Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Insights - The company reported a revenue of 1.077 billion yuan in Q1 2025, representing a year-on-year growth of 30.1%. The gross profit reached 444 million yuan, also up by 30.1%, with a gross margin of 41.2%, remaining stable compared to the same period last year. The R&D expense ratio decreased by 8 percentage points to 34.2% [2][5][9] - The enterprise-level Agent is expanding rapidly, with the "Prophet AI" platform generating 805 million yuan in revenue, a significant year-on-year increase of 60.5%, accounting for 74.8% of total revenue, up from 60.6% in the previous year [2][5][9] - The number of benchmark users reached 59 in Q1 2025, up from 54 in the same period last year, with an average revenue contribution of 11.67 million yuan per user, compared to 8.90 million yuan previously [9] Summary by Sections Business Performance - In Q1 2025, the company achieved a revenue of 1.077 billion yuan, with a gross profit of 444 million yuan and a gross margin of 41.2%. The R&D expense ratio was 34.2%, down from 42% [2][5][9] AI Platform Growth - The "Prophet AI" platform's revenue was 805 million yuan, marking a 60.5% increase year-on-year, and its share of total revenue rose to 74.8% [2][5][9] Customer and Market Demand - The company is actively addressing the increasing demand for AI transformation among clients, with significant growth in the number of benchmark users and average revenue per user [9]
第四范式（06682）：企业级Agent规模化扩张，先知AI平台呈现超预期亮眼增速