Xie Reviews Top 10 of internet companies

The intermediary transaction SEO diagnoses Taobao guest stationmaster buys the Cloud host technology Hall

Excerpts from Views:

According to the two-quarter income scale, the ranking is probably like this, Tencent first, grand second, NetEase third, Sina Four, Baidu V, Sohu Six, Ctrip Seven, nine City VIII, Tom Nineth, worry tenth.

If Tencent's turnover is not as impressive as Lenovo's, its net profit is 38% if you consider profits. You might as well take Lenovo's earnings to see, tens of billions of of the turnover, profit is not necessarily more than Tencent.

The internet is a sunrise industry, full of opportunities and risks, but also full of rich desire and career success of pride. Some people say that the internet is no longer blue sea, in fact, we are just in the vast blue sea surface, glanced at, not more than five meters, just started.

If you consider the 10 Internet companies that I mentioned just now, they are not state-owned enterprises, all of them are listed in international capital market, what do you mean? In fact, we are Township enterprises, is laid-off farmers, we do not account for the country's cheap, we actually social status is not high, all rely on this more than 10 years large and small companies, with their own labor, with their own brains, with their own hands diligently created.

Tencent is the most dynamic, healthy and promising company in the Internet to date. Followed by Baidu, the third is Ctrip. Ctrip's profit and profit growth and stability, management substitution, business expansion, first booking after the sale of tickets and so on, these three are my personal very admire the company.

If you want to start a business, or have started a business, or are willing to do observation, I think the problem may be a macro point to see the problem can be a little more stable.

If there is more than a company to the advertising, internet value-added, wireless, games four have done: Four legs Tencent, three leg netease, the rest are two legs, or push-up.

If the top five from the almighty said, I think the order or Tencent, NetEase, Sina, Baidu, Sohu, this is the Internet can participate in all-round competition.

Baidu obviously has not reached its peak, from its growth rate can be seen, more than 100 growth rate, the scale is still five, next year I can be sure it in the top three.

You'll find that the results are a total of 1.0 statements, no new guys. But the United States is different, such as Facebook, not only to say that its traffic, and now make Google, Microsoft, Yahoo in turns symbolize to flatter: I bought you this bar, you say how much money.

China's 2.0 I said on different occasions, the collective handed blank failed. 2.0 seems to have made a piece of heaven and earth, but that heaven and earth is barren, not long crops, or evil, collected some of the ruffians to entertain themselves.

There is a qualitative leap in the overlap of life on the internet and in the net, which is what I think the real vitality of Facebook is.

Ctrip Everyone first reaction said Ctrip is not internet company, if tomorrow's Ctrip ctrip.com to pick a try, I estimate it's income off 70%, the site is its full core.

In China, I think it is necessary to respect the maturity of the Chinese market, the cruelty of competition and the needs of netizens.

In fact, we learned that the United States that little fur, is not the VC plus options added to the listing, we learned this point on the achievement of such a situation, as for the real technology development, innovation, the standardization of operational management, have not learned. Although this is not accurate, but generally can be seen.

Full-Text transcript:

1, the top 10 companies on the Internet two quarterly earnings overall comments

Moderator Liu Xingliang (hereinafter referred to as the host): Hello everyone, welcome to participate in magnanimous consultation and TechWeb jointly organized it Longmen, today is the seventh issue. This issue we have the honor to invite the senior Internet expert Mr. Xie to comment on the major internet companies. Mr. Xie can be said to be one of the witnesses of China's Internet development. Today's interactive guest is the President of generosity Consulting Mr. Cheng Tianyu, please welcome Mr. Xie and Mr. Cheng Tianyu below.

Cheng Tianyu: Hello, everyone. The Nasdaq-listed two-quarter earnings have been released, except for the audience. We think that basically the audience is not a pure Internet company, today we first please thank the total of the Internet companies, first of all, starting from the earnings, from the earnings click on the said.

Xie: Cheng Tianyu has hatred for me, he picked a topic of offending. I do not know if there is a company sitting on the comments, you find it wrong to tell me.

