Earnings Call: H2 2018

Mar 29, 2019

Good afternoon, ladies and gentlemen. Welcome to the Global Investor Conference Call of TravelSky Technology Limited for the 2018 annual results announcement today. 今天参与的管理层是。The attending management today are, 董事会秘书余小春先生。Secretary to the Board Mr. 余小春。财务部副部长王刚先生。Vice Director of Finance Department Mr. 王刚。董事会秘书主任李娟女士。Director of Board Secretary's Office Ms. 李娟。投资者关系经理郑映杰女士。IR Manager Ms. 郑映杰。我们今天的电话会议将由董事会秘书余小春先生介绍公司2018年全年业绩表现和业务状况。您的电话在管理层发言时将是处在静音状态。当管理层发言结束后，我们将进入提问时间。On our conference call today, Mr. 余小春, Secretary to the Board, will walk us through the 2018 annual results performance and its business status of the company. All participants will be on a listen-only mode during the management's presentation. There will be a question and answer session after that. 现在有请余小春先生开始今天的会议。Now I would like to invite Mr. 余小春 to start the presentation. 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。昨天公司已经发布了业绩公告。从收入方面，公司继续保持了正常的增长的速度。当然我们的主营业务，尤其是航空信息服务业务，它的增速有所放缓，主要是由于我们的外航旅客量的增速的放缓、汇率的波动，以及去年年底国内航空公司旅客量的波动所引起。但是从今年前两个月，旅客量和汇率的波动这两方面因素应该都趋于平稳。所以从今年前两个月的情况来看，应该说都趋于好转。 Now let me talk about our results. Yesterday we already announced our results. In terms of revenue, we saw that our growth rate is normal for our main businesses, which are airline services operations. We saw that our growth had slowed down. This is because of a number of factors. First of all, there is a slowdown in the pace of development of overseas or foreign airlines. At the same time, there was volatility in the FX rates. Besides, there was also volatility in the number of passengers making travels. In the past two months, the situation has somewhat stabilized in relation to FX rates and also the passenger volume. We have seen improvements in our results or in our performance in the past two months. 在利润方面，我们去年利润的指标表现不是很理想，尤其是营业利润还出现负的增长。这说明我们去年在成本方面应该说压力还是非常大，尤其是新的数据中心投产之后，我们在折旧摊销，包括一些运营成本方面都有比较大的提高。但是我们应该看到，营业利润率依然保持了30%以上的水平。应该说整个公司的经营状况和盈利的水平还是在一个合理的范围。我们的业务发展的状况，市场的状况，到目前为止都没有发生质的变化。利润的增长的变化主要是由于成本结构的一些单项变化带来的。接下来我们还可以就去年的一些成本结构单项的一些方面大家可以展开讨论。那么接下来就请公关公司协助大家来接入提问。谢谢。 Last year our profitability was not as satisfactory. We saw a negative growth in our operating profits. This is because last year there was huge pressure in relation to our costs, especially after the operation or the commissioning of our new data center. After the opening of our new data center, there was an increase in our depreciation expenses, amortization and also operating expenses. They had increased quite a lot, but still our operating profit margin is over 30%. We believe that our operations and our profitability are still within reasonable range. The market conditions and our business conditions have not changed much. It's only our cost structure changes that have led to a decline in our profitability. Later on, if you want, we can elaborate further in relation to each part, each item of our cost structure. Now we are happy to take your questions. 谢谢。如果您需要提问，请在电话机上按01，当我们讲出您的名字后，可以开始发问。如果您需要取消发问，请按02。 If you have any questions, please press 01 on your telephone keypad and you will enter into a queue. After we have announced your name, you may start to ask your question. If you like to cancel your question, please press 02。现在第一个提问的是来自中信公司的昭欣悦，请开始。各位领导好，听得见吗？听得见。好，我主要是想问一些关于成本上涨，因为成本上涨的涨幅确实比较超预期。主要的一些问题，一个是为什么我们的佣金及推广费用，历史上来看，下半年都是比上半年会来得更少一点的，好像18年不太一样。希望管理层能解释一下，并且能给我们拆一下这个当中主要都是由什么构成的。这是第一个问题。第二个问题是想问一下，其他经营费用 other operating expenses，它的涨幅也是从3个亿涨到了5个亿。想问一下具体的一个原因，是否有一些一次性的因素在里面？谢谢。 I have some questions about your increase in cost. The increase in cost is bigger than expected. First of all, I'd like to take a look at your commission and promotion expenses. Usually, commission and promotion expenses are smaller in the second half than in the first half. However, in 2018, this trend, this pattern was different. I want to understand the reasons why, and what is the composition of such expenses? What are the constituents of these expenses? My second question is about your other operating expenses. It's increased from CNY300 million to CNY500 million, which is quite a big increase. What are the reasons behind this increase? 下面我先回答一下第一个问题，关于我们佣金及推广费用的涨幅。您的分析比较细致一些，今年可能我们在涨幅上是高于往年，尤其在下半年，可能我们的投入会更多一些。当然这部分佣金及推广费用的话，主要的构成实际上我们还是从传统的几项业务构成。那么我们在这个离港返还这项业务上，给予机场的佣金返还是有一定的涨幅。同时的话，我们在今年，尤其在下半年，实际上是加大了我们在分销市场的一些市场推广力度，尤其是境外的分销业务上面。在这方面的话，也导致了我们的佣金费用有所提升。同时还有就是我们下属的第三方支付公司，它的在今年的业务就有了一个大幅的提升，随着在其业务的增长，根据它的业务模式，它的佣金返还数额也比去年有一个大幅的提升。那么主要是这三方面的原因，导致了我们佣金及推广费用的涨幅高于往年。 Now let me explain why our commission and promotion expenses increased quite significantly this year, much more than the previous years. Especially in the second half of this year, 2018, there was quite a big investment from us in terms of commission and promotion expenses. Now let me give you the composition of such expenses. First of all, there is the commission rebates which have increased. For the second half of the year especially, we have increased our distribution market development, especially the overseas distribution market. We did more in relation to promotion. That's why promotion expenses in that particular segment have increased, and commission also increased. Besides, we have a subsidiary third party payment company, which had seen a growth in their business activities and volume. Because of an increase in growth in their business, the commission rebate was also much bigger than that of last year. These are the reasons behind the increase in commission and promotion expenses. 那么第二个问题，就关于其他营业成本部分，也有几方面的原因。一方面就是今年我们搬入新的园区之后，新园区运营会产生一些费用，这也是同比的一个增项。 