Core Viewpoint - Company 360 (601360.SH) has established a dual strategy of "AI + Security" since 2023, focusing on the development of AI-native products and enhancing existing products with AI capabilities [1] Group 1: AI Product Development - The company's self-developed product system includes general large models, AI applications, AI security products, and various intelligent agents, such as 360 Smart Brain Model, 360 Security Model, Nano AI Search, Nano AI Super Search Agent, Nano Agent Swarm, and 360 Security Agent [1] - The "Nano AI Search" has achieved over 330 million monthly web visits, ranking second domestically in the "AI Product List · Website List" published in July [1] Group 2: User Engagement and Market Position - In July, the monthly active users of Nano AI exceeded 12 million, placing it in the top 10 of the "AI Product List · Application List" [1] - The growth of Nano AI is a significant strategic product for the company as it transitions to mobile platforms and expands its new user base [1]

Core Viewpoint - The company has established a dual strategy of "AI + Security" since 2023, focusing on the development of AI-native products and enhancing the AI capabilities of existing products [1] Product Development - The company's self-developed product system includes general large models, AI applications, AI security products, and various intelligent agents, such as 360 Smart Brain Model, 360 Security Model, Nano AI Search, Nano AI Super Search Agent, Nano Intelligent Agent Swarm, and 360 Security Agent [1] Market Performance - In the C-end market, the "Nano AI Search" has achieved a monthly web visit volume exceeding 330 million, ranking second in the domestic market according to the "AI Product List" published in July [1] - The monthly active users of Nano AI exceeded 12 million in July, placing it in the top 10 of the domestic application rankings, which is a significant strategic product for the company's migration to mobile and expansion of new user increments [1]

Core Viewpoint - The stock of 360 Security Technology Co., Ltd. has experienced fluctuations, with a recent decline of 2.07% on September 1, 2023, and a year-to-date increase of 10.83% [1] Financial Performance - For the first half of 2025, 360 achieved a revenue of 3.827 billion yuan, representing a year-on-year growth of 3.67%, while the net profit attributable to shareholders was -282 million yuan, showing a year-on-year increase of 17.43% [2] - Cumulative cash dividends since the A-share listing amount to 2.835 billion yuan, with 1.4 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for 360 is 396,100, a decrease of 12.31% from the previous period, with an average of 17,671 circulating shares per shareholder, an increase of 14.03% [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 208 million shares, an increase of 48.7 million shares from the previous period [3] Business Overview - 360's main business segments include internet advertising and services (53.09%), internet value-added services (17.58%), security and others (16.41%), and smart hardware (12.92%) [1] - The company is categorized under the software development sector, with concepts including AI agents, AI corpus, AI models, virtual digital humans, and trusted innovation [2]

Group 1 - The core viewpoint is that Changsha is positioned to become a global hub for technological innovation, supported by a favorable business environment and a concentration of innovation resources [2] - 360 Group has made significant advancements in digital security technology, helping the nation fend off over 4,000 attacks from 51 foreign hacker organizations, accounting for 98% of the domestic industry [2] - 360 Group aims to contribute to Changsha's development by establishing a digital security system and public service platform, which includes a security cloud, a city digital security brain, and various service centers [3] Group 2 - 360 Group plans to build a large model training center in Changsha, enhancing its capabilities in deep learning and AI, with its "360 Smart Brain" model already ranking among the top in the country [3][4] - The company intends to localize data, talent, research, taxation, operations, and services in Changsha, investing in a professional team of over a thousand people to foster an industrial ecosystem [4] - 360 Group will integrate its general-purpose model with local scenarios to create customized vertical models that empower various sectors such as office writing, decision analysis, and citizen services [4]

Company Overview - 360 Security Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on June 20, 1992. The company went public on January 16, 2012. Its main business includes the research and development of internet security technology, design, R&D, promotion of internet security products, and commercialization services based on these products, including internet advertising and value-added services, as well as smart hardware [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 3.827 billion yuan, representing a year-on-year growth of 3.67%. However, the net profit attributable to shareholders was -282 million yuan, which is a 17.43% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 2.835 billion yuan in dividends, with 1.4 billion yuan distributed over the past three years [3]. Stock Performance - As of August 29, the stock price of 360 was 11.54 yuan per share, with a market capitalization of 80.775 billion yuan. The stock has increased by 12.59% year-to-date, with a slight decline of 0.26% over the past five trading days [1]. - The company has seen a net outflow of 135 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders was 396,100, a decrease of 12.31% from the previous period. The average number of circulating shares per person increased by 14.03% to 17,671 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 208 million shares, and various ETFs that have increased their holdings [3].

Core Insights - 360 Digital Security Technology Group and Guizhou Big Data Group signed a strategic cooperation agreement, marking significant progress since their initial collaboration intention in May [1] - The partnership aims to integrate Guizhou's government and enterprise resources with 360's advanced technology in "security + AI," focusing on building a comprehensive big data industry ecosystem [1][3] Group 1 - The cooperation will establish a long-term innovation platform to develop specialized solutions for government and enterprise network data security and artificial intelligence [3] - Both companies will create city and enterprise-level security operation centers, AI application empowerment platforms, and data security service platforms to enhance the security of Guizhou's critical information infrastructure [3] - The core strategic goal is to "co-build Guizhou's security brain," leveraging 360's leading capabilities in intelligent technology and advancing key technology research in the "Magic Tree Factory" [3][4] Group 2 - The collaboration emphasizes deep integration into strategic planning, technology system construction, and talent team development, aiming to accelerate the application of technological achievements [3] - A work model of "special task groups + task list management + key node breakthroughs" will be implemented to ensure the smooth progress of the cooperation projects [4] - This "security + AI" partnership is expected to inject new vitality into Guizhou's digital economy and contribute replicable "Guizhou experience" to the national digital China construction [4]

