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iResearch

2011

2012.1
www.iresearch.com.cn

iAdTracker
iUserTracker

2011

2

2011
2011

2011

12
2010.102011.10
.
SourceiUserTracker140

2011

12
2010.102011.10
.
SourceiUserTracker500

2011

1UV
2 12
3 iUserTracker
6
SourceiUserTracker

2011
20111-11
3
2
20111-11Top10
3.2

2.4

2.3

1.5

1.5

1.3

1.1

1.1

1.0

1.0
0.0

0.5

1.0

1.5
2.0
1-11

2.5

3.0

3.5

SourceEcommercePlus. 2011.1120
2012.1 iResearch Inc.

www.iresearch.com.cn

2011
2011

-2011

2011
2011
2011
2011
2011

2011

2011500
2011511.957.3%
2006-2015

2800
48.4%

74.6%

54.5%
60.4%

2100

22.0%

56.9%

57.3%

33.2%

35.4%

31.3%
1873.2

1427.0
1400

1071.0
790.9

700

511.9
60.7

106.0

170.0

2006

2007

2008

207.4

325.5

2009

2010

2011e

2012e

2013e

2014e

2015e

Source:
2012.1 iResearch Inc.

www.iresearch.com.cn

10

2011
2011
453.6724.4
2002-2012
2500

2000
790.9
1500

511.9
325.5

1000

500

256.0

60.5
312.6

188.5

243.0

230.7

231.0

255.0

291.5

2002

2003

2004
2005
2006

355.3

404.0

106.0
322.2
443.0

170.0
360.9
480.6

207.4
392.0
519.9

2007
2008
2009

421.8

619.2

453.6

724.4

2010
2011e

478.6

861.3

2012e

Source:
.
2012.1 iResearch Inc.

www.iresearch.com.cn

11

2011187.8
2011187.870.2%
40%
2006-2015
1200
47.9%

108.6%

73.4%

38.5%

58.5%

70.2%

54.6%

50.4%

44.9%

43.7%
909.5

900
632.8
600
436.7
290.3

300

50.3

69.6

110.4

13.9

29.0

2006

2007
2008
2009
2010

187.8

2011e

2012e
2013e
2014e
%

2015e

: .
Source:
2012.1 iResearch Inc.

www.iresearch.com.cn

12

2011Q4
2011Q470.2%56.8
2010Q1-2011Q4
90
55.9%

46.6%

40.9%

3.2%

57.6%

69.5%

15.4%

7.6%

60

71.1%

-2.2%

64.8%
35.8%

74.2%
21.9%

70.2%

54.0

5.1%
56.8

2011Q3e

2011Q4e

44.3

30

31.0

26.9

33.4

32.6

2010Q4

2011Q1e

19.1

0
2010Q1

2010Q2

2010Q3

2011Q2e

: .
Source:
2012.1 iResearch Inc.

www.iresearch.com.cn

13

2011
2010-2011
180%

120%

60%

0%

2011

57.3%
2010

56.9%

2010
SourceiAdTrackar
2012.1 iResearch Inc.

www.iresearch.com.cn

14

2011

2011
2011
2011
2011
2011

15

2013500
2011413.8201017.5%

2003-2013
800

44.1%

66.5%

600

34.0%
60.0%

63.6%

24.9%

17.5%

12.3%

8.3%

67.4%

352.1

400

413.8

464.8

503.2

281.9
210.4

200
20.0

33.3

48.0

2003

2004

2005

76.8

125.7

0
2006

2007

2008

2009

2010

2011e

2012e

2013e

1
2
Source
2012.1 iResearch Inc.

www.iresearch.com.cn

16

100%

2003-2013
6.5%

8.4%

5.2%

3.6%

7.8%

6.0%
3.1%

5.9%
6.2%

80%

6.0%
9.4%

6.6%
11.6%

11.9%

12.0%

7.9%

8.7%

60%
40%

93.5%

91.6%

94.8%

96.4%

91.1%

90.4%

86.9%

82.8%

78.7%

76.2%

74.0%

2008

2009

2010

2011e

2012e

2013e

20%
0%
2003

2004

2005

2006

2007

(%)

12011413.8
2
3

Source:
2012.1 iResearch Inc.

