00%
2017 1517
:
100% --
................................................................................... 1
....................................................................................................... 2
.......................................................................................... 4
........................ 4
.................................................................................... 9
................................................................ 9
.................................................................. 21
.............................................................................. 21
.................................................................................. 21
.................................................................................. 24
...................................................... 32
.................................................................................. 34
.................................................................................. 35
...................................................................... 37
...................................................... 47
.......................................................................... 48
..................................................................................... 50
100% --
”
”
: /
〕
〕 ”
1
100% --
100%
2017 1517
:
;
100% ;
”
;
; ”
2017 3 31
.
;
2
100% --
; ” 2017 3
31
; ” 2017 3 31
1,331,991.30 5,041,642.33
3,709,651.03 278.50%
”
.
”
2017 3 31
2018 3 30 。
)
3
100% --
100%
2017 1517
:
; 100%
; ”
2017 3 31
;
718
39718.2443
4
100% --
;
39 9-3-401
200,000
2011 09 15
91120116581328943Y
”
1.
; ; , ”
; = .
Qiji International Development Limited.
2011 9 15
; 2,000 126,334
= .
5
100% --
[2011] 021
2016 7 ; Qihoo 360 Technology Co.
Ltd. Qihoo 360 , 2011 ”
QIHU 2016 7 28
《 51.33
Qihoo 360 Qihoo 360
Qihoo 360
;
2016 7 29 = . ; 100%
; 2,000
126,334
2017 2 15 ; ;
17,866,957 873,666
; 1,000,000
2017
110ZC0072 2017 110ZC0073
2017 2 17 ;
56,177 ;
2017 3 20 ;
; 2017 2
28
; 2,000,000
2017 110ZC0074
6
100% --
”
2.
/
1 1,035,592,914 51.78%
2 257,985,865 12.90%
3 87,109,465 4.36%
4 59,959,775 3.00%
5 58,363,346 2.92%
6 45,437,117 2.27%
7 38,074,303 1.90%
8 34,843,779 1.74%
9 33,268,461 1.66%
10 27,875,044 1.39%
11 27,059,723 1.35%
12 21,777,384 1.09%
13 21,777,384 1.09%
14 17,421,907 0.87%
15 17,421,907 0.87%
16 15,679,688 0.78%
17 14,808,614 0.74%
18 13,066,430 0.65%
19 11,324,247 0.57%
20 11,324,247 0.57%
21 8,710,954 0.44%
22 8,710,954 0.44%
23 8,710,954 0.44%
24 8,710,954 0.44%
25 8,710,954 0.44%
26 8,710,954 0.44%
27 8,710,954 0.44%
7
100% --
/
28 8,710,954 0.44%
29 8,710,954 0.44%
30 8,710,954 0.44%
31 8,710,954 0.44%
32 7,839,844 0.39%
33 6,968,770 0.35%
34 6,968,770 0.35%
35 4,355,477 0.22%
36 4,355,477 0.22%
37 4,355,477 0.22%
38 4,355,477 0.22%
39 4,355,477 0.22%
40 3,919,922 0.20%
41 3,919,922 0.20%
42 2,613,293 0.13%
2,000,000,000 100%
3.
;
2014 12 31 2015 12 31 2016 12 31 2017 3 31
967,458.70 1,344,328.30 1,384,410.10 2,504,790.50
494,456.00 727,496.90 874,572.10 1,143,366.30
446,704.80 580,705.30 479,258.10 1,331,991.30
473,002.70 616,831.40 509,838.00 1,361,424.20
2014 2015 2016 2017 1-3
781,954.70 935,709.50 990,434.10 243,843.40
147,286.50 138,255.70 241,057.10 79,603.10
118,254.10 134,025.70 187,178.80 65,987.00
118,595.60 94,273.50 184,822.80 66,276.30
;
8
100% --
; 100%
; 100%
;
;
100%
;
2,504,790.50 1,143,366.30 1,361,424.20
1,709,823.30 794,967.20
1,094,446.80 48,919.50
1,331,991.30
; 2017 3 31 ” ;
9
100% --
1.
-
;
2.
