Core Insights - Fourth Paradigm reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8% [1] - The company's AI platform, Prophet AI, achieved a revenue of 3.692 billion yuan, growing 70.1% year-on-year, and accounted for 83.9% of total revenue [2] - The company is positioned to benefit significantly from the ongoing penetration of AI across various industries in China, with a projected revenue growth of approximately 30% from 2025 to 2027 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 1.78 billion yuan, reflecting a year-on-year increase of 31.4% [1] - Gross profit for the first three quarters was 1.621 billion yuan, with a gross margin of 36.8% [1] - R&D expenses totaled 1.468 billion yuan, up 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points [1] Product and Market Expansion - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, a growth of 71.4% [1] - The company launched ModelHub XC and the AI engine system EngineX, enhancing compatibility with domestic chips [2] - New AI applications are being explored in sectors such as energy, manufacturing, retail, and sports, indicating a long-term growth potential [2] Industry Positioning - Fourth Paradigm has maintained the largest market share in China's machine learning platform sector for seven consecutive years [3] - The company is well-positioned to capitalize on the digital transformation opportunities in various industries, particularly as data volumes increase [3] - The expected revenue for the company in 2025, 2026, and 2027 is projected to be 6.937 billion, 9.062 billion, and 11.797 billion yuan, respectively [3]
第四范式(06682.HK)：营收持续快速增长 首次实现单季度盈利