IT Internet era of new trends O2O: data, vertical and safety enterprise industry chainpresenting new value: Mobile O2O Portfolio: Access: ding photoelectric; Big Data: Koichi Technology, East Fang Guoxin; Location Services: NavInfo, the Haida; Vertical: Arima Classic Nike Air Force 1 High Womens All Purple Shoes software, Glodon, Shiji; Mobile Security: Westone; pay: the New World. Industry Views O2O are migrating to mobile Internet: mobile O2O carry Internet information flattening characteristics and fast mobile Internet. When the smartphone penetration exceeds 70%, the role of intelligent terminal to life and work more closely the role of graded, which means moving O2O ecological environment is gradually building. Start the market size of mobile O2O also ripe increases. Severe Vertical: deeply rooted in the vertical field, online and offline, which not only can resist the erosion of BAT, establishing wide moat, the stock can be sufficiently incremental market share in this industry. We propose two investment principles: 1, not necessarily tied to big industry, in PC Internet era, for vertical sites, be sure to investigate the industry is not a major industry; however, the mobile Internet era, even a very narrow segment of the market We can still dig out the huge incremental market. 2, must invest a leader, because the smart phone its own reasons, the concentration of the mobile Internet industry vertical concentration more than the PC Internet promotion. Full data of consumers Description: simple closed-loop information does not reflect the complete transaction, in the process, only to be able to track the real occurrence, the user's personalized consumer behavior trading transactions closed loop before being collected, Then describe the data and records, and the use of Big Data technologies not only for users of consumer behavior to predict the recommendation, but also for business / business-to-business policies to be adjusted, the entire O2O to be opened up to take full advantage brought O2O benefits. With mobile payments and data stored in the cloud, the security issues are also increasingly prominent: As payment, 2015 Latest Nike Shoes the mobile terminal, the mobile space security issues also began to be seriously, two-dimensional code kidnapped, phone system vulnerabilities, Trojans and other security incidents risks are emerging. In addition, due to security concerns O2O bring big data and the cloud also need attention, we are optimistic about cloud security and endpoint security industry investment opportunities. Business model innovation: Mobile O2O due SOLOMO characteristics of mobile Internet, real-time information function of the mobile terminal, plus Internet companies spend lots of money to cultivate the habit of mobile payment users, a chemical reaction produced by the three new business model can be born out. At the same time, browse entrance old business model to move gradually to coexist side and desktop side manner, into the characteristics of the mobile Internet. Prepaid models and differentiate the pay model lies in that part of the payment completed under online or offline, mobile payment mode not only paid more quickly, improve the user experience, but also conducive to the integration and collection of consumption data. The significance of the body O2O Internet traffic will be converted to the core competitive advantage of the site's traffic traditional business is that location. In general, the traditional business have a standard process in the site, and for even more intense competition in prime locations. So, are rivals in the city's prime business district of shops adjacent scenes are common. For traditional business, the traffic is business protection. Location is Popular Nike Force 1 Mens Black Pink Shoes not good shops, but needed all his tricks to attract tourists. Chart 1: O2O is to get through the line and the next line: O2O of Online that access to information, the traditional Internet traffic switched to flow under the actual line, which determines the need to do these two things: first, to attract a sufficient number of Internet traffic; and second, to improve the conversion rate of flow. O2O marketing model features O2O for users: Get richer content and comprehensive business information and services. More convenient online consult to businesses and sale. Compared to the line to get cheaper prices for direct consumption. O2O for business purposes: to get more publicity, display opportunity to attract new customers to the store consumption. And the effects to be investigated, each transaction can be tracked. Master user data, greatly enhance the old customer maintenance and marketing. Through the user's communication, a better understanding of user psychology doubts. Effective online booking etc., reasonable arrangements for operating cost savings. To stimulate new, more efficient consumption of new stores. Reduce dependence on the line entity prime Pu, greatly reducing rental expenses. Figure 2: Location of traditional offline determine traffic Chart 3: Traffic from the Internet to convert the advantage of mobile Internet services under the line is flat and quick access to information, the traditional business played a role in information dissemination, consumption is online completion, for which the payment link, before the rise of mobile payment is not, generally through on-line complete, buy a typical application in this respect, popularity of smart phones to promote the rise of mobile payment, mobile O2O market is gradually being opened . O2O market has gradually opened according to Ai Media Consulting released the '2012 China O2O market research report' shows that in 2012 China O2O market scale reached 98.68 billion, growth of 75.5%. 