phpinfo()
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PHP Version 5.6.40

System Windows NT iZ4r4b31413jd2Z 10.0 build 14393 (Windows Server 2016) AMD64
Build Date Jan 9 2019 15:05:36
Compiler MSVC11 (Visual C++ 2012)
Architecture x64
Configure Command cscript /nologo configure.js "--enable-snapshot-build" "--enable-debug-pack" "--disable-zts" "--disable-isapi" "--disable-nsapi" "--without-mssql" "--without-pdo-mssql" "--without-pi3web" "--with-pdo-oci=c:\php-sdk\oracle\x64\instantclient_12_1\sdk,shared" "--with-oci8-12c=c:\php-sdk\oracle\x64\instantclient_12_1\sdk,shared" "--with-enchant=shared" "--enable-object-out-dir=../obj/" "--enable-com-dotnet=shared" "--with-mcrypt=static" "--without-analyzer" "--with-pgo"
Server API CGI/FastCGI
Virtual Directory Support disabled
Configuration File (php.ini) Path C:\Windows
Loaded Configuration File D:\PHPWEB\php\php.ini
Scan this dir for additional .ini files (none)
Additional .ini files parsed (none)
PHP API 20131106
PHP Extension 20131226
Zend Extension 220131226
Zend Extension Build API220131226,NTS,VC11
PHP Extension Build API20131226,NTS,VC11
Debug Build no
Thread Safety disabled
Zend Signal Handling disabled
Zend Memory Manager enabled
Zend Multibyte Support provided by mbstring
IPv6 Support enabled
DTrace Support disabled
Registered PHP Streamsphp, file, glob, data, http, ftp, zip, compress.zlib, compress.bzip2, https, ftps, phar
Registered Stream Socket Transportstcp, udp, ssl, sslv3, tls, tlsv1.0, tlsv1.1, tlsv1.2
Registered Stream Filtersconvert.iconv.*, mcrypt.*, mdecrypt.*, string.rot13, string.toupper, string.tolower, string.strip_tags, convert.*, consumed, dechunk, zlib.*, bzip2.*
Zend logo This program makes use of the Zend Scripting Language Engine:
Zend Engine v2.6.0, Copyright (c) 1998-2016 Zend Technologies

Configuration

bcmath

BCMath support enabled
DirectiveLocal ValueMaster Value
bcmath.scale00

bz2

BZip2 Support Enabled
Stream Wrapper support compress.bzip2://
Stream Filter support bzip2.decompress, bzip2.compress
BZip2 Version 1.0.6, 6-Sept-2010

calendar

Calendar support enabled

cgi-fcgi

DirectiveLocal ValueMaster Value
cgi.check_shebang_line11
cgi.discard_path00
cgi.fix_pathinfo11
cgi.force_redirect00
cgi.nph00
cgi.redirect_status_envno valueno value
cgi.rfc2616_headers00
fastcgi.impersonate11
fastcgi.logging11

Core

PHP Version 5.6.40
DirectiveLocal ValueMaster Value
allow_url_fopenOnOn
allow_url_includeOffOff
always_populate_raw_post_data00
arg_separator.input&&
arg_separator.output&&
asp_tagsOffOff
auto_append_fileno valueno value
auto_globals_jitOnOn
auto_prepend_fileno valueno value
browscapno valueno value
default_charsetUTF-8UTF-8
default_mimetypetext/htmltext/html
disable_classesno valueno value
disable_functionsexec,system,passthru,popen,pclose,shell_exec,proc_open,dl,chmodexec,system,passthru,popen,pclose,shell_exec,proc_open,dl,chmod
display_errorsOffOff
display_startup_errorsOffOff
doc_rootno valueno value
docref_extno valueno value
docref_rootno valueno value
enable_dlOffOff
enable_post_data_readingOnOn
error_append_stringno valueno value
error_logsyslogsyslog
error_prepend_stringno valueno value
error_reporting2252722527
exit_on_timeoutOffOff
expose_phpOnOn
extension_dir./ext./ext
file_uploadsOnOn
highlight.comment#FF8000#FF8000
highlight.default#0000BB#0000BB
highlight.html#000000#000000
highlight.keyword#007700#007700
highlight.string#DD0000#DD0000
html_errorsOnOn
ignore_repeated_errorsOffOff
ignore_repeated_sourceOffOff
ignore_user_abortOffOff
implicit_flushOffOff
include_path.;C:\php\pear;D:\wwwroot\yyjg.net\wwwroot\core/Extend/Vendor/.;C:\php\pear
input_encodingno valueno value
internal_encodingno valueno value
log_errorsOnOn
log_errors_max_len10241024
mail.add_x_headerOnOn
mail.force_extra_parametersno valueno value
mail.logno valueno value
max_execution_time180180
max_file_uploads200200
max_input_nesting_level6464
max_input_time6060
max_input_vars10001000
memory_limit128M128M
open_basedirno valueno value
output_buffering40964096
output_encodingno valueno value
output_handlerno valueno value
post_max_size200M200M
precision1414
realpath_cache_size16K16K
realpath_cache_ttl120120
register_argc_argvOffOff
report_memleaksOnOn
report_zend_debugOnOn
request_orderCGPCGP
sendmail_fromno valueno value
sendmail_pathno valueno value
serialize_precision1717
short_open_tagOnOn
SMTPlocalhostlocalhost
smtp_port2525
sql.safe_modeOffOff
sys_temp_dirno valueno value
track_errorsOffOff
unserialize_callback_funcno valueno value
upload_max_filesize200M200M
upload_tmp_dirD:\PHPWEB\php\temp\D:\PHPWEB\php\temp\
user_dirno valueno value
user_ini.cache_ttl300300
user_ini.filename.user.ini.user.ini
variables_orderGPCSGPCS
windows.show_crt_warningOffOff
xmlrpc_error_number00
xmlrpc_errorsOffOff
zend.detect_unicodeOnOn
zend.enable_gcOnOn
zend.multibyteOffOff
zend.script_encodingno valueno value

ctype

ctype functions enabled

curl

cURL support enabled
cURL Information 7.59.0
Age 4
Features
AsynchDNS Yes
CharConv No
Debug No
GSS-Negotiate No
IDN Yes
IPv6 Yes
krb4 No
Largefile Yes
libz Yes
NTLM Yes
NTLMWB No
SPNEGO Yes
SSL Yes
SSPI Yes
TLS-SRP No
Protocols dict, file, ftp, ftps, gopher, http, https, imap, imaps, ldap, pop3, pop3s, rtsp, scp, sftp, smb, smbs, smtp, smtps, telnet, tftp
Host x86_64-pc-win32
SSL Version OpenSSL/1.0.2q
ZLib Version 1.2.7.3
libSSH Version libssh2/1.8.0

date

date/time support enabled
"Olson" Timezone Database Version 2016.10
Timezone Database internal
Default timezone PRC
DirectiveLocal ValueMaster Value
date.default_latitude31.766731.7667
date.default_longitude35.233335.2333
date.sunrise_zenith90.58333390.583333
date.sunset_zenith90.58333390.583333
date.timezonePRCPRC

dom

DOM/XML enabled
DOM/XML API Version 20031129
libxml Version 2.9.4
HTML Support enabled
XPath Support enabled
XPointer Support enabled
Schema Support enabled
RelaxNG Support enabled

