Lei Jianping on April 19
360 Security Technology Co., Ltd. (company code: 601360, company abbreviation: 360) announced its financial results today. According to the financial report, 360's revenue in 2023 will be 9.055 billion yuan, down 4.89% from 9.52 billion yuan in the same period last year.
During the reporting period, 360 Internet commercialization and value-added services achieved a total revenue of 5.62 billion yuan, a year-on-year decrease of 2.95%. Among them, the revenue of Internet advertising and service business was 4.521 billion yuan, down 4% year-on-year, and the revenue of Internet value-added business represented by games was 1.099 billion yuan, a year-on-year increase of 1.62%. Among them, the revenue of all Internet products was 138 million yuan, an increase of 65.58% compared with 2022.
In 2023, 360 will combine the large model with security, integrate the large model technology, methodology, network-wide data and expert knowledge, and release the "360 Security Model", and at the same time, the "360 Security Cloud" will be officially released by cloudifying national capabilities.
During the reporting period, the company achieved safety and other related revenue of 1.765 billion yuan, a slight decrease of 1.48% year-on-year.
During the reporting period, the company's smart hardware business continued to streamline SKUs and focus on security scenarios, with revenue of 1.57 billion, down 16.8% year-on-year, and gross profit margin of 28.8%, an increase of 6.39 percentage points over the previous year.
360's government subsidies in 2023 will be 350 million yuan, compared with 112 million yuan in the same period last year.
360 said that in 2023, focusing on the two main lines of "AI and security", the company's R&D expenses during the reporting period will be 3.104 billion yuan, accounting for 34.28% of operating income, which is basically the same as in 2022.
360 reported a net loss of RMB492 million in 2023, compared to a net loss of RMB2.2 billion in the same period last year, and a net loss of RMB756 million after deduction of non-profits, compared to a net loss of RMB1.864 billion in the same period last year.
Among them, 360's revenue in the fourth quarter of 2023 will be 2.317 billion yuan, the net loss will be 124 million yuan, and the net loss after deducting non-profits will be 377 million yuan.
360 is based on the number of shares that can participate in the distribution on the equity registration date when the 2023 profit distribution plan is implemented, and a cash dividend of 1 yuan (tax included) will be distributed for every 10 shares.
The 360 shareholding structure has changed dramatically, and Zhou Hongyi's ex-wife is the second shareholder
As of December 31, 2023, Tianjin Qixin Zhicheng Technology Co., Ltd. held 46.14% of the company's shares, Hu Huan held 6.25% of the shares, Zhou Hongyi held 5.24% of the shares, Hong Kong Securities Clearing Co., Ltd. held 2.43% of the shares, and Beijing Zhongguancun Capital Fund Management Co., Ltd. - Beijing Zhongfa Power No. 1 Investment Fund (Limited Partnership) held 0.58% of the shares;
As of December 31, 2023, 360 shareholding structure
Tianjin Confidence Qiyuan Equity Investment Partnership (Limited Partnership) holds 0.37% of the shares, Industrial and Commercial Bank of China Co., Ltd. - Huatai Pinebridge CSI 300 ETF holds 0.31%, Lv Qiang holds 0.26%, Wang Liping holds 0.2%, and Société Générale holds 0.16%.
Qixin Zhicheng is an enterprise controlled by Zhou Hongyi, and the two constitute a concerted action relationship, and Confidence Qiyuan holds 6.85% of the equity of Qixin Zhicheng. Zhou Hongyi controls a total of 51.38% of the shares.
As of December 31, 2022, Tianjin Qixin Zhicheng Technology Co., Ltd. held 46.14% of the company's shares, Zhou Hongyi held 11.49% of the company's shares, Hong Kong Securities Clearing Co., Ltd. held 1.97% of the shares, Beijing Zhongguancun Capital Fund Management Co., Ltd. - Beijing Zhongfa No. 1 Investment Fund (Limited Partnership) held 1.08% of the shares, and BRICS Silk Road (Yinchuan) Equity Investment Partnership (Limited Partnership) held 0.87% of the shares;
As of December 31, 2022, 360 shareholding structure
Tianjin Confidence Qiyuan Equity Investment Partnership holds 0.78% of the shares, Zhuhai Science and Technology Venture Capital Co., Ltd. holds 0.76% of the shares, Beijing Sequoia Yiyuan Equity Investment Center (Limited Partnership) holds 0.74% of the shares, Chengdu High-tech New Economy Venture Capital Co., Ltd. holds 0.74% of the shares, and Sunshine Life Insurance Co., Ltd. holds 0.62% of the shares held by its own funds.
Throughout 2023, 360 equity has undergone huge changes, mainly due to two reasons:
1. In April 2023, when 360's stock price was at a high level, 360 announced Zhou Hongyi's divorce, and Zhou Hongyi and Ms. Hu Huan signed the "Divorce Agreement", which stipulated that Zhou Hongyi would split 446,585,200 shares of the company (about 6.25% of the company's total shares) directly held by Zhou Hongyi into Ms. Hu Huan's name.
At that time, Zhou Hongyi's divorce sparked heated discussions on the Internet. Some netizens quipped, "It may be the wife of Sect Leader Zhou who defeats AI." There is also a joke that AI needs courage to face the divorce of the leader. Some netizens questioned that Zhou Hongyi couldn't sit still in the face of soaring stock prices, "I don't even want a wife." ”
2. 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.
Zhou Hongyi once said, "GPT is a new industrial revolution, and its significance goes beyond the invention of the Internet and the iPhone. Zhou Hongyi said that in the future, every industry, enterprise, and individual will have customized GPT. China has advantages in scenario-based, engineering-based, product-based, and commercialized, and has the ability to develop its own AI large language models. But China's large language model has a two- to three-year time gap from GPT-4 and needs more tolerance and patience.
A-share shareholders are very "cold" to the concept of 360's GPT, which directly stimulates the continuous rise of 360's stock price, giving trapped shareholders the opportunity to flee. Including BRICS Silk Road (Yinchuan) Equity Investment Partnership (Limited Partnership), Zhuhai Science and Technology Venture Capital Co., Ltd., Beijing Sequoia Yiyuan Equity Investment Center (Limited Partnership), Chengdu High-tech New Economy Venture Capital Co., Ltd., and Sunshine Life Insurance Co., Ltd. - their own funds have withdrawn from the ranks of the top ten shareholders of 360.
Over the past year, Zhou Hongyi has become more and more like an internet celebrity, rather than an entrepreneur.
As of today's close, 360's share price was 7.98 yuan, and the market value was 57 billion yuan.
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