    Two quarterly bulletin, I do not know whether you are accustomed to reading the earnings, the future should be accustomed to read the quarterly bulletin. Those who spend money on public relations, or in a room of rhetoric, it does not count, true gold and silver to count. We see from the two quarterly quarterly, China's largest Internet companies should be not much, except Alibaba and Google did not listed separately, I estimate probably the top 10, others are listed companies. According to the two-quarter income scale, the ranking is probably like this, Tencent first, grand second, NetEase third, Sina Four, Baidu V, Sohu Six, Ctrip Seven, nine City VIII, Tom Nineth, worry tenth, behind some listed companies, are relatively vertical or too small. It should be said that in the past more than 10 years, or every financial results are seen, but today Cheng Tianyu give me these figures, still very feeling. Tencent, for example, has the biggest income. Tencent's revenue for a quarter of more than 110 million dollars, in exchange for renminbi, is almost a quarter of 1 billion, his income this year should be between 4.5 billion to 5 billion, if this figure to go with what Lenovo is not as surprising, if you consider the profit, its net profit is 38%. You might as well take Lenovo's earnings to see, tens of billions of of the turnover, profit is not necessarily more than Tencent. Still quite proud of it, say this is to bring your children into or a little truth, this is a sunrise industry, full of opportunities and risks, but also full of the desire to make a fortune or a career success of pride. If you consider the 10 Internet companies that I mentioned just now, they are not state-owned enterprises, all of them are listed in international capital market, what do you mean? In fact, we are Township enterprises, is laid-off farmers, we do not account for the country's cheap, we actually social status is not high, all rely on this more than 10 years large and small companies, with their own labor, with their own brains, with their own hands diligently created. Rough calculate, light from the public company this piece, I estimate the direct income of our industry accounted for more than 2/3 or 3/4, this industry scale should be around 20 billion, do not say because our internet services stimulated a lot of people buy a PC, to buy ADSL, if you take into account the surrounding countries, That's a number of billions of big business. I think this industry is still sunrise, some people say that the internet is no longer blue sea, in fact, we are just in the vast blue sea in the surface, look at a glance, not more than five meters, just started. Quarterly bulletin if from the industrial point of view, I know that the back Cheng Tianyu also forced me a company, we first said the whole.

I believe all of you here are IT employees, we are all a business. I believe that before 96, you tell your parents what to do, who said that their children do the Internet, is definitely the child has a problem. 2003 is the Internet really elated, our labor finally created value.

Let's talk about the rate of income growth. Income growth rate polarization, just sort is the income figure, growth rate of words is very interesting. The biggest growth rate is Baidu, which is 109% compared to last year, doubling its second-quarter earnings last year. The second high is grand, or is the future and Tencent, the minimum growth of 27%, this in my concept is healthy Internet company growth rate, we are now 11% of GDP! Below GDP growth rate you also said that you are the sunrise industry is not suitable. In addition to these four have a problem, NetEase 1.9%, Sina 11%, Sohu 14%, nine city 1.4%,tom minus 2%, worry 6.3%. If we leave aside the other reasons, we can see from the pure figure 1% to 10% annual growth rate compared with the same period last year, I am afraid there is a problem.

In fact, you rank 第一、二、三、四 and we have no relationship, but from the perspective of young people to join the care of this business, why Baidu can have a 109% growth, why Tencent so large scale only more than 20%? This from the profit margin, Tencent is 73% of the net profit, of course, this should not be too count, because we also know that the first few quarters of the grand put all the bad debts once cleared, but also very impressive, but the grand is playing games, its impact on the industry is also limited.

The other worst had 10% pure profits, a little better, 30%, 20%. This will make other industries think it is quite valuable, now say sell a TV to earn 1 dollars, sell a PC to make 5 dollars, often this, all rely on the volume, rather than on profit margin. If the average growth rate in the industry is below 15% below 10%, everyone will want to sell some elixir of life.

Another look at the income structure, we are accustomed to say business model, the top ten business models in the end how many are the money? There are four categories, advertising, Internet value-added, wireless, games. The game is a broad part of the internet value-added, but because of the emergence in China, it is taken out alone. I counted. Among the 10 companies, there are advertising revenue, or more meaningful number, 10 have seven, only the grand, the future and 90% of these three at least in its report, not listed, this number I estimate is not zero. This should be one of the most common and mature sources of income in the industry. Wireless now has five in doing, Tencent, NetEase, Sina, Sohu, Tom, we also know that the second quarter of the quarterly bulletin is Tom's last quarterly bulletin, so the top ten people have been out of the river, and have not got these figures.