2015 China O2O market will reach 418.85 billion yuan. Chart 4: O2O market is huge shift to the Internet is increasingly mobile world According to the Ministry data show, 3G users in December 2013 more than 400 million, reaching 402 million, compared with 220 million last year, while in 2009, this figure was only 1325 Wan; Ereli data show that in 2013 China Smartphone ownership of 580 million units, up 60.3%, while the PC end users compared to 590 million people over the same period, an increase of only 6.8% is expected by 2017 mobile users the number will exceed the number of PC users, this means that when the mobile end user will replace the PC end users to become the largest source of Internet users. Exhibit 5: Smart phones accounted for a gradual increase in China's mobile Internet users now stands at about 80% of the total number of Chinese Internet users. Compared to other markets, China's mobile Internet users has reached 'the most critical' so the leading mobile commerce revolution. Chart 6: In China, the vast majority of mobile Internet users has occupied according to iResearch, 2013, Alibaba China mobile retail accounted for 76.2% of total mobile retail scale. Alibaba data show that last year's fourth quarter, China's online shopping sites to mobile retail transactions accounted for 19.7% of total transactions, much higher than 7.4% a year earlier. In December 2013, the number of monthly mobile Alibaba shopping site reached 136 million active users. According to iResearch, 2015 China O2O market is expected to reach 418.85 billion. According to Analysys think tank, in 2011 China mobile payment market transactions reached 74.2 billion yuan, is expected to deal size in 2015 China's mobile payment market will reach 712.3 billion yuan. Mobile payment is complete closed loop O2O key development thanks to mobile smart phones using a mobile phone to determine their location through the mobile application queries surrounding cinemas, restaurants, shopping malls and other consumption, promotion and comment information, the movable end of the finished product purchase or reservation, seamless online and offline, is to make people's lives more convenient. Pay related costs by moving, and finally completed online at the terminal consumption. Mobile payment in an increasingly competitive domestic there are four main payment instruments: micro-channel pay, Paypal wallet, UnionPay wallet, operators pay, through the cultivation of user payment habits and application scenarios and enormous registered users, currently Alipay wallet and CUP mobile payments made to lead advantage. Figure 7: precipitation Big Data mobile payments position O2O O2O of big data from transaction data from the closed loop payment O2O closed loop and closed-loop payments have information closed loop points, only transactions involving the payment of a closed loop in order to truly realize the tracking of consumer behavior record, predict and measure. Information is the message launched closed-loop, transmission, reception, and a closed-loop feedback, closed-loop payments from product inquiry, quotation, sale, trade and payment and receipt of a closed loop. Chart 8: O2O information related to the closed-loop and closed-loop closed-loop payment to buy public comment, for example, information will be collected to buy a closed loop first demand information offline businesses up to the platform, then the account information to the next line on the platform business, and ultimately The information is fed back to a process line. Amoy little pay to closed loop, for example, pay a closed loop first obtain the user's information from the internet, pay later by mobile / online payment, then the transaction results back to the line merchants. Internet giant by creating payment scenario, a user's mobile payment habits culture, to complete the transaction closed loop approach to O2O layout. Recent case is Alibaba's fast and Tencent's taxi drops a taxi, the two sides invested nearly 2.4 billion through cash quickly formed a duopoly market structure, the overall market share of 99 percent, completed the hundreds of millions of registered Users of accumulation. Figure 9: Closed-loop and payment information involves payment of a closed-loop closed-loop examples link will precipitate the user's data, these data can be used as a consumer behavior tracking, consumer information records, contact phone, spending habits to master. Further aspects of our large data applications CRM customer management, advertising recommendation systems. Chart 10: O2O based payment information in big data, we can see mobile payments as the core, can tap big data user information, the user's consumption behavior can be used as the basis of the financial information on the Internet, in the process of formation of a complete O2O closed loop (closed loop and payment information closed loop), all living related services O2O have a relationship like this. Figure 11: Large data and derived data O2O