炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：网联社 360已迎来扭亏为盈的机会，此时爆发"财务造假"的舆论风波，对360或许是一个考验。 文 | 崔铭格 编辑 | 张 剑 12月16日，一名自称360前高管的人士对360创始人周鸿祎的举报内容在社交媒体疯传。这位网名为"玉 红"的人士自称，帮助周鸿祎做假账至少几十亿。 对此，360集团及周鸿祎迅速发文回应称，此人的"举报"言论内容完全背离事实，将追究此人的法律责 任。 截止发稿时，"玉红"并未公布自称掌握的"详细证据"。财报数据显示，360近年来业绩不佳，连续亏损 多年，总亏损超过40亿元。2025年至今，360业绩回升，亏损显著收窄。此时爆发的涉及财务问题的舆 论风波将带来何种影响，尚需观察。 十年恩怨酿成重磅总爆发？ 3 点钟创始区块链(365) 王三源 我帮周鸿祎做假账就至少几十亿的, 我都有数据。 士三洞 你们认识他最好告诉他。 王三疯 我会全网公布 王三疯 他的游戏全部财务造假 < 铭弘道人@玉红 2025年 置顶 今天 泰国 · 9. 周鸿祎,我帮你做假账游戏收入就至 少几十亿的,我都有数据,自充值! ... · ...

近日，由联办集团、和讯共同主办、财经中国会承办的财经中国2025年会暨第23届财经风云榜在北京圆 满落幕。财经中国年会作为中国财经媒体领域的年度盛会，是中国知名高端财经品牌论坛之一。本届年 会以 "寻找中国经济破局之路"为主题，邀请了包括黄奇帆、李扬、吴晓求、姚洋、李稻葵等在内的二 十余位国内顶尖经济学者和政策智囊，围绕"十五五"规划展望、宏观经济走向、科技创新等前沿议题展 开深度对话。现场吸引了超千名政商学界精英与投资者参会，引发全行业高度关注。 值得一提的是，在人工智能（AI）引领新一轮科技革命和产业变革的当下，作为行业领军企业，公司 不断完善自身AI产品矩阵。在C端应用方面，公司推出了纳米AI搜索、360 AI办公等AI原生互联网产 品；在大模型技术迭代方面，公司进一步提升了自研千亿参数的认知型通用大模型—360智脑的底层能 力。 这种产品的前瞻性布局，也收获了市场的精准反馈。根据公众号"AI 产品榜"发布的6月榜单数据显示， 从web端看，公司推出的纳米AI 搜索位居全球总榜单第五；从移动端看，纳米AI搜索APP以1308万月活 用户(MAU)位于全球榜单第三十、国内榜单第九。 技术护城河的厚度，取决 ...

Summary of 360 Company Conference Call Industry Overview - The computer application sector is expected to be evaluated from a 2026 perspective, with a strong performance in Q3 2025, indicating a continuation of positive results into Q4 and the following year. The recovery of leading companies is a significant variable, and the current investment strategy focuses on stock selection rather than timing, emphasizing the purchase of undervalued stocks at market lows [2][5] Company Performance - 360 Company's traditional internet advertising business is benefiting from AI development, with projected revenue of nearly 2.1 billion yuan in H1 2025, marking a turnaround. Value-added services like 360 AI Office generated 457 million yuan in revenue in H1 2025, with an annual target of 1 billion yuan [2][6] - The company has introduced innovative AI search products, including 360 AI Search and Nano AI Search Super Agent, exploring a membership plus advertising revenue model, which may reshape its AI search business [2][7] - Revenue for 360 Company is expected to achieve close to double-digit growth in 2025, with profits likely turning positive due to the recovery of traditional businesses, growth in membership products, and reduced investment losses [2][8] Financial Metrics - The gross margin for 360 Company reached 66.1% in 2024, a 5 percentage point increase year-on-year, driven by the decline of low-margin businesses and growth in high-margin AI office services. Revenue growth is projected to be around 10% from 2025 to 2027, with a potential return to profitability in 2025 [4][13][15] - The company has seen a positive revenue growth trend for three consecutive quarters in 2025, primarily due to the recovery of traditional internet business and increased contributions from consumer-end revenue [10] Investment Logic - The core investment logic for 360 Company revolves around its traditional internet advertising business, which is expected to stabilize with the embrace of AI. Despite recent revenue declines, the company is optimistic about its recovery trajectory [6][11] - The introduction of the Nano AI Search Super Agent, which is the first domestic search product based on a super intelligent agent, aims to break down information barriers and utilizes a membership model priced at 59 yuan per month [9] Future Outlook - The company is expected to maintain a strong push rating, with anticipated revenue growth of around 10% from 2023 to 2027, and a potential return to profitability this year [15] - The AI and cybersecurity sectors present significant development opportunities, supported by policy backing and a recovering market environment. The company's core competitiveness lies in its large model capabilities and self-developed AI systems [14] Additional Insights - The revenue structure has shifted, with internet advertising accounting for 53% of total revenue last year, and the value-added business showing significant growth since being integrated into the 360 AI membership model [12] - The company’s chairman holds a direct stake of 5.35%, and strategic adjustments have been made to address losses in the smart hardware business [10]

