Group 1 - The company has entered into a joint venture agreement with Beijing Haibo Sichuang Technology Co., Ltd. to establish a joint venture company named Energy Crystal (Beijing) Technology Co., Ltd. which will focus on AI technology services in the electricity trading sector [1] - The company will hold a 19% stake in the joint venture, and its financial performance will not be consolidated into the group's financial statements [1] - The establishment of the joint venture signifies a new level of integration between "AI + energy storage" technology, aiming for deep exploration and innovative breakthroughs in technology, application scenarios, and industrial ecology [2] Group 2 - The collaboration will leverage Haibo Sichuang's expertise in energy storage system research, production, and lifecycle management, combined with the group's leading technologies in AI Agent + world models, machine learning platforms, and smart energy [2] - The partnership will focus on advancing cooperation in electricity trading and energy storage asset operation management, exploring multi-scenario applications, and promoting the comprehensive application of AI technology in the energy storage sector [2] - The joint venture is expected to inject high levels of intelligence into the entire business chain of energy storage, contributing to global sustainable energy development with a "Chinese solution" [2]

Group 1 - The company has entered into a joint venture agreement with Beijing Haibo Sichuang Technology Co., Ltd. to establish a new company named Energy Crystal (Beijing) Technology Co., Ltd., focusing on AI technology services in the electricity trading sector [1] - The company will hold a 19% stake in the joint venture, and its financial performance will not be consolidated into the group's financial statements [1] - The establishment of the joint venture signifies a new level of integration between AI and energy storage technology, aiming for innovative breakthroughs in technology, application scenarios, and industrial ecology [2] Group 2 - The collaboration will leverage Haibo Sichuang's expertise in energy storage system research, production, and lifecycle management, combined with the group's leading technologies in AI and smart energy [2] - The joint venture will explore various application scenarios in electricity trading and energy storage asset management, promoting the comprehensive application of AI technology in the energy storage sector [2] - The agreement is deemed fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

Core Viewpoint - The establishment of a joint venture between Fourth Paradigm and Beijing Haibo Sichuang Technology Co., Ltd. marks a significant step towards integrating AI technology with energy storage solutions, aiming to enhance the capabilities in power trading and energy management [1][2] Group 1: Joint Venture Details - The joint venture, tentatively named Energy Crystal (Beijing) Technology Co., Ltd., will focus on AI technology services in the power trading sector [1] - Fourth Paradigm will hold a 19% stake in the joint venture, and its financial performance will not be consolidated into the group's financial statements [1] Group 2: Technological Integration and Collaboration - The collaboration aims to explore the integration of "AI + Energy Storage" technologies, leading to innovative breakthroughs in technology, application scenarios, and industrial ecosystems [1] - The partnership will leverage Haibo Sichuang's expertise in energy storage system development and management, combined with Fourth Paradigm's advanced technologies in AI and smart energy [1] Group 3: Strategic Implications - The joint venture is expected to inject high levels of intelligence into the entire energy storage value chain, contributing to sustainable global energy development with a "Chinese solution" [2] - The terms of the joint venture agreement are considered fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

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） 自願公告 成立合資公司 戴文淵博士 本公司董事（「董 事」）會（「董事會」）欣 然 宣 布，於2025年8月4日，本 公 司 與 北 京 海 博思創科技股份有限公司（「海博思創」）訂立合資協議（「合資協議」），內 容 有 關 （其 中 包 括）成立合資公司（「合資公司」）。建 議 合 資 公 司 名 稱 為 能 量 晶 體（北 京） 科技有限公司（暫 定 名，最 終 以 市 場 監 督 管 理 局 審 核 為 準）。合 資 公 司 將 主 要 從 事電力交易方向的AI技 術 服 務。於 成 立 時，本 公 司 將 持 ...

Core Insights - Infini Capital has actively invested approximately 7.708 billion HKD in three Hong Kong stocks within a short span of two weeks, indicating a strong interest in emerging industries [1] - The firm has a notable track record, having achieved a 96% return rate in 2021, ranking first among Asian hedge funds [2] Investment Activities - On July 17, Infini Capital planned to invest 1.308 billion HKD in Fourth Paradigm (06682), acquiring a 4.98% stake [1] - On July 31, the firm completed a 2.5 billion HKD investment in SenseTime (00020), securing a 4.31% ownership [1] - On the same day, Infini Capital proposed a 3.9 billion HKD investment in China Ruyi (00136), aiming for a 7.51% stake [1] Company Background - Infini Capital was established in 2015 and has dual headquarters in Hong Kong and Abu Dhabi, positioning itself as a leading international asset management company [1] - The founder, Tony Chin To, has a background in investment banking, having worked in the mergers and acquisitions departments of Morgan Stanley and HSBC before founding Infini Capital [1] - Tony Chin To has a strong educational background, having studied economics at the University of Michigan, Ann Arbor [1]

Meta Platforms公布财报显示，第二季度营收超过预期，对当前时期的预测也强于预期，这表明这家社 交媒体公司的广告业务仍在快速增长，足以支持其在人工智能方面的大举支出。财报公布后，Meta美 股盘后一度大涨10%。 Meta预计，其第三季度营收将达到475亿美元至505亿美元，此外，Meta还上调了2025财年资本开支预 期区间的下限，因为该公司继续加大对人才、基础设施、数据中心和能源的投资，以在快速发展的AI 竞赛中保持竞争力。Meta目前预计全年资本支出将在660亿美元至720亿美元之间，较此前640亿至720 亿美元的预期有所提高。 格隆汇7月31日｜港股市场AI概念股集体强势，其中，美图公司涨超14%，金蝶国际涨超11%，创梦天 地、金山云涨超10%，汇量科技、快手-W涨超8%，粉笔、迈富时涨超7%，第四范式涨超6%，微盟集 团涨超5%，金山软件涨超4%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01357 | 美图公司 | (0) | 14.71% | 12.480 | 569.86 ...

