Core Points - The company held the sixth meeting of the seventh supervisory board on June 26, 2025, with all three supervisors present for voting [1][2] - The supervisory board approved the proposal to use self-owned funds to pay part of the investment project costs and to replace it with an equivalent amount of raised funds [1][2] Group 1 - The meeting was convened and conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [1] - The proposal was passed with unanimous support, receiving 3 votes in favor and no votes against or abstentions [1] - The supervisory board confirmed that the use of self-owned funds does not affect the normal implementation of the investment project and does not change the purpose of the raised funds [2]

Summary of Key Points Core Viewpoint - The announcement details a guarantee provided by a wholly-owned subsidiary of the company, aimed at supporting the operational financing needs of another wholly-owned subsidiary, with a total guarantee amount of RMB 200 million [1][4]. Group 1: Guarantee Overview - The guaranteed party is 360 Technology Group Co., Ltd., a wholly-owned subsidiary of the company and not a related party [1]. - The guarantee amount is RMB 200 million, which is provided by Tianjin 360 Anfu Technology Co., Ltd. for a bank loan application by 360 Technology [1][3]. - As of the announcement date, the total guarantee balance provided to 360 Technology, including this guarantee, is RMB 200 million, with no counter-guarantee involved [1][3]. Group 2: Decision-Making Process - The company held board meetings on April 24, 2025, and May 2025, to approve a total bank credit limit of up to RMB 21 billion for the year 2025, including a maximum of RMB 5 billion for guarantees among wholly-owned subsidiaries [2]. - The current guarantee of RMB 200 million falls within the previously approved limits and does not require additional approval [2]. Group 3: Financial Data of the Guaranteed Party - As of March 31, 2025, 360 Technology reported total assets of RMB 28.78 billion and total liabilities of RMB 13.65 billion, resulting in net assets of RMB 15.13 billion [3]. - For the first quarter of 2025, the company reported revenue of RMB 495.57 million and a net profit of RMB 113.39 million [3]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational needs of 360 Technology, with the company maintaining control over its subsidiaries, thus ensuring manageable risk [4]. - The guarantee is within the approved limits set by the board and does not harm the interests of the company or minority shareholders [4].

Core Viewpoint - The board of directors of Hillstone Networks (688030.SH) proposed to lower the conversion price of its convertible bonds, which will be submitted for shareholder approval. However, board member Zhang Jinchang abstained from voting due to concerns about potential dilution of existing shareholders' equity [1][5]. Group 1: Company Overview - Hillstone Networks is a cybersecurity company focused on the research and development of software and hardware products in the cybersecurity field [2]. Group 2: Convertible Bond Details - The company issued 2.67 billion yuan worth of convertible bonds on March 22, 2022, with a maturity of six years. The initial conversion price was set at 24.65 yuan per share, later adjusted to 24.52 yuan due to a rights distribution [3][4]. - As of June 26, 2023, the stock price was 15.88 yuan per share, significantly lower than the conversion price of 24.52 yuan, indicating a potential increase in conversion attractiveness if the price is lowered [3][4]. - The convertible bonds are currently trading at 127.546 yuan, which is above the redemption price of 114 yuan, suggesting that the adjustment of the conversion price will significantly impact the bond's price movement [4]. Group 3: Financial Performance - Hillstone Networks has reported continuous losses, with net profits of -182 million yuan in 2022, -240 million yuan in 2023, and an estimated -137 million yuan in 2024, totaling a loss of 559 million yuan over three years [3]. - The company's debt-to-asset ratio has been increasing, reaching 41.67% at the end of 2023 and projected to rise to 55.18% by March 2025 [4]. Group 4: Shareholder Dynamics - Zhang Jinchang, a board member from 360 Digital Security, abstained from voting on the conversion price adjustment due to concerns about the dilution of earnings per share for existing shareholders. 360 Digital Security holds a 6.99% stake in Hillstone Networks [5][6].