ereg

Regex Library Bundled library enabled

exif

EXIF Support enabled
EXIF Version 1.4 $Id: cad29b729548e4206f0697710cc9e177f26fdff3 $
Supported EXIF Version 0220
Supported filetypes JPEG,TIFF
DirectiveLocal ValueMaster Value
exif.decode_jis_intelJISJIS
exif.decode_jis_motorolaJISJIS
exif.decode_unicode_intelUCS-2LEUCS-2LE
exif.decode_unicode_motorolaUCS-2BEUCS-2BE
exif.encode_jisno valueno value
exif.encode_unicodeISO-8859-15ISO-8859-15

filter

Input Validation and Filtering enabled
Revision $Id: 5b79667bd9a68977a9b4f7505223a8e216e04908 $
DirectiveLocal ValueMaster Value
filter.defaultunsafe_rawunsafe_raw
filter.default_flagsno valueno value

ftp

FTP support enabled

gd

GD Support enabled
GD Version bundled (2.1.0 compatible)
FreeType Support enabled
FreeType Linkage with freetype
FreeType Version 2.7.0
GIF Read Support enabled
GIF Create Support enabled
JPEG Support enabled
libJPEG Version 9 compatible
PNG Support enabled
libPNG Version 1.5.26
WBMP Support enabled
XPM Support enabled
libXpm Version 30512
XBM Support enabled
WebP Support enabled
DirectiveLocal ValueMaster Value
gd.jpeg_ignore_warning00

hash

hash support enabled
Hashing Engines md2 md4 md5 sha1 sha224 sha256 sha384 sha512 ripemd128 ripemd160 ripemd256 ripemd320 whirlpool tiger128,3 tiger160,3 tiger192,3 tiger128,4 tiger160,4 tiger192,4 snefru snefru256 gost gost-crypto adler32 crc32 crc32b fnv132 fnv1a32 fnv164 fnv1a64 joaat haval128,3 haval160,3 haval192,3 haval224,3 haval256,3 haval128,4 haval160,4 haval192,4 haval224,4 haval256,4 haval128,5 haval160,5 haval192,5 haval224,5 haval256,5

iconv

iconv support enabled
iconv implementation "libiconv"
iconv library version 1.14
DirectiveLocal ValueMaster Value
iconv.input_encodingno valueno value
iconv.internal_encodingno valueno value
iconv.output_encodingno valueno value

json

json support enabled
json version 1.2.1

libxml

libXML support active
libXML Compiled Version 2.9.4
libXML Loaded Version 20904
libXML streams enabled

mbstring

Multibyte Support enabled
Multibyte string engine libmbfl
HTTP input encoding translation disabled
libmbfl version 1.3.2
mbstring extension makes use of "streamable kanji code filter and converter", which is distributed under the GNU Lesser General Public License version 2.1.
Multibyte (japanese) regex support enabled
Multibyte regex (oniguruma) version 5.9.5
DirectiveLocal ValueMaster Value
mbstring.detect_orderno valueno value
mbstring.encoding_translationOffOff
mbstring.func_overload00
mbstring.http_inputno valueno value
mbstring.http_outputno valueno value
mbstring.http_output_conv_mimetypes^(text/|application/xhtml\+xml)^(text/|application/xhtml\+xml)
mbstring.internal_encodingno valueno value
mbstring.languageneutralneutral
mbstring.strict_detectionOffOff
mbstring.substitute_characterno valueno value

mcrypt

mcrypt supportenabled
mcrypt_filter supportenabled
Version 2.5.8
Api No 20021217
Supported ciphers cast-128 gost rijndael-128 twofish cast-256 loki97 rijndael-192 saferplus wake blowfish-compat des rijndael-256 serpent xtea blowfish enigma rc2 tripledes arcfour
Supported modes cbc cfb ctr ecb ncfb nofb ofb stream
DirectiveLocal ValueMaster Value
mcrypt.algorithms_dirno valueno value
mcrypt.modes_dirno valueno value

mhash

MHASH support Enabled
MHASH API Version Emulated Support

mysql

MySQL Supportenabled
Active Persistent Links 0
Active Links 1
Client API version mysqlnd 5.0.11-dev - 20120503 - $Id: 76b08b24596e12d4553bd41fc93cccd5bac2fe7a $
DirectiveLocal ValueMaster Value
mysql.allow_local_infileOnOn
mysql.allow_persistentOnOn
mysql.connect_timeout6060
mysql.default_hostno valueno value
mysql.default_passwordno valueno value
mysql.default_portno valueno value
mysql.default_socketno valueno value
mysql.default_userno valueno value
mysql.max_linksUnlimitedUnlimited
mysql.max_persistentUnlimitedUnlimited
mysql.trace_modeOffOff

mysqli

MysqlI Supportenabled
Client API library version mysqlnd 5.0.11-dev - 20120503 - $Id: 76b08b24596e12d4553bd41fc93cccd5bac2fe7a $
Active Persistent Links 0
Inactive Persistent Links 0
Active Links 0
DirectiveLocal ValueMaster Value
mysqli.allow_local_infileOnOn
mysqli.allow_persistentOnOn
mysqli.default_hostno valueno value
mysqli.default_port33063306
mysqli.default_pwno valueno value
mysqli.default_socketno valueno value
mysqli.default_userno valueno value
mysqli.max_linksUnlimitedUnlimited
mysqli.max_persistentUnlimitedUnlimited
mysqli.reconnectOffOff
mysqli.rollback_on_cached_plinkOffOff

