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Disappeared red cannon

2022-05-07 13:18:3636kr

360 It's declining , New energy is on fire .

At present , Zhou Hongyi's two major undertakings are like a seesaw , This car is 360 shares all the way south , That compartment is the growing sales volume of Nezha car .

The 360 share price has now fallen back to before backdoor , If the investors who participate in the process hold all of them so far , The market value has evaporated beyond 4000 One hundred million yuan , Net profit plummeted in three years 74%. The former leader of network security is fading away , Reduced to living on advertising .

The stubborn and aggressive Zhou Hongyi urgently needs to grasp the new straw —— He's been chasing the wind all these years , Making mobile phones 、 Play live 、 Shares in new energy vehicles , Even in the meta universe .

More than 20 years of entrepreneurship , That's a terrible thing 、 Zhou Hongyi, who fought everywhere, converged a lot , Become more low-key , His anger is low , but 360 Also a little bit disappeared in people's vision , Sinking into a second tier brand .

today ,52 Zhou Hongyi is not willing to be forgotten , He makes money in finance and live broadcasting , Bet on the future in new energy vehicles and metauniverse . He is still the red cannon who wins a sense of existence in constant entry and tossing , It's just that the Jianghu is no longer the one where he is willful .

01 to be withered

Three, six, zero from back to A Opening on the day of listing 4442 The peak of billion yuan market value , So far, it has fallen less than 600 Billion , It's gone 87%. 

“360 Our business model is quite wonderful , Earn the most vulgar advertising money .”

2021 At the Internet Security Conference , Zhou Hongyi, who has always been frank and outspoken, directly pointed out 360 Problems faced . It's just , This self metaphor “ vulgar ” The money , It's not easy to earn .

The performance of 360 is showing a cliff like decline visible to the naked eye ,2021 The company's revenue in 108.86 One hundred million yuan , Year-on-year decline in 6.28%; But the net profit to the parent is only 9.02 One hundred million yuan , It's less than the change of the previous year , A sharp drop of nearly 70% year-on-year .

Take a long look at , Three or six zero from 2018 Year back A After listing , Revenue is down 17%, Net profit plummeted 74%. Even more worrying is , For so many years “ Great security ” Of the story 360 Actually reduced to a “ advertiser ”.

At present ,360 More than half of the income , More than 60% of the profits come from Internet advertising business ; The proportion of security business income is only 13%, Profit only 14%.

Advertising services up to 70% The gross profit margin , Give Way 360 risk danger in desperation . In CCTV last year “3.15” At the party ,360 The illegal operation of searching and publishing false medical advertisements has been publicly exposed .

2005 year ,360 After the Wei Zexi incident, he claimed to eliminate all medical advertisements . Zhou Hongyi even criticized Baidu , And publicly promise : You can't earn money for medical advertising , Conscience is more important .

But sixteen years later , Zhou Hongyi has become the person he hated most . After the storm ,360 The advertising business has been hit hard , Not only lost his reputation , It also opened the scar of this network security star enterprise .

After earning this vulgar money , Zhou Hongyi's self talk continues :“360 Invest in safety every year 20 Billion -30 Billion , For core technology R & D and high-level team building . Ten years down , Tens of billions have been invested ,360 It is already the largest security company in China .”

PC Dividends have long been a thing of the past , The wave of mobile Internet has also failed to catch , To work around , Zhou Hongyi once again increased the security business .

He invested in security companies , an " Great security " strategic ,360 Successively acquired Yifang cloud 、 Weaving language 、 Hans technology and other companies , Trying to secure information 、 Data security 、 System security and operation system security are integrated , Create a safe and reliable 、 Smart and efficient 、 Open and win-win new business mode of government and enterprise security .

2021 year ,360 Security business income 13.81 One hundred million yuan , Year-on-year increase 71%, But the proportion in the whole revenue plate is still too small . Compared with the same industry , It is also the smallest of the main players .

For advancement “360 Safe brain ” plan , Zhou Hongyi spent a lot on R & D and sales .2021 year ,360 Put in 31.29 Billion yuan of R & D expenses ,22.33 Billion yuan of selling expenses , Close to half of total revenue .

High intensity investment continues to drag down the company's performance . The first quarter of this year , The performance of 360 still hasn't improved , revenue 、 Net profit 、 Deduction of non net profit is declining .

The performance is declining , The share price is losing ground . Three, six, zero from back to A Opening on the day of listing 4442 The peak of billion yuan market value , So far, it has fallen less than 600 Billion , It's gone 87%. And even so , At present, its dynamic P / E ratio is still as high as 69 times .

