机构：申万宏源研究 研究员：洪依真/黄忠煌/林起贤/刘洋/罗宇琦 第四范式主要围绕其先知平台为企业提供AI 能力，产品形态从标准到定制兼具。公司业务可以拆分为 先知平台及产品（2024 年收入占比70%）与应用开发及其他服务（2024年收入占比30%）两部分。先知 平台及产品为标准化软硬件产品，应用开发及其他服务又可以拆分为 SHIFT 智能解决方案、式说 AIGS 服务。 公司高管技术顶尖且均具有头部互联网大厂就职经历。梳理公司技术、产品主要负责高管的背景可以观 察到其背景的相似性：四位技术、产品负责高管本科全部就读于上海交通大学计算机科学与技术专业， 后续多数进入顶尖学府继续深造，之后在顶尖互联网公司（百度、字节、谷歌）工作。 标准化战略短期带来下游客户的快速拓展，长期来看公司产品具有粘性、产品力极具竞争力发展无虞。 公司的标准化战略其实充分地考虑了中国软件市场特性：1）公司通过标杆项目已积累了较多行业 knowhow；2）SageOne 提供软硬一体的选择可能更利于先知平台销售；3）与合作伙伴合作，公司更专 注于提供核心 AI 技术，也更容易进行行业扩展。 短期来看，当前 AI 应用市场正处于 0-1 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 2025 年 09 月 05 日 第四范式 (06682) ——标准化带来行业快速扩展，长期粘性、竞争力无虞 报告原因：首次覆盖 | 市场数据： | 2025 年 09 月 04 日 | | --- | --- | | 收盘价（港币） | 55.80 | | 恒生中国企业指数 | 8937.09 | | 52 周最高/最低（港币） | 66.95/18.80 | | H 股市值（亿港币） | 289.98 | | 流通 H 股（百万股） | 320.81 | | 汇率（人民币/港币） | 1.0975 | 一年内股价与基准指数对比走势： -47% 153% 09/04 10/04 11/04 12/04 01/04 02/04 03/04 04/04 05/04 06/04 07/04 08/04 09/04 HSCEI 第四范式 资料来源：Bloomberg 相关研究 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 林起贤 ...

市公司 同研究 公司深 2025 年 09 月 05 日 第四次之元 | 市场数据: | 2025 年 09 月 04 日 | | --- | --- | | 收盘价（港币） | 55.80 | | 恒生中国企业指数 | 8937.09 | | 52 周最高/最低（港币） | 66.95/18.80 | | H 股市值（亿港币） | 289.98 | | 流通 H 股（百万股） | 320.81 | | 汇率(人民币/港币) | 1.0975 | 一年内股价与基准指数对比走势: (06682) 153% 标准化带来行业快速扩展，长期粘性、竞争力无虞 资料来源: Bloomberg 相关研究 证券分析师 报告原因: 首次覆盖 洪依真 A0230519060003 hongyz@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 林起贤 A0230519060002 linqx@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 罗宇琦 A0230124070004 luo ...

智通财经APP获悉，9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场隆重举行。据第四范式(06682)消息，第四范式创 始人戴文渊受邀登上观礼台，现场见证了这一历史时刻。他表示："现场十分震撼，尤其是首次亮相天安门广场的新型作战力量和装备，他们是现代战争取 胜的关键，也是我国科技实力在军事领域的体现。作为一名科技工作者，我深受鼓舞，也将继续为祖国的科技发展贡献自己的力量。" 作为行业领先的AI企业，第四范式十数年间深耕千行万业，助力企业数智化转型，于今年3月成功实现集团化，业务覆盖企业服务与消费电子业务两大核心 板块。近期顺应"AI+"浪潮，布局并落地AI+稳定币、AI+储能两个板块。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京第四範式智能技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06682 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 294,909,496 | RMB | | 1 RMB | | 294,909,496 | | 增加 / 減少 (-) | | | 25,900,000 | | | RMB | | 25,900,000 | | 本月底結存 | | | 320,809,496 | RMB | | 1 RMB | | 32 ...

