Group 1 - The core viewpoint is that Chinese AI companies are becoming attractive to international long-term capital, indicating a historic revaluation of Chinese assets [1][2] - Chinese AI enterprises are narrowing the technological gap with Western giants, with performance differences in top models decreasing from 20% in 2023 to 0.3% by the end of 2024 [1] - China has unique advantages in AI, including a rich application landscape and supportive policies, making it the world's largest AI testing ground [1] Group 2 - Despite a strong performance in the A-share market, Chinese AI companies still have potential for valuation increases, driven by breakthroughs in technology and market opportunities [2] - The average price-to-sales ratio for U.S. AI companies is 42 times, while comparable Chinese companies average around 15 times, indicating that Chinese AI firms are undervalued [2] - The value generated by AI is beginning to show, particularly in programming and office applications, suggesting that a commercial turning point for the industry is imminent [2] Group 3 - AI research and development require patient capital, and long-term funds like Infini Capital align well with the commercialization cycle of AI [3] - The focus is on technological positioning in frontier fields rather than short-term stock price fluctuations, with confidence that leading Chinese AI firms will drive the next wave of technological revolution [3]

| 表格序號: | CS20250807E00016 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 有關事件的日期: | 05/08/2025 | | | | | | | | | | (日/月/年) | | | | | | | | | 2. 大股東知悉有關事件 / 股份權益的日期(如在有關事件 05/08/2025 | | | | | | | | | | 的日期之後): | (日/月/年) | | | | | | | | | 3. 股份代號: | 06682 | | | | | | | | | 4. 上市法國的名稱: | | 北京第四範式智能技術股份有限公司 - H股 | | | | | | | | 5. 股份類別: | H版 | | | | | | | | | 6. 該類別的已發行股份的數目: | 294.909.496 | | | | | | | | | 7. 大股東的名稱: | 富国基金管理有限公司 | | | | | | | | | 8. 註冊辦事處: | | 中国（上海）自由贸易试验区世纪大道 ...

香港联交所最新资料显示，8月5日，富国基金管理有限公司增持第四范式(06682)380.99万股，每股作价 为55.5062港元，总金额约为2.11亿港元。增持后最新持股数目为1721.34万股，最新持股比例为5.84%。 ...

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7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8月6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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 294,909,496 | RMB | | 1 RMB | | 294,909,496 | ...

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Core Viewpoint - Fourth Paradigm (06682) expects a significant reduction in adjusted net loss attributable to shareholders for the six months ending June 30, 2025, with a decrease of approximately 68% to 73% compared to the same period last year [1] Group 1: Financial Performance - The adjusted net loss for the six months is projected to be around RMB 152 million, indicating a strong improvement year-on-year [1] - The main driver for this performance is the robust demand for the company's core product, the Fourth Paradigm Prophet AI platform, which has led to revenue growth in this segment [1] Group 2: Revenue and Profitability - The revenue from the core business segment is increasing and its proportion of overall revenue is expanding, contributing to both overall revenue and gross profit growth [1] - The increase in consolidated operating expenses is lower than the growth in gross profit, enhancing the company's operating leverage and profitability [1]

智通财经APP讯，第四范式(06682)发布公告，预计截至2025年6月30日止6个月本集团归属于本公司股东 的经调整净亏损(非国际财务报告准则计量)较去年同期归属于本公司股东的经调整净亏损的人民币1.52 亿元可能实现约为68%至73%的同比减少。董事会认为截至2025年6月30日止6个月业绩变动的主要原因 是：得益于过去6个月本集团服务的企业用户对本集团核心产品第四范式先知AI平台的强劲需求，驱动 该核心业务板块收入的增长，且在整体收入中的占比持续扩大，带动本集团整体收入及毛利润双增长。 同时，本期间综合运营费用增幅低于毛利润增幅，经营槓桿效应的提升进一步增强了盈利能力。 ...

董事会认为变动的主要原因得益于过去六个月本集团服务的企业用户对本集团核心产品第四范式先知 AI平台的强劲需求，驱动该核心业务板块收入的增长，且在整体收入中的占比持续扩大，带动本集团 整体收入及毛利润双增长。同时，本期间综合运营费用增幅低于毛利润增幅，经营杠杆效应的提升进一 步增强了盈利能力。 8月5日，第四范式(06682)发布预期亏损减少公告，预计截至2025年6月30日止六个月，经调整归母净亏 损可能实现约为68%至73%的同比减少。 ...

智通财经APP获悉，8月5日，第四范式(06682)发布预期亏损减少公告，预计截至2025年6月30日止六个 月，经调整归母净亏损可能实现约为68%至73%的同比减少。 董事会认为变动的主要原因得益于过去六个月本集团服务的企业用户对本集团核心产品第四范式先知 AI平台的强劲需求，驱动该核心业务板块收入的增长，且在整体收入中的占比持续扩大，带动本集团 整体收入及毛利润双增长。同时，本期间综合运营费用增幅低于毛利润增幅，经营杠杆效应的提升进一 步增强了盈利能力。 ...

Beijing Fourth Paradigm Technology Co., Ltd. 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。 – 1 – 告 所 載 資 料 可 能 有 別 於 將 會 刊 發 之 財 務 資 料。股 東 及 本 公 司 潛 在 投 資 者 務 請 仔細閱讀預期將於2025年8月底之前刊發的本集團截至2025年6月30日止六個月 期 間 之 中 期 業 績 詳 情。 股 東 及 本 公 司 潛 在 投 資 者 於 買 賣 本 公 司 股 份 時 務 請 審 慎 行 事。 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） 預期虧損減少 本公告由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 為 「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市 ...