2Facebook20K-12K-121/2 2/23 研究主题研究方法•••••••••••••••••N/A••4 5 01 12000-2030E2.793.504.195.206.528.1210.022030E2025E200020052010201520204.34%203017.7%53.9%24.5%6.0%7.8%K-12GDP4.5%20177.7%2020K-124.39%: 1. Holon IQ, “Education in 2030”. 7 : 1. Euromonitor, 06/2021. .20162022E2017201820192025E2023E2021E2024E202020151,1061,3161,4451,8381,5391,0621,1811,2661,2971,6401,7364.08%7.22%1CAGR+5.43%+3.86%+2.04%+3.33%+4.38%+7.90%4.08%7.22%8 1990 –20202020 –2050E/ +640M /+7%+970M / +8%+1,500M / +10%+1,200M / +7%+130M / -5%-180M / -4%-70M / -5%-250M / -5%+190M / -8%-138M / -6%1, 1990-2050E01234567891020201990201020002050E2030E2040E15: 1. HolonIQ, “Global Education Technology in 10 Charts”. .9 400未来五年，上市教育企业的数量预计将增加一倍以上~102015年数量~402020年数量~1002025年预计数量2018201620152017201920201, 2015-202010: 1. HolonIQ, “Global Education Technology in 10 Charts”. .10 2, 2019-2025E1/2Netflix--1Kirill Pyshkin86%科技2, 2019%54%46%B2B*D2C*9%49%42%18322726829532736540420192025E20202021E2024E2022E2023E+14.1%Note: D2C means Direct to ‘Consumers’ (Learners/Parents), B2B means Business to ‘Business’ (School/University/Enterprise):1. Credit Suisse, “Education technology. Coronavirus and beyond”. .2. HolonIQ, “Sizing the Global EdTech Market. Model vs Model”. .11 2/22ARVRAI2AI1.812.620182025E沉浸式学习0.86.120182025E自适应学习4.03.54.55.05.52021E2025E201920202022E2023E2024E+0.8:1. HolonIQ, “Sizing the Global EdTech Market. Model vs Model”. .2. ISTE, “The Hottest Topics in EdTech in 2021”, .12 02 0→50(Pre-K)/●○○○○○○○○○K-12“K12”○●●○○○○○○○○○○●●●○○○○○○○●●●●●●●STEAMSTEAM○○●●●●●●●●/●●●●●●●●●●●●●●●●●●○○14 161719849299101112891126283165520202021E2022ESTEAMK-121491621782020-2022E15 教育出海企业广告支出总额，2020-2022E百万美元11.813.816.419.423.027.350.162.473.887.3103.2122.133.743.352.964.678.996.411.45.63.52021E2.42.24.85.84.72024E20202.78.26.46.92022E189.97.3226.82023E8.49.7133.34.09.62025E270.9107.2159.13.1CAGR20-25E+20.4%+19.6%+23.4%14.9%19.5%18.3%13.1%20.4%20202025K-12K-1216 19.8%➢17.2%➢STEAM9.5%➢17.3%➢南美地区3.5%➢6.6%➢6%➢K-12APPAppAnnie07/202117 /APP/APPAI, VR/AR, OCR, ASRAPPK-12STEAMSTEAMK-12, /2017Byju’sK-12 2019Oda ClassK-12 2020CodeMonkeySTEAMHelloTalkSTEAMSTEAMK-12 17.9%71.4%10.7%资料来源：艾瑞咨询18 (1/2)>52%31%15%-1%<-13%82%60%52%74%39%32 %25%50%45%44%36%33%38%31%1: 1. App Annie, 2019.12.29-2021.1.2,IOS19 (2/2):1.Knoema14418022928534040041445052454560866270435240651164363067920072008201320092014201120102019201220152021E201620172024E201820202022E2023E2025E5.37.533.542.0, 2007-2025E120 03 APP•K-12•APPHelloChineseLingoBusLingoDeerU-DictionarySuperchineseHelloTalkKoalaKnowPanda LessonPPtutorLingoChamp51KIDBlaBla201520162017201820182019202049%19%16%14%3%44%28%11%17%/APP: 1.APP: 22 1. Google Internal Search, Language Education, Insights Finder, 1...55%45%61%39%20%22%19%15%12%13%64+55-6418-2425-3435-4445-5461%56%351223 : 1. IT, Crunchbase, .1Superchinese融资轮次最新一轮融资投资者最新一轮融资额Pre-A 20207•10M+PPtutorA 20214•BTC 38Lingo BusVIPKIDHelloTalkA 20185•3MBlaBla20211•Y Combinator•Wayra•Starling Ventures••......$1.5MLingoChamp24 ——U-Dictionary : 1. 2020MAU; 2. , 07/07/21 . U Dictionary 202094: 1. App Annie; 2. App Annie, ; 3.2020U-Dictionary20201123•1594%•✓4M✓••Magic•AppApp•OCR ASR•APP20.212.98.17.02.913.059.8APP2311.6M18M+2019 H12020 FY25 K-12K-122020BAce Capital⚫BAceCapitalK-12Lido LearningB⚫DoubtnutA2019⚫K12Oda Class⚫K12Vedantu2017⚫20172019Byju’s2016⚫20163K-12⚫2019Augusta Academy⚫20168K-122012⚫NOIC ACADEMY⚫⚫•K-12•K-1226 K-12K-12: 1. Crunchbase, NYSE, K-121Oda ClassVedantuByju's20175$344M2021930321220208K-12$ 122M8K-1220069202011$3.15B以2021年9月30日收盘价计算D 20207•Coatue•WestBridgeCapital••GGV•Omidyar Network$ 600M20203N.AF 20216•IIFL•••MC Global EdTech Investment Holdings......$ 16.6B~ 3002020年NOIC ACADEMY的在册学生数27 K-12Vedantu: 1. Vedantu.com, VedantuVedantuWAVE K-12JEENEETCBSEICSE......20201,27M+75K+₹ 250M+28 04 2021960202119.6×8201620218×620162021664%122.8759%73.2%18%6%10%20%10%13%13%5%₹7000+ : 1. The Federal, “Over 62% of dropouts in education happens at school level,” 06/21. .2. India Data Labs @ Observer Research Foundation,“Periodic LabourForce Survey (PLFS),06/21. .30 排名应用名称国内资本是否参与1U-Dictionary●2Unacademy Learning App3Udemy4BYJU’S●5Gradeup6Adda2477Hello English8Duolingo: Learn Languages9Google Classroom10Exam Preparation App2020MAUIOS & Google Play•2019TikTokVedantuEduTok•1•TikTok#Edutok#Edutok1000480•2020Oda Class•Oda Class•Oda Class50100•U-Dictionary•U-Dictionary•U-Dictionary31 BYJU’SUnacademyVedantuToppr•BYJU'S••Unacademy•Unacademy•Vedantu•Vedantu•Toppr•Chan-Zuckerberg Initiative, Tencent, Sequoia Capital, Silver Lake, BlackRock, Tiger Global, Qatar Investment Authority Softbank Group, Facebook, Blume Ventures, Nexus Partners, General Atlantic, Sequoia Capital Tiger Global Management, WestbridgeCapital, GGV Capital Kaizenvest, Axis Capital Partners, SAIF Partners, Eight Roads Venture 166320020485964735N/A218532 •46%15-40•••20121820195116%•GDP20123.6%20194.5%•31%4.0920217.35••2.933 : 1.Statista, Number of internet users in India 2015-2023. .2. Wionews, “Explained: Why 4G network is slow in India”. .5