Earnings Call: H2 2019

Mar 30, 2020

Good afternoon. Thank you for joining us. We have our members of management in attendance. Our company secretary will go through the results, highlights, and company's business operations for you. 大家好，我是公司的董事会秘书，欢迎各位参加今天下午的会议。上周五公司已经发布了业绩公告，那么今天接下来的时间，我们愿意就大家关心的问题展开讨论。 Good afternoon. Thank you very much for joining. Last Friday we announced our results already. Today I think it is a very good time for us to have an exchange on issues or topics that you are interested in. 那么先简单提一下这个疫情。大家都知道，这次疫情对民用航空业造成了非常大的影响。这次疫情比2003年SARS对航空业的影响，应该说程度更深入，范围更广，造成的损失也更严重。在过去短短一个月的时间里，国际航协就将这次疫情对航空业造成的损失，由USD 259亿上调至USD 2,520亿。国际航协预测，整个行业今年预期收益下降44%。 Because of the epidemic, there has been very big impacts on the civil aviation industry. The impact was even bigger than during the SARS outbreak in 2003. The impact has been bigger, wider and the lost cost was even bigger. Actually if you look at the past one month, there was a projection about the total loss in the industry. Originally, the estimated loss was $25 billion. However, later on it was being revised upwards to $252 billion. And in terms of the income or revenue for the industry, it will actually be down 44%. 航信的业务也受到了严重的影响。我们3月20号也以内幕消息公告的形式，发布了公司前两个月的运营数据。仅仅在2月份，公司各系统处理中国商用航空公司的旅客量就下降了83.55%，外航处理量下降了94.83%。 In fact, our company's business was impacted very, very significantly. On the 20th of March, we already announced our operating results in the first two months. As of the month of February, if you look at the airlines, number of passengers actually was down 83.55%. For overseas foreign airlines, they are down 94.83%. 所以疫情对公司业务的冲击是很大的。不过经过公司上下员工的共同努力，到目前为止，我们保持了北京园区，因为我们是集中办公，北京园区各分子公司及海外分支机构零疫情，员工也保持了零感染。系统是7乘24小时运转。目前我们复工率达到100%。当然我们是做系统运行的，所以应该说我们的系统也没有中断，一直是复工率接近100%。所以除了业务量的下降，公司的整体运营都是正常有序的。 This epidemic has dealt a very heavy blow on the industry as well as our company. However, all our teams, all our employees and staff members have been working very hard together. If you look at our Beijing industrial park and also all our overseas branches and offices, there is zero case of the disease and there is also a zero infection. We are operating around the clock on 7 times 24 basis. Our work resumption rate has been 100%. Because we are operating a system and there is no disruption to our system operation, even though our business volume has come down. 那么今天我们这个公司CEO肖总、总会计师副总经理李劲松也都在这个会议在线上。那接下来我们愿意就大家关心的问题展开讨论，那么请公关公司协助大家接入这个提问。谢谢。 We are more than happy to take your questions here together with our Chief Accountant. Now operator, can you explain the Q&A procedures please? Get the first question in. 谢谢，谢谢于先生。现在开始提问环节，如果您需要提问，请在电话机上按01，当我们念出您的名字后，可以开始发问。取消发问请按02。If you would like to ask a question, please press 01。现在第一个提问的是来自Daiwa公司的Kelvin，有请。你好，肖总、于总、李总，还有盛颖姐，你们好。谢谢你们抽空跟我们举办这个电话会议。我有几个问题想问一下。第一，应该很多投资者也比较担心你们在单价那边会不会有压力，因为特别现在疫情对于整个航空业的影响也蛮大的。如果看到以前，历史上面，我记得好像你们03年的时候曾经也砍过一次，但是08、09年那一次金融危机的时候好像也不需要砍了。那个时候我记得是收购ACCA的，还把派息增加了。所以我想问一下，管理层在对于帮助航空业那一块，你们会有什么政策出来呢？会不会需要砍价？或者是反过来，会多派点利息给母公司，让他们可能去帮助一下航司那一块？这个是第一个问题。那让翻译先翻译一下吧。 I would like to know, first of all, whether you have felt any pressure in relation to your unit price, the average selling price. Because now the impact from the epidemic is very big. In 2003, you had got that experience already once, then in 2008, 2009, you did not cut the price. In fact, there was the acquisition of ACCA, so price actually went up. Do you have any policies to help the airlines, for example, by reducing price? If not, if you are not going to reduce price, are you going to pay more dividends to your mother company so that your mother company can offer some kind of supportive measures or assistance to airlines? 关于你说的单价的压力，因为目前我们跟航司所有的协议都是标准化的一个协议，所以我们在大的协议方面还是保持原有的政策不变。对于你提到的航司，包括下游的旅行社代理人，他们确实承受了非常大的压力。应该说我们对此感同身受。但从目前来看，我们政府、民航局也出台了一些要求，号召信息化的企业，也在收费方面有一些优惠。针对信息这一块，民航局的规定它没有硬性的要求进行减免，只是鼓励信息化这方面的企业给予航司、给予旅行社一些优惠政策。所以目前我们的想法是，既然整个行业现在处于困难时期，所以我们对于政府号召的，比如说航司涉及到退改签的一些方面，过去我们在大协议里是要收取费用的。比如说我们有一个叫no show，所谓no show就是说你已经购了票了，但是没有去登机，这个方面我们在协议里是要收费的。但是在这个政府的新的规定里，在疫情期间，我们对于退改签，包括no show的一些旅客，我们可能就要给航空公司给予一些优惠。请翻译先翻译一下，谢谢。 First of all, we have got agreements in place which are standardized. In terms of these standardized agreements and terms, we are not going to change the policies, the policies will remain unchanged. We understand that the downstream travel agents are experiencing huge pressure, and we can feel that pressure ourselves as well. The government has put forth some requests about concessionary policies from information informatization enterprises. The government encourage us to offer to airlines and travel agents some concessions. In fact, according to the standardized agreement, there would be some fees and charges on cancellation or reroute of tickets. For example, on no show, if tickets are bought, but then the passenger did not board the flight, then still there is a fee involved that has to be paid. Now we are thinking of offering concessions in the cases of no show and also cancellation or change of flights and so on. 关于对下游旅行社代理人，因为很多旅行社代理人他们规模还是比较小，现金流等等方面也出现一些问题。在这个方面，我们目前也考虑给予那些规模比较小的旅行社代理人，一定系统连接方面、通讯方面、网络方面的收费给予一些优惠。 For downstream travel agents, many of them are quite small in scale, and they also suffer from cash flow problems. For the smaller travel agents, we are thinking of some kind of concessions in terms of the system connection and also data network fee. We may be offering some concessions in these areas. 但是我们在整个疫情的过程中，航信也受到非常大的冲击和压力。所以我们无论是给航空公司还是给旅行社下游的一些优惠，应该说我们都是量力而行的。我们首先要考虑自身的运营的情况。其次要考虑整个行业的健康发展的结构需求。在这样的基础上，结合自身的能力，适当地给予一些优惠。我的回答完了。 