[Table_Page] 公司深度研究|软件与服务 证券研究报告 [Table_Title] 【广发计算机&海外】第四范式 （06682.HK） 技术为本，生成式 AI 助力大数据到决策智能 [Table_Summary] 核心观点：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.92 人民币） 第四范式是国内的决策智能解决方案龙头厂商，商业化落地趋前。公 司专注于提供以平台为中心的决策智能解决方案，通过逐步拓宽行业 覆盖、持续渗透标杆客户以及直销集成并行的客户策略实施，不断扩大 用户基础，提升市场影响力，为长期增长奠基。目前，产品及服务已广 泛应用于金融、零售、制造、能源电力等领域。 决策智能空间广阔，参与者多元，是生成式 AI 时代典型应用场景。从 产品体验来看，生成式 AI 提供软件重塑可能，使得传统企业软件变革 为生产力工具；从商业模式来看，有望加速提升产品标准化程度。 扎根行业核心场景，强调商业化落地的务实性。在 AIGC 时代，相比 单纯追求模型规模的"跑马圈地"，公司选择在特定场景"纵向深耕"， 避开了直接与 OpenAI 等巨头正面竞争。因为大模型在企业落地的本 质是作为工具来解 ...

这个代表的意义是在于同样的进程中他在去年贡献的这个收入跟今年贡献的收入之间需要一个增量的一个增长 那比如说假设说去年收入一去年就收入百分之一百零四五它的意义在于我们二十二年来大概一百零四家客户然后这一百零四家客户在二十三年首先流通两亿九十然后几次这一百零四家客户在二十二年份的收入 跟二三年相比是一个一百比一百一十五这样的一个比例就说明这些客户不但不够了而且他还在我们去年投入的这些市场今年还加大了一些投入就带来一些收入增长的一个增速接下来可以看到我们每年二十多亿的增幅平均是有接近百分之十二十五的这个部分取代原有的互联网投资也证明了就是算是在整个企业服务海岛商业模式不是说每年要去重新去 去做属于归心的客户然后去把这个生意订单从一开始就发现其实从网客户里面已经能够收到很多的一个收入增速的一个基础成果这种谈判可以这么去理解所以在这个客户层面对这几年经营的下来的结果我觉得还是非常不错的他们是横跨有14个行业而且来自于经营来自于营业来自于交通运输然后运营商零售制造 教育、传媒等等这几个行业当然最头部的这几个行业可能还是相对来说在这几个行业里面本身自己产生的是比较大型的行业像青龙能源制造和这个印象和教育这几个行业基本上占了 ...

证券研究报告 第四范式 (6682 HK) 港股通 行业大模型与范生态产品稳步拓展 华泰研究 公告点评 2024 年 11 月 21 日│中国香港 其他电子 第四范式发布截至 9 月 30 日业绩进展，前三季度收入 32.2 亿元 （yoy+26.1%），毛利润 13.5 亿元（yoy+12.5%），毛利率 42.0%。3Q24 收入 13.5 亿元（+24.7%），毛利润 5.6 亿元（yoy+13%），毛利率 41.4%。 公司前三季度主要来自先知 AI 平台收入的强劲增长（50.2%）。我们继续看 好公司：1）以大客户为支点，开拓新行业，并提升已覆盖行业中的渗透率； 2）凭借稳固的企业服务软件根基，以生成式 AI 重构企业软件，满足企业对 行业大模型的使用需求，提升客户体验与开发效率。 先知 AI 平台收入占比持续提升 公司 3Q24 收入 13.5 亿元，同比增长 24.7%，其中：1）先知 AI 平台收入 9.2 亿元，同比增长 33.5%，收入占比由 1H24 的 67.0%提升至 68.1%，先 知 AI 平台是公司所有业务内核，也是公司收入增长的主要驱动力；2）SHIFT 智能解决方案业务收入 ...