What makes him more ashamed is , At present 585 The market value of billion yuan is even lower than the initial privatization valuation (93 Billion dollars ),6 Years have passed , A company known as Internet technology does not advance but retreat . After listing , Three hundred and sixty two fund raisings totaled 551.6 One hundred million yuan , Dividends are only 14.2 One hundred million yuan .

so to speak ,360 Going public is the peak , Zhou Hongyi 360 The best years stay in the United States , Return to... In maturity or even recession A stocks .

With 360 The decline of business , This is the biggest privatization in the history of Chinese stock ownership A Grand Opera , It has been proved by time to be a capital game with precise layout .

02 Enter

In the long run , Nezha car can only reach 50 Annual sales of 10000 units , To survive . 

Follow the lead 、 Nezha advanced strongly , The new power pattern of car making is undergoing multipolar evolution .

This year, 4 month , The epidemic is concentrated in the Yangtze River Delta , Wei to 、 The ideal supply chain is blocked , The sales volume showed a significant decline . And take the lead in low-level cities 、 Nezha took advantage of the situation to surpass .

among ,360 Nezha car, which is a shareholder, is in 4 Delivered... In January 8813 car , Surpass Weilai and ideal , In third place .2022 year 1~4 month , Cumulative delivery 38965 car , Only second to Xiaopeng , Year-on-year growth 2.4 times .

It is worth noting that , In recent months , Nezha's monthly delivery volume has always ranked among the top three of the new forces , This year, 2、3 Ranked second in monthly average . It means , Nezha car basically has a firm foothold in the head camp .

As early as 2021 year 3 month , After Lei Jun announced that he would build the car in person , Zhou Hongyi 5 The month was followed by the announcement that , Want to take a stake in Nezha automobile . 

last year 10 month , 360 participate in United new energy ( Nezha automobile parent company ) Of D Round of funding , To spend 29 Billion yuan to win Nezha car 16.594% Equity of , Become its second largest shareholder .

It's different from Lei Jun's armor , Zhou Hongyi learned the lesson of making mobile phones this time , Adopted the strategy of capital investment .

“ Lei Jun is one year older than me , He gambled on building a car before he retired . Lei Jun is capable , What can't I do ? I don't want to stand idly by when this great opportunity to change China's future comes .” Shout in the air, old friend , so , Zhou Hongyi is serious about making cars .

And Main 20-30 Wan Gao End electric “ Wei Xiaoli ” Different , Nezha car has been holding high since its birth “ Equal rights in science and technology ” Of the standard , This coincides with Zhou Hongyi's stubborn and aggressive character .

When I took a stake in Nezha automobile , Zhou Hongyi said frankly , Smart cars add Four wheels Intelligent terminal of .“ Nezha's car is going to be built 15 Wannei National Smart car , And in the intelligent experience 、 Intelligent driving is not inferior to luxury cars .”

He did not forget that he Xiaopeng, who was not optimistic about low-cost electric vehicles :“ If you can't do it, it doesn't mean that the industry can't do it , Don't underestimate China's manufacturing and Internet industries .”

Now look at , Nezha automobile focuses on sinking the market , The proportion of cities in the third tier and below reaches 34%; price , Which zha N01 system 、 Which zha U Sales price 10 ten thousand -15 Ten thousand yuan ; Which zha V Sales price 8 Ten thousand yuan up and down , And it is the main model for sales .

Zhou Hongyi and Nezha's car are like a catfish , Adding variables to the new energy vehicle market .“15 The proportion of cars with less than 10000 yuan in China's car market 7 become , If 15 You can't build a smart car within ten thousand , Smart cars are niche products .” In Zhou Hongyi's view ,15 Ten thousand yuan should not and cannot be the dividing line between intelligence and non intelligence .

Without considering the profit margin , There is more room to sink the market . AI media research shows that ,2021 In, the proportion of people who have plans to buy cars but have not yet bought cars in China's sinking market was 54.7%, In the first and second tier cities , The figure is 48.7%. Wei Lai and Xiao Peng also took a fancy to this cake , It is planned to launch medium and low-end models , Reduce the price to 15 All the .

Besides , use To B Market sales volume has always been the place where the outside world criticizes auto enterprises , Nezha automobile is also trying to change this situation .2021 year , Its To B The market share is less than 10%; Nearly two months To B The proportion of market sales is only 2% and 3%. It can be seen that the gold content of its sales is increasing .

According to Nezha car CEO Zhang Yong revealed ,2022 The sales target of Nezha automobile in will be 6.5 Wan to 7 Double on the basis of 10000 units . And in the long run , Only to achieve 50 Annual sales of 10000 units , To survive .

“2025 Years ago , Nezha car must reach the annual 50 The threshold of 10000 units sales . If 2025 I can't do it in 50 ten thousand , May be eliminated . If it does , You can get qualifying tickets .” According to Zhang Yong , The sales scale determines the life and death of Nezha car .