personalized O2O describe as consumers and mobile terminal, and more closely linked social networks, location information, and the development of big data technology, the future will appear on the individual consumer of the whole process The data of the description that Air Jordan 4 the data show a wide range of data to complete the personal information of consumers, location, consumer preferences, credit and so on. Here, we propose a concept - a virtual consumer, that is, for consumers, for full description of the data, data mining, and thus extracted personalized marketing to consumers. This will be an important future direction of development in big data O2O end. Figure 12: Ariba for full data consumers describe the large area of online data collection has begun for Internet companies, the data acquisition line 2010 - 2011 when the concept of big data presented, has gradually begun. Due to the natural line browsing traces, the data is very rich, based on this data collection tool has been very mature, according to online data mining and analysis, to do personalized push, has begun to apply it in a number of Internet companies. Figure 13: Online consumers multifaceted collection next focus is the line at 90 percent of consumption data collection focused line, from the amount of data, more data offline and richer meaning. Thus, the focus of future data collection from the line to the next line. Things technology is an important offline data collection, combined with intelligent terminal on consumer behavior will make a complete tracking and acquisition. Figure 14: offline data acquisition and data processing and analysis as cloud Official Nike Air Force 1 Mens Blue White Shoes technology is the core of cloud computing technology is a major component O2O future IT architecture, all data is stored in the cloud. Data collection mentioned above, networking technology is a very important acquisition mode, but things do not exist alone, logistics network in the world in vast amounts of data must be centralized in the data center, through big data technology filtering, integration, extraction, and people's life and production, entertainment, communication and so on integration of behavior, will play a huge economic value. Cloud computing IT infrastructure will run through the various sectors, the future of IT infrastructure O2O, the front end of the data collection will lead to more and more data, cloud computing is the trend of distributed IT infrastructure. Data analysis and processing technology is the core obtained, we determine the future there will be more companies with specialized data processing and analysis, to undertake outsourced data owner. Exhibit 15: a new generation of data processing and analysis system, Wanda, Baidu, Tencent electricity providers work together to establish Wanda Wanda, Baidu, Tencent will open up an account with membership system, create payment and Internet banking products, establishing a common integration alliance, big data fusion, Wi -Fi share, product integration, flow and other aspects of the introduction of the depth of cooperation, the establishment of Baidu + Wanda + e O2O Tencent large ecosystem. Specifically, the three parties will jointly build a full range of online and offline integration of account and membership system, to explore the Internet and innovative financial products; jointly build the largest common alliance and platform integration; at the same time, Wanda, Baidu, Tencent tripartite Big Data Alliance will be established to realize the advantages of resources in the data integration together to create an integrated online and offline user experience. Big data has very important implications for O2O, including user consumer information, credit information, and accurate advertising push consumer location-based information, and have to depend on support large data. The industry believes that the establishment of the three can get through tripartite Data Association, it is an important factor in the success of Wanda electricity suppliers plan. The three can get through data, but also the depth of the three giants. In addition, the electricity supplier on the line after Wanda, Wanda will work with the financial sector, the introduction of Internet banking service, will launch Wanda Benefits of Membership Card Points and multi-account management, unified integration alliance, the Internet all the chips, and other services. Wanda membership interests integral and multi-account management contact 'card' business and Wanda electricity supplier O2O model most closely, is to achieve Wanda electricity supplier O2O mode, open online resource is now the key to the realization of payments and internet banking, but also Wanda most in need first to establish a business. Baidu in the mobile business, the obvious advantage is that - Entrance, it is still the largest flow distribution business, both in also, or maps, and search field application distribution areas, are true. It is reported that Baidu's daily response to a search request over six billion times, LBS location-based services, the average monthly PV more than 10 billion times a day. This is Baidu in mobile telephone providers, O2O, or that experiential consumption in the most basic service capabilities. Baidu's technology is based on large data depth study based on artificial intelligence technology. Baidu