Good afternoon everyone.

Today is the tenth birthday of Tuniu。We were in October 2006，Start from a small office of 70 square meters，A team of less than 10 people created Tuniu，Until October 2016，Exactly ten years。In the course of this decade，We have taken a different path than others，Choose the direction of online leisure travel ten years ago，And persist until now。

I would like to review a brief history of our development in the past ten years，There is a main thread running through it、Leading the development process，That is "visionary differentiation"。The first thing that the word "visionary" wants to express is that this direction is correct，The second is stability；“Differentiation” means being different from others，is unique。The work we want to do，Also in line with the direction of future development，Be able to be different at the same time，Can enrich the entire industry、Contribute to continuous development。

Revolving around this main line，Our development process is basically in line with the characteristics of "visionary differentiation"，This is how we focused on online leisure travel from the very beginning。Air tickets and hotels were the mainstream at that time，The field of air tickets and hotels was very mature at that time，Also very popular，2003、A company has been listed since 2004，Online booking of air tickets and hotels has become more convenient online。But leisure travel is very complicated，Mainly offline，Unpopular。We thought if we could solve some of the hassles in the leisure travel booking process，Able to combine the Internet and travel，Create a better experience，It will definitely be welcomed by consumers。So we determined the direction of focusing on leisure tourism，Established the mission of making travel easier，Until now。

At first we thought entering the tourism industry was a very wonderful thing，You can go out and play every day；After actually entering this industry，We found a black eye，Don’t understand anything，Need to learn about this industry，The easiest way is to read the complaint。As of now，We achieved a 96% response rate within 30 minutes，The resolution rate on the same day is 88%，Through accumulation and improvement，Established over 800 processes 188bet app and standards，Over 360 indicators。There are some simple small questions from customers，Usually affects customer experience，For example, whether the passport is within the validity period，Is there a validity period of half a year，This small problem may ultimately prevent guests from traveling at the airport。We can summarize these small problems in advance，Avoid these problems from happening inadvertently。

The third differentiating thing is brand。The earliest brand investment was in 2009，We just completed our first round of institutional financing，A little money，Hope to maximize its income。At this time we saw the advertising opportunities on the subway，Spent 100,000 yuan to shoot a simple advertisement，Version for the elderly and children，There are still many users who remember this version，From that time until now, our brand’s popularity and search index are increasing every year。Even if we don’t launch brand advertising on such a large scale as before，The brand, a very valuable asset, continues to bring us new users。

A very important thing we have done in recent years is regional expansion。In 2008, we only had two service centers in Beijing and Shanghai，Replication mode started in 2009，The earliest service center is not Nanjing，But Beijing and Shanghai，Because we feel that through the operation of the two cities of Beijing and Shanghai，Be able to establish the model and copy it to other cities。We have some advantageous locations in Nanjing，There may be some differences when extended to other cities。Increased to 5 in 2009、6 cities，Do it 1.400 million transaction volume，It will continue to grow from now on。In the past, Internet companies did not invest in brand advertising very much，No one provides offline services，The main way to acquire users is online，The service provided is also an online service，Any call center feels that it is particularly asset-heavy。We feel that since customers have this need，We need to help users solve these problems，Solve the needs of visa delivery and face-to-face communication with customers，You need an offline service center，So it has increased to more than 180 service centers now，For us in 2、The penetration of third-tier cities has laid an important foundation。

We took the lead in open procurement。In the past ten years we have followed more than 1.40,000 partners to cooperate，Tuniu’s development is accompanied by the common development of its partners，Number of partners with cooperation scale exceeding 10 million，From the earliest times、Dozens slowly grew to more than 248 partners this year。

Niuren Line is a high-quality group tour，It not only meets the needs of consumers for consumption upgrade，At the same time, it can 188bet online sports betting also differentiate the many products on our website。There are now more than 1.7 million travel products online，Most of them are group tours，They all look similar，Customers have some difficulties when choosing，We see differentiation through branding。The first hotline since 2009，To date, the transaction ratio of Niuren’s line has exceeded 31%，Steady growth。Our differentiated pricing on the Niuren line，Can achieve higher gross profit margin and higher income，Invest more in services to provide customers with better services，Achieving a win-win situation for us, our partners and customers，Form healthy sustainable development。

We have innovated the model of air tickets plus ground transfer。Achieve destination grouping through this mode，Reduced the risk and pressure of group formation at the departure point，Provide consumers with products that allow them to choose from a wide range of destinations，You can choose all air tickets to your destination，Reduced intermediate links，Reduced procurement costs，And improved service quality，Because there are fewer links in the middle，Information feedback faster，We can solve the problem earlier。

We continue to strengthen our direct procurement capabilities。The proportion of direct procurement continues to increase，It has exceeded 36% so far，Gradual growth every year，To improve our profitability，Continuously adding bricks and tiles。

We have opened up distribution、Air tickets、Hotel and other business。Difeng Holidays is a very important support for our core tourism and vacation business，Be able to increase procurement scale through distribution and improve procurement bargaining power，Reduce inventory risk at the same time。Air tickets and hotels improve product diversification，Achieve dynamic combination，Includes air tickets and ground transportation，Includes air tickets and hotel，Including our ability to provide separate air tickets and hotel bookings for leisure travel customers。

Beyond the core tourism business，We have financial services、Film and TV、Wedding、Communication business，Be able to surround and closely integrate the core business，Achieve innovation on the boundary，Find new growth points。For example, the theme of today’s press conference is “Along the Road”，This is the name of a road travel video program，It is also the brand name of one of our high-end product brands；The theme of our 9th anniversary conference last year "Let's Go" is also the name of a travel variety show，It is also a product brand suitable for young people to travel。