Now let me talk about other operating expenses. This year we have moved into the new area or new zone. So as a result, there was some additional expenses related to this moving in. 同时今年我们开始执行新的关于金融工具的准则，在香港部分也是IFRS 9号准则。那么在这个准则的影响，我们在本年的预期信用损失计提额大幅高于去年，这也是这项成本增长的一个原因。 Besides this year, there was a change in the fair value valuation standard, because in Hong Kong, IFRS 9 is adopted. As a result of this change in valuation of fair value, we have made a bigger provision than last year. 主要是以上的原因。 These are the main reasons behind the increase in the cost that you mentioned. 感谢王总的解答。那个我还想追问一下，因为刚刚讲佣金及推广费用的时候，提到了三部分。想问一下第二和第三部分，一个是说在境外的分销业务上，那我们的费用是给到了谁？是境外的一些航司吗？还是境外的一些OTA吗？然后第三个关于第三方支付的公司，想问一下这个公司可能平均的利润率的一个水平大概是多少？谢谢。 I would like to follow up about commission and promotion expenses. You just mentioned that one of the reasons is that there is the overseas distribution operation of business. I want to know to whom the commission is being paid. Did you pay the commission to overseas OTA? And then in relation to third-party payment company, I want to know what their average profit margin is. 关于第一个问题，我们分销费用的支付，还是支付给以我们代理人为主的这些客户。当然您说到OTA的话，如果作为代理人的部分，我们也会有这方面的业务。 For our distribution fees, we paid to the agents, that is customers who mainly are agents. And when you mentioned the OTA, if they are also agencies and agents, then yes, distribution expenses and fees will also be paid to them. 然后第二部分的话，我们第三方支付，它是我们的一家独立子公司，第三方支付业务属于一个竞争性的市场，在近几年来说，从财务表现上边是比较优势，收入跟利润都有所提升。那么目前运营状态是良好的。 As regards the third-party payments company, it is an independent subsidiary, and it is operating in a competitive market. In recent years, the financial performance was good. In terms of the revenue and profitability, they have improved. They are doing quite well. 还想问最后一个问题，不好意思。就是那个经营费用，想问一下2019年公司对于这一块的预期大概是怎样的？谢谢。 I would like to know your forecast of operating expenses for 2019. Thank you. 是其他经营费用。 Other operating expenses. 因为其他经营成本这部分的话，我们在这几年，今年还是会进一步地加大成本控制的力度，我们也希望在这些费用上面能有所控制。当然了，可能比如像预期性损失之类的，这也要伴随我们整体业务的情况来考虑。 This year, we are going to put in more assets in cost control because we hope to keep the other operating expenses within control. However, it still depends on the business operations and the overall business situation to determine, for example, loss from a number of items. 回答得很清楚，感谢领导。 Thank you very much. The answers are very clear. 好的，我在这里插播一下，大家可以登录到TravelSkyir.com，这是我们的合规网站，上面已经传了最新的presentation，大家可以做参考，谢谢。 Our presentation materials have already been uploaded to our website, that is TravelSkyir.com, so please feel free to visit our website to get the materials. 下一个提问的是来自Morgan Stanley公司的Jimmy，请开始。管理层好。我有主要是三个问题，第一个是关于数据网络和其他的，我记得上半年的时候，公司有说新运营中心的机房的出租收入差不多是600多万，我想问一下下半年的话，出租的收入是有多少？目前机房的一个出租率是怎样的？然后明年的一个展望是如何的？还有第二个问题是关于技术支持服务，技术支持和维修费用的。这一块我想问一下，因为我看到过去几年一直在加速，历史上的话其实会有加速之后，然后再有放缓的一个情况，有一个周期。就想问一下，19年的话，你们是会继续加速呢，还是会有一个放缓？还有第三个问题是关于之前的一个其他经营费用的，因为是有一部分是关于搬入新园区运营的产生的费用，所以说是不是这个算是今年就已经计入进去了，那明年这一部分的成本就会放缓这样子。就这三个问题。 I have three questions. The first question is about data network. In the first half, you have the new data center, and I understand that by renting out the plant room, you are able to have rental income of around CNY6 million. What about in the second half of the year? How much was the rental income and how much is the occupancy rate? And what about next year? Can you give us any idea about the outlook for next year? My second question is about technological support and maintenance expenses. In the past few years, there was an acceleration in the increase of this expense. According to usual historical pattern, there are ups and downs, so after speeding up in terms of increase, there will be a slowdown in the growth. There usually are cycles. In 2019, do you think this expense will increase faster, or will there be a slowdown in the growth of these expenses? The third question is about other operating expenses. You said that some of the increase of these expenses is because you're moving into the new area and zone. There were some expenses arising from this moving in or relocation. This year, is it true that since the moving in had been done, the increase in these expenses will slow down next year? 首先说一下第一个问题，为您关注的这个园区机房的出租的话，在上半年的时候是600多万，那么在全年的话，房租收入已经超过4,000万了。当然这个的话，因为伴随着它的逐步的上线，包括按照它的上架率之类的，这部分收入在19年度应该还会有所增长。 First of all, let me answer your question about the renting out of the plant room. In the first half, rental income was around CNY 6 million. For the whole year, rental income will amount to CNY 40 million. Because this arrangement is going to be launched bit by bit, in 2019, we believe that rental income will increase. 然后至于您提到出租率的话，我们已经可以这样说，就是说它达到了我们的预期，那么目前的话是比较乐观的状态。 As regards occupancy rates, it had reached our expectations. At present, it is in an optimistic condition. 我就想再追问一下，说是有4,000万嘛，因为我记得公司过去说过差不多可以达到上亿，是不是这样说的话，出租率的话我觉得应该是50%左右。这个是这样的。 I would like to follow up, because you just said that for the whole year, rental income will be ¥40 million. But then some time ago, you said that rental income should reach ¥100 million. So given a ¥40 million total rental income for the year, does that mean that occupancy ratio is around 50%? 这个事应该是这样，就是我们位于的这些机房，在我们跟一家大的互联网公司签约中都已经包括了，但是它的这个项目实施要根据它的这个服务器、系统的部署逐渐地来实施。那么刚才王刚总已经说了，就是去年我们这个方面的收入已经超过了4,000万，对吧？但是原来你说那个数字也是很对的，就是说如果从1月1号到12月31号的话，总体的收入是可以达到一个亿的。那么目前这些机房还在逐渐地去实施，但是我们在商业的条款里也会有一些保护，就是说如果对方长期不实施的话，我们也会有一些保底的、一些成本上的一些要求，大概是这样一个情况。 