智通财经APP讯，第四范式(06682)发布截至2025年6月30日止六个月的中期业绩，收入26.26亿元(人民 币，下同)，同比增加40.71%;毛利9.9亿元，同比增加25.38%;研发开支8.93亿元。 公告称，本期间，集团深入推进"AI agent+世界模型"的落地及应用，充分捕捉企业客户高价值场景下的 AI转型需求，驱动集团核心业务"第四范式先知AI平台"收入实现同比增长约71.9%，达21.49亿元，占集 团总收入约81.8%。 集团坚信通过对技术创新的持续投入，公司将始终踏在AI技术探索及商业化落地的浪潮之巅。过去六 个月，公司围绕"AI agent+世界模型"的核心技术路径，在agent开发工具链、智能体框架、AI应用矩 阵、算力及模型资源调度等领域对第四范式先知AI平台进行了丰富而全面的能力迭代，力求将其打造 成一个能够驱动企业从AI中全面获利的基础设施平台，打造全新的AI生产力体系。本期间，研发费用 为8.93亿元，同比增加约5.1%。同时，研发投入的规模效应得到充分显现，研发费用率为34.0%，同比 下降11.5%。 本期间，集团兴奋的观察到"AI agent+世界模型"的价值路径在企业 ...

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。 – 1 – 業務回顧及展望 業績回顧 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） 截 至2025年6月30日止六個月之 中期業績公告 董 事 會 謹 此 宣 佈，本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 計 合 併 業 績。 該等中期業績乃根據國際會計準則第34號「中 期 財 務 報 告」編 製，且 已 由 本 公 司 核 數 師 及 審 計 委 員 會 審 閱。 | 財務摘要 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 截 ...

Group 1 - The stock of Fourth Paradigm (6682.HK) increased by nearly 6%, reaching HKD 54.4 during trading [1] - According to the Hong Kong Stock Exchange, on August 19, the Fuguo Fund Management Company increased its holdings in Fourth Paradigm by 1.65 million H-shares at an average price of HKD 53.5429 per share, totaling approximately HKD 88.3458 million [1] - Following this acquisition, Fuguo Fund Management Company's total shareholding rose to 20.4494 million shares, increasing its ownership percentage from 5.86% to 6.37% [1]

在最近有统计数据的5个交易日内，恆生中国企业（02828）、一脉阳光（02522）、南方恆生科技 （03033）港股通持股占比增加值最大，分别增加8.52%、4.91%、4.08%；东阳光药（06887）、锦欣生 殖（01951）、第四范式（06682）港股通持股占比减少值最大，分别减少-5.00%、-3.95%、-3.71%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） 智通财经APP获悉，根据2025年8月20日披露数据，京城机电股份（00187）、一脉阳光（02522）、安 井食品（02648）港股通持股占比增加值最大，分别增加3.04%、3.04%、1.93%；盈富基金（02800）、 锦欣生殖（01951）、山东墨龙（00568）港股通持股占比减少值最大，分别减 少-3.86%、-1.81%、-1.25%。 | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 京城机电股份(00187) | +3.04% | 45.45% | | 一脉阳光(02522) | +3.04% | 39.10% | | 安井食品(0264 ...

增持后，富国基金管理有限公司最新持股数目为2044.94万股，持股比例由5.86%上升至6.37%。 格隆汇8月21日丨根据联交所最新权益披露资料显示，2025年8月19日，第四范式(06682.HK)获富国基金管理有限公司在场内以每股均价53.5429港元增持165 万股，涉资约8834.6万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | (請參閱上述*註 有投票權股 期(日 / 月 / 份權益 | | | | | | | | | 份百分比 年) | | | | | | Sheep of the state of the support of | | | | CS20250820E00012 | 富国墓金管理有限公司 | 1101(L) | 1,650,000(L) | HKD 53.5429 | 20,449,400(L) | 6.37(L) 1 ...

Group 1: Industry Overview - The artificial intelligence agency industry is an emerging sector in China, with extensive downstream demand and a strong correlation between development stages and R&D investment intensity [1] - Key players in the industry include Keda Xunfei (002230), Fourth Paradigm (06682), Tuolisi (300229), and others, focusing on various applications and solutions [2][3] Group 2: Company Comparisons - Keda Xunfei leads with a significant R&D investment of 4.58 billion yuan in 2024, representing a 19.37% increase year-on-year, with revenue reaching 23.343 billion yuan [4][5] - Fourth Paradigm reported a revenue of 5.261 billion yuan in 2024, a 25.1% increase, with a gross margin of 41.2% [14] - Companies like SenseTime and CloudWalk face challenges with high R&D costs and low revenue, with SenseTime's R&D expense ratio reaching 106% in 2024 [5][6] Group 3: Business Layout and Performance - The industry exhibits a dual pattern of "vertical deepening" and "cross-domain expansion," covering sectors such as finance, education, and healthcare [10][11] - Keda Xunfei's AI education products generated 7.229 billion yuan in revenue, while Fourth Paradigm focuses on risk management in the financial sector [10][14] - CloudWalk's revenue fell by 36.69% to 398 million yuan in 2024, despite a 136% growth in its AI business [14][15] Group 4: Strategic Planning and Future Directions - Keda Xunfei aims to deepen its industry model strategy, focusing on education and healthcare [18] - Fourth Paradigm plans to enhance its AI Agent platform and expand into energy and finance sectors [18] - Companies like CloudWalk are transitioning to become AI service providers, focusing on smart home scenarios [18]