large data cinema data will play a guiding role, you can search through a large data analysis of video performance, estimated box office contribution to the force, while the fans and potential market data do match, to guide the market row pieces fit forecast and optimize marketing campaigns. Baidu knowledge map image search technology. Li mentioned in his speech, 'beat packet', 'beat clothes' and other functions, using a mobile phone to take pictures and search for images, you can see this bag purchase information, and more detailed graphic presentation, the user can directly through the online store immediately purchase orders. Exhibit 16: Tripartite O2O closed loop Nike Air Max Unisex to the core and the use of big data with mobile payments and data stored in the cloud, and security issues are also increasingly prominent mobile payment security risks from the beginning of 2013, mobile payment type virus outbreak, including 'false Taobao 'virus,' Bank of thieves 'and' Locke roundworm 'series of payments viruses. As of 2014, the payment type virus monitor keyboard input, or in the background to monitor phone users pay the account password information of characteristics of a mobile payment viroid a signal at high risk of evolution. There are 19.74% of the payment viroid users can read text messages. Connotation 'SMS users' may include user pay phone verification code transactions, hackers can crack user accounts to pay through the code, the abolition of digital certificates and other settings, Alipay transaction security poses a great threat. SMS phishing URLs become a key entry fraudsters invade the user's bank account to pay, fraud, steal user funds to pay two-dimensional code into a high-risk project like virus infected pay channels. Security threats to mobile Internet penetration relative to the traditional Internet, the outbreak of the application, information security threats driven by smart phone mobile Internet has become increasingly prominent in the mobile Internet field. At present, the APP Store, Android market rapidly growing number of applications, the same time, increase the amount of mobile phone viruses faster annual growth reached almost doubled. Figure 17: Mobile Internet applications before the outbreak of the Ministry of Industry issued a 'malicious mobile Internet monitoring and response mechanisms', which is the Ministry of Industry issued the first mobile Internet network security management regulatory documents. This can be seen, the domestic mobile Internet information security threats gradually increased. Figure 18: Mobile phone virus explosive growth of mobile payment security research: two-dimensional code loopholes in the 'Chinese People's Bank Payment and Settlement Division to suspend the payment of the next line Bowes bar codes (two-dimensional code) payments business opinion letter', the central bank said line Under barcode (two-dimensional code) paid break through the traditional business model receiving terminal, which is directly related to the level of risk control information security and safety of customer funds. There was stopped along with virtual credit card business, the central bank believes its breakthrough in the existing credit card business model in the implementation of customer identification services to protect customer information security still need further study. Two-dimensional code to pay, but also need to break a lot of security technical barriers. First, the two-dimensional code mobile payment can not be completed to identify the identity of the multiple factors. If there is someone else to steal mobile phones, you can also sweep the two-dimensional code. Therefore, it should be accompanied by payment of the two-dimensional code other identification technology, such as fingerprint recognition, voiceprint recognition to multi-factor authentication. 'Second, the current mobile phones and other mobile end system itself there is a big loophole. Now the domestic Andrews phone system there could be more than half of the Trojans. These Trojans may be the case where a user unguarded sweep the two-dimensional code, or download rogue APP When infected, while now most of the APP are more or less reads the user's personal information. Third, the first two-dimensional code implanted virus program, up reasons or disguised as merchant coupons to entice victims of scanning in order to gain important information about the victim ID number, bank account number, phone number, etc., and then tampered with SMS verification of the other password, the other accounts of the funds transferred out using two-dimensional code fraudulent consumer deposits, has become a new criminal ways, such fraud is spreading further Figure 19: scan two-dimensional code is a security risk security vulnerabilities mobile phone system according to Dutch media reports De Telegraaf, the hacker team AquaXetine and MerrukTechnolog hackers have cracked Apple Activate lock function iCloud system. They prices ranging from $ 50 to $ 150 to buy some stolen locked iPhone, then they use a security vulnerability unlock access to Apple's iCloud system of these iPhone, then get a high sale profits. In addition, hackers can access Apple ID passwords and other personal information stored in the iCloud Service report said hackers took five months before they found crack method, and to study the data