The four -year market value has shrunk by 420 billion yuan, and the performance of the interim report "first loss"!What's wrong with three or six?

I was pushed up to the hot search for a hot search for the increase in the capital of Nezha.

However, this time "Shang Hot Search" is not because of Nezha, but because of his own problems -where the performance of the report is "the first loss".

After closing on July 14, three or six0 disclosed its first half of the year's performance trailer. According to the financial report data, in the first half of this year, the estimated revenue was expected to achieve 4.7 billion to 5 billion, a decrease of about 619 million to 919 million compared with the same period last year. Compared with the profit to losing losses at the same time; it is expected that the non -net profit will be deducted from -629 million to 454 million, a year -on -year loss from profit to losses.

It is worth mentioning that if the performance in the first half of the year is finally presented, this will be the first time since the announcement of the return of A shares in 2017, it will be the first time that the results of the semi -annual report will be lost; Prior to this, the performance of the three or 60s still achieved positive income, and now the performance is "negative" for the first time. I am afraid that the last one of the three or 60 shame is gone.

As one of the domestic network security leaders, the 306th was also the scenery. With the subversive model, a large number of users have been accumulated in the PC era. However, with the rise of the mobile phone, anti -virus software has gradually been marginalized. Therefore, it has fallen quickly to the altar; now, three or 60 has ushered in the "first loss" since the listing of A shares in the past four years.

The performance is "the first loss", the old book can't eat anymore

As the leader of domestic network security, I have to admit that there are really glory.

During the heyday of the PC end, 360 accumulated a large number of users with free antivirus software, and overturned the profit model of the traditional anti -virus industry. The advent of the times, because the mobile phone itself has a strong security system, and the anti -virus software has gradually been marginalized, and the three or 60s have gradually stepped off the altar.

In fact, due to the inadequate development of the new business, in recent years, the core of the operation of three or six0 has clearly shifted to the advertising business. Although wearing a network security coat, it has become an out -of -the -box family. "Advertising company".

Judging from the main business of 2021, the business divides its business into 5 categories according to the industry: Internet advertising and services, smart hardware, security and other, Internet value -added services, and other (supplementary). Among these five categories of businesses, the revenue of Internet advertising and services is 6.306 billion, accounting for 57.93%of the income ratio, the main profit of 4.425 billion, and the profit ratio of 65.56%. The business has occupied an important position in the operation of three or 60.

In fact, for this model of three or six, we can understand it as "eating old books" -Although there are no new businesses in recent years, with the users who have accumulated on the PC, three 60 still have huge user bases. And through these users to "advertise", it is undoubtedly the easiest way to achieve profitability today. From the perspective of gross profit margin, the gross profit margin of Internet advertisements and services is as high as 70.16%, second only to 81.97%of the value -added business 81.97% Gross profit margin.

However, "Old Ben" will eventually take a day of eating mountains and air, and so for three or 60.

After several years of "lying and earning" with the advertising business, in the first half of this year, due to the influence of economic downturn, the advertising business of 360 began to shrink. According to the content of the announcement of the three or 60s, in terms of the reasons for the loss of performance, the "main reason is the main reason for the production and operation of Internet advertising in many regions in China since 2022. , Internet advertising mainly puts the growth rate of the industry where the main body is located, and the diversified competition of the Internet advertising market terminals has intensified. "

It is undeniable that the "first loss" of the "first loss" of 360 performance is because of the influence of the external economic environment, but in fact, as an Internet company, if you want to "sell traffic", you must have good products for users to use Essence

However, in recent years, there have been no new products that have not been launched in San or 60, and it has also shifted from the C terminal to the B -end. From this point of view, the decline in advertising business is actually inevitable. Essence

The transformation has frequently failed, and the market value shrinks 420 billion yuan

The reason why the three or 60 is in today's situation is that in addition to external factors, it is also an important reason for its own transformation.

In fact, as early as the rise of the mobile Internet in 2012, the "clue" was discovered in three or 60 -because mobile phone memory was limited, mobile phones may not need to download antivirus software like a computer, and their own business demand may decline significantly.

So in 2015, I started to develop my mobile phone -in cooperation with Coolpad and established an independent mobile phone brand "Qilu".

However, because self -developed mobile phones needed a lot of time, and the mobile phone market at that time was very fierce, so it was not long before this business was thrown into the corner, and now it has been suspended.

By 2016, watching the rise of the live broadcast industry, and the three or 60s of the live broadcast of "non -dipping", trying to transform the live broadcast industry, and invested and set up a live broadcast platform "Pepper Live". The signal came out that it brought a certain amount of investment income to the three or 60s, but it was not helpful for its business transformation. By 2021, the three or 60s who could not find the direction aimed at the "car safety business", cooperated with Nezha Automobile, and announced that it would invest 2.9 billion yuan to invest in Nezha Automobile; Three or 60 stopped the capital increase of Nezha Motors. The market interpretation was an important signal for the retreat of the "automobile safety business" retreat.

In fact, looking back at the transformation of three or 60 years, the direction is quite accurate, but because there is no patience and unwilling to spend too much investment, the transformation has "died" in the end. There are not much changes in the antivirus software company, and the Internet companies of the same period, such as the former opponent, and Tencent, which launched the "3Q War", has now become an Internet giant.

Looking at the three or six cities, under the impact of the failure of the transformation again and again, its stock price is also retreating.

As of the closing of July 15, the stock price of 36,600 was only 7.33 yuan, which has fallen 88.94%compared with the 66.29 yuan at its peak in February 2018, and the market value has shrunk sharply by 42.1269 billion.

Transformed the "B -side", the lone bet of three or six0

The transformation has continued to fail, the C -end business is constantly shrinking, and today's three or six should be described as "difficult."

In this case, San or 60 has to choose to shift from the "C -terminal" to the "B -end" to vigorously develop the security business of government and enterprises.

According to media reports, due to the weak C -terminal business, since 2020, three or 60 have continuously increased their investment in government and enterprise security, and Zhou Hongyi even mentioned "we want to be a security guards for the digital economy in China" when they were disclosed. " It can see its determination to transform the B -end business.

However, although the slogan is shouted enough, from the data point of view, although the B -end business has developed fast enough, it is still difficult to take on heavy responsibility.

According to its financial report data in 2021, the "security and other" business revenue of 360 is only 1.104 billion, accounting for only 12.69%of the income ratio. It is not enough to make the transformation of three or six0.

In fact, the "B -side" business of three or six0 transitions can be said to be described as desperate. From the perspective of the main structure, the "big head" of 360's revenue comes from advertising business. In other words, only the "C -end" business is vigorously developed Only the advertising business of the three or 60 can be maintained. If the development of the "B -end" business is finally good, but if it fails, then the users of the 360 ​​may also accelerate the loss.

From the perspective of the institutional attitude, big funds are obviously not optimistic about the transformation of the direction of "government and enterprise security".

According to shareholders' data, as of the first quarter of this year, the number of funds holding three or 60 funds was only 17, and the number of shares held was 13,171,611 shares, accounting for only 0.18%of the total share capital. Compared with the number of shares held by 97,637,064, the institutions made significant liquidation of three or six in the first quarter.

On the one hand, there is a stock price that is endless, and on the other hand, the performance has appeared "first loss". For today's three or 60, government -enterprise security has become one of the few life -saving straws. If it ended in failure like the previous transitions, then the former network security leader may be three or 60. Maybe it may really be really. It's going to be "forever".

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