2007

Q1
Revenues 1,671,140
Shenzhen Yu Zhi Lu Aviation
AIRLINE TICKETS Gross profit 1,387,109
Service Company Ltd
Gross profit % 83.0%
Q/Q
Y/Y
Revenues 5,290,000
CARGO.
Shenzen Speedy Dragon Gross profit
LOGISTICS
Gross profit %
Q/Q
Y/Y
Shanghai Lanbao (85%) - Revenues
ONLINE HOTEL
73% hotel reservation Gross profit
BOOKING
industry ? Gross profit %
Q/Q
Y/Y
Revenues
TOURISM, Xi'an Golden Net (12%) - 10%
Gross profit
PACKAGE TOURS industry average?
Gross profit %
Q/Q
Y/Y
Revenues
TOURISM, Foshan Overseas International
Gross profit
PACKAGE TOURS Travel Service
Gross profit %
Q/Q
Y/Y
Revenues
TOURISM,
Tianjin Golden Dragon Gross profit
PACKAGE TOURS
Gross profit %

REVENUES 6,961,140
Cost of service 4,705,678
Gross profit 2,255,462
32.4%

Selling, General & Administrative 751,794

- % of gross profit 33.3%

Stock based compensation 633,360

Income before income taxes 879,428

Provision for income taxes 225,818

- effective enterprise income tax 14.9%

Net income 653,610

9%

normalized net income

EPS QUARTER
TRAILING EPS YEAR
PE 20
PE 25
PE 30

Weighted average of outstanding shares

WACC
compound discount rate

Balance Sheet

Cash and cash equivalents 1,354,039

Accounts receivable 1,582,586
Trade deposit 2,805,787
Property, equipment net 74,391
Advances

Accounts Payable 4,002,492

non cash Working capital 2,055,192

Employees
revenues / employee

Franchisees
 2007 2008
Q2 Q3 Q4 Q1 Q2 Q3 Q4
4,002,853 4,304,780 4,390,876 4,478,693 5,150,497 6,180,596 5,871,567
2,103,950 2,532,734 2,583,389 2,635,056 3,030,315 3,636,378 3,454,559
52.6% 58.8% 58.8% 58.8% 58.8% 58.8% 58.8%
51.7% 20.4% 2.0% 2.0% 15.0% 20.0% -5.0%
90.0% 44.0% 43.6% 33.7%
3,021,510 3,071,639 3,133,072 3,195,733 3,675,093 4,226,357 4,015,039
515,021 702,698 716,752 731,087 840,750 966,863 918,519
17.0% 22.9% 22.9% 22.9% 22.9% 22.9% 22.9%
36.4% 2.0% 2.0% 15.0% 15.0% -5.0%
63.2% 37.6% 28.2%
916,467 962,290 1,029,651 1,184,098 1,420,918 1,349,872
622,420 634,868 679,309 781,206 937,447 890,574
67.9% 66.0% 66.0% 66.0% 66.0% 66.0%
5.0% 7.0% 15.0% 20.0% -5.0%
50.6% 40.3%
4,521,056 4,747,109 5,079,406 5,587,347 6,704,816 6,369,576
647,727 660,682 706,929 777,622 933,147 886,489
14.3% 13.9% 13.9% 13.9% 13.9% 13.9%
5.0% 7.0% 10.0% 20.0% -5.0%
44.1% 34.2%
3,200,000 3,424,000 3,766,400 4,519,680 4,293,696
450,000 481,500 529,650 635,580 603,801
14.1% 14.1% 14.1% 14.1% 14.1%
7.0% 10.0% 20.0% -5.0%
34.2%
5,000,000 5,500,000 6,325,000 6,957,500 6,609,625
350,000 430,000 520,000 600,000 600,000
7.0% 7.8% 8.2% 8.6% 9.1%
10.0% 15.0% 10.0% -5.0%
71.4%

7,024,363 12,813,942 15,376,730 22,707,483 25,688,436 30,009,868 28,509,375

4,405,393 8,308,363
2,618,970 4,505,579 5,395,691 5,663,882 6,479,543 7,709,414 7,353,943
37.3% 35.2% 35.1% 24.9% 25.2% 25.7% 25.8%

