VST 公司通过欧亿·体育（中国）有限公司分析、市场研究，发现整个互联网电视的市场空间广阔，并且经 过几年的运营，公司已经积累了大量的内容资源、终端合作客户，同时拥有近 7000 万 的用户，在欧亿·体育（中国）有限公司发展良好的前提下，具有很大的发展潜力，但是由于公司处于互联网行 业，公司的最大价值资源是用户，在目前的市场环境下，关于用户的运营工作需要投入 大量的资金，同时需要大量的资金用于服务器等的租赁，若后期延伸上下游产业链发展， 更需要资本的大力支持，因此该项目需要融资。本计划书的目的是给投资者展示目前公 司的运营情况、商业模式、未来的运营规划及盈利预测等，并通过一定的投资决策指标， 得到该项目最终融资金额及估值的合理性说明，并期望通过商业计划书的展示，获得融 资，并逐步走向资本市场。 本文先阐述了项目的研究背景、意义、研究方法，并综述了学者们对该欧亿·体育（中国）有限公司的研究； 其次描述了项目的主要内容，并对欧亿·体育（中国）有限公司监管政策、基本发展情况、产业链上下游状况及 主要的市场参与主体、商业模式；然后研究了公司技术研发所处的技术环境，并对目前 的市场环境数据进行统计分析，得出公司所处欧亿·体育（中国）有限公司具有很大的发展前景，最后根据对项 目的财务——收入和成本预测，得出回报期及内部报酬率，并提出本轮的融资计划及估 值，也针对可能的风险进行描述和对策分析。 通过本商业计划书的研究表明，1、项目的欧亿·体育（中国）有限公司发展处于上升时期，技术能够完全 支撑相关的公司业务，并且具有非常广阔的市场空间；2、项目预计在 2017 年就开始有 3000 多万元的营业利润，并且以后的收入增长迅速，在 2021 年内能够实现 55.45%的内 部报酬率，有很大的增值空间，资本投资回报率高；3、所面临的市场风险、政策风险、 财务风险等均有相应的对策，且公司在 2017 年实现盈利的情况下，能够为新进入者树 立很高的门槛。 经过本商业计划书的研究，为项目作客观的财务评价，为项目的融资提供决策参考， 希望能吸收所期望的欧亿·体育（中国）有限公司进行投资，以达到多赢的目标。 关键词，智能电视、商业计划、融资方案II ABSTRACT Through Smart TV industry and market analysis, we find there is increasing demand in this field. After about 3 years running, VST smart TV company has accumulated a large of content resources and a huge amount of terminal users. Now VST has about 70 millions users on line, and with the rapid development of this industry, it has great potential to gain more profit in future. As VST belongs to the internet industry, the most valuable revenue resources are its online users, and in order to operate successfully, we need invest more in renting CDN servers. We also plan to extend our supply chain, such as developing related TV boxes, which require money supply from venture capital. Base on this, we write the business presentation, aiming at showing our financial statement, business model, future operating plan and earning forcast. We use several investment decision criterias to explain our target financial amount and revenue forcast. This paper first describes the research background, research purpose, research methods, and summarizes the scholars reviews in this field. Secondly, we describes the main content of the project, and the regulatory policy, the industry development situation, supply chain, industrial business model and the main market participants. Then we analyse the market relevant statistics, and coming to the point that we face a huge market potential that makes the project we are running can gain positive profit in future. At last, based on the revenue and cost forcast, we get the estimated NPV, payback period and IRR numbers. We also do an analysis on the risk index using one-way analysis of variance and multivariable analysis, as well as putting forward to its solutions. Through the study of this business presentation, we want to show that: the development of this industry is in the rising period, the technology now can completely support the company's business, and a vast market share need to be invest; the project is expected to an amount of 30 million RMB in 2017, and after the rapid development in the next 5 years, it has the potential MIRR of 55.45%, NPV of 2.4 million RMB, return period of 2.53 years. VST could also build a high threshold for new comers with its great profitability. We want to show objective summary for the financial and operation statement of VST to investors, and provide a reference for their financing decisions. We hope we could get equity investment form VC, gain rapid development and achive win-win. Keywords: Smart TV; Content Side; License DealerIII 目 录 摘要.........................................................................................................................................I ABSTRACT ............................................................................................................................. II 第一章 绪论..............................................................................................................................1 1.1 研究背景和意义 ............................................................................................................. 1 1.1.1 研究背景................................................................................................................... 1 1.1.2 研究意义................................................................................................................... 2 1.2 文献综述 ......................................................................................................................... 3 1.3 研究内容与研究方法 ..................................................................................................... 4 1.3.1 研究内容................................................................................................................... 4 1.3.2 研究方法................................................................................................................... 5 第二章 项目的主要内容与欧亿·体育（中国）有限公司现状......................................................................................6 2.1 VST 智能电视软件项目基本情况.................................................................................. 6 2.1.1 项目的主要内容....................................................................................................... 6 2.1.2 VST 智能电视的发展历程 ....................................................................................... 7 2.1.3 组织管理模式............................................................................................................ 7 2.1.4 VST 简单财务情况及商业模式 ............................................................................... 8 2.2 项目所处欧亿·体育（中国）有限公司监管政策 ................................................................................................. 9 2.3 欧亿·体育（中国）有限公司发展情况 ............................................................................................................... 11 2.4 产业链上下游情况及主要的市场主体 ....................................................................... 12 2.4.1 产业链上下游情况................................................................................................. 12 2.4.2 目前主要的市场参与主体..................................................................................... 13 2.4.3 产业链公司主要商业模式..................................................................................... 14 2.5 核心竞争力分析 ........................................................................................................... 16 2.6 本章小结 ....................................................................................................................... 17 第三章 项目市场定位分析....................................................................................................18 3.1 各类电视视频服务总市场情况 ................................................................................... 18 3.1.1 电视终端市场情况................................................................................................. 18 3.1.2 用户数据分析......................................................................................................... 19IV 3.2 互联网电视的市场空间 ............................................................................................... 21 3.2.1 全球市场................................................................................................................. 21 3.2.2