1 ;
2 17 ;
17
( )
X 93 12
1. 95.46
1058244 20 2309
99
2. 65.99
1201131874 1 1 5 507
(2012)
3. 43 83.52
007791
4. 16 1 65.18
10
100% --
( )
1301231789 26 2601
599
5. 124.3
4464658 6 12 1201
599
6. 222.35
4464662 6 12 1202
599
7. 468.26
4464650 6 12 1203
599
8. 505.81
4464661 6 12 1204
599
9. 35.54
4641100 5 -2 358
599
10. 35.54
4641104 5 -2 361
599
11. 35.54
4641105 5 -2 362
599
12. 35.54
4641107 5 -2 363
599
13. 35.54
4641114 5 -2 373
599
14. 35.54
4641115 5 -2 377
599
15. 35.54
4641118 5 -2 380
599
16. 35.54
4641117 5 -2 381
17. 55 1 10,088.52
00394948
3
4
3.
1
7,498,792,246.59
10
%
1 100 766,050,918.76 1,201,681,748.66
2 100 298,798,127.57 822,161,921.29
3 True Thrive Limited 100 - 4,869,924,935.70
4 360 100 6,503,251.63 6,286,614.01
5 100 10,000,000.00 10,000,000.00
6 100 81,458,733.80 406,107,427.28
11
100% --
7 100 2,600,000.00 182,629,599.65
8 100 6,000,000.00 -
9 100 30,000,000.00 -
10 Qisi HK Technology Co. Limited 100 - -
7,498,792,246.59
-
7,498,792,246.59
1 “ ”
28 D 112
50,000
2007 08 13
(
。
2017 3 31
417,755.39 214,559.94 203,195.45
2 “ ”
17 2 2 201
1,000
2009 10 12
12
100% --
。
2017 3 31
244,463.18 180,471.30 63,991.88
3 “ ”
29 12 035
1,000
2011 04 28
。
2017 3 31
813.13 42.65 770.48
4 “ ”
, 602 17 2005
13
100% --
50
2013 10 24
。
2017 3 31
43,810.23 451.67 43,358.56
5 “ ”
17 1 6 626
260
2010 12 28
。
2017 3 31
26,077.98 32,139.33 -6,061.35
6 360 “ 360 ”
28 C 111
14
100% --
650
2014 05 26
。
2017 3 31 360
398.09 7.53 390.56
7 “ ”
1 A 201
1001 A2
3000
2014 11 18
2017 3 31
45,316.82 47,980.49 -2,663.67
15
100% --
8 “ ”
, 16 2 17 1923
600
2015 05 28
。
2017 3 31
2,236.58 1,665.24 571.34
9 TrueThriveLimited Cayman “TT ”
OI-304760
2015 10 12
2017 3 31 TT
1,191,118.62 707,749.39 483,369.23
10 Qisi HK Technology Co. Limited “Qisi HK ”
2457115
2016 11 28
2017 3 31 Qisi HK
1,034.90 1,034.90 0
2 “ 2,014 1,931 590
16
100% --
87 22
;
1. “
2017 3 31 ; 2 “
2016
2065
46,690.5
12 20
1001609
2061
2012 28,855.10
12 11
05000228
2.
2017 3 31 ; 1,726 ”
288 ”
1 8820255 9
2 8820252 42
3 13247615 9
4 13527832 35
5 13528201 41
6 13528337 42
7 11428233 9
8 11428232 35
9 11428230 41
10 11428229 42
17
100% --
11 13247613 9
12 13527897 35
13 13528257 41
14 13528394 42
15 13247614 9
16 13527919 35
17 13528280 41
18 13528412 42
3.
2017 3 31 ; 590 ”
87 ;
1
1 CRM V1.0 2016SR380729
2 V1.0 2016SR348031
3 360 V1.0 2013SR048744
4 360 V1.2 2014SR191816
5 V2.0 2015SR038468
6 V1.0 2014SR191482
7 SDK V1.0.8 2014SR205981
8 1.0.0.1 2009SR035317
9 1.07.1.11 2012SR007915
10 1.0.0 2012SR017034
11 360 V4.0 2013SR000031
12 360 V2.0 2013SR010519
13 360 (iOS AppStore ) 3.7.5 2014SR114608
14 360 for Linux V3.0 2015SR004527
15 360 V10.0 2015SR142155
16 360 V1.3 2016SR282837
17 Android V1.0 2015SR220690
18 360 V7.0.0.116 2014SR060701
18
100% --
19 360 ( ) V6.9.9.10 2015SR162582
20 360 ( ) V2.0 2015SR171202
21 360 V5.0 2015SR236749
4.
