Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company's "Nano AI Search" has shown strong performance, ranking sixth globally and second domestically in the latest AI product rankings, indicating a positive outlook for its internet commercialization business driven by AI upgrades [2][3]. - Despite a decline in revenue for 2024, the company is expected to benefit from AI-driven upgrades in its internet advertising and commercial business, with a projected return to profitability by 2027 [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 7.948 billion yuan, a decrease of 12.33% year-on-year, and a net loss attributable to shareholders of 1.094 billion yuan, worsening from the previous year [1]. - For Q1 2025, revenue was 1.864 billion yuan, an increase of 8.39% year-on-year, but the net loss attributable to shareholders expanded to 273 million yuan [1]. Business Segments - The internet advertising and services segment generated revenue of 4.166 billion yuan in 2024, down 7.85% year-on-year, while the internet value-added services segment saw revenue growth of 25.51% to 1.379 billion yuan [3]. - The security business reported revenue of 1.287 billion yuan, a decline of 27.06%, and the smart hardware business revenue fell by 35.44% to 1.014 billion yuan [3]. AI Product Development - The company has launched several AI-native products, including "Nano AI Search" and "360AI Office," and has enhanced its self-developed general-purpose large model "360 Smart Brain" [2]. - The "360 Security Model 3.0" was introduced and integrated into all security products, demonstrating the company's commitment to advancing its security offerings [4]. Profitability Forecast - The forecast for net profit attributable to shareholders has been revised downwards for 2025 and 2026 to -0.05 billion yuan and 0.71 billion yuan, respectively, with a new projection of 1.51 billion yuan for 2027 [4][5].

公司代码：601360 公司简称：三六零 三六零安全科技股份有限公司 二〇二五年五月 目 录 议案九：关于部分募投项目结项并将节余募集资金永久补充流动资金及部分募投项目调 会议议程 一、会议时间、地点及投票方式 （1）网络投票系统：上海证券交易所股东大会网络投票系统 （2）网络投票起止时间：自 2025 年 5 月 16 日至 2025 年 5 月 16 日。采用 上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召 开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票 平台的投票时间为股东大会召开当日的 9:15-15:00。 二、会议议程 授权代表人数及其代表的股份数； 由于本次股东大会实行现场投票与网络投票相结合的表决方式，网络投票表 决结果在 2025 年 5 月 16 日下午 15:00 收市后才能统计。公司将在网络投票结束 后依据现场投票和网络投票的表决结果汇总形成股东大会决议，并及时在上海证 券交易所网站予以公告，请各位股东及股东代表及时查阅。 注意事项 一、本次股东大会按照法律、法规、有关规定和《三六零安全科技股份有限 公司 ...

1 | | | | 会议议程 | | 3 | | --- | --- | --- | | 注意事项 | | 4 | | 议案一：2024 | 年年度报告及其摘要 | 6 | | 议案二：2024 | 年度财务决算报告 | 7 | | 议案三：2024 | 年度利润分配方案 | 11 | | 议案四：2024 | 年度董事会工作报告 | 12 | | 议案五：2024 | 年度监事会工作报告 | 17 | | 议案六：关于 | 2024 年度董事和高级管理人员薪酬的议案 | 20 | | 议案七：关于 | 2024 年度监事薪酬的议案 | 21 | | 议案八：关于 | 年度公司及子公司担保额度预计的议案 2025 | 22 | | | 议案九：关于部分募投项目结项并将节余募集资金永久补充流动资金及部分募投项目调 | | | 整内部投资结构的议案 | | 25 | | 关于听取《公司 | 2024 年度独立董事述职报告》的汇报 | 29 | 2 公司代码：601360 公司简称：三六零 三六零安全科技股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 会议议程 一、会议时间、地点及投票方式 1、现场 ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 9, 2025, highlighting significant players in the industry [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are Alibaba Group with 3003.74 billion, Xiaomi Group with 1693.44 billion, and Pinduoduo with 1560.19 billion [3][4]. - Other notable companies in the top 10 include Meituan at 1104.71 billion, JD.com at 495.86 billion, and Baidu at 301.32 billion [4][5]. - The rankings reflect a diverse range of companies, including those in e-commerce, food delivery, and automotive sectors, indicating a broad technological landscape [5][6]. Group 2: Emerging Players - Companies like Li Auto and Kuaishou are also featured in the rankings, with market capitalizations of 291.48 billion and 286.48 billion respectively, showcasing the growth of electric vehicles and social media platforms [4][5]. - The presence of companies such as Xpeng Motors and NIO, with market caps of 186.55 billion and 89.68 billion respectively, highlights the increasing importance of the electric vehicle sector in the technology landscape [5][6]. Group 3: Overall Trends - The data indicates a strong performance of technology companies in China, with significant market capitalizations reflecting investor confidence and growth potential in the sector [1][3]. - The rankings are calculated based on the latest exchange rates, emphasizing the importance of currency fluctuations in assessing market value [6].

