Core Viewpoint - The company clarifies that recent rumors regarding the potential replacement of existing software business models by rapidly iterating AI large models have caused significant stock price declines, but the company is actually benefiting from the growth in demand for computing power and related services [1][2]. Group 1: Company Performance - As of September 30, 2025, 83.9% of the company's revenue is derived from computing power-related income, while only 16.1% comes from software services [2]. - The company reported a year-on-year revenue growth of 36.8% for the period from January to September 2025, and achieved its first quarterly profit in the third quarter of 2025 [2]. - The company's core business focuses on providing AI technology services to enterprise clients, facilitating their intelligent upgrades and digital transformations [2]. Group 2: Market Trends - The rapid iteration of AI large models has significantly increased market demand for computing power, creating vast opportunities for the company's further business development [2]. - The company confirms that its business operations are normal and that it is not aware of any undisclosed insider information as of the date of the announcement [2].

Core Viewpoint - The company clarifies that recent rumors regarding the potential replacement of existing software business models by rapidly iterating AI large models have caused significant stock price declines, but the company is actually benefiting from the growth in demand for computing power and related services due to this trend [1][2] Group 1: Company Performance - As of September 30, 2025, 83.9% of the company's revenue is derived from computing power-related income, while only 16.1% comes from software services [1] - The company reported a year-on-year revenue growth of 36.8% for the period from January to September 2025, and achieved its first quarterly profit in the third quarter of 2025 [1] - The company's core business focuses on providing AI technology services to enterprise clients, facilitating their intelligent upgrades and digital transformations [1] Group 2: Market Trends - The rapid iteration of AI large models has significantly increased market demand for computing power, creating vast opportunities for the company's further business development [1] - The company confirms that its business operations are normal and is not aware of any undisclosed insider information as of the announcement date [2]

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， 「本集團」）董 事（「董 事」）會（「董事會」）自 願 刊 發。 董 事 會 注 意 到，近 期 本 公 司 股 份 價 格 出 現 較 大 幅 度 下 跌。經 了 解，市 場 出 現 相 關 傳 聞 稱：AI大 模 型 快 速 迭 代，將 導 致 軟 件 行 業 現 有 業 務 模 式 被 替 代，進 而 引 發 市 場 對 軟 件 行 業 及 本 集 團 前 景 的 擔 憂。 董 事 會 謹 此 就 上 述 傳 聞 作 出 如 下 澄 清： 近 年 來，AI大 模 型 的 發 展 成 加 速 趨 勢，相 應 對 於 算 力 及 相 關 服 務 的 需 求 也 快 速 增 長。本 集 團 的 主 營 業 務 恰 恰 受 益 於 這 一 趨 勢。 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。 Phancy Gr ...

Group 1 - The core viewpoint of the article highlights a significant decline in the Hong Kong stock market, particularly among robotics concept stocks, with several companies experiencing notable drops in their share prices [1] - The article mentions that after the performance of Yushu Technology's robot last year, four more robotics companies showcased their products on CCTV this year, which has reignited interest in humanoid robots [1] - Despite the renewed interest in robotics, the rental prices for robots are reportedly falling sharply, with daily rental fees dropping below 100 yuan [1] Group 2 - Specific companies that experienced declines include: - Woan Robotics down 10.20% with a market cap of 32.744 billion yuan - Cheng5 Ray down 9.96% with a market cap of 18.619 billion yuan - Shou Cheng Holdings down 8.94% with a market cap of 17.707 billion yuan - Fan Shi Intelligent down 9.42% with a market cap of 21.172 billion yuan - Sanhua Intelligent Control down 6.68% with a market cap of 150.563 billion yuan - Other notable declines include UBTECH, SenseTime-W, and others [2]

Group 1 - The stocks of Paradigm Intelligence (06882.HK) fell by 9.15% [1] - Kingdee International (00268.HK) experienced a decline of 8.70% [1] - Maifushi (02556.HK) saw a drop of 8.27% [1] - Kingsoft Cloud (03896.HK) decreased by 7.08% [1]