2017 3 31 ; 1,865 ”
66 ” ;
1,786
1 ZL 200710065064.X
2 ZL 201010256989.4
3 ZL 201010256973.3
4 ZL 201010256960.6 、
5 ZL 201010256958.9
6 ZL 201010552555.9
7 ZL 201010552530.9
8 ZL 201010565513.9
9 ZL 201010620202.8
10 ZL 201110041517.1
11 ZL 201110149163.2
12 ZL 201110294802.4 DNS
13 ZL 201110448844.9
14 ZL 201210026317.3
15 ZL 201110460494.8 -
16 ZL 201210026760.0
17 ZL 201210030381.9
18 ZL 201210076721.1 APK
19 ZL 201210076889.2 APK
20 ZL 201210371228.2 ActiveX
21 ZL 201210208665.2
22 ZL 201210379513.9
23 ZL 201210500724.3
24 ZL 201210345506.7
25 ZL 201210478425.4
26 ZL 201210224485.3
27 ZL 201210187455.X
28 ZL 201210551543.3
29 ZL 201210187219.8
19
100% --
30 ZL 201310746115.0
5.
2017 3 31 ; 22
1 360.com 2000 03 07 2018 03 07
2 360.cn 2003 03 17 2018 03 17
3 360safe.com 2006 05 17 2018 05 17
4 qihoo.com 2004 03 16 2018 03 16
5 qihoo.cn 2004 11 08 2017 11 08
6 qihoo.net 2004 10 16 2019 10 16
7 qihu.com 2002 06 06 2018 06 06
8 so.com 1999 04 15 2022 04 15
9 360sou.cn 2011 10 28 2017 10 28
10 360sou.com.cn 2011 10 28 2017 10 28
11 sou.com 1998 01 09 2018 01 08
12 youxi.com 1998 07 23 2019 07 22
13 360kan.com 2005 04 25 2018 04 25
14 qftzhifu.com 2014 06 26 2018 06 26
15 5211.com 2000 02 12 2018 02 12
16 game5.com 2007 09 07 2020 09 07
17 3722.com 2000 03 09 2018 03 09
18 wanhui2.com 2011 03 18 2018 03 18
19 3663.com 1999 11 18 2018 11 18
20 shanghaiqihu.com 2012 07 05 2018 07 05
21 sh.qihoo.com 2004 03 16 2018 03 16
22 360sjyh.cn 2010 07 02 2018 07 02
2017 3 31
20
100% --
”
”
2017 3 31
”
1. 2013 12 28
2. 2013 6 29
3.
21
100% --
2007 3 16
4. 2007 11 28
197
5.
538
6.
29 2007 8 30
7. “ 2004 8 28
8. “ “
2004 8 28
9. “
10.
30
11.
109
12. [ :
2000 25
13. 2011 100
14. [ :
2012 27
15.
1. - 2017 43
22
100% --
2. 2017 30
3. - 2017 31
4. - 2017 32
5. - 2017 33
6. - 2017 34
7. -- 2017
35
8. - 2017 36
9. - 2017 37
10. - 2017 38
11. - 2017 39
12. 2017 42
13. 2017 46
14. 2017 47
15. 2017 48
16. — 33
17. 1 — 39 2006
3
18. — 2006 18
1. “
2.
3.
4.
23
100% --
1. 2000
294
2.
2012 12
3. 2017
4. :
5.
1. ; 2014 2015 2016
2.
3. Wind
4. Damodanran
5. 3 Copeland
T.
6.
”
24
100% --
”
1.
1
2
”
〕
” 121 1
5% 1 2
” 30% 2 3 ”
50% ”3 100%
25
100% --
;
3
”
”
4
)
2.
1
. )
2
:
= ×
1
①
26
100% --
〔
”
= + +
②
=
2
①
2012 12
1 - ×100%
1 - ×100%
Min +a
a
②
27
100% --
= - . + ×100%
= 1 . - ×100%
3
= ×
3
”
n
Ri
P = K ×∑
i =1 (1 + r ) i
P——
Ri—— i
K——
n——
i——
r——
)
)
”
28
100% --
”
3
”
”
3.