Core Insights - The multi-modal large model industry focuses on deep learning models capable of processing, understanding, and generating various types of data, including text, images, audio, and video, enabling complex and intelligent tasks [1] - The industry has a wide application potential across various sectors such as natural language processing, image recognition, speech recognition, intelligent driving, and medical imaging diagnosis [1] Industry Overview - The multi-modal large model industry chain is complex, encompassing hardware facilities, software development, and various model types, including CLIP, BLIP, and LLaMA, among others [1] - The industry is divided into three layers: the foundational layer (hardware and basic software), the model layer (various types of multi-modal large models), and the application layer (industry-specific applications) [1] Cost Structure - The training costs for mainstream domestic large models range from tens of millions to hundreds of millions of dollars, with major companies like Baidu, Alibaba, and Tencent investing over $200 million [3][5] - Startups like Kimi and DeepSeek have managed to reduce training costs to between $30 million and $60 million through technological optimizations [3] - Cloud hosting costs are significantly influenced by model scale, with major companies leveraging their own cloud platforms to reduce costs [3] Development History - The global large model industry has evolved through several phases: early exploration (1956-2005), rapid growth (2006-2019), the rise of large models (2020-2022), and the current phase of widespread application starting in 2023 [6] Computational Demand - The demand for computational power in AI is increasing, with larger models requiring exponentially more computational resources; for instance, the GPT-3 model requires 3640 PF-days of computation and at least 10,000 GPUs [9] - As model parameters increase, the computational investment needed grows significantly, influenced by model architecture, optimization efficiency, and hardware capabilities [9]

Summary of Key Points Core Viewpoint - As of May 6, the total market financing balance reached 1.79 trillion yuan, indicating an increase of 143.81 billion yuan from the previous trading day, with notable contributions from both the Shanghai and Shenzhen stock exchanges [1]. Financing Balances - Shanghai stock exchange financing balance: 908.24 billion yuan, up by 59.40 billion yuan - Shenzhen stock exchange financing balance: 876.71 billion yuan, up by 83.55 billion yuan - Beijing Stock Exchange financing balance: 5.12 billion yuan, up by 86.21 million yuan [1]. Individual Stock Performance - On May 6, 2,239 stocks received net financing purchases, with 566 stocks having net purchases exceeding 10 million yuan, and 21 stocks exceeding 100 million yuan [1]. - Leading net purchases included: - Luxshare Precision: 228 million yuan - Runhe Software: 212 million yuan - Changshan Beiming: 199 million yuan - Other notable stocks: Inspur Information, Sichuan Changhong, and Dongfang Caifu [1][2]. Industry Concentration - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included: - Computer: 5 stocks - Non-ferrous metals: 3 stocks - Electronics: 3 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.78% - Stocks with the highest ratios included: - Hanyu Group: 9.63% - Guanghetong: 8.53% - Dongfang Caifu: 7.51% - Runhe Software: 7.49% [2][3]. Notable Stock Data - Top net purchases on May 6 included: - Luxshare Precision: 3.11% increase, net purchase of 227.62 million yuan - Runhe Software: 9.55% increase, net purchase of 212.02 million yuan - Changshan Beiming: 10.02% increase, net purchase of 198.69 million yuan - Other significant stocks included Inspur Information, Sichuan Changhong, and Dongfang Caifu [2][3].

Group 1 - The core viewpoint highlights the significant growth and investment interest in the Artificial Intelligence ETF, which has reached a new high in scale and liquidity, indicating strong market confidence in the AI sector [3][4] - The Artificial Intelligence ETF has recorded a turnover of 3.06% during trading, with a transaction volume of 106 million yuan, and its latest scale has reached 3.403 billion yuan, marking a one-year high [3] - Over the past seven trading days, the Artificial Intelligence ETF has seen net inflows on four occasions, totaling 232 million yuan, with an average daily net inflow of approximately 33.08 million yuan [3] Group 2 - Leverage funds are increasingly being allocated to the Artificial Intelligence ETF, with the latest margin buying amounting to 18.716 million yuan and the latest margin balance reaching 132 million yuan [3] - The Guangdong provincial government has issued measures to stimulate market vitality and accelerate the construction of a modern industrial system, emphasizing the development of AI applications in various sectors [3] - The recent political bureau meeting underscored the investment value of the computer industry, particularly in the AI sector, indicating government support and signaling new development opportunities in AI, robotics, and other related fields [3]

