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2019 C2M 2 2019.5 iResearch Inc 2018 175.2 4.1%4 24.4%C2M 3 F2C F2C C2M C2M SMS3 2019.5 iResearch Inc+B2B B C C2B2B2C C B+4 2019.5 iResearch Inc F2C-C2M F2C C2M Customer-to-Manufacturer F2C Factory to customer F2C F2C F2C C2M C2M C2M B AR/VR 5123 C2M 456 p.7 p.8-p.9 80 90 p.107 2019.5 iResearch Inc 2018 28228 6 18311.0 20167.0 21966.0 23821.0 25974.0 28228.0 44036.1 45319.1 49297.2 53650.7 58335.0 63387.4 10.1%8.9%8.4%9.0%8.7%2.9%8.8%8.8%8.7%8.7%2013 2014 2015 2016 2017 20182013-2018%SKU 8 2019.5 iResearch Inc GDP 2 GDP 2 costco GDP 2 choice 2018 15 2018 GDP=2.03 2018 GDP=1.96 2018 GDP=2.19 2018 GDP=2.76 2018 GDP 1.67 0100002000030000400005000060000700001960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 20161960-2017 GDP 1983 1984 1983 Costco 9 2019.5 iResearch Inc Wind 2008 9-2018 6:%:%10 2019.5 iResearch Inc 8090 25.7%28.5%24.7%15.7%5.4%0%20%40%60%80%100%2019.3mUserTracker-2019 3 APP 24 25-30 31-35 36-40 40 Usertracker 80 90 80 90 60 70 80 90 Usertracker 1979-1994(80s 1990-1995)1995(95s)80 90 20-39 11 1 p.12-p.13 2 p.14 3 p.15 4 p.1612 2019.5 iResearch Inc OEM ODM OEM ODM OBM 13 2019.5 iResearch Inc 2019.5 iResearch Inc 1 1-2-2014 2013 ODM 31.94%37.04%61.89%63.08%57.43%56.27%56.07%45.29%20%14 2019.5 iResearch Inc 2 choice 2018 2018 97617093 99553769 9945555 10.0%15 2019.5 iResearch Inc 3 2005 2012 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 20052005-2018%120%80%40%0%-40%16 2019.5 iResearch Inc 2019.5 iResearch Inc 4 zara Zara 1-2 100-500/200-600/Zara 1-3 10-15 Zara2018 2 1.2 U U 17 p.18 C2M p.19-p.21 p.22 p.23 p.24-2518 2019.5 iResearch Inc C2M F2C F2C 19 2019.5 iResearch Inc C2M 1C2M C2M F2C 1 2 3 F2C 1 2 3 C2M 1 2 3 20 2019.5 iResearch Inc C2M 2 C2M C2M C2M+C2M21 2019.5 iResearch Inc C2M C2M C2M+C2M-C C2M 2-C2M 1 2 0.75%-C2M-C2M C2M22 2019.5 iResearch Inc/B 23 2019.5 iResearch Inc 1+SKU 2 3 20-39 20-39 80 90+/24 2019.5 iResearch Inc 3 1.2.3.1 1.2.2017 2022E$10 000-$100 000 7-663.4.2022 2018 2022ESTEP 1 13.95 14.15%29%34%4.0 4.8 STEP 2 175.0 210.0 6 10 1050.0 2100 STEP 3 4248.9 10080.0=*=*25 2019.5 iResearch Inc 175.22018 4.1%2018 175.2 4.1%1 1 Usertracker 175.2 420.0 2018 2022E2018-2022 2022e CAGR=24.4%2018.12 2018.6 2017.12 2017.62017-2018 APP A B C 26 p.27 C2M p.28-p.30 p.31 F2C p.3227 2019.5 iResearch Inc 2014 2016 4 2017 7 2018 1 2018 7-8 C2M slogan-2019 201928 2019.5 iResearch Inc C2M C2M 2019 C2M 3-15 29 2019.5 iResearch Inc 1 57 200 2 0.75%3=BOM+2%-15%1.200/12/2.=*2019 BOM+*6%a+*6%*2%15%*400%600%*1000%46 10*2.12%15.9%30 2019.5 iResearch Inc 2014 1/3 1)2)1/3 1-2/1)2)90%AI 3D 31 2019.5 iResearch Inc 2016 4 4 21,MINI 32 2019.5 iResearch Inc F2C 1000 2018 7-8 2019 1 2 3 4 33 p.34 C2M-p.35-C2M p.36 p.3734 2019.5 iResearch Inc 1 C2M C2M APP APP-35 2019.5 iResearch Inc 2-1 1.2.3.C2M 1.2.3.C2M 36 2019.5 iResearch Inc 2-2C2M 1 2 3 C2M C2M 70 2018 60-70/90/38.5%C2M C2M 1366.5 1515.6 1595.7 1745.1 1905.0 2076.5 2257.1 2449.0 10.9%5.3%9.4%9.2%9.0%8.7%8.5%2015 2016 2017 2018 2019e 2020e 2021e 2022e2015-2022%20192000-300037 2019.5 iResearch Inc 3 ZARA AR VR 38 Keep Learning 400-026-2099 39
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