Given the epidemic, we ourselves are under very huge pressure and we have been dealt a heavy blow as well. Concerning giving support or help to the downstream, we also have to assess our own capabilities. In doing so, we also have to take into consideration the healthy development of the industry and also our own operation situation. 好的，谢谢。我另外一个问题想问一下员工成本，就是在2019年的话，它的趋势都蛮好的，基本上是没有涨幅。那我想问一下未来趋势怎么样？是不是去年有些一次性的因素影响到员工成本没有上涨？那如果今年比如说稍微有压力的话，是不是因为员工成本里面有一些奖金那些东西，那是不是我们也可以期待，可能员工成本会有一些同比下降的趋势？谢谢。 My question. Next question is about staff cost. You did quite well in staff cost in 2019 because there was no increase. What about the future? Is it because last year there were some one-off factors? This year, do you see some pressure in relation to staff cost? There might be bonus and so on. Will there be a year-on-year decline in this area? 在今年的话，我们人工成本的同比涨幅是2.4%。那么这里边有一个因素是我们在2018年度存在西南凯亚和百润两家控股公司，在2019年的时候，这两家已经不在控股公司范围内。这个导致了我们人工成本的数据是有一个口径上的差异，但如果剔除这种口径差异的话，涨幅会高于2.4%，但当然还是一个个位数的增长。 This year, there was an increase in staff cost of 2.4%. This is because in 2018, there were two companies, 西南凯亚 and another company, which are no longer in our shareholding. The comparison basis has been different. This time, we think that the staff cost increase will be bigger than 2.4%, but still a single digit increase. 好的，对不起，连接技术不好，sorry。下一个提问的是来自CLSA公司的Alex，请。管理层你们好，我是中信里昂的分析师Alex，有几个问题想要问一下。第一个问题是关于航空旅客量的。请问一下管理层，你们讲的有可能会量力而为，给下游还有航空公司尽可能提供一些优惠。综合这个去考虑，您预计今年的航空旅客量要掉多少，我们中航信才有可能达到一个？这个是第一个问题，可能先翻译一下。 Well, I would like to talk about the aviation volume in terms of the volume, the number of passengers. Just now, you mentioned that you are going to assess your own abilities before offering concessions to downstream airlines as well as travel agents. This year, how much a drop do you need to see in the number of passengers before your company is going to suffer from a loss? 刚才你问多少比例就会亏损，这个不是很好估计。如果你应该比较了解我们公司，我们从成本结构来看呢，我们相对比较固定的成本是比较集中的，比如说人工成本，这些开发人员，比如说技术支持费、产品、技术进步，这个在疫情的过程中应该说不会减少。还比如说折旧摊销，那么这些成本都是相对比较固定的，所以它不会随着旅客量的减少而减少。那么至于你刚才说疫情的情况，前两个月我们已经对旅客量发布了一个内部消息公告，来公布我们的运营数据，在3月20号。从前两个月情况来看，应该说旅客量还是下降得非常快的。刚才我也提到，2月份单月国内的旅客量就下降了83.55%，外航的处理量下降了94.83%。从现在看，虽然中国的疫情得到了控制，但是海外的疫情还在进一步的发展。那么昨天民航局又就国际航班，包括外航进出港进一步提出了一些限制旅行的一些规定。预计这个规定出台之后，我们国内航空公司的国际航线，包括外航的进出的旅客量，还会进一步地减少。所以公司的整体的运营情况，就要看疫情的情况了。我们非常希望疫情能够经过过去的时间，再加上未来一个月两个月的时间，能够迅速有好转。回顾过去2003年，这个疫情应该说它是在7月份就回到了一个正常水平。我们希望这次新冠肺炎的疫情，也能经过短期吧，能够迅速恢复到原有的一个水平。谢谢。 I think it will be very difficult for me to comment on the percentage of decline that will affect our company's profit and loss. As you know from our cost structure, there are a number of fixed cost items. We have the staff cost and also technology innovation cost, product innovation cost. These are rather fixed, they will not come down, and there is depreciation and amortization, which is also fixed. Even though the number of passengers comes down, these costs will not come down. Of course, we have to look at the actual development of the epidemic. On March 20, we already announced the figures for the first two months. You can see that our number of passengers really declined very rapidly. In the month of February, if you look at Chinese airlines, there is already a drop of 83.55% in number of passengers, and for foreign airlines, 94.83% decline. Well, right now, the epidemic has been sort of under control in China. However, the situation is worsening in other countries. Yesterday the authority announced that for international flights and also for foreign airlines, there would be further travel restrictions. In that case, the number of passengers will decline further. It all depends on the epidemic. Of course, we hope that in the coming one to two months, the situation will improve. In the 2003 SARS outbreak, the experience was that the situation resumed normal in July. This time we hope that within a short period of time, everything will resume normal. 好的，谢谢管理层。另外一个问题是关于我们的成本的。刚才管理层也提到说很多成本都是固定的成本，那有一些非固定的成本，比如说我们的佣金及推广费用，还有一些比如说R&D，一些研发费用，这些可能是比较没有这么固定的，我们有没有一些举措去控制这些成本？另外，政府有没有对咱们中航信有一些支持？还有一个是关于有效税率的，我看到19年我们有效税率是比较低，这个具体什么原因？未来我们应该怎么去估算我们的有效税率？谢谢。 You said that many of your costs are fixed costs, but there are also some non-fixed costs. For example, commissions, promotion fees, R&D fees. Do you have any measures to control these non-fixed costs? Does the government offer you any support? In terms of effective tax rates, I can see that it was quite low in 2019. What is the reason why? In the future, what will be the effective tax rates? 好，那我先来回答第一个问题，就是在公司这个成本结构里边，您提到的佣金推广和研发等这种非固定成本，可能它们在业务形态上还是有区别的。比如佣金及推广这类费用的话，是与我们的市场生产业务是直接相关的，因为它是与我们在旅客，比如说其中的离港返还部分，就与我们的旅客处理量是直接正相关的，所以它其实是会伴随我们的业务量来产生的，因此它与我们的收入的增减是有同向变化的。谢谢。 Let me comment on our commissions, promotion fees and also R&D fees. There are some differences between these expenses. If you look at commissions and promotion fees, they are expenses related to marketing and also the development of our market and ecology businesses. This is also positively correlated with the number of passengers being handled by us. In other words, it is also correlated to the increase or decrease of our revenue. 然后提到的研发费用类的，在这里可能主要是指我们的技术支持费等相关费用。那么这一类的话，因为作为高科技公司，新产品的开发与新技术的应用，应该是我们管理层一直致力于的重点投资方向。那么在近几年来讲的话，这个研发投入都是公司的一项重点保障的项目。至少从目前来看，我们近几年一直是有重点的一个两位数的一个涨幅。 Next, when I turn to R&D, well, actually that will also involve technology support fees. Over these past few years we attach a lot of importance to new product development and the utilization application of new technologies. We have been investing into these areas and they are our priority focus. In the past few years we have been making investment and so that there is an increase by double digits. 