CAR Inc.
Company Presentation
August 15th 2017
CAR Inc. Company Presentation August 15 th 2017 Disclaimer By - - PowerPoint PPT Presentation
CAR Inc. Company Presentation August 15 th 2017 Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information that follows is a
August 15th 2017
By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information that follows is a presentation of certain information of CAR Inc. (the “Company”) prepared by the Company as of August 2017. The information contained herein (including, among others, the market data, industry data and other industry statistics included in this presentation derived from public or third party sources) has not been independently verified and thus no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of its respective directors, officers, employees, advisors, affiliates or agents shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. In addition, no person is authorized to give any information or to make any representation not contained in and not consistent with this material and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of the Company. In this presentation, we refer to EBITDA, Adjusted EBITDA and other measures which are not standard financial measures under IFRS. Such measures may not be comparable to similarly titled measures presented by other companies. See the relevant footnotes contained in this presentation for the definition and calculation of such financial measures. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm, and past performance is not indicative of future results. The information communicated in this presentation contains certain statements that are or may be forward looking. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the
Company and its advisors or representatives are unaware. Against the background of these uncertainties, readers should not rely on these forward-looking statements. The Company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments. This presentation and the information contained herein do not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States or to U.S. persons absent from registration under or an applicable exemption from the registration requirements of the United States securities laws. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer and its management and financial statements. No public offering of securities is to be made by the Company in the United States. This presentation and the information contained herein is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person, in whole or in part. In particular, neither the information contained in this presentation nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States, Canada, Australia, Japan, Hong Kong or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of U.S. or other national securities laws. No money, securities or other consideration is being solicited, and, if sent in response to this presentation or the information contained herein, will not be accepted. BY REVIEWING THIS PRESENTATION, YOU ARE DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CLIENTS YOU REPRESENT ARE EITHER (A) A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF REGULATION 144A UNDER THE SECURITIES ACT), OR (B) NOT A U.S. PERSON AND ARE OUTSIDE OF THE UNITED STATES AND NOT ACTING FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). YOU ARE ALSO DEEMED TO HAVE REPRESENTED AND AGREED THAT YOU AND ANY CUSTOMER YOU REPRESENT ARE PROFESSIONAL INVESTORS AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP 571 LAWS OF HONG KONG) AND ANY RULES MADE UNDER THAT ORDINANCE.
1
2
Infant stage with huge growth potential Life-style driven, not only travel demand Dominant leader = High margin Significant entry barriers Market Demand Competition Landscape O2O and mobile Asset-light network strategy Strategic collaboration with UCAR Innovations
We are more than a car rental company
4
Source: Roland Berger Notes: (1) Defined as the number of rental vehicles as a percentage of the total number of registered passenger vehicles in 2012 (2) Represents growth in the car rental market size, based on rental revenues CAGR’s on local currency basis
2.5% 1.6% 1.4% 1.3% 0.4% 2% 2% 6% 13% 27% 2013-2018E CAGR (2)
Car rental sales growth Penetration rate of car rental(1)
5
PRC regulatory reforms Typical rental market evolution Licensed drivers without cars
217M 310M 84M 150M
2013 2016 Gap: 133M Car rental(1) market size (2013) ~$0.9 bn ~$24.0 bn
government-owned cars
Gap: 160M
1 2 3
