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20182 SaaS 3 1 2 3 4 54 5 2005 CA 2013 DocuSign 2015 2.33 F 2018 4 DocuSign 60 1.0 2.0 2005 4 1 2013 2.5 SaaS 6 SaaS PaaS SaaS Web App SaaS PaaS API SDK SaaS SaaS PaaS Web App API/SDK 7 8+U-Key 9 1 2 3 4 510 2004 2000 2000 2009 2003 2009 2003 2010 2004 2010 2006 2011 2007 2013 2007 2015 2009 2018 2009 11 2016 20.5 25.6%B2B 7 B2B 1.2000 2.2016 O2O O2O 2016 B2B 44.4%B2B 27.0%23.1%2.9%O2O2.6%2012-2019 8.1 10.4 13.3 16.4 20.5 24.0 28.1 32.7 26.7%28.8%27.2%23.0%25.6%16.7%17.4%16.2%2012 2013 2014 2015 2016 2017e 2018e 2019e%12 88.8%91.3%93.1%90.4%95.2%99.0%82.1%78.5%83.2%78.7%89.0%95.6%2011 2012 2013 2014 2015 2016%CNNIC 2016 99.0%95.6%2016 4.9 4.4 CNNIC 2011-2016 3.0 4.2 4.9 5.3 5.7 6.1 6.4 2.2 3.6 4.4 5.1 5.5 6.0 6.3 17.0%36.8%17.6%8.8%7.0%6.7%5.3%73.2%64.5%22.5%16.4%8.2%8.8%4.9%2014 2015 2016 2017e 2018e 2019e 2020e%2014-2020 13 PKI CA CA 14 3 10 11 4 3 2014 2015 2016 2017 2018H1 B 2015 5 DocuSign 2.33 F 30 2015 2016 B 77.4%B e e 2 1 IT IT 2014-2018H1 2014-2018H1 2+29.0%A 25.8%Pre-A 9.7%B 9.7%A+6.5%6.5%B+3.2%9.7%TOP3 1+1+15 2017 11 2018 1 e 1.5 B1 1 B B+7000 A1 IT 2016 2018.07 A1 7000 2016.12 100 2018.06 B+1 2016.10 900 2018.03 B 1 1 2016.09 e 2018.01 B1 1.5 2016.08 A+2787 2017.11 2016.06 300 2017.08 100 2016.05 A+2017.02 Pre-A 1000 2016.04 A 1500 2017.02 317 2016.03 e 2016.12 A 4500 2016.01 A 1000 2016.12 B 600016 CA CA 17 CA CA CA CA 2018 18 1.2.1.2.20%80%80%20%19+20 4 CA 21 2017 10 4 e CA CA CA 43 CA CA CA CFCA CA CTCA SCCA CA GDCA SHECA BJCA22 2.0 23 24 2016 e e e 2000 25 IT e 2000 1000 2018 26 1 2 3 4 527+B2B B2B28 B2B B2B e e B2B 29 IOE U-Key 30 2017 8 e e e e e 31 API/SDK 32 2017 35 37 400 3000 8 e 1 e B2B 33 P2P 2017 CA 1.2.PDF CA 34 1 2 3 4 535 e e SaaS 2014 e 300 60%e SM SM PDF OFD e 2018 6 e 100 1 42 2000 e V1.0 V3.0 SaaS 38 CA 1 CA 52 16 2+B 2 B SM2002.122014.062004.0336 e e SaaS PaaS e SaaS e e e e 500 e B2B e SaaS PaaS Web H5 App-37 15 2012 1.0 4.0 1.02.03.04.0 SaaS 38 CFCA CFCA CFCA 2400 CFCACFCA 99.99%RA CA P2P.CFCA+39 1 2 3 4 540 B2B B2B C C C B B2B C 41 SaaS OA CRM SaaS SaaS SaaS 42 Keep Learning 400-026-2099 43
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