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网络视频：宽频、播客的运营和市场环境

网络视频：宽频、播客的运营和市场环境. 董事长、首席执行官 博士：陈 宏. 2006.8.29. 日 程. 汉能集团简介 网络视频行业 宽频行业竞争格局 行业发展趋势. The Hina Group Overview. Key Highlights. At The Hina Group, we help our clients and partners capitalize on the emerging China opportunity.

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网络视频：宽频、播客的运营和市场环境

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  1. 网络视频：宽频、播客的运营和市场环境 董事长、首席执行官博士：陈 宏 2006.8.29

  2. 日 程 • 汉能集团简介 • 网络视频行业 • 宽频行业竞争格局 • 行业发展趋势 2

  3. The Hina Group Overview Key Highlights • At The Hina Group, we help our clients and partners capitalize on the emerging China opportunity Our firm launched in April 2003 and currently has offices in Palo Alto, CA, Beijing, China, and Shanghai, China Hina is an investment banking and private equity firm focusing on cross-border opportunities between China and the global community • Hina Investment Bankingprovides corporate finance, mergers and acquisitions advisory services, and private placement services for clients in the US, China and the Asia-Pacific. Our US subsidiary, The Hina Group, Inc. is a registered Broker/Dealer member in the State of California with the National Association of Securities Dealers (“NASD”) • Hina Private Equity invests in mixed stage opportunities in the Technology, Media and Telecom sectors with a focus on China The Hina Group Hina Private Equity Hina Investment Banking TMT Investment Mixed Stage China & US M&A / Corporate Finance Private Placements • China and US Expertise • China Investment Opportunities • Cross Border Transactions 3

  4. The Hina Group Overview Our Core Strengths Geographic Presence / Local Knowledge • Cross Border Platform with Sizeable China Footprint • U.S. and China platform to enable cross-border transactions and connect capital to ideas and companies across the Pacific Rim • Significant China presence already positions us as one of the largest TMT focused investment banks in China today • Deep China bench to provide depth of analysis for investment and banking opportunities • We provide a unique combination of on the ground support, senior level expertise across banking, investment, and operations. • Seasoned Chinese Investment Bankers and CEOs • Principals comprise of veteran Chinese Wall Street bulge bracket investment bankers and Chinese CEOs • Track record in building successful global firms in the U.S. and China and in building successful Asia/China investment banking teams • Enables us to provide strategic insights to our portfolio investments and banking clients and lead complex cross border transactions Team Unmatched Contacts • Deep Relationships in China and U.S. • Senior level contacts and relationships at multiple levels in China - Government, enterprises, investor base • Strong relationships with US corporates and institutional investors • Enable our clients and portfolio companies to navigate regulatory hurdles in China • Access to CEO network in China to help our portfolio investments and banking clients Track Record • Demonstrated Track Record in Both Private Equity and Banking • 10 announced investment banking transactions valued at over US$0.5 billion in 2005 • Successful exit from 1st investment with over 20x return in 1 year 4

  5. The Hina Group Overview Uniquely qualified to assist Check Point on China M&A • We offer to Check Point the largest and most experienced team, a successful record, and unparalleled access to potential M&A targets in China • Largest TMT investment banking team in China today • 26 on-the-ground professionals in Beijing and Shanghai • 6 professionals in Palo Alto to complete the best cross-border TMT banking platform • Senior banking members are NYC bulge bracket trained professionals, with combined $20 billion transaction value in their career • Connections to senior level Chinese executives on a personal level, providing a level of access, due diligence and insight unparalleled by any other investment banking firm • Unparalleled China M&A expertise • Represented NeoPhotonics in acquiring the largest Chinese fiber optics component company, Shenzhen Photon, for approx. US $100M • Represented Framedia in the acquisition of 8 Chinese media companies, and the sale of Framedia to Focus Media (NASDAQ: FMCN) for US $183M • Represented AsiaInfo (NASDAQ: ASIA) in its acquisition of Bonson Technologies for $47M • Represented AsiaInfo (NASDAQ: ASIA) in its acquisition of Intrinsic Technologies • Representing Sohu (NASDAQ: SOHU), in its acquisitions of ChinaRen • Validation by Current Clients • Current M&A assignments • Buy-side advisory for Chinese IT services company • Buy-side advisory for US based enterprise software company • Buy-side advisory for $1BN US semiconductor company • Buy-side advisory for $80BN US technology company • Mandated projects about to commence • Buy-side advisory for US Nasdaq traded Optical Components company • Buy-side advisory for US Nasdaq traded Storage company • Buy-side advisory for US privately held Optical company 5