www.iresearch.com.cn

17

2011

18

2011
2011

2011
2011
2011
2011

19

2012
201162.799.9%;
2012
2009-2014

400

78.1%

99.9%

101.5%
41.8%

300

25.6%

225.0
179.1

200
126.3
100
17.6

31.4

62.7

0
2009

2010

2011e

2012e

2013e

2014e

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

20

2012
201142.598.1%

2009-2014
300
98.1%

114.9%

57.7%

39.2%

200

27.5%
162.0

127.1
91.3

100
13.6

21.5

2009

2010

42.5

2011e

2012e

2013e

2014e

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

21


201167.8%
13.1%
2009-2014
100%
11.4%
80%

5.7%

21.4%

15.7%

10.8%

9.8%

9.2%

14.3%

16.8%

16.4%

6.4%

13.1%

68.4%

67.8%

72.3%

71.0%

72.0%

2010

2011e

2012e

2013e

2014e

60%
40%

77.3%

20%
0%
2009

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

22

2011

23

2011
2011
2011

2011
2011
2011

24

20117.046.4%
B2B131.035.1%

770067.8%
170061.3%

25

20117
20117.0201046.4%
2011B2B20101.7
0.6
2008-2015

2011

50

23.0%

40

32.4%

46.4% 39.0% 47.1%


37.3% 34.5%

11.0%

30

2.4%

26.5
19.7

20

B2B
48.9%

14.4

10
2.9

3.6

4.8

2008

2009

2010

7.0

9.8

B2B
37.7%

0
2011e 2012e 2013e 2014e 2015e

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

26

2011B2B131
2011B2B131.035.1%
2011
2007-2015B2B

500

47.4%

32.9%

18.8%

400

2011B2B

35.1% 30.1% 28.9% 29.7% 28.8%

25.2%
1.3%

1.6%

367
285

300
220
200

170
97
42

55

66

3.4%

0
2007

2008

2009

48.9%

3.3%

131
100

1.6%

2010

2011e 2012e 2013e 2014e 2015e


3.5%
11.1%

1B2BB2B2

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

27

2011
20117735.6
2011Q42369.820.0%47.1%
40000

30000

2006-2015
112.9% 128.8% 105.2%

0.3% 0.6%

2010Q1-2011Q4

75.3% 67.8%
53.1% 32.5% 28.3%
26.8%

1.1% 2.0% 2.9%

4.3% 5.3%

6.5% 7.7%8.6%

20000

74.6%

0.5%

9.3%

3000

25510
20125

91.5%

2000

15689

1620

1771

73.4%
11.5%

47.1%
20.0%
2370

1975

11840

10000

7736

263

560 1282

2630

1000

4610

0
2006 2007 2008 2009 2010 2011e2012e2013e2014e2015e

%
%

2011Q1e

2011Q2e

2011Q3e

2011Q4e

%
%

B2CC2C

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

28

2011B2C
2011B2C1791.120%

2009-2015
7.8%

13.7%

23.2%

29.8%

33.8%

37.8%

2011

40.7%

26.5%

41.4%
92.2%

86.3%

76.8%

70.2%

66.2%

62.2%

59.3%

3.0%
2009

2010

2011e

2012e

C2C%

2013e

2014e

2015e

3C
24.2%

4.9%

B2C%

20117735.6C2C5944.5B2CB2C1791.1
Source
2012.1 iResearch Inc.

www.iresearch.com.cn

29

2011
20111.87PC41.6%
2009-2015
60000
50000

31.5%

36.0%
35.8%

46.8%

41.6%
26.4%

21.8%

40000

54.7%

51.2%

18.1%

16.7%

58.2%

15.6%
36300

31400
30000
22770

26900

18700

20000

14800
10900

10000
0
2009

2010

2011e

2012e
%

2013e

2014e

2015e

PC%

PC
Source
2012.1 iResearch Inc.

www.iresearch.com.cn

30

2010

2011

30200

9.36

33.6

7050

181

497
3

300
7LV

300

15.5%

4000

1
3000
2000

11

38

168

451

2010.11.11

2011.11.11

1000
100

43.8%

3.0%

6.8%

8.4%

3C
11.0%

11.4%

31

20111673
2011167320101037
61.3%
2008-2015

8000
35.0%

7000

58.0%

61.3%

51.2%

37.2%

32.0%

5900

6000
5000

4580

4000

3470

3000

2530
1673

2000
1000

28.8%

486

657

2008

2009

1037

0
2010

2011e

2012e

2013e

2014e

2015e

Call Center

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

32

2011196
201151159.5
196
20115-11
14
13.2%

12

22.2%

21.9%

11.6%
10.4

9.3

10

9.4%
10.6

9.7

7.7

8
6

-6.9%

5.5

6.3

4
2
0
5

7
8

9
10
%

11

122011
196
SourceEcommercePlus. 2011.1120
2012.1 iResearch Inc.

