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202022020.3 iResearch I 2020/SaaS SaaS SMS To B C 31 2 342020.3 iResearch I 2020.3 iResearch I 20Q1 GDP Q2-Q4 IMF Wind 2003 2003 GDP 2003 2020 GDP2003 2020 GDP Q48.9 8.99.210.810.110.010.910.510.19.19.7Q1 Q1 Q2 Q4 Q3 Q2 Q3 Q410.4Q1 Q2 Q3 6.86.76.56.4 6.46.26.0 6.0356.05.85.6Q3 Q1 Q1 Q2 Q4 Q3 Q4 Q2 Q1 Q2 Q3 Q47.0%7.1%39.7%39.0%53.3%53.9%2019 201812.3%8.6%45.6%43.1%42.1%48.3%2003 2004%2002 200320042018 20192020EGDP%52020.3 iResearch I 2020.3 iResearch I 2003 2020 2003 4 16 SARS SARS 6 15 Wind 2020 1 21 1 20 1+1 3 6 150 Wind-2.0%SW SW SW-4.4%SW-1.0%-4.1%-0.5%2003 2020 SW-6.8%SW SW-4.0%SW-7.1%-5.6%-4.4%62020.3 iResearch I 2020.3 iResearch I 85%3 30%50%N=995 90%50%60%GDP 70%80%2017 10%10%-20%28.5%17.0%20%-50%50%4.0%29.6%20.9%34.0%1 2 33.1%5 3 4 6 17.9%1.6%3.4%10.0%72020.3 iResearch I 20%240 AI B2B 5049 3500 2.5%81 2 392020.3 iResearch I 1.2./2 x-=MAU DAU App ARPPU/SaaS K QQ 1 102020.3 iResearch I SaaS 1.2.SaaS 2 App App App O2O STEAM 112020.3 iResearch I 2020.3 iResearch I 2 80 13%1.2.12 1 UserTracker mUserTracker-mUserTracker-2019&2020 APP 53.3%216.8%163.0%36.5%2020%2019%17.8%9.7%68.7%3.9%16.6%20.5%56.0%6.9%31.3%44%1.2020 1 13 1 19 2020 1 27 2 2 2.UserTracker SaaS 122020.3 iResearch I K12 2 1 300 1000 6 ios 345.3%200 2 6 2 3 2 3 500 2000 2 6 1500 2 3 2 15 2800 2 10 100 VIPKID 1 29 4-12 150 VIPKID 1 1 1 27 1200 10 DAU 1000 1 25 200 1000 3 1 27 500 20 SaaS 132020.3 iResearch I 2020.3 iResearch I8.7%3.6%15.7%+x15.7%*2018 O2O N=1600 2018 3%K12 19764915032016 2019 2022e 2022e*SaaS K12 K12+K12 1 K12 5 570 3900 12800142020.3 iResearch I K12 K12 K12 K12 1.2.NYSE:GSX 1 1 24 3 K12 K12 K12 2 K12 To B OMO SaaS To B 152020.3 iResearch I 2020.3 iResearch I05001,0001,5002,0002,5003,0002/10-2/161/27-2/21/20-1/262/17-2/232/3-2/9 1/13-1/192/24-3/11/6-1/12 SaaS UserTracker 1/28:2 10 mUserTracker-2020 APP mUserTracker-2019&2020 APP 1.19 2 11 20 2 2 2.12 1 UserTracker App SaaS 72.2%5.8%2020 2019%162020.3 iResearch I SaaS SaaS 2020 1 29 302 2 5 301000 2 14 350 1.2 2 4 2 1 3.0.4 300 3 1 24 2020 1 24 300 1 29 2 6 1.5 8 10 3 6 zoom 1 27 1 27 1 28 2 3 zoom 7 499%2020 MAU 2019 SaaS 172020.3 iResearch I 2020.3 iResearch I SaaS OA SaaS SaaS SaaS 1.SaaS 11%IDC 2018 SaaS SaaS SaaS=11%130%+SaaS CRMHRMERP SaaS SaaS SaaS SaaS 182020.3 iResearch I SaaS SaaS IM OA 1.9/SaaS IM OA HRM CRM 1 IM IP CRM SaaS SaaS SaaS SaaS 192020.3 iResearch I 2020.3 iResearch I 2020 1.2.12 1 UserTracker mUserTracker-2019&2020 APP SaaS 350%300%470%2019 374%1 24 300%220%10.6%-12.2%2019 2020%202020.3 iResearch I 2020.3 iResearch I N=1889 2020 2 17 iClick N=1001,2019 4 iClick 2019 34.6%55.7%36.5%49.3%37.2%28.1%17.7%16.2%9.9%14.9%0.1%APP 4.2%49.5%27.1%44.4%54.3%43.7%42.0%43.5%38.1%33.8%32.2%2019 4 SaaS 212020.3 iResearch I 2020.3 iResearch I*Euromonitor 12.7%12.7%+x5.6%2.0%8892,8887,0542022e 2019 2016 2022e*SaaS 222020.3 iResearch I+1.9/SaaS+1+1-2 1-2 1 30 1 232020.3 iResearch I 2020.3 iResearch I 19 19.1.28-2.3 19 19.2.4-2.10 20 20.1.24-1.30 20 20.1.24-1.30 UserTracker mUserTracker-2019&2020 O2O 610.6549.6620.5 628.7613.420 20 19 19 20-10.0%+14.4%O2O SaaS 2019 2020+700%2019 2020+237%242020.3 iResearch I 2020 1 21 2 5 1.5 60 215.32%134.91%1 24 1 24 2 5 65 56 5000 1 26 2 10 11.1 APP 10 APP 9 1 24 2 8 24 1000 93 100 200 1 22 500 70 4 3 1200 30 3000 1 1 24 400%;AI 