Lei Jianping April 22
360 Security Technology Co., Ltd. (company code: 601360, company abbreviation: 360) recently released its financial report. According to the financial report, 360's revenue in 2022 was 9.52 billion yuan, down 12.54% from 10.886 billion yuan in the same period of the previous year. 360's revenue in 2020 was 11.615 billion yuan.
360's net loss in 2022 was 2.2 billion yuan, compared with a net profit of 902 million yuan in the same period of the previous year and 2.913 billion yuan in 2020, and 360 had a net loss of 1.864 billion yuan in 2022, compared to 608 million yuan in the same period of the previous year, and a net profit of 2.547 billion yuan in 2020.
Among them, 360's revenue in the fourth quarter of 2022 was 2.586 billion yuan, with a net loss of 240 million yuan and a net loss of 329 million yuan after deduction.
360's revenue in the first quarter of 2023 was 1.966 billion yuan, down 22.17% from the same period of the previous year; Net loss was $186 million, and net loss after deduction was $194 million.
Annual Internet advertising revenue of 4.71 billion, down 25% year-on-year
During the reporting period, 360 Government and Enterprise Group changed its name to 360 Digital Security Group, building a security operation service system with "seeing + disposal" as the core based on the company's accumulation in the security field, and providing differentiated security solutions for customers at all levels. The company achieved "safety and other" revenue of 1.791 billion, a year-on-year increase of 29.72%, and a gross margin of 55.55%.
During the reporting period, through the "cloud security brain" and "core security brain" to empower related products, the overall customer coverage of the company's security business was improved, the full coverage of key customers was completed, and the number of regional customers and the amount of new orders signed increased significantly: the company completed a total of nearly 2,000 new contracts signed with nearly 2,000 customers, and the cumulative customer coverage exceeded 90% of central ministries and commissions, 80% of central enterprises, 95% of large financial institutions and 100% of operators. It has also carried out cybersecurity cooperation with millions of small and medium-sized enterprises.
In terms of urban expansion, during the reporting period, the company completed 3 orders in Suzhou, Qingdao and Hebi, and won bids for projects in Luoyang, Harbin, Jiamusi, Shanghai and other cities, accumulating more than 50 effective business opportunities.
Internet business is an important part of the company's "Internet + security" two-wheel drive business model.
First, 360 browser, 360 security guard, 360 search, 360 antivirus and other security products as an important carrier of Internet business, have become the company's security big data acquisition entrance. Second, compared with the financial model of traditional security vendors relying on equity or debt financing to maintain high capital expenditure, the company's Internet business can contribute stable cash flow and profits, which is an important source of funds to support the company's continuous increase in security business and rapidly expand its leading edge and market share.
The company's Internet business is mainly divided into two parts: Internet commercialization and Internet value-added. The company has obtained a huge number of users and effective traffic entrance through information acquisition products and content products, and on this basis, it has developed Internet commercialization business represented by Internet advertising and services, Internet value-added business represented by games, efficiently connecting the B end and C end to realize the commercialization of traffic value.
During the reporting period, 360 achieved a total revenue of 5.791 billion yuan in Internet commercialization and value-added services in 2022, a year-on-year decrease of 21.85%. Among them, the revenue of Internet advertising and service business was 4.71 billion, down 25.32% year-on-year; The revenue of Internet value-added business represented by games was 1.082 billion yuan, down 2.03% year-on-year.
During the reporting period, the company's intelligent hardware business achieved operating income of 1.888 billion yuan, a year-on-year decrease of 8.5%.