03 Toss about

It's been a long time , Zhou Hongyi has made some achievements in the field of live broadcasting and Internet Finance . 

From founding 3721, To free antivirus software , Then to the war with Tencent 3 year , Zhou Hongyi is destined to be a restless man .

Even though 52 At the age of, he became more and more calm , But I still love to toss in my bones . In his words “ We have to subvert ourselves 、 Refuse mediocrity , Break through the hierarchy .”

Over the years , Zhou Hongyi's tossing is not uncommon , In addition to the old line of safety , And joining the new energy vehicles , mobile phone 、 Smart hardware 、 live broadcast 、 Finance 、 Voice chat 、 Grass planting e-commerce 、 game 、 Meta universe , He's gone down .

But looking back on these wars , Not many wins , There are also many failures . Among them , The highest tone of incoming mobile phone , But the worst fall .2011 year , Zhou Hongyi made bold remarks , He said he would plug up the mobile phone ring ,“ No one can stop me from making a mobile phone ”. In the second year ,360 They cooperated with Huawei to launch the first 360 Special offer —— Huawei shines . Then strategic investment cool , Officially enter the field of smart phones , Zhou Hongyi claimed to be in 3 Listing the company within the year .

But one meal down , The result is not satisfactory .“ Chinese rice OV” It has long occupied most of the market ,360 I don't even have a share of soup . There have been reports ,2016 In the year 360 Mobile phone losses 8 One hundred million yuan . Final , Zhou Hongyi is here 2019 Admitted in 360 The mobile phone doesn't play anymore .

The failure of making mobile phones , Zhou Hongyi, who has been immersed in the Internet for a long time, has learned a profound lesson . therefore , When entering the bureau to build a car , He never built a car alone , Instead, carefully select partners with basic hardware capabilities .

Sort it out , It's been a long time , Zhou Hongyi has made some achievements in the field of live broadcasting and Internet Finance . At present , Zhou Hongyi owns 360、360 Number division ( Finance )、 Master Lu Three listed companies .

In recent days, , Huafang group, with Zhou Hongyi as the major shareholder, made a second sprint to the Hong Kong Stock Exchange IPO list , Huafang group owns pepper 、 Six rooms and other live broadcasting platforms , The interests of shareholders in recent three years are 1.92 One hundred million yuan 、-15.25 Million dollars 3.25 One hundred million yuan . Although not a head player , But it is also one of the few tuyeres that have been caught .

Although Internet finance is subject to strict policy supervision , but Supplement the financial license 360 Shuke is already the cash cow in Zhou Hongyi's industrial sector .2021 year ,360 The net profit attributable to the parent company of several branches amounted to 57.82 One hundred million yuan     Year-on-year growth 65.35%, Cash in hand at the end of the year 87.60 One hundred million yuan .

Facing the hot meta universe since last year , Zhou Hongyi doesn't want to miss , Launched a meta universe product “N The world ” , And gave “N The world ” Worth tens of millions of yuan “” Domain name as official website .

“N The world ” It is a new generation of interest meta universe , One by one “ Interest world ” constitute , Everyone can create (UGC) My world , Players can create interesting topics 、 Voice interaction 、 Identity card 、 Private exclusive territory, etc .

Besides , Zhou Hongyi also wants to play the old line of safety cards in yuanuniverse ,“ The challenge of the meta universe is essentially a challenge of digital security ”. In Zhou Hongyi's view , Digitization can make the whole human society more “ smart ”, It may also make it safer “ fragile ”.

therefore ,360 Cut into the meta universe from network security , And set up “ Metacosmic security ” Position . It can be seen that , Zhou Hongyi hopes to emphasize his advantages in the meta universe through social and security cards .

04 At the end

“ A stubborn man like me , It will come back .”

2014 By the end of year , Zhou Hongyi is here 360 The internal letter explained his determination to enter the mobile phone field . The letter is full of his stubbornness and stubbornness .

But it backfired , Failed to build a mobile phone .360 Not only did no king return , On the contrary, it continues to sink after laughing and being generous .

After silence , Zhou Hongyi continued to toss about , Or say , He's been waiting for an opportunity , Prove to the world “ What you lost , I'm sure I'll get it back ”. Now , Zhou Hongyi tried to counter attack by relying on several new sectors and listed companies , It's just bitter 360 There are countless shivering on the high mountain 、 Investors who used to trust him so much .

This article is from WeChat official account. “ The tide WAVE”(ID:WAVE-BIZ), author | Xie Zefeng , edit  | Yang xuran ,36 Krypton authorized release .

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