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 | | --- | --- | --- | --- ...

(於中華人民共和國註冊成立的股份有限公司) 股份代號 : 6682 2025 中期報告 INTERIM REPORT 2025 (A joint stock company incorporated in the People Stock Code : 6682 's Republic of China with limited liability) Interim Report 2025 中期報告 目錄 2 公司資料 4 財務摘要 5 業務回顧及展望 15 管理層討論及分析 24 其他資料 34 簡明合併財務報表審閱報告 36 簡明合併全面收益表 38 簡明合併財務狀況表 40 簡明合併權益變動表 42 簡明合併現金流量表 44 簡明合併財務報表附註 80 釋義 84 技術詞彙 公司資料 董事會 執行董事 戴文淵博士 （董事長、首席執行官兼總經理） 陳雨強先生 （首席研究科學家） 于中灝先生 （副董事長兼高級副總裁） 非執行董事 楊強博士 竇帥先生 張晶先生 獨立非執行董事 李建濱先生 劉持金先生 柯燁樂女士 劉助展先生(1) 職工代表董事 柴亦飛先生(2) 審計委員會 李建濱先生 （主席） 劉持金先生 楊 ...

Group 1 - The core viewpoint of the reports indicates that the Hong Kong stock market is gaining attention from both domestic and foreign funds, entering a bullish phase [1] - The long-term bull market for Hong Kong stocks was established in Q4 of last year and is currently in the mid-stage, with liquidity and valuation cycles showing signs of improvement [1] - The liquidity cycle is approximately at the mid-point, with a generally loose adjustment expected over the next 1-2 years [1] - After three years of bear market, Hong Kong stocks are experiencing a valuation recovery, currently at the upper mid-level after more than a year of continuous recovery [1] - The earnings cycle has just begun to recover from the bottom, with major recovery concentrated in structurally prosperous sectors [1] Group 2 - Foreign institutions are optimistic about the prospects of the Hong Kong stock market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [2] - Standard Chartered Bank has an "overweight" rating for Chinese stocks in its 2025 Global Market Outlook [2] - Morgan Stanley highlights that key sectors such as artificial intelligence, semiconductors, humanoid robots, and new consumption are primarily traded in Hong Kong and A-shares, attracting unprecedented interest from investors [2] - Key investment targets in the Hong Kong market include core growth sectors like internet, innovative pharmaceuticals, new consumption, and technology, which are expected to drive overall valuation increases [2] - Specific companies to watch include Xiaomi Group, Lenovo Group, AAC Technologies, SMIC, and BYD [2]

Group 1 - The core viewpoint of the reports indicates that the Hong Kong stock market is entering a bullish phase, with increasing attention from both domestic and foreign capital [1] - The long-term bull market for Hong Kong stocks was established in Q4 of last year, currently at a mid-point, with liquidity and valuation cycles showing signs of recovery [1] - The liquidity cycle is approximately at the mid-point, with expectations of overall easing in the next 1-2 years [1] - After three years of bear market, Hong Kong stocks are experiencing a valuation recovery, currently at the upper mid-range after over a year of continuous repair [1] - The earnings cycle has just begun to recover from the bottom, primarily in structurally prosperous sectors [1] Group 2 - Several foreign institutions have expressed a positive outlook on the Hong Kong stock market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [2] - Standard Chartered Bank has kept an "overweight" rating on Chinese stocks in its 2025 Global Market Outlook [2] - Morgan Stanley noted that key sectors such as artificial intelligence, semiconductors, humanoid robots, and new consumption are primarily traded in Hong Kong and A-shares, attracting unprecedented interest from investors [2] Group 3 - Key investment targets in the Hong Kong market include core growth sectors such as internet, innovative pharmaceuticals, new consumption, and technology, which are expected to drive overall valuation increases [2] - Specific companies to focus on include: - Consumer electronics: Xiaomi Group (01810), Lenovo Group (00992), AAC Technologies (02018), SMIC (00981), and GoerTek (01415) [2] - Information technology services: VST Holdings (00856), Kingdee International (00268), and Jiufeng Intelligent Investment Holdings (09636) [2] - AI and robotics: Fourth Paradigm (06682), SenseTime (00020), and UBTECH (09880) [2] - New energy vehicles: BYD Company (01211) and Leapmotor (09863) [2]

