洪清华：看企业的本质，其实就是价值投资。这家企业我能不能看懂，我不能看懂，绝对不会追这种风潮，好像在一个风口，所有人都投进去，我看不懂就不投。当我看得懂的时候，我也认可这个创始人的时候，我们就投进去，基本上失败率很小的。因为我们自己做过企业，我知道这家企业它拿著各种数据来的话，我们不仅仅看数据。

Qinghua Hong: It depends on the core of acompany. It is actually about value investment. Its up to if I can understand the business pattern. If I cant understand it, I will never blindly follow this trend. It seems like an upsurge opportunity where everyone wants to investin it. If I dont understand it, I wont invest. If I understand it and acknowledge the founder, we will invest. The failure rate was basically very low. Because we have operated a business ourselves, we dont just focus on the performance data if a company shows up with various data evidence.

你看现在很多的投资家、很多投资者只看别人的数据，不看背后的逻辑，很多东西都是表象。除了看数据，我们还看企业数据背后反映的企业经营状况，其实这是完全不一样的。我会到他们企业里面跟创始人聊，跟所有的高管聊，甚至跟它的基层员工、中层干部聊。他们的表现和状态能反映这个企业的未来。

See the investors nowadays. Many of the monly pay attention to the data, yet do not focus on the logic behind. A lot of things could be superficial. In addition to reading the data, we also care about the business conditions reflected in the corporate data, which could be completely different. I would talk to the founders of the company, all the executives, even their entry-level employees and intermediate-level managers.Their performance and status can reflect the future of the business.

甚至晚上我们去看这家企业是不是有加班，企业所有活动我们都会去看，它的企业文化到底怎么样。一家企业高速增长，你只有数字是不行的，背后一定要有使命、愿景和价值观，我们特别看重这一点。你看企业里面办公的时候，很多人是很懒散，或者在睡觉，或者走路都是跑著，这个反映一家企业的状态。

Sometimes we would even go check if people work overtime. We would check all the activities of the company, and its corporate culture. The fast growth of a firm cant be solely reliant on performance data. There must be a mission, vision and values behind it, which we especially value. When you take a look at the office inside the company, you would see many people look lazy or are sleeping, or running instead of walking, which reflects the state of a company.

艾诚：在你过去18年经营旅游行业的创业过程中，发现偶尔做一些天使投资的回报也很高，为何不继续投，反而回归到实业只做产业投资呢？

Gloria Ai: During the 18 years of business operation in the tourism industry, you found out that occasionally the return of angel investments could also be very high. Why did you return to industrial investments only instead of continuing with angel investments?

洪清华：我觉得首先是企业，我们企业也在不断做强做大，需要我更专注在这个行业里面，专注在我的企业本身里面。第二，每个人的人生都有一个意义系统，比如我认为我就不仅仅是为了赚钱，我就应该在某一领域里面做到出类拔萃，这是我在大学创业时候就想的，不管哪个行业，我一定要在这个领域里面出类拔萃，为这个领域里面做点事情，这是我当时所想的。

Qinghua Hong: I think my company is my priority. Our company is constantly growing stronger and bigger. I need to focus more on this industry and my own business. Secondly,everyone has their own life purposes. For example, I think my life is not just about making money. I should strive to be outstanding in a certain field. I have had this thought since I started my own business at school. Regardless of industries, I must be outstanding in a certain field and do something for this field. This is what I thought at the time.

故事二：

Story No.2:

2008年，中国旅游业进入大众消费时代，游客数量越来越多，产业蛋糕也越做越大。2013年，我国旅游出境人数首次跃居世界第一位，并将第一的位置连续保持到今年。

In 2008, Chinas tourism industry entered the era of mass consumption with an increasing number of tourists and a larger industry scale. In 2013, the number of Chinese tourists traveling overseas ranked first in the world for the first time, and maintained at the top todate.

然而数字表面光鲜的背后，是令人诧异的事实：中国有三万多家景区，80%却都处于亏损状态；三万多家旅行社，大部分都挣扎在生死线上；12830家星级酒店，全行业亏损，每一年损失达到几十亿。

However, behind the fascinating numbers hides a surprising fact: 80% of over 30,000 scenic spots in China are operating at a loss; most of over 30,000 travel agencies are struggling to survive; 12,830 star hotels are losing money. The loss of the whole industry reaches several billion yuan on a yearly basis.

洪清华有著他自己的思考：游客要的是住在风景里，而我们往往给的是城市中心，游客要的是说走就走的旅行，而我们提供的很多是绑定的线路；游客要的是当地特色美食，而我们供应的却是标准团餐。总而言之，我们提供的，都不是游客想要的，只有IP，才是旅游产业的新密码。

Hong Qinghua has his own thoughts: tourists want to be surrounded by the scenery, yet we often offer city views; tourists want an impromptu trip, yet many of the travel routes provided are fixed; tourists want local specialties, yet we supply standard group meals. All in all, what we offer is not what tourists want. Only IP is the new key to the travel industry.