So far we have achieved 188bet sports betting app download the first place in the online leisure travel industry。Starting from the second half of last year，We have accomplished this goal，After reaching the first place in the industry，We face new challenges，Where should we develop next？We have determined the direction of improving profitability。

The average unit price of leisure travel is relatively high，It is a category with high customer unit price，There are some differences from the low-customer unit price standardized categories，Longer in depth。Now we are in the brand、Regional Service Network、System、A very high threshold has been gradually established for cash flow，Supports the construction of our core competitiveness，Supports our direction of steadily improving profitability in the future。

By analyzing assets，We found another area where we can invest heavily，is a member。Continuing our past “visionary differentiation” development process，We will focus on the positioning of leisure tourism later，Revolving around our goal of continuously improving profitability，Enhance member services。We will strengthen member services from the following aspects。

In the second quarter of this year，The proportion of transactions from old customers has reached 45%。Old members include old customers and members who have registered for more than 90 days，The total transaction proportion reached 59%。We are able to provide members with more and more depth、More and closer services，to promote their reuse，Let them get satisfactory and high-quality services，Allow them to introduce it to their relatives and friends，Continuously bring new potential members。

In March this year, we launched the Tuzhi VIP membership service brand，Similar to Niuren Line being an upgraded service brand on the product，Tuzhi is an upgraded service brand in terms of service。Tuzhi targets our mid-to-high-end customers，The requirement for membership is to be able to spend 50,000 yuan。So far we have accumulated more than 120,000 Tuzhi members。We provide one-on-one membership services，Through online and offline member activities，Including membership rights，Provide free wifi for members traveling abroad，Including birthday care，Double coupon，To continuously promote the emotional bond between customers and us。Later, we plan to not only provide customers with Tuzhi membership through consumption accumulation，You can also enjoy the services of paid membership by purchasing directly。

We found that leisure travel is a category with relatively high unit price，Exclusive consultants are divided into different levels。In the field of air tickets and hotels，It takes 1 to complete a flight and wine reservation、2 minutes time，Corresponding booking consultant。When customers have travel needs，Usually relatively complex，Our average order call length is approximately 188bet app download 20 minutes，Simpler booking process than Jijiu Wine，The position that serves this demand is called travel consultant。We started building member consultants in 2012，After the customer returns, the consultant can continue to contact the customer，Provide services，Service for subsequent travel bookings。The first three are by phone and online，We found that guests still need face-to-face service，So we have a store consultant，This interaction with guests is closer。Services where we see a growing emotional bond between consultants and guests，It is also a process of getting more and more in-depth services，We need to be able to satisfy customers throughout their trip、Differentiated needs in the service process。

We provide members with fast service，So far we have been able to answer 95% of calls within 5 minutes，100% online consultation will be answered and accepted within 30 seconds，Able to achieve 99% of customer order requirements and call out to customers within 30 minutes，Resolved 98% of complaints within two days。

We strengthen online channels to provide services to members。In the past, services were mainly based on telephone calls，Many customers will give feedback，Sometimes I am in a meeting，It is not convenient to answer the phone，When I called back, the customer service line was busy。So we provide online services to our customers，You can consult and communicate through WeChat and APP，Before traveling、中、After，Online consultation and services throughout the entire process。We hope to complete the booking process during the chat，Book at current phone number、Online booking、In addition to the three basic reservations for store reservations，Added chat booking method，During the booking process via WeChat chat，Learn about the itinerary，Complete payment while doing so。We hope to gradually integrate online services with back-end algorithms and artificial intelligence、Combining big data，Be able to provide more diverse and efficient services in the future。

We provide members with more precise services。We know where the user is，Know their preferences，Know their travel needs，We can do better around this demand。We have tens of millions of members，We know what they are asking of us，What type do they belong to，Do they want a family trip or do they need to take a cruise，We cater to the differentiated needs of these different members，Through our CRM system，Through big data，Through member portrait，Be able to recommend precise products to them，Make it truly simpler for customers，Spend less time、Spend less energy，Reduce the process of carefully considering product selection，Make booking and travel planning a very easy and fun process。

We meet the diverse needs 188bet app download of consumers through diversified product brands。“Niuren Special Line” is our earliest product brand that serves consumption upgrades，“Guaguo Family Tour” is a product brand for parent-child tours，“Lehuahua Mom and Dad Tour” is a brand for parents and elderly tourists，“Let’s go” is a travel product brand for young customers，“Pengpai Customized Tour” is a family customized product brand，“Above the Road” is a high-end travel brand。We achieve segmentation of different customer groups through different brands，Let them easily find products that meet their needs and positioning when looking for products。

We continue to improve our services around our members，Building Membership Day，Organizing activities through a combination of online and offline methods。So far this year we have held more than a thousand offline events，Member’s single-day transaction volume exceeds 200 million，More than half of them are old customers。

Through differentiated long-term investment over the past decade，And future efforts in membership and other businesses，Making our assets and capabilities continuously accumulated and improved。In brand、Regional Service Network、With the support of the talented hotline and members, etc.，Our profitability has steadily improved，The ability to serve customers has been steadily improved。

I believe that when we stand ten years from now we will look back，We will see Tuniu achieve new growth and achievements。Thank you for your support，We hope in the new decade，Continue to work hard with everyone，Make travel easier。

Thank you everyone.

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