mysqlnd

mysqlndenabled
Version mysqlnd 5.0.11-dev - 20120503 - $Id: 76b08b24596e12d4553bd41fc93cccd5bac2fe7a $
Compression supported
core SSL supported
extended SSL not supported
Command buffer size 4096
Read buffer size 32768
Read timeout 31536000
Collecting statistics Yes
Collecting memory statistics No
Tracing n/a
Loaded plugins mysqlnd,debug_trace,auth_plugin_mysql_native_password,auth_plugin_mysql_clear_password
API Extensions mysql,mysqli,pdo_mysql
mysqlnd statistics
bytes_sent 3841827
bytes_received 88564374
packets_sent 73882
packets_received 552949
protocol_overhead_in 2211796
protocol_overhead_out 295528
bytes_received_ok_packet 0
bytes_received_eof_packet 0
bytes_received_rset_header_packet 298359
bytes_received_rset_field_meta_packet 0
bytes_received_rset_row_packet 207186
bytes_received_prepare_response_packet 26563563
bytes_received_change_user_packet 61253864
packets_sent_command 35883
packets_received_ok 0
packets_received_eof 0
packets_received_rset_header 33151
packets_received_rset_field_meta 0
packets_received_rset_row 34297
packets_received_prepare_response 384460
packets_received_change_user 98925
result_set_queries 32622
non_result_set_queries 1498
no_index_used 18380
bad_index_used 0
slow_queries 0
buffered_sets 32622
unbuffered_sets 0
ps_buffered_sets 0
ps_unbuffered_sets 0
flushed_normal_sets 0
flushed_ps_sets 0
ps_prepared_never_executed 0
ps_prepared_once_executed 0
rows_fetched_from_server_normal 66303
rows_fetched_from_server_ps 0
rows_buffered_from_client_normal 66303
rows_buffered_from_client_ps 0
rows_fetched_from_client_normal_buffered 66303
rows_fetched_from_client_normal_unbuffered 0
rows_fetched_from_client_ps_buffered 0
rows_fetched_from_client_ps_unbuffered 0
rows_fetched_from_client_ps_cursor 0
rows_affected_normal 401
rows_affected_ps 0
rows_skipped_normal 66303
rows_skipped_ps 0
copy_on_write_saved 126989
copy_on_write_performed 1048772
command_buffer_too_small 0
connect_success 529
connect_failure 0
connection_reused 0
reconnect 0
pconnect_success 0
active_connections 18446744073709551089
active_persistent_connections 0
explicit_close 528
implicit_close 0
disconnect_close 0
in_middle_of_command_close 0
explicit_free_result 32621
implicit_free_result 0
explicit_stmt_close 0
implicit_stmt_close 0
mem_emalloc_count 0
mem_emalloc_amount 0
mem_ecalloc_count 0
mem_ecalloc_amount 0
mem_erealloc_count 0
mem_erealloc_amount 0
mem_efree_count 0
mem_efree_amount 0
mem_malloc_count 0
mem_malloc_amount 0
mem_calloc_count 0
mem_calloc_amount 0
mem_realloc_count 0
mem_realloc_amount 0
mem_free_count 0
mem_free_amount 0
mem_estrndup_count 0
mem_strndup_count 0
mem_estndup_count 0
mem_strdup_count 0
proto_text_fetched_null 0
proto_text_fetched_bit 0
proto_text_fetched_tinyint 107380
proto_text_fetched_short 352618
proto_text_fetched_int24 47295
proto_text_fetched_int 59608
proto_text_fetched_bigint 481
proto_text_fetched_decimal 0
proto_text_fetched_float 0
proto_text_fetched_double 0
proto_text_fetched_date 0
proto_text_fetched_year 0
proto_text_fetched_time 0
proto_text_fetched_datetime 0
proto_text_fetched_timestamp 0
proto_text_fetched_string 527799
proto_text_fetched_blob 0
proto_text_fetched_enum 4151
proto_text_fetched_set 0
proto_text_fetched_geometry 0
proto_text_fetched_other 0
proto_binary_fetched_null 0
proto_binary_fetched_bit 0
proto_binary_fetched_tinyint 0
proto_binary_fetched_short 0
proto_binary_fetched_int24 0
proto_binary_fetched_int 0
proto_binary_fetched_bigint 0
proto_binary_fetched_decimal 0
proto_binary_fetched_float 0
proto_binary_fetched_double 0
proto_binary_fetched_date 0
proto_binary_fetched_year 0
proto_binary_fetched_time 0
proto_binary_fetched_datetime 0
proto_binary_fetched_timestamp 0
proto_binary_fetched_string 0
proto_binary_fetched_json 0
proto_binary_fetched_blob 0
proto_binary_fetched_enum 0
proto_binary_fetched_set 0
proto_binary_fetched_geometry 0
proto_binary_fetched_other 0
init_command_executed_count 0
init_command_failed_count 0
com_quit 528
com_init_db 529
com_query 34297
com_field_list 0
com_create_db 0
com_drop_db 0
com_refresh 0
com_shutdown 0
com_statistics 0
com_process_info 0
com_connect 0
com_process_kill 0
com_debug 0
com_ping 0
com_time 0
com_delayed_insert 0
com_change_user 0
com_binlog_dump 0
com_table_dump 0
com_connect_out 0
com_register_slave 0
com_stmt_prepare 0
com_stmt_execute 0
com_stmt_send_long_data 0
com_stmt_close 0
com_stmt_reset 0
com_stmt_set_option 529
com_stmt_fetch 0
com_deamon 0
bytes_received_real_data_normal 59674091
bytes_received_real_data_ps 0

odbc

ODBC Supportenabled
Active Persistent Links 0
Active Links 0
ODBC library Win32
DirectiveLocal ValueMaster Value
odbc.allow_persistentOnOn
odbc.check_persistentOnOn
odbc.default_cursortypeStatic cursorStatic cursor
odbc.default_dbno valueno value
odbc.default_pwno valueno value
odbc.default_userno valueno value
odbc.defaultbinmodereturn as isreturn as is
odbc.defaultlrlreturn up to 4096 bytesreturn up to 4096 bytes
odbc.max_linksUnlimitedUnlimited
odbc.max_persistentUnlimitedUnlimited

openssl

OpenSSL support enabled
OpenSSL Library Version OpenSSL 1.0.2q 20 Nov 2018
OpenSSL Header Version OpenSSL 1.0.2q 20 Nov 2018
Openssl default config c:/usr/local/ssl/openssl.cnf
DirectiveLocal ValueMaster Value
openssl.cafileno valueno value
openssl.capathno valueno value

pcre

PCRE (Perl Compatible Regular Expressions) Support enabled
PCRE Library Version 8.38 2015-11-23
DirectiveLocal ValueMaster Value
pcre.backtrack_limit10000001000000
pcre.recursion_limit100000100000

PDO

PDO supportenabled
PDO drivers mysql, odbc, pgsql, sqlite

pdo_mysql

PDO Driver for MySQLenabled
Client API version mysqlnd 5.0.11-dev - 20120503 - $Id: 76b08b24596e12d4553bd41fc93cccd5bac2fe7a $

PDO_ODBC

PDO Driver for ODBC (Win32)enabled
ODBC Connection Pooling Enabled, strict matching

pdo_pgsql

PDO Driver for PostgreSQLenabled
PostgreSQL(libpq) Version 9.6.2
Module version 1.0.2
Revision $Id: 0e858dd2051ca8c2fd3c781909a0670ab5fecd36 $

pdo_sqlite

PDO Driver for SQLite 3.xenabled
SQLite Library 3.8.10.2

pgsql

PostgreSQL Supportenabled
PostgreSQL(libpq) Version 9.6.2
PostgreSQL(libpq) PostgreSQL 9.6.2 (win32)
Multibyte character support enabled
SSL support enabled
Active Persistent Links 0
Active Links 0
DirectiveLocal ValueMaster Value
pgsql.allow_persistentOnOn
pgsql.auto_reset_persistentOffOff
pgsql.ignore_noticeOffOff
pgsql.log_noticeOffOff
pgsql.max_linksUnlimitedUnlimited
pgsql.max_persistentUnlimitedUnlimited

Phar

Phar: PHP Archive supportenabled
Phar EXT version 2.0.2
Phar API version 1.1.1
SVN revision $Id: 6e5cec2462a6ded53d4379ea9a69487a60d5c43c $
Phar-based phar archives enabled
Tar-based phar archives enabled
ZIP-based phar archives enabled
gzip compression enabled
bzip2 compression enabled
OpenSSL support enabled
Phar based on pear/PHP_Archive, original concept by Davey Shafik.
Phar fully realized by Gregory Beaver and Marcus Boerger.
Portions of tar implementation Copyright (c) 2003-2009 Tim Kientzle.
DirectiveLocal ValueMaster Value
phar.cache_listno valueno value
phar.readonlyOnOn
phar.require_hashOnOn

Reflection

Reflectionenabled
Version $Id: 5f15287237d5f78d75b19c26915aa7bd83dee8b8 $

session

Session Support enabled
Registered save handlers files user
Registered serializer handlers php_serialize php php_binary wddx
DirectiveLocal ValueMaster Value
session.auto_startOffOff
session.cache_expire180180
session.cache_limiternocachenocache
session.cookie_domainno valueno value
session.cookie_httponlyOffOff
session.cookie_lifetime00
session.cookie_path//
session.cookie_secureOffOff
session.entropy_fileno valueno value
session.entropy_length00
session.gc_divisor10001000
session.gc_maxlifetime14401440
session.gc_probability11
session.hash_bits_per_character55
session.hash_function00
session.namePHPSESSIDPHPSESSID
session.referer_checkno valueno value
session.save_handlerfilesfiles
session.save_pathD:\PHPWEB\php\temp\D:\PHPWEB\php\temp\
session.serialize_handlerphpphp
session.upload_progress.cleanupOnOn
session.upload_progress.enabledOnOn
session.upload_progress.freq1%1%
session.upload_progress.min_freq11
session.upload_progress.namePHP_SESSION_UPLOAD_PROGRESSPHP_SESSION_UPLOAD_PROGRESS
session.upload_progress.prefixupload_progress_upload_progress_
session.use_cookiesOnOn
session.use_only_cookiesOnOn
session.use_strict_modeOffOff
session.use_trans_sid00