” .
.
1.
DCF
”
” :
2.
29
100% --
1
2 ”
”
”
3
3.
1
E = B-D-M 1
E
B
B = P + I +C 2
P
I
n
Ri Rn+1
P=∑ + 3
i =1
i
(1 + r ) r (1 + r ) n
Ri i
30
100% --
r
n
C ”
C = C1 + C2 4
C1
C2
D
M
2
R= + + - 5
3
WACC r
r = rd × wd + re × we 6
Wd
D
wd =
( E + D) 7
We
E
we =
( E + D) 8
rd
31
100% --
re CAPM
re
re = r f + β e × (rm r f ) + ε 9
rf
rm
ε
βe
D
β e = β u × (1 + (1 t ) × ) 10
E
βu
βt
βu =
Di
(1 + (1 t)
Ei 11
βt
β t = 34% K + 66%β x 12
K K=1
βx
Di Ei
-
-
1. :
2.
32
100% --
:
-
-
1.
2.
3.
4. ) :
5. .
6. :
7.
8. ”
-
-
”
”
33
100% --
1.
”
2.
” ”
”
3.
”
1.
2. ”
3. ”
4.
5. ”
34
100% --
6. ” ”
”
7. ” ”
8. .
9.
10.
”
;
35
100% --
2017 3 31
2,036,216.42 2,322,153.95
285,937.53 14.04 %
777,544.37 777,544.37
1,258,672.05 1,544,609.58
285,937.53 22.72%
B C D=C-B E=D/B×100%
1 1,265,086.25 1,265,086.25 - -
2 771,130.17 1,057,067.70 285,937.53 37.08
3 749,879.22 787,516.16 37,636.94 5.02
4 16,233.24 18,078.22 1,844.98 11.37
5 117.70 246,573.32 246,455.62 209,393.05
6 4,900.00 4,900.00 - -
7 2,036,216.42 2,322,153.95 285,937.53 14.04
8 776,200.37 776,200.37 - -
9 1,344.00 1,344.00 - -
10 777,544.37 777,544.37 - -
11 1,258,672.05 1,544,609.58 285,937.53 22.72
DCF
; ” 2017 3 31
1,331,991.30 5,041,642.33
3,709,651.03 278.50%
36
100% --
1.
5,041,642.33
1,544,609.58
3,497,032.75
1 ;
2
”
:
2.
; 100%
;
37
100% --
; ” 5,041,642.33
”
.
3.
”
1
;
iResearch
2017 3 31 ; 5.29 ”
98.57% ; 5.09 《
” 95.06%
;
360 360 》
;
iReseach 2017 3 ;”
PC
5.09 95.06% PC
38
100% --
4.03 75.04% 360 PC
58.02% 2.91
; ;
;
360
;
; ;”
”
;
;
; ;”
;
2
;
360 360 》 360
360
;
;
3
39
100% --
; ;
;
》
” ;
360 360 360
360 IOT
; ”
2016 ; 408 、 VMWare
Adobe 、” ;
” 2017 3 ”
Pwn2Own 2017
4
” ; 360
”
;
;
;
40
100% --
,
。
5
; ”
PC
;
”
” ; ;
” PC/
;
;
”
6
;
;
;
41
100% --
;
”
; True Thrive Limited 2016 7
31.16
12
100 2017 1 2017 5 19
True Thrive Limited . 29
1,964,198 True Thrive Limited
2017 2 17 :
2017 3 31
10
681,818 2017 5 23
1 2017 6 8 (
) ;
,
42
100% --
( , )51%
4606 9,000
12% , ”
6,367.17
”
2 2017 2.5
7.9%
4
1.1 2017 4
57.12% 2017 7
1.89 ”
60.02%
1
” :
2.
43
100% --
”
3
”
”
4
”
44
100% --
”
5
KPCB
2016 32
44%
PC
6
”
”
”
”
”
45
100% --
1.
”
2.
3.
4. ”
” ”
5
6.
46
100% --
7. ”
1
2
3 ”
.
”
〕
)
47
100% --
2017 3 31 2018 3 30 。
48
100% --
1.
2.
3.
4.
5.
6.
7. :
8. :
9.
50