2019 K12 To B 2 iResearch I 10339.3 4656.4 4652.6 2375.4 K12 K12 K-12 Kindergarten to 12 K12 To C Customer To G Government To B Business To B K12 K12 2018 2019 6 K12 To G 266677 161811 51982 13737 49.4 K12 100 K12 100 K12 40-45%45-50%5-15%To B 2.2 K12 2.2 K12 To C/3 iResearch ITo B K12 K12 To B/4 iResearch I 13SMS24K12 To B K12 K12 SaaS K12 To B 2019 130 2022 200 K12 K12 SaaS K12 To B To B 2019 12 298 K12 K12 K12 To B 5 K12 1 2 3 To B 4 5 66 iResearch I K12 K12/0.02%-0.05%0.1%-0.4%0.6%-1%10%-20%60%-80%2019 K12 10000 5000-10000 1000-5000 300-1000 200-500 1000-4000 6000-10000 10-20 300 60-80 7 iResearch I-C K12 20 K12 20 90 20 20 K12 K12 2018 1997 2001 2007 2013 2021 1999 C 2006 2010 2001 2003 C C 8 iResearch I-To B 1 2 10 50%To B To B K12 1 114 9.84%135 19.97%16 5.08%32 5.33%105 20.92%2 64 5.52%63 9.32%74 23.49%18 3.00%46 9.16%3 42 3.62%46 6.80%15 4.76%25 4.17%62 12.35%4 24 2.07%42 6.21%20 6.35%15 2.50%0 0.00%5 34 2.93%67 9.91%23 7.30%21 3.50%9 1.79%6 65 5.61%29 4.29%8 2.54%9 1.50%20 3.98%7 53 4.57%30 4.44%17 5.40%10 1.67%19 3.78%8 44 3.80%16 2.37%7 2.22%18 3.00%20 3.98%9 33 2.85%35 5.18%1 0.32%20 3.33%7 1.39%10 34 2.93%29 4.29%2 0.63%28 4.67%0 0.00%507 43.74%492 72.78%183 58.10%196 32.67%288 57.37%1159 676 315 600 5029 iResearch I-To B K12 1 2 3 4 To B K12 10 iResearch I-To B K12 4G K12 K12 1 1 VIPKID K12 11.7%11.7%11.5%11.4%11.1%10.3%9.6%9.1%8.5%8.0%33.7%37.5%21.4%38.4%51.8%48.4%46.4%36.3%32.0%28.8%2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e2013-2022 K12 K12%K12%10.3%37.5%11 iResearch I iResearch I60.7%57.4%41.9%32.2%16.8%15.8%15.4%14.1%1.0%K12/6.9%6.8%5.5%5.2%4.7%4.6%3.5%3.3%3.2%2.9%2.7%2.6%2.1%2.1%1.7%0.0%2.0%4.0%6.0%8.0%2019 15-To B BOSS 2019 K12/To B BOSS N=298 2019 12 12 iResearch I2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e2013-2022 K12%-To B K12 7000 K12 To B K12 2019 K12 7000 9%-10%15%To B 1000 To B 11%-12%10%-11%9%-10%8%-9%5000-60003000-40004000-50006000-80008000-90009000-1000013 iResearch I-To B To B To C To B To B K12 To C To C To B To B To B To B 14 iResearch I K12 To B C To B To B C To B C K12 To B To B 5 10 To B CPU To B C To B C To B To C 15 K12 1 2 3 To B 4 5 616 iResearch I 20 K12 To B K12 SaaS To B To B K12 To B SaaS 1990 2000 2016 2020 2010 K12/K12 K12 SaaS K12 17 iResearch I2015 2016 2017 2018 2019 2020e 2021e 2022e2015-2022 K12 To B%2019 K12 To B 130 13%-14%2022 200 12%-13%K12 K12 K12 To B K12 To B 2019 130 2022 200 14%-15%13%-14%12%-13%100-13080-100130-160160-20018 iResearch I2019 K12 To B+OMO 19 iResearch I2019 K12 To B K12ToB 2019 20 iResearch I To B 2019 K12 To B/K12 To B To B To B 21 iResearch I B2B B2B2C S2B2C B2B S2B2C 2019 K12 To B B2B B2B2C S2B2C B B B B B C S B B C B B 20 21 2010 2017 C B B/22 K12 1 2 3 To B 4 5 623 iResearch ITo B K12 To B K12 K12 21 K12 Longman Scott Foresman Beeline Plus-Bilingual Kindergarten System MidiEnglishKindergarten Premium 1996 ToB 24 iResearch ITo B 1 1 K12 2010-2015 10000+To C To C 8000+ToB 25 iResearch ITo B ESL English as a Second Language To B 2010 To C To B 1 1 2010 ESL To B 200-300/70-100/120-200/160-240/201926 iResearch ITo BTo B 27 iResearch ITo B C C 1 2 3 C C B ToB 28 iResearch ITo BK12 1 1 1 1 1 1 1 1 1 1 1 1 出 1 1 ToB 29 iResearch ITo B 1 1 B SaaS 1 1 ToB 30 iResearch ITo BB/SaaS/01 SaaS 02 B To B 03 ToB 31 iResearch ITo B2016 K12 To B To C K12 To C To C To B To CTo B To C 5-10%2015 2016 2017 2018 2019 To B To