转自：前瞻产业研究院 行业主要上市公司：科大讯飞(002230)、第四范式(06682)、拓尔思(300229)、用友网络(600588)、云从科技 (688327)、出门问问(02438)、迈富时(02556)等 本文核心数据：人工智能代理行业上市公司汇总、人工智能代理企业业务布局对比等 1、人工智能代理产业上市公司汇总 人工智能代理是我国新兴发展产业之一，其中下游端涉及到的需求广泛，同时由于该行业注重研发，企业发 展阶段与研发投入强度和研发人员结构具有较高关联性，汇总中主要包含了人工智能代理方案企业与下游人 工智能代理应用企业。 2、人工智能代理行业上市公司基本信息对比 从研发投入绝对值看，头部企业呈现显著规模优势。以科大讯飞为例，2024年研发投入达45.8亿元，同比增 长19.37%，占营业收入比例19.62%，其营收规模同步增长至233.43亿元，形成"研发投入-营收增长"的正向 循环。新兴成长型企业如第四范式，2025年第一季度营收10.77亿元，研发费用3.68亿元，研发费用率从2024 年同期的42.2%降至34.2%，反映出其在营收快速扩张过程中研发投入效率的提升。 而部分企业则呈现"高研发 ...

Group 1 - The implementation plan titled "Accelerating the Development of 'AI + Manufacturing' in Shanghai" was officially released on August 19, aiming to deeply integrate AI technology with the entire manufacturing industry chain and scenarios, creating a new high ground for digital transformation in manufacturing [1][3] - Fourth Paradigm, a pioneer in enterprise-level AI, focuses on "vertical industry large models" and has successfully delivered and validated value in key scenarios such as industrial production, ports, and high-end equipment manufacturing [1][2] - In the industrial sector, Fourth Paradigm's vertical model integrates industry knowledge to optimize production processes, enabling real-time monitoring, fault prediction, energy efficiency optimization, and scheduling decisions, significantly enhancing production efficiency and equipment utilization while reducing operational costs [1][2] Group 2 - In smart port construction, Fourth Paradigm's port industry model and intelligent applications address operational scheduling challenges in traditional complex systems, creating an efficient collaborative intelligent port system that supports the development of world-class ports [2] - In high-precision manufacturing, such as aircraft component design, Fourth Paradigm utilizes AI to assist engineers in rapid design and simulation, handling complex multi-variable constraints and accelerating design iterations while optimizing key performance indicators [2] - The release of the implementation plan injects new development momentum into the "AI + Manufacturing" sector in Shanghai and nationwide, with Fourth Paradigm poised to play a more significant role in the new round of industrial intelligence processes due to its long-term focus and technological accumulation in vertical industries [3]

Core Insights - Fourth Paradigm has maintained its leadership in the Chinese machine learning platform market for seven consecutive years, indicating its expanding technological leadership and market competitiveness since first leading in 2018 [1] - The company is positioned as a leader in the large model development platform evaluation, alongside major players like Baidu and Alibaba, showcasing its role in driving technological advancements [1] Group 1: Market Performance - Fourth Paradigm's market size for 2024 is projected at 1,189.4 million RMB, up from 1,001.4 million RMB in 2023, reflecting a growth rate of 18.8% [7] - The company's market share in 2024 is estimated at 34.5%, maintaining its position as the largest player in the market [7] - Huawei Cloud follows closely with a market size of 1,096.1 million RMB and a market share of 31.8%, growing at 9.5% [7] Group 2: Competitive Advantages - The core competitive strengths of Fourth Paradigm include a platform-based product strategy that lowers technical application barriers and enhances the efficiency of AI deployment [4] - The company offers cross-industry solutions across finance, energy, manufacturing, and retail, creating a reusable industry know-how system [5] - Fourth Paradigm serves over 161 Fortune Global 500 companies, enhancing their core competitiveness through AI, establishing a value enhancement cycle [6] Group 3: Technological Innovations - Fourth Paradigm's large model development platform supports integrated management throughout the model lifecycle, from data management to deployment and monitoring [9] - The company has developed its own large model inference framework, SLXLLM, which improves inference performance by ten times [9] - It supports over 20 domestic chips and computing environments, optimizing resource management to maximize computing efficiency and reduce IT infrastructure costs [9] Group 4: Industry Applications - Fourth Paradigm has achieved significant results in various industries, such as improving financial fraud detection accuracy by 316% for a leading bank [12] - In manufacturing, it developed a 3D parts management system that reduced lifecycle costs by over 100 million RMB [12] - The company implemented a customized production and sales coordination solution for a retail enterprise, increasing inventory turnover by 40% [12] - In the energy sector, it enhanced chemical price prediction accuracy to 98% [12]

智通财经APP获悉，近期，国际数据公司(IDC)接连发布两大权威报告：《中国人工智能软件2024年市场份额：智能体是未来》(IDC #CHC53138725)：第四 范式(06682)2024中国机器学习平台市场份额第一，这已经是集团连续七年蝉联此殊荣，标志着集团自2018年首度领跑以来，持续扩大技术领导力与市场竞 争力，进一步巩固行业龙头地位。 《中国大模型开发平台2025年厂商评估》(IDC #CHC52999725)：第四范式定位在领导者类别，与百度、阿里、商汤等一众头部厂商共同引领技术前沿。 第四范式蝉联中国机器学习平台市场份额桂冠的深层竞争力源于三大核心能力： 1. 平台化产品战略 通过标准化AI开发平台降低技术应用门槛，实现从模型开发到部署运维的全流程闭环，显著提升企业AI规模化落地效率。 2. 跨行业深度赋能 覆盖金融、能源、制造、零售等千行万业的解决方案库，形成可复用的行业Know-how体系。 3. 客户价值闭环 服务超161家财富世界500强及行业头部客户，以AI提升核心竞争力，构建起"落地—验证—升级"的价值增强飞轮。 持续领跑的核心驱动力 技术突破与生态建设 入选大模型开发平台领导者象 ...