就像国内主题公园的大佬，虽然曾经对迪士尼将美国风格的品牌带到中国表示不屑，但对比上海迪士尼乐园仅一年就吸引1100万名游客、仅一年就实现盈利的境况，国内主题公园的客流量却一直令人失望。

Take the tycoons of domestic theme parks as an example. Although they despised Disney for bringing American-style branding to China, Shanghai Disneyland attracts 11 million tourists and achieves profitability within just one year. In comparison, domestic theme parks traffic has been disappointing.

按洪清华的逻辑，「旅游投资并非没钱赚，而是投资要有专业性」，说到此处，他开玩笑地说：「跟著洪清华投可以」。

Based on Qinghua Hongs logic, "Tourism investment is not non-profitable, but investments must be made professionally." At this point, he jokingly said: "You can follow Qinghua Hong and invest."

艾问洪清华：为什么80%的景区都亏损？

Why are 80% of the scenic spots losing money?

洪清华：第一大坑就是做主题公园，投资100多亿，五六十个亿，然后在一个三四线城市，其实那个市场都很难支撑的，你投进去了。表面上一算，那个地给你零地价，甚至是很低的价格，好像你算得过来，其实最后算不够账。因为你的旅游本身没做好过后，你给土地的增值空间是有限的，所以就亏了，这是第一。

Hong Qinghua: The first big trap is to invest in a theme park, which costs more than RMB 10 billion yuan or 5-6 billion yuan, and locate the park in a third- or fourth-tier cities, however infact, the market cant provide enough support for your investment. It seems cost-effective when the land costs you nothing or minimum investment, but eventually the revenue cant cover the costs. You suffer losses due to bad tourism management and limited raise in land value. This is the first trap.

第二大坑就比如市场上很多渠道，在线旅游的公司很多以前有各种各样垂直类的公司，很多天使投资、风险投资进来的时候，整个在线旅游公司一年有几十个投资案例，最后一看还是不赚钱的，甚至有很多倒闭的，这也是一个坑。看起来好像市场很大，其实很多里面已经形成定局的地方，其实你已经错过了那一轮风口过后，错过了那一轮机会，你不能再投了。

Secondly, for instance, there are numerous channels in the market. Many online travel companies used to have a variety of vertical companies. When many angel investments and venture capital kick in, dozens of online travel companies receive investments in the entire industry within a year. In the end, many of them couldnt generate profit and even endup in bankruptcy. This is also a trap. It seems that the market scale is large. In fact, the market has already formed a fixed layout. Once you missed the round of investment opportunities, you cant invest any more.

第三个，比如你看重了很多景区，你说应该是自然增长30%、40%，一口气投进去，七八个亿、十几个亿，有很多。很多你投的钱都做了景区的基础设施，但并没有增加景区的吸引力，没有增加景区消费的项目，没有增加景区二次吸引大家来的项目，最后投进去，一下子觉得游客量并不增长，相反还降低了，这也有的。

Thirdly, lets say you eyed a lot of scenicspots and expected a natural growth of 30%-40%. Then you invested in a lump sum of seven hundred and eight hundred million yuan or over a billion yuan. You invested a lot in the infrastructure of the scenic spot, but did not increase the attraction or consumption opportunities of the scenic spot or motivations for tourists to visit again. Consequently, the number of tourists didnt go up. It sometimes even went down on the contrary.

第四个，现在的文创行业里面，旅游买买买，你看以前旅游购物都是赚钱的，很多人认为现在应该要整合了，重新投资游客服务中心、旅游综合体，亏了。游客服务中心，现在中国很多投资一个多亿，甚至投资七、八个亿的都有，没有一个赚钱的。

Fourthly, in the current cultural and creative industry, people shop a lot while traveling. You see that travel shopping used to be very profitable. Nowadays, many people think that travel shopping should be regulated, so they reinvest in tourist service centers and tourism complexes, and thus lose money. A lot of Chinese investors invest morethan RMB one hundred million, or even seven or eight hundred million in building tourism service centers, but no one makes a profit out of it.

故事三：

Story No.3:

虽然在OTA领域还暂未形成BAT三分天下的格局，但三家也是寸土必争。11月26日，同程艺龙在香港联交所敲响上市的响锣，最开心的莫过于其背后「金主」——腾讯和携程。

Although the Online Travel Agency (OTA) sector hasnt been dominated by the three monopolies, Baidu, Alibaba and Tencent (BAT), they still compete fiercely for market shares. On November 26th, http://LY.com and eLong were listed on the Hong Kong Stock Exchange, and the happiest ones were the "investors" behind them - Tencent and Ctrip.

但相比于「腾讯系」的同程艺龙、「百度系」的去哪儿、「阿里系」的飞猪和穷游网，洪清华的「驴妈妈」总有些显得格格不入，似乎刻意与BAT、主流OTA保持著一定的距离。

However, compared to the http://LY.com and eLong from the "Tencent clan」, Qunar from the "Baidu clan", Alitripand http://Qyer.com from the "Alibaba clan", Qinghua Hongs Lvmama doesnt seem to fit in. It seems like he is deliberately keeping some distance from BAT and mainstream OTA.