Do four games, Tencent, Shanda, NetEase, Ctrip, do the internet value-added services, only two Tencent and Ctrip. Seven or five, three or two, if the horizontal than any company that four have done, four leg Tencent, three leg netease, the rest are two legs, or push-up. Of course Sohu said it has a little revenue, but it is not listed separately. So from the growth rate, imagine the space, or Tencent strong, not to mention the diversification of income, every quarter in the tens of thousands of yuan, his internet value-added income actually has four billion, more than a lot of company's income. Other portals do not do, why he does, why he can do? That's the problem. A lot of unlisted internet companies, ad revenue 7788 added up I guess this quarter also has about 5-1 billion, is also not small, so the Internet advertising as the first thing we live affirmation of the recognition, what can not get, on the point of advertising, but in turn it is certainly competitive, if you look at the history of the report, You will find that the net advertising gross profit margin is falling, early I do, when there are about 70% gross margin, now seems about 50%.

The game is definitely profiteering, if you do the right thing. Internet value-added services really bad, you go to Tencent to see, this five cents, that a piece of money, incredibly can make up this profit. Wireless we know, the original is the sky off pie, then changed the natural disaster, it is no way, basically 0 cents, only a few can earn money.

So in this sense, Tencent is the Internet to date the most dynamic, healthiest, the most development potential of the company. Next is Baidu, third I think is very healthy company Ctrip. Ctrip's profit and profit growth and stability, management substitution, business expansion, first booking after the sale of tickets and so on, these three are my personal very admire the company.

Other companies certainly have a lot of advantages, but I personally think that the challenge is also very large, there is a chance to say.

If the top five from the almighty said, I think the order or Tencent, NetEase, Sina, Baidu, Sohu, this is the Internet can participate in all-round competition. The other can be said to be the individual contestants here and there. If we change the angle, do not talk about the quarterly bulletin, you will find that there is a very high correlation, China's top ten, of course, you said some rely on the project, rely on wireless including to do game traffic reflects not out, but also similar. Baidu obviously has not reached its peak, from its growth rate can be seen, more than 100 growth rate, the scale is still five, next year I can be sure it in the top three.

2, the real vitality of Facebook is online under the network of the coincidence degree of life

If you are a practitioner, especially if you want to start a business, or if you are willing to do the observation, I hear there are famous bloggers, right? I think the problem may be a macro point of view, to see the problem can be a little more stable, you are the case sometimes is left hand hit the right hand, the day before yesterday just write an article, the next day what happened you deny yourself, there are famous events just fired two times and said not. This report definitely does not reflect, I used to strongly advocate 2.0 this matter, we take this quarterly, and the U.S. Internet listed companies after the report of the comparison, you will find this is completely a 1.0 statement, no new guy. But the United States is different, such as Facebook, not only to say that its traffic, and now make Google, Microsoft, Yahoo in turns symbolize to flatter: I bought you this bar, you say how much money.

I have a good and bad record in the industry, I will always be the first, unfortunately all halfway let people to slaughter. For example, 1999 do online games good, 2002 years good, Grand is 2002 years to do, 2007 is still pondering the game, I think you have to weigh your weight. China's 2.0 I said on different occasions, the collective blank failed, not to say that many 2.0 of the attempt, even now on the surface of the struggle, also not. 2.0 no aggression, such as the 10 companies just said, no one is a meeting to say which 2.0 companies, we have to be careful. 2.0 seems to have made a piece of heaven and earth, but that heaven and earth is barren, not long crops, or evil, collected some of the ruffians to entertain themselves.

    The biggest shock for anyone who has been in the industry this year or at the moment is Facebook. The 1th breakthrough is that it really highlights the real relationship called Real life, which is, for example, we have an IT Longmen on Facebook, and we can really go on the internet without having to run here, online. A few numbers are scary: 60% of Toronto citizens on Facebook, Microsoft more than 12,000 on Facebook, and Gates himself, why? Everyone is real, real relationship, and not like the General 2.0, we all farmers, men of the woman, cheat on the cheat, deceive us to another. What kind of society is that? That is called disorderly society, called Violent society. Everyone lives at the lowest level, and Facebook is a big breakthrough. Facebook is the world's first large-scale from the structure, operations, ideas to support people on the Internet to live a real social life, which has vitality, it starts than the myspace later, with a start on campus. Facebook has no attenuation momentum. You can look at his curve, the inflection point has not yet arrived, MySpace has arrived, the second it is open structure.

