FF301 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9月30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10月2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 | | | 320,809,496 | RMB | | | 1 RMB | | 320,809,496 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 320,809,496 | RMB | | | 1 RMB ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [15]. Core Insights - The release of DeepSeek V3.2-Exp model is expected to drive the development of the domestic AI ecosystem, showcasing the synergy between domestic chips and large models, which leads to significant improvements in computational efficiency and cost reduction [5]. - The introduction of the DeepSeek Sparse Attention mechanism allows for a substantial enhancement in long text processing efficiency, overcoming traditional computational complexity limitations [5]. - The cost of AI applications is anticipated to decrease significantly, with the DeepSeek API prices reduced by over 50%, making advanced AI models more accessible to developers and businesses [5]. - Investment focus is recommended on domestic chip manufacturers like Cambricon and Hygon, as well as companies within the Huawei supply chain and various AI application firms [5]. Industry Basic Data - The computer industry comprises 337 listed companies with a total market capitalization of approximately 61,619.92 billion and a circulating market capitalization of about 55,710.57 billion [2]. Relative Index Performance - The absolute performance of the computer industry over the past 1 month, 6 months, and 12 months is -1.6%, 24.3%, and 72.1% respectively, while the relative performance is -4.3%, 6.3%, and 47.3% [3].

港股市场AI概念股集体走强，其中，第四范式(6682.HK)盘中拉升涨近8%报68.5港元，为连续第二日上涨，股价创2024年3月以来新高。 个股消息面上，第四范式近日正式推出"Virtual VRAM"可插入式虚拟显存扩展卡，该产品通过将物理内存转化为可动态调度的显存缓冲池，实现了GPU算 力资源的弹性扩展。据悉，第四范式的"Virtual VRAM"创新性地构建了显存与内存之间的高速数据通道，将内存虚拟为显存使用，相当于为原有的"固定 备菜台"配置了一个可灵活调度的"储藏室"，从而在不大幅变更硬件结构的前提下，突破显存容量限制。第四范式联合创始人、首席科学家陈雨强介绍， 单张显卡在使用该扩展卡后，虚拟显存容量最高可扩展至256GB。 行业消息面上，DeepSeek昨日宣布，官方App、网页端、小程序均已同步更新为DeepSeek-V3.2-Exp。DeepSeek介绍，得益于新模型服务成本的大幅降 低，官方API价格也相应下调，新价格即刻生效。在新的价格政策下，开发者调用DeepSeek API的成本将降低50%以上。 ...

Core Insights - The company reported a total revenue of 2.626 billion yuan for the first half of 2025, representing a year-on-year growth of 40.7% [2] - The core business, "Fourth Paradigm Prophet AI Platform," generated significant revenue of 2.149 billion yuan, with a year-on-year increase of 71.9%, accounting for 81.8% of total revenue [2] - The SHIFT intelligent solutions generated revenue of 371 million yuan, making up 14.1% of total revenue, focusing on key industries and strategic customer applications [2] - The company reported an operating loss of 848.8 million yuan, a reduction in loss of 55.1% compared to the same period last year [2] - The total assets of the company as of June 30, 2025, were 7.759 billion yuan, a growth of 2.26% from December 31, 2024 [3] - Total liabilities decreased to 1.497 billion yuan, down 39.78% from December 31, 2024 [3]

Core Viewpoint - The AI concept stocks in the Hong Kong market showed a positive trend, with most stocks experiencing gains on September 30th [1] Group 1: Stock Performance - Huilyang Technology (01860.HK) increased by 4.47%, reaching HKD 19.88 [1] - Maifushi (02556.HK) rose by 4.33%, trading at HKD 51.35 [1] - Chuangxin Qizhi (02121.HK) saw a gain of 3.65%, priced at HKD 7.95 [1] - Fourth Paradigm (06682.HK) climbed by 3.15%, with a share price of HKD 65.5 [1] - Meitu Inc. (01357.HK) increased by 3.26%, now at HKD 9.16 [1]

Group 1 - AI concept stocks saw a majority increase in early trading, with notable gains from companies such as 汇量科技 (4.47% increase), 迈富时 (4.33% increase), and 创新奇智 (3.65% increase) [1] - DeepSeek announced a significant update to its services, reducing the cost of its API by over 50% due to a new model that lowers service costs [1] - The National Development and Reform Commission (NDRC) plans to support various enterprises, including private companies, to deeply engage in AI initiatives [1] Group 2 - Huatai Securities indicated that the reduction in model prices will attract more developers to create AI applications, potentially boosting demand for computing power and increasing the likelihood of Super Apps [2] - Zhongyin International believes that the commercialization inflection point for AI applications is approaching, driven by improvements in reasoning efficiency and cost-effectiveness of domestic chips [2] - The combination of advancements in model capabilities, data accumulation, and synthetic data technology is facilitating a shift from "single-point breakthroughs" to "systematic collaboration" in AI capabilities, paving the way for large-scale commercialization [2]