transfer between iPhone and Apple's iCloud service Hackers team said, by the insertion between the iPhone and Apple Computer servers can be protected successfully unlocked activated lock iPhone. In this configuration, iPhone mistakenly identified as computer hackers Apple's server and follow by computers instructions to activate the reverse lock unlock the device. There are foreign security researchers exposed on the Android Browser security bypass vulnerability, and provides the corresponding test code vulnerability. The vulnerability can visit a malicious Web site at user, quietly steal sensitive information (such as micro-blog, Gmail, etc.) within a site visit, it is also likely to affect the sensitive information within the APP. More and more companies starting to focus on mobile security as early as 2012, BAT has been in the mobile security He began investment, and as a mobile payment as well as closed-loop layout O2O ecological priority for construction, in order to build the industrial chain, including comprehensive security cornerstone businesses, users and the platform itself. Baidu for mobile phone payment security guards provide anti- malware, anti-debugging, anti-implantation, anti-tampering and Stabilization of solutions, Reinforcement settings can release before applying the code tamper-proof process in the moment now rampant hacking-tampering technology is necessary. In addition, Baidu mobile phone Guard can also do anti-smoking costs, provincial traffic, the end of malicious chargeback. Alibaba in 13 years by investing guru LBS achieve Taobao mobile payment system to build a safety line, in addition to Alipay announced a 40 million investment to establish joint security fund , including investment in security technology, security cooperation and security education, to improve the user perception of the security of mobile payments. Tencent released Tencent mobile housekeeper, which provides security module, and Tencent mobile housekeeper product is also more interested in phone systems management, and its products include clean-up acceleration, protective surveillance, harassment interception, payment protection, ad blocking, and virus killing functions . Figure 20: Mobile phone security solution O2O Baidu guards produce a large amount of data stored in secure servers, traditional areas also need attention Hadoop framework is used to analyze a number of large organizations means server logs and network traffic data, but so many sensitive Hadoop to the enterprise data processing is that many enterprises are worried risks. Because of the large data processing will produce large amounts of data containing data marts and data warehouses, where every day will be partners, and business analysts access to, and there may also include those independent of big data analytics sensitive data. DataGuise is a provider of data security solutions start large enterprises. Its DgSecure data protection portfolio can detect data security companies, including cloud deployments, including the entire network. The system will locate and identify each data container within the enterprise, Microsoft SharePoint sites, NFS (network file server) and Hadoop cluster of sensitive data, and provide data leakage risk assessment to help businesses develop appropriate remedies (such as data masking or data isolation, etc.), so that enterprises will secure sharing of data to employees and external third parties. DgSecure implemented features include context-based data discovery and consistent selective encryption of data across a single or multiple Hadoop clusters shield, compliance audit reports. Scan server in the past, security software focuses on border security as well as static data center protection of internal documents, the process is generally safe system regularly scan for known malware, and aggressive behavior. But in the virtualization and cloud computing and gradually become the mainstream of the environmental movement, the file form and file storage mode has changed, the network boundaries become blurred, increase system vulnerabilities, suspicious behavior and malicious behavior becomes increasingly difficult to distinguish between the traditional Security systems have been difficult to prevent the penetration of hackers, and hackers to hack the machine is often a long latency, making it more difficult to identify behavior. In this context, in 2012, the founder of Eades security company SilverTail Systems sold the company RSA, and then co-founded and served as vArmour and CEO. In virtualization, and software-defined all the background, its security solution is entirely software-based. vArmour will use big data analysis techniques, by scanning every piece of data entering the network to screen for suspected illegal data and mark it, then tracking this data. The scope of assets that do business that is protected by the Act greatly expanded, not just the high-value servers, including BYOD devices. Compared with traditional security systems and equipment, vArmour tracking solutions for all data flows into the network and later, so better able to identify suspicious behavior of cancer. But more specific implementation details until its product release after that, time will be expected later this year. Currently it gained access to a total of $ 36 million of Series B and C round of financing. From O2O to move