Zhou Hongyi is still that Zhou Hongyi.

If we must find the highlight of this year's Beijing Auto Show, aside from the dazzling array of car models, the "Hong-Lei" duo is undoubtedly the most unignorable one.

Unlike Lei Jun, who went to the scene to promote Xiaomi's SU7, Zhou Hongyi was more about showing support for Neta Auto and making his presence felt.

When Zhou Hongyi sat on the roof of a car, many began to exclaim that he had become the only "car model" at the Beijing Auto Show.

Zhou Hongyi's appearance at the Beijing Auto Show and the attention it sparked are merely a continuation of his journey as an entrepreneur-turned-influencer.

Earlier, whether it was his debate with Cheng Qian at the Fengmaniu Conference, his live-streamed lessons on how to be a better person, his disagreement with Robin Li on whether large AI models should be open-source or closed-source, or his recent decision to sell his long-time Maybach and switch to domestic new energy vehicles—which sparked a mini auto show outside 360's headquarters—all these events show that Zhou Hongyi is going further down the path of becoming an influencer.

If you simply think Zhou Hongyi only recently started focusing on traffic because of these events, then you’re far from painting a complete picture of Zhou Hongyi or understanding the internal logic behind why he is who he is.

In fact, even in an era when live streaming wasn’t popular, Zhou Hongyi used alternative methods to attract attention and push his career to new heights.

Think back to the 3Q War—it was a direct manifestation of this phenomenon.

It’s fair to say that it was through this war that 360, under Zhou Hongyi’s leadership, became widely known and left an indelible mark on China’s internet history.

Now, as time moves into a new era, Zhou Hongyi is once again using his old playbook to reinvent himself and make his presence felt in this new phase of the internet.

There’s no doubt that the internet industry is now at a brand-new crossroads.

Whether it’s the endless emergence of new technologies and models or the gradual obsolescence of old ones, we can all see this.

It’s under these circumstances that more and more internet players are seeking new solutions.

Whether it’s Alibaba fully embracing AI e-commerce, Baidu maturing in the field of AI, or Xiaomi venturing into car manufacturing—all of these are direct manifestations of this phenomenon.

The same goes for Zhou Hongyi and the 360 he leads.

Although 360’s exploration of new technologies and models hasn’t been as loud as other players, it’s genuinely walking this path.

Whether it’s Zhou Hongyi recently speaking up for 360’s security-focused large AI model or leveraging the hype around Xiaomi SU7’s launch to give "pointers" to Neta Auto, which he invested in, it’s clear that Zhou Hongyi and 360 are always present in these hot fields.

At the Beijing Auto Show, whether it’s the "Hong-Lei" duo with Lei Jun or his public call for Jia Yueting to return to China, we can see Zhou Hongyi using his old methods to assert his presence.

So, when I saw Zhou Hongyi sitting on a car roof, it felt like the return of the "Red Cannon" who used to fire shots everywhere.

At the end of the day, the essence of business competition is still about traffic.

This holds true whether in the growth era of the internet boom or the current era of stagnation.

We can see hints of this in the sudden rise of Xiaomi SU7.

At one point, people were skeptical about Xiaomi making cars, with some even predicting it would be Lei Jun’s Waterloo.

But when Xiaomi SU7 finally launched, especially with the massive traffic effect triggered by Lei Jun’s price announcement, more and more people began to realize that Xiaomi’s car venture wouldn’t be Lei Jun’s downfall—it might even mark the beginning of a new chapter for Xiaomi.

Lei Jun’s all-in bet on this new venture got off to a great start.

What enabled Lei Jun and Xiaomi to come from behind in car manufacturing? What made Xiaomi SU7 a game-changer right out of the gate?

One of the most important reasons is that Lei Jun and Xiaomi have massive traffic and countless loyal followers.

Thanks to this, even though many car companies slashed prices before Xiaomi SU7’s official price announcement, they couldn’t stop the surge in pre-orders for the SU7.

Zhou Hongyi clearly understands this underlying logic.