SimpleXML

Simplexml supportenabled
Revision $Id: d7077fc935154236afb4fe70814ba358efdbdca4 $
Schema support enabled

SPL

SPL supportenabled
Interfaces Countable, OuterIterator, RecursiveIterator, SeekableIterator, SplObserver, SplSubject
Classes AppendIterator, ArrayIterator, ArrayObject, BadFunctionCallException, BadMethodCallException, CachingIterator, CallbackFilterIterator, DirectoryIterator, DomainException, EmptyIterator, FilesystemIterator, FilterIterator, GlobIterator, InfiniteIterator, InvalidArgumentException, IteratorIterator, LengthException, LimitIterator, LogicException, MultipleIterator, NoRewindIterator, OutOfBoundsException, OutOfRangeException, OverflowException, ParentIterator, RangeException, RecursiveArrayIterator, RecursiveCachingIterator, RecursiveCallbackFilterIterator, RecursiveDirectoryIterator, RecursiveFilterIterator, RecursiveIteratorIterator, RecursiveRegexIterator, RecursiveTreeIterator, RegexIterator, RuntimeException, SplDoublyLinkedList, SplFileInfo, SplFileObject, SplFixedArray, SplHeap, SplMinHeap, SplMaxHeap, SplObjectStorage, SplPriorityQueue, SplQueue, SplStack, SplTempFileObject, UnderflowException, UnexpectedValueException

sqlite3

SQLite3 supportenabled
SQLite3 module version 0.7-dev
SQLite Library 3.8.10.2
DirectiveLocal ValueMaster Value
sqlite3.extension_dirno valueno value

standard

Dynamic Library Support enabled
Internal Sendmail Support for Windows enabled
DirectiveLocal ValueMaster Value
assert.active11
assert.bail00
assert.callbackno valueno value
assert.quiet_eval00
assert.warning11
auto_detect_line_endings00
default_socket_timeout6060
fromno valueno value
url_rewriter.tagsa=href,area=href,frame=src,input=src,form=fakeentrya=href,area=href,frame=src,input=src,form=fakeentry
user_agentno valueno value

tokenizer

Tokenizer Support enabled

wddx

WDDX Supportenabled
WDDX Session Serializer enabled

xml

XML Support active
XML Namespace Support active
libxml2 Version 2.9.4

xmlreader

XMLReader enabled

xmlwriter

XMLWriter enabled

zip

Zip enabled
Zip version 1.12.5
Libzip version 0.11.2

zlib

ZLib Supportenabled
Stream Wrapper compress.zlib://
Stream Filter zlib.inflate, zlib.deflate
Compiled Version 1.2.7.3
Linked Version 1.2.7.3
DirectiveLocal ValueMaster Value
zlib.output_compressionOffOff
zlib.output_compression_level-1-1
zlib.output_handlerno valueno value

Additional Modules

Module Name

Environment

VariableValue
_FCGI_X_PIPE_ \\.\pipe\IISFCGI-7ca864b1-8b14-427b-b407-b22de448a369
PHP_FCGI_MAX_REQUESTS 10000
ALLUSERSPROFILE C:\ProgramData
APPDATA C:\Windows\system32\config\systemprofile\AppData\Roaming
APP_POOL_CONFIG C:\inetpub\temp\apppools\wwwroot\wwwroot.config
APP_POOL_ID wwwroot
CommonProgramFiles C:\Program Files\Common Files
CommonProgramFiles(x86) C:\Program Files (x86)\Common Files
CommonProgramW6432 C:\Program Files\Common Files
COMPUTERNAME iZ4r4b31413jd2Z
ComSpec C:\Windows\system32\cmd.exe
LOCALAPPDATA C:\Windows\system32\config\systemprofile\AppData\Local
NUMBER_OF_PROCESSORS 2
OS Windows_NT
Path C:\Windows\system32;C:\Windows;C:\Windows\System32\Wbem;C:\Windows\System32\WindowsPowerShell\v1.0\;D:\Program Files\Microsoft SQL Server\110\DTS\Binn\;D:\Program Files (x86)\Microsoft SQL Server\110\Tools\Binn\;D:\Program Files\Microsoft SQL Server\110\Tools\Binn\;D:\Program Files (x86)\Microsoft SQL Server\110\Tools\Binn\ManagementStudio\;C:\Program Files (x86)\Microsoft Visual Studio 10.0\Common7\IDE\PrivateAssemblies\;D:\Program Files (x86)\Microsoft SQL Server\110\DTS\Binn\;C:\sslctlw;C:\Windows\system32\config\systemprofile\AppData\Local\Microsoft\WindowsApps
PATHEXT .COM;.EXE;.BAT;.CMD;.VBS;.VBE;.JS;.JSE;.WSF;.WSH;.MSC
PROCESSOR_ARCHITECTURE AMD64
PROCESSOR_IDENTIFIER Intel64 Family 6 Model 85 Stepping 4, GenuineIntel
PROCESSOR_LEVEL 6
PROCESSOR_REVISION 5504
ProgramData C:\ProgramData
ProgramFiles C:\Program Files
ProgramFiles(x86) C:\Program Files (x86)
ProgramW6432 C:\Program Files
PSModulePath C:\Program Files\WindowsPowerShell\Modules;C:\Windows\system32\WindowsPowerShell\v1.0\Modules;D:\Program Files (x86)\Microsoft SQL Server\110\Tools\PowerShell\Modules\
PUBLIC C:\Users\Public
SystemDrive C:
SystemRoot C:\Windows
TEMP C:\Windows\TEMP
TMP C:\Windows\TEMP
USERDOMAIN WORKGROUP
USERNAME iZ4r4b31413jd2Z$
USERPROFILE C:\Windows\system32\config\systemprofile
windir C:\Windows