实际上，在驴妈妈2008年成立之时就已获天使投资。2009年，驴妈妈完成数千万元的A轮融资。2010年，又获得红杉资本和鼎晖创投的B轮亿元注资。2011年，驴妈妈的C轮融资，投资方为江南资本与红杉资本。2013年驴妈妈的投资方为线性资本。

In fact, Lvmama obtained investments fromangel investors when founded in 2008. In 2009, Lvmama completed the A round financing of RMB tens of millions yuan. In 2010, it also received the B round capital injection from Sequoia Capital and CDH Venture Capital. In 2011, Lvmama received the C round financing from Jiangnan Capital and Sequoia Capital. In 2013, Lvmamas investor was Linear Venture.

只是这些投资方的身影中，未曾出现过BAT。走得早，并不意味著走得远。身为市场先行者的驴妈妈，面对雄心勃勃的BAT，不知在资本市场上是否会显得捉襟见肘？

However, BAT was never among the investors. Starting early does not mean going far. As a market leader, in the face of ambitious competition from BAT, will Lvmama be able to handle BAT in the capital market?

洪清华对此有著自己的解释：「刚开始，我就是要拿天使的或者拿纯粹VC、PE的钱。越到后面，我越是觉得更多应该要产业的钱，所以我没有拒绝任何的钱，我只是选择了当时最适合我的。」

Hong Qinghua has his own explanation for this: "At first, I just wanted to take investments from angel investors or purely VC/PE. Later on, I started to feel strongly that I should have asked for investments from the industry. I did not refuse any investments. I just chose the ones that were right for me at the time."

艾问洪清华：BAT的钱，你不要？

You dont want BATs investment?

洪清华：我是这样的一个融资逻辑。刚开始我就是要拿天使的或者拿纯粹VC、PE的钱，因为他们就是为了赚钱，他们就是要想赚钱，帮助我企业成长，它能赚钱，很单纯的。所以刚开始的A轮、B轮、C轮都是这些钱，到了D轮的时候，我觉得这时候别人出来给我钱之外，能够给我在产业上带来帮助，所以我就要了锦江的钱。越到后面，我越是觉得更多应该要产业的钱，所以我没有拒绝任何的钱，我只是选择了当时最适合我的。

Qinghua Hong: My financing logic is as follows: at the beginning, I just wanted to solely take investments from angel investors or VC/PE, because they just wanted to make money. Helping my business grow can realize that, which is simple logic. So I received same types of funding during the A, B and C rounds. When it reached the D round, I felt that besides from funding support, I could also use some industrial support, so Iaccepted Jinjiang Internationals investments. The later the stages were, the more I felt that I should have obtained more investments from the industry practitioners, but I did not reject any funding offers. I just chose the one that were right for me at the time.

艾诚：这样的融资经历对你现在做投资的时候有什么帮助吗？

Gloria Ai: Does such financing experience help you when you make investments now?

洪清华：有帮助，我融过钱就知道资本需要什么东西，资本哪一些看法是对的，哪一些看法是不对的。也有投资人有一些建议对我有干扰的，但是我们要正确地去看待。所以这时候我就知道我既是一个创业者，又是一个投资者的时候，我就以创业者的心态来看别人，来做投资，这个成功率会更高。

Qinghua Hong: It is helpful. Since I have raised funding before, I know what investors desire for and whether their viewpoints are right or not. There are times where investors suggestions interfered with my own vision, but we have to treat it objectively. So at this point, since I know that I am both an entrepreneur and an investor, I will evaluate opportunities with the mind set of entrepreneurs and make investments, which has a higher success rate.

艾诚：对于正在成长为企投家的朋友，你有什么想对他们建议的？

Gloria Ai: For those who are transforming into entrepreneurial investors, do you have any suggestions for them?

洪清华：如果要做企投家，第一步要做好企业，第二步再以做企业的心态和理念去做投资，你一定能看清那个企业的本质，一定会少有很多坑，少趟很多坑，这个是很重要的。先做投资的，再做企业的，很多就是资本助长的模式，因为他那时候看的是大势。

Qinghua Hong: If you want to be an entrepreneurial investor, the first step is to manage an enterprise well. The second step is to make investments with the mentality and belief of operating abusiness. In this way, you can certainly see through the core of that enterprise and avoid a lot of traps. This is very important. If you start with making investments and then operating a business later, it would be acapital-supported mode, which is reliant on the macro market trend.

我看了好几个先做投资、再做企业的企投家，他是以投资的理念去做企业，和以企业的理念去做投资，其实两种不同的方向，没有谁对谁错，但是你自己想走什么路。我觉得如果更稳健的话，是先做好企业，先懂得一家企业，再去做投资。

Some entrepreneurial investors who invest first and then manage a firm are actually managing a business with the mentality of investing, which is the opposite direction of making investments with the mentality of operating a business. There is no right or wrong. Its your choice to choose a path for yourself. But I think the more reliable way would be to manage a firm well first and understand a company, then invest.

—END—

推荐阅读：