而且从目前来讲，我们研发投入的方向上面的客户需求目前来看没有明显的变化。企业为了满足这些市场需求，还需要进一步地加大研发类的投入的力度。所以从目前我们并没有见到从财务上没有见到有调整的一些迹象。 As regards R&D investment, well we need to actually satisfy market needs. So far we have not seen any change in the customer's demand for R&D investment. That's why we think that we still have to continue to increase investment. In terms of financials, we don't think that there would be any change in this area. 那么当然的话，就是说公司在其他的成本，比如行政支出等费用上边还是加大了这种成本费用的控制。那么有一定的下降的，也体现出了公司管理层对整个成本控制的一个决心以及一些结果。那当然来讲的话，面对20年的情况，在这些行政成本的控制上会进一步加大力度。 If you look at our other expenses, we have actually enhanced our control over other expenses like administrative expenses. You can see a decline in 2019 in our other expenses. We have been very determined in our cost control efforts. You have already seen the effect and the outcome of our cost control work, we will continue to do more in this area. 那么下面您提到的有效税率的问题，其实这里边就是在2019年度公司充分利用了政府提供的各种包括研发费用加计扣除等多项的税收优惠政策，在充分利用的基础上，使得我们的综合税率得到了有一个下降的趋势，这也是一个非常好的业绩表现。 You mentioned effective tax rate. In 2019, we made use of government policies in relation to a deduction of R&D expenses and other related concessionary policies. As a result, our effective tax rate came down and this is also very good highlight in our business results. 同时我们在公告里也提到，因为我们享受到重点软件企业的优惠政策，我们的综合税率在15%的基础上能够再返还5%。那么在2019年度，我们收到了上一年度的税收返还款，该金额是远高于18年度的返还款，这个也对我们的有效税率产生了一个正面的影响。那么这些返还款我们都已经在当期做过公告。 As such as now we enjoyed some concessionary policies from the government. As a result, our effective tax rate being at 15% and we also enjoy a refund of 5%. In 2019, actually if you look at the amount of refunds being received, the amount is bigger than that in 2018. This has given us a very positive impact in relation to our effective tax rate. 关于政府支持，我再补充一点。目前我们除了税收以外，我们也在密切地跟国资委、民航局、工信部取得一些联系，看看在整个疫情复产复工的过程中，是不是有一些针对信息企业的一些优惠政策。但截止到目前，我们目前还没有明确的或者能落到实处的一些政策的支持。 In relation to government support, apart from tech, we have contact various departments and authorities asking for any concessionary measures or policies after work resumption. But so far we have not received any from the government. 好的，谢谢管理层。谢谢。下一位提问的是来自Macquarie公司的Eric，有请。航信的各位管理层，你们下午好。我这边首先恭喜一下，你们在2019年取得了一个非常不错的业绩，去年下半年利润同比也获得了大幅的增长，增速有15%。我这边有两个问题请教一下。第一个问题我想请教的是关于资本开销，因为我看到2019年其实实际上计划的有24个亿，其中有6.6个亿是在顺义运营中心的。最后实际我们花了将近10个亿，对吧？根据我们的年报，其中有4个亿是顺义运营中心的。那么可不可以理解成就是在2020年今年的话，我们这个顺义运营中心还会有2.6个亿的资本开销，顺义那边要花掉，同时加上我们日常维护运营所需要的5到6个亿。那今年实际的花销，资本开销也是在8到9个亿这么多。一起问一下指引，还有更长期的一个指引。请先翻译一下。 First of all, congratulations on your very good results. My question specifically is related to CapEx. In 2019, CapEx was CNY 2.4 billion, CNY 660 million was for the operating center, and the actual CapEx was CNY 1 billion, and out of it, CNY 400 million was spent on the operation center. In 2020, is it true that there is still a remaining CNY 260 million of CapEx to be for the operation center, and then the daily maintenance expenses will be around CNY 600 million? Can you give some guidance on future CapEx? 这里边在19年度的，实际上我们顺义部分的开支计划是6.6亿，实际开支是大概2.36亿。可能您在年报里，我们公告的是说我们预计在2020年度顺义部分可能会有余下的4个亿的资本开支，那么这样我们顺义园区的一期的开支计划基本就完结。那么在整个19年度，我们整个CapEx大概是9.6个亿。在近五年来讲，我们的平均数都是在10个亿左右的CapEx支出。不知道这个是否可以帮助您来判断。谢谢。 In 2019, the planned CapEx was CNY 660 million, actual was CNY 236 million. In 2020, there would be a remaining CNY 400 million of CapEx for the operation center. In fact, phase one has already been completed. In 2019, actually the CapEx would be CNY 960 million. In the past five years, the average CapEx has been around CNY 1 billion. 谢谢。然后想请教的第二个问题是关于收入端的。去年下半年的数据网络收入，那想请教下这个是什么原因？然后未来看到是需要。 In relation to your data network revenue, there was a decline by about 9%. What is the reason why? This year, do you think that the revenue growth will accelerate in, for example, the second half of this year or next year? 数据网络部分的收入在近几年来讲是处于一个相对稳定的状态，规模上面没有明显的变化。就像我们19年度相比18年度是略降5%，这里边也有一定的因素，就是我刚才提过，我们有两家子公司，尤其是西南凯亚，在19年度剔除合并之后，导致在这收入口径上稍有影响，但是从整体来看应该是略有降幅，这也是近几年的一个整体表现。当然这也与我们整个代理人市场的业务状态是相吻合的。谢谢。 For our data network income, in the past few years it has been stable. There isn't a big change in our scale. If you compare 2019 and 2018, there is a decline by 5%. It is because of the two subsidiary companies that we mentioned just now, especially the 西南凯亚, and then it is being merged with the company. The revenue base has changed, and there is going to continue to be a decline. If you take into consideration the travel agents, we believe that there would be a slight decline. 谢谢。不好意思再问一个，关于跟数据网络以前并在一起的另外一部分收入，其实它的体量还是蛮大的，就是19年有大概13.5个亿，同比增长6.4%。那我想这部分的增长其实应该是主要来自于我们出租我们的数据中心来带来的收入。然后想问一下，就是往后看的话，这块业务的增长的驱动力，主要应该我们从哪方面来考虑会比较好呢？ Concerning the data network income, in 2019, actually, apart from the two subsidiaries you mentioned, should be a portion in the amount of CNY 1.35 billion, which has increased 6.4%. This is mainly related to the data center income. I want to know in the future what will be some driving forces behind this income. 您提到的是其中的一项，因为整个机房租赁部分作为我们的一项新的业务，19年度比18年度有一大幅增长，在这点上体现的是比较明显。当然同时我们在其他业务里边，还有多项一些业务的发展的潜力点，比如像我们的支付业务，在19年度收入部分也有大幅的增长，它的整个平台的运营量已经超过了1,000亿。在这里边，近几年是我们其他业务收入增长的一个主力因素。同时公司在其他的数据服务收入，比如我们还有一些货运物流的旅游交通方面等多方面的收入都会有一定的增长。这些也就是支撑了我们其他业务收入在近几年有两位数以上的一个增长。 First of all, there is one item of income in relation to the leasing of our plant room, and it increased a lot in 2019. At the same time, we also have other businesses. For example, our payments business. In 2019, revenue increased quite significantly, and the platform operating volume had already exceeded 100 billion. We also have data service revenue and also revenue from cargo transport, logistics, and also travel, transport, traffic and so on. All these areas of businesses being added together generate a double-digit revenue growth for us. 