreseeable that the frequency of overseas travel will increase in the future，The market will calm down，The gap between domestic and foreign scenic spots will gradually narrow。The third point，The content must be returned to domestic local resources，Instead of going abroad on a large scale，Because when you go abroad, you will find that the best place is still in China。Thank you！

Host: Thank 188bet online sports betting, applause to the above guests on the stage.