? ? ?BSS? ? ? ? ? ? 1993 ? ? ? ? SaaS ? ? ? ? ? ? 50%? ? ? ? BOSS ? ? BOSS+ ? ? BOSS+? ? ? ? O2O ? ? O2O ? ? ? ? ? 16 ?16-18 ? EPS ? 0.31?0.46?0.62 ? ? ? ? 20.93 ? ? ? ? 20142015 2016E2017E 2018E ? 1,1871,677 2,3203,005 3,894 ? 15.99%41.29% 38.38%29.53% 29.56% ? 6163 111162 220 ? -49.91%3.02% 75.28%46.42% 35.78% EPS? 0.170.18 0.310.46 0.62 ROE?)? 5.00%4.82% 5.93%8.03% 9.91% P/E 10097 5538 28 ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?1?1.1? 1993 ? ? ? ? ? 1?20?10?05101520253035?1.2? ? ? ? ? ? 2?96.75%75.95%70.13%64.35%0%20%40%60%80%100%120%2012201320142015?1.3?2015 ? 37.45%? ? 51.55%? ? 2014 ? 118,884 ? 2015 ? 167,662 ? 2014 ? 15.99%? 2015 ? 41.29%? 2013 ? ?2016 ? 38,912 ? 67.73%? ? 3?66,509 102,307 118,664 167,662 38,912 59.32%53.82%15.99%41.29%67.73%0%10%20%30%40%50%60%70%80%020,00040,00060,00080,000100,000120,000140,000160,000180,000200,00020122013201420152016Q1? 2014 ? 6,120 ? 2015 ? 6,305 ? 2014 ?-49.91%? 2015 ? 3.02%? ? 2014 ?2016 ? ?-1,176 ?-2,397 ? 50.93%? 4?9,973 12,218 6,120 6,305 -1,17622.74%22.51%-49.91%3.02%50.93%-180%-130%-80%-30%20%-2,00002,0004,0006,0008,00010,00012,00014,00016,00018,00020122013201420152016Q1?2?2.1?