Core Insights - The article emphasizes the growing importance of "reliability" in AI solutions among technology decision-makers, moving beyond mere algorithmic prowess to focus on business understanding and long-term service ecosystems [1] Group 1: Company Insights - Guangjing AI Ecosystem is recognized for its "world-class technology + national-level implementation" approach, utilizing a clear "five-level positioning" strategy that integrates global model standards and local empowerment [4] - Guangjing AI demonstrates reliability through a deep understanding of industry complexities, successfully integrating AI with existing systems in large manufacturing enterprises, and addressing supply chain collaboration issues [7] - Baidu Smart Cloud is highlighted for its comprehensive stack capabilities and ecosystem scale, providing a unified technical route and long-term support for large government and enterprise clients [11] - Fourth Paradigm focuses on high-value decision-making processes, embedding AI into core business workflows, and ensuring high accuracy and stability in critical decision-making scenarios [12] Group 2: Market Positioning - Guangjing AI has established a strong market presence, covering 34 provinces and cities in China, and is recognized for its ability to adapt advanced AI technologies to complex manufacturing environments [14] - Baidu Smart Cloud's reliability is rooted in its extensive technology breadth and mature ecosystem, making it suitable for enterprises seeking rapid integration of established AI capabilities [18] - Fourth Paradigm's reliability is linked to its focus on high-precision decision-making and deep integration with business processes, targeting industries with stringent decision accuracy requirements [18]

Group 1 - The core point of the article is the establishment of a new holding company by Paradigm Intelligence, which will focus on various AI-related businesses [1] Group 2 - The newly formed company, Paradigm Navigation (Shenzhen) Holding Co., Ltd., will engage in the development of artificial intelligence foundational software [1] - The company will also develop application software for artificial intelligence and provide technical consulting services for AI public service platforms [1] - Additionally, the new entity will be involved in the sales of artificial intelligence hardware [1] - Paradigm Navigation is wholly owned by Paradigm Intelligence (06682.HK) [1]

Company Overview - Paradigm Intelligence (06682.HK) experienced a decline of 3.09% on February 13, 2026, closing at HKD 43.22 amid a broader market drop, with the Hang Seng Index falling by 1.93% [1] - The company reported a revenue growth of 36.8% in its Q3 2025 report, but it continues to operate at a loss [3] Stock Performance - The stock is currently below its short-term moving averages, with the 5-day moving average at HKD 44.532 and the 20-day moving average at HKD 48.745, indicating a bearish trend [1] - Technical indicators such as MACD and KDJ suggest a weak market position, with MACD showing a divergence of -1.556 and KDJ K value at 19.359, indicating oversold conditions [1] Market Sentiment and Capital Flow - On the same day, there was a net outflow of HKD 252.3 million from institutional investors, while retail investors saw a net inflow of HKD 611.74 million, reflecting a reduction in institutional confidence [2] - The digital solutions sector, to which Paradigm Intelligence belongs, fell by 0.50%, underperforming the broader market, despite the government's recent elevation of AI as a national strategic priority [2] Industry Context - Concerns regarding the profitability of AI companies persist in the market, with Paradigm Intelligence's trailing twelve months (TTM) price-to-earnings ratio at -111.11, indicating it has not yet achieved profitability [2] - The overall adjustment in the Hong Kong tech sector has led some investors to shift towards undervalued defensive assets [3]

Group 1 - The Hong Kong stock market saw a collective rise in AI application stocks, with notable increases such as Zhiyun up over 11% and Reading Group up 8% [1] - Other companies like Pony.ai, Fubo Group, and Xindong Company also experienced gains exceeding 6%, while Kingsoft Cloud and Dreamland Technology rose over 5% [1] - The report from Kaiyuan Securities highlighted ByteDance's launch of the Seedance 2.0 video generation model on the Jiemeng platform, which has sparked widespread evaluation and discussion in the AI industry due to its impressive performance [1] Group 2 - Zhiyun's stock price increased by 11.91% to 227.40, with a total market value of 101.39 billion and a year-to-date increase of 95.70% [2] - Reading Group's stock rose by 8.08% to 37.20, with a market capitalization of 37.99 billion and a year-to-date increase of 12.80% [2] - Other notable stock performances include Pony.ai up 6.46%, Fubo Group up 6.57%, and Xindong Company up 6.25%, with respective market values of 47.86 billion, 11.54 billion, and 41.69 billion [2]

Group 1 - The Hong Kong stock market saw a collective rise in AI application stocks, with notable increases such as Zhiyu up over 11% and Reading Group up 8% [1] - Other companies like Xiaoma Zhixing, Fubo Group, Xindong Company, and Wenyuan Zhixing experienced gains exceeding 6% [1] - The report from Kaiyuan Securities highlighted ByteDance's launch of the Seedance 2.0 video generation model on the Jiemeng platform, which has garnered significant attention and discussion within the AI industry due to its impressive performance [1] Group 2 - Zhiyu's stock rose by 11.91%, reaching a latest price of 227.400 with a total market value of 101.385 billion, marking a year-to-date increase of 95.70% [2] - Reading Group's stock increased by 8.08%, with a latest price of 37.200 and a market value of 37.999 billion, reflecting a year-to-date rise of 12.80% [2] - Xiaoma Zhixing's stock rose by 6.46%, priced at 110.400 with a market value of 47.863 billion, although it has seen a year-to-date decline of 5.88% [2]