www.iresearch.com.cn

33


2012

34

2011
2011
2011
2011

2011
2011

35

2012
2011393.1201097.5%

2006-2015
6000

97.5%
42.3%

42.2%

-12.8%

4500

16.5%

148.3%

85.2%

55.9%

50.9%
4252.7

2818.8

3000
1807.6
1500

96.8

84.4

120.1

170.8

199.0

2006

2007

2008

2009

2010

393.1

976.2

2011e

2012e

2013e

2014e

2015e

2011Q4

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

36

201129.2%
2011
201129.2%2012

100%

2006-2015

1.9%
0.6%
7.2%
0.1%

4.1%
1.4%
11.8%

0.9%

80%

7.3%
4.4%

6.3%
5.3%

10.8%

10.5%

1.5%

3.1%

6.0%
12.9%

11.2%

60%
40%

10.4%

90.0%

80.8%

74.9%

4.2%
6.5%

7.4%
6.2%

6.7%

9.9%

29.2%

6.0%
5.7%

6.5%
5.7%

4.9%
5.8%

4.8%

4.5%

63.2%

66.9%

71.7%

19.2%

15.4%

12.5%

2013e

2014e

2015e

5.2%

57.1%

73.8%
58.3%

20%

46.5%
25.0%

0%
2006

2007

2008

2009

2010

2011e

2012e

: 2011376.3
Source:
2012.1 iResearch Inc.

www.iresearch.com.cn

37

3.38
20113.3811.6%
2012
2008-2015

10
97.5%

30.0%

11.6%

21.6%

19.7%

16.1%

24.7%
7.12

5.71

4.92
4.11

3.03

3.38

2.33
2

1.18

0
2008

2009
2010
2011e
2012e

2013e
2014e
%

2015e

;
Source20062010CNNIC
2012.1 iResearch Inc.

www.iresearch.com.cn

38


201124.2101.7%

2006-2015

320

100.0% 341.7%

69.8%

33.3%

101.7%

161.2%

62.5%

57.0%

52.0%
245.0

240
161.2

160
102.7
63.2

80

0.6

1.2

2006

2007

5.3

9.0

12.0

2008
2009
2010

24.2
2011e

2012e
2013e
2014e
%

2015e

2011Q4

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

39

2011
2011
2011
2011
2011

2011

40

2011

22038118.1%;
4811.9

101

41

20112
201122038118%

2006-2015

150000

120000

129.9%

107.4%

175.6%

95.9%

100.1%

118.1%

67.0%

47.0%

38.4%

23.7%
92607

90000

74860
54106

60000
30000
0

451

935

2578

5051

2006

2007

2008

2009

10105

2010

22038

2011e

36814

2012e

2013e

2014e

2015e

1
2
3

4
Source
2012.1 iResearch Inc.

www.iresearch.com.cn

42

2011
2011481.4149.4%

2010-2015

10000

151.2%

149.4%

7500

80.7%

68.4%

60.5%

5905.8
5000

3680.2
2185.7

2500
1209.6

193.0

481.4

2010

2011e

2012e

2013e

2014e

2015e

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

43

2011

101

44

20111.9
20111.987.5%
2010-2015

10

87.5%

61.4%

20.7%

56.1%

13.8%

8
6.6
5.8

6
4.8
4
2

3.1

1.9
1.0

0
2010

2011e

2012e

2013e

2014e

2015e

1
2

Source
2012.1 iResearch Inc.

www.iresearch.com.cn

45

46

2011
1.2011
2.2011
3.2011
4.2011
5.2011
6.2011B2C
7.2011B2C
8.2011B2C
2011
1.2011
1.1.2011
1.2.2011
1.3.2011
2.2011
2.1.2011
2.2.2011
2.3.2011
3.2011
3.1.2011
3.2.2011
4.2011
4.1.2011
4.2.2011
5.2011
5.1.2011
5.2.2011
5.3.2011
6.2011
6.1.2011
6.2.2011
6.3.2011
6.4.2011

47

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