This, coupled with real relationships, has lifted the quality of virtual life on the Internet. There is a qualitative leap in the overlap of life on the internet and in the net, which is the true vitality of Facebook. Ten billion last year did not sell, now said to open 6 billion not to sell, it now earns billions of dollars. Of course, this takes several years of effort, need to scale two or three years of serious development, and also have a firm belief, never nonconformity, not by the public opinion. I have seen many people in the country have taste, style, integrity, how to see their company, their website I do not know, everywhere surrendered. Why now the Internet industry I do not move too much, there is fraud, demonized, catch the fight, schadenfreude. The internet is a big industry, the future is limitless, the culture of the Internet is quite threatening. Think back to 1999, 1998, 1997 we have not a little devious, do not dare to do. Now some children dare to buy traffic, you want to cut corners, now this industry has a foundation, the people who cut corners must die. We have the awareness of Comrade Xiao Zhou, first to do rogue software, and then to kill Rogue software. You do it now, you rogue 100 times times not like the 37,211. Like a city, like Beijing, you now try to rush the traffic lights again? If you are in the small county, you can red light, you try in Beijing, the road has a camera head. We work together to clear it out, evil remove, we are talking today is our treasure spire on those several, in fact, there are hundreds of small companies, if this we do not good, I dare to say that no one on the top ten.

3, Tencent in the overall strategic direction to grasp the closest Xie concept

Cheng Tianyu: Below I ask you to answer, or the combination of this, just you in the analysis of this report, now Tencent is basically more stable boss, Tencent is still doing something else, consumer-to-consumer doing, search is doing, you expect it will do this much? Is there any need to do this all the time and succeed?

Xie: I think Tencent in the overall strategic direction to grasp the closest to my concept, of course, my concept is not to us do not know. For example, MA says his ideal is to say that Tencent is a platform for online life, the so-called online life is 2.0 meaning, do not specialize in the knowledge of the Internet, as far as possible to move the network under the Internet on the line, if from this point of view, we live in real life always want to buy things, to get information, this is no problem. This is the pragmatic side of the Guangdong Internet company. Of course there is a degree of the combination of the two, I remember Ding lei seems to have said similar words, the Internet is a high-speed growth and change, when you say that all the internet to earn money, it is said that the past to make money or now to make money, or in the future is likely to earn money? In fact, to do a network operator is nothing but to do these things, one is to do the real money, one is to do the future money.

Cheng Tianyu: I feel like it's doing a search, that's what it does, it should be seen early, but why it grows late, and it doesn't grow very fast, and things like Facebook should now see, when should Tencent do it?

Xie: Tencent did not say that he every business to do the boss, he said that I have to do anything, I want to serve my users fully. In addition Tencent is more realistic, in order to come, Consumer-to-consumer now have money? No. The money is not closed now? So it's more about the structure of his whole platform, user feelings on the consideration, as you say why, since it said to do flat network, platform does not become 2.0 of the structure, I think this is the existing company structure, to change a proportion to do a thing more difficult, I have tried. Two pieces of skin, two logic, how do you integrate it? This thing, do not say to realize that do not realize, even if realized dare not to do? Do you have that level, it is very difficult. We say a few big companies, Google did not do, Google bought how many companies? MSN also did not, the MSN removed, to do live, is our idea of 2.0? Not necessarily. Like this building, we see the change hotel so convenient, so easy to change the hotel? Hotel office Building Change Hotel is not so convenient, but it is pumping the original device, especially in very high-end business users, there are listed companies to maintain a report, this is more difficult. But on the other hand, it is certainly necessary to reorganize and reinvent, and this is what we see, the internet is unlikely to be more than 10 years, and now the situation is evergreen.

Cheng Tianyu: Will Tencent's advertising revenue increase a lot?

Xie: Advertising is now said to be two categories, one is brand advertising, one is search advertising. Search advertising is still difficult to put on the agenda, plainly this piece is now Baidu Google two. Brand advertising I think from the law, Tencent has passed the bottleneck. Year 4, 500 million, I believe that next year it advertising 1 billion should not be a problem, over 1 billion what concept? With Sina, Sohu is an order of magnitude.