PHP Variables

VariableValue
_REQUEST["aid"]12536
_REQUEST["_URL_"]
Array
(
    [0] => index
    [1] => view
    [2] => aid
    [3] => 12536
)
_GET["aid"]12536
_GET["_URL_"]
Array
(
    [0] => index
    [1] => view
    [2] => aid
    [3] => 12536
)
_COOKIE["PHPSESSID"]1g39s3o4fg7r31bb86pm8advn4
_SERVER["_FCGI_X_PIPE_"]\\.\pipe\IISFCGI-7ca864b1-8b14-427b-b407-b22de448a369
_SERVER["PHP_FCGI_MAX_REQUESTS"]10000
_SERVER["ALLUSERSPROFILE"]C:\ProgramData
_SERVER["APPDATA"]C:\Windows\system32\config\systemprofile\AppData\Roaming
_SERVER["APP_POOL_CONFIG"]C:\inetpub\temp\apppools\wwwroot\wwwroot.config
_SERVER["APP_POOL_ID"]wwwroot
_SERVER["CommonProgramFiles"]C:\Program Files\Common Files
_SERVER["CommonProgramFiles(x86)"]C:\Program Files (x86)\Common Files
_SERVER["CommonProgramW6432"]C:\Program Files\Common Files
_SERVER["COMPUTERNAME"]iZ4r4b31413jd2Z
_SERVER["ComSpec"]C:\Windows\system32\cmd.exe
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_SERVER["NUMBER_OF_PROCESSORS"]2
_SERVER["OS"]Windows_NT
_SERVER["Path"]C:\Windows\system32;C:\Windows;C:\Windows\System32\Wbem;C:\Windows\System32\WindowsPowerShell\v1.0\;D:\Program Files\Microsoft SQL Server\110\DTS\Binn\;D:\Program Files (x86)\Microsoft SQL Server\110\Tools\Binn\;D:\Program Files\Microsoft SQL Server\110\Tools\Binn\;D:\Program Files (x86)\Microsoft SQL Server\110\Tools\Binn\ManagementStudio\;C:\Program Files (x86)\Microsoft Visual Studio 10.0\Common7\IDE\PrivateAssemblies\;D:\Program Files (x86)\Microsoft SQL Server\110\DTS\Binn\;C:\sslctlw;C:\Windows\system32\config\systemprofile\AppData\Local\Microsoft\WindowsApps
_SERVER["PATHEXT"].COM;.EXE;.BAT;.CMD;.VBS;.VBE;.JS;.JSE;.WSF;.WSH;.MSC
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_SERVER["PROCESSOR_IDENTIFIER"]Intel64 Family 6 Model 85 Stepping 4, GenuineIntel
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_SERVER["PUBLIC"]C:\Users\Public
_SERVER["SystemDrive"]C:
_SERVER["SystemRoot"]C:\Windows
_SERVER["TEMP"]C:\Windows\TEMP
_SERVER["TMP"]C:\Windows\TEMP
_SERVER["USERDOMAIN"]WORKGROUP
_SERVER["USERNAME"]iZ4r4b31413jd2Z$
_SERVER["USERPROFILE"]C:\Windows\system32\config\systemprofile
_SERVER["windir"]C:\Windows
_SERVER["ORIG_PATH_INFO"]/admin.php/index/view/aid/12536.html
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_SERVER["REQUEST_METHOD"]GET
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_SERVER["PATH_INFO"]/index/view/aid/12536
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_SERVER["LOCAL_ADDR"]172.16.121.93
_SERVER["INSTANCE_META_PATH"]/LM/W3SVC/1
_SERVER["INSTANCE_NAME"]WWWROOT
_SERVER["INSTANCE_ID"]1
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_SERVER["HTTPS_KEYSIZE"]256
_SERVER["HTTPS"]on
_SERVER["GATEWAY_INTERFACE"]CGI/1.1
_SERVER["DOCUMENT_ROOT"]D:\wwwroot\yyjg.net\wwwroot
_SERVER["CONTENT_TYPE"]no value
_SERVER["CONTENT_LENGTH"]0
_SERVER["CERT_SUBJECT"]no value
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_SERVER["AUTH_USER"]no value
_SERVER["AUTH_PASSWORD"]no value
_SERVER["AUTH_TYPE"]no value
_SERVER["APPL_PHYSICAL_PATH"]D:\wwwroot\yyjg.net\wwwroot\
_SERVER["APPL_MD_PATH"]/LM/W3SVC/1/ROOT
_SERVER["IIS_UrlRewriteModule"]7.1.0871.0
_SERVER["HTTP_USER_AGENT"]Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)
_SERVER["HTTP_HOST"]www.yyjg.net
_SERVER["HTTP_COOKIE"]PHPSESSID=1g39s3o4fg7r31bb86pm8advn4
_SERVER["HTTP_ACCEPT_ENCODING"]gzip, br, zstd, deflate
_SERVER["HTTP_ACCEPT"]*/*
_SERVER["HTTP_CONNECTION"]close
_SERVER["FCGI_ROLE"]RESPONDER
_SERVER["PHP_SELF"]/admin.php/index/view/aid/12536.html
_SERVER["REQUEST_TIME_FLOAT"]1789690860.8791
_SERVER["REQUEST_TIME"]1789690860