O2O, buy buy the business model of parse earliest ancestor Groupon, its business model is closer to advertising. In the sales process, the line businesses often require the use of consumers who are willing to lose money in the way that these people try, to give hope to a ratio of testers will eventually become 'regulars', and then rely on these Lifetime spending regulars back and forth to produce this profit. Groupon profit model trading commissions can be charged to 30-50%, in view of the domestic buy site, buy mainly in the drink side, this high commission is unrealistic. If you charge high commissions may bring the businesses to provide goods or services shrink. Trading commission is profitable way to buy the site, but definitely not the only way to profit in the user base group developed, by the business - \u0026 gt; platform - \u0026 gt; user vertical line through the conversion to the business-to-business, user-to-user speaking as a platform laterally through tremendous changes, value-added services and profit model will be diversified natural ability. US group from the beginning of 2011 to get involved in mobile phone applications, so far, nearly 70% of the transactions occurred in the mobile terminal. In addition, through a set of 'satellite-based' management system, the US Mission to the city sub-station research material summary to the quality control department, quality control process is completed after nearly Road, the molded product push to the sales department, the last to do product settlement. Sales and Finance is one of the most prominent aspects of competitiveness - at the merchant checkout automation system, the US Mission Network signed a cooperation with the business to determine the payment in advance trigger conditions, without human intervention to achieve automatic payment system. From two years ago, 'thousands of World War II mission' to now single-day trading volume of billions of dollars, the US group net financial staff has always been controlled at 50 people or less. Exhibit 21: Buy online travel business model Priceline offers online ordering tickets, hotel, car rental, cruise lines and travel insurance. 32 languages in over 90 countries, online travel booking service. The core of its business model in its unique 'self-pricing system' (Name Your Price System), the so-called 'self-pricing' is indicated by the consumer on the Internet on their own they are willing to out tickets, hotel prices, then in his Priceline computerized database searches are willing to accept the offer of the airline or hotel. Ctrip is an online hotel and air routes information provider, which gathers information from hotels and airlines, and allows customers to certain discounts to book online. Ctrip call center, hosting features are many: Book, Meal, and consulting. Ctrip call center has 20,000 people. The call centers provide is quick inquiry, the book quickly, so that customers receive preferential prices and satisfactory service. Ctrip call center 24 hours effective, efficient and professional level far beyond airline. It is this call center, completed at Ctrip 70% of line revenue. Where is the tourist areas of China's leading business search platform, under the vertical search areas. The company's service revenues can be divided into online services and mobile terminal services revenue income, through different channels to customers and tourism service providers to effectively connect and facilitate the completion of the transaction. Its profit from it: page advertising revenue. The company has 164 advertisers. SaaS-stop travel service provider, go to the line where travel suppliers provide free SaaS platform software, and free for them to provide services, and performance fees (P4P surcharge) According to these suppliers bring results. P4P charging system was divided into two: one-per-click (CPC), one is to reach a deal by end (CPS). Buy tourism products sales agent commission income brought. Tuniu online travel provider network. Prepay mode. Products purchased from wholesalers and then sold to consumers through the website. Charged 3% to 7% commission to travel agents. Tuniu is mainly engaged in group travel and Tours business and leisure travel in the field; and to outbound based. Products from travel suppliers in 3000, covering the country's famous tourist routes and more than 70 countries, the portfolio contains more than one hundred thousand SKU's group travel, more than one hundred thousand SKU's by car and more than one thousand domestic and foreign interest ticket. Core competencies are in overseas leisure and services, 2013 outbound travel business is the way cattle contribute 70% of the turnover. Group travel segments from inside, the way cattle is the role of an online agent. Way cattle herd letters and other tourism wholesalers to get the team travel product, and then sold to consumers through its website. Users Tuniu website to buy products generally are pre-paid, so the sales money first way cattle hands. Tuniu also provides a 'ticket + Hotel', 'ticket + hotel + airport pick-up' and 'Air + Hotel + Ticket' and other self-help travel products. These products are mainly sold individually packaged, the price can be more than a single user to set cheaper. Figure 22: buy business model of online education online education market is a combination of traditional education and the