Financial Performance - Total revenue for the first half of 2024 reached RMB 1.87 billion, a year-on-year increase of 27.1%[7] - Gross profit for the first half of 2024 was RMB 789.9 million, up 12.1% year-on-year[7] - Adjusted net loss for the first half of 2024 was RMB 168.5 million, narrowing by 4.0% year-on-year[7] - Revenue from the core business "4Paradigm Prophet AI Platform" reached RMB 1.25 billion, a year-on-year increase of 65.4%[7] - The company's gross margin for the first half of 2024 was 42.3%[7] - Fourth Paradigm Sage AI platform revenue reached RMB 1.251 billion, a year-on-year increase of 65.4%, accounting for 67.0% of the company's total revenue[8] - SHIFT intelligent solutions revenue was RMB 453 million, accounting for 24.3% of total revenue, but decreased by 22.1% year-on-year due to strategic focus on the Sage AI platform[10] - AIGS service revenue increased by 25.0% year-on-year to RMB 163 million, providing generative AI tools and services for the Sage AI platform[11] - Total revenue for the first half of 2024 increased by 27.1% year-over-year to RMB 1,866.6 million[14] - Core business, the Prophet AI platform, generated RMB 1,250.5 million in revenue, accounting for 67.0% of total revenue, with a year-over-year growth of 65.4%[15][17] - SHIFT intelligent solutions revenue decreased by 22.1% year-over-year to RMB 452.9 million[15][18] - AIGS services revenue increased by 25.0% year-over-year to RMB 163.1 million[15][19] - Gross profit increased by 12.1% year-over-year to RMB 789.9 million, while gross margin decreased from 48.0% to 42.3%[21] - R&D expenses increased by 28.4% year-over-year to RMB 850.0 million[24] - Operating loss decreased by 25.2% year-over-year to RMB 189.1 million[28] - Financial income increased by 33.9% year-over-year to RMB 28.6 million[28] - Other income increased significantly to RMB 77.0 million, primarily due to higher VAT refunds[26] - Other net gains increased by 39.8% year-over-year to RMB 54.2 million, mainly due to gains from the sale of a portion of Guangzhou Jianxin's equity[27] - The company's loss for the period was RMB 168.5 million, a decrease of 64.7% compared to RMB 477.7 million in the same period last year[30] - Adjusted loss for the period was RMB 168.5 million, a decrease of 4.0% compared to RMB 175.5 million in the same period last year[33] - Revenue for the six months ended June 30, 2024, increased to RMB 1,866,600 thousand, up 27.1% from RMB 1,468,104 thousand in the same period in 2023[80] - Gross profit for the six months ended June 30, 2024, was RMB 789,946 thousand, compared to RMB 704,581 thousand in the same period in 2023, reflecting a 12.1% increase[80] - Operating loss for the six months ended June 30, 2024, improved to RMB 189,120 thousand, down from RMB 252,953 thousand in the same period in 2023[80] - Net loss for the six months ended June 30, 2024, was RMB 168,532 thousand, a significant improvement from the net loss of RMB 477,678 thousand in the same period in 2023[80] - R&D expenses for the six months ended June 30, 2024, increased to RMB 850,045 thousand, up 28.4% from RMB 661,832 thousand in the same period in 2023[80] - Basic and diluted loss per share improved to RMB 0.33 in 2024 from RMB 1.66 in 2023, reflecting a reduction in net loss[115] R&D and Innovation - R&D expenses for the first half of 2024 were RMB 850 million, with an R&D expense ratio of 45.5%[7] - The company developed over 30 AI products for various industries in the first half of 2024[7] - The company launched over 30 AI products based on the Sage AI platform, covering more than 20 industries and various scenarios as of August 1, 2024[12] - The Sage AI platform 5.0, launched in March 2024, focuses on industry-specific large model development and management, supporting multimodal data and low-threshold modeling tools[8] - The "Sage Inside" model has been used to create an AI product matrix, enabling AI technology to empower various industries and scenarios[8] - The company's product matrix includes computing power, data, model tools, and ecosystem applications, expanding partnerships and industry coverage[12] - The company developed a smart flood prevention model in collaboration with a water conservancy unit, improving decision-making efficiency by 5 times[13] - The flood prevention model reduces warning and response time to minutes, enhancing real-time monitoring and resource allocation[13] - The company's AI-related technologies include AI-generated