PHP Credits

PHP Group
Thies C. Arntzen, Stig Bakken, Shane Caraveo, Andi Gutmans, Rasmus Lerdorf, Sam Ruby, Sascha Schumann, Zeev Suraski, Jim Winstead, Andrei Zmievski
Language Design & Concept
Andi Gutmans, Rasmus Lerdorf, Zeev Suraski, Marcus Boerger
PHP Authors
ContributionAuthors
Zend Scripting Language Engine Andi Gutmans, Zeev Suraski, Stanislav Malyshev, Marcus Boerger, Dmitry Stogov, Xinchen Hui, Nikita Popov
Extension Module API Andi Gutmans, Zeev Suraski, Andrei Zmievski
UNIX Build and Modularization Stig Bakken, Sascha Schumann, Jani Taskinen
Windows Port Shane Caraveo, Zeev Suraski, Wez Furlong, Pierre-Alain Joye, Anatol Belski
Server API (SAPI) Abstraction Layer Andi Gutmans, Shane Caraveo, Zeev Suraski
Streams Abstraction Layer Wez Furlong, Sara Golemon
PHP Data Objects Layer Wez Furlong, Marcus Boerger, Sterling Hughes, George Schlossnagle, Ilia Alshanetsky
Output Handler Zeev Suraski, Thies C. Arntzen, Marcus Boerger, Michael Wallner
SAPI Modules
ContributionAuthors
AOLserver Sascha Schumann
Apache 1.3 (apache_hooks) Rasmus Lerdorf, Zeev Suraski, Stig Bakken, David Sklar, George Schlossnagle, Lukas Schroeder
Apache 1.3 Rasmus Lerdorf, Zeev Suraski, Stig Bakken, David Sklar
Apache 2.0 Filter Sascha Schumann, Aaron Bannert
Apache 2.0 Handler Ian Holsman, Justin Erenkrantz (based on Apache 2.0 Filter code)
Caudium / Roxen David Hedbor
CGI / FastCGI Rasmus Lerdorf, Stig Bakken, Shane Caraveo, Dmitry Stogov
CLI Edin Kadribasic, Marcus Boerger, Johannes Schlueter, Moriyoshi Koizumi, Xinchen Hui
Continuity Alex Leigh (based on nsapi code)
Embed Edin Kadribasic
FastCGI Process Manager Andrei Nigmatulin, dreamcat4, Antony Dovgal, Jerome Loyet
ISAPI Andi Gutmans, Zeev Suraski
litespeed George Wang
NSAPI Jayakumar Muthukumarasamy, Uwe Schindler
phpdbg Felipe Pena, Joe Watkins, Bob Weinand
phttpd Thies C. Arntzen
pi3web Holger Zimmermann
Sendmail Milter Harald Radi
thttpd Sascha Schumann
tux Sascha Schumann
WebJames Alex Waugh
Module Authors
ModuleAuthors
BC Math Andi Gutmans
Bzip2 Sterling Hughes
Calendar Shane Caraveo, Colin Viebrock, Hartmut Holzgraefe, Wez Furlong
COM and .Net Wez Furlong
ctype Hartmut Holzgraefe
cURL Sterling Hughes
Date/Time Support Derick Rethans
DB-LIB (MS SQL, Sybase) Wez Furlong, Frank M. Kromann
DBA Sascha Schumann, Marcus Boerger
DOM Christian Stocker, Rob Richards, Marcus Boerger
enchant Pierre-Alain Joye, Ilia Alshanetsky
ereg Rasmus Lerdorf, Jim Winstead, Jaakko Hyvätti
EXIF Rasmus Lerdorf, Marcus Boerger
fileinfo Ilia Alshanetsky, Pierre Alain Joye, Scott MacVicar, Derick Rethans
Firebird driver for PDO Ard Biesheuvel
FTP Stefan Esser, Andrew Skalski
GD imaging Rasmus Lerdorf, Stig Bakken, Jim Winstead, Jouni Ahto, Ilia Alshanetsky, Pierre-Alain Joye, Marcus Boerger
GetText Alex Plotnick
GNU GMP support Stanislav Malyshev
Iconv Rui Hirokawa, Stig Bakken, Moriyoshi Koizumi
IMAP Rex Logan, Mark Musone, Brian Wang, Kaj-Michael Lang, Antoni Pamies Olive, Rasmus Lerdorf, Andrew Skalski, Chuck Hagenbuch, Daniel R Kalowsky
Input Filter Rasmus Lerdorf, Derick Rethans, Pierre-Alain Joye, Ilia Alshanetsky
InterBase Jouni Ahto, Andrew Avdeev, Ard Biesheuvel
Internationalization Ed Batutis, Vladimir Iordanov, Dmitry Lakhtyuk, Stanislav Malyshev, Vadim Savchuk, Kirti Velankar
JSON Omar Kilani, Scott MacVicar
LDAP Amitay Isaacs, Eric Warnke, Rasmus Lerdorf, Gerrit Thomson, Stig Venaas
LIBXML Christian Stocker, Rob Richards, Marcus Boerger, Wez Furlong, Shane Caraveo
mcrypt Sascha Schumann, Derick Rethans
MS SQL Frank M. Kromann
Multibyte String Functions Tsukada Takuya, Rui Hirokawa
MySQL driver for PDO George Schlossnagle, Wez Furlong, Ilia Alshanetsky, Johannes Schlueter
MySQL Zeev Suraski, Zak Greant, Georg Richter, Andrey Hristov
MySQLi Zak Greant, Georg Richter, Andrey Hristov, Ulf Wendel
MySQLnd Andrey Hristov, Ulf Wendel, Georg Richter, Johannes Schlüter
OCI8 Stig Bakken, Thies C. Arntzen, Andy Sautins, David Benson, Maxim Maletsky, Harald Radi, Antony Dovgal, Andi Gutmans, Wez Furlong, Christopher Jones, Oracle Corporation
ODBC driver for PDO Wez Furlong
ODBC Stig Bakken, Andreas Karajannis, Frank M. Kromann, Daniel R. Kalowsky
OpenSSL Stig Venaas, Wez Furlong, Sascha Kettler, Scott MacVicar
Oracle (OCI) driver for PDO Wez Furlong
pcntl Jason Greene, Arnaud Le Blanc
Perl Compatible Regexps Andrei Zmievski
PHP Archive Gregory Beaver, Marcus Boerger
PHP Data Objects Wez Furlong, Marcus Boerger, Sterling Hughes, George Schlossnagle, Ilia Alshanetsky
PHP hash Sara Golemon, Rasmus Lerdorf, Stefan Esser, Michael Wallner, Scott MacVicar
Posix Kristian Koehntopp
PostgreSQL driver for PDO Edin Kadribasic, Ilia Alshanetsky
PostgreSQL Jouni Ahto, Zeev Suraski, Yasuo Ohgaki, Chris Kings-Lynne
Pspell Vlad Krupin
Readline Thies C. Arntzen
Recode Kristian Koehntopp
Reflection Marcus Boerger, Timm Friebe, George Schlossnagle, Andrei Zmievski, Johannes Schlueter
Sessions Sascha Schumann, Andrei Zmievski
Shared Memory Operations Slava Poliakov, Ilia Alshanetsky
SimpleXML Sterling Hughes, Marcus Boerger, Rob Richards
SNMP Rasmus Lerdorf, Harrie Hazewinkel, Mike Jackson, Steven Lawrance, Johann Hanne, Boris Lytochkin
SOAP Brad Lafountain, Shane Caraveo, Dmitry Stogov
Sockets Chris Vandomelen, Sterling Hughes, Daniel Beulshausen, Jason Greene
SPL Marcus Boerger, Etienne Kneuss
SQLite 3.x driver for PDO Wez Furlong
SQLite3 Scott MacVicar, Ilia Alshanetsky, Brad Dewar
Sybase-CT Zeev Suraski, Tom May, Timm Friebe
System V Message based IPC Wez Furlong
System V Semaphores Tom May
System V Shared Memory Christian Cartus
tidy John Coggeshall, Ilia Alshanetsky
tokenizer Andrei Zmievski, Johannes Schlueter
WDDX Andrei Zmievski
XML Stig Bakken, Thies C. Arntzen, Sterling Hughes
XMLReader Rob Richards
xmlrpc Dan Libby
XMLWriter Rob Richards, Pierre-Alain Joye
XSL Christian Stocker, Rob Richards
Zip Pierre-Alain Joye, Remi Collet
Zlib Rasmus Lerdorf, Stefan Roehrich, Zeev Suraski, Jade Nicoletti, Michael Wallner
PHP Documentation
Authors Mehdi Achour, Friedhelm Betz, Antony Dovgal, Nuno Lopes, Hannes Magnusson, Georg Richter, Damien Seguy, Jakub Vrana, Adam Harvey, Peter Cowburn
Editor Philip Olson
User Note Maintainers Daniel P. Brown, Thiago Henrique Pojda
Other Contributors Previously active authors, editors and other contributors are listed in the manual.
PHP Quality Assurance Team
Ilia Alshanetsky, Joerg Behrens, Antony Dovgal, Stefan Esser, Moriyoshi Koizumi, Magnus Maatta, Sebastian Nohn, Derick Rethans, Melvyn Sopacua, Jani Taskinen, Pierre-Alain Joye, Dmitry Stogov, Felipe Pena, David Soria Parra, Stanislav Malyshev, Julien Pauli, Stephen Zarkos, Anatol Belski, Remi Collet, Ferenc Kovacs
Websites and Infrastructure team
PHP Websites Team Rasmus Lerdorf, Hannes Magnusson, Philip Olson, Lukas Kahwe Smith, Pierre-Alain Joye, Kalle Sommer Nielsen, Peter Cowburn, Adam Harvey, Ferenc Kovacs, Levi Morrison
Event Maintainers Damien Seguy, Daniel P. Brown
Network Infrastructure Daniel P. Brown
Windows Infrastructure Alex Schoenmaker

PHP License

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首页>医管智库>运营管理
5位顶级投资人讲述:医疗大健康投资的狂欢与泡沫
提交者:九鼎医管发表时间:2019-11-4点击次数:9084来源:36氪

医疗投资


  9月17日——9月18日,由36氪主办的“2019中国投资人峰会”在深圳湾1号举行。
  
  当下的中国一级市场仍置身于至关重要的历史时期。过去10年,GP、LP联手创造了巨大价值、也获取了超额回报,但如今,当狂飙突进已成历史、原本充沛的资金源突被抽底、新一代的投资主题仍未充分显形,大多数中国投资人和投资机构们都身处于漫长的职业平稳期——甚至是低谷期。虽然面对的是更加复杂、更不可期的未来,但在此次未来峰会期间,各路投资人们还是坦诚分享了他们对趋势洞察、以及掌握制胜之道的观点与方法,以期探索在新周期、新常态下的生存法则。
  
  因为贴合国计民生、又具备出众的抗周期性,医疗健康可能是“寒冬”时期——或者说任何时期都最稳妥的投资主题了。事实也证明,近两年来,随着整个创投速度的放缓,医疗健康投资却逆势而行,成为最受投资人们追逐的领域。那么,医疗大健康的投资机会有哪些?投资人和创业者如何“相互成就”?以及,在万众投医疗大健康的背景下,这个行业的估值泡沫有多大?36氪邀请了征和惠通医疗投资合伙人张志玲、软银中国资本合伙人刘缨、时代伯乐合伙人周波和远洋资本董事总经理赵永伟来分享他们的观点。