Business travel Leisure travel Replacement car Limit number and models of
cars that may be purchased by government agencies and encourage car rental
Official guidance (July 2014)
stipulates that no further government-owned cars will be provided for use in regular government affairs or to officials below a certain rank
Source: Roland Berger (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures
6
licenses
replicate
Requires “deep pockets”
8
Clear and sustainable market leadership Most trusted brand supported by superior customer experience Industry-leading proprietary technology platform Diversified and stable business Experienced management team and strong partners Strong and sustainable profitability profile
1 2 3 4 6 5
Source: Public filings
9
940
Larger
Larger
96,449 #1 #1 Vehicles (2016) RMB in millions (2016) #2 #2 56,916 3,057
Larger
Fleet size Rental revenue
RMB in millions (2016)
#1
#2 1,664 5,016
1
10
1
31.2% 8.2% 1.9% 1.9% 1.2% 19.8% 7.7% 2.7%
<1.5%
1.5% eHi Topone Reocar Avis 2013 2011 % Change +11.4% +0.5%
+0.4%
Market share (by revenue) of top 5 car rental(1) companies in China
Source: Roland Berger (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures
Note: (1) As of Jun. 30, 2014
11
1 Cost advantages 1 License advantages 2 Funding advantages 3
Secured licenses to accommodate future growth
~13,000 in Beijing(1) ~8,000 in Guangzhou(1)
Access to diversified debt funding channels including credit facilities
Bank, OEM financing, capital leasing
Access to global capital markets Procurement
One of the largest passenger vehicle
purchasers in China Operational leverage
Economy of scale
Reinforces our …
provides…
and creates…
12
2
3.5 15.6 2011 1H'17 (‘000)
Growth in institutional customers
~4.5x
increase
447 4,657 2011 1H'17 (‘000)
Growth in individual customers
~10.4x
increase
57% 65% 2011 1H'17 % repeat customers transactions (1)
Increasing customer engagement
+8pp
increase
Best-in-class customer service
Extensive nationwide network Broadest vehicle selection Excellent vehicle conditions Hassle-free rental process
Note: (1) The transactions by our repeat customers as a percentage of the total number of our car rental transactions. Repeat customers include any customer that has completed more than
13
2
Beijing Guangzhou Shanghai Shenzhen
Deep urban penetration
Service locations cover major transportation hubs, business districts, residential communities and tourist destinations
Nationwide coverage
Directly operated 104 major cities 823 service locations (333 stores and 490 pick-up points) Franchise operated 189 small cities 239 service locations
1 2 3 6 7 9 10 4 8Note: Network statistics as of June. 30, 2017
14
3
Customer interface Comprehensive management systems
Fleet Management
Repair and insurance Used car sales
Yield Management
Supply / demand Dynamic pricing Fleet deployment
Financial Management
Budgeting Business analytics
Customer Management
CRM Promotional activities
Transaction Management
Reservation, vehicle pick-up /
return, payment
Risk control
Call center PC Mobile Store Big data Business intelligence
15
Note: (1) Recent same day examples
3
Market demand Inventory level Rental term Location Timing of booking Competitor rates Target margin
Dynamic Pricing
Data analysis
Pricing flexibility of the same car model in different stores (1)
¥415/ 日
均
¥280/ 日
均
Beijing Guomao Shanghai Jinjiang Action Park Xining Caojiabao Airport
¥69/ 日均
16
Note: (1) Business transactions refer to reservations under commercial agreement, car pick up outside of holidays, car pick up outside of tourist locations, weekend rentals and rentals with formal receipt issued for reimbursement purposes. Leisure transactions refer to the remaining transactions. (2) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures
4
25% 45% 7% 3% 10% 10% 76% 9% 9%6% 71% 29% Car rental Fleet rental, leasing & others ~35% ~65% Beijing, Shanghai, Guangzhou, Shenzhen Other cities ~55% ~45% Top 10 cities Others 32% 68% Business Leisure Buick Toyota % 1H’17 rental revenue
Products Customers
% 1H’17 car rental transactions
Network Suppliers
% 1H’17 car rental revenue(2) % 1H’17 total fleet VW Kia Others ~23% ~77% On-airport business Off-airport business ~84% ~16% Top 10 models Others % 1H’17 car rental transactions
(1) (1)
% 1H’17 car rental revenue(2) % 1H’17 total fleet % 1H’17 car rental revenue(2) Chevrolet Store Mobile PC Call Center
17