好的，谢谢，非常感谢。谢谢。下一个提问的是来自CICC公司的赵欣悦，请开始。各位领导好。首先我想问一下，因为刚刚讲了疫情期间，整个航空的运输量会有很大的一个变动，那除了这一块之外，我想问一下，我们的系统集成业务这块大概会受到多大的影响？ As said just now, during the epidemic, there would be a big change in terms of the volume of transportation and aviation. I want to know how much impact will there be on your system integration business. 由于疫情的原因，我们很多系统集成的项目有一些是签署了合同，但是它的实施也会受到一些影响，也有一些延期、误期的一些情况。但是从目前这个整体看，复产复工的节奏在加快，这些情况正在好转。 Because of the epidemic, for our system integration work and projects, some contracts have been signed. However, there would be a delay in terms of implementation, so these projects will be subject to some impact. However, right now, work resumption has been accelerating. 那么从这个系统集成它的驱动力呢，主要还是机场的一些建设。那么从目前来看呢，如果说这个疫情短期内会有所好转的话，那么我们对于长期旅客量的这种增长所带来的机场改建、扩建的这种长期趋势，我们认为不会受到太大的影响。所以从系统集成的收入方面，中长期来看，应该说前景还是不错的。 The main driving force behind the system integration business is the building of airports. In the short run, if the epidemic is going to be under control, or if the situation can improve, then we think that there won't be much impact in the long run trends in relation to passenger volume. We think that in the medium to long term, the income of our system integration business will not be much impacted. It will be positive. 谢谢领导。那我还有一个问题是关于我们的股权激励计划。我们也看到今年的1月份公司公布了这个股权激励计划，市场也给予了非常正面的反馈。那想问一下，是否有更多的关于解锁条件的细节可以跟我们分享？另外就是现在疫情下，对于我们2021年的第一期解锁是否会受到影响？ My next question is about your stock option incentive scheme. In January, you announced the scheme and the market has responded to it very positively. Can you give more details in relation to the execution of this scheme? Do you think that the epidemic will cause any impact to the completion of the first phase in 2021? 股权激励我们如果拿到这个激励的话，主要几个方面的指标。一个方面就是平均的净资产收益率，这个是有规定的，必须达到相应的水平，同时要跟同行业也要做一些比较。第二就是收入的三年复合增长率，这也是一个重要指标。第三就是经济增加值，这个跟我们的利润考核值有一定关系。总体上这些指标的设定应该说在授予的时候都还是比较严格的，还是比较难以达到的。这么一个情况。 Concerning the stock option incentive scheme, there are a number of indicators. The first one is the average net assets yield rate. There is a rule or a requirement on that. At the same time we have to benchmark it with our counterparts in the industry. The second is the 3-year CAGR of our revenue. The third indicator is the economic value added, and that is related to profitability. For all these indicators, the requirements are rather stringent, so it would be quite difficult. 但是我们授予的时候没有考虑这个疫情，因为当时也还没有发生疫情。所以授予之后，整个包括财务的情况、运营的数据，都受到了一些比较严峻的影响。但是不管怎么说，这个指标是不会打折的，那个指标它是刚性的。所以我们只有，一是期盼着这个市场能够迅速，这个疫情大家能够取得全球范围能够取得胜利，整个市场恢复正常，然后我们大家共同努力吧，朝着这个目标去实现。 When this scheme was formulated at that time, there was not the epidemic. However, with the epidemic now in place, there was big impact on our financial and also operation data and indicators. The indicators that I mentioned just now, they are fixed, they will not change. Actually we hope that the markets can resume normal as soon as possible, and we hope that we can fight or we can win the battle out of this epidemic. Of course, we will work very hard towards the indicators and the targets. 好的，谢谢领导的回答。谢谢。下一个提问的是来自华泰公司的沈晓峰，请开始。好，谢谢管理层。因为前面很多问题重复了，我就追问两个小的问题。一个就是在疫情期间，因为我们PPT也介绍了，做了很多的工作，我不知道这些工作有没有带来一些额外的成本，如果有的话，这个成本的量级大概在什么程度？这是第一个问题。第二个问题是，我们在帮助航空抵抗这个疫情的时候，有一个免收退票费的措施，那如果在疫情持续期间，比如说后面几个月内，旅客出现退票或者改签，那这种情况下，我们还是会免收吗？还是说只是前段时间免收，后续会正常收费？好，谢谢。 First question is, because of the epidemic, you have done a lot of other work in response to the epidemic. Are there any extra costs arising from these additional initiatives? If there is an additional cost, to what extent? Second question is you mentioned that you will waive the fee in case of, for example, no-show or cancellation or change of flights and so on. Is this arrangement only for the initial period? When the epidemic is going to gradually phase off, or if the situation improves, then in the later stage, are you going to keep this fee waiver arrangement, or are you going to resume charging these fees? 关于疫情期间，我们确实除了自身的防疫工作之外，还为帮助整个行业做了一些工作，比如说我们开发了这个民航健康申报系统，我们也开发了这个同乘疫情的告知系统，通知在同一航班受感染的旅客，得到相应的及时的通知。另外，目前我们也在研发入境旅客防疫查询的一些功能和系统。当然这些开发应该目前来看都是免费的。我们是没有新的这种收入，因为我们是希望通过利用我们在IT方面的这个技术，包括大数据，为国家，为整个行业提供一些帮助，帮助整个行业能够尽早地来恢复先前的状态和水平。 First of all, we have done some work to fight the virus. At the same time, we have done work to help the overall industry. We have developed for the civil aviation industry, a civil aviation passenger health declaration/filing system. At the same time, there is also the same-flight COVID notification system for customers. Then there is also the inbound travelers anti-epidemic enquiry system. These systems and services are provided free of charge. They do not generate new income for us. We are using IT technology and data to serve the country and to help the industry as soon as possible. 关于你第二个问题，就是这个什么时候退改签能够恢复正常，按照大协议，该收费的要收取费用。这个现在很难说。这个退改签优惠它的开始是从民航局1月23号关于免收民航机票退票费的通知，应该从那个时间开始，一直应该会持续到最后，看看政府国家怎么判断，疫情大概发展到什么阶段来结束。那在这个疫情结束之后，应该我们跟航空公司就会恢复到正常，按照协议的要求，该收取的费用还是要收取的。 Concerning when we are going to charge the fee, cancellation of flight changes is difficult to tell, because it is a concessionary arrangement following the announcement of the Civil Aviation Administration on January 23. It started at that time after their announcement or notification, and then it will continue all the way, depending on the judgment of the Central Government when it should end. I think it will also be dependent on the epidemic development. If the Central Government is of the view that the epidemic is more or less under control, and that the situation is quite OK, then we can start charging the fees according to the standardized agreement. 