I think he's four legs, advertising narrowly, is Tencent it desperate to be with you, but you who try the Internet value-added services, who try the game, who tried wireless. So it is universally acknowledged that Tencent is an enemy of the people. He wants to do seriously, Tencent's portal is quite interesting, it went to the inside to spell a no problem.

Cheng Tianyu: There is a saying in the industry, said Tencent users of low age, low level of users, how this change?

Xie: This is also a challenge, Tencent is in Shenzhen? Shenzhen is Tencent, Shenzhen, the average age of the living population is the lowest in the big cities, there are advantages and disadvantages, children accept new things fast, so come fast. But it is true, especially to do brand advertising, mainstream advertising, really rich, if you that the proportion of money to vote too little, it should be a regret, to change this should be comprehensive, your whole city culture, I think now 2.0 no way to statistics. I like to say that the city is the meaning of the young have the advantages and disadvantages, one is to say that the children also want to grow old, and we look at the age of netizens, it is only more and more big, its loyal users will become more and more users, you have to serve him well. Shenzhen has a nursing home do not be surprised, people are to be old, people want to divorce, is to that age. Another is, this is not enjoyable, I would like to more actively to the mainstream, I have to take the initiative to go, that is, the introduction of middle-aged people, it is a very big project. That on the technical level may not be able to do, more is your taste cultural appeal, that is a comparison, to see the quality of the people he invited, your editor-in-chief, your various services.

4, NetEase said good point called pragmatic, said slightly bad point called short-sighted

Cheng Tianyu: Let's get together and say, Tencent this also calculate the portal, we said below the portal, growth rate is the lowest netease?

Xie: NetEase, yes.

Cheng Tianyu: The lowest growth rate is netease, it's a few years of game income is good, but its advertising revenue growth is very slow, has been on, it's the overall rate of growth is the lowest, you think NetEase is what company? The portal or the gaming company?

Xie: For a long time did not communicate with Ding Lei, NetEase is the most practical company, NetEase profit margin is very high, 56%. This is related to the pragmatic style of netease. Good to listen to the point called pragmatic, said a little bit of short-sighted. He did not do the portal, and later said wireless This thing is also bullied do not do, and then do the game, you can do the game, but do not throw ah, was once a portal old. He was the first one to do the wireless, and later this one was also thrown away, unwilling to be angry with birds. I think Ding lei himself very simple, very natural, but such a large company sometimes to restrain their own personal anger view.

Cheng Tianyu: You say this netease, NetEase community is very strong, also very famous, so that this is an opportunity, including like MSN, NetEase Why did not do such a thing?

Xie: I think the deep-rooted is two, one is 2.0. Strategic contempt, that it is not a real innovation, you want me the whole game I created a world, is the graphics of the world inside the fight and kill, that more than your blog better, today I can say is a misunderstanding. Again, as long as we don't make money now, we don't do it. For example, why are you searching again? is the search now to make money, but you search in the 80 's began, the 90 generation has a number of huge companies, a full 20 years, that is, the last five years Google breakthrough, other search companies are not satisfied, we when the martyrs, you become the favored. A commercial molding is to have the bottom, we follow people go, that is also a you can not have this advantage.

5, Sohu real problem one is mentality, one is the team, and then there is a strategy

Cheng Tianyu: So that is, from NetEase side we look at Sohu, Sohu now has ads have search, the game also earn a little, basically search and games are almost every quarter million dollars traffic it? From the business model, three is more, of course, the two have not grown up. Then is Sohu also always said it that portal matrix has the power, you think his portal matrix power is? Is it going to be a further development, or is it facing the problem now?