The 3Q War pushed 360 into the spotlight largely because it helped Zhou Hongyi and 360 accumulate massive traffic and attention.

This is why Zhou Hongyi and 360 remain an unignorable presence in the internet era.

As the internet industry enters a new cycle, especially with the battle for traffic heating up, making a mark in fields like large AI models and new energy vehicles—and restoring 360’s past glory—will require starting with traffic, constantly drawing attention to secure a seat at the new table.

III

Starting with his debate with Cheng Qian at the Fengmaniu Conference, Zhou Hongyi embarked on a familiar path he’s walked before.

When his online live stream "You Too Can Be a Great Speaker—How to Give Speeches" started going viral, people realized the Zhou Hongyi they once knew was back.

When Zhou Hongyi shared the stage with Fu Sheng, people realized 360 was diving into AI, developing security-focused large models, and that Zhou Hongyi had his own take on AI.

When Zhou Hongyi used Xiaomi SU7’s launch as an opportunity to "critique" Neta Auto, which he invested in, people realized he also had a stake in the new energy vehicle sector.

When Zhou Hongyi expressed his differing views on whether large AI models should be open-source or closed-source at a U.S. wealth forum, people realized he wasn’t clueless about AI’s future—he had his own opinions.

When Zhou Hongyi shook hands with Pony Ma at the China Internet 30th Anniversary Conference, people realized that despite 30 years of industry changes, Zhou Hongyi and 360 had also evolved, with him becoming what Pony Ma called "the red of influencers."

When Zhou Hongyi announced he was swapping his long-time Maybach for a domestic new energy vehicle to show support for the sector, people realized he was transitioning from "internet blogger" to "new force in car manufacturing."

When Zhou Hongyi and Lei Jun formed the "Hong-Lei" duo at the Beijing Auto Show, people realized Zhou Hongyi could now rival Lei Jun’s massive traffic.

All these signs tell us that Zhou Hongyi is still the same Zhou Hongyi.

He’s still following his own understanding of business, sticking to his old playbook, and asserting his presence in China’s internet development.

However, even though Zhou Hongyi is effortlessly following his old path, we must also recognize that traffic alone isn’t enough—only by finding the intersection between traffic and business can he truly lead 360 into a new phase.

This has been proven time and again in 360’s history.

There’s no denying that the 3Q War made Zhou Hongyi and 360 household names overnight, positioning them as rivals to Tencent, the biggest traffic magnet.

But after reaching this peak, especially when the mobile internet wave hit, Zhou Hongyi and 360 faded into the background.

Ultimately, Zhou Hongyi and 360 failed to sustain their momentum, particularly by missing the shift from PC to mobile internet. While Tencent launched WeChat and reaffirmed its dominance in mobile internet, 360 gradually disappeared from the scene.

So, as Zhou Hongyi remains the same and tries to assert his place in large AI models and new energy vehicles, the real challenge is finding the intersection between traffic and real business—and ensuring 360 doesn’t repeat its past mistakes.

There’s no denying that both large AI models and new energy vehicles are still fields with huge untapped potential and no established market leaders.

For Zhou Hongyi and 360, this represents a massive opportunity.

Like Pony Ma’s Tencent, which seized industry transformation trends, or Lei Jun’s Xiaomi, which capitalized on new cycles, Zhou Hongyi—who’s already found his distinctive path—must now figure out how to do the same.

Conclusion

When Zhou Hongyi sat on a car roof and became the only "car model" at the Beijing Auto Show, we saw that he’s still the same Zhou Hongyi.

His "Hong-Lei" duo with Lei Jun is just an extension of this logic.

Zhou Hongyi is using this approach to assert his presence in large AI models and new energy vehicles.

There’s no denying his success in this regard.

But winning attention and traffic isn’t enough—only by truly integrating them with his business can Zhou Hongyi lead 360 to write a new legend in this new era.$QFIN-S(03660.HK)

—The End—

Author: Meng Yonghui, Senior Writer, Columnist, Industry Observer, Influential KOL, Scholar of the Digital Economy.