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20182 iResearch Inc+2017 C B 2016 2017 2018 2019 50 SMS3 1 2 344 iResearch Inc PC PC 5 iResearch Inc 2017 4000 50%2017 1.2.1105.2 1546.0 2184.5 2902.2 3828.7 4970.7 6214.6 7651.8 43.0%39.9%41.3%32.9%31.9%29.8%25.0%23.1%02000400060008000100002013 2014 2015 2016 2017e 2018e 2019e 2020e2013-2020%6 iResearch Inc mUserTracker iUserTracker 2016 2017 2017 PC C 1.iUserTracker.2017.12 402.mUserTracker.2017.12 400 1 18818.4 20491.1 21168.4 21486.0 22525.9 23096.2 23799.8 9549.6 9646.3 9737.7 9196.9 9089.5 8876.4 8543.0 05000100001500020000250002017.6 2017.7 2017.8 2017.9 2017.10 2017.11 2017.12iUsersTracker&mUsersTracker-2017 6-12 PC7 iResearch Inc B 2015 2017 PGC PUGC B 2015 2016 2017PGC PUGC 2018 8 iResearch Inc 9 iResearch Inc PEST P E S T PEST 10 1 234 11 iResearch Inc KOL 12 iResearch Inc KOL PGC Fixed Cost Variable Cost 13 iResearch Inc 14 iResearch Inc 2017 3C IP 2017 2017 15 iResearch Inc Google 16 iResearch Inc 17 iResearch Inc 64%37.0%/27.0%33.2%97.2%N=5032017 18 iResearch Inc iResearch Inc TOP4 3C N=503 N=503 67.59%69.38%70.78%71.17%2017 TOP43C 70.6%70.0%69.0%2017 TOP319 iResearch Inc 2016 1 23 4 20 iResearch Inc 1.3 8.4 18.4 34.2 52.3 1.8%3.7%4.2%5.3%6.2%2015 2016 2017e 2018e 2019e2015-2019%21 iResearch Inc 2212 34 23 iResearch Inc+ABABC+/banner+24 iResearch Inc+/+/2016 11 2017 1 2017 5 2017 11 2017 9 KOL&17 8(InFocus)+/AR 25 iResearch Inc+12 20 IP AR-Mirage Mirage 109 2017 9 5000+26 iResearch Inc+/2016 5+2016 5 2016 7 2017 5 2017 12 2017 8 Summer Sonic+RPG+A PGC B C 27 iResearch Inc+(1).2016 5(2).2017 8 Summer Sonic Summer Sonic PCU 1,029,375 PV 4,323,375 PCU 640,250 PV 5,531,760 1 2+Summer Sonic28 iResearch Inc+/PGC UGC PGC/+Slogan 29 iResearch Inc+01 Pandakill4 slogan 02 2018#JOY-30 iResearch Inc+KOL+To C To B+31 iResearch Inc+2016 KOL 7+36%2016 5 32123 4 33 iResearch Inc+69.4%67.6%71.2%70.8%79.5%76.9%76.7%73.9%2017 TGI%TGI:114.6TGI:113.8TGI:107.7 TGI=(/)*100 N=322 N=503 34 iResearch Inc(1).(2).PGC PUGC PGC PGC 35 iResearch Inc+36 iResearch Inc 37 iResearch Inc 2018 1 38 Keep Learning 400-026-2099 39
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