B To C To B To C To B+2016 K12 To B 2019 To B 32 iResearch ITo B To B To B C To B To B To B C K12 To B To B 33 iResearch IOMO OMO To BOMO To B OMO 2020 OMO OMO To B 34 K12 1 2 3 To B 4 5 635 iResearch I AI/SAAS K12 2019 11 26 CEO K12 2009 2014 S2b2c C S2b2c C2M C S b c S2b2c S2b2cS2b2cSC b S2b2c 36 iResearch I K12 To C 2018 AI Lab AI OCR 测评诊断A BC DE F+题目推荐 结果诊断学科知识图谱A BC DE F学科技能 AI AI 37 iResearch I 2012 C 2014 B OMO Online-Merge-Offline Kids Fun/12-18 1 1 1 3/4 1 1 38 iResearch I 1 2 39 iResearch I+12 6-12 6 3-6 6-2004 CEO 2016 40 iResearch I 2014 2015 6 APP APP 2018 11 VIP APP VIP VIP APP 41 iResearch I SaaS 2016 CEO V SaaS V SaaS CRM+42 iResearch I:STEAM+2014 9 STEAM 2014 To C C 2016 To B B STEAM STEAM 7-11 7-12 5-7 10-14 10-14 43 K12 1 2 3 To B 4 5 644 iResearch I N=298 2019 12 39.3%31.9%12.1%7.4%5.4%4.0%16.4%28.2%8.4%21.5%15.8%9.7%13.8%16.8%8.7%27.2%20.1%13.4%11.1%8.7%15.1%22.8%25.8%16.4%7.7%6.4%22.1%13.4%27.9%22.5%11.7%8.1%33.6%7.7%5.0%33.9%/50.7%/60.7%57.4%41.9%32.2%45 iResearch I A2./N=298 2019 12/45.3%43.3%31.9%15.8%17.8%14.8%7.4%3.7%2.0%50.7%51.3%51.3%58.7%50.7%53.0%27.9%19.5%14.8%2.3%4.7%12.1%22.8%26.2%28.9%44.6%51.3%59.1%4.7%2.7%5.4%3.4%20.1%25.5%24.2%/K12 46 iResearch I iResearch I95%300/B2.B2 N=298 B5 N=288 2019 12 B5.3 B2 N=298 B5 N=288 2019 12 95%50.7%2019 100-300/22.8%2019 100/100-300/50.7%100/22.8%300/21.8%3.4%1.3%85.1%64.2%43.4%35.8%21.9%47 iResearch I iResearch I N=298 2019 12 N=298 2019 12 30%60.4%34.3%5.3%63.8%80.2%81.9%76.8%73.2%75.2%8.1%7.0%10.7%14.8%16.1%16.1%28.2%12.8%7.4%8.4%10.7%8.7%48 iResearch I iResearch I 1-10/N=181 2019 12 N=181 2019 12 2019 K12 1-10/77.3%54.1%45.9%34.8%30.4%27.1%10.7%6.0%11.7%9.4%9.1%13.8%1/1-3/3-5/5-10/10/49 iResearch I 2019 12 K12 To B/90.4%7.5%2.1%50 iResearch I 2019 12 67.9%24.8%7.3%/51 iResearch I iResearch I N=109 2019 12 N=109 2019 12 40.4%31.2%22.0%17.4%4 52.3%30.3%29.4%23.9%4 52 iResearch I N=152 2019 12 2019 K12 5-50 0.5-5/C 5-50 0.5-5 6.6%12.4%19.8%22.3%32.2%6.6%11.8%16.4%38.8%9.9%13.2%9.2%5000 5000-10000 1-5 5-10 10-50%53 iResearch I B6.N=160.3 2019 12 59.4%53.8%To B 59.4%53.8%48.1%38.1%31.9%20.0%10.6%6.3%0.6%54 iResearch I N=298 2019 12 K12 49.7%47.0%30.2%26.8%26.2%20.1%12.4%10.1%0.3%K12 55 iResearch I N=298 2019 12 85.1%64.2%43.4%35.8%21.9%59.4%53.8%48.1%38.1%31.9%20.0%10.6%6.3%0.6%K12 77.3%54.1%45.9%34.8%30.4%27.1%56 iResearch I To B To B To B To B To B 57 K12 1 2 3 To B 4 5 658 iResearch I 5G 5G C B AI AI Teachers day C Live Stream B B C 59 iResearch I K12 To B To B To B To B 01 02+Frequent Feedback 学咨 Suited to Local Conditions 60 iResearch I To B A B C D 61 iResearch I B C To B B B To B C B To B To B To B To B To BTo B B To B C 62 iResearch ITo To To To 6-8 To B C APP/G B B C To B To B To B C G B 6364 iResearch I 1 2019(337)4 46 69 9065 iResearch I 2 N=298 2019 12 K12 84.9%8.7%6.7%53.7%31-40 87.2%26-45 298 2019 12 28/148 10%/5%-10%/1%-5%/1%/66 iResearch I14.1%16.5%9.8%17.2%21.2%21.2%2000-2010 2011-2015 2016 2017 2018 2019 1.3%13.1%92.3%75.5%28.9%3.7%0-3 3-6 6-12 12-15 15-18 19 6.7%39.9%21.8%31.5%48.3%28.5%11.4%6.4%4.0%1.3%100 100-300 300-500 500-1000 1000-3000 3000-5000 3 N=298 2019 12 5 2019 100 90%75%67 iResearch I 3 N=298 2019 12 5.0%7.0%87.9%5.4%3.7%24.2%38.3%22.5%5.0%1.0%1 1 2-4 5-8 9-15 16-25 26-35 36 5-25 93.3%84.9%84.9%48.7%37.2%25.2%14.4%10.7%8.4%8.1%7.0%5.0%5.0%5.0%17.8%/68 iResearch I Keep Learning 400-026-2099 69 iResearch I 70