好，谢谢。谢谢。下一个提问的是来自City Security的汤蛇张，有请。航线的关系，你们好。我这里大概有三个小问题。第一个问题就是我看公司去年下半年机场信息技术的单价大概增长两个点左右，我自己猜测可能是根据大概是外航占比提高，还有一个汇率损益的影响。就是公司能否大概分析一下这个价格上涨的原因，以及能否大概提供一下，只看国内内航内线的一个价格，降幅大概是多少？谢谢。 The question is about the average selling price of an increase by around 2 points. Is this because of an increase in proportion of the foreign airlines, or is it because of an accounting loss and gain? If I only look at domestic airlines price, then how much is the price decline? Thank you. 您提到的这个AIT的问题的话，实际上我们在AIT业务上去年有一定的增幅，当然是说因为它包含我们的外航业务，外航的话我们受到汇率的影响，那么去年汇率影响对我们的收入是一个正向的，美元汇率大概有一个4%的正向影响。当然如果剔除这个因素的话，其实整体上与我们的旅客量的增幅什么的还是比较相近的。那么这个平均单价，反正我们每个投资人大家都有自己的算法，我们都会有一些判断。从我们的角度看的话，目前来讲，AIT整体业务的客单价还是一个比较稳定的状态，并没有一些太异常的增长或者下降。 If you look at our AIT business, last year there was an increase in price because of the inclusion of foreign airlines. Last year we got a positive gain because of US dollar FX. There is a 4% increase or impact because of FX foreign exchange. Apart from this factor, the ASP will be more or less related in the same way with increase or decrease in passenger volume. We believe that this segment is rather stable, so there will not be any significant upside or downside change. 当然在—— 是这样。那么在我们从去年的运营量来讲的话，在外航订座高过我们的国内航司的。外航段相对他们的单价收费政策都会高于我们的国内航段的收费，由此也会导致我们整个AIT的单价有一些积极的变化，那么我想这也是一个影响因素。 Last year, if you look at our volume of operation, there are comparatively more international flights than domestic flight segments. The ASP for international flights is usually higher than that of domestic flights. So that's why there is this price change or impact on our AIT overall average selling price, which is rather positive. 我这边第二个小问题就是，我看去年公司系统集成收入这一块增长比较快，是否是因为有部分原因是来自于大型机场投产而确认了部分的项目的收入？对，就这个小问题。 Last year we saw quite rapid growth in your system integration business. Is it because of the recognition of some large scale assets or project revenue? 去年整体上系统集成业务的收入增幅还是比较高的。当然您提到的大型机场项目，因为大型机场从项目来讲，从主体上我们用的是自有资金形成的资产，它对这项业务收入影响不大，当然它有一些配套的一些项目，会产生一定的系统集成收入，是我们增长的一项原因吧。当然去年也是公司在整体系统集成服务上面业务增长较快，在多地机场包括非机场的其他行业都有一些业务斩获，这也是使得我们的整体收入涨幅同比增长较快。 Last year, we saw quite fast or big increase in our system integration business revenue. You mentioned some large scale assets. Well, in fact, those are developed by our self-owned capital, so they did not cause much impact on our system integration revenue. However, there are also some other supporting projects that will generate income for our system integration segment. At the same time, in many different airports, we also have some non-airport revenues and businesses. Because of these factors, last year our system integration revenue rose quite a lot. 我的最后一个问题是关于NDC。因为我自己可能对NDC也不太了解，可能认为是一种新的数据的一种结构。我在想NDC对公司的原有的GDS存在的什么样的机遇，也存在的什么样的困难？因为我也听说有些航司也可能在自建NDC，这对公司后续的业务发展会产生什么影响？谢谢，这是最后一个问题。 Next question is about NDC, which is actually a new data structure. I want to know what will be the opportunities and difficulties arising from it for your company. I know that some other companies also are into this area. Overall speaking, what will be the impact on your company? 这个NDC方面，近几年我们也一直根据IATA的新的标准，也做了很多这方面的工作。那么NDC它重在对分销渠道一种新的模式，这种新的模式里，航空公司可能做的工作，在分销领域，它比原来参与的更多一些，而且它可能会对它的直接的消费者，旅客离这个直接的消费者会更近一些。另外，这个NDC也会给航空公司更多的技术手段，让航空公司也能提供一些除了机票以外，集成一些相应的一些服务，使得旅客在接受服务中更丰富，更直接。我先说到这。 Regarding NDC, in the past few years, we have been working in accordance with IATA new standards. For the distribution channels, there is a new model, so airlines can participate more in the distribution and they will become closer to the consumers. There are now more ways available for airlines to offer not only tickets, but also some other services. The service is now richer to the consumer. 你也可以理解，它是渠道上的、技术上、产品上的一些变化。但是由于过去我们跟中国大陆的航空公司这种商业模式是打包在一起的，包括订座、离港分销，包括cargo货运结算清算等等。那么这里面其中也包括NDC的一种服务，那只是一种产品技术的一种变化，在商务上目前不影响我们对航空公司的收入，目前不产生这方面的影响。谢谢。 Actually there is going to be a change in relation to channels, technology and also products. Together with the Chinese airlines in the past all along, we cooperated with them and we also serviced them by means of an overall package. The distribution, cargo clearance and settlements and so on are all included in a package. NDC represents a product technology change. At the present moment, this will not affect our income from the airlines. 我的提问已经没了。谢谢。谢谢。下一个提问的是来自国泰君安的邓翼君，有请。管理层您好。首先感谢在如此危难的时候还来回答我们的问题，那么我们作为投资者也愿意和公司共度难关。我的第一个问题就是，现在从各个航空公司的一个数据，国内已经开始率先地有所航空运输的复苏，那么咱们现在从订座量的数据来看，是不是有所改善，或者是对未来的话，是不是有一个比较好的乐观趋势？ First of all, I have to thank you for being able to answer our questions during this difficult period. We are also more than happy to work with you to ride out all the difficulties together. My first question is about the airline's data and statistics. Based on their information, in China, there is already a recovery of the aviation volume. If you look at your reservation and bookings, has there been an improvement, and what will the future trend look like? 对，刚才你说的很对，国内由于疫情的变化，目前看它的恢复比国际上要快一些。但是，你说对未来是不是有一个乐观，我觉得这个完全取决于疫情下一步的这个发展。从目前来看，这次疫情应该说比03年的SARS要严重，所以应该说影响会大一些。在早期我们也谈到国际航协的预测，整个全球航空业收益会下降44%，足以说明这次疫情可能对全球的航空业还是造成非常大的冲击的可能性。那么，这个疫情从中长期来看，我们觉得对于旅客量的增长，包括旅行的这种增长，我们还是非常有信心的。我们相信经过大家全球的共同努力，随着医疗系统，包括疫苗，包括一些抗疫的药物的研发，包括疫情得到控制之后，我相信旅行的这种愿望还会随着全球经济的增长，从中长期来看，继续保持一个相对比较快速的增长。