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2015 222 App 2014 998 18.9%2014 5999.2 20.1%K12 O2O+1 2 3 4 5444 1994-19962000-2010 1996-2000 2010-2014 2018 1.40 2.8000 3.1.2.2000 3.4.5.1.2.3.4.5.BAT 6.1.2.3.4.1.2.3.555 NPO&NGO B2B2C B2C O2O 666+2015 2 2015 2015 1 2015 3+2015 4(2015-2020)+2015 4 2017 2015 9 1 2 3 4 5 2015 777 4908.8 6477.3 7702.2 8429.7 8409.2 8334.5 1013.8 2228.9 3918.1 6187.7 9012.6 11868.2 46.4%32.0%18.9%9.4%-0.2%-0.9%80.3%119.9%75.8%57.9%45.7%31.7%2013 2014 2015e 2016e 2017e 2018e2013-2018 PC PC%2015 2018 PC 888 1/2 PC PC 2013-2018 CNNIC 6.2 6.5 6.8 7.0 7.2 7.3 5.0 5.6 6.0 6.3 6.5 6.6 9.5%5.0%4.0%3.7%2.9%1.4%19.1%11.3%8.5%4.3%3.2%2.2%2013 2014 2015e 2016e 2017e 2018e%999 1/2 15 2013-2018 CNNIC 4.4 4.7 4.6 4.7 4.8 4.8 1.8 1.8 2.1 2.3 2.4 2.5 8.0%6.7%-2.0%2.2%1.9%0.0%13.5%1.0%20.0%7.0%4.8%4.2%2013 2014 2015e 2016e 2017e 2018e%101010 1 1 1 1 2 3 4 51212122015 O2O O2O+K12 K12 O2O VIPABC 51talk IT 1313132015 1.5 1.0 2.0 3.0 B2C O2O 1414142015 2015 H1 K12 O2O 2015 H1 25.8%16.7%15.7%14.1%9.4%6.9%3.6%2.6%5.2%K12 1515152015 2014 998 18.9%2015 1191.7 20%2018 2000 2046.1 2013-2018 839.7 998.0 1191.7 1437.2 1733.9 2046.1 19.9%18.9%19.4%20.6%20.6%18.0%2013 2014 2015e 2016e 2017e 2018e%1616162015 2014 5999.2 20%2018 13221.1 2013-2014 4995.0 5999.2 7227.0 8736.2 10767.2 13221.1 20.2%20.1%20.5%20.9%23.2%22.8%2013 2014 2015e 2016e 2017e 2018e%171717 1 2 3 4 5191919 E-learning 202020 2014-2018 60.3%59.2%57.8%55.7%53.6%25.8%25.2%24.7%24.7%25.2%10.2%11.6%13.3%15.3%16.9%3.5%3.8%3.9%4.0%4.0%0%10%20%30%40%50%60%70%80%90%100%2014 2015e 2016e 2017e 2018e E-learning 212121 2014 2.2 30%2018 6.8 App 2013-2018 1.8 2.2 2.9 3.8 4.9 6.8 30.9%27.8%29.3%29.7%31.1%37.6%2013 2014 2015e 2016e 2017e 2018e%222222 2014 50.1 25%2018 133.1 2013-2018 40.4 50.1 64.4 81.5 101.5 133.1 21.6%24.2%28.5%26.5%24.6%31.1%2013 2014e 2015e 2016e 2017e 2018e%232323 2014 102.3 30%2018 345.2 76.5 102.3 138.0 191.3 265.4 345.2 35.0%33.7%35.0%38.6%38.7%30.1%2013 2014 2015e 2016e 2017e 2018e2013-2018%242424 2014 1347 30%2018 4174.7 2B 1039.5 1347.0 1733.9 2272.1 3094.7 4174.7 33.1%29.6%28.7%31.0%36.2%34.9%2013 2014 2015e 2016e 2017e 2018e2013-2018%252525516.4 601.9 705.7 830.7 965.9 1096.3 18.4%16.6%17.2%17.7%16.3%13.5%2013 2014 2015e 2016e 2017e 2018e%2014 601.9 2018 1096.3 2013-2018 2626261487.8 1757.5 2056.5 2416.5 2804.5 3205.6 19.0%18.1%17.0%17.5%16.1%14.3%2013 2014 2015e 2016e 2017e 2018e%2014 1757.5 18.1%15%2018 3205.6 100%2013-2018 272727 2014 