Beginning at the end of the 20th century, the internet has given rise to a host of companies experimenting with new business models. This presents a challenge to analysts. Traditional financial methods are very effective at analyzing product-centric companies, but when applied to platforms, turn out nothing but vague statistics. This case study takes Qunar as an example of why traditional financial analysis methods may not be applicable to internet firms. We present our ideas of how to better analyze online platforms.