好的. If you look at the epidemic in mainland China, it is true that recovery is faster than in other parts of the world. As regards whether we are optimistic about the future, it all depends on the development of the epidemic. Comparing with the SARS outbreak in 2003, now the epidemic is much more serious, and the impact cost is much, much bigger. As said at the beginning, it is estimated that global aviation profits will come down by 44%. You can see from this that the epidemic is really doing a very heavy blow to the industry. Regarding the mid to long term, in terms of number of passengers, well, in fact, we do have the confidence that it will grow, especially when it comes to people's desire to travel. With the hard work and effort of the whole world together, and also with further advancement in healthcare capabilities, in vaccine development, and also in development of the anti-epidemic drugs, I believe that after the epidemic, people's desire to travel will recover. This is going to be optimistic, and we will see fast and strong growth after the epidemic. 好的，谢谢于总。我的第二个问题就是，现在因为我们是阶梯式的定价，那么在现在订座量下滑的情况下，我们对于单价这一方面是否有所上升呢？大概的比例会是多少？ Right now, given the reservation volume has come down, has there been a rise in ASP? If so, what is the percentage increase? 我们这个整个定价体系是刚性的，就是说它的所有航空公司都是一致的。现在如果说订座量有所下降的话，那按照我们整个收费标准，那是一个计算的结果。但是总体来讲，我们整个体系都是相对比较稳固不变的。 The pricing is something that is rather rigid and fixed, and it is the same for all airlines. You mentioned that the number of reservations has come down, but our overall pricing has been very stable. 另外，现在才两个月的旅客量，所以样本还不够，我们还要看全年。从03年非典的情况来看，7月份，整个航空旅客量就恢复到一个正常水平，然后八、九、十、十一，有的月份甚至达到了30%的增速，同比。所以这个还要看全年整体的情况，只是两个月、三个月，目前还不好判断。 Right now, we only have a reservation volume of 2 months. The sample is not big enough. There are not enough samples. We have to look at the whole year. in 2003, during the SARS outbreak, the situation recovered in July. So, actually in 2003, in August to November, in some months, there is a year-on-year increase by up to 30%. We have to look at whole year. If we only look at 2 or 3 months samples, that is not enough. 好的，我还有最后一个问题，对于现在的一个情况，我们有没有考虑一些增加营收的措施？比方说对航旅纵横有没有加速变现的可能？ Do you have any measures to increase your revenue? For example, is there any way to increase monetization? 我们目前肯定在营收方面积极地去想办法，但总体来讲，我们跟整个的航空旅游业太紧密相关了。所以在这个方面，尽管我们会去做努力，但是在短期内应该也不会有很大的效果。我想更多的我们在成本方面会做一些考虑。刚才有的投资人提到，随着旅客量的增速的放缓，我们的佣金可能就会有所下降。另外，比如说我们在管理上的一些成本，比如说差旅费，一些会议费，随着疫情的发展，包括新技术的应用，在网上大家都可以做了，所以有些成本是可以下降的。还有，我们也在做一些内部的挖潜。比如说我们的机房，我们也在想，是不是我们真的要自用那么多呢？所以今年我们也计划再拿出一些少量的一些机房，看看如果有用户的话，我们也在市场上去寻找新的用户。通过这些手段，这些方面，希望能在成本上有所节约，能顺利地度过这样一个比较艰难的阶段。谢谢。 We are really thinking of different methods to expand revenue. However, because our business is closely related with aviation, we will continue to make an effort. However, in the short run, we don't think that there would be a lot of good effects or outcomes in terms of revenue expansion. We will consider more about cost. As such as now, the number of passengers growth rate is rather slow, and as a result, commission amounts can come down. Administrative expenses, travel expenses, and also conference meeting expenses and so on, we'll see some room for decline. There are some new technologies that we can apply. In these ways, we will be able to save some cost. At the same time, we want to also try to excavate some money out of our internal operations. For example, we have plant rooms, and we are thinking whether we really will use the whole plant room ourselves. We are thinking of opening up some areas for outside users, and we are trying to identify some new users in the market. By doing all this, we hope that we will be able to save cost and we can ride out the current epidemic in a smooth way. 好的，我的问题就这些，再次感谢于总。谢谢。下一个提问的是来自Daiwa公司的Kelvin，有请。管理者你好，我有一个小小的补充问题，我想问一下，软硬件成本涨了很多，是因为大型机场启动的缘故。另外想问一下，如果今年或未来，因为我记得大型机场那个合同是我们是先记成本，然后再看收入，所以我们应该是未来会有一些收入贡献体现出来，还是我们的成本维持在这个，但是收入也不会体现在我们的系统集成里面？可不可以简单介绍一下？ Well, we can see that there is a big increase of the software and hardware costs because of the operation of the large scale assets. Usually according to the contract, first of all, the cost will be entered and then followed by revenue. In the future, is it true that there will be some revenue contribution, but then the revenue contribution may not be entered into your system integration revenue, but only the costs are included? Is that the case? 因为大型机场的离港服务的业务模式对于我们来说是一个新的业务模式。那么在未来的话，它形成正式的业务经营状态之后，它的收入会体现在我们的航空信息，也就会体现在我们的AIT收入里面。同时它的成本你也见到了，我们会按照我们与首都机场的协议，我们也会向它支付，这部分成本也会体现在我们的佣金及推广里面。那么这就是它在收入和成本里所会体现到的。当然目前由于它的整个的处理量还比较小，而且还有一些前端的商务还要再最终确定，预计未来您能够在这个收入跟成本上看到它的这些数据体现。 First of all, this is a new business model for us, and the revenue will be realized in the AIT revenue. As regards cost, in the agreement with the Capital International Airport, the cost will be in the format of commission and promotion expenses. But right now the processing volume is still very small, and there are some merchants that are yet to be confirmed. So in the future, later down the road, you will be able to see the realization of our cost and revenue. 我想问一下，软硬件成本增长的主要原因是什么呢？ What is the reason behind the 60% increase in the software and hardware cost? 是这样子，因为我们去年在多项业务上，包括我们的机场类，包括我们的其他行业类，有多处的这种系统集成服务合同在交付。那么这里边因为不同的合同，它所涉及到的软硬件的比例是不一样的，所以对您现在关注到的软硬件成本的影响是比较大的。同时由于它相对基数较低，所以在去年整体上，整个系统服务收入成本同时增长的情况下，可能它的增幅会显得比较突出一些。但这个也是由系统集成服务不同项目利润率，而且软硬件所占比例差异很大这个特点决定的。 Last year, there were quite a number of projects in relation to the airports as well as other industries. So they involve the system integration service contracts being delivered. In different contracts, the ratio of software and hardware is not the same. For one reason, the base figure was rather low. So the system integration revenue has gone up and cost also has increased. But it all depends on individual projects, the proportion, the ratio of software and hardware included, and also the profit margin of different projects. 