Source: Roland Berger (market share by revenues in 2013), Euromonitor, public filings of peers (Brazil market share by revenues in 2014), Auto Rental News Note: (1) EBITDA margins based on percentage of rental revenues for all, except for the #2 player. CAR: Adjusted EBITDA as disclosed. #2 player: adjusted EBITDA as disclosed. Hertz: EBITDA as disclosed (unadjusted due to limited public information available). Avis: corporate EBITDA for car rental business adjusted for vehicle depreciation and interest. Localiza: car and fleet rental EBITDA as disclosed
5
Market position comparison EBITDA margin among peers(1)
Dominated by Localiza Dominated by CAR
CAR 31% eHi 8% Topone 2% Other 59%
Market shared by 3 large players
Enterprise 48% Hertz 26% Avis 18% Others 8% 59% 45% 42% 36% 1H'17 FY2016 FY2016 FY2016 FY2016
Localiza Hertz Avis #2
Localiza 47% Unidas 8% Hertz 7% Other 38% 34%
Source: Public filings of Hertz, Avis, Localiza and the #2 player. Peers data based on the year ended December 31, 2016 except the #2 player based on the year ended December 31,2015. Notes: Where applicable, CAR’s expense figures have been adjusted for share-based compensation, reorganization related expenses as well as costs related to suspended fleet (1) Representing expenses as a percentage of rental revenue, excluding sales of used vehicles; but in the case of the #2 player, including car services revenue. CAR Inc. rental revenue and operating fleet have been reclassified to align with its new development in business natures. (2) Due to limited disclosures available, depreciation and amortization expenses have been used as a proxy to estimate vehicle-related depreciation (3) Due to limited disclosures available, direct operating expenses are estimated by taking vehicle operating expenses less depreciation and amortization expenses (as a proxy for vehicle-related depreciation) (4) No breakdown for rental business available for expense. Figure estimated based on total expense multiplied by rental business revenues % of total revenues (5) CAR: net interest expenses for the corporate level; #2 player: net interest expenses for the corporate level; Hertz: net interest expenses for the corporate level; Avis: net interest expenses of corporate debt and net vehicle interest expenses excluding net impact of early extinguishment of debt); Localiza: net interest expenses for the corporate level
18
5
15% 11% 12% 12% 13% 9% 7% 6% 6% 2013 2014 2015 2016 1H'17
% of rental revenue (1)
18% 12% 12% 11% 11% 17% 10% 13% 14% 2013 2014 2015 2016 1H'17
Depreciation of rental vehicles expenses SG&A costs Finance costs (5)
(4) (4)
34% 34% 31% 33% 32% 46% 60% 51% 43% 2013 2014 2015 2016 1H'17
Direct operating expenses
(4)
Localiza Hertz Avis #2 China Global
(4)
(3)
27% 27% 21% 25% 26% 33% 26% 24% 10% 2013 2014 2015 2016 1H'17
(2)
19
years
6
Investment of Fund XI, established
in 2012
International resources Capital markets know-how Current shareholding 11.5% (1)
Charles Lu Chairman
23+ years of entrepreneurial experience: 15+
years in technology, 10+ years in automobile and consumer services related sectors
Senior leadership
Ming Lin VP of rental operations
Former VP at Legend Capital
20+ years Yandong Zeng VP of fleet management 18+ years Wilson Li COO, CFO
Former CFO of GE Healthcare GSC Asia
16+ years
Partners
Parent company of, among others,
Lenovo, Digital China, Legend Capital, and Raycom Real Estate
Strong continuous support on bank
guarantees and government relationships
Current shareholding 24.8% (1) Founded in late 2014, a leader in
mid-to-high-end on-demand chauffeured service in China
Listed on NEEQ in July 2016, market
cap over RMB40 B
Current shareholding 28.4% (1)
Notes: (1) as of June. 30, 2017
23+ years Yifan Song CEO 17+ years
Founding member, executive vice-president
since 2013, in charge of general management
Former sales head at Tetrapak China,
manufacturing engineer at Ford Motor (China)
21 21
Achieved record high utilization rate and quicker realization of significant upside … 69% in 1H, 14pp YoY improvement (guidance 5-7pp YOY) Realized margin expansion despite significant price reduction … EBITDA margin +4pp YoY and net margin +3pp YoY due to significant operating leverage from scale
Demonstrated stronger than ever growth momentum … 71% YoY rental days growth in 1H and 79% YoY in 2Q, a record high since 2013 (guidance 40% YoY)
residual risks … headwinds on 1H margins due to disposal loss of legacy models
Expedited fleet replacement to accommodate regulatory requirement for vehicles providing ride-hailing services … 36% YoY revenue decrease Started to diversify customer base of fleet management … decided to re-enter into new long-term rental businesses for corporations
