第四范式(06682)发布公告，中国证券监督管理委员会(中国证监会)已于近日受理本公司代表若干本公司 非控股股东向中国证监会提交的关于建议实施H股全流通的申请。根据相关申请文件，本公司已申请该 等股东持有的本公司已发行的1377.92万股内资股股份转换为H股并在香港联合交易所有限公司(联交所) 上市(转换并上市)。 ...

智通财经APP讯，第四范式(06682)发布公告，中国证券监督管理委员会(中国证监会)已于近日受理本公 司代表若干本公司非控股股东向中国证监会提交的关于建议实施H股全流通的申请。根据相关申请文 件，本公司已申请该等股东持有的本公司已发行的1377.92万股内资股股份转换为H股并在香港联合交易 所有限公司(联交所)上市(转换并上市)。 ...

格隆汇11月24日丨第四范式(06682.HK)宣布，中国证监会已于近日受理公司代表若干公司非控股股东向 中国证监会提交的关于建议实施H股全流通的申请。根据相关申请文件，公司已申请该等股东持有的公 司已发行的13,779,177股内资股股份转换为H股并在联交所上市。 ...

（股 份 代 號：6682） 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） 承董事會命 北京第四範式智能技術股份有限公司 董事長兼執行董事 戴文淵博士 香 港，2025年11月24日 於 本 公 告 日 期，執 行 董 事 為 戴 文 淵 博 士、陳 雨 強 先 生 及 于 中 灝 先 生；非 執 行 董 事 為 楊 強 博 士、竇 帥 先 生 及 張 晶 先 生；獨 立 非 執 行 董 事 為 李 建 濱 先 生、 劉 持 金 先 生、柯 燁 樂 女 士 及 劉 助 展 先 生；以 及 職 工 代 表 董 事 為 柴 亦 飛 先 生。 中國證監會受理本公司H股全流通計劃的申請 本公告由北京第 ...

Core Insights - The platform revenue is the main growth driver, achieving profitability for the first time in a single quarter. The company reported a revenue of 4.402 billion yuan for the first three quarters, a year-on-year increase of 36.8% [1] - In Q3 2025, the revenue reached 1.776 billion yuan, up 31.4% year-on-year. The "Prophet" platform continued to show high growth, generating 1.543 billion yuan in revenue for Q3 2025, a year-on-year increase of 67.6% [1] - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million yuan, up 71.4% year-on-year [1] Revenue Breakdown - The "Prophet" platform accounted for 86.9% of total revenue in Q3 2025, compared to 68.1% in the same period last year [1] - The SHIFT intelligent solutions generated 231 million yuan in revenue for Q3 2025, a slight decline of 1.7% year-on-year, while AIGS revenue plummeted to 2 million yuan, down 99.1% year-on-year [1] R&D Efficiency - R&D expenses for the first three quarters amounted to 1.489 billion yuan, an increase of 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1] - Gross profit for the first three quarters was 1.621 billion yuan, reflecting a year-on-year increase of 20.1%, with a stable gross margin of 36.8% [1] Product Development - The company launched ModelHub XC and AI Engine EngineX on September 22, enhancing the synergy between domestic AI software and hardware. This supports multi-architecture and multi-model batch adaptation [2] - The company has made progress in AI applications in energy storage and stablecoin development [2] Investment Outlook - As an enterprise-level AI service provider, the company is positioned to benefit from top-down policy trends, with the trend of enterprise intelligence expected to accelerate over the next decade [2] - The company's enhanced adaptability among various AI infrastructure is expected to facilitate further commercialization [2] - The target price is maintained at 72.80 HKD with a "Buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.80 HKD, maintaining the current rating [3][6]. Core Insights - The company achieved its first quarterly profit in Q3 2025, driven by platform revenue growth, with total revenue for the first three quarters reaching 44.02 billion RMB, a year-on-year increase of 36.8%. The Q3 revenue was 17.76 billion RMB, up 31.4% year-on-year [1]. - The "XianZhi" platform continued to show strong growth, generating 15.43 billion RMB in Q3 2025, a year-on-year increase of 67.6%, accounting for 86.9% of total revenue [1]. - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million RMB, up 71.4% year-on-year [1]. - Research and development efficiency improved, with R&D expenses of 14.89 billion RMB for the first three quarters, a year-on-year increase of 8.4%, and an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 5,261 million RMB, 2025E at 7,181 million RMB, 2026E at 9,579 million RMB, and 2027E at 12,539 million RMB, reflecting growth rates of 25.13%, 36.50%, 33.41%, and 30.89% respectively [8]. - The company is expected to turn profitable with a projected net profit of 58 million RMB in 2025E, increasing to 802 million RMB by 2027E, with corresponding growth rates of 121.76% and 154.35% [8]. - The earnings per share (EPS) is projected to improve from -0.52 RMB in 2024A to 1.54 RMB in 2027E [8].

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]