医疗投资
  
  以下为对话摘编:
  
  医疗健康投资人更偏好专注型机会
  
  张志玲:各位好,我是征和惠通的张志玲,我们是一家专注于医疗投资的股权投资机构。接下来请各位嘉宾先介绍一下。
  
  刘缨:软银中国是从2006年开始做医疗投资的。我们第一只美元基金从2000年就开始投TMT,第二支基金也就是2006年开始,已经开始尝试医疗的投资了。我是2009年进入软银中国的,我进去的时候也就是为了组建医疗的投资团队。到今天为止我们在医疗领域大概也就是四五十个项目,失手的不多。我可以骄傲地说,我拉了一下我们医疗项目的投资,十几年下来的回报高于综合性的投资回报。
  
  赵永伟:远洋资本成立于2013年。2016年前后,我们开始从事股权投资业务。经过三年多的积累与沉淀,我们在大健康赛道的投资已经接近百亿规模。在投资标的和投资逻辑方面,我们以健康医疗方式为主,也参与了一些医疗器材设备领域的投资。截至目前,远洋资本在股权投资领域已形成了“四大三新”的投资格局:大健康、大物流、大环保、大数据、新地产、新金融、新教育。业务范围包括:地产投资、股权投资、债权投资、投资顾问及海外投资业务等五大领域,已逐步形成覆盖“募、投、管、退”投资管理全周期的闭环业务格局。截至2018年年末,管理资产规模已超过900亿元人民币,是国内领先的另类资产管理机构。
  
  周波:时代伯乐是2011年成立的,我们的总部就在深圳。从2012年开始,我们就开始布局大健康领域的投资,其实当时我们还看新消费、先进技术、TMT、节能环保几个方向,后面我们不断做减法,不断走向专注和聚焦,目前时代伯乐主投就两大赛道,一个是ICT,另一个就是医疗健康。
  
  张志玲:各位嘉宾介绍完了,我再稍微补充介绍一下我们自己。征和惠通主要关注高值耗材、创新药、康复医疗等板块。我本人此前曾经有10年骨科领域的经验,也做过甾体激素类原料药的产品国际化。
  
  第一个问题想先从周总开始。医疗健康或者是大健康的概念还是比较广泛的,包括了智慧医疗、创新医疗、器械、医药、消费医疗等,各位关心哪些细分领域,今年有没有什么变化?
  
  周波:我们长期看好并专注于有进口替代机会的精准医疗领域,这是医疗发展的大的方向。精准医疗分三个方面,检测、治疗和康复。现阶段我们已经布局了检测和康复这两个领域,比如分子和免疫诊断里的赛乐奇、中科基因、伊普诺康,康复领域的好博医疗等等。治疗这个领域也有一些机会,但是我们认为整体估值偏高,所以我们一直比较谨慎。当然,精准医疗这个方向是我们长期看好的,但是细分领域的话,会根据市场情况相应调整,但是变化不大,总体来说这几年是相对恒定的。
  
  刘缨:因为软银中国是一个20年的投资基金,美元基金和人民币基金都有,各有各的分割:美元基金早中期一点,人民币基金中后期一点。这样的话我们在生态链上覆盖会比较好。我们通常会去做一个投资图谱,覆盖是很全的,但是并不是说我们一级图谱、二级图谱、三级图谱、四级图谱都会覆盖很多,也并不是每个图谱的细分领域都会去做,我们会根据时间、条件来决定投资主题。
  
  当然,也会根据我们自己能力的不同会去看不同的领域。比如说生物制药不是我们擅长的,我们会看制剂变更变形这一类我们看得懂的。
  
  赵永伟:我们虽然是一个央企投资集团,但是基础医疗我们并没有投资,比如说医院的改制等,我们比较偏向于连锁性的市场化新技术、新服务这一类。比方说我们现在投了连锁的妇产医院、医学整形、骨科连锁、肿瘤连锁、地方检测中心的连锁、脑科的连锁等等。同时我们也投一些新的高端装备,CT核磁等,以及一些新的技术,生物技术、免疫治疗等。针对传统的制药和传统的这些器械,我们介入得相对比较,但是进入后期和准备上市阶段和上市前可以并购阶段的成熟医药企业、小规模的医药企业,我们也可以适当参与。我们整个投的逻辑还是以市场化、资本化为基础,要借助于互联网技术带来整个行业的改造或者新的生物技术发展带来的变化。
  
  医疗健康投资同样贵在看人
  
  张志玲:从征和惠通在医疗投资领域的经验来看,创始团队的综合素质以及资源渠道的匹配很重要,团队是否具备很强的执行力,是否具备医疗产业的专业技术背景,能否准确把握市场趋势找准企业发展定位,是否具备产业上下游以及临床上的渠道和资源,这些都是我们看医疗项目时的重点,也想问问大家,是如何看待创始团队的问题的?
  
  赵永伟:我们投医疗服务行业时,很关注这个创业团队的创业精神、服务的理念和踏实做事情的态度,以及没有受这个行业不良习惯的侵扰。
  
  比方说我们刚才在台下聊的,我们看一个项目:你的投资结构、你的设备采购、你的固定场所的投资是不是实实在在的。我们在这个体系里面做了大量设备供应商的投资,我们对设备的出厂成本、价格、市场渠道以及终端价格是很清晰的,我们从这个来检查你这个团队是不是值得我们投资人信赖,这是我们看的第一条关键点。
  
  其他方面,我们要看这个企业在后期阶段,看它价值会升到啥。在前期阶段我们看实际控制人能不能被市场化改造,他被改造的程度有多少,也就是看他的适应性,能不能不断克服自己、改变自己。
  
  还有一个很重要的点是,我们也看企业的投资成本和费用结构,以及现金的结构。如果一个企业在创业阶段在处理各种费用问题上多手多脚,这种企业不值得投资人信赖。
  
  刘缨:对我们来说,前10年是树上摘桃子,后10年的投资真的就是看人了,所以说现在越来越看人的能力。
  
  我觉得看人的能力还不仅仅是赵总讲的一部分,管理能力、成本能力,对事情负责任的态度,以及融资的能力也都很重要。每件事情都有它的逻辑,融资的步骤也有它的逻辑,有时候我看了医疗的项目也是很头疼,资本的节奏我也觉得这些项目它必须把握得好,你不能把自己放在一个平均市场价值上考虑。至于成本控制也好,财务管理也好,其实我觉得也是相信创业者,最不济我派一个CFO还不行吗?
  