Core Viewpoint - The 360 company is committed to enhancing safety in the AI era, with a new mission to make the AI world safer and better, while fully engaging in the "ALL IN AGENT" strategy [1][3]. Group 1: Company Strategy and Mission - 360 has been established for 20 years, focusing on security as its foundation [1]. - The company plans to upgrade its mission and strategy by 2025, emphasizing the importance of AI in its operations [1]. Group 2: Market Position and Competitiveness - 360 is recognized as a leading digital security enterprise in China, having identified and disclosed 58 foreign APT organizations, which accounts for over 98% of all APTs discovered domestically [1][3]. - The company's competitive edge lies in its vast user base, with approximately 1.5 billion terminals across 225 countries and regions, enabling rapid response to threats [3]. Group 3: AI Development and Applications - 360's updated "360zhinao2-o1.5" model ranks among the top tier of domestic AI models, with ongoing development of "nano AI" and "360 AI office" applications [3]. - In the AI product sector, 360's nano AI web platform has surpassed 400 million monthly visits, ranking among the top three in China, while its mobile platform has around 12 million active users, placing it in the top ten [3].

Core Viewpoint - The company 360 is facing significant financial challenges, with continuous revenue decline and increasing losses attributed to high sales expenses and unsuccessful investments in various technology sectors [1][5][12]. Financial Performance - 360 expects a net profit loss of 240 million to 320 million yuan for the first half of 2025, primarily due to increased sales expenses aimed at enhancing product promotion and market influence [5]. - The company has experienced a continuous revenue decline over the past six years, with revenues of 108.86 billion, 95.21 billion, 90.55 billion, and 79.48 billion yuan from 2021 to 2024, representing year-on-year declines of 6.28%, 12.54%, 4.89%, and 12.23% respectively [3][6]. - Cumulative net losses have exceeded 4 billion yuan over the past three and a half years since turning from profit to loss in 2022 [1][3]. Business Segments - The main business segments of 360 include internet advertising and services, smart hardware, security services, and internet value-added services, with internet advertising contributing over 50% of total revenue [6]. - In 2024, the revenue from internet advertising and services was 4.166 billion yuan (down 7.85%), smart hardware was 1.014 billion yuan (down 35.44%), and security services was 1.287 billion yuan (down 27.06%), while internet value-added services grew to 1.379 billion yuan (up 25.51%) [6][8]. Expense Trends - The company has seen an increase in expense ratios, with R&D expense ratio rising from 34.28% in 2023 to 40.29% in 2024, sales expense ratio increasing from 22.41% to 26.97%, and management expense ratio from 7.74% to 8.3% [8] Investment Strategy - 360 has been actively investing in various technology trends, including electric vehicles, the metaverse, and AI, but has faced challenges in realizing profitable returns from these investments [12][13]. - The company's investment in the electric vehicle company Hozon Auto has resulted in significant losses, with investment losses of 894 million yuan and 687 million yuan in 2022 and 2023 respectively [12]. - The launch of the "N World" metaverse platform has not achieved significant success due to a lack of foundational technology and ecosystem capabilities [12][13]. Market Position - Following its reverse merger in 2018, 360's stock price has experienced significant volatility, with a peak above 60 yuan per share, but has since declined to 10.87 yuan per share as of July 17, 2025, resulting in a market capitalization of only 76.1 billion yuan [10][12].