300 SaaS 252020.3 iResearch I 2020.3 iResearch I70.0%1.2%1.HIMSS Analytics 2005 EMRAM 2.2019 19 8 HIMSS 462,013123262017 2019/2019 2017-HIMSS 7 HIMSS 6 HIMSS 5%SaaS 262020.3 iResearch I 1.2.9/O2O to B O2O SaaS 2 1 272020.3 iResearch I 2020.3 iResearch I 2020 1 2020 2+719%2020 2 7 2020 2 24+50 SaaS 3C 282020.3 iResearch I 2 20%1+1 23 100 2 3 3,000 1,800 2 21 160 2 2,000 2 5-15 4 83 100 40 2 3-10 2-3 2 300%2 1 15 45%2 15 2 21 232 4,810 7,000 4.8 11 2 29 4 200 0 2 19 8 60 2 10 3 3 1,900 2 28 2 5-22 200+400+80 SaaS 292020.3 iResearch I()18 2018 GMV 1,000 2019 4-8 140%2019 GMV 618 15 2020 1 2019 GMV 133 2019 GMV 50-100 19Q3 GMV16.3 115%3 8 1000 2020 SaaS SaaS 302020.3 iResearch I 2020.3 iResearch I UserTracker mUserTracker-2020 APP 12.2%14.7%6.5%8.0%7.0%17.8%2020%2019%mUserTracker-2019&2020 APP 1.2.12 1 3.UserTracker APP 19 SaaS 05,00010,00015,00020,00025,00030,00035,00040,00045,00050,00055,0002/3-2/9 2/24-3/11/20-1/261/13-1/191/27-2/21/6-1/122/10-2/162/17-2/231/25:1/27:2020 2 2 2/3:312020.3 iResearch I 2020.3 iResearch I 2019 2020 35%22%48458%7%35%2018 2016 201557%8%201761%10%29%65%13%218288375+29%x=xx2019 2020 x=SaaS 21012%2019H163%25%2018H167%15%18%259+23%322020.3 iResearch I SaaS GMV(20Q1)332020.3 iResearch I 2020.3 iResearch I 2019 46,721 15.5%2020 2 12 2020 2 12 73.0%8.0%7.0%7.0%5.0%80%50%2020 78.0%9.0%7.0%5.0%100%70-90%90%70%2020 SaaS 342020.3 iResearch I 2020.3 iResearch I 7%13%2 1 20.0%50%2 26 2 26 2 14 53.9%33.1%13.0%2020 2 19 18.0%63.0%+250.0%46.4%42.9%10.7%70%50-70%50%SaaS 352020.3 iResearch I 2020.3 iResearch I 2 20 3 3 13 24 2018 15%2020 2 18 367 200 200 2018 5 10 SaaS 1/30 2 2/2 2/8 10 2/10 2/221/31 362020.3 iResearch I/800 95%95%1%4-5%/SaaS 372020.3 iResearch I 2020.3 iResearch I35045040055060065070075080005003002/3-2/9 1/27-2/21/20-1/261/6-1/122/17-2/231/13-1/192/24-3/12/10-2/16 2020 APP 1.2 2 2020 1 25 mUserTracker-2020 APP:UserTracker 2/10:1/24:2020-80-70-60-50-40-30-20-1001020301/211/181/241/191/201/221/231/251/261/271/281/292/21/301/312/1%SaaS 1/25:382020.3 iResearch I 2020.3 iResearch I 2020 2 2 1.2.19 11 100 2020%3/9-100-802/3-75-953/2-70-902/17-6502/24 2/10-852020 2 1-3 2 100110602/2702/52/62/102/242/8802/12/32/42/72/92/262/1102/132/142/152/172/162/182/192/202/212/222/252/272/293/13/2902/122/234030502/28%SaaS 11 1002/2 2/10 2/18 10 392020.3 iResearch I 2020.3 iResearch I24,99321,65991%33%(7,212)()67%9%(2,249)()18 19%18 16%TMC 2018 6.6174 GBTA US Travel Association Phocuswright 1.2.29.82.91.30.4 2018 50%CR4 2018 76.0%2018 201619.0%SaaS 21.4%CR8 TMC TMC402020.3 iResearch I&SaaS OTA 3 8 700 30-40%OTA 412020.3 iResearch I 2020.3 iResearch I=/11 G7&-34.0%-26.6%-18.6%-11.2%-16.8%-10.2%-37.3%-14.3%2020%2019%mUserTracker-2019&2020 APP 1.2./12 1 UserTracker 0.00.20.40.60.81.02/3 2/13 2/5 2/15 2/7 2/9 2/11 2/17 2/19 2019 0.00.20.40.60.81.01.21.42/3 2/7 2/15 2/19 2/5 2/9 2/11 2/13 2/17 2019 SaaS 422020.3 iResearch I C G7 3/5 11 69.6%3/5 11 54.6%2/28 80%+20%2/25:to B to B B to C B to B B to B B to C/SaaS 432020.3 iResearch I/SaaS DAU DAU SaaS SaaS/44 1 2 3452020.3 iResearch I 1 01 VC PE 6 9/0102 03 462020.3 iResearch I 2 02 K12 SaaS SaaS SaaS SaaS OA SaaS+SaaS SaaS 472020.3 iResearch I 3 03/15%C B 482020.3 iResearch I VC PE CDD Pre-IPO IPO FA FA IPO 500 49 Keep Learning 400-026-2099 50
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