机构：麦高证券 研究员：周撷 核心观点 平台化收入贡献核心增长动能，首次实现单季盈利。第四范式前三季度营收44.02 亿元，同比+36.8%； 单季营收17.76 亿元，同比+31.4%。先知平台收入延续同比高增速，2025Q3 实现收入15.43 亿元，同比 +67.6%（去年同期为33.5%，前期为79.6%），占比达86.9%（去年同期为68.1%，前期为86.8%）。 SHIFT 智能解决方案2025Q3 实现收入2.31 亿元，同比-1.7%，AIGS 收入录得0.02 亿元，同比-99.1%。 2025 前三季度标杆客户数为103 个，同比增长5 个，标杆客户ARPU 显著提升至2549 万元，同比 +71.4%。 发布ModelHub XC + EngineX 提升国产AI 软硬件协同能力。公司从底层算力、模型系统、应用辅助企 业进行AI 落地，于9 月22 日推出ModelHub XC 及AI 引擎EngineX，支持多架构、多模型批量化适配， 将适配层级提升至算法架构（Transformer、Diffusion、CNN 等）。已适配信创算力包括：华为昇腾、 寒武纪、天数智芯、昆仑芯、沐曦、曦 ...

立足 AI 软硬协同，2025Q3 首次单季盈利 第四范式（6682.HK）2025 三季报点评 ⚫ 核心观点 平台化收入贡献核心增长动能，首次实现单季盈利。第四范式前三季度营收 44.02 亿元，同比+36.8%；单季营收 17.76 亿元，同比+31.4%。先知平台收入 延续同比高增速，2025Q3 实现收入 15.43 亿元，同比+67.6%（去年同期为 33.5%， 前期为 79.6%），占比达 86.9%（去年同期为 68.1%，前期为 86.8%）。SHIFT 智 能解决方案 2025Q3 实现收入 2.31 亿元，同比-1.7%，AIGS 收入录得 0.02 亿 元，同比-99.1%。2025 前三季度标杆客户数为 103 个，同比增长 5 个，标杆客 户 ARPU 显著提升至 2549 万元，同比+71.4%。 研发投入产出效率提升：前三季度研发费用为 14.89 亿元，同比+8.4%，研发费 用率为 33.8%，同比-8.9pp。前三季度实现毛利 16.21 亿元，同比+20.1%，毛 利率为 36.8%保持相对平稳。 近 1 年股价走势 分析师 -30% -14% 2% 18% 34% 5 ...

Core Insights - The company achieved a significant revenue growth of 37% year-on-year, with total revenue reaching RMB 44.02 billion for Q1-Q3 2025, and a single-quarter revenue of RMB 17.76 billion in Q3 2025, marking a 31% year-on-year increase [1] - The company recorded its first quarterly profit due to cost optimization, despite a decline in gross margin to 36.8% from 37.7% in H1 2025, primarily driven by the high growth of the AI platform [1] - The company is committed to R&D investment, with R&D expenses amounting to RMB 14.89 billion for Q1-Q3 2025, reflecting an 8.4% year-on-year increase, although the R&D expense ratio decreased by 8.9 percentage points [1] Customer and Market Expansion - The number of benchmark customers (top 500 global companies) increased to 103, with an average revenue contribution of RMB 25.49 million per customer, up 71% year-on-year [2] - The company has expanded its customer base across key industries such as energy, manufacturing, finance, and retail [2] - The launch of ModelHub XC and AI engine EngineX supports mainstream domestic computing power and various models, with plans to significantly increase the number of certified models in the coming year [2] Product Development and Future Outlook - The company introduced the Phancy business featuring AI smart glasses equipped with a 13-megapixel camera, with plans for future collaborations with celebrity personal brands [3] - The company maintains a "buy" rating, projecting revenues of RMB 68.52 billion, 88.19 billion, and 112.26 billion for 2025-2027, with year-on-year growth rates of 30%, 29%, and 27% respectively [3] - Expected net profit for the same period is projected to be RMB 0.55 billion, 2.82 billion, and 5.68 billion, with significant growth anticipated [3]

Core Insights - The article discusses the financial performance of Fourth Paradigm in the third quarter, highlighting its transition from concept to commercial viability in the AI sector, particularly in enterprise-level applications [1][2]. Financial Performance - In the first three quarters of the year, Fourth Paradigm achieved total revenue of 4.402 billion yuan, representing a year-on-year growth of 36.8%, significantly surpassing last year's growth rate [2]. - Gross profit reached 1.621 billion yuan, with a year-on-year increase of 20.1%, and the company reported its first quarterly profit in Q3 [2][3]. Business Segments - Fourth Paradigm's business is divided into three main segments: the Prophet AI platform, SHIFT intelligent solutions, and the Shishuo AIGS service [4]. - The Prophet AI platform generated revenue of 3.692 billion yuan in the first three quarters, marking a staggering year-on-year increase of 70.1%, and accounted for 83.9% of total revenue [5]. Strategic Focus - The company is strategically focusing on the Prophet AI platform while reducing resources allocated to non-core businesses, as evidenced by a 12.5% decline in SHIFT intelligent solutions revenue and a 70.0% drop in Shishuo AIGS service revenue [5][6]. - The average revenue contribution from benchmark users in key industries increased by 71.4% to 25.49 million yuan, indicating deeper customer engagement and value extraction [6]. Market Positioning - Fourth Paradigm is positioning itself as a leader in the enterprise AI sector by addressing industry-specific needs rather than competing directly with tech giants in general AI capabilities [8][9]. - The company has developed a differentiated approach by focusing on vertical applications and building a domestic computing power ecosystem, which enhances its competitive edge [9][10]. Future Growth Potential - Fourth Paradigm has launched ModelHub XC and EngineX to address the compatibility issues between domestic computing power and models, aiming to become a key infrastructure provider in the domestic AI ecosystem [10]. - The company is also exploring new sectors such as AI in retail, energy storage, and stablecoins, which, while not yet major revenue contributors, provide significant growth potential for the next 3-5 years [11].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue growth has exceeded expectations, achieving its first quarterly profit [7]. - The gross profit margin has declined due to the high growth of the "XianZhi" platform, which has a lower margin but benefits from high standardization for rapid market penetration [7]. - The company continues to invest in R&D, with an increase in efficiency, while the number of benchmark clients and average revenue per user (ARPU) has consistently improved [7]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,204 million RMB - 2024: 5,261 million RMB - 2025E: 6,852 million RMB - 2026E: 8,819 million RMB - 2027E: 11,226 million RMB - The expected growth rates for revenue are 36.38% in 2023, 25.13% in 2024, and around 30% for 2025 [6][8]. - The company is projected to turn profitable in 2025, with a net profit of 55 million RMB, followed by significant growth in subsequent years [6][8].