First of all, concerning the plant room, we are in the process of signing contracts with a very big internet company. But this item had already included in our calculation of rental income. But then their system realization and implementation will be realized gradually in a step-by-step manner. And last year, the rental income was CNY14 million. In fact, from the 1st of January to 31st of December, rental income can really go up to CNY100 million. However, as I said just now, in terms of systems integration and implementation, this is a gradual process. However, in our commercial terms and conditions, we have got some protection clauses so that even though the system implementation is not all implemented by the tenants, there are still some clauses to protect us in terms of cost recovery. 然后第二个您提到的问题，就是技术支持及维护。那么就是加速和放缓这个问题，其实我们还主要是根据企业的这种市场情况跟战略来考虑。那目前来说，近两年我们的投入都是处于在不断的增长过程中，因为这也是与我们的前端的市场的业务需求是相匹配的。那么在目前来看的话，近两年都是一个增长的态势。 Concerning technological support and maintenance, I think we have to take into consideration our company's strategies as well as the market circumstances in which we are operating. In the recent years, we have been increasing our investment in this regard, and this is also in line with the overall business demand. We believe that in recent periods, we will still see growth and improvement in this particular area. 第三个问题，就关于园区的费用，因为我们一直是以在严格控制成本的情况下来实现完成这次整个园区的搬迁，因此在一次性的费用上面也是有严格控制的。当然伴随园区刚到园区之后，我们必然会有一些一次性的成本，比如说绿化费，比如说一些清理的费用，这些会存在。但是从整体上来讲，18年度我们到新园区基本算一个完整的运营年度，那么它费用的这种模式在未来可能会是一个基本的形式，就是我们现在的成本结构会基本体现了目前的一个运营模式。 In relation to our relocation expenses into the new area, we exercised strict control in cost in order to complete this work. In fact, when we moved in, there were really some one-time expenses which have increased. For example, when we arrived at the new zone, there was greening expenses, there was also cleansing and clearing expenses. So these are one-off expenses. In 2018, we had already completed the work basically. And so if you look at our expense model, we believe that the expense pattern and structure will resume a normal condition as what we now have and originally have. 就想再问一下，那么搬入新园区产生的费用，这个费用的具体的数额你们有统计吗？ May I ask the exact amount of the expenses involved in moving into the new area, please? 其实您从我们的成本结构上也能看出来，比如到了新园区之后，实际上我们在园区的折旧，在土地的摊销，包括我们的这些房产税金以及日常的运营费用方面都有了一个大幅的增长。那么这个可以这样讲，就是说18年我们进入到一个新的成本模式状态，那么这个状态在未来的一个阶段内可能会都是呈现这样一个态势。 Concerning our cost structure after moving into the new area, if you look carefully at our cost structure, you will understand more about the situation. When we arrived at the new area, the depreciation expenses, land amortization expenses, property tax, and also daily operation expenses have all gone up. Starting 2018, we had got a new cost model, and this new cost model will continue in the future. 谢谢。下一位提问的是来自 Daiwa 公司的 Kelvin，有请。好，谢谢喻总。谢谢管理层的回答。我有几个问题想请教一下，第一就是关于收入那边的，就是之前有提过关于Airlines IT，专门给航空公司做那些IT服务的，收入之前都是增长比较高的。我不知道去年全年这个增幅是怎么样，可不可以给一些guide，就是现在的占比是怎么样？还有就是ACCA，我记得以前大概两年左右吧，就会更新一些合同，可能去年没有什么增长，今年应该是可能到更新合同的时候，我想确认一下。我先两个问题吧。好，谢谢。 My first question is about Airlines IT service. I want to know what is the growth rate last year and how much is the share of this business? My second question is about ACCA. In the past, usually contracts were renewed once every two years, and last year there was no growth. This year, are you going to renew the contract? Thank you. 您提到第一个问题，关于Airline业务，其实这个业务目前增幅还是可以的。目前其实它的收入会体现在您的数据网络及其他里面，因为这部分目前伴随航空公司对我们一些产品技术需求的提升，那么这部分的业务收入也在逐步的增长。我想问一下那个占比现在有没有大概一个数，因为就像我的资料是放在其他收入那边，但是不知道那个金额其实有多少。 To answer your question about airline IT services, we think that the growth rate so far is okay. The revenue of this particular business is included in the data network segment. Because airlines now have more demand in relation to airport IT service, we believe that income will go up. A follow-up question is how much is the share of this particular business? In the past it was calculated or included in other incomes. 这个就是您关心的所占比的问题。实际上因为数据网络及其他里面，它包含的业务比较多，包括我们的数据业务类的、网络业务的、airline IT类的，还有比如我们的第三方支付业务的。因为在有些比如第三方支付业务上面，我们也有很大量的收入，所以实际他们的比重，这种波动可能不能给您带来更好的一个判断。 Because the airline IT services is included in data network and other businesses, this particular segment includes a lot of things. For example, data related business, network type business, IT type business, third-party payment business, and which includes, again, a number of different items of income. There is a lot of volatility in this big segment. I believe giving you an idea of the volatility of airline IT services in this segment is not really very helpful to you. 抱歉，我们第二个问题没太听清，能再重复一下吗？关于ACCA的，因为我记得大概以前可能大概两年，你们会跟一些航空公司，或者是一些相关的单位再重签一些合同。所以通常ACCA你可以看到大概两年可能涨一涨，跟着那一年就可能没什么增长这样子的。我想问一下2019年是不是一个可以说是对于ACCA来说一个大年？ This question is about ACCA. In the past, usually contracts were renewed once every two years with airlines and other units. I understand that usually when a contract is renewed, then in that particular year, there will be some growth. But then in the second year, things will be quite calm and nothing much will happen. Is it true that in 2019 it is going to be a big year in terms of contract renewal? 就您关心的关于ACCA的问题，实际上ACCA的涨幅目前来讲的话，它在业务上面没有什么异常的变动。当然我们在之前的时候也说过，我们有一个合同，因为它的计费模式发生了变化，导致了我们这个合同的在收入上面同比会是一个负向的。所以这个影响了整个ACCA的收入状态。但是其实作为它的其他的业务来讲的话，收入态势还是比较乐观的一个状态。 For ACCA, there isn't any irregularity in this particular area. In terms of the contracts, there is one contract in which the model of the calculation or working out of fees is changed. As a result, the income is also affected in this contract. ACCA income is also affected as a result. Overall speaking for this particular area, the situation is optimistic. 好，还有一个问题想问一下，我看到你们有个政府补贴大概1500万，我想问一下是什么原因？ I want to ask a question about government subsidy. There is one item of government subsidy which amounted to 15 million. What is the reason for that? 