2017/2018 20042014/2015 29,6732017/201845,210 2017 GDP 2017/20187,789 2014/2015 2015/20162016/2017 96.1%96.4%94.1%20132017 77.4%78.4% 2015831 336.32016831378.6 2017831460.92015831 62.82016831109.8 2017831151.6 201583176.1201683188.2 2017831154.72018228 243.858.9 70.5 20178312018228 95.449.9 27.510.4 97
2017/2018 2004 2014/201529,673 2017/201845,210 2017GDP 2017 GDP 884,000133,000 4,50026,000 100,000 400,000 7,50028,000 2016/20172019/2020 1,250 20132017/2018 6,437200,000 12,000 2017/2018 7,78920178312018228 98
95.449.927.510.4 660,000 12,000 2015 2016 2017/2018 91.2% 200 Tarena Technologies Inc. 2014 201796.2% 2014 99
2014/20152015/20162016/2017 96.1%96.4%94.1% 2013201777.4%78.4% 13 2015831336.32017831 460.962.0%63.1% 22.6%33.6% 2012 100
20128 20132 2014 20081020126 1012 10 101
26,000 400,00028,000 200,000 12,000 660,000 12,000 102
8,000100 20%100500 (i) (ii)(iii) (iv) (i) (ii) 103
(iii) (iv) (ii) (i) 2014/20152015/20162016/20172017/2018 17,14418,50319,39419,249(ii)2014/20152015/2016 2016/20172017/201811,40713,757 18,35119,524 104
2016 105
.... 2005.... 2003.... 2013.... 2004 106
2014/20152015/20162016/20172017/2018 (1) 2014/2015 2015/2016 2016/2017 2017/2018.... 10,532 10,598 10,052 9,776... 458 626 1,010 1,150 (2)... 5,114 6,725 6,354 5,717 (3)... 1,040 554 1,978 2,606.... 17,144 18,503 19,394 19,249.... 8,816 10,036 11,783 11,512... 795 695 1,474 1,680.... 1,796 3,026 3,472 3,529 (3)(4)... 1,622 2,803.... 11,407 13,757 18,351 19,524 (5)... 946 1,818 3,637 4,995 (6)... 396 (7)... 176 397 812 1,046.... 1,122 2,215 4,449 6,437... 29,673 34,475 42,194 45,210 107
(1) 672014/20152015/20162016/20176 302017/2018228 (2) (i)(ii) (3) (i)(ii) (4) 2016 (5) 20132016/2017 (6) 2017 (7) 20132015/2016 2014/20152015/20162016/20172017/2018 (1) (2) 2014/2015 2015/2016 2016/2017 2017/2018 2014/2015 2015/2016 2016/2017 2017/2018.... 18,597 20,302 21,874 21,874 92.2% 91.1% 88.7% 88.0%.... 15,532 17,720 19,604 20,528 73.4% 77.6% 93.6% 95.1%.. 2,034 2,856 5,430 7,848 55.2% 77.6% 81.9% 82.0%... 36,163 40,878 46,908 50,250 82.1% 84.3% 90.0% 90.0% (1) (2) 630 2014/20152015/20162016/2017228 2017/2018 5,000 2016/2017 2016/2017 2019/20205,000 108
2014/2015 2015/2016 2016/2017 2017/2018.... 2,750 2,450 2,460 2,600... 400 520 750 621.... 2,165 (4) 2,926 (8) 1,130 1,430... 473 300 820 870... 550 525 550 503... 6,338 6,721 5,710 6,024 (1).... 3,550 (5) 3,600 (9) 2,970 2,970... 997 (6) 999 (10) 759 1,104.... 1,110 (7) 1,647 (11) 1,000 1,200 (2)... 650 960 (2)... 1,000 540... 5,657 6,246 6,379 6,774.... 700 1,000 2,000 1,900 (3)... 467.... 300 300 500 400... 1,000 1,300 2,500 2,767.... 7,000 7,050 7,430 7,470... 1,397 1,519 1,509 2,192.... 3,575 4,873 2,630 3,030... 473 300 1,470 1,830... 550 525 1,550 1,043... 12,995 14,267 14,589 15,565 (1) 2016/2017 (2) 2016 (3) 2017 (4) 935 (5) 455 (6) 445 (7) 510 (8) 1,596 (9) 841 (10) 702 (11) 1,047 109
2017/2018 91.2% 2015201620178312018228 12 2014/20152015/20162016/20172017/2018 2014/2015 2015/2016 2016/2017 2017/2018.... 11,900-13,000 11,900-13,000 12,900-14,900 12,900-14,900... 7,000-8,000 7,000-8,000 7,000-8,000 7,000-8,000 (1)... 5,800-6,800 5,800-6,800 5,800-6,800 6,800-7,800 (2)... 2,800 2,800 2,800 2,800.... 11,900-13,000 11,900-13,000 12,900-14,900 12,900-14,900... 8,000-9,000 8,000-9,000 8,000-9,000 8,000-9,000... 5,800-6,800 5,800-6,800 5,800-6,800 5,800-7,800 (3)... 2,800 3,000 110