  周波:投资本质上都是投人。投资过程中最难的是对人的判断,关于团队的判断,我认为可以从创始人和公司整体团队两个层次来判断:
  
  首先,从创始人的角度,我们觉得优秀是一种习惯,不优秀也是一种习惯。对于初创期的企业而言,我们比较关注创始人的过往履历。这是因为,社会阶层在逐渐固化,各行各业的格局逐渐稳定、创业的机会越来越少,企业也越来越难做,屌丝逆袭的故事会越来越少,现在做企业不像以前,单纯靠胆量靠资源靠人脉靠一个好的点子就能成功,现在越来越强调专业性,一个过往履历优秀的创始人成功的概率远比草根创业者高。
  
  对于成长期的企业而言,我们比较关注企业过往发展历史,尤其是在困难时期的发展情况,其实也就是看创始人经营企业的水平。优秀的企业和优秀的人一样,都是一年一个台阶,市场好的时候增长比别人快,市场不好照样增长或者小幅回调。我们做过一个统计,发现那些优秀的企业,极少有连续两三年徘徊不前的,本质上这是反应企业领导人定战略和谋篇布局的能力。
  
  其次,从企业整体团队来看,我觉得从三个方面可以判断:
  
  第一,这个团队是不是在做一件正确的事,这是道的问题。什么叫正确的事,通过利他实现利己,也就是说企业提供的产品或者服务,是真的对社会有益还是仅仅只为赚钱?。企业最终是要承担社会责任的,我觉得一个优秀的企业,不分大小,一定承担社会使命的,也就是我们常说的发心要对。
  
  第二,这个团队是不是专注和聚焦,这是术的问题。一个人也好,一家企业也好,做好一件事已经是非常不容易了。只有长期专注于自身熟悉和擅长的领域,才能产生真正的复利效应。我们看过很多跟着市场风向走,做了不熟悉不擅长的事情导致最终失败的例子。专注聚焦并且在自身领域有一定话语权的团队是我们最看好的,相反,那些企业才一点点大就搞多元化,主战场还没站稳脚跟就急于开辟新战场,这样的企业我们是不太愿意投的。
  
  第三,勤奋努力。成功分两种,要么天生富贵自带资源,要么后天勤奋努力拼搏。对于绝大多数人来说,要想成功恐怕只能是后者。大多数情况下,我们都到不了拼智商的阶段,掌握的资源也差不多,所以要想在高手如林的情况下脱颖而出,只能靠勤奋努力。因此,团队是不是勤奋努力,我们是比较看重的。判断团队是不是勤奋的办法也很简单,一是看企业领导者有多少时间真正花在工作相关的事情上。二是在不提前通知的情况下看看晚上八九点还有多少人在加班。
  
  当然,上面说的几点,也只是从概率上更大一点,并没有绝对的事,我们倾向于在一个概率更大的集合中寻找。
  
  一样的钱,不一样的是什么
  
  张志玲:下面的问题是,VC们追求的是高风险高回报,那么在医疗大健康领域如何选择投资的细分领域?同时,拿征和惠通来说,我们会在被投企业的成长过程中从产业、资源、渠道等各维度提供全方位助力,那么也想问问各位在投资之后参与到企业发展的过程当中,我们投后管理的部分能给企业带来哪些赋能?
  
  赵永伟:你这个题目很好,我们现在投资真正的困扰不是选什么企业选什么项目,而是我们投完项目以后的项目怎么管理、增值、风险控制。我们一个项目的投资时间是半年到一年,但持有是5年到10年。
  
  赋能的层面,首先我们有金融的资源,包括我们的投资、持续的投资,以及帮他引入适合的战略投资机构。同时比方说我们还有一个项目是做高等装备的,第一笔投资完了以后持续第二笔、第三笔,同时提供一系列的租赁安排,我们把它的影像中心和大规模设备投放,形成这一系列的支持。但在一些创新型的医疗服务企业来说,最缺还不是资金,是缺渠道。所以说我们经过这几年的投资积累,我们有直接影响力的医疗服务机构也有一两百家,这个规模还在不断扩张,所以对于小型企业,我们在医疗渠道、市场渠道上能给它一个附加。
  
  还有一个是战略模型和商业模型上的,我们可以帮助它更符合于资本化、更适合于网络化,更适合于它的信息和服务触达广阔人群。
  
  刘缨:因为我们是从投早中期企业起步的,大家都知道阿里巴巴是从十几个人时我们就投了,一路跟下来,从战略、帮找人、到后期的融资等,一路跟上来的。到今天这种状态下,我们对医疗的投资,我觉得应该可以从内外两个方面去考虑:在内是管,在外是帮。
  
  从内来讲它如果是一个草根的创业,第一次创业,在4000万以内的投资还可以放任它自由,4000万以上它拿到资金一定要介入财务管理,不然它基本上没什么财务管理的概念。这是经验之谈。
  
  对外来讲,因为投资机构的人不多,我不可能帮你做整套的战略规划,我只能帮你介绍人、合适的市场、合适的战略,但我不能帮你做任何事情。我举一个例子,比如说我们曾经投的第三方检验挺著名的案例,3000万进去,20个亿出来,挺好,人家团队执行力很强,我投它的时候它只有一个第三方司法检测所,我们进去以后帮它到山东开检测所,帮它介绍当地的资源,介绍卫计委的关系,帮它拉近当地的投资人,帮它做一系列的事情,但是人家执行力跟得上,很快业务的布局就展开了。
  
  这就叫我们VC是四两拨千斤的,我觉得不要夸大投资人做赋能的能力,但项目方也要明白这一点。
  
  周波:说到企业赋能,因为现在投资阶段不断在往前移,对一些中小企业而言,肯定是存在各种各样的问题。在这种情况下,如果作为投资机构你不去管,不去帮助它支持它,这样很危险,相当于让它自然自生自灭。
  
  我们是怎么做的呢?我们在2017年专门设立了一个研究院,专门为我们的已投企业提供战略咨询、管理咨询、资源对接、人才引进、上市规范等一系列的赋能服务,从多方面为企业提供支持和帮助。做这个研究院我们进行了相当大的投入,但是我们必须要做,因为我们重视。我们的研究院还会利用我们自身的优势,我们的人员大多来自于产业,对于行业细分的领域研究会比较深。我们投的项目时还会去研究它的竞争对手,给企业在定战略时提供一些信息。
  
  部分细分领域已经贵到“投不起”
  
  张志玲:过去两年的投资行业整体态势不是很乐观,或者说相对有所下降,而大健康这个领域是有幸生存下来的赛道,大家相对比较乐观,但是关注热度提升的同时就会带来一个估值的问题,所以想跟大家探讨一下,大健康领域是否存在泡沫,怎样看待估值的问题?
  
  赵永伟:一级市场都是新的项目,代表更多新的模式和理念,它的前景比二级市场相对成熟的项目更大。所以在一级市场在医疗体系里面,我们基本上放弃了P/E的评价方式,我们更多是带有互联网思维、资源思维的方式去投资。但是,有些好项目稍微有点创新,估值可能就很虚妄,这里面存在一个投资人和创业家的悖论,创业家一定要充分尊重资本方,同时资本方也要充分尊重创业者创造的价值。
  
  我们前天见到一个项目,什么都没有,一个概念,跟我们报价就要10亿人民币以上,我们都没法理解这些数据到底是怎么来的。我觉得泡沫是有的,但是我们要充分来理解这个泡沫,它为什么会形成,它是泡沫吗?是不是还有资源的价值?我们要多从这些角度来思考问题。我们也在调整我们的思维。
  
  刘缨:我有时候开玩笑说,我们也投不起。有些估值过高的项目,我也想奉劝创始人,在定估值时一定要看融资的阶段,你是A轮就是A轮估值,也要在市场上看你是什么位置。我们会和项目方讲清楚这个道理,但如果他还在坚持他的思路我就只能放弃,这也没有什么关系,还有很多项目。
  
  比如华大基因,我去投它的时候是第一轮,成本不是像最后的投资人那么高多。即便是现在我还是挣钱的,但我早就退出了。这正是我投资的一个逻辑。
  
  第二个逻辑是,我们作为投资人永远想去投市场的龙头,第一个上市的龙头,这也是大家为什么会去投华大的原因。这就是我为什么说:同样的市场、同样的企业,人家已经融到第一轮的,人家就是市场的龙头,尽管你觉得你跟它技术怎么样,但你不是龙头,你就不可能在你A轮的时候就拿到人家D轮的价格。
  
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