Core Insights - Fourth Paradigm (6682.HK) showed strong performance today, with an intraday increase of over 10%, reaching HKD 53.65 [1] - AlloyX (AXG.US) announced a deep collaboration with Fourth Paradigm to establish a joint venture focused on global blockchain compliance and RegTech, aiming to set new industry compliance standards through "AI + Blockchain" [1] Financial Performance - Fourth Paradigm reported total revenue of CNY 4.402 billion for the first three quarters of this year, representing a year-on-year growth of 36.8%, significantly exceeding last year's growth rate [1] - Gross profit reached CNY 1.621 billion, with a year-on-year increase of 20.1%, showing a notable improvement compared to the same period last year [1] - The gross margin stood at 36.8%, remaining stable during the period, with the company achieving its first quarterly profit in Q3 [1] - The core product, the Prophet AI platform, experienced explosive growth, generating revenue of CNY 3.692 billion, a year-on-year increase of 70.1%, driving a second acceleration in the company's performance [1]

华赢集团AlloyX(纳斯达克代码：AXG)今日正式宣布，与人工智能领军企业北京第四范式智慧技术股份 有限公司(港交所：6682) 达成深度合作，成立合资公司，聚焦全球区块链合规及金融监管科技 (RegTech)赛道，以"AI + 区块链"构建行业合规新标准。 双方将充分发挥技术协同优势：AXG将输出其在数字资产基础设施建设、区块链底层技术研发及稳定 币支付场景落地的成熟经验，为解决方案提供 "链上场景根基"；第四范式则投入自研的人工智能算法 与银行级智能风控引擎，赋予系统 "实时风险识别、动态智能画像、可视化追踪" 的核心能力。 华赢集团AlloyX联合创始人兼行政总裁朱皓康博士表示："链上生态的健康发展离不开科技驱动的合规 创新。我们希望通过与第四范式的合作，结合区块链数据和AI智能分析能力，建立可持续、可审计的 数字金融信任基石。" ...

Core Insights - Fourth Paradigm reported strong business growth in Q3 2025, achieving its first quarterly profit driven by rising demand for AI transformation in enterprises [2] - The company's total revenue for the first three quarters reached RMB 44.02 billion, a year-on-year increase of 36.8%, with a gross profit of RMB 16.21 billion, up 20.1% [2] - The core product, the Sage AI platform, saw explosive growth, generating RMB 36.92 billion in revenue, a 70.1% increase, and accounting for 83.9% of total revenue [3] Financial Performance - The gross margin remained stable at 36.8%, while the R&D expenses for the first three quarters were RMB 14.89 billion, an increase of 8.4% [2] - The R&D expense ratio decreased by 8.9 percentage points to 33.8%, indicating improved efficiency in R&D investment [2] - The average revenue contribution from benchmark users reached RMB 25.49 million, a 71.4% increase year-on-year [2] Business Segments - The SHIFT intelligent solutions segment generated RMB 6.02 billion in revenue, a decline of 12.5%, focusing on supporting the growth of the Sage AI platform [4] - The AIGS service segment reported revenue of RMB 1.08 billion, down 70% year-on-year, influenced by the expansion pace of the Sage AI platform [4] - The company launched several technological innovations, including ModelHub XC and AI engine EngineX, enhancing compatibility with domestic computing power [3] Strategic Initiatives - Fourth Paradigm aims to position the Sage platform as the core operating system for AI applications, facilitating the integration of domestic computing power with large models [5] - The company is leveraging the "Artificial Intelligence +" policy opportunities to disrupt traditional software market dynamics [5] - Future collaborations with diverse brand partners are expected to unlock a trillion-level incremental market through the PhancyAI smart consumer electronics business [5]

Core Viewpoint - Fourth Paradigm (6682.HK) reported strong financial performance for the first three quarters of the year, with significant revenue growth and a notable shift to profitability in Q3 [1] Financial Performance - Total revenue for the first three quarters reached 4.402 billion yuan, representing a year-on-year increase of 36.8%, significantly surpassing the growth rate of the previous year [1] - Gross profit amounted to 1.621 billion yuan, with a year-on-year growth of 20.1%, indicating a marked improvement compared to the same period last year [1] - Gross margin stood at 36.8%, remaining stable throughout the period [1] Product Performance - The company's core product, the Prophet AI platform, experienced explosive growth, with segment revenue reaching 3.692 billion yuan, reflecting a year-on-year increase of 70.1% [1] - This surge in the AI platform's revenue was a key driver for the company's accelerated performance [1]

Group 1 - Fourth Paradigm (06682.HK) opened over 3% higher and is currently up 3.5%, trading at HKD 50.3 [2] - The trading volume reached HKD 8.1486 million [2]