Core Insights - The company reported a total revenue of 3.827 billion yuan for the first half of 2025, representing a year-on-year increase of 3.67% [1] - The net profit attributable to shareholders was -282 million yuan, showing a year-on-year improvement of 17.43% [1] - The gross margin was 66.55%, up 5.46% year-on-year, while the net margin was -7.51%, an increase of 20.57% year-on-year [1] Financial Performance - In Q2 2025, the total revenue was 1.963 billion yuan, a slight decline of 0.45% year-on-year [1] - The net profit for Q2 was -8.616 million yuan, which is a significant year-on-year increase of 96.28% [1] - Total expenses (selling, administrative, and financial) accounted for 33.07% of total revenue, with a year-on-year increase of 38.74% [1] Cash Flow and Debt - The operating cash flow per share was -0.01 yuan, reflecting an 81.81% year-on-year increase [1] - The average operating cash flow over the past three years is only 13.44% of current liabilities, indicating a need for attention to cash flow status [2] Business Model and Historical Performance - The company's historical median Return on Invested Capital (ROIC) is 14.67%, with the worst year being 2022 at -8.43% [3] - The company has reported losses in three out of its years since listing, indicating a relatively weak business model [3] - The company relies heavily on research and development for its performance, necessitating a deeper analysis of the underlying drivers [3] Fund Holdings - The largest fund holding the company’s shares is the Jiashi Zhongzheng Software Service ETF, with 14.0699 million shares and a recent net value of 0.9836 [4] - Other notable funds include Tianhong Zhongzheng Computer ETF and Guotai Zhongzheng All-Index Software ETF, which have also increased their holdings [4]

Core Viewpoint - The collaboration between 360 Group and Guizhou Big Data Group aims to enhance the digital economy in Guizhou through the integration of AI and security technologies, establishing a comprehensive data industry ecosystem [1][2][3] Group 1: Strategic Collaboration - 360 Group and Guizhou Big Data Group signed a strategic cooperation agreement to leverage their strengths in "security + AI" technologies, aiming to build a multi-layered data industry ecosystem [2] - The partnership will focus on creating urban and enterprise-level security operation centers, AI application empowerment platforms, and data security service platforms to strengthen Guizhou's critical information infrastructure [2][3] Group 2: AI and Intelligent Agents - 360 Group is developing the "360 Intelligent Agent Factory" to provide enterprises with essential infrastructure and enhanced capabilities for intelligent agents, facilitating their deployment in various industries [3] - The company emphasizes that intelligent agents will play a crucial role in the application of AI, complementing large models by executing tasks and utilizing tools effectively [3][4] Group 3: Security Enhancements - 360 Group aims to address the security challenges posed by intelligent agents by utilizing its expertise in "security + AI" to create a robust security platform, thereby enhancing the overall security capabilities of enterprises [4]

Core Viewpoint - The strategic cooperation between 360 Digital Security Technology Group and Guizhou Big Data Group aims to create a comprehensive and multi-layered big data industry ecosystem, leveraging "security + AI" technologies to enhance data security and innovation in Guizhou [1][2]. Group 1 - The cooperation follows the principles of "complementary advantages, collaborative innovation, rooted in Guizhou, and radiating nationwide" [1]. - Both parties plan to establish a long-term innovation complex, develop government-enterprise network data security and AI products, and build security operation centers and data security service platforms [1]. - The core goal is to co-build the "Guizhou Security Brain," utilizing 360's technological advantages in intelligent agents to conduct key technology research and promote the integration of large models with big data platforms [1][2]. Group 2 - Guizhou Big Data Group's leadership emphasizes the importance of deep collaboration in strategic planning, technology systems, and talent teams to efficiently convert technological achievements and support high-quality digital economic development in Guizhou [2]. - The cooperation will adopt a "specialized promotion + checklist management + node-based tackling" approach to accelerate project implementation [2]. - This "security + AI" collaboration is expected to inject strong momentum into Guizhou's digital economy and provide a replicable model for national digital development [2].

Core Viewpoint - The recent financial report of 360 (601360) shows a slight increase in total revenue but a continued net loss, indicating challenges in profitability despite some improvements in margins [1][2]. Financial Performance - As of the end of the reporting period, total revenue reached 3.827 billion yuan, a year-on-year increase of 3.67% [1] - The net profit attributable to shareholders was -282 million yuan, reflecting a year-on-year improvement of 17.43% [1] - In Q2, total revenue was 1.963 billion yuan, a decrease of 0.45% year-on-year, while the net profit attributable to shareholders was -8.616 million yuan, showing a significant year-on-year increase of 96.28% [1] - The gross margin was 66.55%, up 5.46% year-on-year, while the net margin was -7.51%, an increase of 20.57% year-on-year [1] - Total expenses (sales, management, and financial) amounted to 1.265 billion yuan, accounting for 33.07% of total revenue, with a year-on-year increase of 38.74% [1] Cash Flow and Debt - The company has a healthy cash asset position, but the operating cash flow over the past three years averaged only 13.44% of current liabilities [2][3]. Investment Returns - The historical median Return on Invested Capital (ROIC) since the company's listing is 14.67%, with the worst year being 2022 at -8.43% [2]. - Analysts expect a net loss of 368 million yuan for 2025, with an average earnings per share of -0.05 yuan [3]. Fund Holdings - The largest fund holding 360 is the Jiashi Zhongzheng Software Service ETF, with 14.0699 million shares and a recent net value of 0.9836, reflecting a 0.16% decline from the previous trading day [4].