software (AIGS), AIoT, and enterprise-level AI solutions[181] - The company's AI platform-centric approach integrates AI applications, underlying computing infrastructure, and AI development platforms[181] - The company's AI technologies are focused on machine learning algorithms and statistical models for specific tasks without explicit programming[181] - The company's cloud computing strategy involves storing computer data and programs on multiple servers accessible via the internet[181] - The company's AIoT combines IoT connectivity with data-driven knowledge from AI[181] - The company's enterprise-level AI solutions aim to meet business needs and drive digital and automation transformation[181] - The company's AI development platform supports AI applications and underlying computing infrastructure[181] Market and Industry Coverage - The company covered 14 industries with a total of 185 users, including 86 benchmark users[7] - Average revenue contribution from benchmark users was RMB 11.48 million, up 26.9% year-on-year[7] - The company has cumulatively served 1,112 users from January 1, 2020, to June 30, 2024[7] - The Sage AI platform has expanded to cover 14 major industries, including transportation, finance, energy, and retail, supporting multi-scenario digital transformation[8] - Revenue from one external customer accounted for approximately 18.0% of the company's total revenue, amounting to RMB 335,632,000 for the six months ended June 30, 2024[104] - Customer contract revenue from the sale of the Prophet platform and products was RMB 1,252,055,000 for the six months ended June 30, 2024, compared to RMB 755,956,000 for the same period in 2023[104] - Revenue from application development and other services was RMB 614,545,000 for the six months ended June 30, 2024, compared to RMB 712,148,000 for the same period in 2023[104] Investments and Financial Position - The company's cash and cash equivalents and term deposits totaled approximately RMB 2,253.2 million as of June 30, 2024, compared to RMB 2,675.0 million as of December 31, 2023[35] - The company's liquid cash resources amounted to approximately RMB 2,778.0 million as of June 30, 2024, compared to RMB 3,295.3 million as of December 31, 2023[36] - The company's net current assets decreased from RMB 4,013.4 million as of December 31, 2023, to RMB 3,460.2 million as of June 30, 2024[37] - The company's current ratio increased to 3.5 as of June 30, 2024, from 3.4 as of December 31, 2023[38] - The company's capital gearing ratio decreased to 0.7% as of June 30, 2024, from 2.0% as of December 31, 2023[39] - The company's capital commitments for equity amounted to RMB 12.0 million as of June 30, 2024, unchanged from December 31, 2023[40] - The company had no significant contingent liabilities as of June 30, 2024[40] - The company invested RMB 390 million in the Gaoteng Overseas Equity No. 3 Private Equity Fund, which accounted for approximately 5.9% of the group's total assets as of June 30, 2024[46][47] - The company acquired a 22% stake in Guangzhou Jianxin Technology Co., Ltd. for RMB 88 million[45] - The company's investment in the Gaoteng Overseas Equity No. 3 Private Equity Fund generated a dividend income of RMB 10.341 million in the first half of 2024[48] - The company completed the conversion of 131,549,046 domestic shares into H shares, which were listed on the Hong Kong Stock Exchange on September 13, 2024[51] - The company adopted a stock incentive plan and a share option plan, which were approved by the shareholders' meeting on September 19, 2024[52] - The company manages idle cash by purchasing and redeeming low-risk wealth management products issued by state-owned or high-credit banks[44] - The company maintains a strong cash position and a robust debt structure, with a comprehensive and professional review mechanism for annual and monthly capital planning[44] - The company repurchased a total of 259,800 H shares during the reporting period, with a total consideration of HKD 13,707,920 (excluding fees)[58] - As of the reporting date, the company holds 186,100 H shares that have been repurchased but not canceled, and 193,300 H shares held as treasury shares for potential employee incentives or liquidity purposes[60] - The net proceeds from the global offering amounted to approximately HKD 925.6 million, with HKD 117.6 million utilized as of June 30, 2024, and the remaining HKD 807.8 million to be used according to the prospectus[62] - 60% of