长江商报消息●长江商报记者 沈右荣 三六零及其实际控制人突然陷入财务造假风波。 12月15日深夜，前360高级副总裁玉红在微信朋友圈和社群中公开向周鸿祎喊话，称自己"帮周鸿祎做假 账游戏收入就至少几十亿"，还称"游戏全部财务造假"，点名三六零游戏业务通过"自充值"虚构流水， 并表示"都有数据"，将"全网公布"。玉红还称认识周鸿祎是"一生的耻辱"，其还在群内强调自己没有被 盗号。 1980年9月出生的玉红，是三点钟社群核心发起人、XMAX项目早期投资人兼发起人，无锡呜哩科技股 份有限公司董事长兼总经理。 前高管举报，互联网安全巨头三六零（601360.SH）突然陷入舆论漩涡。 近日，原360高级副总裁、XMAX创始人玉红在社交媒体公开指控，帮助360创始人周鸿祎"做假账几十 亿"。12月16日晚，360集团及周鸿祎双双声明，称玉红言论完全背离事实，影响恶劣，公司不存在财务 造假情形。 受上述风波影响，12月16日、17日，三六零股价连跌，两个交易日市值合计蒸发65.10亿元。 拉长时间来看，自2017年回归A股市场以来，三六零的整体表现低于市场预期。回A股之时，三六零的 股价一度达到66.50元/股，至今累计跌 ...

长江商报消息 ●长江商报记者 沈右荣 前高管举报，互联网安全巨头三六零（601360.SH）突然陷入舆论漩涡。 近日，原360高级副总裁、XMAX创始人玉红在社交媒体公开指控，帮助360创始人周鸿祎"做假账几十 亿"。12月16日晚，360集团及周鸿祎双双声明，称玉红言论完全背离事实，影响恶劣，公司不存在财务 造假情形。 受上述风波影响，12月16日、17日，三六零股价连跌，两个交易日市值合计蒸发65.10亿元。 拉长时间来看，自2017年回归A股市场以来，三六零的整体表现低于市场预期。回A股之时，三六零的 股价一度达到66.50元/股，至今累计跌幅超过80%。 三六零盈利承压。2022年以来，公司持续亏损，近4年时间累计亏损超过39亿元。期间，公司保持高强 度研发，年度研发费用均超过30亿元。 备受质疑的是，虽然持续亏损，但自2023年以来，三六零连续派发现金红利，合计派发红利21亿元。 360集团称，针对玉红对360集团、创始人周鸿祎及相关企业家的恶意诽谤，360集团将依法采取法律措 施追究其法律责任，坚决维护企业声誉与合法权益。 360还披露称，经核查，自重组上市以来，2018年至2024年GameWa ...

Core Viewpoint - The article discusses allegations of financial fraud against 360's gaming business, initiated by former executive Yu Hong, who claims that the scale of the fraud is "at least tens of billions" and involves "all financial fraud" through methods like "self-recharge" to fabricate revenue [3][8][10]. Group 1: Allegations and Responses - Yu Hong, a former senior executive at 360, publicly accused Zhou Hongyi of financial fraud in the gaming sector, claiming he has data to support his allegations and will disclose it online [3][8]. - In response, 360 issued a statement denying the allegations, asserting that the company's financial data has been audited and that Yu Hong's claims are "malicious defamation" [4][10]. - The stock price of 360 dropped significantly following the allegations, with a 5.07% decline on December 16, resulting in a market value loss of approximately 4 billion yuan [10]. Group 2: Background of Yu Hong - Yu Hong was a senior vice president at 360 after the acquisition of his company, Quyou Group, in 2014, and he was involved in the gaming business before leaving in 2015 [11][12]. - After leaving 360, Yu Hong became active in the blockchain sector and was known for his influential role in a prominent blockchain community [12][13]. - Tensions between Yu Hong and Zhou Hongyi reportedly began in 2018, indicating a history of conflict that may have influenced the recent allegations [13]. Group 3: Historical Context of 360's Gaming Business - 360's gaming business has faced scrutiny in the past, including accusations of inflating revenue during its time on the U.S. stock market [15][17]. - The gaming segment has diminished in importance within 360's overall business strategy, now categorized under "Internet value-added services" [22][24]. - Financial performance data shows that the gaming business contributed only about 0.2% to the company's overall revenue from 2018 to 2024, indicating a significant decline [24][26]. Group 4: Current Business Structure and Future Outlook - 360's revenue structure has shifted, with the main business segments now being Internet services, digital security, and smart hardware, with gaming playing a minor role [26][28]. - The company is focusing on AI and robotics as new growth areas, but these investments are still in the development phase and exert pressure on profitability [28][30]. - The outcome of the allegations could significantly impact 360's ability to navigate its new business strategies and maintain stability moving forward [30].