Xie: Sohu recently good, don't worry about how we look, at least a company has new changes, no longer relish, complacent with the achievements, I think this result may need several quarters to be reflected on the report, but this mentality has changed I feel very commendable. We also know that Sohu has always been a big brother, the glorious history of the self-styled. Can jump out of the brilliant, old blow is not. I think now you ask Sohu this is still two lines, Sohu, Sina, NetEase these three, have a very big reason is the income structure is huge change, the first two years is mainly wireless, now is the advertisement mainly, so this goes up, its growth rate is not good, but this has no way, the person is inferior to the day calculate. I think the key to Sohu is two, one is the mentality, we are happy to see the recent state of its mentality has been a little bit, of course, and the 2008 Olympic Games in this place, I personally think it is a bit illusory feeling. Feel that by the 2008 Olympics, we will be able to elated, in the United States I participated in two Olympic Games, see NBC,NBC a buyout three at that time red, white and blue three channel, thought this advertisement is very big, finally is a huge loss, the Olympic Games again great is only an event, also play a tens of millions of times times so an effect, It's over in one go. But it definitely does not translate into a company's core competencies.

The real problem of Sohu I am afraid is still in a mentality, one is the team, and then another is the strategy. I am not very understand Sohu's matrix, matrix what meaning? You have to learn mathematics, the matrix is a few times, and then between the two, there is a relationship can be changed, and then can become a number of models, resulting in a resultant force. Sohu These individual domain name can organic contact? I don't see it. I was in the last I said in Sohu, I am not behind the people say, I am in Sohu in front of their face said, a domain name, do not do so many domain name do? The same is true of recent mop. What 17173 Ah, focus Ah, these things become a channel is over, not advertising to fight, then something? If you are obedient, you will keep it. We now have an internet company, there is no such operation and administrator, you ask yourself, nothing more than to indulge some reality, not willing to face the pain of integration, the result is not integrated more painful, you give it a makeup, called Matrix.

I think if I want to sohu this change, first from the mentality of change, and then attach importance to technology, to get to the real depth of integration of the road, can walk 2.0 this piece, in fact, Sohu is a pretty good foundation, once good. This is my opinion, opinion, Bu Weixun, everybody talk casually.

    6, if Sina voluntarily pianan in the Internet media, that is understandable.

    Cheng Tianyu: Sohu is finished, let's look at Sina again. Sina's advertising revenue has been rising for almost a year. Once the boss now in terms of total income, now is ranked fourth.
  
    Xie: Growth rate is fifth.
  
    Cheng Tianyu: Many people think that Sina is a pity, once the first portal now become this way, please give us analysis and analysis of its inevitability.
  
    Xie: There are several conceptual issues that I don't know, and I don't want to put this in Chen's mouth. So what is the concept of the portal in this year? Jiuqi year, the portal is full package. Now at least according to Sina come out of view, the portal is equal to network media. The portal has shrunk to a very small piece of the concept, because the Internet has developed to today, the network media is only the whole network world is very important, but also according to its 1/4, 1/5 this position, so Sina someone has a view, Sina is a news, do not search, do not play games. If Sina really from the strategic support of the Board of unanimous opinion, we are doing online media, I feel understandable. Because as long as this definition, you are old four, old five, perhaps in a few years is old 10, because that market is so big. If it is consciously and automatically so positioned, the board agreed, I think other people also say what. At least according to the past the definition of the portal, we originally China's door to Jerry, the portal must be three bulk of IM, email, search. The position of the past Jiuqi years is like this, and now after 10 years, so we are cut corners. So I think Sina is willing to such positioning I think it is also good, of course, from another sense is also the case, regardless of brand awareness, in a certain period of comprehensive service, a variety of rankings, once Big Boss has now consciously contracted to be willing to network media, or very sorry.
  
    Cheng Tianyu: There is a saying on the internet that Sina, due to the relationship between professional managers, will concentrate on quarterly earnings, so he doesn't do anything else. Can you stand it?
 
    Xie: I think it's a difference between the entrepreneur and the professional manager, which is a possibility. For example, Sina now to management to benefit, one is not called innovation to benefit, to be management benefits, we want to innovate efficiency, on the one hand said is good, improve the management level, I heard that Sina tube is every piece of paper has provenance, a company tube to hereVery good. But management efficiency is not the main source of new benefits, this is my view, a company management, some managers are good, he has management benefits, but also constantly expand new areas, complementary. The ratio is probably 30%, 70%, 30% is new, 70% is the original things to do refining. I think this is also to ask the board of Directors, if it is an active choice, then I think it is meaningless to interrupt.
  
    Cheng Tianyu: In terms of earnings, Sina now has a maximum cash price of $ more than 400 million trillion. In fact, I do not understand first, these companies have cash to do, or what the cash can do?
 