360's top ten shareholders have changed dramatically
As of March 31, 2023, Tianjin Qixin Zhicheng Technology Co., Ltd. held 46.14% of the company's shares, Zhou Hongyi held 11.49%, Hong Kong Securities Clearing Company Limited held 1.8%, and Beijing Zhongguancun Capital Fund Management Co., Ltd. - Beijing Zhongfa Power No. 1 Investment Fund (Limited Partnership) held 0.66%;
As of March 31, 2023, 360 shareholding structure
BRICS Silk Road (Yinchuan) Equity Investment Partnership (Limited Partnership) holds 0.49%, Li Gang holds 0.48%, Fang Shixiong holds 0.42%, CITIC Securities Co., Ltd. holds 0.41%, Tianjin Confidence Qiyuan Equity Investment Partnership (Limited Partnership) holds 0.4%, and Zhang Jiancheng holds 0.23%.
As of December 31, 2022, Tianjin Qixin Zhicheng Technology Co., Ltd. held 46.14% of the company's shares, Zhou Hongyi held 11.49%, Hong Kong Securities Clearing Company Limited held 1.97%, and Beijing Zhongguancun Capital Fund Management Co., Ltd. - Beijing Zhongfa Power No. 1 Investment Fund (Limited Partnership) held 1.08%;
BRICS Silk Road (Yinchuan) Equity Investment Partnership (Limited Partnership) holds 0.87%, Tianjin Confidence Qiyuan Equity Investment Partnership holds 0.78%, Zhuhai Technology Venture Capital Co., Ltd. holds 0.76%, Beijing Sequoia Yiyuan Equity Investment Center (Limited Partnership) holds 0.74%, Chengdu High-tech New Economy Venture Capital Co., Ltd. holds 0.74%, and Sunshine Life Insurance Co., Ltd. - Own Capital holds 0.62%.
As of December 31, 2022, 360 shareholding structure
Qixin Zhicheng is an enterprise controlled by Mr. Zhou Hongyi, and the two constitute a concerted action relationship; Sequoia Yiyuan, Faith Qiyuan and BRICS Silk Road (Yinchuan) hold 8.8%, 6.85% and 3.28% of the equity of Qixin Zhicheng respectively, and are related to Qixin Zhicheng.
As of September 30, 2022, Tianjin Qixin Zhicheng Technology Co., Ltd. held 46.14% of the company's equity, Zhou Hongyi held 11.49%, Hong Kong Securities Clearing Company Limited held 1.71%, and Beijing Zhongguancun Capital Fund Management Co., Ltd. - Beijing Zhongfa Power No. 1 Investment Fund (Limited Partnership) held 1.08%;
As of September 30, 2022, 360 shareholding structure
BRICS Silk Road (Yinchuan) Equity Investment Partnership (Limited Partnership) holds 0.97%, Tianjin Confidence Qiyuan Equity Investment Partnership holds 0.78%, Zhuhai Science and Technology Venture Capital Co., Ltd. holds 0.76%, Beijing Sequoia Yiyuan Equity Investment Center (Limited Partnership) holds 0.74%, Chengdu High-tech New Economy Venture Capital Co., Ltd. holds 0.74%, and Tianjin Xinxinsheng Equity Investment Partnership holds 0.7%.
Qixin Zhicheng is an enterprise controlled by Zhou Hongyi, and the two constitute a concerted action relationship; Tianjin Xinsheng, Sequoia Yiyuan, Confidence Qiyuan and BRICS Silk Road (Yinchuan) hold 13.1316%, 8.7982%, 6.8496% and 3.2829% of the equity of Qixin Zhicheng respectively, and are related to Qixin Zhicheng.
Compared with the 3 consecutive quarters, the 360 equity structure, which can issue 360 shares, did not change much in the fourth quarter of 2022, but the change in the first quarter of 2023 was very obvious. In addition to Tianjin Qixin Zhicheng Technology Co., Ltd. and Zhou Hongyi, the top ten shareholders of 360 have changed greatly.