该产品主要面向两大应用场景：一是在大模型单卡运行显存不足时，用户可通过调用内存资源继续完成 任务，从而避免采购额外显卡，显著降低成本；二是在轻负载场景中，可将多个模型部署于同一GPU， 实现资源动态调度，有效解决"一模型一卡"带来的资源闲置问题。 此外，"Virtual VRAM"具备高度兼容性与部署便利性。产品支持物理机、Docker容器及Kubernetes等云 原生环境，用户无需修改现有代码或重新编译即可实现即插即用，大幅降低了部署复杂度和二次开发成 本。 分析认为，随着AI模型数量与参数规模持续高速增长，显存容量已成为制约企业AI能力构建与成本控 制的关键因素。第四范式此次发布的新产品，有望为企业提供更具性价比的算力扩展方案，帮助用户在 保持高性能的同时进一步实现降本增效。未来，第四范式计划与更多内存厂商展开合作，持续推动AI 基础设施的优化与普及。 传统GPU显存容量固定且扩展成本高昂，限制了AI模型规模的扩大与多任务并发能力。用户往往只能 通过购置更高端显卡或多卡并行来缓解压力，导致投入成本急剧上升。第四范式的"Virtual VRAM"创新 性地构建了显存与内存之间的高速数据通道，将内存虚拟为显 ...

据第四范式联合创始人、首席科学家陈雨强介绍，单张显卡在使用该扩展卡后，虚拟显存容量最高可扩 展至256GB。以NVIDIA H20显卡为例，其原生显存为96GB，扩展后相当于10张NVIDIA RTX4090或6 张NVIDIA A100的物理显存容量。用户无需更换硬件，即可在接近原生大显存性能的状态下，运行更 大规模的AI训练与推理任务。 在AI大模型迅速发展的背景下，GPU显存容量正成为制约模型训练与推理效率的关键瓶颈。单卡运行 时显存不足，又或是轻负载场景中一模型一卡的部署形态，无不反映出市场对高效、低成本扩展显存资 源的迫切需求。 近日，第四范式(06682)正式推出了"Virtual VRAM"可插入式虚拟显存扩展卡，该产品通过将物理内存 转化为可动态调度的显存缓冲池，实现了GPU算力资源的弹性扩展。第四范式创始人戴文渊，第四范式 联合创始人、首席科学家陈雨强出席发布活动。 传统GPU显存容量固定且扩展成本高昂，限制了AI模型规模的扩大与多任务并发能力。用户往往只能 通过购置更高端显卡或多卡并行来缓解压力，导致投入成本急剧上升。第四范式的"Virtual VRAM"创新 性地构建了显存与内存之间的高 ...

在AI大模型迅速发展的背景下，GPU显存容量正成为制约模型训练与推理效率的关键瓶颈。单卡运行 时显存不足，又或是轻负载场景中一模型一卡的部署形态，无不反映出市场对高效、低成本扩展显存资 源的迫切需求。 近日，第四范式正式推出了「Virtual VRAM」可插入式虚拟显存扩展卡，该产品通过将物理内存转化 为可动态调度的显存缓冲池，实现了GPU算力资源的弹性扩展。第四范式创始人戴文渊，第四范式联合 创始人、首席科学家陈雨强出席发布活动。 传统GPU显存容量固定且扩展成本高昂，限制了AI模型规模的扩大与多任务并发能力。用户往往只能 通过购置更高端显卡或多卡并行来缓解压力，导致投入成本急剧上升。第四范式的「Virtual VRAM」 创新性地构建了显存与内存之间的高速数据通道，将内存虚拟为显存使用，相当于为原有的"固定备菜 台"配置了一个可灵活调度的"储藏室"，从而在不大幅变更硬件结构的前提下，突破显存容量限制。 据第四范式联合创始人、首席科学家陈雨强介绍，单张显卡在使用该扩展卡后，虚拟显存容量最高可扩 展至256GB。以NVIDIA H20显卡为例，其原生显存为96GB，扩展后相当于10张NVIDIA RTX 40 ...

业绩高增，AI 驱动业务多领域拓展 第四范式(6682) ——第四范式（06682.HK）2025 年中报点评 [Table_Invest] 评级： 增持 [Table_CurPrice] 当前价格(港元)： 61.15 [Table_Market] 交易数据 52 周内股价区间(港元) 20.05-63.50 当前股本(百万股) 520 当前市值(百万港元) 31,778 [Table_Summary] 维持"优于大市"评级。在 Agent 加持下，公司已经进入高速增长轨 道，公司增发 H 股战略布局 AI+稳定币赋能业绩增长，我们预测公 司 2025-2027 年营收为 68.84 / 88.63 / 112.76 亿元（不变）；EPS 为 0.10 / 0.54 / 1.14 元，考虑到公司在 50 亿+的营收体量下营收增速仍 能逆势提升，给予公司估值 2025 年 6 倍 PS 不变，提高目标价 4% 至 86.79 港元（1 港元= 0.9158 人民币）。 | 财务摘要（百万人民币） | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...