这里边的话，主要收入是我们的爱尔兰子公司在当地获得了政府的，包括科技投入以及税务方面的政府奖励。同时的话，还有我们其他的几家国内的分支机构，也获得了一些百万级别的当地政府的奖励。 This is because we have got a subsidiary company in Ireland, and because of its technology investment, it had received some tax concessions from the government. Besides, in Mainland China, we had also got some branch organizations, which were included in the million level tier. So that's why there was this tax subsidy. 最后再问一下，这个会持续吗？ Will this continue? Will this subsidy continue? 这个的话一般是根据当地政府的一些政策，它可能是以年度为单位，或者以项目为单位，不会是一个持续性的。 This actually is correlated to the local government's policies. Usually, it is yearly based or is project based, so it will not be on a continuous basis. 好的，谢谢。谢谢。下一位提问的是来自 Macquarie 公司的 Eric，有请。下午好，中航信的各位领导，我这边有几个问题。首先第一个问题，我想请教一下关于系统集成业务。我看到2018年系统集成业务中的硬件的收入其实上涨有50%多，其实占整个系统集成业务的收入占比也达到了94%，相对于2017年是有所提高的。然后我看到PPT里面有写到，我们系统集成业务的数量到去年底只有130多个了，是比以前也要变多的。所以我想问一下，在目前的在手订单里面，你们如果能分享一下硬件收入占比是多少的话，或者说预期明年或者以后的话，这个占比会下降吗？还是会维持在目前这个水平？然后同时看一看，系统集成业务整体的收入增长未来有没有一个预期？这是第一个问题。然后第二个问题。不好意思，因为你这个问题比较长，我们先给翻译员一点。好吗？谢谢。好的，谢谢。 This question is about your system integration business. Now in relation to your system integration business in 2018, the hardware segment saw an income of 50% increase. In fact, I understand that there are altogether more than 130 hardware item businesses already within this system integration segment. I want to know for your orders on hand, what is the share of hardware? For next year and the periods afterwards, what will be the trend like? Will revenue of hardware come down, the share of hardware come down, or will it stay the same? What about your revenue growth outlook? 关于您这个问题，实际上就是说，因为我们的集成类业务主要是来源于机场项目，但是不同的项目的确在比例上面的话差异很大。有些集成类项目可能会以硬件、软件为主，有些项目可能会以集成服务类为主。同时，有些项目还可能会使用到我们的自有软件。所以您所关注的这个硬件占比，实际上很难有一个准确的数据来核实。 First of all, the source of income for system integration business is airport projects. And different airport projects will lead to big differences in terms of the income. While for some projects, it is mainly based on hardware and software. For some other projects, the main component is integration service. And in some cases, they will use our own proprietary software. So it is difficult to give you a broad figure of the share of hardware in system integration income. 好，谢谢。然后就是您提到这个，因为今年我们也单独公布了一下系统集成的在建项目数量，这个数量还是在增长。但是这个也取决于，因为这是一个完全竞争的市场，而且还要考虑到国家在机场改扩建上的一个进度。所以您说在未来是否我们还不能准确地预期，到未来比如说明年或后年我们的收入，在此项上收入的涨幅如何。 As regards this year, in fact, we had already announced the number of airports under construction. This number is increasing. Because this is a market with complete competition, at the same time, sometimes there is also intervention of the state into the redevelopment or construction of airport projects. It is very difficult for us to forecast the trend, whether or not there is going to be an upward or downward trend in relation to the revenue. 好，谢谢。然后我的第二个问题是关于那个应收账款。我看到财报里有披露18年的应收账款好像总体上升了有三到四亿。我听不清楚，可不可以大声一点？很小声量。不好意思，现在能听清楚吗？可以了，谢谢。好的，然后我的第二个问题是关于那个应收账款的。我看到2018年应收账款其实也上升有三到四个亿。然后我想问一下，这个上升是有什么原因导致的？或者是哪些业务导致的？ My question is about your accounts receivables. In 2018, you have around CNY 300 to 400 million in receivables. So it has increased. What are the reasons why, and in which particular business segment did you see an increase, main increase in receivables? 这个增长还是主要是我们原做航空公司的一些应收账款在增加。那么这个相比去年的话，可能涨幅会增加了一些，这也与我们的航空公司之间，在各方面包括需求、在业务方面的确认上面，都会有一些因素影响。 This is related to support given to airlines. As a result, receivables increased. This is also related to demand and also business recognition reasons. 好，谢谢。还有最后一个小问题，我想问下员工人数其实去年年底的话是有所下降的，我想问一下这个是什么原因导致的，以及未来趋势的预期。 My next question is about the number of employees. At the end of last year, there is a decrease in number of employees. Why is that? And what is the future trend, please? 这个是由于我们有一家，原来它是附属公司，上半年它是附属公司，下半年它已经不是附属公司了，主要是这个原因。另外也有就是，大家也知道，我们搬到顺义之后，其实对每个员工的生活还是影响挺大的，所以也有一些员工离职率提高的原因。谢谢。 This is mainly because we used to have a subsidiary company within our group. However, in the second half of the year, that no longer was our subsidiary. So that is one reason. Another reason is after moving into the new office, there are some impacts to some of our employees' life and also our daily living. As a result, there was an increase in staff turnover. 好，谢谢。谢谢各位领导。 Thank you very much。谢谢。下一位提问的是来自Bell Asset Management公司的夏武，有请。各位领导好，想问一下刚才应收账款那一块，我看应收账款计提这一块也是有一定的涨幅，我看去年是大概是2.13，今年就升到5.6。这块可以大概解释一下说为什么吗？ My question is about receivables. I can see that there is an increase in provision on receivables. Last year is 2.1, this year is 5.6. So what is the reasons behind this increase? 因为这个我们之前已经提过了，今年在使用IFRS 9号准则的时候，实际上我们在对预期信用损失上面会使用新的模型来计量。经过这些审计师在做了合盘之后，产生了这个。当然它与我们本身应收账款的增加是有直接联系的。 This year, as said just now, we adopted IFRS 9. We are using a new model to make provision about potential possible loss or expected loss. This has also been audited already. This is also related to an increase of our receivables. 好，那我们下一位吧。大家抓紧一下时间，谢谢。因为后面还有六七个人在排队，谢谢。下一位提问的是来自Harvest Fund Management公司的丁泽，有请。你好，管理层好，我请教几个问题。刚才咱们在讲咱们的佣金和推广费用上升的原因时候，说到有三个原因，一个是离港返还给机场的佣金增加。我挨个问一下，第一个是咱们返还给机场的离港返还增加是什么原因？主要是量的原因，还是说费率也有上涨？ My question is about the increase in your commission and promotion expenses. You said that one of the reasons is that there is an increased rebate to airports. So why is that so? Is it because of an increase in the overall quantity or volume? Or is it because of an increase in the rate? 还是以我们旅客处理量，以量的增长导致的。 This is related to the number of passengers processed. Because the number of passengers processed increased, so that's why. 好的。第二个您解释的原因说是因为我们下半年加强了分销市场的推广力度，尤其是海外分销的方面。我想请教一下，第一个是我们做这个事情的公司业务层面的考虑是什么？