导语：2024年被业内公认为AI应用爆发元年，AI将像水电一样成为基础服务赋能各行各业。随着2025年半年报的收官，A股那些AI应用标的业绩表现如何？相关AI业务有没有形成商业正向循环 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：三六零为何梭哈AI，这背后或折射出其商业困境。随着移动端及AI浪潮席卷，传统PC端流量入口面临商业瓶颈，其营收持续下滑或侧面验证这一点。公司累计研发投入超200亿元， 三六零曾对外表示，自2023年确立"AI+安全"双主线战略以来，持续推进AI原生产品研发与提升既有产品的"AI"含量。当前公司自研产品体系涵盖通用大模型、AI应用、AI安全产品和各类智 为何公司如此强调AI，这背后有何玄机？ 三六零亟需新的流量入口？ 对于上述困局，公司在半年报也表示，进入移动互联网时代，用户与广告主转向移动端，传统PC广告市场受到冲击，公司面临营收规模减少风险。同时，"人工智能+"浪潮下，市场竞争激烈，业 纳米AI难解困？ 公司在年报表示，在人工智能领域，公司持续深化"AIIINAI"战略，致力于以AI重塑各项业务。在C端应用方面，公司持续迭代"纳米AI搜索""360AI办公"等AI原生互 ...

导语：2024年被业内公认为AI应用爆发元年，AI将像水电一样成为基础服务赋能各行各业。随着2025 年半年报的收官，A股那些AI应用标的业绩表现如何？相关AI业务有没有形成商业正向循环？相关AI业 务含金量究竟如何？ 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：三六零为何梭哈AI，这背后或折射出其商业困境。随着移动端及AI浪潮席卷，传统PC端流 量入口面临商业瓶颈，其营收持续下滑或侧面验证这一点。公司累计研发投入超200亿元，如今仍然还 陷在亏损泥潭。三六零梭哈AI能否助其解困？值得注意的是，纳米AI搜索月活数量出现腰斩。 三六零曾对外表示，自2023年确立"AI+安全"双主线战略以来，持续推进AI原生产品研发与提升既有产 品的"AI"含量。当前公司自研产品体系涵盖通用大模型、AI应用、AI安全产品和各类智能体等，包括 360智脑大模型、360安全大模型、纳米AI搜索、纳米AI超级搜索智能体、纳米智能体蜂群、360安全智 能体等。这成为公司向移动端迁移、拓展新用户增量的重要战略产品。 为何公司如此强调AI，这背后有何玄机？ 三六零亟需新的流量入口？ 2019年至2024年，三六零营业收入持续下滑 ...

Group 1 - AI remains a capital-intensive sector, with model performance relying on parameters, data, and computing power, making capital expenditure a key indicator of AI strategy strength [1][7] - The fastest monetization applications of AI are in image and video generation, particularly in advertising and content creation, covering three main types of advertisers [1][11] - By the mid-2025 reporting season, nearly all internet companies with a market capitalization over 100 billion mentioned AI in their financial reports [1][2] Group 2 - Since the launch of ChatGPT, AI has transitioned from a technical slogan to real business applications, penetrating various revenue and cost segments such as advertising, video, subscriptions, and office services [2] - From December 1, 2022, to September 1, 2025, Tencent's market value increased by approximately 90% to 5 trillion yuan, while Alibaba returned to a market cap of 2 trillion yuan, and Xiaomi's market value surged by 439% to enter the "2 trillion club" [2] - The valuation changes are not solely driven by AI but also influenced by fundamentals, economic expectations, and policy impacts, with macroeconomic recovery and AI-related policies supporting valuation reassessment [3] Group 3 - Capital expenditures for Alibaba and Tencent in Q2 reached 38 billion yuan and 19.1 billion yuan, respectively, with year-on-year growth of 220% and 119% [7] - Alibaba's strategy includes a significant investment of 380 billion yuan over three years to build AI infrastructure, while its Q2 revenue was 247.6 billion yuan, showing a 2% year-on-year increase [7] - Baidu emphasized its "AI-first" strategy, with non-advertising core revenue exceeding 10 billion yuan, growing 34% year-on-year, but faced cash flow pressures with a negative cash flow of 4.7 billion yuan in Q2 [8] Group 4 - Image and video generation has become the fastest monetization track for AI, with companies like Baidu, Alibaba, Tencent, and others launching video generation models [11] - Kuaishou reported over 250 million yuan in revenue from its AI video generation model "Keling" in Q2, with expectations to double its annual revenue forecast [11] - The education sector is also emerging as a significant AI application area, with companies like NetEase's Youdao showing a clear "education-first" path and achieving 800 million yuan in AI-related revenue, a 30% year-on-year increase [12] Group 5 - Mid-sized internet companies are focusing on vertical scenarios and increasing R&D investment to find more certain AI commercialization paths, with R&D investment typically exceeding 20% of revenue [14] - Kingsoft Office reported a revenue of 2.657 billion yuan, with a 62% year-on-year growth in its WPS 365 business, and R&D investment accounting for 36% of revenue [15] - Companies like Kunlun Wanwei and 37 Interactive Entertainment are embedding AI into their business processes, with significant revenue growth and application in various sectors [15]

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]