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20192 2020.1 iResearch I 2017 2018 2000 1.7%TMS+3 1 2 3 442020.1 iResearch I 2013-2016 13.9 130.3 119.9%2018 13.930.259.2130.3218.9306.3372.3431.5490.2548.6117.3%96.3%119.9%68.0%39.9%21.6%15.9%13.6%11.9%2013 2014 2015 2016 2017 2018 2019e 2020e 2021e 2022e2013-2022%5 iResearch I 2017 4.6 11.2 17.162.6127.8191.02013 2014 2015 2016 2017 2018 O2O 69.2%79.2%70.9%79.6%86.2%87.0%84.7%80.9%77.4%73.7%30.8%20.8%29.1%20.4%13.8%13.0%15.3%19.1%22.6%26.3%2013 2014 2015 2016 2017 2018 2019e 2020e 2021e 2022e2013-2022%CAGR=130.1%49.5%6 iResearch I 2016 2017 APP 3 6 2018 6 25-30 1.3 25-30 95.4%40 25-30 20-39 UserTracker 43 25-30=1.62 25-30 15.75%25-30 1.30 1.3=1.70 25-30=95.4%2019 5 25-30-20.0%-10.0%0.0%10.0%20.0%30.0%0.020000.040000.060000.080000.02016.12016.32016.52016.72016.92016.112017.12017.32017.52017.72017.92017.112018.12018.32018.52018.72018.92018.112019.12019.32019.52016-2019H1 APP%7 iResearch I 93.5%POS 54.3%39.2%6.5%2018 8 iResearch I C POS C B O2O O2O B B B NFC APP O2O POS/9 iResearch I POS/10 iResearch I C P2P 11 iResearch I 7.18.49.410.210.610.811.112.113.318.3%11.9%8.5%3.9%1.9%2.8%9.0%9.9%2010 2011 2012 2013 2014 2015 2016 2017 20182010-2018%2017 9%283.1 13.3 12 iResearch I 2018 2017 CR4=5.3%CR8=7.3%50 12.2%2017 5.3%7.3%12.2%13 iResearch I/2-4.5 6 2-3/14 iResearch I 2018 2-4.5 26 2018 1=/2018+2019/2 2=360/26.5 80 137 60 100 15 1 2 3 416 iResearch I/TMS 17 iResearch I2018 2000 2018 2172.9 2016 POS 2017 2022 16.1688.12172.93750.84777.25815.76869.54181.9%215.8%72.6%27.4%21.7%18.1%2016 2017 2018 2019e 2020e 2021e 2022e2016-2022%18 iResearch I 1.7%2022 4.9%/1.7%4.9%2016 2018 2022e2016 2018 2022 1.6%0.1%19 iResearch I/POS APP/1 20 iResearch I/2 21 iResearch I/2 3 4 1 5 3 22 iResearch I TMS TMS TMS TMS TMS 23 iResearch I ETC/24 iResearch I 0.05%0.05-0.07%60%-70%/10%+/+*0-0.05%*0.13-0.15%+*0.05-0.07%*/60-70%/ETC 25 iResearch I TMS 26 iResearch I TMS 27 iResearch I/5-7.5 50 6-7/28 1 2 3 429 iResearch I 30 iResearch I 9 3 50%POS APP 1 D0/D+1 31 iResearch I TMS 2 D0/D+1 APP TMSTMS APP 32 iResearch I+33 iResearch I 40%50%3 6 TMS 34 iResearch I B O2O 01 02 03 O2O/01 02 03 35 iResearch I ETC ETC ETC TMS ETC APP PC ETC 36 1 2 3 437 iResearch I+C B+TMS TMS B/C vs 38 iResearch I/39 iResearch I+1 2/AI 40 Keep Learning 400-026-2099 41
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