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K12 2020 22020.11 iResearch I 2020 542 50%LTV 3 1 2 34 542020.11 iResearch I K12 K12 1 1 K12 52020.11 iResearch I K12 30-40 K12 MOOC K12 K12 5-15/K12-+1 1+/15 5 10 62020.11 iResearch I/+K12 40-60 15-35 K12 200-300 1 1 K12 A B+72020.11 iResearch I 2020.11 iResearch IK12 K12 1 1 K12 1 1 K12 2014 K12 1 1 1 1 1 1 1 1 K12 0510152025303540452008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 20192008-2019 IT 1-100 12-50 2013-2015 1 1 2016-2018 K12 2013 VIPKID 2014 1 1 2014 VIPKIDA 2015 1 1 A 2015 VIPKIDB A 2017 PreA 2017 2016 A 2018 B B+PreA 2018 A 2015 2016 1 1 2017 O2O 2018 All in K12 2019 1 1 1 1 8 1 2 34 592020.11 iResearch I IT 2020 K12 102020.11 iResearch I 2020 542 K12 C2C B2B2C 2016+K12 2017 2018 K12 2019 2020 ROI 50%OMO 2017-2022 K12 1 K12 2 2020 10 40.2100.8228.6541.6744.5991.2106.9%150.7%126.7%136.9%37.5%33.1%2017 2018 2019 2020e 2021e 2022e YoY112020.11 iResearch I 2018 K12 2020 2020 K12 12 1 2 345 132020.11 iResearch I 1/3+200-300 K12 1 1 K12 K12 AI K12 AI AI K12 1 1=+=AI+AI1 1 AI AI 142020.11 iResearch I 2020.11 iResearch I 2/3 K12 ROI ROE 2020 K12 Q1Q3 Q2Q4 K12 Q4 2019-2020Q3 K12 2019Q3-2020Q3 K12 K12 0%20%40%60%80%2019 2020Q1 2020Q2 2020Q3 2.97.41.25.3-6.8-1.4-0.30.50.9-5.92019Q3 2019Q4 2020Q1 2020Q2 2020Q3 152020.11 iResearch I 2020.11 iResearch I 3/3 LTV 5000 250-1510 3-5 2020 LTV 3 LTV 250-1510-K12 2020 LT 2020 K12 LTV 2020 80120609060505040 4350.3 6133.1 7408.8 LTV 3 LT LTV 1.5 LT LTV 1.5 LT 162020.11 iResearch I 2020.11 iResearch I 1/4 K12 K12 K12/2020Q1 2018-2020Q2 TOP10 1.9 7.7 4.3 5.6 2.1 13.5 8.7 10.9 2018 2019 2020Q1e 2020Q2TOP10-30%172020.11 iResearch I 2020.11 iResearch I 2/4 ROI 229174182481451017741707358443.62.63.31.7/9 28426888431841481813244661121821383671115182364162113221332 SKU A B C D 9 A B C D182020.11 iResearch I 2020.11 iResearch I 3/4 K12 K12 10 5 5 3-5 1-3 192020.11 iResearch I 4/4 K12 1 1 1 1 K12 202020.11 iResearch I 2020.11 iResearch I 1/4 ROI 2017 K12 2018 K12 2020 0%10%20%30%40%50%60%70%80%2015 2016 2017 2018 2019 2020Q1 2020Q2 Usertracker 2020Q1 FY2020Q4 02000400060008000100002020.03 2020.06 2020.09()()()%2020Q3 103%2020 7 212020.11 iResearch I 2/4 3 9 49 K12 222020.11 iResearch I 3/4 K12 1 1 K12232020.11 iResearch I 4/4/APP/K12 242020.11 iResearch I 1/3 CEO 27 K12 1 1 K12 1 1 K12 K12 CEO K12 AI 252020.11 iResearch I 2/3 K12 UE K12 SKU UE UE=VS262020.11 iResearch I 3/3 K12 LTV K12 1 1 K12 1 1 SKU SKU 985 15 25 1 1 2712345 282020.11 iResearch I(NYSE:GSX)K12 K12 2020 10 9 K12 K12:K12 3-8 2020.05.04 3-8 2016.11.10 K12+2017.7.27 292020.11 iResearch I 2020.11 iResearch I 5%2%11 AI 2017-2020Q3K12 5-15 1-10 0.22.917.111.213.817.65.641.3195.864.7149.6114.72017 2018 2019 2020Q1 2020Q2 2020Q3K12 K12 302020.11 iResearch I 2020.11 iResearch I(NYSE:DAO)2019 70%50 2020 Q3 K12 6.76 368.9 49.9 437.9 2018-2020Q3 K12 2020Q2 ASR 20 4%12.635.915.332.949.935.5%184.9%363.0%358.9%437.9%2018 2019 2020Q1 2020Q2 2020Q3K12 YoY%312020.11 iResearch I 2020.11 iResearch I AI VS VS VS CEO 322020.11 iResearch I K12 1V16 PPT-80%+332020.11 iResearch I K12 8000 1129 SOP/12 30 5-12 2 XX XX XX XX XX XX XX XX XX 342020.11 iResearch I 2020.11 iResearch I PRTC 320 400 PRTC H5 SaaS 3512345 362020.11 iResearch I 2020.11 iResearch I 1/2 2020 6 K12 41.5%K12 77%1%K12 K12 22%K12 47.3%41.5%11.2%1 1 42%35%22%1%K12 K12 K12 N=7421 30 K12 N=7421 30 372020.11 iResearch I 2020.11 iResearch I 2/2 K12 46%21%13%8%8%4%K12 K12 K12 N=7421 30 382020.11 iResearch I 1/2 K12 2-3 3-4 4-5 SKU SKU 2019 468.5297.3220.1 218.8136.5114.2 112.4 111.645.136.930.9 30.3 29.914.046032405 21772846124917621612867584404336 340252101 2019 14 TOP3 15 14 8 A B C-392020.11 iResearch I 2/2 K12 K12 K12 389.0360.9273.7248.3242.5220.5184.5 179.3165.4 163.7101.5 97.791.4 88.266.3 65.522.5371231513734336822241753168920082080174415188701420 14657011177263 2019 2019 TOP4 13 13 11 11 233 CAC 402020.11 iResearch I 1/2+10 K12 412020.11 iResearch I 2/2 K12 1 1 1 1 42 Keep Learning 400-026-2099 43
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