Internet, another scene, we believe that education has been a rigid demand of users, this wave of the Internet industry in today's already seems out of place, in the Internet Under the promotion, promising in 2014 became the first year of online education. Ai Media Consulting data show that in 2013 China's online education market size is expected to reach 92.4 billion yuan in 2015 to more than 160 billion yuan, China's online education market in the next few years will usher in a large outbreak. Traditional education exists many problems, such as the imbalance of educational resources, classroom efficiency higher criticism. Google released the Classroom to simplify the process of traditional education, the job release, submission and issued, classroom teaching assistance, test online, on-line monitoring and analysis of the quality of education, and so bound to the online platform, so that the education of paperless and seamless binding. Times February 25 celebrations in Beijing, announced the establishment of an independent educational brand name '100 education' to provide free real-time online interactive teaching services, plans to invest 1 billion yuan in two years. Ladder subnet plans to invest 150 million, focused on fostering teacher side resources, and local teacher contract. Online education platform Tutor Group completed B round of financing, access to Ali, Temasek and betting information Qiming hit nearly $ 100 million. Big Three domestic Taobao launched online education platform 'Taobao students.' Baidu will invest the mass class network, and after the on-line educational channel, the new 'degree school' early this year. Tencent this year, a number of educational institutions launched a joint Tencent class service. Divided by age, online education can be divided into young education, basic education (K12 education), higher education, vocational education and other four categories. There lies the future value of online education in the following directions: personalized course is mainly a means to have the aid of a dynamic curriculum generation system, according to the student's abilities, interests and other factors, automatic matching and timely presentation of learning content in line with individual needs; learning management platform, as the entrance, recording the teaching process, evaluation exam evaluation test: a record of student performance and learning feedback. Extended online real estate SouFun mainly two aspects: horizontal expansion and vertical expansion, horizontal expansion is from one city to another city, vertical expansion is in the depth of field of industry, such as housing information from the beginning of the offer to provide and house-related information such as decoration, vertical expansion focusing on the development of the whole industry chain. SouFun and other online media profit model is very similar, the main source of profits mainly in advertising, about 90%, mainly from advertising into real estate developers and housing agency, in addition to advertising, SouFun does not charge any other fees. As the vertical expansion of the business, advertising revenue will involve other sectors, such as home decoration, community services, etc., as a professional vertical search sites, business model is actually focused on family-related and B2B / B2C business mode. SouFun's model is not unique, it is also not difficult to copy. E-House China is the integrated professional real estate online trading portal, providing a wide range integrated online sales solutions. Easy Home buyers network is the integrated professional real estate online trading portal, providing a wide range integrated online sales solutions. Interactive transactions, real estate marketing solutions and other services online and offline real estate industry, while meeting the housing needs of Chinese Internet users. For the average user the main provider of Internet services are: real estate consulting, valuation; Nike Air Max 2012 personalized home consultants; customized showings lines recommended; showings scheduled itinerary, accompanied; exclusive purchase offer. E-House's first real estate purchase online e-commerce model to the next line, and other sites directly to different buyers, E-House China the main face of the real estate business, real estate brokerage, is characterized by accurate data, professional operation, integration services. Its products are relatively strong, month shoot, round earn, e voucher so are its strong fee-based products, to provide interactive online and offline transactions for the real estate industry, real estate marketing solutions, thus profit model is more specialized. Meanwhile, ordinary buyers can also use the site to meet their own needs. Online takeaway hungry What key products: are the most localized catering O2O a class of products, the business users on the site around the display. Currently, hungry it's main business is takeout shop for low-end users to user-based, customer price at between 10-20 yuan. Future, will be involved in the customer unit with high end restaurant takeout. Exhibit 23: What are hungry to develop the city currently profit model: collect service annual fee to merchants, hungry for hope in what the search rankings to promote user fees charged at the same time. Company Status: 2013 were C round of financing, valued at $ 100 million.