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 ...

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]