Among them, Hong Kong Securities Clearing Co., Ltd., Beijing Zhongguancun Capital Fund Management Co., Ltd.-Beijing Zhongfa Power No. 1 Investment Fund (limited partnership), BRICS Silk Road (Yinchuan) Equity Investment Partnership (limited partnership), Tianjin Confidence Qiyuan Equity Investment Partnership (limited partnership) have all seen a considerable reduction in their shareholding, Beijing Sequoia Yiyuan Equity Investment Center (limited partnership), Chengdu High-tech New Economy Venture Capital Co., Ltd., Sunshine Life Insurance Co., Ltd. - its own funds directly disappeared into the ranks of the top ten shareholders.
Speculating on stock prices with ChatGPT Shareholders staged a big exodus
Due to sluggish performance, the market value of 360 once fell to less than 50 billion yuan. Since 2023, the concept of AI has been hot, and 360 has rubbed a wave of heat. Zhou Hongyi frequently expressed his views on AI and ChatGPT.
In a previous speech, Zhou Hongyi said, "GPT is a new industrial revolution, and its significance goes beyond the invention of the Internet and iPhone. Zhou Hongyi said that in the future, every industry, enterprise and individual will have customized GPT. China has advantages in scenario, engineering, productization and commercialization, and has the ability to develop its own artificial intelligence big language model. But China's big language model is two to three years away from GPT-4 and needs more tolerance and patience.
Recently, Zhou Hongyi said, "Many people are concerned about the progress of 360's artificial intelligence, today I will bring out the 'newborn child' to show everyone, call it 360GPT or 360AI has no idea, I hope you will give more valuable opinions and help it come up with a name." Netizens joked in the live broadcast room that "Red Son" was born.
A-share shareholders are very "cold" to the concept of 360's GPT, which directly stimulates 360's stock price to continue to rise. As of the close of trading on April 4, 2023, the share price of 360 Group was 20.08 yuan, and the market value was 143.479 billion yuan.
The continuous rise of 360's stock price has given the trapped shareholders the opportunity to escape, which can be described as taking advantage of the rise in stock prices to stage a "great escape" of victory carnival.
Zhou Hongyi's divorce is also full of conspiracy theories. Many people believe that behind 360's sudden announcement of Zhou Hongyi's divorce, Zhou Hongyi can't help but want to cash out.
Before this equity change, Zhou Hongyi directly held 821,281,583 shares of the company, accounting for 11.49% of the company's total share capital (11.73% after excluding the number of shares in the special account for repurchase); and indirectly holds shares in the company through Qixin Zhicheng. The above shares are all unrestricted and tradable shares. Ms. Hu Huan did not hold shares in the Company prior to this change in equity.
According to the Divorce Agreement signed between Zhou Hongyi and Ms. Hu Huan, Zhou Hongyi intends to divide 446,585,200 shares of the company (approximately 6.25% of the company's shares) directly held by him into Hu Huan's name. Based on today's share price, based on the 6.25% equity to be divided, Hu Huan can still share 7.1 billion yuan in assets through divorce.
Netizens believe that the divorce between Zhou Hongyi and Ms. Hu Huan is very strange, that is, it is convenient to cash out. After all, Hu Huan's reduction of holdings has much less impact on 360 than Zhou Hongyi's own reduction.
Netizens quipped, "The one who defeated the AI may be Sect Master Zhou's wife." There is also ridicule: AI needs courage to face the divorce of the sect leader. Some netizens questioned that Zhou Hongyi couldn't sit still in the face of soaring stock prices, "I don't even want my wife." ”
360 board secretary Zhao Luming said that divorce is a very serious matter, and I believe that most people still value feelings more than money. Can't you reduce your holdings without divorce. "Who told me that I gave my boss this kind of cash-out strategy, who I played with my life, you insulted my professional ability."
Of course, behind the continuous rise in 360's stock price, there may be more institutional sobriety and leeks emotional. Leeks are more chasing the wind, not looking at the business logic, but the institution is more looking at the company's business itself, 360 years of business decline, taking advantage of this wave of GPT and AI outlets, just cash out of the market, the follow-up only leeks "empty sadness".
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