    Xie: Google also more than 10 billion cash, this money and make money as hard, or even more painful, spend money can be effective? Can't you see the next winter? These are all, and the renminbi is appreciating. It is good to take and appreciate, of course, from a company's attitude, in fact, Sina's early capital operation is still satisfied, there is no movement. For example, NetEase, NetEase also more than 3 billion, nearly 4 billion, anyway, ctrip I know the internet company's only dividend, six months to shareholders dividends. Sina itself said that spent a lot of money to buy a lot of companies, and sometimes very painful, so this is not necessarily, but if your company does not grow, but the internet industry has a lot of emerging areas, it is possible to flank you from behind, you just keep, passively guarding not. That time I feel sure to do, should do, you stretch out a piece. Why Google buys YouTube is the truth. Sina also has I think he should be very good at good, some may be unknown, there is big strategy, but in short, Sina is now from this two legs, for a while this leg long, that leg short.

    7, Baidu's top priority is search and community integration

    Cheng Tianyu: That is to say that advertising revenue said there are two, one is brand advertising, one is search advertising, from this report, Baidu's search advertising has surpassed Sina, and Baidu's high growth rate is very high, if Sina and Baidu to compare words, We can clearly see that the search-type ads will be very fast, so that the Internet media is exploited by the search engine, do the content of others a search, so in fact, the threat of Sina's impact is still greater.
  
    Xie: Of course, from the technical point of view is not the same, one is the brand, one is the real sale of goods services. Brand advertising is not likely to go to small and medium-sized companies in the past. But broadly speaking, if the United States today is our tomorrow, we can see that Google today, Google is a monopoly. Yahoo earns a lot of money, the real horror is that Google it is now strong enough to be around the advertising market pricing power, I these 1000 clicks what price, you that what price, you originally 50 pieces I now 25, you have to follow me down to 25, this is very scary. Google's more than 150 billion market capitalisation makes sense, and he gets pricing power that is pervasive. In fact, the more traditional advertising everyone can be vigilant, the new advertising situation has taken the initiative, the back of the Pioneer 2.0 is not a saying that MySpace and Facebook income every cent from Yahoo Rob. He's going to be surrounded by the back, when to outflank Google's revenue, perhaps another one, in this drastic change, we believe that the real inflection point in China, is that Baidu is now far from that weight, over two or three years, if it does not make that mistake. Of course this Baidu situation than Google nearly, because there is a Google in China.
  
    Cheng Tianyu: Another did not see Baidu to buy these.
  
    Xie: Baidu is now too small, just in the high-speed growth period, Baidu more important is you want to innovate, now you take the news photos, community class things do well, traffic I looked at, True search only accounts for its total traffic 40%, the remaining 60% are those MP3, stick this category, has not been the traditional concept of search. From the perspective of production efficiency, 60% yield benefits are probably far below 40%. So the next step is what Baidu's strategy is.
  
    Cheng Tianyu: Does it also face continued search or community?

Xie: So Baidu's real challenge is innovation, can be in the next big vantage point can be innovative, or the current priorities of integration. Community and search organic integration.

8, Ctrip is the core of the website, the contribution of Chinese society is greater than the surface

    Cheng Tianyu: Then these are basically said, the remaining Ctrip, Ctrip you just said, very optimistic.
  
    Xie: That is my preference, because I go out forever with Ctrip, feel can also 70, 80 points, very good.
  
    Cheng Tianyu: Maybe we don't have you so much used Ctrip services, you tell us about Ctrip.
  
    Xie: Ctrip Everyone's first reaction said Ctrip is not an internet company, if tomorrow's Ctrip ctrip.com to pick a try, I estimate it's revenue off 70%, the site is its full core. As for the implementation of the phone, or offline, in my concept are all internet second. We buy books or goods to pay, according to the United States, you want to online without credit card that is what e-commerce? This is the Chinese characteristic. I personally feel that Ctrip's contribution to Chinese society is greater than the surface, it put the whole hotel, business travel, the earliest business travel this industrialization, a complete break. When I went to America in the 80 's, it was completely computerized and database. China's entire Ctrip appeared to the present free line, including business travel, booking, air tickets, heard that there are car rental and so on, the whole of this industry I feel forward 20, 30 years ahead. is an internet industry to the Internet practice, the entire industry revolutionized, before this we still stay in very early stage, but also call friends, you help me chop, every time out of the human debt. This is the Internet's contribution to the modernization of Chinese society. In fact, we all know the contribution of Internet media, but from its depth, the whole industry cut off a lot of middlemen, now Ctrip is the Public Enemy of Tourism festival, who know that the highest rebate house, they dare not offend, it is a booking volume is the Chinese brigade, the Country Brigade, Cyts three home integration.
  