证券代码：601360 证券简称：三六零 公告编号：2025-032号 三六零安全科技股份有限公司 关于全资子公司之间提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：三六零科技集团有限公司（以下简称"三六零科技"）， 系三六零安全科技股份有限公司（以下简称"公司"）的全资子公司，非公司关 联人。 本次担保金额及已实际为其提供的担保余额：本次担保系公司全资子公 司天津三六零安服科技有限公司（以下简称"三六零安服"）为三六零科技银行 贷款事项提供的质押担保，担保金额为人民币 2 亿元。截至本公告披露日，公司 及三六零安服为三六零科技提供的担保余额（包含本次担保）为人民币 2 亿元。 一、担保情况概述 统一社会信用代码：91120116581328943Y （一）本次担保的基本情况 2025年6月27日，公司全资子公司三六零安服就三六零科技与中国进出口银 行北京分行之间银行贷款事项签署了《单位定期存单质押合同》。三六零科技因 日常经营事项向中国进出口银行北京分行申请不超过人民币2亿元的流 ...

关于使用自有资金支付募投项目部分款项并以募集资金 等额置换的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三六零安全科技股份有限公司（以下简称"公司"、"三六零"）于 2025 年 6 月 26 日召开第七届董事会第十次会议及第七届监事会第六次会议，分别审议通 过了《关于使用自有资金支付募投项目部分款项并以募集资金等额置换的议案》， 同意公司在募投项目实施期间，使用自有资金支付募投项目所需资金，后续定期 以募集资金等额置换，并从募集资金专户划转至公司基本账户或一般账户，该部 分等额置换资金视同募投项目已使用资金。保荐机构华泰联合证券有限责任公司 （以下简称"华泰联合证券"）对本事项出具了无异议的核查意见。现将相关情 况公告如下： 证券代码：601360 证券简称：三六零 公告编号：2025-031号 三六零安全科技股份有限公司 经中国证券监督管理委员会《关于核准三六零安全科技股份有限公司非公开 发行股票的批复》（证监许可[2020]656 号）核准，公司非公开发行人民币普通股 股票 381,308,030 股，发行价为 ...

证券代码：601360 证券简称：三六零 公告编号：2025-030号 三六零安全科技股份有限公司 第七届监事会第六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三六零安全科技股份有限公司（以下简称"公司"）第七届监事会第六次会 议通知于 2025 年 6 月 20 日以电子邮件方式向全体监事发出，会议于 2025 年 6 月 26 日在公司会议室以现场表决的方式召开。本次会议应参加表决监事 3 名， 实际表决监事 3 名。会议的召集、召开、表决符合《中华人民共和国公司法》和 《公司章程》等法律、法规及规范性文件的规定。会议审议并通过了以下议案： 一、《关于使用自有资金支付募投项目部分款项并以募集资金等额置换的 议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为，公司使用自有资金支付募投项目部分款项并以募集资金等额置 换的事项履行了必要的审批程序，符合法律法规、规范性文件的规定，不影响募 投项目的正常实施，也不存在变相改变募集资金用途的情形。监事会同意公司使 用自有资金支付募投项目部分款 ...

一、募集资金基本情况 华泰联合证券有限责任公司关于三六零安全科技股份 有限公司使用自有资金支付募投项目部分款项并以募 集资金等额置换的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 三六零安全科技股份有限公司（以下简称"三六零"、"公司"或"发行人"）2018 年 度非公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市 公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等法律法规的规定，就公司使用自有资 金支付募投项目部分款项并以募集资金等额置换的事项进行了认真、审慎的核查， 核查情况如下： 经中国证券监督管理委员会《关于核准三六零安全科技股份有限公司非公开 发行股票的批复》（证监许可[2020]656 号）核准，公司非公开发行人民币普通股 股票 381,308,030 股，发行价为每股人民币 12.93 元，共计募集资金人民币 4,930,312,827.90 元，扣除不含增值税相关发行费用后，募集资金净额为人民币 4,838,671,590.97 元。上述募集资金到位情况已由中审众环会计师事务 ...

