2019 2 iResearch I POS 3 iResearch I 2014 2016 2017 2018 5.5 25.9%2018 47.6%39.1%2019 2307 46.1%4 1 2 3 45 iResearch I 2016 2014 2015 2016 2017 2018 2019 POS 2016 2016 KA 2014 2015 2016 2017 2017 2017 6 iResearch I 1 23 7 iResearch I 2017Q1 0.6 2019Q2 8.0 12 0.6 1.2 1.9 2.6 3.5 4.8 5.9 7.2 7.4 8.0104.1%57.6%32.4%35.0%36.9%24.9%20.5%3.2%8.1%2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2%2017Q1-2019Q28 iResearch I 9 iResearch I POS 10 iResearch I/2017/11 iResearch I POS 500 POS 12 iResearch I BD 13 iResearch I 1/2 2017 H1 2016 8-()2014 2017 1 201714 2017 2 201745 14 iResearch I 2017 10 201784 2017 11 2017217 2017 12 2018 2 2018 4 2018 6 2017 12 2017281 T+0 D+0 1000 1 2017 12 2017 296 2017 12 2017 242()()()2018 8 2018 95 2/2 2017 H215 iResearch I 2017 16 1 2 3 417 iResearch I iResearch I 2016-2018 2019 2019 8.8 59.8%2018 25.9%2018 25.9%74.1%0.3 1.5 5.5 8.8 11.4 14.2 17.0 372.0%272.0%59.8%29.7%24.3%19.6%2016 2017 2018 2019e 2020e 2021e 2022e2016-2022%18 iResearch I2019 2307 46.1%2016 121.3 2019 2307 3 18 2019 5000 46.1%2019 46.1%2307 5000 2019 2019 121.3 597.7 1773.3 2307.0 2692.3 3047.7 3364.6 2016 2017 2018 2019e 2020e 2021e 2022e2016-2022 19 iResearch I 2018 O2O 4 2018 18 2017 2018 2017 2018 41.1%42.1%16.8%47.6%39.1%13.3%20 iResearch I 100 4 2016-2018 100 100 21 iResearch I/POS ERP 22 1 2 3 423 iResearch I APP 24 iResearch I 25 iResearch I 26 iResearch I 27 iResearch I APPPOS POS PC 28 iResearch I 1 2 3 4 29 iResearch I APP 30 1 2 3 431 iResearch I 2019 32 Keep Learning 400-026-2099 33