FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 備註： 已發行股份變動佔有關事件前現有已發行股份數目的百分比乃參照本公司認購事項前已發行 H 股總數 294,407,296 股（不包括 502,200 股庫存股）計算。 第 2 頁 共 6 頁 v 1.3.0 公司名稱： 北京第四範式智能技術股份有限公司 呈交日期： 2025年8月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 06682 | 說明 | | | | | | | A. 已發行股份或庫 ...

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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 任 何 證 券 之 邀 請 或 要 約。 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） 完成根據一般授權發行H股 完成根據一般授權發行H股 董 事 會 欣 然 宣 佈，配 售 協 議 所 載 的 先 決 條 件 及 所 有 條 件 已 獲 達 成，而 完 成 根 據 認購協議的條款於2025年8月14日 落 實。 根 據 認 購 協 議 的 條 款 及 條 件，合 共25,900,000股認購股份已按認購價每股認購股 份50.50港 元 向 認 購 人 配 發 及 發 行，相 當 ...

| 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閲上述 * 註 有投票權股 期 (日 / 月 / | | | | | | | | | 份百分比 年) | | | CS20250813E00078 | 富国基金管理有限公司 | 1101(L) | | 146,100(L) | HKD 56.1112 | 17.824.900(L) | 6.04(L)11/08/2025 | 格隆汇8月14日丨根据联交所最新权益披露资料显示，2025年8月11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56.1112港元增持 14.61万股，涉资约819.78万港元。 增持后，富国基金管理有限公司最新持股数目为1782.49万股，持股比例由5.99%上升至6.04%。 | 股份代號: | 06682 | | --- | --- ...

香港联交所最新数据显示，8月11日，富国基金增持第四范式(06682)14.61万股，每股作价56.1112港 元，总金额约为819.78万港元。增持后最新持股数目1782.49万股，持股比例为6.04%。 ...

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

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：人工智能代理竞争派系，竞争分布热力图，市场集中度等 1、中国人工智能代理行业竞争派系 中国人工智能代理行业已经形成了较为清晰的竞争梯队，头部效应显著，而垂直领域和新兴企业正在快速崛 起中，其中竞争派系主要分为三个梯队：科技巨头类企业、垂直领域类企业、创新初创型企业。 从各梯队的代表性企业上来看，在不同梯度上的企业实际上的关键业务布局方向并不统一，企业之间更多以 差异化布局来实现技术上的突破，同时在科技巨头和垂直类领域的布局上更注重对 B 端和较为专业的市 场，这是由于企业本身所持有的技术布局和壁垒决定的。相反，初创企业则更注重对 C 端的市场，通过开 源吸引专业领域平台的一些技术人员，变现则靠相对技术水平没有那么高的付费用户。 | 梯队 | 代表企业 | 核心业务 | 关键数据 | | --- | --- | --- | --- | | | 更盛田 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

Group 1: Investment Trends in Chinese High-Tech Sector - International long-term capital is increasingly interested in investing in China's high-tech sector, with 59% of sovereign funds planning to increase their allocation to Chinese assets over the next five years [1][2] - Temasek, Singapore's sovereign wealth fund, has an investment exposure to Chinese assets of 18%, significantly higher than the 2%-3% allocation in the MSCI global index [1] - Hong Kong's IPO and secondary financing raised over 180 billion HKD in the first half of the year, a 62% year-on-year increase, indicating strong international participation in Chinese tech IPOs [1] Group 2: AI Sector Investment Insights - International long-term capital views leading Chinese AI companies as having strong technological depth and global reach, creating significant investment opportunities [2][5] - The average price-to-sales (P/S) ratio for leading Chinese AI companies is approximately 15, compared to 42 for top US AI firms, indicating that Chinese AI stocks are perceived as undervalued [6] - The rapid improvement in AI capabilities in China, particularly in large-scale multi-task language understanding, is attracting renewed interest from global investors [4] Group 3: Investment Strategies and Preferences - Many international long-term investors prefer participating in Hong Kong's IPOs and private placements rather than venture capital or private equity investments due to smoother exit strategies and better risk management [2][3] - The regulatory environment in Hong Kong, which aligns with international standards while understanding local market rules, makes it an attractive hub for international capital [7] - Investment firms are focusing on the stock selection capabilities of asset managers, as long-term returns are primarily driven by stock selection rather than market timing [8]

格隆汇8月11日丨第四范式(06682.HK)宣布，将于2025年8月21日（星期四）召开董事会会议，以考虑及 批准（其中包括）集团截至2025年6月30日止六个月的未经审计中期业绩及其发布，以及处理任何其他 事项。 ...

（股 份 代 號：6682） 董事會會議召開日期 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」）謹此宣佈將於2025年8月21日（星 期 四）召 開 董 事 會 會 議， 以考慮及批准（其 中 包 括）本集團截至2025年6月30日止六個月之未經審計中期 業 績 及 其 發 佈，以 及 處 理 任 何 其 他 事 項。 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） 香 港，2025年8月11日 於 本 公 告 日 期，執 行 董 事 為 戴 文 ...