  6. Hina Team – Senior Management Dr. Hong Chen, Chairman and CEO • Chairman/Founder, GRIC Communications, which operates the world’s largest remote access network • GRIC CEO from 1994 to 2003, bringing GRIC to IPO in 1999 • Founder and CEO of Aimnet, an ISP acquired by Verio in 1997 • Founding President of the Hua Yuan Science and Technology Association (2000-2003) • President and Chairman of Asia American Multi Technology Association (2000 and 2001) Steven Xi Managing Director Ken Tsang, CFA Managing Director • CEO & Co-Founder, Clubciti, an Asia-based online auction company • Director of Investment Banking at China Everbright Securities • Head of China Investment Banking for Dresdner Kleinwort Wasserstein • Salomon Smith Barney / GSC Partners, Investment Banking and Principal Investments Group • CSFB, General Industrials & Financial Institutions Group • Head of Asia Technology Investment Banking for Credit Suisse First Boston’s Internet and data services, software & IT consulting communications equipment & PC hardware groups • Member of CSFB's Mergers and Acquisitions Group, responsible for the origination and execution of cross border M&A transactions in the Asia-Pacific • Arthur Andersen, Business Consulting Group Hsin Mao Huang Managing Director David Chen Executive Director • CFO of China Cable Media Group • Managing Director of WI Harper • Executive Vice President of ERA Communications Group • Donaldson, Lufkin & Jenrette Investment Banking – Media Group • Lehman Brothers Investment Banking – Media Group • MBA, Wharton Business School • China Corporate Development, Advanced Micro Devices • Advisor, Flatiron Capital Advisors • COO, Tradecity Cybersoft • Merrill Lynch Investment Banking – Media Group; Salomon Smith Barney – IBD • Honda – R&D Project Lead and Engineer • Harvard Business School 6

  7. Advanced Micro-Fabrication Equipment Inc 中微公司 Acquisition of 32% Stake in Photon Technology Co., Ltd. February 2005 Series A Financing March 2005 Series B $30MM Financing May 2006 Series A Financing March 2005 US$38 Million Series A Financing January 2005 US$ 75MM Financing May 2006 Merger with Photon Technology Co., Ltd. July 2005 US $35MM Strategic Financing September 2005 Series A Financing April 2005 US$14 Million Series C Financing May 2005 Sale to Focus Media (Nasdaq: FCMN) for $183 million October 2005 Series A Financing October 2005 The Hina Group Credentials • Since getting our NASD license in 2004, Hina Group has executed against quality transactions, completing on average one transaction per month • Aggregate transaction valuation for 2005 alone is more than $500 million China Market Entry Strategy Consulting April 2006 US$48 million Series C Financing March 2006 7

  8. 日 程 • 汉能集团简介 • 网络视频行业 • 宽频行业竞争格局 • 行业发展趋势 8

  9. 在线 • 下载 • DVD 网络视频行业概览 视频 网络 网络视频服务 视频搜索 影视 宽频影视 CDN 自创栏目 P2P 播客 UGC 视频广告 9

  10. 在线影视用户[2] 市场容量 增长率 每季度不足1次 每月看1次 每两周看1次 每周看1次 每周看3次以上 宽带用户[1] 不确定 市场前景 国内在线影视用户CAGR 125%(03-05年) 单位: 百万 国内在线影视市场容量CAGR 77%(03-05年) 单位: RMB 百万 • 2003 • 2004 • 2005 • 2006E • 2007E • 2008E • 2003 • 2004 • 2005 • 2006E • 2007E • 2008E • 7700万宽频用户，居世界首位。 • 互联网用户对在线娱乐表现出很大的需求，同时仍存在发展潜力：近58%的宽带用户使用过在线影视服务[2]. • 市场刚刚起步，增长的前景很大，04年市场增长率达到120%。 • 随着08奥运会的到来，预计市场仍会保持高增长。 • [5] source: [1]CNNIC, 17th China internet development report, 2006; [2](only accounts the user from licensed online movie) iresearch, 2005; 10