好的，谢谢。谢谢。下一个提问的是来自深圳思之长荣投资有限公司，张士刚，有请。喂，你好。我想问一下，我们航旅纵横现在的这个数据是什么样的？用户数和收入是什么样的？然后进行重组的这个进度怎么样？第二个问题，我想问一下关于海航的，他们那边重组的话，对我们会不会有所影响？谢谢。 My question is about Umetrip. I want to know the monthly users and also the revenue for this, and also the progress of reorganization or restructuring. What about the reorganization of Hainan Airlines? What is the impact on your company? 关于航旅纵横的用户数，我们对外也没有再公布了，我们记忆中应该是公布到4,000万以上，它的用户数，应该说累积的用户数还在持续的增长。另外，关于航旅纵横的股份制改造，从公司到公司的董事会一直在持续地推进，也讨论了多次，目前还是在推进的过程中。原因跟很多各位投资人也都提过了，目前还是在潜在的一些投资人，大家在相互之间，就航旅纵横的一些组件的问题，还在协商的过程中。 Regarding Umetrip, the number of users we have not actually made any public or external announcement, but the number is above 40 million and the accumulated number of users is rising. In relation to the restructuring or reorganization of shareholding structure, the board has been proceeding with it and there has been a number of discussions on this matter, and the potential investors are now in deliberation. 那么关于海航重组的话，目前从财务上的影响，因为它的重组还是一个过程中，我们并没有一些更确切的消息。当然如果海航运营稳定的话，对公司在我们的应收账款现金流，已经包括未来运营我们得到的收入方面，我们也希望能对公司有些正向的帮助吧。 Concerning the reorganization of Hainan Airlines. This is in progress, and so far there has not been any definite information on news that we can tell. However, so far, if the operation is stable, then we will benefit from cash flow receivables and also future potential revenue. It will be a positive impact on us. 我想追问一下，我们有没有考虑做一个航空业的云方面进行发展？因为我们不是有很多数据中心，有很多这种计算能力的这些东西，我们在这些其他创新方向上有没有更多的新的思路？谢谢。 I want to know whether you have considered the possibility of building an aviation cloud because you have so many data centers and you have strong data processing capabilities. Have you made any innovations in this area? 刚才你提到的云的方面，实际上我们也一直有很长时间也在这个方面做一些努力。总体上分为技术架构方面，还有应用方面。我们在技术架构的云平台方面，应该说我们还是起步比较早的。在应用方面的云，我们起步得稍微晚一点，目前研发出来的应用方面，主要还是自用，在我们自己的开发中增加我们的一些灵活性的开发，包括降低相应的成本。那么在技术架构方面，我们起步早一点。目前来看，主要我们是在私有云和混合云方面。目前不太可能发展到最后针对C类客户的，比如说公有云的那个方向，主要还是对私有云和混合云这个方向做一些发展。我们的步伐不是很快，主要也是根据我们自身的特点，在云的方面，针对的客户也主要是B类的客户，比如说目前我们已经取得的一些，比如说中招国际，比如说一些金融方面的公司，包括还有一些央企的，还有一些政府的。这些云我们都在做一些尝试，但总体上目前云在公司的整个营收方面，它的比例非常小。 Actually concerning cloud, we have been making an effort for a long period of time already. Basically in two areas: infrastructure and applications. Regarding the infrastructure platform, we started at a very early stage, but for application we started quite late. For the applications, they are mainly for our self use. They are to enhance our flexibility in operation and to lower costs. For the infrastructure, we are developing the cloud in the direction of private cloud and hybrid cloud. However, we won't be developing public cloud. So far our development pace has not been fast. We have to consider our own unique characteristics and we are mainly considering the B type of customers. For example, the SOEs, the governments and also 中招国际, this customer is also an example that we will be working on. Overall speaking, the cloud will account for a big percent of our revenues. 好的，那由于时间原因，我们其实已经多延长了25分钟，我们看到还有四位投资人朋友还在线等待，也考虑到我们现在也很难再相见，都是在线上，也难得有这样的机会，我们的会议延长到18点10分。在大家提问的时候可以简略快速一点。感谢。 We will extend this meeting to 6:10 P.M. because we won't be able to meet investors face to face. When you ask questions, please try your best to be concise. Thank you. 谢谢。下一个提问的是来自UBS公司的Herbert，有请。管理层您好，我就快速地问几个小问题吧。第一个是刚才之前投资人也问到，就关于大型机场这一块，我们刚才回答是新的业务，然后是记在AIT这一块的。我想问的是，这个是我们找谁收的？是找机场还是找航空公司收的？因为是记在AIT这一块。然后第二点是AIT里面，我们一开始提到会给航空公司，会对它的由于退改签产生的一些费用给予一些优惠，那这个由于退改签产生的费用占我们AIT收入大概有多少？然后第三点，我想提一个关于技术性的，就是我们的PSS系统是基于mainframe还是Linux？好，谢谢，就以上三个问题。谢谢。 My question is regarding the new Capital International Airport. It is a new business and it will be accounted for under AIT. Who will you be charging the fees? To the airport or to the airlines? Second question is about your AIT. You said that in case of no-show or cancellation or change of flights, you are now offering some concessions to the airlines. Regarding such fees, how much of a share of the total AIT is it? The third one is about PSS. Is it mainframe or Linux? 第一个问题就是大型机场项目是这样，我们向航空公司收取离港系统服务费，同时我们会向大型机场支付特许经营权费，是这样一个业务流程，所以它的收入会体现在我们的AIT里，它的成本的话应该会体现在我们的佣金及推广里。 For the airport, we will offer a departure system service so we can charge a fee and at the same time we have to pay a special rights of concession fee. That is in the form of commission and promotion expenses for us. This is the way how it is being reflected under AIT segment. 关于第二个问题，退改签的费用，它是一个动态的。比如说在疫情期间，退改签就增长得非常快。如果没有疫情的话，正常我们是没有多少退改签的量，所以这方面的收入也不大。但是在退改签期间，确实增加了很多数量。这些方面当然不会影响到我们原有的收入，只是新增的机会，这是不允许收费的。这是第二个问题。 I think in relation to the fees for no show or flight cancellation and changes, it is something dynamic. During the epidemic period, there is a fast increase in such cases. When there is no epidemic, there is not much of this kind of fee. There is not much revenue coming out of it. There will not be much impact on us on the original income or revenue. 关于第三个问题，就是PSS系统。目前我们是主机加上开放的这样一种模式。主机它有主机的特点，就是它相对比较安全，相对比较封闭，但是它在效率方面、灵活性上略差一些。但开放平台在灵活性上，包括开发的通用性，包括一些成本上可能就会好一些，但是它在安全性方面也需要做一些更多的投入。所以目前我们是把整个系统分成多个模块，既有主机的，也有在开放平台上运行的。这种状况应该说在未来相当长的一个阶段都会并存。另外，从国际上的趋势来看，包括SIVB，包括一些同业的供应商，他们也都是采用同样的一种模式。 Your question about the PSS system. It is based on both mainframe and an open platform. For the mainframe, it is safe and it is closed, but efficiency is a bit inferior. It is more flexible, interoperability will be better, but we have to invest more in terms of safety. We will divide the operation into many modules, comprising both open platforms as well as mainframe. They will coexist. This is also in line with the international arrangements. Other suppliers are using the same model. 