Core Viewpoint - Fourth Paradigm (06682) shares increased by nearly 4%, currently up 3.68% at HKD 54.9, with a trading volume of HKD 140 million [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and will begin shipping in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trends Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound field design enables smart navigation and real-time translation, demonstrating the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Core Viewpoint - Fourth Paradigm (06682) has seen a nearly 4% increase in stock price, currently trading at 54.9 HKD with a transaction volume of 140 million HKD, following the launch of its Phancy AI smart glasses [1] Group 1: Product Launch - The Phancy AI smart glasses, developed by Fourth Paradigm, officially went on sale on July 23 and are set to be shipped in early August [1] - The smart glasses will be showcased at the VisionX AI Smart Glasses Supply Chain Trend Conference in Hangzhou on August 5 [1] Group 2: Product Features - The Phancy AI smart glasses offer features such as first-person perspective shooting, real-time translation, open sound field, AI voice assistant, and schedule reminders [1] - The glasses are designed with a lightweight body weighing 39 grams and include a high-definition camera for first-person perspective shooting [1] - The open surround sound design enables smart navigation and real-time translation, highlighting the company's strong capabilities in generative AI, agent intelligence, and integrated hardware-software solutions [1]

Industry Overview - The artificial intelligence agent industry in China is defined as software systems driven by large language models (LLMs) that integrate various plugins to make autonomous decisions and learn from their environment [1] - The industry has formed a complete system covering the foundational, technical, and application layers, with hardware and computing power providers at the base, model providers in the middle, and application developers and service providers at the downstream [2][5] Market Size and Growth - In 2023, the AI agent market in China reached 55.4 billion yuan, with projections to grow to 852 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 72.7% [12] - The demand structure for AI agents is diverse and rapidly growing, with the intelligent customer service market exceeding 7 billion yuan in 2023 and expected to reach 18.13 billion yuan by 2027, a CAGR of over 27% [13] Development Trends - The AI agent industry is still in its early stages, evolving from simple chatbots to more complex agents capable of autonomous reasoning and decision-making [8] - The penetration rate of AI agents in enterprises is currently below 5% but is expected to rise to 25% for large enterprises and 15% for small and medium-sized enterprises by 2028 [15] Policy Background - Since 2015, the Chinese government has been promoting AI technology development and application through a comprehensive policy framework that includes ethical norms and data security [10][11] Competitive Landscape - The competitive landscape is characterized by a concentration of leading companies such as Alibaba, Tencent, and Baidu, which dominate the large model layer, while vertical players focus on specific industry applications [21][24] - Initial companies are leveraging technological breakthroughs and innovative models to disrupt the industry, with examples like Manus and Dify gaining significant traction [25] Future Outlook - The AI agent market is expected to experience significant growth, with industrial and medical applications showing strong potential due to the rapid release of smart manufacturing and automation needs [27] - Key technological breakthroughs in multi-modal interaction, autonomous decision-making, and multi-agent collaboration are critical for the industry's future development [30]

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company has launched the Phancy AI smart glasses, which feature capabilities such as first-person perspective shooting, real-time translation, and AI voice assistance, indicating strong integration of AI solutions in hardware products [1]. - The core business, the "Prophet AI Platform," has shown robust growth, with revenue reaching 3.676 billion RMB in 2024, a year-on-year increase of 46.7%, accounting for 69.9% of total revenue [3]. - The company reported a total revenue of 1.077 billion RMB in Q1 2025, reflecting a year-on-year growth of 30.1%, with a notable increase in the average revenue contribution from benchmark users [3]. - The Shift intelligent solutions business experienced a revenue decline of 20.3% in 2024, while the AIGS service business grew by 35.4% in the same year, showcasing a mixed performance across different segments [3]. - The company is focusing on optimizing costs through continuous technological iterations, with R&D expenses amounting to 2.170 billion RMB in 2024, representing 41.2% of total revenue [3]. Summary by Sections Product Launch - The Phancy AI smart glasses were officially launched on July 23, 2025, with pre-sales initiated on the company's website and JD.com, expected to ship in early August [1]. Financial Performance - The Prophet AI Platform's revenue for 2024 was 3.676 billion RMB, up 46.7% year-on-year, and Q1 2025 revenue was 808 million RMB, accounting for 74.8% of total revenue [3]. - The total revenue for Q1 2025 was 1.077 billion RMB, with a gross profit of 444 million RMB, both showing a growth of 30.1% year-on-year [3]. Business Segments - The Shift intelligent solutions business saw a revenue decrease of 20.3% in 2024, while the AIGS service business grew by 35.4% [3]. - The company has 59 benchmark users in Q1 2025, with an average revenue contribution of 11.67 million RMB, up 31.3% from the previous year [3]. Cost Management - R&D expenses for 2024 were 2.170 billion RMB, with a rate of 41.2%, and Q1 2025 expenses were 368 million RMB, with a rate of 34.2%, indicating a focus on cost optimization [3].