Core Viewpoint - The stock price of 360 (601360) has declined for two consecutive days following allegations of financial fraud, despite the company's attempts to clarify the situation [1][2]. Group 1: Financial Allegations - A former executive, Yu Hong, publicly accused 360 of financial misconduct, claiming that the gaming business fabricated revenue through "self-recharges" and that he could provide evidence [1]. - 360 responded by clarifying that Yu Hong had never held a core management position in the A-share listed company and that his claims were unfounded [2]. Group 2: Business Performance - 360's main business segments include internet services, digital security, and smart hardware, with the gaming business being a core part of internet value-added services [3]. - For the first three quarters of 2025, the company reported revenue of 6.068 billion yuan, a year-on-year increase of 8.18%, ending a six-year decline [3]. - The net profit attributable to shareholders was -122 million yuan, a year-on-year reduction in losses of 78.88%, while the gross profit margin reached a historical high of 67.32%, up 2.57 percentage points year-on-year [3].

Summary of Key Takeaways from the Corporate Day on AI and LLM in Beijing Industry Overview - The LLM (Large Language Model) market competition remains intense, but there is optimism for AI monetization, particularly in the vertical enterprise market [1] Company-Specific Insights iFlytek (002230 CH, Neutral) - The consumer business is identified as the core growth engine, contributing about one-third of total revenue in 1H25, driven by strong momentum from learning machines [5] - Management expects the consumer business and education sector to be the main growth drivers, supported by the "Spark" LLM platform [5] - iFlytek is noted as potentially the only large LLM in China trained on domestic AI chips, allowing it to secure orders from government and state-owned enterprises (SOEs) [5] - The "Spark" LLM platform is projected to generate approximately CNY1 billion in revenue for FY25E [5] Kingsoft Cloud (3896 HK, Buy) - AI computing power demand is accelerating, with Xiaomi's LLM training and inference demand in smartphones and electric vehicles (EVs) being major growth drivers [4] - Management anticipates FY25F revenue growth to exceed 20% year-on-year, although gross profit margin (GPM) will be under pressure due to increased leased computing [5] - The company expects computing power assets to increase by approximately CNY9 billion, including both self-purchased and leased assets [5] Fourth Paradigm (6682 HK, Not rated) - Aiming for CNY20 billion in revenue by 2029E, with a focus on enterprise-level AI service platforms [6] SenseTime (20 HK, Not rated) - Generative AI is the main revenue growth driver, contributing 70%-80% of total revenue [8] - The company is committed to building full-stack AI capabilities and has released multimodal LLMs [9] Yonyou Network (600588 CH, Neutral) - Domestic substitution and large enterprises' AI migration are key growth drivers, with AI agents integrated into ERP systems [12] - Management expects steady revenue growth and significant cash flow recovery in 2025 [15] Qihu 360 (601360 CH, Not rated) - Revenue for 9M25 reached CNY6.1 billion, up 8% year-on-year, with a focus on "AI + Security" [13] - The company is shifting towards SaaS security, which now accounts for 30% of security revenue [17] Youdao (DAO US, Not rated) - Positioned as an AI-powered solutions provider, with online marketing services as the largest revenue contributor at 45% [18] - The company has achieved 5x growth in online marketing services over the past 3-4 years, driven by programmatic advertising [19] Additional Insights - The public cloud and enterprise cloud segments account for approximately 70% and 30% of revenue, respectively, with AI cloud being the fastest-growing segment [5] - Management noted that the demand for AI products is expected to drive revenue growth across both consumer and enterprise segments [11] - The overall macro environment remains challenging, but the penetration rates for AI solutions in enterprises are still low, indicating potential for growth [10] Conclusion The corporate day highlighted the competitive landscape of the AI and LLM market in China, with various companies showcasing their growth strategies and revenue projections. The focus on consumer and enterprise applications of AI, along with the integration of LLMs into existing business models, presents significant opportunities for growth in the coming years.

Group 1 - The core transaction on December 17 involved 4 million shares of 360 Security Technology Co., Ltd., with a transaction value of 42.04 million yuan and a transaction price of 10.51 yuan per share [2][3] - The closing price of 360 on the same day was 10.51 yuan, reflecting a decline of 3.22%, with a turnover rate of 4.27% and a total trading volume of 3.077 billion yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 12.85%, with a total net outflow of funds amounting to 1.096 billion yuan [2] Group 2 - The latest margin financing balance for the stock is 2.501 billion yuan, which has decreased by 193 million yuan, representing a decline of 7.16% over the past five days [3] - 360 Security Technology Co., Ltd. was established on June 20, 1992, with a registered capital of approximately 699.96 million yuan [3]