Core Insights - The article highlights significant changes in the stock holdings of various companies in the Hong Kong Stock Connect, with notable increases and decreases in ownership percentages [1][2]. Group 1: Companies with Increased Holdings - Yihua Tong (02402) saw the largest increase in stock holdings, rising by 14.82% to a total holding of 24.14% [2]. - Hong Kong Broadband (01310) experienced a 4.71% increase, bringing its holding to 4.99% [2]. - Dongfang Electric (01072) had a 2.17% increase, resulting in a holding of 39.16% [2]. - Other companies with notable increases include Beijing Machinery (00187) (+1.99%, 53.15%), and East Jiang Environmental Protection (00895) (+1.69%, 43.93%) [2]. Group 2: Companies with Decreased Holdings - Longpan Technology (02465) faced the largest decrease, with a drop of 3.69% to a holding of 47.77% [2]. - Shandong Molong (00568) saw a decrease of 1.44%, resulting in a holding of 53.78% [2]. - Da Zhong Public Utilities (01635) decreased by 1.39%, with a holding of 33.57% [2]. - Other companies with significant decreases include Huahong Semiconductor (01347) (-1.16%, 23.26%) and Jintian Copper (-1.10%, 24.66%) [2]. Group 3: Five-Day Changes in Holdings - Over the last five trading days, Yihua Tong (02402) had the highest increase of 14.99%, maintaining a holding of 24.14% [3]. - Tongyuan Kang Pharmaceutical-B (02410) increased by 7.60%, reaching a holding of 24.20% [3]. - Changfei Optical Fiber (06869) rose by 7.41%, with a holding of 69.80% [3]. - Companies with notable decreases include Shandong Molong (00568) (-3.89%, 53.78%) and Baiguoyuan Group (02411) (-3.55%, 9.28%) [3]. Group 4: Twenty-Day Changes in Holdings - In the last twenty days, Yihua Tong (02402) increased by 14.87%, holding at 24.14% [4]. - Changfei Optical Fiber (06869) saw a rise of 13.73%, maintaining a holding of 69.80% [4]. - Zhongyuan Marine Energy (01138) increased by 12.27%, with a holding of 68.92% [4].

Core Insights - Fourth Paradigm launched the "ModelHub XC" platform, addressing industry pain points by breaking down barriers between clients, computing power, and developers [1] - The "ModelHub XC" features an AI engine system called EngineX, which adapts various models to domestic computing power, reducing time and repetitive labor [1] - The platform currently supports over 100 certified models and aims for rapid updates in the number of adapted models [1] Group 1 - The "ModelHub XC" provides a wide variety of downloadable models, with a focus on adapting to domestic computing power [1] - The platform has already adapted to several mainstream domestic computing powers, including Huawei Ascend, Cambricon, and others, with plans to cover more in the future [1] - Fourth Paradigm offers value-added services for model adaptation, ensuring that users can have models adjusted to fit specific domestic computing power needs [1]

第四范式"信创模盒"ModelHub XC的上线，打破了"算力—模型"二元割裂现状，或为AI产业规模化落地 提供关键支撑。 国产算力生态中，模型与芯片常存在兼容性问题，导致部署周期长、重复工作量大。第四范式推出专门 适配信创算力的AI引擎体系EngineX，通过基础算法架构适配，实现批量模型支持，缩短部署周期，实 现"引擎驱动、多模型即插即用"。 针对企业级需求，第四范式提供"兜底"的增值服务，由数百名工程师支持，确保模型适配指定国产算 力。目前已适配认证模型上百个，预计一年内将达十万数级，半年内覆盖所有常见算力平台。 今日，第四范式发布"信创模盒"ModelHub XC平台、信创社区及信创模型适配增值服务，华为昇腾、壁 仞科技、天数智芯、昆仑芯、摩尔线程、曦望等多家头部芯片厂商到场见证，共同推进国产模型与国产 芯片适配难的问题解决。 ...

Core Viewpoint - The emergence of compatibility issues between deployed AI models and chip architectures is becoming a hidden ceiling that restricts the practical application of AI, which Fourth Paradigm aims to address with its new solutions [1][7]. Group 1: Product Launch - Fourth Paradigm officially launched the "ModelHub XC" platform, the "Xinchang Community," and the "Xinchang Model Adaptation Value-Added Service" to tackle industry pain points and bridge gaps between customers, computing power, and developers [3]. - The "ModelHub XC" features an innovative AI engine system, EngineX, specifically designed to adapt to domestic computing power, fundamentally addressing the long-standing compatibility and support issues of domestic AI models [7]. Group 2: Market Context - Many existing ModelHubs primarily optimize foreign models and software for their hardware (e.g., NVIDIA GPUs), leading to compatibility issues with domestic hardware (e.g., Cambricon), resulting in time-consuming and repetitive adaptation processes [8]. - The platform has already certified and adapted over a hundred models upon launch, with plans to increase this number to thousands within six months and to reach tens of thousands within a year [10]. Group 3: Services and Support - Fourth Paradigm introduced a value-added service for model adaptation, providing tailored adjustments for users unfamiliar with which models are compatible with domestic computing power, ensuring a "safety net" for model compatibility [12]. - The platform also offers clear labeling of compatible domestic chip brands for each model, simplifying the process for users to determine which chips to purchase based on the models they wish to download [10].

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].