2014/2015 2015/2016 2016/2017 2017/2018.... 11,900-13,000 11,900-13,000 12,900-14,900 12,900-14,900 (4)... 7,000-8,000.... 5,800-6,800 5,800-6,800 5,800-6,800 6,800-7,800 (1) (i)(ii) (2) (i)(ii) 2014/20152017/20185,000 (3) 2016 (4) 2017 6001,4002014/2015 2015/20162016/20172017/2018 2014/2015 2015/2016 2016/2017 2017/2018.... 800-1,400 800-1,400 800-1,400 800-1,400.... 1,100-1,200 1,100-1,200 1,100-1,200 1,100-1,200... 1,400 1,400 1,400 1,400 111
2014/2015 2015/2016 2016/2017 2017/2018 (1) (2)... 72 79 31 35 (3)... 26 233 75 71.... 98 312 106 106 (2)... 11 5 10 12 (3)... 3 56.... 11 5 13 68 (2)... 1 4 6 2 (4)... 1 4 6 2... 110 321 125 176 (1) 2018228 (2) (i)(ii)(iii)(iv) (3) (i)(ii) (4) 831 2015 2016 2017 2018 228.... 477.4 1,538.7 367.0 528.4.... 89.6 45.0 109.7 260.4... 5.3 17.7 24.3 21.2... 572.3 1,601.4 501.0 810.0 112
2014/2015 2015/20162016/201796.1%96.4%94.1% 2013201777.4%78.4% 2004 20052011 46203214 323 2017/201819,249 15 510 113
23 212 11 2007 106 Tarena Technologies Inc. 20174 2017 116 114
884,0002015 2013 100,000 2003 200811 2009 20157 5,000 2016/2017 2016/20172019/20205,000 2016 2016/2017 2016/2017 115
38252518 52017/201820,066 12 440 311 11 Tarena Technologies Inc.Zhejiang Hengxin Education Technology Co., Ltd. 610,000 116
400,000 2013 17682017/2018 6,437 6 240 20165 20175 117
404,000 200,000 8 201412 100 20201412 201412 50 201412 118
100% 660,000 20181 (i) (ii) (iii) 333,333326,667(iv) 11458 56 2018101(v) (vi) 24.9 119
201892018 9... 2018 82,710 2019 131.3... 2019 210,907 2021 344.5 * 114 2019/2020(i) (ii) 2019/2020 2016/2017 2019/2020 2019/2020 2021/2022 120
2014 2016 (a) (b)(c) 2016 121
2014/20152015/20162016/20172017/2018 (1) 2014/2015 2015/2016 2016/2017 2017/2018.... 6,649 6,364 6,138 6,144.... 1,174 1,008 1,361 1,645... 7,823 7,372 7,499 7,789 (1) 672014/20152015/2016 2016/20176302017/2018228 2014/20152015/20162016/20172017/2018 7,9447,9449,2899,289 98.5%92.8%80.7%83.9% 2014/2015 2015/2016 2016/2017 2017/2018.... 1,670 1,684 1,710 1,710.... 660 660 760 760... 2,330 2,344 2,470 2,470 2015201620178312018228 12 2014/20152015/20162016/20172017/2018 2014/2015 2015/2016 2016/2017 2017/2018.... 11,000-15,000 12,900-15,900 12,900-15,900 12,900-15,900.... 7,500 7,500 7,500 7,500 122
1,100 1,200 2014/20152015/20162016/20172018/20182018228 3813112015201620178 312018228 26,00081,600104,700 2014/2015 2015/2016 2016/2017 2017/2018.... 9,018 12,612 13,221 13,581.... 5,649 8,817 8,703 7,560... 807 1,158 879 921 2014/2015 (1) 2015/2016 (1) 2016/2017 (1) 2017/2018 (2)... 201 180 180 178... 83 89 102 107.... 284 269 282 285 (1) 831 (2) 228 2014/2015 (1) 2015/2016 (1) 2016/2017 (1) 2017/2018 (2)... 1:27.5 1:27.4 1:26.6 1:27.3 (1) 630831 (2) 228 123
2511 13 400 1 12 2006 2014/20152015/20162016/2017 90.7%92.0%93.7%95.2%98.0% 97.5% 248,000 2017/2018 124
660,000 20181 114 333,200 13.09 2017/201890% 201720223.7% 125
2017GDP 20181 201520162017 36.5%38.8%41.78% 40.0%42.7%45.7% 202050% 126
884,000 133,000 100,000 400,000 200,000 660,000 120 50 70 10 114 100 140 110 600 2019 2.5 26,000 19% 2020 3 28,000 36% 2022 78 12,000 53% 2018 2019 2019 2021 810 12,000 29% 127