    Cheng Tianyu: Then there's the art dragon.
  
    Xie: Long did half-hearted. Bought sold, sold bought, muddled also listed. It didn't carry Chengjian like that career. Or do a line of love. Otherwise the pain in the middle is not what you can understand, of course, for me is a positive enjoyment. Ctrip another point, changed three CEO, founder basically all left, but this company people change God not scattered. Ctrip always maintains a level of enterprise management, which I think is much higher than anything else. As for the art Dragon now becomes a subsidiary of a foreign company, that is, there is no independent thing, become someone's little finger, you can expectWhat's the fuss? So that's it.
  
    Cheng Tianyu: In this China's relatively large internet companies are not listed, but also worthy of our attention? There is Alibaba, Alibaba this situation, not to be listed this year? Just a simple estimate of your estimated Alibaba if the listing, it's this position is probably in what position?
  
    Xie: I only comment on the top 10 of existing listed companies. I am, after all, the relevant person, in such a sensitive period less to say. You can't say a good word.
  
    Cheng Tianyu: Let's avoid Alibaba.
  
    Xie: This is beyond the scope of today's commentary.

    9, the real reason for foreign giants to Cropper in China
  
    Cheng Tianyu: I have one last question, has been saying that foreign big internet companies have grown up after entering China, or encountered localization problems, this is also a lot of comments, how do you look at the question
  
    Xie: This is also a variety of interviews I said, On the one hand we should see that foreign large companies we have a count, none of the very beautiful performance, have not reached its original intention to enter China. Each has its own reasons, a common cause I am afraid of is localization, localization including product localization, management localization, localization of operations, of course, it as a part of large companies, there must be a unified thing, but China is the world's most populous, netizens immediately become the world's largest population, is expected in two or three years probably the world's first. Coupled with the economic development, coupled with the Internet users have specific online needs, we are the first network game in China, the earliest out of the SP. As for China, I think it is necessary to respect the maturity of Chinese market, the cruelty of competition and the demand of netizens. This is one of the points, the most second there are some companies big, strict procedures, these with our internet industry three ideas a day, with this rhythm than to eat a little loss. Of course, strictly speaking really wholeheartedly, large-scale investment in the Chinese market, to their true nature, not by mergers and acquisitions, Google a home. Yahoo came in 1998, early in the small, ebay and Amazon are acquisitions, and then transformed. Only Google. Now more than 500 people seriously, but it is just the latest one. The first is not to intervene, a year to prepare, a year to warm up, this is the third year of starting. So it's hard to win. But on the other hand, I said everywhere, do not have a voice in the industry, China this play only Chinese people can play, foreigners played the whole halo, in fact, we learned to the United States that little fur, is not the VC plus options on the listing, we learn so that the achievement of such a situation, as for the real technology development, innovation, The standardization of Operations management, although this number is not accurate, but generally can be seen. You go to see Yahoo, Google, MSN, you see by country, the flow of the United States is probably all 30%40%,60%, 70% is the world. So the real world of the United States is global, on the one hand, the weight of that, so the big, indeed under that large river, including China's level is still limited. But on the other hand, the real hard work of those companies, the real thing, we do not belittle, do not localize, that something? Just to Beijing acclimatized Sandstorm or something, on this matter, the time is in place, it launched the power to a terrific. The IT company that we talked about, 80 years of hardware company, the 90 's software company. Today, the boss is still the boss, IBM high-end machines, including Microsoft's software, the early IBM has struggled for nearly a decade, Microsoft actually quite a period of time also struggled, originally he unified, because the localization, the price and the Chinese situation is completely inconsistent, I feel rather in, on the one hand fortunately they have not issued the full effort, Still have the opportunity to let us gasp, on the other hand we still good studious, do not rise to the theory what I see, no, the foreign company is gone, we can. Are you sure? Aren't you listed and still in the United States? (Zebian Admin01)