【正文】 。 。 51 ( . ) : $1,141M $146M $150M : $16M $7M $14M 10 Z5112 ? , ? , 49% ? , ? , ? , 49% ? , a ? () ? 51 ? ? Intrinsically low entry barriers ? Potential entry by inter portals or online newspaper (in classified section) – low capital investments required – subscriber base already established ? However, Career Post business has higher entry barriers Speed in reaching scale ? Trading off shortterm profitability for longterm market dominance – high customer acquisition cost ? Ability to lock up alliances with major portals ahead of petitors 51 . 精品資料網(wǎng)（） 專業(yè)提供企管培訓(xùn)資料 11 Z5112 5 1 n e t . V a lu a t io n A d ju st e dBa in V a lu a t io n(B a se c a se)A d ju st e d Ba in V a lu a t io n(lo w case )$60M$43M$39M02040U S $ 35 M: 。 s R e la tiv eMa r k e t S h a r e : 51 1 2 , . 精品資料網(wǎng)（） 專業(yè)提供企管培訓(xùn)資料 24 Z5112 : * ? ? , ? , ? , ? 4518 ? 1313 , 34067 ? , ? . ? 2830 ? 4522 ? 59687 ? , ? ? 228 ? 6807 ? ? ? ? ? ? ? 41 , 263 ? 12 , ,263 * 20 1999 25 Z5112 S i na S o hu 2 63 n et Ne te ase On li n eS h 1 63 n et Y ah oo Y ah ooCh i naS z pt tn et S c c n in f o Ne w s h oo S z o nl i ne X a o nl i ne Zy s 1 26 21 CN4 , 1 0 72 , 1 1 21 , 6 4 41 , 3 0 2 1 , 2 7 51 , 1 4 2851775627544419 395353 351 32801 , 0 0 02 , 0 0 03 , 0 0 04 , 0 0 05 , 0 0 0 51 , 51 : : : : 。 In te r n e tP e n e tra tio nO n li n eR e c ru i tin gS p e n d1998 1999E 2023E 2023E 2023E01020304045%02505007501 , 0 0 0U S $ ? 51 a 1998 ? 1 ( ) 3 ? 51 $3M a 5% ? ( ) ? ( ) ? 51 a , ? a , , 1998 ? a , 51, 1999 ? , ? 500,000 ? 5,000 ? 50,000 ( : , ) ? 51 a : ? ? (, ) ? 51 a ? Background Strategy and business model Investment upside ? ? ? Key risks 5 Z5112 : 51 : $ % :