第二个是，海外市场的分销的投入的增加，现在在收入端是否已经看到了一些贡献？因为我们看到这一块业务的收入增长，其实和量总体还是匹配的，没有看到比较明显的增加。 My next question is, you also said that the increase in commission and promotion expenses is related to an additional effort in doing promotion in the distribution market, especially overseas. So why did you do that? Have you already seen any contribution from such an increase in promotion expenses, especially overseas? When I look at your growth in revenue, it actually matches the volume increase. So I did not see any additional or extra increase. So what is the reason for that? 关于海外促销的增长，因为它是一个完全竞争的市场，所以我们在竞争的市场就必然有一些促销的费用。而且从去年的情况，近几年的情况，这种竞争应该说随着中国市场的开放，可能还会逐渐地加剧。所以我们在促销的成本上有一些增加，也是属于比较自然的。那么关于第二呢，就是你提到的收入。目前我们在外航的价格上是比较稳定的，所以我们只是成本单向的一个增加。那么在收入方面，确实是保持原有的这种商业模式和价格的水平，没有变化。谢谢。 In relation to promotion done overseas, because the distribution market overseas is a market with complete competition. As a result, we need to increase our promotion expenses. In recent years with the opening up of the China market, competition has actually increased. It is very natural to see an increase in promotion expenses. When it comes to overseas or foreign airlines, the price is rather stable; it is just that cost has gone up and revenue has not really changed much. It is still within the same business model at more or less the same price. 好，我再追问最后一个问题，就是咱们提到的佣金推广费用，这里面刚才咱们说的三块，一块是给机场的返还，然后一块是给分销渠道的奖励，然后第三个是第三方支付相关的产生的成本，它们三个大概是什么比例？ I have a follow-up on promotion and also promotion expenses and commission. You said that there are three factors leading to an increase in this expense. The first factor is in relation to the distribution market promotion, especially the overseas market. And then you also mentioned the third-party payment company fee. I want to know the actual breakdown. What is the share of each of these components in your overall commission and promotion expenses? 这一类因为可能涉及的财务数据比较细致。当然还有一个原因，就比如我们在这三类上，因为每年的话，可能我们的业务的投入重点不同，它们的比例波动也是较大的。这个可能实际上也没有什么太好的数据供你参考。 This will involve very detailed financial data because besides, every year our business investment focus will be different. So there will be quite a lot of changes and volatility in the actual breakdown among the three items. So we do not have the details for your reference as a result. 好，感谢王立峰，就这些问题。谢谢。下一位提问的是来自Long Rising公司的程锦文，请开始。管理层下午好，可以听到吗？可以的。好，我有几个问题，一个是关于咱们ASP的一个情况，因为看到我们收入端的一个增长是比业务量增长是略低一些的。想请管理层能否具体拆分一下咱们内航的ASP和外航ASP跟2018年的一个同比情况如何？这是第一个问题。然后第二个问题就是前面管理层也非常细致地给我们讲了佣金推广服务它的一个构成、结构和影响。想问一下，咱们后续对于这一块儿费用的一个趋势是怎么样的一个判断？是否还是会维持每年一个较大的增长，还是说往后会相对趋缓一些？然后第三个问题是对于咱们这个，也是 follow up 前面一个其他营业成本的问题。就其他营业成本在18年的时候增加了1.7亿，那么其中大概有多少是咱们前面提到的搬入园区导致的一次性成本，这个大概是一个多少的金额体量呢？谢谢。 My first question is related to your ASP. If I look at your revenue growth, in fact, the growth rate is lower than your increase in overall business volume. I want to know what is the comparison in ASP on a year-on-year basis comparing the domestic airlines and foreign airlines? In relation to your promotion services, you just gave a clear structure of your commission and promotion items. I want to know what will be the trend of this expense in the coming period. Will it continue to grow quite a lot or will the growth slow down? The third question is about your other operating expenses. Last year there was an increase of this expense of around CNY100 million and some are one-time off expense because of the relocation. Can you let us know the amount of this one-off expense related to relocation? 好，对于大家都比较关注的 AIT 的 ASP，其实大家也知道我们的竞争对手也都是上市公司了，其实这个市场环境对我们的压力实际上越来越大，所以具体的数字我们这几年已经不再披露了。但大家刚才也听到于总跟大家分享，外航这一块我们收费还是一直是以外币计的，还是比较平稳的。那么剩下的国内航的收费逻辑大家也应该知道，还是有volume discount，所以大家可以去算一下。谢谢。因为我们的operating data每个月也是披露的。好，谢谢。 I know that you are rather concerned and interested about our AIT ASP. Well, all our competitors in this particular segment are listed companies. And so because of the market condition, we have faced quite a lot of pressure. In fact, we cannot really disclose the exact data。但 for you to have a rough idea in terms of our charges to foreign airlines，well，basically it is rather stable, it remains quite flat, and it is mainly denominated in foreign currencies。For domestic airlines, we offer volume discounts。I guess now you will have a brief understanding about our fee pattern。But then for our other operating data, we really cannot disclose them。我再补充一下，大家可能也看到我们AIT的收入比整个的这个volume的增速要放缓一些，主要的原因还是去年一直提醒大家注意的，就是这个汇率的影响。谢谢。 I want to supplement that our growth rate of our AIT income is smaller than our volume growth. This is because last year we also made this point and that is about FX volatility, FX impact. 关于业务。您提到佣金这个趋势，实际上就是说我们刚才也在讲，就这几类业务来讲的话，主体上还是伴随着我们业务量的增长来支付这些。实际上来讲的话，在某种程度上讲，比如像离港返还，像这种第三方支付业务的这种佣金，其实在目前来讲的话，它是随着我们业务收入的增加而产生的，所以其实它的增长在一定程度上是一个乐观的。当然关于这个其他项的话，也伴随我们在这种竞争性市场的投入的一些推广费，这个其实来说也要看市场竞争的情况而定。 Concerning the trend of our commission and promotion expenses, this expenses will go up following the increase in our overall business volume. For example, we pay rebate and also there are some commissions for third-party payment companies. However, this is actually optimistic because there is usually an increase in the commission and promotion expenses when we earn more income from these businesses. It is something optimistic. In some of the situations, we also do more promotion and incur more promotion expenses in order to combat competition in the market. Whether or not this will generate a faster growth depends really on the competition in the market. 然后您第三个问题就是说园区一次性成本比例。实际上是这样，在我们成本里边，我们搬入园区之后，有些成本会是一个持续性发生的，比如我园区的保安、物业、水电，伴随我进入之后，这些会是一个持续产生的。所以大家所关注的一次性的，可能比如我们所谓的搬家的费用，有一次性的这种有些绿化的维护类的费用，那么在这里边的话实际上占比并不高。 