the net proceeds from the global offering, amounting to HKD 555.4 million, have been allocated to strengthening the company's foundational research, technological capabilities, and solution development[63] - 20% of the net proceeds, totaling HKD 185.1 million, are designated for expanding the company's product offerings, building its brand, and entering new industry sectors[63] - 10% of the net proceeds, amounting to HKD 92.6 million, are reserved for strategic investments and acquisition opportunities[63] - 10% of the net proceeds, totaling HKD 92.6 million, are allocated for general corporate purposes[63] - The total net proceeds from the global offering amount to HKD 925.6 million, with HKD 807.8 million remaining unused as of June 30, 2024[63] - The company plans to fully utilize the remaining net proceeds according to the disclosed purposes and expected implementation timeline in the prospectus[64] - The company's audit committee reviewed the unaudited interim financial information for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards, laws, and regulations[56] - The company's independent auditor, PricewaterhouseCoopers, conducted a review of the interim financial information for the six months ended June 30, 2024, in accordance with International Standard on Review Engagements 2410[57] - Total assets as of June 30, 2024, were RMB 6,619,933 thousand, a decrease from RMB 7,147,274 thousand as of December 31, 2023[82] - Cash and cash equivalents as of June 30, 2024, were RMB 1,181,736 thousand, down from RMB 1,977,891 thousand as of December 31, 2023[82] - The company's equity attributable to owners of the company as of June 30, 2024, was RMB 5,180,053 thousand, compared to RMB 5,349,122 thousand as of December 31, 2023[82] - Non-current assets as of June 30, 2024, increased to RMB 1,756,377 thousand, up from RMB 1,490,748 thousand as of December 31, 2023[82] - The company's total equity and liabilities as of June 30, 2024, were RMB 6,619,933 thousand, down from RMB 7,147,274 thousand as of December 31, 2023[82] - Total liabilities decreased to RMB 1,416,306 thousand as of June 30, 2024, compared to RMB 1,694,760 thousand as of December 31, 2023[83] - Trade payables decreased to RMB 1,024,553 thousand as of June 30, 2024, from RMB 1,043,189 thousand as of December 31, 2023[83] - The company's total equity decreased to RMB 5,203,627 thousand as of June 30, 2024, from RMB 5,452,514 thousand as of January 1, 2024[84] - Net cash used in operating activities was RMB 402,193 thousand for the six months ended June 30, 2024, compared to RMB 863,282 thousand for the same period in 2023[86] - Net cash used in investing activities was RMB 385,497 thousand for the six months ended June 30, 2024, compared to net cash generated of RMB 1,175,511 thousand for the same period in 2023[86] - The company's accumulated losses increased to RMB 5,237,973 thousand as of June 30, 2024, from RMB 5,086,375 thousand as of January 1, 2024[84] - The company repurchased shares worth RMB 12,495 thousand during the six months ended June 30, 2024[84] - The company's non-current liabilities decreased to RMB 12,979 thousand as of June 30, 2024, from RMB 51,610 thousand as of December 31, 2023[83] - The company's current liabilities decreased to RMB 1,403,327 thousand as of June 30, 2024, from RMB 1,643,150 thousand as of December 31, 2023[83] - The company's total equity and liabilities decreased to RMB 6,619,933 thousand as of June 30, 2024, from RMB 7,147,274 thousand as of December 31, 2023[83] - Net cash used in financing activities was RMB 12,014 thousand, a significant improvement from RMB 76,534 thousand in the same period last year[87] - Cash and cash equivalents decreased by RMB 799,704 thousand, compared to an increase of RMB 235,695 thousand in the same period last year[87] - The company's total financial assets measured at fair value were RMB 1,022,999 thousand, with RMB 500,636 thousand in long-term investments and RMB 522,363 thousand in short-term investments[94] - Long-term investments measured at fair value increased by RMB 43,812 thousand, from RMB 456,824 thousand at the end of 2023 to RMB 500,636 thousand at the end of June 2024[94][97] - Short-term investments measured at fair value decreased by RMB 39,972 thousand, from RMB 562,335 thousand at the end of 2023 to RMB 522,363 thousand at the end of June 2024[94][96] - The company received RMB 42,300 thousand from borrowings and repaid RMB 33,950 thousand, resulting