658,149 812,464 893,710 938,132 1,073,233 1,276,942 1,218,064

25.1% 18.0% 16.6% 16.6% 16.6% 16.6% 16.6%

0 0 0 0 0 0 0

1,945,247 3,674,628 4,501,980 4,725,750 5,406,309 6,432,472 6,135,879

293,335 608,153 745,080 1,181,437 1,351,577 1,608,118 1,533,970

15.1% 16.6% 16.6% 25.0% 25.0% 25.0% 25.0%

1,651,912 3,066,475 3,756,900 3,544,312 4,054,732 4,824,354 4,601,909

24% 24% 24% 16% 16% 16% 16%

0.102 0.095 0.108 0.126 0.119

 0.249 0.323 0.383 0.424 0.440
4.977 6.465 7.654 8.474 8.802
6.221 8.081 9.567 10.593 11.002
7.465 9.697 11.481 12.712 13.203

35,686,050 36,686,060 37,186,060 37,686,060 38,186,060 38,686,060

13%
1.13
15,066,644

VALUE OF EQUITY
EQUITY PER SHARE

2,805,787

103
 2009 2010 2011 2012 2013
Y Y Y Y Y
24,933,556 28,673,590 32,974,628 37,920,823 43,608,946
14,669,755 16,870,218 19,400,750 22,310,863 25,657,492
58.8% 58.8% 58.8% 58.8% 58.8%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%
17,379,056 19,985,915 22,983,802 26,431,372 30,396,078
3,975,802 4,572,172 5,257,998 6,046,698 6,953,702
22.9% 22.9% 22.9% 22.9% 22.9%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%
5,732,220 6,592,053 7,580,861 8,717,990 10,025,688
3,781,816 4,349,089 5,001,452 5,751,670 6,614,420
66.0% 66.0% 66.0% 66.0% 66.0%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%
27,302,317 31,397,665 36,107,315 41,523,412 47,751,924
3,799,815 4,369,788 5,025,256 5,779,044 6,645,901
13.9% 13.9% 13.9% 13.9% 13.9%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%
18,404,342 21,164,994 24,339,743 27,990,704 32,189,310
2,588,111 2,976,327 3,422,776 3,936,193 4,526,622
14.1% 14.1% 14.1% 14.1% 14.1%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%
29,200,944 33,581,085 38,618,248 44,410,985 51,072,633
2,920,000 3,358,000 3,861,700 4,440,955 5,107,098
10.0% 10.0% 10.0% 10.0% 10.0%
- - - - -
15.0% 15.0% 15.0% 15.0% 15.0%

TERMINAL YEAR
122,952,436 141,395,301 162,604,597 186,995,286 215,044,579 GROWTH RATE
3%
31,735,299 36,495,593 41,969,932 48,265,422 55,505,236
25.8% 25.8% 25.8% 25.8% 25.8%

5,256,448 6,044,915 6,951,652 7,994,400 9,193,560

16.6% 16.6% 16.6% 16.6% 16.6%

0 0 0 0 0

26,478,851 30,450,678 35,018,280 40,271,022 46,311,675

6,619,713 7,612,670 8,754,570 10,067,756 11,577,919

25.0% 25.0% 25.0% 25.0% 25.0%

19,859,138 22,838,009 26,263,710 30,203,267 34,733,757 434,171,957

16% 16% 16% 16% 16%

0.507 0.571 0.648 0.737 0.837

 0.507 0.571 0.648 0.737 0.837
10.136 11.419 12.970 14.733 16.739
12.670 14.274 16.212 18.417 20.924
15.204 17.129 19.455 22.100 25.109

39,186,060 40,000,000 40,500,000 41,000,000 41,500,000

12% 12% 12% 11% 11%

1.27 1.42 1.59 1.76 1.96 1.96
15,691,481 16,111,788 16,543,354 17,139,511 17,757,151 221,964,387

ALUE OF EQUITY 320,274,316

QUITY PER SHARE 8.01