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20182 2018 7500 B2C 2500 2%2015 2015 2018 1.57 9.6%2020 1.90 2025 3.01 70%3-5%+3 1 2 3 4 54 5 2015 2015 2025 20152025%2025 18%37%1.5%5%+6-2017 58.5%8 2030 70%2017 2.44 111/2017%2170.7-2.2-0.1%1556.9-5.3-0.3%2418.3-1.4-0.1%946.8 28.0 3.0%1068.4 5.8 0.5%833.5 6.5 0.8%655.3 2.4 0.4%800.5 13.0 1.6%1449.8 45.5 3.1%1252.8 62.0 4.9%834.3 8.1 1.0%765.7 19.4 2.5%988.1 15.7 1.6%953.4 70.2 7.4%1089.3 12.7 1.2%791.8 27.3 3.4%3075.2 26.7 0.9%1604.5 12.7 0.8%7-2016 73 135 176 2018 2012-2018 1 2 5 1 35%40%60%80%60%80%1 2 5 1 35%50%70%36 1 30%40%70%50%70%70%1 2 5 1 30%50%70%0100002000030000400005000060000700002012 1 2013 1 2014 1 2015 1 2016 1 2017 1 2018 1 8 1 2 3 4 59 1 2 3 4 10-2015 2015/2015.12 2015 2016.02 1 2 3 4 2016.03 1 2 3 2016.06 2016.03 2016 2016.12 2017 2017.05()2017.07 12 2017.08 13 2018.04 REITS2018.05 3-5 50%2018.06 2018.06 2018 7 12 30 11-+O2O 12-80 90 30 24%48%28%25 25-30 30 2017 TOP 658987 572294204537022 35024 33003 13-2015 3 2017 2018 2011-2018 24315552827202011 2012 2013 2014 2015 2016 2017 2018 2018/1/16 A 40 2018/6/6 B+14.38 2018/5/10 B+DCM,6 2018/5/10 C,14.72 2018/4/17 C 5.7 2018/6/4 B,3.5 2017/12/30 C+,7.78 IT14 2018 1.57 9.6%2020 1.90 2025 3.01 1 2017 2.44 2 2013 67.3%3 2025 3 2016-2025 1.32 1.43 1.57 1.73 1.90 2.09 2.29 2.52 2.76 3.01 8.8%9.6%9.9%9.9%9.8%9.8%9.8%9.5%9.4%2016 2017 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e%)15 1 2 16 C2C B2C 2018 7500 B2C 2500 1/3 2%70%BD(C2C)(B2C)(B2C)2500 140+500017 2018&-1-5K/5K-18 1 2 3 4 5 3.1 3.23.3 19 4 1998-2005 2005-2012 2012-2015 2015+01 1998-2005 02 2005-2012 03 2012-2015 04 2015-2017 2015 2017 05 2017-2017 20 3-5&21 B2C 2500 140+01020304 05 06 22 5 2015 23 5 01 02 03 04 05 24 1 2 3 4 5 3.1 3.23.3 25 1.0 2015+2015 1.0 2015 1.5 1.0 2.0 1.5 20152020 2.0 2020+26 OTA OTA OTA OTA OTA 27 28 58-+-58 29-58 APP C2C-30-31-+-B-32 2010 Web 3.0+SaaS 33 4 34 1 2 3 4 5 3.1 3.23.3 35 REITs CMBS,100 8(REITs)REITs,CMBS CMBS 36 37 1 2 3 4 538 2001 28 8000 2011 2016 2017 2018Pre-A B 2011.1.20Pre-A 9400 2014.1.7 A 2001.9.30 2016.4.15 B 64 2012.3 2017.1.9 26 416 20142015 LOGO2017.4.19 30 2017.11.7 A 2014.6 2016.5 O2O 2018.4 39 ACN ACN ACN VR VR 40 WAP APP 17 3500 5.5 PARK HOME ROOM INN-PARK-HOME-ROOM-INN-41 58 58 58 58 58 58 58-2.0 640 55 2.5 5842 27 2017 1234 AI,9 43 APP APP 100%-100%SaaS B 44 SaaS 2018 7 SaaS 45 2016 5 2016 90 2017+01 0203040506 07 46 300 4.7 20 2018 5 8 9 V 22-35 9 9 B2B V V+&SOP+01 02 03 75%9 20%V 5%V47-1+9 Y.O.3i 23 4 48 1 2 3 4 549-2017.08 22 2017.08 2017.04 2017.12(2017.10 2017 50-70%3-5%+51-+52 Keep Learning 400-026-2099 53
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