22
Notes: (1) Adjusted EBITDA, adjusted net profit, and margins exclude the costs relating to the used car B2C pilot program. Adjusted EBITDA is defined as profit or loss before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate; adjusted net profit is defined as profit or loss excluding share-based compensation, foreign exchange gain/loss, fair value gain from investment in equity shares and redeemable preference shares, fair value gain on derivative instrument-transaction not qualifying as hedges, share of profit/(loss) of an associate. Margins are calculated as percentage of rental revenue. (2) Rental revenue and operating fleet have been reclassified to align with its new development in business natures
Fleet utilization
RMB 407 MM Free cash flow
(1) (1) (1)
Net debt/adj. EBITDA
Car rental(2) volume
Car rental revenue
23
June-17 Dec-16 change
Total assets 20,739 21,189 (2)% Total debt 11,242 11,682 (4)% Cash 4,982 5,725 (13)% Total debt/ LTM Adj. EBITDA 3.8x 3.8x
2.1x 1.9x 0.2x
Note: (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures. (2) Adjusted EBITDA is defined as profit before income taxes, net finance income/costs, depreciation, amortization and impairment, excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, costs related to B2C pilot program and fair value gain on investment in redeemable preference shares (3) Adjusted net profit is defined as profit excluding share-based compensation, unrealized foreign exchange gain/loss related to USD denominated liabilities, costs related to B2C pilot program and fair value gain on investment in redeemable preference shares (4) As a percentage of rental revenue
(RMB in millions)
1H’17 1H’16 YoY
Total rental revenue 2,456 2,452 0%
1,739 1,326 31%
705 1,100 (36)% Total revenue 3,612 2,969 22% Net profit 379 1,062 (64)%
1,449 1,556 (7)% Margin(4) 59.0% 63.5% (4.5)pp
314 472 (33)% Margin(4) 12.8% 19.2% (6.4)pp Free cash flow 407 784 (48)% Basic EPS(RMB) 0.16 0.44 (63)%
472 314
1H'16 Car rental contribution UCAR fleet contribution Vehicle residule impact Finance cost &
1H'17
24 (RMB in millions)
Car rental growth with slight margin expansion UCAR fleet rental decline Residual pressure of legacy models GM Excelle impact, UCAR fleet residual adjustment in 4Q’16 Finance cost increase due to higher gross debt
63.5%
1H'16 Car rental contribution Business mix change Used car disposal Others 1H'17
59.0%
25
Car rental margin expansion UCAR fleet rental decline Used car disposal loss of legacy models UCAR fleet contribute higher EBITDA margin
22
71% (24)% 31%
ADRR Revenue Rental days 55% 69%
14pp+
YOY 1H’17 1H’16 Car rental EBITDA margin
Rental days growth: 1H 71%, 2Q 79% record high Utilization improvement: 1H 14pp+, 2Q 15pp+ Effective pricing strategy, 24% ADRR decrease 5% slight RevPAC decrease, offset by unit cost
decrease due to higher operating leverage Utilization Rate
Realized margin expansion due to significant operating leverage from scale
Car rental Net margin Car rental key metrics YoY
+4pp +3pp Delivered far beyond 2017FY operational targets (2017 focus on growth & utilization)
27
Growth levers
1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17
More competitive pricing Younger fleet
8% 18% 40% 45% 63% 79%
Smarter Dynamic Pricing Attractive new models
1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17
ADRR
Price lever Fleet optimizer Rental experience revolution
Counter/staff bypass Rental on-demand
<1yr Fleet %
9,803 10,988 12,346 13,624 15,200 17,255 2Q’17 1Q’16 2Q’16 3Q’16 4Q’16 1Q’17
Sequential increase
Rental days YoY (%) Registered members (in thousands)
1Q’16 2Q’16 3Q’16 4Q’16 1Q’17 2Q’17
months
Notes: (1) The Company has reclassified the rental revenue and operating fleet to better align with its new development in business natures. (2) Average daily fleet is calculated by dividing the aggregate days of car rental vehicles in operation in a given period by the aggregate days of that period (3) RevPAC refers to average daily rental revenue per car rental vehicle, which is calculated by multiplying the average daily rental rate in a given period by the fleet utilization rate in that same period (4) Average daily rental rate is calculated by dividing car rental revenue in a given period by the fleet rental days in that period. Fleet rental days are the total rental days for all vehicles in car rental fleet in a given period (5) Fleet utilization rate is calculated by dividing the aggregate days that vehicles are rented out for car rentals by the aggregate days that car rental vehicles are in operation