天眼查App显示，近日，能量晶体（北京）科技有限公司成立，法定代表人为杨洸，注册资本1000万人 民币，经营范围包括储能技术服务、人工智能应用软件开发、人工智能行业应用系统集成服务等。股东 信息显示，该公司由海博思创（688411）、第四范式（06682.HK）、北京都石开泰科技合伙企业（有 限合伙）等共同持股。 ...

Group 1 - The core point of the article is that Franklin Templeton Investments has increased its stake in Fourth Paradigm (06682.HK) by purchasing 433,700 shares at an average price of HKD 60.1975 per share, totaling approximately HKD 26.108 million [1] - Following this transaction, Franklin Templeton's total shareholding in Fourth Paradigm has risen to 22.8166 million shares, increasing its ownership percentage from 6.98% to 7.11% [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 81, indicating a potential upside of 34.7% from the current price of HKD 60.15 [5][6]. Core Insights - The company is transitioning its business model from customized solutions to standardized platform delivery, focusing on building vertical models to provide decision-making support to clients [1]. - Revenue growth is expected to be strong, with an annualized growth rate exceeding 30% from 2024 to 2028 [1]. - The company is on a path to profitability, with long-term profit margins projected to be between 8% and 10% [1]. - The AI+X new business initiatives leverage existing technology to support long-term development [1]. Financial Performance - In the first half of 2025, the company's total revenue increased by 41% to RMB 2.626 billion, with the "Xianzhi AI" platform accounting for 82% of total revenue [1]. - Cost growth was 52%, leading to a 5 percentage point decline in gross profit margin year-on-year [1]. - The company reported a significant reduction in net losses compared to the previous year [1]. Customer Profile - The company's clients primarily consist of large state-owned enterprises, private enterprises, and foreign companies, with the top three industries being finance, energy, and telecommunications [1]. - The average revenue from benchmark clients increased significantly, with a retention rate of over 90% and a net revenue growth rate of 110% [1]. Business Expansion - The company is expanding into new business areas, including consumer electronics and energy storage, with expected contributions to revenue in the coming periods [1]. - The AI+X initiatives aim to optimize decision-making in various sectors, including real-time power supply and demand forecasting [1]. Long-term Growth Expectations - The company anticipates total revenue to exceed RMB 7 billion in 2025, with a target of reaching RMB 20 billion in four years, alongside maintaining profit margins of 8% to 10% [1].

Core Viewpoint - Daiwa's report indicates that Fourth Paradigm (06682) has a solid position in the artificial intelligence sector and is expected to benefit from the "AI+" development trend [1] Financial Projections - The management has announced a five-year target, projecting revenue to reach 20 billion RMB by 2029, which implies a compound annual growth rate (CAGR) of 30% from 2025 to 2029 [1] - The expected net profit margin by 2029 is projected to be between 8% and 10%, which is stronger than market expectations [1] Investment Rating - Daiwa reiterates a "Buy" rating for Fourth Paradigm, raising the target price from 58 HKD to 74 HKD [1] Earnings Forecast Adjustment - Due to higher-than-expected R&D expenses and an increase in share capital following a placement in July, Daiwa has lowered its earnings per share forecasts for 2025 to 2027 by 14% to 37% [1] - The company anticipates strong long-term revenue growth rates post-2027 [1]

Core Viewpoint - Daiwa's report indicates that Fourth Paradigm (06682) has a solid position in the artificial intelligence sector and is expected to benefit from the "AI+" development trend [1] Financial Projections - The management has set a five-year target, forecasting revenue to reach 20 billion RMB by 2029, implying a compound annual growth rate (CAGR) of 30% from 2025 to 2029 [1] - The expected net profit margin by 2029 is projected to be between 8% and 10%, which is stronger than market expectations [1] Investment Rating - Daiwa reiterates a "Buy" rating for Fourth Paradigm, raising the target price from 58 HKD to 74 HKD [1] Earnings Forecast Adjustment - Due to higher-than-expected R&D expenses and an increase in share capital following a placement in July, Daiwa has lowered its earnings per share forecasts for 2025 to 2027 by 14% to 37% [1] - The company anticipates strong long-term revenue growth rates post-2027 [1]