Concerning relocation into the new area, new zone, there are some expenses and costs that are continuous in nature. For example, security expenses, water and electricity tariffs, and also property related expenses. These are continuous in nature. At the same time, there are also some one-off expenses arising from relocation, like greening and also cleansing expenses. The share of one-off expenses is not big. 好，谢谢关女士。然后最后有一个小问题想再问一下，就是关于咱们首都机场项目的问题。这块大概的一个总投资额是多少呢？然后未来这两年会有带来多大的资本开支，后续的一个折旧或者收费政策是怎样的？大概从什么时候会对咱们的这个报表产生一个影响？ My next question is about the Capital Airport project. First of all, how much is the total investment amount? And in these two years, how much was CapEx? And what about the depreciation amount? And then I would also like to know your fee and charges policy. And then when do you think that this project will make contribution to your financial statements? 就实际上您提到的这个首都机场项目的话，它因为是今年的话，预计应该是在九月份机场会投入使用，也就是说自投入使用之后我们会产生收益，那么这个的话会在今年对我们报表会产生一定的影响，当然这个收益的话，它还是会伴随着它旅客处理量的增长而增长。 This year, in September, it is expected that the Capital Airport will be commissioned for operation, and after that, we will begin to earn income from that. This year there will already be some impact to our financial statements, and the income from this project will go up when the number of passengers processed increases. 想请问在成本方面是怎么样的一个计量呢？就是会以什么样的一个年限去做折旧？它的总投资额是多少？ What about cost? How many years will depreciation be calculated over? What is the total investment amount? 就是因为它这个总的投资额预计在1.5亿左右。 Total investment amounted to around $150 million. 然后您提到的这个的话，就是因为它投入的设备按照现在的运营模式属于我们自有设备，那自它投入运营之后，我们在当地产生折旧的费用，当然有一些的话也会按照规则计入到一号瓶的其他科目。 The equipment for this project is self-owned equipment, and after it begins operation, there will be depreciation. We will follow the accounting standards in recording and calculating depreciation. 好，谢谢管理层。我没有其他问题了。 Thank you. No other questions. 好的，因为看到后面排队的朋友还挺多，而且很多是我们的老朋友，那在这里管理层为大家延长20分钟左右。那还请大家问问题的时候尽量简洁一些，谢谢。So we will extend this conference call for 20 minutes because there are still many people who would like to ask questions. But please try your best to be concise in asking questions. 谢谢。下一位提问的是来自Hero Price Hong Kong的Sheena，有请。 I just wanted to ask management. Now with the move to the new operating center, your cost structure is adjusted. So in 2019, can you control the overall operating cost growth to within the rate of growth and revenue? Operating margin now is already normalized at 31%, come down to long term average. So will this be the bottom and will the margin stabilize here? Can they resume earnings growth in 2019? 这个问题就是关于你们搬进了去新的园区，你们整个成本结构都改变了、调整了。那么在2019年，你们能不能控制这个成本的增长在收入增长率以内呢？另外，这一个经营利润率现在是31%，慢慢回到一个长期的平均点。那么这个经营利润率有没有已经稳定下来呢？或者你什么时候会开始看到在盈利方面能够增长？您提到了，因为搬入新园区以后，在18年度我们的成本结构发生了变化，目前这种结构在近期内可能会是一个常态。 After moving into the new operation center, as you said, in 2018, our cost structure changed. And this new cost structure for the coming period will become a new normal. 公司一直在严格地控制成本的增长，尤其是在我们到新园区运营之后，因为整体成本在增长。在这种情况下，公司也一直有明确的目标，是要进一步地控制成本的增长率。 All along, we have been strictly controlling the growth in cost, especially after moving into the new operation center. We do have some targets in cost control. 至于您提到的经营利润率，我想伴随长期来讲的话，的确像您说的时候，目前已经回到了一个比较中期线上的一个数字吧。 Regarding operating margin, over the long run, as you said, we have resumed or restored a level which may persist for a medium term to long term. Okay, thank you. Just on the depreciation cost, is that all in the numbers now? Or is there some depreciation cost on new operating center yet to be recognized in 2019? 关于折旧的费用方面，是不是已经全在数字上反映出来呢？在你们搬进去新园区之后，还有没有一些折旧还是需要在2019年去计算和反映的呢？目前来讲的话，我们园区的竣工决算没有最后做完，但是我们的主体资产已经都计入，主体的折旧不会有太大的变化在这方面。 At present, the completion works of our new operation center had not been totally completed. But then for our main assets, they had already all been moved in. So in terms of major depreciation items, there won't be much change. Sorry, just last question, is there any medium-term earnings growth trajectory that management is targeting for? 你们管理层有没有一些目标关于你们中期盈利的增长趋势？我们实际上对于这个利润率，尤其是经营这个利润率，营业利润率，我们没有一个固定的目标。但是总体上从历史上来看，我们应该说利润率，营业利润率在25%，从过去的情况，包括同业的情况来看，25到35其实都是一个正常的区间。当然我们也努力地去控制成本，力图把我们的营业利润率保持在一个高的水平。比如说我们在前两年曾经达到过40%、45%的这样一个水平，但是经营情况是每一年都有一些变化，所以成本的结构也会随着经营情况的不同而有所变化。这个方面我们会去一直努力，但是对于预期的话，确实没有一个固定的数字来给你。谢谢。 Regarding profit margin and operating profit margin, we do not have any fixed target. Historically speaking, a normal level will be between 25% to 35%. This also applies to our peers and competitors. We have been very strictly controlling our cost so as to maximize our operating profit margin. In previous two years, there were occasions in which we had seen high profit margin at 40% to 45%. However, operating circumstances change every year, and cost structure will also change according to the operating environment. That's why we cannot really give any target or forecast in relation to our operating profit margin. Thank you. Thank you。下一位提问的是来自Citigroup公司的Daley。请开始。管理层您好，我这边有两个问题。第一个是关于咱们公司的现金流的。我看到我们18年的经营现金流差不多20亿左右，相比去年30亿有一定的下降。可不可以请问管理层解释一下，主要哪些原因？还是说未来一个趋势？谢谢。 My question is about cash flow. In 2018, operating cash flow amounted to CNY 2 billion, and in the previous year is CNY 3 billion. Why was there a decline? And what will be the future trend? Thank you. 因为在这里边，我们17年的话，其实还存在一些，比如我们的投资业务，当时是有款项，而且还有到期的金融产品。那么在18年，没有发生此类的事项。 We have some investment products, and some investment products also have reached maturity. However, in 2018, there was no such item. 然后同时，我们也今年的话，因为应收账款数字同比在增加，对现金流实际上也会有一个影响。 Besides, because our receivables increased, so there was an impact to our operating cash flow as a result. 