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） (1)建議更改本公司英文名稱及建議修改公司章程 (2)建議委任獨立非執行董事 及 (3)臨時股東會之暫停辦理股份過戶登記手續期間 建議更改本公司英文名稱及建議修改公司章程 潘嘉林先生，45歲，現 任 香 港 中 文 大 學 計 算 機 科 學 與 工 程 系 教 授 及 副 系 主 任、 賽 馬 會「機 器 學 習 與 符 號 推 理 融 合」創 科 實 驗 室 總 監。 潘先生自2022年12月 至 今 擔 任 香 港 中 文 大 學 計 算 機 科 學 與 工 程 系 教 授，自2023 年7月 至 今 擔 任 賽 ...

Core Insights - Fourth Paradigm reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8% [1] - The company's AI platform, Prophet AI, achieved a revenue of 3.692 billion yuan, growing 70.1% year-on-year, and accounted for 83.9% of total revenue [2] - The company is positioned to benefit significantly from the ongoing penetration of AI across various industries in China, with a projected revenue growth of approximately 30% from 2025 to 2027 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 1.78 billion yuan, reflecting a year-on-year increase of 31.4% [1] - Gross profit for the first three quarters was 1.621 billion yuan, with a gross margin of 36.8% [1] - R&D expenses totaled 1.468 billion yuan, up 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points [1] Product and Market Expansion - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, a growth of 71.4% [1] - The company launched ModelHub XC and the AI engine system EngineX, enhancing compatibility with domestic chips [2] - New AI applications are being explored in sectors such as energy, manufacturing, retail, and sports, indicating a long-term growth potential [2] Industry Positioning - Fourth Paradigm has maintained the largest market share in China's machine learning platform sector for seven consecutive years [3] - The company is well-positioned to capitalize on the digital transformation opportunities in various industries, particularly as data volumes increase [3] - The expected revenue for the company in 2025, 2026, and 2027 is projected to be 6.937 billion, 9.062 billion, and 11.797 billion yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

Core Viewpoint - Fourth Paradigm (06682.HK) announced the grant of a total of 9,803,700 stock options to eligible persons at an exercise price of HKD 48.38 per H-share, pending acceptance by the grantees [1] Group 1 - The stock options were granted under a stock option plan adopted on September 19, 2024 [1] - The options will allow the grantees to subscribe for ordinary shares listed on the Hong Kong Stock Exchange [1] - The grant of options is subject to acceptance by the grantees before it becomes effective [1]

Core Viewpoint - Fourth Paradigm (06682) announced the adoption of a stock option plan on September 19, 2024, granting a total of 9.8037 million stock options to eligible participants at an exercise price of HKD 48.38 per share for the company's ordinary shares listed on the Hong Kong Stock Exchange, pending acceptance by the participants [1] Group 1 - The stock option plan was adopted on September 19, 2024 [1] - A total of 9.8037 million stock options will be granted [1] - The exercise price for the stock options is set at HKD 48.38 per share [1] Group 2 - The stock options are for the company's ordinary shares listed on the Hong Kong Stock Exchange [1] - The grant of stock options is subject to acceptance by the participants [1]

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 已授出購股權之行使價 ： 每股H股48.38港 元 （不 低 於 以 下 最 高 者：(i) H股於授出日期在聯交所 每 日 報 價 表 上 所 列 的 官 方 收 市 價，即47.70港 元； (ii) H股於緊接授出日期前五個營業日（定 義 見 上 市 規 則）在聯交所每日報價表上所列的平均官方收市 價，即48.38港 元；及(iii) H股 的 面 值） – 1 – 授出日期 ： 2025年11月25日 承 授 人 ： 承 授 人 為 本 集 團 僱 員 及 一 名 本 公 司 董 事。 已授出購股權數目 ： 9,803,700份購股權（每 份 購 股 權 賦 予 承 授 人 權 利 認 購一股H股） 上 述 授 出 的 ...

Core Viewpoint - Fourth Paradigm (06682) has submitted an application to the China Securities Regulatory Commission (CSRC) for the implementation of H-share full circulation, which has been accepted by the CSRC [1] Group 1 - The company has applied for the conversion of 13.7792 million domestic shares held by certain non-controlling shareholders into H-shares [1] - The converted H-shares are intended to be listed on the Hong Kong Stock Exchange [1]

Core Viewpoint - The company, Fourth Paradigm (06682), has submitted an application to the China Securities Regulatory Commission (CSRC) for the implementation of full circulation of H-shares, which has been accepted by the CSRC [1] Group 1 - The application involves converting 13.7792 million domestic shares held by non-controlling shareholders into H-shares for listing on the Hong Kong Stock Exchange [1]

Group 1 - The core point of the article is that Fourth Paradigm (06682.HK) has had its application for H-share full circulation accepted by the China Securities Regulatory Commission (CSRC) [1] - The company has applied to convert 13,779,177 shares of domestic shares held by non-controlling shareholders into H-shares for listing on the Hong Kong Stock Exchange [1]

（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 ...