谢谢韩总。不好意思，我补充一下第一点，大兴机场这个项目，因为我们前一段时间也介绍过，它是我们自有资金，我们自投设备，所以实际上就是说在这部分设备我们投入启用之后，它会产生折旧，那这也会体现在这个项目对我公司业绩的一项成本的影响。我补充这一点。 I want to supplement concerning the new Capital International Airport. Because it is being developed with our own funds and also the equipment is being invested by us. As a result, there will be depreciation expenses arising from it, and it will be one of the cost items from this project. 谢谢领导，我可以再追问一下，关于刚才提到的大兴机场特许经营权，这个有没有一个期限呢？然后我们刚才提到的PSS，我知道Amadeus他们好像他们的主要的模块好像已经完全就改成了Linux，然后有一些可能比较辅助的模块，现在还用主机。 I want to know, is there any time limit for the special concession right that you mentioned just now? Concerning PSS, I know that in one of the cases, they have already migrated to Linux. Is it true that there are still some operations based on mainframes? 从目前来看，我财务这边掌握到的信息的话，我们应该是一个十年期，我们也是按此做的测算。 The term is, or the tenor is 10 years, and we also have based on this to do our calculations. 好的，谢谢领导。谢谢。由于时间的关系，现在有请最后一个问题，来自Comgest Far East公司的陈雪亮，有请。龚立新，谢谢。最后两个问题，一个是关于我们AIT的ASP方面，我们的大协议下面是个阶梯式模式，那今年量下去了那么多，这个ASP会不会因此而上升呢？ My question is about the ASP for AIT business. For this year, the volume has declined so much. Will there be an increase in ASP as a result? 刚才你说的AIT，这个ASP总体上从数学上看应该是这样，是吧？就是你量下来了，既然是阶梯的话应该是单价会有所上升。但是它整个又是一个动态，是吧？所谓动态，你比如说大协议里的内容没有完全执行，你就刚才说退改签，对吧？退改签这些费用等于又没有发生。所以可能最后的结果也不能完全用平均单价来整体衡量。而且还有一些，比如说针对航空公司，我们还做一些工作，还有一些成本项，它是综合起来的。所以它是一个综合的。但是从纯数学来讲，同意你的说法，它纯数学算，应该是这样。对。 Mathematically speaking, I agree with you. That is for AIT, when volume comes down, then if you think of a staircase, a step model, then when volume comes down, ASP will rise. However, this also involves the dynamic consideration. Because a lot of the terms in the agreement had not been realized yet. For example, in terms of the flight cancellation, no show or flight change expenses and fees, they were not charged because of the concessionary policies. So we cannot assess the situation by only looking at ASP. There are also other costs involved in relation to the airlines, so we must take an overall consideration of the whole picture. 对吧？还有两个因素需要考虑。在测算ASP的时候，一个就是美元的汇率，人民币对美元的汇率需要考虑，如果波动很大的话，对ASP的影响也是比较大的。那么另外一个就是我们国内航司国际航段以及外航的增速，这个也是影响比较大的一个方面。就补充这么多，谢谢。 Besides, there are two other factors that will affect ASP. First of all, the foreign exchange rates between US dollar and RMB. If there is a lot of volatility, then there would be big impact on the ASP. The next factor is that if there is a sharp increase in the international flights and also in the number of foreign airlines flights, then again that would be impact on ASP. 我这里再追问一下，国内航空公司的国际航段的收费标准和他们的国内航班是一样的，对吧？ Is the pricing criteria or pricing standards the same for international flights of domestic airlines and also for the domestic flights? 这个问题也是咱们每次会上都会有投资人来问。那就是说我们的国内航司的国际段的话，它会比我们国内段的收费单价要高一些。但是我们还是外航分销的单价会更高一些，因为它更倾向于我们一个市场化的定价。 This question was asked every time. If you compare, actually the international flight of domestic airlines is usually higher than the domestic flights, but the ASP is even higher for international airlines, because it is based on a market oriented pricing. 好，对不起，忘了。最后是关于其他收入，我看过去五年的话，这一块就是剔除掉我们的数据网络的那一部分业务，就是过去五年的话，复合增长率还是挺快的，我看有百分之，反正是双位数吧。但是去年增速就放慢了很多。就想了解一下为什么会放慢，还有就是这一块业务未来的增长速度，你们有什么目标吗？或者想法吗？谢谢。 This question is about your other income. In the past 5 years, if we do not include data network business, the CAGR is quite fast for your other income growth. It is double digits growth rate. Last year it slowed down quite a lot. What is the reason behind? In the future, what will be the growth rate or your targets? 那这部分其他业务收入来讲的话，您算得比较细致，因为在这里边，前几年增量比较大的一个原因是因为我们在这里有一些新兴业务，可能在以前年度是没有的，比如我们说的这种机房的租赁业务，然后同时还有我们刚才说的第三方支付业务，那么这样的话，它们是在零基础上有一个大幅增长，这也使得在前几年的话，我们的复合增长率，包括每年的年度增长率也的确是增幅很快，这也是对我们整个这一类收入影响比较大一些。 You have been quite detail minded in analyzing our other businesses growth rates. In the past few years, it has increased quite a lot because of some new business introduced. For example, the leasing of our plant room and also third party payment services. These used to have a zero base. As a result, there is a big growth from a zero base. If you look at both CAGR and also the annual growth rates, they are very fast. 所以在19年度可能同底来看的话，增幅没有达到两位数。这与我们这里边的一些主体业务在近两年已经逐渐地达到了一个相对稳定期有关系。当然从未来讲的话，我相信还会有一些新的业务来产生一些新的业务的增长点，可能会继续支撑这类业务整体收入的增长。 In 2019, we did not enjoy a double digits growth rate for our other income. This is because in the past two years, these business segments had already entered a stable period. In the future, there will be some more new businesses coming in, and they will become new growth drivers to drive up the revenue of other businesses. 好，谢谢。好的，那么这边收到投资人有最后一个问题，就先不请开麦了，我转达一下。是在问结算的收入在2019年增速放缓的原因。 Can you summarize the reasons why in 2019 revenue growth has slowed down in terms of the settlements business? 结算在19年度的话，我们提到的应该是我们的结算清算业务，那么这是我们结算公司的一些主力业务。那么在19年度的话，它受到我们整个货邮处理量等结算业务的一些相对的下降，导致了它整体的收入涨幅偏低，但是这里边可能也是有它的结构性因素，它的BSP业务还是有一定的涨幅，但同时在整体来看的话，增幅可能略低于其他板块的业务收入。 I think this is related to our settlements and clearance business. In 2019, because of the overall processing volume of our cargo has decreased, its growth rate has come down. If you look at BSP, actually the growth rate is less than that of other business segments. 好的，那我们非常感谢所有的投资人朋友们参加今天的会议，这么长时间，还有这么多朋友们在线。那回头再有什么问题呢，可以跟我们的696电话联系，也可以发电邮到ir@travelsky.com这个邮箱。同时presentation也已经上传到travelskyir.com网站上，大家也可以下载再看。我们这边特别为大家开放了，如果您有客户需要给您办专场会议的话，可以提前跟我们联系预约。好的，感谢大家。祝大家身体健康。谢谢管理层的解释。今天的会议就到此结束，谢谢各位的参与，再见。好，谢谢。谢谢大家。拜。Thank you, thank you.