Core Viewpoint - The recent scandal involving a former executive of 360 (601360.SH) has raised significant concerns regarding the company's governance and social responsibility, particularly in the context of ESG (Environmental, Social, and Governance) ratings and public trust [1][4]. Group 1: Governance and Social Responsibility Issues - The scandal has highlighted structural shortcomings in governance and social responsibility, as reflected in 360's MSCI ESG rating of BB, ranking 8th out of 13 in its industry [2][3]. - The company scored only 3.7 out of 10 in the social dimension and 4.3 in governance, indicating significant weaknesses in employee relations and stakeholder communication [2][3]. - The low scores in social and governance dimensions are seen as a result of long-term governance issues and inadequate stakeholder management [3]. Group 2: Impact on Reputation and Trust - The incident has severely damaged 360's social reputation and trust, which may take a long time to repair, affecting its business ethics and compliance image [4]. - Regardless of the outcome of the allegations, the incident has reinforced existing perceptions of ESG risks associated with 360, particularly the low social dimension score [4]. Group 3: Financial Performance and Market Reaction - Despite ongoing operational challenges, 360 reported a revenue of 2.241 billion yuan in Q3 2025, a year-on-year increase of 16.88%, surpassing the 3.67% growth in the first half of 2025 [5]. - Following the scandal, 360's stock price fell by 4.79% within the first hour of trading on December 17, closing at 10.51 yuan per share, a decline of 3.22% [6]. Group 4: Consumer Concerns and Governance Transparency - Users have raised complaints about difficulties in uninstalling 360's software and intrusive advertising practices, which have not been addressed in the company's ESG report [6][7]. - Experts emphasize that the authenticity of financial reports is a core aspect of governance, and companies must ensure transparency to rebuild trust [7].

Market Performance - The market experienced a significant rebound in the afternoon, reversing a continuous decline of over 4000 points [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed up by 1.19%, 2.4%, and 3.39% respectively, with over 3600 stocks rising and more than 1600 stocks falling [3] Sector Highlights - The smart healthcare sector surged due to news related to "Ant Group," with companies like Meian Health and Huaren Health hitting the daily limit [3] - The lithium battery sector saw a strong increase following the news of Yichun planning to cancel 27 mining rights, with stocks like Jinyuan Co. and Tianji Co. experiencing significant gains [3] - The liquid cooling server sector also performed well, with stocks such as Feilong Co. and Yingweike hitting the daily limit [3] - The CPO sector had a notable rebound, with stocks like Lian Te Technology and Guangxun Technology reaching the daily limit [3][11] Financial Sector - The financial technology and insurance sectors experienced a substantial rebound in the afternoon, with stocks like Guao Technology hitting the daily limit [15] - The insurance, brokerage, and financial technology sectors closed up by 2.66%, 1.32%, and 0.82% respectively, contributing significantly to the overall market rebound [15] Company Specifics - Muxi Co., one of the "GPU Four Little Dragons," debuted on the A-share market with a staggering opening increase of 568.8%, reaching an opening price of 700 yuan per share [7] - Muxi Co. has set a record for the highest profit from a new stock in A-share history, surpassing the previous record held by Moer Technology [7] 360 Company - 360 Company faced a significant drop of over 7.7% in early trading due to allegations from a former executive regarding financial misconduct, but managed to recover slightly to close down 3.22% [19] - The company issued a statement denying the allegations and indicated plans to pursue legal action against the former executive [19]

Core Insights - As of December 17, a total of 749 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more [1] - ST Jinglan has the longest streak of net outflows, with 28 consecutive days, while Jingu Co. follows with 22 days [1] - The stock with the highest total net outflow amount is Heertai, which has seen a cumulative outflow of 4.569 billion yuan over nine days [1] Summary by Category Main Fund Outflow Duration - ST Jinglan: 28 days of net outflow [1] - Jingu Co.: 22 days of net outflow [1] Total Net Outflow Amount - Heertai: 9 days, 4.569 billion yuan [1] - Haiguang Information: 7 days, 2.483 billion yuan [1] - Wolong Electric Drive: 7 days, 1.551 billion yuan [1] Proportion of Net Outflow to Trading Volume - ST Jinglan has the highest proportion of net outflow, with a 28.72% decline over 11 days [1] - Other notable stocks include Heertai with a 27.61% decline and Haiguang Information with a 6.24% decline [1]

Group 1 - The former executive of 360, Yu Hong, accused Zhou Hongyi of financial fraud involving at least tens of billions, which has sparked significant public discussion [1] - 360 and Zhou Hongyi issued statements denying the allegations, asserting that Yu Hong never held a core management position at 360 and that the claims of financial fraud are completely unfounded [1] - 360 emphasized its commitment to compliance, stating that it adheres to national laws and regulations, undergoes regular audits, and maintains transparent and healthy financial practices [1] Group 2 - In response to the allegations, 360 announced plans to take legal action against Yu Hong for defamation to protect its reputation and legal rights [1] - As of the market close on the day of the news, 360's stock price was 10.86 yuan, reflecting a decline of 5.07%, with a total market capitalization of approximately 760.15 billion yuan [4]