2018/2019 19% 2016/2017 2016/20172019/2020 5,0002016/20175,000 2016/2017 5,000 2016/20172019/20205,000 5,000 2016/20172019/2020 2018/2019 36% 2014/20152017/201879.0% 128
2018/2019 53% 2018/2019 29% 13 2017/2018 91.2% 129
(i) (ii) (iii) 20182281,09499.7% 77.9%2018228624 2014/2015 (1) 2015/2016 (1) 2016/2017 (1) 2017/2018 (2)... 267 308 449 591... 215 230 237 251.... 482 538 686 842... 224 283 318 335... 215 246 272 285.... 439 529 590 620... 21 31 69 168... 15 30 61 88.... 36 61 130 256 957 1,128 1,406 1,718 (1) 831 (2) 228 2014/2015 (1) 2015/2016 (1) 2016/2017 (1) 2017/2018 (2).... 1:35.6 1:34.4 1:28.3 1:22.9.... 1:26.0 1:26.0 1:31.1 1:31.5... 1:31.2 1:36.3 1:34.2 1:25.1... 1:31.0 1:30.6 1:30.0 1:26.3 (1) 630831 (2) 228 130
1:18 20184 2015/2016 (i) (ii) (iii) 131
(i) (ii)(iii) 3.083.098.04 2014/2015 (1 ) 2015/2016 (1 ) 2016/2017 (1) 2017/2018 (2).... 1 1 6 10.... 414 522 642 842.... 97 99 188 239... 3... 512 622 836 1,094 (1) 831 (2) 228 2018228 % % % % 10.... 205 34.7 22 6.6 37 22.0 264 24.1 510... 114 19.3 127 37.9 6 3.6 247 22.6 5... 272 46.0 186 55.5 125 74.4 583 53.3... 591 100.0 335 100.0 168 100.0 1,094 100.0 132
133
201711 201711 3.5 20178312018228 33.50.9 134
2016 2016 20161172016< >2017912016 2016 2016-2016 2016 2016 20171220 201822 202091 2018119 2018 135
2018115 2016 20162016 2017 2016 2022 2016 2016 2016 2016 2018420 2018810 (i) (ii) 136
(i) (ii) (iii) 2 (i) (ii) 2 80,320,00080,000,000 2 137
202091 202091 138
1. (1) (2) (3) 202091 2. (1) (2) (3) 3. (1) (2) (3) 4. (1) (2) (3) 5. (1) (2) (3) 6. (1) (2) (3) (i) (ii) 139
5 6 (i) (ii) (iii) 2018910 2016 2016 2016 140
20177462017 22.8% 201520162017831 20182285% 2015201620178312018228 40.152.860.2 61.271.0%65.9%63.0%65.1% 19.720.132.1 37.334.8%25.1%33.6%39.7% 5% 141
B. 2. B. 2. 142
2017 2016 2017 2017 2015 2015 2015 2014 2015 2014 2015 + 2015 2014 2014 143
20152016201783120182281,762 1,9742,2752,6872018228 2018228 (%)... 1,718 (1) 63.9.... 336 12.5 (2)... 260 9.7.... 373 13.9... 2,687 100.0 (1) 1,094624 (2) 2017831 14.814.712.5 20182288.8 E.1. 144
202191 20219 (1) (ii) 145
(i) (ii) 3.083.09 8.04 2.210 0.595.01(2) 1 609,963.95 (1) 2 658,770.462 (1) 3 33,305.701 (1) 4 37,576 (1) 5 14,244 (2) 146
6 (3) 67,380 (1) 7 (3) 72,284.10 (1) 8. 101,151.223 (4) 9 403,736.80 (1) 10. 206,364.1 (4) 2,204,776,436 (1) (2) 2019 (3) 2019 (4) 2019 147
0.59.... 0 207,710.14.... 67,570.59 211,928.64... 0 102,737.54... 67,570.59 525,954.14 0.2 (i) (ii) (iii) (a) 148
(b) (c) (iv) (iv) (a) (b) (c) 201710 149
(v) (a) (b) (c) 2019 150
(i) (ii) 2019 3.083.09 8.04 2004 916 5459 151
(i) (ii) 831 2015 2016 2017 2018 228.... 3.3 3.1 2.6 3.1 (1)... 8.1 6.9 6.0 6.1... 6.1 6.5 7.0 8.0.... 53.5 44.3 33.2 31.2 (1)... 65.6 67.0 60.6 58.3... 31.7 33.6 77.5 74.6 (1) (i) (ii) (iii) 20158312016831 20184 (i) 152
(ii) (i) (ii) (i) (ii)(iii) 3.083.09 8.04 153
2016 2019 2017 2020 20171 (i) (ii) 20171180 20172 100 95 154
(iii) 90.3 (ii) 201823201829 95 (i) (ii) (iii) 95 155
20171 2017315020178300 201711200 170.3 20171 3.10(2)3.21 156
12 (i) (ii) (i) (ii) 20171 95 3.083.09 8.04 157
2,000 2,00010,000 2,000 2,00010,000 (i) (ii) (iii) 20182 158
(i) (ii) 20184 (i)(ii) (iii)20172 (iv) E. 1. 159
201778 A 201711 160
161