20192 iResearch I 13SMS220 70/2018 8 31 1309 392 51.3 K-12 0.23%10.8 2018 554 3 12.9%2021 797 5.9 1 20-30 A-Level IB AP 3 1 2 3 4 54 iResearch I 20 70 1978 860 2018 66.2/6 12 18 15 22 3 K-12 5 iResearch I 3/K-12/AP K-12 6 iResearch I N=189 2019 8-9 10 30.7%19.6%15.6%11.6%2019 30.7%38.2%46.8%19.6%15.6%11.6%22.0%17.8%7 1 2 3 4 58 iResearch I 9 iResearch I iResearch I N=561 2019 8 N=561 2019 8-5.9 1 20-30 2019 8 K-12 5:1 6:1 9:1 13.0%5.9 1 2018 K-12 15.6 1 2.6 54.3%20-30 24.2%10-20 20.4%30-40 40 3.7%8.2%9.3%30.5%19.3%7.8%8.2%13.0%2:13:1 4:1 5:1 6:1 7:1 8:1 9:12019 24.2%54.3%20.4%0.5%0.5%10-20 20-30 30-40 40-50 50-60 2019 10 iResearch I-A-Level IB AP K-12 IB 88.0%A-Level IB-DP AP BC VCE WVCE PGA/ACT A-Level IBDP AP A-Level IBDP AP General Certificate of Education Advanced Level International Baccalaureate Diploma Programme Advanced Placement Cambridge Assessment International Examination IBO International Baccalaureate Organization The College Board 2 2 11 iResearch I 1.1%4.2%52.4%-N=189 2019 8-9 68.8%33.9%2019 12 iResearch I-N=189 2019 8-9 3.1%17.7%17.7%17.7%20.0%23.1%23.1%25.4%30.0%40.0%68.8%2019 13 1 2 3 4 514 iResearch I2018 554 2021 797 2018 8 31 1309 392 51.3 K-12 0.23%10.8 2018 554 3 12.9%2021 797 554.0 797.2 2018 2019e 2020e 2021e2018-2021 15 iResearch I CIS(WASC(IBO(The College Board(/ISS Aden/IBO(STEAM/Teach anywhere,Search Associates 16 1 2 3 4 517 iResearch I N=561 2019 8 45.6%2011-2019 30.6%2001-2010 45.6%1970 1980 1990 2000 2010 20202019 2011-2019 45.6%1990 7.5%1991-2000 16.3%2001-2010 30.6%18 1 2 3 4 519 iResearch I IB 163 59.5%58.3%68.7%IB-DP 2019 9 18 IB 163 20 IBO PYP MYP DP CP 1 2 3 4 5 BISS 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 IB 20 iResearch I 2019 10 2019 2019 8-10 100 800 20 21 iResearch I Keep Learning 400-026-2099 22 iResearch I 23