Credit Brief — 360 Security Technology Inc. (三六零)
601360.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 周鸿祎
- Office address: 北京市朝阳区酒仙桥路6号院2号楼A座
- Controlling shareholder: 天津奇信志成科技有限公司
- Actual controller: 周鸿祎
- Employees: 5,273
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 22,781.8 | 26,105.4 | 23,557.6 | 20,608.5 | 18,761.6 |
| Trading financial assets | 504.0 | 733.7 | 803.7 | 1,834.9 | 1,560.1 |
| Accounts receivable | 1,757.4 | 1,480.7 | 1,222.3 | 1,372.0 | 1,312.4 |
| Other receivables | 149.9 | 212.1 | 117.6 | 119.6 | 136.0 |
| Inventories | 538.2 | 364.0 | 328.9 | 354.1 | 467.9 |
| Long-term equity investments | 3,427.8 | 3,189.8 | 2,338.4 | 2,553.8 | 2,752.7 |
| Fixed assets | 1,418.1 | 1,502.4 | 1,499.6 | 1,439.9 | 1,257.6 |
| Construction in progress | 4.9 | 4.6 | 6.0 | — | 1.6 |
| Intangible assets | 636.1 | 594.6 | 561.7 | 516.3 | 493.2 |
| Total assets | 38,615.8 | 40,168.4 | 38,256.2 | 37,516.5 | 36,501.1 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 0.7 | 830.6 | 250.2 | 496.3 | 461.6 |
| Notes payable | 25.2 | 60.2 | 64.8 | 45.6 | 43.0 |
| Accounts payable | 2,180.3 | 2,106.4 | 1,722.0 | 1,896.9 | 1,862.4 |
| Contract liabilities | 1,243.4 | 1,070.4 | 1,328.1 | 1,528.7 | 1,507.1 |
| Other payables | 693.4 | 949.4 | 1,066.3 | 1,112.7 | 1,074.5 |
| Current portion of non-current liabilities | 122.5 | 153.0 | 314.2 | 390.0 | 690.5 |
| Long-term borrowings | — | 350.0 | 650.0 | 300.0 | — |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 6,938.0 | 8,317.7 | 8,120.8 | 8,201.5 | 8,326.9 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 7,145.4 | 7,145.4 | 6,999.6 | 6,999.6 | 6,999.6 |
| Capital reserve | 10,419.6 | 10,964.1 | 9,760.9 | 9,733.2 | 9,684.4 |
| Retained earnings | 13,279.4 | 14,089.5 | 12,290.5 | 10,945.2 | 10,468.2 |
| Equity attributable to owners of the parent | — | — | 30,206.1 | 29,392.1 | — |
| Minority interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total equity | 31,677.8 | 31,850.6 | 30,135.4 | — | 28,174.2 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 9,520.8 | 9,055.4 | 7,947.7 | 8,692.6 | 4,172.1 |
| Cost of sales | 3,922.3 | 3,553.2 | 2,694.4 | 2,908.1 | 1,265.7 |
| Selling expenses | 2,115.0 | 2,029.4 | 2,143.8 | 2,582.3 | 1,215.2 |
| Administrative expenses | 720.2 | 701.3 | 660.0 | 646.4 | 276.8 |
| Finance costs | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Investment income | 126.3 | 111.2 | 66.1 | 383.6 | 203.8 |
| Operating profit | 169.0 | 104.2 | 71.7 | 248.6 | 299.7 |
| Profit before tax | 169.0 | 104.8 | 71.7 | 419.9 | 290.1 |
| Net profit | 131.8 | 101.0 | 70.0 | 254.7 | 209.0 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 4.66x | 4.24x | 4.10x | 3.51x | 3.56x |
| Quick ratio | 4.57x | 4.19x | 4.04x | 3.46x | 3.49x |
| Debt-to-asset ratio | 18.0% | 20.7% | 21.2% | 21.9% | 22.8% |
| Total debt / EBITDA | 0.10x | 1.09x | 1.06x | 0.98x | 1.68x |
| EBITDA interest coverage | — | — | — | — | — |
| Gross margin | 58.8% | 60.8% | 66.1% | 66.5% | 69.7% |
| Net margin | 1.4% | 1.1% | 0.9% | 2.9% | 5.0% |
| Return on equity (ROE) | 0.4% | 0.3% | 0.2% | — | 0.7% |
| Revenue growth | — | -4.9% | -12.2% | 9.4% | -52.0% |
| Net profit growth | — | -23.3% | -30.7% | 263.9% | -17.9% |
| Receivable days | 67 | 60 | 56 | 58 | 115 |
| Cash received / revenue | 114.0% | 120.7% | 123.9% | 115.6% | 115.1% |
| Operating CF / net profit | 4.23x | 9.15x | 4.66x | 0.61x | 0.00x |
| Free cash flow | 3,220.4 | 924.3 | 1,911.7 | 154.2 | 837.6 |
Mechanical risk flags
- ⚠ Debt-to-asset ratio: 0.22 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2024 · Same item across different source documents: 30,135.4 vs 38,256.2 CNY mn (deviation 21.23%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 8,120.8 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 5,097.4 vs 3,323.6 CNY mn (deviation 34.8%, severity mid)
Sources: 2023年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.105 「货币资金」. CF-statement figure above the balance-sheet movement by 1,773.8 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs -2,547.7 CNY mn (deviation 100.0%, severity mid)
Sources: 2025年年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.96 「货币资金」. CF-statement figure above the balance-sheet movement by 2,547.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs -2,949.1 CNY mn (deviation 100.0%, severity mid)
Sources: 2025年年度报告.pdf p.105 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.95 「货币资金」. CF-statement figure above the balance-sheet movement by 2,949.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 20,608.5 | 2025年年度报告.pdf | 95 | 货币资金 | 20608520.0 (千元) |
| Total assets | 2025 | 37,516.5 | 2025年年度报告.pdf | 96 | 资产总计 | 37516528.0 (千元) |
| Accounts receivable | 2025 | 1,372.0 | 2025年年度报告.pdf | 95 | 应收账款 | 1372032.0 (千元) |
| Fixed assets | 2025 | 1,439.9 | 2025年年度报告.pdf | 95 | 固定资产 | 1439946.0 (千元) |
| Short-term borrowings | 2025 | 496.3 | 2025年年度报告.pdf | 96 | 短期借款 | 496326.0 (千元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.