28
38%
1H’17 1H’16
fleet(2)
31%
Car rental revenue(1) 1,739 1,326 60,307 43,830 RevPAC(2) 160 169 x = x = x
Days
ADRR(3) 234 307
+13.6pp
Utilization(4) 68.5% 54.9%
(RMB in millions)
RevPAC(3)
313 300 282 251 245 223
1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17
ADRR(4)
55.4% 54.4% 60.3% 59.3% 67.6% 69.4%
1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17
Utilization(5)
174 163 170 149 165 155
1Q‘16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17
YoY
Delivered margin expansion despite significant ADRR reduction:
29 Expedited vehicle replacement to drive growth and
mitigate future residual risks … 1H loss due to legacy GM model
Solid residual adjustments of legacy models and UCAR
fleet in 2H’16, resulting in 1H’17 depreciation % 1.7pp increase YoY
Cost to sales ratio constant at 95%-105% 2H’17: strengthen the effort of penetrating B2C retail
channel through Maimaiche partnership
Improved capabilities in used car disposal Proven residual risk management
100% Cost of sales of used vehicles As % of sales of used vehicles 2014 95.1% 2015 101.1% 65
price (RMB‘000) 2016 103.0% 15,483 9,284 23,092 8,077 17,808 2014 2015 2016 1H'16 1H'17 # of used vehicles disposed Used car disposal channels 62 23.4% 21.4% Depreciation %
(of rental revenue)
25.1% 64 65 64 1H’16 1H’17 99.0% 103.0% 26.3% 24.6% 9% 29% 63% 5% 37% 58%
B2B - Franchisees B2B - Dealers B2C - Maimaiche
1H’17 1H’16
30
Optimizing funding capability and credit profiles
Cash(1) 2013 2014 2015 2016 1H'17 Free Cash Flow (FCF)
Strong cash generation
(RMB in millions)
Net debt/
2,967 1,135 6,344 5,958 6,260 3,811 3,611 8,385 11,682 11,242 2013 2014 2015 2016 1H'17
Net debt Total debt
Debt (Gross/Net) 5,725 2,041 2,476 844 3.2x 0.7x 1.9x
Net leverage remained low due to strong FCF
generations
Gross debt level remained constant FX exposure further reduced: USD630mm hedged Continue deliver strong Free Cash Flow after 2.0B
vehicle capex spent
Maintain strong cash position of 4.9B … providing
liquidity needs for both onshore and offshore
Executed share buy-back of HKD662MM
Note: (1) includes restricted cash, available-for-sale investments and cash and cash equivalents
4,982 2.3x 2.1x (649) (1,129) (3,303) 1,795 407
(RMB in millions)
31
22,171 21,857 38,353 29,831 23,601 9,986 15,483 9,284 23,092 17,808 2013 2014 2015 2016 1H'17 Vehicles purchased Vehicles disposed
Fleet expansion (1) Net investment in fleet
(RMB in millions)
1,889 2,729 5,220 2,633 1,973 495 654 603 1,438 1,156 2013 2014 2015 2016 1H'17 Vehicle purchase capex Used vehicle sales revenue
Notes: (1) Fleet expansion does not reflect change in finance leasing fleet (2) Among 15,483 used vehicles disposed in 2014, 10,185 vehicles were sold while 5,298 vehicles were disposed to franchisees through finance leasing (2)
33
互联网技术革命 Internet Technology
智能汽车 Smart Vehicle 云计算 Cloud Computing 电动车 EV 大数据 Big Data 机器学习 Machine Learning
车联网 Connected Vehicle
汽车技术革命 Auto Technology
自动驾驶 Autonomous Driving
消费习惯变化 Consumer behaviors change 汽车生态圈重塑 Auto ecosystem revolution
On-demand economy Car ownership Car sharing Mobility sharing …… Manufacturing Distribution Repair & maintenance Financing & insurance ……
SHARE
33
34
CAR Inc.
Premium Auto Rental (China) Limited (HK) Haike Leasing (China) Limited (HK) CAR Hong Kong (HK) Shenzhou Used Car (China) Limited (HK)
Offshore Onshore
Hertz transferred
subsidiaries
Beijing China Auto Rental
Co., Ltd.
China Auto Rental (Tianjin)
Co., Ltd.
Haike Leasing (Beijing) Ltd. Haike Leasing (Fujian) Ltd. Haoke Leasing (Shanghai) Ltd. Haike Leasing (Tianjin) Ltd.
100% 100% 100% 100% 100% 100% 100%
Grand Union Amber Gem
28.4% 24.8% 11.5%
Public
35.3%
神州优车
UCAR
Such shareholder consolidation makes shareholding structure clearer and more concentrated
35
Customer Oriented Technology- driven Business Model Innovation Synergies
Financing Platform Mobility Platform E-Commerce Platform
Value Chain
36
Suppliers
OEMs Insurance companies
Customers
Car rental Chauffeured Purchase
Fleet
Fleet sharing Used car disposal
Network
Stores & operations Repair & maintenance
Big data
Customers Fleet
Branding
Brand recognition
Improve cost structure
Upgrade customer experience
Create new growth engines
37
Smart Vehicles 智慧车辆 Connected Vehicles 车联网 Smart Fleet 智能车队 Smart Drivers 智慧司机 Full-time Drivers 专职司机 Drive Robot 驾驶机器人
Smart Dispatch
智慧派单
Controllable Driving
可控驾驶
Easy Trip
舒适 行程 Smart Demand 智慧需求 Mobile Internet 移动互联网 Smart Scenario 智慧场景