  11. 行业价值链 内容提供商 电信运营商 技术提供商 内容运营商 广告主 宽频用户 11 11

  12. 日 程 • 汉能集团简介 • 网络视频行业 • 宽频行业竞争格局 • 行业发展趋势 12

  13. 竞争已经相当激烈 C2C模式 付费内容模式 天天在线 21CN SMGBB 付费 • 超过150家网络视频运营商。 • 国内出现大量的Youtube复制者。 • 此外，许多模式尚不清晰的服务提供商。 VNet CNCMax leTV Jeboo 九州梦网 51TV Megajoy 其他 Qyule ZLVod Sohu Mop uusee 视频分享模式 免费视频模式 Yokoo Kamun Shanda Tom mysee 菠萝 56.com Rox QQLive Nusports UUME 土豆 TVix PPLive 中国 播客 PPStream PoCo 沸点 广告 … 版权内容 UGC 13

  14. 盈利成为网络视频运营商面临的最大问题 国内在线影视用户单位: 百万 国内用户的消费习惯 在线影视用户 付费用户 30% • 2003[1] • 2004[1] • 2005[1] • 2006E • 2007E • 2008E 国内在线影视市场单位: RMB 百万 • 2038 • 1274 非正规运营商对市场的冲击 非正规运营商 • 910 • 630 正规运营商 • 440 70% • 200 • 2003[1] • 2004[1] • 2005[1] • 2006E[1] • 2007E • 2008E source: [1] iResearch, 2005; other numbers are estimated upon the industry analysis. 14

  15. 18-24 25-30 31-40 >40 <18 宽频用户的特性 • 大部分宽频用户分布在沿海或比较发达的城市。 • 25-35岁之间的用户约占全体用户的1/3。 • 较强的购买力 • 3.35% • 3.07% • 年龄 • 5.81% • 6.73% • 7.08% • 4.74% • 6.35% • 4.1% • 6.48% • 5.11% • 3.01% • 4.35% • 12.39% source: [1] iResearch 2005. 15

  16. 网络视频广告的优势 传统网络广告 网络视频广告 • 通过网络，中小企业广告主能够获得与传统电视广告同等质量的广告效力。 • 通过视频，广告能够更好的契合观众的视听习惯，达到较高的宣传效果。 • 强制性 • 精准投放 • 私密性 • 交互性 • 低成本 • 内容更具吸引力 • 形式更具表达力 电视广告 16

  17. 用户的付费习惯 • 高额版权费 • 其他盗版商的冲击 • 内容分销渠道，在国外由内容提供商牵头。 • 免费内容对用户具的吸引力 • 网络视频广告兼具传统网络广告和电视广告的优势 • 与内容提供商的分成 • 广告主态度 • 进入门槛低 • 播客的形式契合用户显示自我的需求 • 社区的形式具备更高的用户粘合性 • 带宽成本随着用户数的增长而激增 • 广告主态度 运营模式 • 机遇 • 挑战 • 案例 内容付费 免费视频 视频分享 17

  18. 内容同质化严重：用户上传视频或内容转载。 • 国内用户需求与国外不同： 国内DV用户追求功利，追求艺术的目的更强一些。 • 国内带宽费用相对较高。 • P2P 还是 Flash？ • Flash虽然内容尺寸压缩比例小，不影 • 响播放速度，然而却对服务器的数量 • 提出了更高的要求。 • 用户培育 • 带宽成本 • 内容管理 • 盈利模式 • 国家广电总局出台新规，加强 • 了网络视频的监管。 • 转载内容容易导致版权问题。 • 注意用户隐私和商业机密的风险。 • 内容收费 还是 广告？ • 与其他平台合作：如，手机 关键问题 18

  19. 日 程 • 汉能集团简介 • 网络视频行业 • 宽频行业竞争格局 • 行业发展趋势 19

  20. 行业发展前景 • 内容：内容提供商开始将宽频作为一种分销渠道，但仍然担心盗版问题，仅提供部分经典老剧。 • 技术：DRM, P2P和DVD技术促进了网络宽频的应用。 • 政策环境： 广电总局加强了对网络视听的监管。 • 视频广告：宽频网站的一个重要驱动因素。 • 支付渠道：电子支付等支付方式逐渐成熟。 • Stage I:盗版内容被直接用于网络传播。越来越多竞争者进入。 • Stage III: 市场趋于健康、成熟。 • Stage II: 在版权的压力下，越来越多的宽频网站转向正版运营 20

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