Core Insights - The core topic of the discussion is "Super Search Entry in the AI Era," highlighting the evolution of search engines in response to changing user behaviors and the integration of AI technologies [1] User Experience Challenges - Traditional search engines require precise keyword input, leading to a decline in search result quality when keyword limits are exceeded. Approximately 40% of users seek specific websites or resources, while over 60% look for answers to questions [3] - User search habits are shifting from careful keyword selection to free-form questioning, with question-based searches now accounting for 90% of user interactions [3] Evolution of AI Search - 360 has undergone three significant phases in AI search development. The initial phase relied on a "memory + retrieval" model, which struggled with complex user needs [3] - The second phase involved integrating large models with search capabilities for intent recognition, improving search intelligence but with limited user experience enhancement [3] Introduction of AI Search 3.0 - 360 launched AI Search 3.0, featuring a "Task Engine" that autonomously plans tasks based on user needs, significantly improving user experience by addressing complex queries [4] - The upgraded Nano AI has evolved into a Super Search Intelligent Agent, capable of transitioning from simple keyword searches to complex reasoning [4] Functionality of Nano AI - Nano AI can handle intricate requests, such as organizing a group outdoor climbing event, by intelligently breaking down tasks and providing comprehensive information [4] - The system utilizes a "task tree" approach to decompose complex tasks into manageable sub-tasks, delivering detailed results [4] Overcoming Challenges - The 360 team faced challenges in leveraging large models for complex problem decomposition, coordinating multiple intelligent agents, and ensuring high delivery success rates [5] - To address these issues, 360 developed AI-specific tools and a collaborative framework involving over 80 models to enhance the intelligent cooperation system [5] User Empowerment - 360 has introduced features for users to create their own intelligent agents on mobile and PC platforms, lowering the barrier to entry for utilizing AI [5] - The launch of the Nano AI Super Search Intelligent Agent signifies the arrival of an era where individuals can leverage AI to transform from information consumers to value creators [5]

Core Viewpoint - The software service index has shown strong performance, with significant increases in individual stocks and the software ETF, indicating a positive trend in the software sector [1][4]. Group 1: Market Performance - As of June 24, 2025, the software service index rose by 2.19%, with notable increases in stocks such as Guide Compass (up 12.82%) and Wealth Trend (up 6.27%) [1]. - The software ETF (159852) increased by 2.13%, and over the past year, it has accumulated a rise of 31.01% [1]. - The software ETF recorded a turnover rate of 4.32% and a transaction volume of 127 million yuan, with an average daily transaction volume of 155 million yuan over the past year, ranking first among comparable funds [4]. Group 2: Fund Growth and Performance - The software ETF experienced a significant growth of 45.33 million yuan in scale over the past two weeks, leading among comparable funds [4]. - In the last five trading days, the software ETF saw net inflows on four occasions, totaling 73.89 million yuan [4]. - The net value of the software ETF increased by 31.38% over the past year, ranking 396th out of 2869 index stock funds, placing it in the top 13.80% [4]. Group 3: Industry Insights - According to Guojin Securities, the computer and software development industry is currently in a relatively chaotic fundamental period, with products awaiting breakthroughs in large models [4]. - Investment perspectives are driven more by risk appetite, with potential for transformation into a prosperous investment as new technologies and policies emerge [4]. - Zhongyuan Securities anticipates a steady upward trend in the market, emphasizing the need to monitor policy, capital, and external market changes closely [5]. Group 4: Key Stocks - The top ten weighted stocks in the software service index account for 59.85%, with notable companies including iFlytek (11.19%), Kingsoft Office (8.92%), and Tonghuashun (7.79%) [5][7]. - The table of key stocks shows various performance metrics, indicating a diverse range of growth among leading companies in the sector [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]