2019118_艾瑞咨询_2018年中国K12双师课堂研究报告（47页）.pdf
2018 K122 5 K12 1K12 3K12 2018 2018 5000+100%SMS2 USKid 43 K12 1 2 3 4 5 64 K12 K12 K12 K12 5 K12 6 CR4 3%2017 K12 6170.5 11.1%2022 9551.4 K12 CR4 3.1%96.9%2017 K12 1.69+3983.1 4449.2 4969.7 5541.1 6170.5 6807.6 7464.1 8145.0 8840.7 9551.4 11.7%11.7%11.5%11.4%11.1%10.3%9.6%9.1%8.5%8.0%2013 2014 2015 2016 2017 2018e 2019e 2020e 2021e 2022e2013-2022 K12%96.9%CR43.1%2017 K12 6 1.3 6.5%13.2%80.3%590 2980 1.3 82%2017 K12 1.69+6.5%13.2%80.3%2017 K12 590+2980+13190+2017 7 K12 15%2018 2018 22.74%47.47%38.36%19.21%20.29%38.40%69.11%51.18%52.12%66.05%37.23%56.02%6.34%1.35%9.52%14.74%42.48%5.59%2018 K12 8 K122017 K12 298.7 51.8%2022 1503.4 K12 2017 4.84%2022 15.74%85.2 117.1 142.2 196.7 298.7 443.2 648.8 884.3 1167.4 1503.4 37.5%21.4%38.4%51.8%48.4%46.4%36.3%32.0%28.8%2.14%2.63%2.86%3.55%4.84%6.51%8.69%10.86%13.20%15.74%2013 2014 2015 2016 2017 2018e 2019e 2020e 2021e 2022e2013-2022 K12 K12 K12%K12%9 K12 116 985 211 40 34.5%68 58.6%8 6.9%95.4%90.5%60.4%54.6%2017 K12 1.69+985 211 90%80%,70%,60%,50%,60%95.4%90.5%54.6%60.4%40 34.5%68 58.6%68 58.6%8 6.9%10 4G 263 4G AI VR AI VR 11 K12 1 2 3 4 5 612 K12 IT 2006 2015 K12 2016 2017 2016 2015 2017 2018 5000+2017 K12 USKid K12 100%2006 2016 2015 2017 K12 2018 USKid 2015 2018 2019 K12 K12 To B To C K12 K12 13 B2B B2C B2C B2B B2GC B G K12 14 USKid/K12 15 N=282 2018 1256.4%53.9%20.9%16.3%7.4%1.4%1.1%0.7%0.4%0.4%0.4%2018 K12 11 K121 3 24 6 52 32 3 2018 K12 16 11-20 53.1%4-10 30.1%11-20 4-10 20 100 N=282 2018 12 N=282 2018 121-3 1.5%4-10 30.1%11-20 53.1%21-25 13.5%26 1.8%2018 K12 3.2%21.3%22.0%21.6%23.0%8.90%20 20-40 40-60 60-80 80-100 100 2018 K12 87.9%17 K12 1V1 1V1 VS 18 K12 n n m m*n m 1080P 1:1 AI 19 K12 K12 33.5%29.3%K12 39.3%36%N=239 2018 12 N=239 2018 1233.5%29.3%24.3%23.4%23.0%20.5%20.5%19.2%2018 K12 39.3%36.0%33.1%30.1%20.1%14.2%10.9%2018 K12 20 K12 K12 37.2%23.8%K12 25.6%24.2%N=223 2018 12 N=223 2018 1237.2%23.8%23.3%22.0%19.3%15.7%14.3%12.1%2018 K12 25.6%24.2%21.1%20.2%20.2%17.0%16.6%13.9%11.2%10.8%0.9%2018 K12 21 K12 N=223 2018 12 27.3%23.8%22.7%18.1%17.7%16.7%16.3%15.6%10.3%2018 K12 2018 K12 22 K12 K12 23 K12 AI VR K12 24 K12 1 2 3 4 5 625 10 10 75/4 300 300 6-20 0.5-2 10 0.5-2 26 ERP CRM 2 3 ERP CRM 4 1 27 01.02.03.28 10 120/-6-20/-29 K12 1 2 3 4 5 630 2016 2018 2016-2018 2016 2017 2018 9 31 2018 2017 2018 2015 2017 1 2 1 2 To B 32 2015 To B 2016 11 300-400 1000 33 USKid USKid 3-12+-USKid Inside 2018 USKid 2000 8+STEAM SMARTAPP ChildFolio To B To C To B Inside USKid 34 K12 1 2 3 4 5 635 N=125 2018 12 32.8%28.8%32.8%32.8%28.8%28.8%21.6%20.8%16.0%9.6%36 N=125 2018 12 28%26.4%28.0%26.4%26.4%18.4%18.4%16.0%15.2%15.2%10.4%37 N=125 2018 12 30.4%26.4%25.6%30.4%26.4%25.6%21.6%20.8%14.4%14.4%14.4%13.6%12.8%38 N=282 2018 12 50.4%27.7%50.4%27.7%23.0%22.0%18.1%16.3%14.5%14.2%11.7%39 46.5%32.3%31.6%29.8%N=282 2018 12 N=282 2018 1246.5%32.3%27.0%25.2%23.8%18.8%13.5%9.9%2.5%31.6%29.8%28.4%27.3%22.0%21.3%20.9%16.0%40 11-15 11-15 42.9%40.4%38.7%18.8%N=282 2018 12 N=282 2018 121-3 4-6 7-10 11-15 16-20 216.0%17.7%17.7%10.6%5.7%42.9%41 70 80 15-30 N=744 2018 12 65%70 80 34.4%65.6%71.4%25.1%15.5%8.1%/7.8%15-30 1.3%52.7%44.9%1.1%60 70 80 90 24.1%38.3%37.6%28.0%59.7%10.8%1.6%15 15-3030-50 50 49.6%24.9%25.5%42 K12 1 2 3 4 5 643 VR.44 45 Keep Learning 400-026-2099 46