Core Viewpoint - The company participated in the 2024 Shanghai Stock Exchange Main Board AI Collective Performance Briefing, discussing the current state and future of AI technology in China compared to the US, as well as the potential for "killer applications" in the AI industry [1][2]. Group 1: Performance Briefing Overview - The performance briefing was held on April 30, 2025, from 14:00 to 17:00, featuring key executives including the Chairman and CEO Zhou Hongyi, COO Ye Jian, and other board members [1]. - The event included interactive discussions with investors, addressing their concerns and questions regarding the company's AI developments and industry trends [1]. Group 2: Investor Questions and Company Responses - **AI Development Stage**: The company indicated that the gap between China and the US in AI algorithms and applications is narrowing, with domestic models like DeepSeek and Qianwen achieving significant breakthroughs [2]. - **Killer Applications**: The company anticipates that 2025 will be the "Year of Intelligent Agents," with the emergence of "killer applications" driven by advanced domestic models and enhanced reasoning capabilities [3]. - **Challenges in AI Development**: The company acknowledged challenges in the AI industry, such as the scarcity of high-quality data and the need for improved computational resource management, while emphasizing the importance of knowledge density and quality for model performance [4]. Group 3: Future Directions - The company highlighted that future AI model development may focus on specialized models that can collaborate effectively, rather than solely increasing parameter sizes [4]. - The introduction of the MCP toolbox is expected to enhance the capabilities of large models, allowing for more complex task execution and broader application scenarios [3][4]. Group 4: Additional Information - Investors can access the full details of the performance briefing through the Shanghai Stock Exchange Roadshow Center and the Shanghai Securities Journal website [5]. - The company expressed gratitude to investors for their ongoing support and engagement [5].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 2, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba ranks first with a market capitalization of $287.81 billion [3]. - Xiaomi Group follows in second place with a market capitalization of $174.25 billion [3]. - Pinduoduo is in third place with a market capitalization of $150.44 billion [3]. - Meituan ranks fourth with a market capitalization of $103.72 billion [3]. - NetEase holds the fifth position with a market capitalization of $67.61 billion [3]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) ranks eighth with a market capitalization of $48.79 billion [4]. - JD.com is in ninth place with a market capitalization of $47.74 billion [4]. - Baidu ranks eleventh with a market capitalization of $30.22 billion [4]. - Kuaishou is in twelfth place with a market capitalization of $29.56 billion [4]. - Li Auto ranks thirteenth with a market capitalization of $26.28 billion [4]. Group 3: Companies with Lower Market Capitalization - Xpeng Motors ranks seventeenth with a market capitalization of $17.77 billion [5]. - NIO is in twenty-second place with a market capitalization of $8.90 billion [5]. - Bilibili ranks twenty-fourth with a market capitalization of $7.34 billion [5]. - Kingsoft has a market capitalization of $6.98 billion, ranking twenty-fifth [5]. - 37 Interactive Entertainment ranks forty-second with a market capitalization of $4.62 billion [6].

Core Viewpoint - The year 2025 is anticipated to be the "Year of Intelligent Agents," with the emergence of killer applications in the artificial intelligence (AI) sector [1][3][6]. Group 1: Industry Trends - Companies participating in the event are leaders in AI and digital economy sectors, covering various fields such as large models, AIoT chips, computing power, data centers, and industrial digitalization software [1]. - The AI-driven demand is expected to lead to significant growth in the IDC (Internet Data Center) industry, characterized by increased demand, larger and more standardized data centers, and diversified business models [4][5]. Group 2: Company Developments - DataPort has reported a substantial increase in demand due to AI, indicating a genuine demand explosion in the industry [5]. - Ruixinwei, a leader in AIoT SoC chips, is capitalizing on opportunities in edge and on-device AI applications, with multiple clients developing new hardware based on their main control chips [5]. - CloudSai Zhilian is actively contributing to Shanghai's computing power infrastructure, with a new high-level intelligent computing center project set to support digital infrastructure and smart city development [7]. - Nengke Technology achieved a remarkable growth in AI business, with a revenue of 1.51 billion yuan in 2024, a year-on-year increase of 7.47%, and AI product revenue skyrocketing over 12 times [7][8]. Group 3: Future Outlook - Companies are focusing on enhancing AI product development and market promotion, with Nengke Technology prioritizing AI in its 2025 strategy [8]. - Ruixinwei plans to continue iterating its self-developed NPU chips, aiming to meet diverse market demands for computing power [8].