257 18.1%20%2018 515.5 2013-2018 217.6 257.0 300.1 355.6 428.7 515.5 18.5%18.1%16.8%18.5%20.6%20.3%2013 2014 2015e 2016e 2017e 2018e%282828 2014 2092.5 16%20%2018 4033.1 6:00 App 2013-2018 1803.6 2092.5 2423.9 2814.6 3358.1 4033.1 14.5%16.0%15.8%16.1%19.3%20.1%2013 2014 2015e 2016e 2017e 2018e%292929 E-Learning 2014 E-Learning 34.6 20%2018 82.3 E-Learning E-Learning 2013-2018 E-learning 27.5 34.6 45.0 55.8 69.0 82.3 19.8%25.9%30.0%24.1%23.6%19.3%2013 2014 2015e 2016e 2017e 2018e E-learning%303030 E-Learning 2014 E-Learning 752.1 20%2018 1674.6 E-Learning 623.8 752.1 948.2 1151.4 1408.4 1674.6 21.1%20.6%26.1%21.4%22.3%18.9%2013 2014 2015e 2016e 2017e 2018e E-learning%2013-2018 E-learning 313131 2013-2018 18.7%19.4%19.8%20.1%20.5%21.3%81.3%80.6%80.2%79.9%79.5%78.7%0%10%20%30%40%50%60%70%80%90%100%2013 2014 2015e 2016e 2017e 2018e 323232 2014 193.8 20%2018 435.8 1.51talk 2.3.2013-2018 156.7 193.8 235.9 289.3 354.6 435.8 23.8%23.7%21.7%22.6%22.6%22.9%2013 2014 2015e 2016e 2017e 2018e%333333 2014 1477.6 20%2018 3123.3 1.2.3.1 1 4.2013-2018 1200.5 1477.6 1766.1 2138.6 2584.3 3123.3 23.2%23.1%19.5%21.1%20.8%20.9%2013 2014 2015e 2016e 2017e 2018e%343434 K12 VIPABC 51talk 353535 363636 1 2 3 1 2 3 4 5383838 2003 2004 2005 2007 2009 A2011 2012Cctalk 2013 B 2014 2015 2001 9000 7000 500 2000 20000393939 1 2 2012 CC CCTalk 3+2015 4 Logo CCTalk D CC D CCTalk App+CCTalk App 404040+1.2.3.4.PC O2O 1.WiFi 2.3.IT 1.2.3.4.5.414141 QQ QQ QQ QQ QQ QQ 1.QQ QQ 2.3.4.1.2014 4 2.3000 3.2014 12 JV O2O K12/424242 O2O PC+1.O2O 2.+3.+4.O2O 5.LBS+IM 434343 2000 2011.9 IT 2012.7q 2014.10q 2014.12 2009.11IDG 2003.9 2002.3IT 2001.8 3 IT Adobe UI CompTIA 9 IT 3 IT JAVA C+IT 2011 2012 2013 2014 0.3 0.6 0.9 1.4 1.6 3.1 4.6 4.8444444 2010-2014 122.0 160.0 220.0 280.0 325.0 31.1%37.5%27.3%16.1%2010 2011 2012 2013 2014%2014 16 320 2000 2008 2000 454545 1 1 2014 2003 2010 2013 308 850 1.5 LTG 1800 Minerva Project 1 K12 0.5 0.7 0.8 1.1 1.2 40.8%18.8%30.5%15.9%2010 2011 2012 2013 2014%2010-2014464646 k12 K12 K12 K12 2011 12 2014 7 2011 10 2012 12 2013 9 2007 11 500 A 100 B C 2000 2015 3 D 1 474747+1.2.3.4.GRE 1 2 3 4 5494949+505050 515151 用户数据账户体系学习科目课程内容停顿时间易错点、常错点个人基本信息支付体系社区活跃度收入结构消费习惯525252 N2013=3066 2013 12 Iclick N2015=2153 2015 7 Iclick 2013 2015 2013 2015 30.2%39.9%29.9%38.3%32.5%29.2%535353 PC PC O2O N2015=2153 2015 7 Iclick 13.4%31.7%54.9%18.8%22.0%59.3%PC2015%545454 0-6 555555 2002 400-026-2099
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