另外想请问一下未来的趋势大概是怎样的？谢谢。 What about the future trends? Thank you. 其实这里边还是与我们的日常经营业务相关，包括我们一直在加大应收账款的催缴力度，我认为在未来的话，经营现金流是一个乐观的预期吧。 This is actually related to our daily operations. We have already stepped up our efforts to recover our receivables. The future should be an optimistic situation. 谢谢。我第二个问题是关于咱们公司的一个战略发展、经营目标那种。就是说我们除这些主营业务，其他的业务，比如说公司在未来的一个发展的重点，比如说19年的重点，公司会聚焦在哪些方面？可以介绍一下吗？谢谢。 My next question is about your strategic development and also your operating goals in the future. In 2019, what will be your main focus of business development, please? 关于这个工作的一些重点，你知道我们航信因为是在大中国地区市场占有主导的地位，所以我们第一还是要在这个方面进行投入，保持我们的产品、我们的技术，包括我们的服务的先进性，以及进一步满足市场的一些需求。所以大中国地区这个市场是我们最主要的一个重点的方向。那么同时对于国际化。对于国际化，尤其是一些外航的分销，包括一些海外航空公司的一些接入，也是我们在走向国际化的工作方面的一个重点。谢谢。 As you know, we have a dominating position in the Greater China region. We will continue to make investment in this market. We will improve our products, our technology, and our service to make sure that we are able to satisfy the needs of the market. The Greater China Region business development will be our focus. At the same time, we will also implement internationalization. Concerning foreign airline distribution and also the interface and connection with airlines overseas, we will also do some work there. That is another focus. 好的，谢谢。谢谢。下一位提问的是来自Comgest Far East Limited公司的Jimmy。有请。你好，龚立晨，听得到吗？可以，听得到。谢谢。第一想要问一下，前面提到的境外市场分销的这个业务，就想确认一下，我们在推的主要是让境外的旅游旅行社、旅游中介分销国内或者国际航空公司的机票，还是你们说的是境内的旅行社去分销境外国际航空公司的机票？ Regarding your business of distribution in overseas markets, I want to know more details. First of all, is it related to the selling of air tickets by travel agents and travel intermediaries of your domestic and outbound airline segments? Or is it related to the sale of air tickets of the foreign airlines? 这个主要是两个部分。第一就是说国内航空公司它的国际段，我们随着国内航空公司飞到越来越多的国际的城市，我们要确保我们的服务，包括我们的分销，要到达全球的各个地方，这是其中的一个方面。另外一个方面，我们还要进一步地加大或者促进我们对于外航，尤其是外航进出中国大陆的旅客量的市场的分销。首先要保住相应的一个份额。其次也希望在这样一个基础上，在分销的份额能够有所提升。 There are two parts in this regard. The first part is mainland airlines flying to international destinations. Because nowadays there are more and more flight segments that are international run by mainland airlines. So that's why we have to make sure that our distribution network and our services can reach all these places in the world. The second part of it is that we want to increase our distribution service for foreign airlines coming in and going out of China in serving passengers. We want to expand our market share in this segment, at least to preserve the existing market share, and if possible, expand it. 关于境内的航空公司在国外或者国际段的这一些机票的分销，我们的收费标准是跟现在国内的ASP一样的吗？还是会高一些？因为国际上的传统的收费标准是比我们高很多的，就想了解一下。 In relation to mainland airlines operating international flight segments, I want to know about the fees. Is it the same ASP as within mainland China or is it higher? As I know, usually for international flights, the fees should be higher. Can you give some details? 关于这个收费，我们是两个部分，两个体系。对于外航是一个体系，它是按照美元来定价，相对水平的单价是比较高的，与国际的同行也是接轨的，平均单价大概不到4个美金。对于国内航空公司的国际段，它的ASP是包括在对国内航空公司的大的协议里来计算的。当然国际段的部分相对于国内段，价格大概略高一点。但是跟外航的收费，就是对国内航空公司国际段的收费，跟我们对外航的收费，这个平均单价应该说还是相差比较大。 First of all, there are two systems in terms of the charges and fees. For the foreign airlines, the fees are denominated in US dollar, ASP is higher. It is actually in line with international fees, international airlines, and it is slightly less than four US dollars. For Chinese airlines running international flight segments, the ASP is higher than the domestic flights. Comparing with foreign airlines fees, there is still a big gap, a big difference in terms of the fees. 了解。还有几个小问题，一个是波音737 MAX停运之后，对我们这一个月的客流量有什么影响吗？或者对今年上半年的整体的客流量跟收入预期会有什么影响吗？ I want to know whether there is any impact on your passenger volume as a result of the Boeing 737 incident, or do you forecast any impact in your coming passenger volume? 是这样，相信大家也在我们TravelSky IR的网站上看到了1到2月份的operating data。那么3月份的数据呢，很抱歉，因为这个月还没有结束，所以我们也还没有跑出这个数据来。总体来讲，因为所有这些航班这些旅客量来自于航空公司的运营，所以可能去请教一下航空公司的运营，它的运力的调配和需求情况，更能准确地掌握这个数。谢谢。 You can actually see our operating data for January and February. However, because March is still not finished yet, so we still do not have all the complete data for the month of March. As regards the flights and also the passenger volume, I think you may approach the airlines to get their information and data concerning their operations and demand. That will be better. 最后两个很小的问题一起问了，一个是航旅纵横的混改能提供一下有什么新的消息吗？还有就是派息率好像今年有增加一些，是否可以提供未来的派息率的政策或者展望？谢谢。 I have two more minor questions. The first is any updates about Umetrip. The second question is I can see that your dividend payout ratio is a bit higher this year. What is your future dividend policy? What will be the trend? Will that be also an increase in the future? Thank you. 第一个问题，就是航旅纵横这个改制虽然很长，但是我们依然在往前推进。只是说这个进度现在还是比较慢，那么目前还是在这个状态，没有特别的更新，主要还是在跟主要的股东在发起人协议方面在进行协商。目前没有最新的一些进展需要跟大家公布的。 Concerning the change of regime or system for Umetrip, it has been a very long process and it is still continuing with very slow progress. At this moment in time, there is no update and we are in the process of deliberating with shareholders about the agreement. At this very moment, there isn't any updated information to disclose. 第二个问题关于派息，我们历史上派息政策都是比较稳定的，税后利润的40%用于派息。那么历史上从01年到现在上市之后，我们的派息政策都是比较稳定的。 All along, our dividend payout policy has been stable. We have been distributing 40% of our after-tax profit as dividends. This policy has been in place from 2001 till now, after listing. It has been stable. 好，谢谢。 Thank you. 谢谢。下一位提问的是来自上海煜德投资管理中心的王亮，请开始。各位领导好。我这边有两个小问题。第一个问题就是咱们那个佣金及推广费里边说有一个第三方支付公司，这个第三方支付公司我想问一下现在的盈利情况是一个什么样的？