Core Insights - Fourth Paradigm reported strong business growth in Q3 2025, achieving its first quarterly profit driven by rising demand for AI transformation in enterprises [2] - The company's total revenue for the first three quarters reached RMB 44.02 billion, a year-on-year increase of 36.8%, with a gross profit of RMB 16.21 billion, up 20.1% [2] - The core product, the Sage AI platform, saw explosive growth, generating RMB 36.92 billion in revenue, a 70.1% increase, and accounting for 83.9% of total revenue [3] Financial Performance - The gross margin remained stable at 36.8%, while the R&D expenses for the first three quarters were RMB 14.89 billion, an increase of 8.4% [2] - The R&D expense ratio decreased by 8.9 percentage points to 33.8%, indicating improved efficiency in R&D investment [2] - The average revenue contribution from benchmark users reached RMB 25.49 million, a 71.4% increase year-on-year [2] Business Segments - The SHIFT intelligent solutions segment generated RMB 6.02 billion in revenue, a decline of 12.5%, focusing on supporting the growth of the Sage AI platform [4] - The AIGS service segment reported revenue of RMB 1.08 billion, down 70% year-on-year, influenced by the expansion pace of the Sage AI platform [4] - The company launched several technological innovations, including ModelHub XC and AI engine EngineX, enhancing compatibility with domestic computing power [3] Strategic Initiatives - Fourth Paradigm aims to position the Sage platform as the core operating system for AI applications, facilitating the integration of domestic computing power with large models [5] - The company is leveraging the "Artificial Intelligence +" policy opportunities to disrupt traditional software market dynamics [5] - Future collaborations with diverse brand partners are expected to unlock a trillion-level incremental market through the PhancyAI smart consumer electronics business [5]
第四范式前三季度总收入为44.02亿元，成功实现单季度盈利