in a net borrowing of RMB 8,350 thousand[87] - Shareholder contributions were zero in 2024, compared to RMB 194,666 thousand in 2023[87] - The company paid RMB 12,495 thousand for share repurchases, significantly lower than the RMB 259,022 thousand paid in 2023[87] - The company received RMB 8,500 thousand from related party advances, compared to zero in 2023[87] - The company's cash and cash equivalents at the end of June 2024 were RMB 1,181,736 thousand, down from RMB 1,977,891 thousand at the beginning of the period[87] - The fair value of long-term investments measured at fair value through profit or loss was RMB 500,636,000 as of June 30, 2024, compared to RMB 456,824,000 as of December 31, 2023[102] - The fair value of short-term investments measured at fair value through profit or loss was RMB 522,363,000 as of June 30, 2024, compared to RMB 562,335,000 as of December 31, 2023[102] - Contract liabilities amounted to RMB 161,702,000 as of June 30, 2024, compared to RMB 146,184,000 as of December 31, 2023[106] - Government grants and VAT refunds contributed RMB 76,976,000 to other income for the six months ended June 30, 2024, compared to RMB 33,823,000 for the same period in 2023[107] - The company's contract assets amounted to RMB 19,972,000 as of June 30, 2024, compared to RMB 63,377,000 as of December 31, 2023[105] - The company's unrealized net gains for the six months ended June 30, 2024, were RMB 16,867,000, compared to RMB 10,561,000 for the same period in 2023[99] - Other net income increased to RMB 54,164 thousand in 2024 from RMB 38,755 thousand in 2023, driven by gains from fair value changes in financial assets and partial disposal of subsidiaries[108] - Employee benefit expenses decreased to RMB 254,007 thousand in 2024 from RMB 321,289 thousand in 2023, reflecting cost optimization efforts[108] - Technology service fees increased to RMB 1,032

[Table_MainInfo] 公司研究/信息服务 证券研究报告 第四范式（6682.HK）公司报告 2024 年 08 月 21 日 股票数据 0[8Ta月b2le0_日S收to盘ck价（In港fo元] ） 43.05 52 周股价波动（港元） 37.00-115.00 总股本/流通股（百万股） 466/135 总市值/流通市值（百万港元） 20055/5831 市场表现 恒生指数对比 1M 2M 3M 绝对涨幅（%） -1.6 -9.9 -8.6 相对涨幅（%） -1.4 -3.3 2.9 资料来源：海通证券研究所 分析师:杨林 Tel:(021)23183969 Email:yl11036@haitong.com 分析师:杨蒙 Email:ym13254@haitong.com 联系人:杨昊翊 Email:yhy15080@haitong.com 联系人:夏思寒 Email:xsh15310@haitong.com | --- | |---------------------| | 证书:S0850517080008 | | Tel:(021)23185700 | | 证书:S085052309000 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Beijing Fourth Paradigm Technology Co., Ltd. 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） （股 份 代 號：6682） 截 至2024年6月30日止六個月之 中期業績公告 董 事 會 謹 此 宣 佈，本 集 團 截 至2024年6月30日 止 六 個 月 的 未 經 審 計 合 併 業 績。 該等中期業績乃根據國際會計準則第34號「中 期 財 務 報 告」編 製，且 已 由 核 數 師 及 審 計 委 員 會 審 閱。 | --- | --- | --- | --- | --- | --- | |----------------------------|----------------------------|------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責,對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示 概 不 對 因 本 公 告 全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Beijing Fourth Paradigm Technology Co., Ltd. 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) (股 份 代 號:6682) 有 關2023年報之補充公告 茲提述北京第四範式智能技術股份有限公司(「本公司」,連 同 其 附 屬 公 司,統 稱 為「本集團」)於二零二四年四月二十五日刊發的截至二零二三年十二月三十一 日止年度(「報告期」)的年度報告(「2023年 報」)。本 公 司 董 事 會(「董事會」)希望就 本集團之重大投資(包 括 對 一 家 被 投 資 公 司 的 任 何 投 資,佔 於 二 零 二 三 年 十 二 月三十一日本集團資產總值5%或 以 上)以及該等投資於報告期內的表現和其未 來 前 景,補 充 如 下 資 料: 如20 ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 第四范式（6682.HK）公司报告 2024年06月18日 [Table_InvestInfo] 首次 业绩表现优秀，十余年深耕行业大模 Q1 投资评级 优于大市 覆盖 型助力公司未来长期发展 股票数据 0[6Ta月b1le7_日S收to盘ck价（In港fo元] ） 52.75 [投Ta资ble要_S点um：mary] 52周股价波动（港元） 37.00-115.00 总股本/流通股（百万股） 466/135 总市值/流通市值（百万港元） 24574/7144  Q1业绩表现优秀，高度重视研发构筑技术护城河。5月28日，第四范式发 布2024Q1的核心业务进展，公司坚持科技创新，业务稳步拓展，用人工智 能+为千行万业贡献价值。2024Q1，公司总收入人民币8.3亿元，同比增长 市场表现 28.5%，毛利润人民币3.4亿元，同比增长21.1%。公司用创新驱动发展， 研发投入人民币3.5亿元，研发费用率42.0%，确保公司竞争力持续提升。 2024年3月，公司发布了定位为行业大模型平台的“先知AI平台5.0”，这 是该产品10年来第五次升级，该 ...

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[Table_MainInfo] 公司研究/信息服务 证券研究报告 第四范式（6682.HK）公司报告 2024年05月22日 [Table_InvestInfo] 首次 领先的平台型 AI 龙头，大模型落地领域 投资评级 优于大市 覆盖 持续扩展 股票数据 0[5Ta月b2le1_日S收to盘ck价（In港fo元] ） 51.50 [ 投Ta 资ble 要_S 点um ：m ary] 52周股价波动（港元） 37.00-115.00 总股本/流通股（百万股） 466/135 ⚫ 以平台为中心的企业级人工智能领域的行业先驱者与领导者。第四范式成立 总市值/流通市值（百万港元） 23992/6975 于 2014 年 9 月，是企业级人工智能领域的行业先驱者与领导者。公司提供 以平台为中心的人工智能解决方案，并运用核心技术开发了端到端的企业级 人工智能产品，致力于解决企业智能化转型中面临的效率、成本、价值问题。 市场表现 现已广泛应用于金融、零售、制造、能源与电力、电信及医疗保健等领域。 先知AI平台是公司开发AI模型的平台，可以支持超过万亿参数的模型训练， 支持毫秒级实时推理，支持模型自学习。同时，基于公司全 ...