是挣钱的还是亏损的？然后明年，这好像19年，我们对这个第三方支付公司这块投入还需要多大？第二个问题就是在其他运营成本里边提到了预期信用损失计提是比较高，我想问一下这个预期信用损失跟哪些要素是有关系的？主要就先这两个问题，谢谢。 First question about commission and promotion expenses. You said that there is third party payment company fee. So I want to know whether this third party payment company is in a profit or a loss condition. And in 2019, how much investment is going to be made into this company? Second question is about other operating expenses. Now, in this expense, there is an item of a provision made in relation to a potential loss. So what are the factors behind this provision, please? 第一个问题的话，第三方支付公司现在是盈利状态，而且发展趋势还是很不错的。至于您说投入多大的话，我不是很理解指的是什么。 Right now, the third-party payment company is in a profit position, and its development trend has been good. When you asked the amount of investment into this company, I don't really understand your question. 是这样，可能不是投入，是在19年第三方支付我们不是还要做一些佣金的返还吗？这块的增长您预计会有多少？另外一个，第三方支付这个收入是在哪个项目里边体现出来的？ My question is actually not about investment, it is about commission rebate to this company. So how much will be an increase in this commission rebate in 2019? And for the income to this third-party payment company, in which item is it reflected? 它的收入体现在数据网络及其他里。然后您提到这个的话，因为它的佣金返还，实际上它就是伴随业务的开展，也可以直白讲，实际上它也随着你业务收入的扩展，业务量增长导致业务收入增长，同时也会产生一定的这种佣金返还。 The revenue or the income to this third-party payment company is reflected under data network and other income. As regards rebates, it is related to its business development. When there is more business, then there is more income, and as a result, there will also be increase in the commission rebates. 然后第二个问题关于这个预期信用损失，实际上它主要是结合这个IFRS 9号，您提到的主要动因，其实它主要源于我们对应收账款的计算，因为今年的应收账款涨幅较大，所以导致了这个预期信用损失计提额也会增大。 Concerning this potential credit loss provision, it is made in accordance with IFRS 9, and it is also related to our calculation of our receivables. This year there was an increase in our receivables, so that's why there was a bigger provision in relation to this potential credit loss. 谢谢领导，我没有问题了。 Thank you. No other questions. 谢谢。我们最后两个问题。好，谢谢大家。谢谢。下一个提问的是来自深圳市长融投资研究有限公司的姜志刚，有请。你好。我想问一下，还是关于人工的这个问题。我看到的人数是减少了，但是人工费用是增加了很多。我就想问一下，今年2019年的话，这个人工费用会不会降下来？刚才说有人离职，是一次性费用增多了吗？这第一个问题。第二个问题是关于我们的无形资产摊销的。我看到了增加了非常多，估计也是计算机软件的那方面的摊销。我想问一下，我们未来还会需要继续更新我们的计算机软件吗？这方面的投入有多大？好，谢谢。 My question is about staff cost. You said that the number of employees decreased, however, staff cost increased quite a lot. In 2019, will the staff cost come down? You said a number of employees had resigned. Did this lead to a number of one-time expenses concerning resignation? My next question is about amortization of intangible assets. This has gone up. So is this related to the amortization of your computer software? Are you going to replace some of your computer software? If so, how much will be the investment involved? 您提到的人工成本增长，因为我们现在公布的数据，人数只是一个年底的起点数，那么其实在年内它的人数还是在不断地波动的。当然了，人工成本增长的话，就是说我们有保持一定的人工工资的增长，同时的话，也伴随国家社保政策的调整，我们每年的社保的基础也会产生调整，那这部分也会影响我们人工成本的金额。当然您说未来的话，实际上这个我觉得还主要是结合企业的经营状况以及人员数量来定的。 In fact, in the statement we reflected the headcount at the end of the year. However, within the year, there were changes in the number of employees. Because we have to increase employee wages, that's one point, so wages had gone up. At the same time, we have also to adhere to the state's social security policies. With changes in the social security policies, our staff cost will also be affected. Overall staff cost will depend on our overall business operation as well as the size of our headcounts. 然后关于无形资产的问题，今年的确是我们购入了一些无形资产。那么在这种情况下，可以理解，作为一个科技型企业，包括我们的主要运营的设备也是以无形资产为主。不能说以主，就是说我们作为科技型企业，我们在无形资产方面的采购以及它的持续更新，这是一个业务常态，所以这个增长我们觉得也是在我们的预期范围内。 You talked about our intangible assets. It's true. We had bought some intangible assets as a technology company. The purchase and also updating replacement of intangible assets and equipment is very normal. That's why there is an increase in the amortization expenses of the intangible assets. 好的，谢谢。谢谢。由于时间的关系，我们现在接最后一个问题，来自Bell Asset Management公司的夏武，有请。你好，谢谢让我问这么一个问题。就是我想follow up一下，就是之前提到的外航和内航的定价。然后我想确认一下rebate这一块，如果是国内航的话，不管是国内端还是国际端，这块都是没有rebate的，我们只是给外航rebate，对吗？然后我想问一下，外航rebate这块，我们是跟国际上的竞争对手这边大概是一个同样的水平吗？然后就是近几年的话，这个rebate有没有增长？谢谢。麻烦您解释一下这rebate什么意思，谢谢。就是我们在commission里面，给返还，就是说我们给外航一定的返还吗？因为我们不是对外航定价比较高，然后会给他们返一些点，对。好的，听明白了。My question is about rebate for airlines. So I understand that there is no rebate paid to domestic or Chinese airlines, and rebate is only paid to foreign airlines. Is the rebate at the same rate as that payable to the international airlines? And also I want to know the future trend. Is this rebate rate going to go up in the future? 关于对外航的返还，就是促销费用，主要是我们是给代理人的，促进代理人用航信的系统来分销外航，这个不是给外国航空公司的，这是第一。第二，就是它的趋势有两个方面，一方面跟我们分销的外航的旅客量之间有一定的关系，另外跟这个市场竞争的程度，市场的这种态势有一定关系。所以未来我也很难说确定它是增长啊，或者是下降，完全取决于目前以及未来一段时间，市场竞争的一个态势。 First of all, I want to clarify that this rebate is not payable to the airlines. They are paid to the agents who are involved in the business and in providing the service. Besides, this rebate will depend on the total passenger volume and also market competition. It is very difficult for me to forecast whether this amount of rebate will increase or decrease in the coming period. Thank you. 好，时间的原因，我们今天会议就到这里，谢谢各位投资人。然后接下来大家还有问题的话，可以跟我们的 IR 取得联系，然后我们再预约，或者在不同的峰会上，我们也可以见到。谢谢各位，也谢谢翻译。 Because of time, we have to conclude here. If you still have further questions, please feel free to contact our IR department. There will be other opportunities to meet one another in the future. Thank you very much. 好了。谢谢管理层的详细的解释。今天的会议到此结束，谢谢各位的参与。再见。Thank you, Mr. Yu. This concludes today's conference call. Thank you for joining us. Goodbye.